So you have become interested and decided that you want to buy your first Bitcoin. Whether you’re buying for investment, buying goods and services online, sending money to friends and family, or simply want to get hands on experience with a brand new technology, you are in the right place.
In this guide we bring you through the 4 east steps to Buy Bitcoin in Canada:
- Step 1 – Account Creation
- Step 2 – Completing your KYC
- Step 3 – Depositing your Canadian Dollars
- Step 4 – Buying your Bitcoin
For this guide we will be using a platform called Coinberry. Coinberry is a Canadian company founded in 2017. The platform was founded with the aim of ensuring that buying Bitcoin in Canada is as safe and easy as possible. We will be using Coinberry due to its competitive fees and regulatory safety.
Step 1 – Account Creation
The first step to buying your first Bitcoin is to create an account on Coinberry. Clicking the button below will bring you straight to the Coinberry site.
Once you click the sign up button you will be brought to the Coinberry home page. This is like any other sign up process. Enter your email in the input box and then click ‘Get Started’.
Once you have done that you will be brought to the sign up page below. Enter a password, complete the captcha, and click ‘Create Account’ to continue.
You will then get an email in your inbox asking to confirm your account. In the email simply click ‘Confirm my email address’.
Once that is done you will be brought to a page that looks like the one below. Here you will be asked to link a phone number to your account. Enter your phone number and click ‘Send SMS Code’.
A 6 digit PIN will then be sent to your as a text message. Enter that 6 digit PIN and then congratulate yourself on completing Step 1.
Step 2 – Completing your KYC
KYC is a well known term in the financial world and stands for ‘Know Your Customer’. KYC falls under a general set of financial regulations which are all in place to essentially cut down on financial crime, and fraud. You would have gone through the process of KYC when you created a bank account.
Coinberry too must comply with KYC laws however they make the whole process quick and easy.
To start the KYC process we are carrying on from our previous step. Once you have confirmed your phone number you will see the page below. Click ‘Verify Identity’ to get started.
Once that is done you will be presented with a page that looks like the one below. Here you have to provide a photo of your passport, drivers license, or identity card.
Once you choose a form of identification you will be presented with a guide on how to upload your chosen verification. Click ‘Get secure link’ to continue.
Once you have progressed you will see the page as shown in the image below. You will have three options to be sent a secure link. Copying the link and sending it to your phone, scanning a QR code, or recieving an SMS message with a link.
SMS is typically the fastest and easiest so click ‘Get link via SMS’. A text message will then sent to your phone. Click the link you receive and you will be asked to upload an image of your chosen identity document.
You will know that you have uploaded the document correctly when the screen below updates.
There is a similar process for uploading your proof of address as well as further KYC so use the same process as the one we just described and follow the directions provided to you by Coinberry.
Step 3 – Depositing your Canadian Dollars
We are one step closer to buying our Bitcoin. But to buy our Bitcoin we must first deposit our dollars on the exchange. To get started with this we can navigate to the fund tab. Click the button below to be brought straight there. Alternatively you can find it in the menu tab at the top of your screen.
Once there you will be presented with a few options for funding your account. Here we will be focusing on eTransfer. Coinberry has support for both debit card and wire transfers so feel free to use them if you feel more comfortable but from our experience eTransfer is the quickest and easiest.
If you have never used eTransfer before here is a handy Youtube tutorial guiding you through the process. The process is slightly different for every bank but the tutorial explains it well.
The full list of financial institutions supporting eTransfer can be found here. eTransfer is supported by all the major financial institutions so chances are your bank supports it.
The minimum deposit you can make using eTransfer is 50$.
To use eTransfer click on the eTransfer button and you will see a page like the one below. As the instructions state you will have to send an Interac eTransfer to [email protected].
You also see the message field. Here YOU MUST enter your own personalized reference number. Otherwise you WILL NOT receive your deposited money.
You can leave the security questions and answers blank as they are no longer required
Once you have all the information in the eTransfer, and a minimum deposit of 50$, hit send and your money will soon be on the exchange ready to buy some Bitcoin.
Step 4 – Buying your Bitcoin
Once your money is on the exchange the rest of the guide is smooth sailing. To get started navigate to the Buy/Sell tab at the top of your screen. As shown in the image below.
You will want to select Bitcoin as the cryptocurrency you want to buy. Then simply enter how much dollars of Bitcoin you want to buy and click next.
Next choose your payment method. We just deposited our Canadian Dollars so we will choose the Canadian Dollars that are already on the account.
The next screen will show a preview of your order. How much Bitcoin you’re buying, for how much Canadian Dollars, and the market rate. Once you have checked over the order details hit ‘Buy Now’.
When you see the receipt for your order you can pat your self on the back. You just bought your first Bitcoin. You can access your Bitcoin from your wallet and choose to do whatever you want with it. Spend it, buy other cryptocurrencies, send money abroad, earn interest on it, or simply just look at it. Alternatively you can stick around and find what other features Coinberry has to offer.
What Coinberry Has To Offer
Created by the team at Coinberry Autopilot lets you set up automatic cryptocurrency purchases on your account. You can set up Autopilot to completely automate when you buy crypto. For example, I could set up autopilot to buy 20$ of Bitcoin everyday. Alternatively you could set it to buy 500$ every week. The amount you buy and the period over which you do it is completely up to you.
This type of system is called dollar cost averaging and is done to reduce the overall volatility of the market.
To get started with Autopilot you need to have a small amount of Canadian dollars on your account. Autopilot will only invest money that is deposited with them. It will not take money directly from your bank account. If you set up Autopilot and then run out of dollars on your Coinberry account you will just be sent an email stating that if you want to keep Autopilot running you need to deposit more funds.
You can set up Autopilot by once again navigating to the top tab bar and clicking on Autopilot.
You will then be given a basic introduction. Click ‘Get Started’.
You will then be asked to select your coin. In our case we will be choosing Bitcoin but feel free to choose whatever cryptocurrency you want.
You will then be asked to enter how much Canadian dollars of your cryptocurrency you want to buy and at what frequency. In our case we are choosing to buy 20$ every day. Again, choose whatever you feel most comfortable with. Once you are done click ‘Continue’.
You will then be brought to a page that sums up your Autopilot program. It includes the start date, the frequency and amount, what currency you are buying, and time of purchase. Once you have checked the details click ‘Activate’.
Finally you will be brought to a confirmation page that confirms that everything is set up.
In additon to Bitcoin Coinberry has 5 other cryptocurrencies; Ethereum, Ripple, Litecoin, Bitcoin Cash, and Stellar Lumens. All these other cryptocurrencies have their set of benefits and drawbacks.
Many people on cryptocurrency markets trade these other cryptocurrencies in the hopes of making a profit. Others choose to invest in these cryptocurrencies expecting great long term growth. Both strategies can be risky. But feel free to do your own research on these cryptocurrencies to see what they have to offer.