Right now, 14% of Canadians have some form of cryptocurrency. A lot of experts agree it’s an upward trend. In the future, the Canadian crypto market will continue its growth. It’s why now is the best time to invest in Bitcoin and the like.
Related Read: Difference Between Trading and Investing
In this guide, you’ll learn some ways to invest in Canadian cryptocurrency. Continue reading and earn more money today:
If you’re looking for ways to invest in Canadian cryptocurrency, the process is straightforward. You only need to open an account with a crypto brokerage to start trading. Once registered, you’re free to buy and sell any type of cryptocurrency.
Before you can set up an account, present legal documents to verify your identity. The type of document depends on your desired crypto exchange. The most common documents most exchanges require include a Canadian driver’s license and passport.
Investing in crypto in Canada will also require a secure private internet connection. Most importantly, you’ll need a bank account as a source of funds.
If you’re wondering how to get cryptocurrency in Canada, the process is simple. As we mentioned above, you must choose a crypto brokerage and crypto trading platform and set up an account.
A great trading platform is VirgoCX. Click for more details on cryptocurrency trading.
Afterward, deposit your money into your crypto trading account. Most crypto trading platforms allow you to directly link a bank account. It makes funds transfer easier, which can take from 3 to 5 days.
Some allow you to link your credit card. This option will charge you with transaction fees. You must also meet the minimum deposit amount.
Convert your cash into cryptocurrency. Select among the brokerage’s available options in buying cryptocurrency. State how much you’d like to buy and ensure you have enough deposit to cover the exchange.
It’s best to review the details of your impending transaction to avoid regrets. When the details look good, complete your purchase. Compared to the traditional stock market, crypto trading is open 24/7, allowing you to trade at any time.
The process of how to get bitcoin in Canada follows the outline above. As the value of Bitcoin increased over the years, most investors stay away from buying a full Bitcoin. Buy fractions and use those assets to trade as often as you like.
As cryptocurrencies are volatile, exercise caution when investing in Canadian cryptocurrencies. Only invest in money you’re willing to lose. Start small to get the hang of the crypto market before going big.
However, investing in various cryptocurrencies is a must. Diversify your portfolio to ensure you won’t lose a lot in the long run.
Did you find this guide helpful? If so, read our other posts and learn more valuable tips and tricks to improve your finances today.