“Cryptocurrency exchanges” are platforms that allow you to buy, sell and trade cryptocurrencies.
The most common way to buy cryptocurrencies is through an online platform that allows you to buy, sell and trade cryptocurrencies, called a "
cryptocurrency exchange"
or
an "exchange"
for short.
An exchange will typically act like your online brokerage.
A Canadian exchange,
like us at Netcoins, will allow you to deposit Canadian Dollars straight into your Netcoins account via Interac e-Transfers, online bill payments, or wire transfers.
Let’s assume you deposited $100 Canadian dollars into your Netcoins account via an Interac e-Transfer because you wish to buy bitcoin. You log into your Netcoins account, land in your dashboard, click on the “Buy/Sell” Page to convert your $100 CAD to bitcoin.
That’s it! It’s that easy, quick and painless.
While that’s great, it’s still important for you to know the other options available to you when it comes to buying cryptocurrencies.
Bitcoin ATM Machine.
A bitcoin ATM machine is like a regular ATM machine, but it doesn’t ask for a pin number. Instead, it uses a QR code from your cryptocurrency wallet app. This code will prompt the ATM machine to send bitcoin straight into your wallet. Of course, you will have had to deposit cash into the bitcoin ATM machine as a first step. Another option is to use a credit card to buy crypto. There are a few websites that will let you do this, but they usually charge quite high fees – sometimes as much as 10%. So, it’s not really worth it unless you are buying a large amount of bitcoin.
Buying Bitcoin
in Person.
Some people prefer human interaction. That’s why some bitcoin businesses offer brick-and-mortar stores where you meet with a person from their team and they will walk you through the buying process from start to finish.
Buying Bitcoin
Privately.
For people that value privacy, they can meet up with friends they trust to buy bitcoin from them. LocalBitcoins.com also offers a marketplace where you can set your own buy and sell rates for bitcoin, and then meet in person to finalize the purchase.
Whatever your preference is, make sure you do your research and know what you are investing in. If you're meeting a stranger in person, it may be wise to meet up at a police station or a bank where there are guards and cameras (for security purposes).
with Netcoins. Create an account, fund it with an e-Transfer (other funding options available), and head to the trade page to buy or sell bitcoin. Netcoins is a fully regulated, publicly owned crypto trading platform.
If you decide to invest with us at Netcoins, you’ll be greeted by a warm and friendly customer success team. They’ll be happy to walk you through your first buying process.
Academy
More Beginner Lessons
Fees to consider when choosing your crypto platform
How do I keep my cryptocurrencies safe?
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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