There are numerous bitcoin platforms in Canada today. They all offer different features and perks, and they also have their limitations; most times, it is regional limitations. Other limitations include the number of cryptocurrencies traded on the platform.
In Canada, Coinberry is one of the best bitcoin platforms where you can buy Bitcoin. It is a safe and secure platform that offers 0% funding and withdrawal fees. Bitcoin is the first and most valuable coin in the market, and it is the toast of many cryptocurrency investors. Luckily, you can buy Bitcoin and other crypto in Canada. For more information click here.
Things to Consider When Buying Bitcoin
Coinberry is a leading bitcoin platform in Canada registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), intending to provide a simple, safe and secure bitcoin platform for users. Some of the distinct features of include:
- Headquarters – Toronto, Canada
- Founded – 2017
- Listed Cryptocurrencies – Bitcoin; Ethereum; Bitcoin Cash; Litecoin; Ripple (XRP); Stellar (XLM); Dogecoin; Cardano (ADA).
- Supported country & fiat – Canada (CAD)
- Minimum deposit – $50
- Deposit fee – Free
- Transaction fee – Average
- Withdrawal fee – Free
- Mobile application – Yes
- Customer support – Mail & Help Centre Support
Coinberry has the reputation of being the first crypto platform from Canada to be published on Ledger. This was achieved in February 2019. The platform provides users with a personalized link that allows others to pay or donate to them directly.
The platform is a Money Service Business registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which mandates it to comply with the Know-Your-Customer (KYC) and Anti Money Laundering policies and procedures in place.
Another perk users get to enjoy is the segregated banking guaranteed by the Canada Deposit Insurance Corporation (CDIC) that is offered on the platform. With this, users of the platform do not have to worry about their funds if the company’s bank accounts are blocked.
In addition, regulated crypto platforms collaborate with the Canadian schedule I banks to assist them in complying with Canadian regulations. This collaboration enables them to store business and client funds in separate accounts.
How to Buy Bitcoin: Everything That you Must Know!
- The first step is to create an account by clicking the top right corner of the interface. You will create a username and password to proceed.
- The next stage is to verify your account. Verification is either automatic or manual. For automatic verification, also known as instant verification, you will submit your bank account information verified by KYC and AML partners to verify your identity.
The KYC and AML partners are often credit reporting organizations with information about your financial history. They must provide your government-issued ID card with your full name and date of birth, a utility bill for proof of address and a selfie will be required. If this instant verification fails, you can opt for manual verification.
For this, you’ll need to verify your identity, a government-issued ID card and a proof of address document. To complete the procedure, if users do not pass the quick verification, Most crypto platforms require additional verification papers, such as a government-issued photo ID and a Proof of Address document.
If manual verification is the only available option, users must submit a government-issued identity proof. Here is a list of documents that crypto platforms accept for manual verification: Passport of Canada; Permanent Resident Card (Canadian Driver’s License); Identity card issued by a province or territory; Indian Status Card. for proof of address: Utilities Bill (electricity, water, phone, internet); Statements of investment accounts (RRSP, GIC); T4 declaration; Statement of the Canada Pension Plan (CPP); A municipality issues a property tax assessment.
After submitting any of these required documents, the Bitcoin platform will have to verify them personally, which usually takes one to three business days.
- The next step after verification is to fund your account. The options available to you is to either buy Bitcoin directly with your debit or credit card or you fund your Bitcoin wallet account Via e-transfer.
Go to the buy/sell tab on the main menu to purchase directly. Choose the buy tab, click on Bitcoin, enter the amount you want to buy, select debit or credit as the payment method, and input your card details. Most regulated bitcoin wallets accept visa debit and credit cards. Then you preview your order and Click on Buy.
You can also opt for funding your account via e-transfer before buying Bitcoin in Canada. You can only do this with a bank that supports e-transfer. You start by adding Coinberry as a payee and enter Coinberry Limited as Recipient’s first and last name, respectively. Input ‘email@example.com’. Input your account number at Coinberry in the message field, enter the amount you want to transfer and send.
Wire transfer is also an option to invest in bitcoin. This is only possible with CAD. You can also link your bank account to your account. Select the dropdown menu that has your name on the top right corner. Select Settings and click on Link Bank Account. Select your Canada-based bank and login using your online credentials.
- After funding, the next stage is buying Bitcoin. You start by clicking the Buy/Sell button on the navigation tab to do this. Select Bitcoin from the dropdown, then enter the amount of CAD you want to use in purchasing the Bitcoin. The value will show below the filed. Select buy Bitcoin with either the funds in your account or your credit or debit card, depending on how you want to purchase the coin.
So, go ahead to preview your order, and then click on the buy bitcoin.