The cryptocurrency market continues to grow, with Bitcoin remaining the most popular digital currency worldwide. For Canadians interested in investing in or purchasing Bitcoin, using Interac eTransfer has become an increasingly popular method due to its ease, speed, and convenience. In this article, we’ll discuss how to buy Bitcoin in Canada, specifically with eTransfer, from setting up your account to completing the transaction.
Step 1: Choose a Crypto Exchange
The first step to buying Bitcoin with eTransfer in Canada is registering with a cryptocurrency exchange platform that supports Canadian customers and accepts Interac eTransfer as a funding method. Some recommended exchanges with these features include Bitcoin4U.
To choose the best exchange for your needs, consider fees, transaction limits, security features, and customer support. Sign up for an account after selecting the exchange that best fits your requirements.
Step 2: Complete the Verification Process
When registering for an account, most exchanges will require a Know Your Customer (KYC) process to verify your identity. This process complies with anti-money laundering regulations and helps maintain a secure trading environment. To complete KYC, you must typically provide personal information, such as your full name, address, and date of birth. Additionally, you may need to submit a government-issued photo ID and a selfie to ensure your identity matches the ID provided.
Step 3: Set Up 2-Factor Authentication
Enable 2-factor authentication (2FA) on your chosen platform for added security. When logging into your account, you must provide an additional verification code from a separate device (usually a smartphone). By having 2FA enabled, even if someone were to obtain your login information, they would also need access to the device used for 2FA to enter your account.
Most exchanges support Google Authenticator and Authy as 2FA options. Follow the recommended guidelines established by your exchange of choice to set up 2-factor authentication for your account.
Step 4: Fund Your Account using Interac eTransfer
Once your account is verified and secured with 2FA, connect it to your Canadian bank account by selecting Interac eTransfer as your funding method. You must provide your bank account and transit number, which can be found on either your physical cheque or online banking system.
Make a note of your exchange platform’s eTransfer email address and security question-answer pair, as you will need this information to complete the eTransfer.
Log in to your online banking system, access the Interac eTransfer section, and initiate a money transfer to your selected exchange platform using its eTransfer email address and security question-answer pair. Depending on your bank, the transfer may take a few minutes to a few hours to process. Once the funds have been deposited into your exchange account, you are ready to buy Bitcoin.
Step 5: Buy Bitcoin
With your account funded, navigate to your exchange platform’s trading page and look for the Bitcoin (BTC) trading pair (e.g., BTC/CAD). Enter the amount of Bitcoin you wish to purchase, confirm the current market price, or set a limit order at a specific price. Your Bitcoin will then be deposited into your platform’s digital wallet.
Step 6: Transfer Bitcoin to a Secure Wallet (Optional)
Although exchange platforms take security seriously, many experts recommend storing your Bitcoin in a personal, non-custodial wallet for added protection. Numerous wallet options are available, ranging from hardware wallets to software wallets.
Conclusion
In this article, we have guided you well on How to buy bitcoin in Canada with eTransfer. Remember that storing your Bitcoin in a personal wallet means you are responsible for maintaining its security and the associated private keys. Always research wallet options to find the solution that best suits your needs. Now that you know how to buy Bitcoin in Canada with eTransfer, you can begin your cryptocurrency journey and leverage digital assets for your investment goals.