Selecting the best Bitcoin exchange in Canada

If you are a Canadian citizen, you should know that you can buy and sell Bitcoins freely. There are no limitations to this activity and the only thing that you should never forget is that you will still have to pay taxes for this type of investments. But, if you want this process to go smoothly, you have to select a suitable Bitcoin exchange platform. The good news is that the number of these exchanges is growing which means that you can find good exchanges without any hassles. Yet, it is a smart move to learn the things that you should take into account before using a Bitcoin exchange in Canada.

Supported currencies

This characteristic has two aspects. First of all, you have to look for an online exchange that allows users to use Canadian dollars. In this way, you can avoid spending money on currency conversions. Additionally, you should opt for an exchange that lets people buy and sell not just Bitcoins, but other cryptocurrencies too. The more options you have the better.

Fees

Online Bitcoin exchanges are making money thanks to the fees involved in every transaction made on their platform. These fees are typically just a tiny fraction of the traded amount. In most cases, these fees are between 0.2 and 1%. In addition, the size of trade affects the size of the fee. Only dishonest exchanges are using fees that are as high as 5% or even 10%. Make sure that you have read the terms before you start buying Bitcoins on any website.

Ease of use

Now here’s another characteristic that can be a deal maker or a deal breaker. Many Bitcoin investors are not tech savvy persons and they don’t have to be. This is the beauty of this type of investment. Instead of using online exchanges that have an overly complicated interface, focus on the ones that have a design created with users in mind. It’s also good to find an exchange that has apps for iOS and Android users.

Security

Good Bitcoin exchanges should provide 2-factor authentication, wallet monitoring at any time, storage, SMS and email alerts and more. You have to feel safe while you are using these exchanges because we have already witnessed a few situations when Bitcoin owners have lost them due to security breaches.

Check all these things before buying Bitcoin via exchanges in Canada.

2018-03-01T03:24:41+00:00