The next step to buying bitcoin as a Canadian resident is the purchase stage. Here we will be outlining two basic ways to purchase digital currency in Canada.
Once you are setup on Coinbase, purchasing bitcoin couldn’t be easier. When you login you’ll be presented with the dashboard, as seen in the screenshot below.
The Dashboard is nicely presented with a beautiful design and clean user-friendly interface. You can quickly see the current coin prices, and click between charts for 1 Hour, 1 Day, 1 Week, etc.
To purchase bitcoin, simply click the ‘Buy/Sell’ tab along the top.
Here you have three choices…
- Enter an amount in CAD,
- Enter an amount in bitcoin (it will calculate the equivalent CAD amount, minus fees which are shown to the right),
- Click ‘Max’ (desktop browser only) to purchase the maximum amount allowed by your current limit.
As you can see in the screenshot below, the left-hand side shows your purchase information, and the right-hand side shows your overall order details, including the 3.99% fee charged by Coinbase.
TIP: Using the Recurring Transactions feature is a great way to slowly build your bitcoin balance without the need for one-off large transactions.
When you’re happy with everything, click the ‘Buy [Coin] Instantly’ button. You will be taken to a summary page and prompted to enter an Authenticator code (if you haven’t added Second Factor Authentication to your account, it is advisable that you do so right away. See Step 1 – Creating Accounts for instructions on how to setup Second Factor Authentication).
Next, click ‘Confirm Buy’ to complete the purchase.
That’s it! You will receive an email notification of your purchase, and if you click back to the Dashboard, you will see your updated balance in the corresponding account.
Your transaction may take a few minutes to complete. A transaction is considered complete when it receives a certain amount of confirmations on the blockchain, which may take several minutes depending on the level of network activity.
As mentioned in Step 1 – Creating Accounts, Coinbase does not offer Canadian residents the ability to sell digital currencies held in their account. In order to sell your cryptocurrency you need to send it out to another platform, such as Bull Bitcoin or Shakepay.
To send digital currency in Coinbase, simply click the Accounts tab at the top. Next, click the Send button under the currency you wish to send out.
The first step is to select the wallet from which you are sending. So, for example, if you want to send bitcoin, you need to make sure the Bitcoin wallet is selected.
Next, enter the amount you want to send. You can use the dropdown to send an amount in bitcoin, or you can enter a CAD amount.
Finally, enter the recipient bitcoin address. This is where you need to be careful—if you send your coins to the wrong address, they will be lost forever. The easiest way to avoid this is to copy/paste the address from the source account, and check it visually—twice—to make sure it matches!