You’ve probably heard a million times that bitcoin or any other cryptocurrency is going through the roof and that you probably should get your hands on some. Well, you’re in luck. In this article, I am going to show you exactly how to get your hands on any cryptocurrency you want if you are located in Canada.
What do I need to get started?
To be able to buy crypto, you will first need to choose a wallet to be able to store your coins. For example, you will need a Bitcoin wallet to have the ability to hold, receive, and send bitcoins.
You can find instructions on how to store your coins easily by going to the main website of the cryptocurrency of your choice.
Let’s say you want to buy bitcoins. First, start by visiting Bitcoin’s website and navigate to their choose a wallet page. You will then be presented with multiple options based on your preferences.
You can choose a wallet based on multiple criteria, such as control, validation, fees, privacy, and transparency.
If you plan to trade your coins frequently – You would probably want to pick a wallet that allows you to set your own fees. Otherwise, If you plan on keeping your coins safe & secure for the long term – You’ll probably want to pick an offline hardware wallet that can’t be accessed remotely by hackers or get affected by malware or computer viruses.
How do I buy cryptocurrency?
There are multiple options available for you if you want to buy cryptocurrencies in Canada.
Some of the most popular options are:
- Cryptocurrency Exchanges.
- Coin ATMs.
- Local Person to Person trade.
I am going to take you through each option. It’s up to you to determine which one is more suitable for you.
Cryptocurrency Exchanges allow you to conveniently trade fiat money for crypto at the comfort of your home.
My favorite one is Newton. They offer the most bang for your buck. To trade with them, you’ll have to verify your ID and link your bank account beforehand.
Unfortunately, Newton only accepts preauthorized debit, which can take up to 2 business days to show up on your account.
If speed is an issue for you, I’d recommend signing-up for Coinberry. They are a little more expensive than Newton, but you can fund your account almost instantly by using either a Credit Card or E-transfers.
Both Newton & Coinberry take around one business day to process your fiat money withdrawal. If you’d prefer to make instant withdrawals, then ShakePay is the way to go. They also give you the option to fund your account almost instantly with E-transfers and are less expensive than Coinberry.
Here is the breakdown of the pros & cons of each platform.
|Newton||Best Trade Rate. Safest. 2FA. Amazing Support. Support multiple coins. Free Network Fees.||Slow Funding. Slow Withdrawals. Lengthy Verification Process.|
|Coinberry||Instant Funding. Instant Verification. Multiple Funding Options (CC, E-transfers, wire transfers)||Slow Withdrawals. Costly Trades. High Network Fees.|
|ShakePay||Instant Withdrawals. Free Network Fees. Good Support.||Only able to buy BTC & ETH. Only E-transfers.|
Remember to always withdraw your coins from cryptocurrency exchanges to your personal wallet if you are planning to keep them for a long time.
ATMs allow you to easily trade your cash for cryptocurrencies. There is probably a handful of cryptocurrency ATMs located near you unless you live in a remote area.
Please note that crypto ATMs make money by selling you crypto for a higher price than the average market rate.
Local Person to Person trade
Lastly, you can buy your crypto from individuals directly.
You can use LocalBitcoin to find individuals near you that are willing to trade you the coins you need.
Scams are very common. Please exercise caution when trading with strangers. Don’t buy from individuals that have low reviews and/or a newly opened account.
If you are meeting up with someone, meet preferably somewhere public. Such as a coffee shop, library, or a police station.
How do I earn free coins?
If you have been able to choose your wallet and buy your first share of your favorite crypto, then congratulations!
If not, then don’t worry. I am going to show you shortly how you can earn some coins to get started with cryptocurrencies.
Coinbase has recently started creating educational videos to teach you about different cryptocurrencies.
As of today, you can earn up to ~$150 worth of cryptocurrencies. All you have to do is create an account with Coinbase and verify your ID to join their waitlist.
I am going to show you step by step how to join the waitlist to become eligible to earn up to ~$150.
Start by creating your Coinbase account.
When you first land on Coinbase, you will see the following form to fill. You will have to enter your first & last name, email, and password. Make sure to choose a strong password to keep your account secure.
You will then be prompted to verify your email. Just log-in to your email account and click on the link that Coinbase sent you.
After verifying your email – Coinbase will ask you to provide a phone number. Your phone number will add an extra layer of security to your Coinbase account by enabling 2FA.
You will then be asked to enter a payment method. Feel free to skip this step as it is not necessary.
Join the Coinbase earn waitlist.
Now that you’ve finished setting up your account. It’s time to head over to Coinbase earn to join the waitlist & become eligible to earn some free coins.
Just click on the button called view on any of the Crypto list. You will then be asked to verify your identity before you can join the waitlist.
You’ll have the choice to upload either a passport, driver’s license, or a national id card.
It shouldn’t take more than 10 minutes after you upload your ID for your account to be verified.
If it’s taking longer than usual, feel free to contact Coinbase’s customer support to get it all sorted out.
After you’ve joined the waitlist, expect to wait for around 24h before you get an email informing you that you’re now eligible to earn crypto. Coinbase needs to make sure that you don’t hold multiple accounts under the same name.
Earn coins by watching educational videos
Now that you’ve received the awaited email, all you have to do is login back to Coinbase and watch short educational videos about different cryptocurrencies to earn your free coins.
Once the video ends, you will have to answer a simple multiple-choice question that’s answered in the video.
Be careful. You only have one chance to get it right. Feel free to re-watch the video as many times as you deem necessary.
If you answer the question right, Coinbase will credit your account with 2 American dollars, which is the equivalent of 2.67 in Canadian dollars.
There is only a limited supply of coins, so make sure to sign-up as soon as possible to not miss out on any of them.
Convert your coins to any other cryptocurrency of your choice
Once you’ve done watching videos, you will end up with a portfolio that contains all kinds of different cryptocurrency coins that you probably did not intend to keep.
Don’t worry. I’ve got just the solution for you if you want to convert them to the coin of your choice.
Check if Coinbase supports the coins that you want to convert to.
You can easily check if Coinbase supports the coins you want to get by clicking on trade and then choosing the convert option.
If the cryptocurrency of your choice appears in the dropdown, then that’s great because it means that you can trade your coins within Coinbase.
Convert your coins using ChangeNOW
If not, then that’s not a problem. You can always trade your coins using ChangeNow.
It is a little more complicated, but I am going to show you step by step on how to trade your coins.
First, open ChangeNOW and choose the cryptocurrencies you want to trade. Then enter the exact amount you want to trade and click on exchange. In this example, I want to convert 50 Stellar Lumens into Dogecoins.
You will then be asked to enter your receiving address where ChangeNOW will send your coins after the exchange is successful.
After you have initiated the exchange, you will have to send the exact amount you entered in the cryptocurrency of your choice to a specific address that ChangeNOW will provide you.
When your coins are received, ChangeNOW will wait for the transaction to be confirmed by the network before sending you your coins. All in all, the exchange takes about 5 minutes to complete.
To conclude this post, I must say that Coinbase earn is not the only way to earn free crypto.
You can also visit multiple crypto faucets or paid-to-click websites that pay in bitcoin/altcoins. But those are generally way more complicated and take a very long time to be able to withdraw from them.
Personally, I don’t think they are worth the time/effort and prefer to stay away from them.
If you’ve found this post helpful, feel free to share it with your friends or hit me up in the comments below if you have any questions or want to share any information that you think is valuable.