Cryptocurrency is a resource, a means of payment that exists exclusively on the Internet. That is, it is digital money. You can both invest in it and buy something with it.
Crypto in Canada is unique because I can send digital money anywhere in the world, quickly, cheaply, and safely. For this, I do not need an intermediary in the form of a bank. Blockchain technology helps in this, thanks to which we conduct and confirm transactions. In the ordinary world of finance, governments or central banks print money, control how it is distributed, and also monitor how legitimate this or that operation is. In the world of cryptocurrency, there is no SINGLE authority that controls everything. It is decentralized. It means that each of its participants shares power equally.
It is safer, faster, and cheaper than cashless payments today. If you look at the traditional world of finance, we see SWIFT, which is slow and expensive. SWIFT is an international interbank payment system. We can send money via SWIFT from one country of the world to another, but it takes time. It costs money because the bank is not a charity organization and wants to make money thanks to you. Crypto in Canada allows you to do this quickly and cheaply.
Many people romanticize cryptocurrency. They think they can quickly enrich themselves on the growth of interest in the topic of crypto in Canada. However, experienced players do not invest all their funds in the crypt, so they will not be upset if they lose it. They will not completely lose it because some cryptocurrency may sink, and they have no choice but to wait until it takes off again.
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Coinsmart and Bitbuy offer the lowest trading fees. Bitbuy charges a 0.5% fee for deposits and a 1% fee for withdrawals. They also charge a 1.5% fee for Interac e-transfer transactions. Coinsmart, on the other hand, charges a 0.2% fee for single trades and 0.4% for double trades.
Yes, itâ€™s legal to trade cryptocurrency in Canada. You only need to ensure that you pay all required taxes on your earnings.
Yes, most of the platforms discussed above offer bonuses for new traders. However, the bonuses depend on the platform itself and could change over time.
Bitcoin is the oldest and the most popular cryptocurrency to trade in, with Ethereum being a close second. You can explore your options on any of these crypto exchanges on our list.