Many people are looking to buy bitcoin using Questrade, but here’s a bummer, you cannot buy bitcoin with Questrade; you can only invest in it. Need more clarification? Read this post, and by the end, we will also tell you how you can actually buy bitcoin in a few minutes.
Investing in Bitcoin via a Questrade Account:
People having accounts on Questrade can buy Bitcoin ETF and not the actual bitcoin itself. The difference is that ETFs (Exchange-traded-funds) allow the buyer to invest in bitcoin without having to buy it.
Investors can buy, hold and sell bitcoin ETFs whenever they want and get profit/loss on the price fluctuations, just like with regular trading. You can get the representation of Bitcoin’s share value via the ticker TSX:QBTC.
Although having a bitcoin ETF is still a dream in the global market, Canadians can actually buy it because of Questrade, a Canadian exchange offering Bitcoin ETF. However, we do not recommend buying BTC this way because, firstly, it is still a very new concept for bitcoin. Secondly, you are not getting custody of your BTCs this way, meaning they will not land in your wallet.
You will only get a contract stating you are owed BTC for the amount you invested. This defeats the purpose of having crypto assets that you own. So instead of taking this route, we suggest buying bitcoin and keeping it in your personal wallet using a very popular and trusted exchange, Bitbuy.
Bitbuy is quick and secure and allows you to buy bitcoins and many other cryptocurrencies at incredibly low fees. And since you will have custody of BTCs, you can withdraw them anytime you want and store them in your own cold storage wallet.
Buying Bitcoin in Canada Using Bitbuy:
The process for purchasing bitcoin or any other cryptocurrency for that matter is pretty straightforward. And not just in Canada but around the globe, traders rely on exchanges like Bitbuy to buy coins and tokens. Here’s how to get yours:
- Register an account on Bitbuy either from Canada or U.S
- Make your account securer using 2 FA (Do not ignore this step as it will ensure no one can access your Bitbuy account and steal your bitcoins)
- Once your account is created, verify your details depending on whether the account is created based on personal or company details. Keep in mind; verification document requirements will vary depending on whether you’re signing up from the U.S or Canada.
- Deposit your Canadian Dollars into the Bitbuy account through your bank account or any other available payment deposit method. You can use TD EasyWeb Access as well if you have a TD bank account.
- Now go to the ‘Trade’ section on the Bitbuy platform and select Bitcoin
- Enter the bitcoin amount you want to buy in exchange for CADs.
- Review the order details to ensure everything is correctly entered and hit the ‘Buy’ button to execute the order
That’s pretty much it. See how fast and easy it is to buy bitcoin from Bitbuy
