Helping You Open an Exchange Account in Canada
Estimated Time to Completion:
24 hours
Miss this step?
Do you have a Bitcoin wallet?
Before creating an account at an exchange, you should have a Bitcoin wallet. Bitcoin wallets are free to use and they allow users to store and transfer Bitcoin securely. Our recommended wallet is Exodus.
Which Exchange is Right for Me?
A bitcoin exchange is the easiest way to buy, sell and trade Bitcoin. Not all exchanges are created equal, however, so our team of experts have reviewed the top exchanges based on security, reputation, payment methods and fees. We’ve listed the best exchanges for buying Bitcoin below.
CryptoVantage's Recommended Exchange
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Coinbase
- Beginner friendly exchange
- Fast and easy verification
- Purchasing options: Debit Card
- Withdrawal options: PayPal
- High purchasing limits
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Create Your Account
The first step is to create an account by providing basic identity information: First name, last name, email account, password and confirming you are over 18 years old.
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Verify Your Email Address
After creating an account, Coinbase will send you an email and require you to confirm your email address.
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Add a Phone Number
You must add a phone number immediately after validating your email address. Providing a phone number is required for a 2-step verification. Coinbase will text a 7 digit verification code to your mobile device.
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Provide Personal Information
You must then provide basic information including payment address and your name. In addition, you’ll need to prove your identity by providing a scan of one of the following: passport, driver’s license or government issued photo identification.
0% deposit fee on eTransfers of $2000 & up
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CoinSmart
- Easy set-up for new crypto users
- Great on-ramp for Canadians looking to get involved with cryptocurrency
- Accepts Interac e-Transfer, Credit & Debit & Wire Transfer
- Backed by a Canadian financial institute
Setting up an account on CoinSmart is easy and they offer instant verification through Equifax meaning you can be verified and trading within minutes of sign up. Follow these steps to create a CoinSmart account:
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Go to CoinSmart homepage
Enter your email address and select “Get Started”. On the following page you will need to enter your name and select a password.
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Verify Your Email Address
After creating your account you will need to verify your email address.
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Enter Your Phone Number
After verifying your email, you will be required to enter your phone number and then you’ll receive a code that you will need to enter on CoinSmart.
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Provide Personal Information
You must then provide your name, date of birth and address. If they are able to instantly verify your identity at this point than you are all ready to fund your account and begin trading! If they are unable to instantly verify your account, you will need to provide additional verification documents.
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Additional Verification
You will need to provide a copy of the front and back of your government issued ID, a selfie with you holding the same ID and a piece of paper with the word “CoinSmart” and today’s date and finally you will need to provide a copy of a recent utility bill with your name and address.
After providing this information CoinSmart will manually verify your identity and you will then be able to fund your account and begin trading.
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3
Shakepay
- One of the most user-friendly exchanges
- Fast & easy verification
- Accepts Interac e-Transfer payments
- Incredibly fast with purchases taking minutes rather than hours
- Near instant withdrawals
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Create Your Account
To create an account at Shakepay, you will be required to enter your address, username and password.
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Verify Your Email Address
After creating your account you will need to verify your email address. After completing this step, you will see a confirmation screen.
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Enter Your Phone Number
After verifying your email, you will be required to enter your phone number and then you’ll receive a 6-digit code that you will need to enter on Shakepay.
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Provide Personal Information
You must then provide your name, date of birth, address and your profession. This information will then be checked against Securefact’s database. Most users will be able to trade shortly after this information is provided, but some users may be required to provide additional verification checks.
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Additional Verification
Shakepay may automatically identify your account, but if they were not successful with that you will be required to submit additional information, that includes: a picture of yourself holding your passport or driver’s license and a paper with “Shakepay” written on it along with today’s date and you will also be required to submit two original documents, one utility bill (electricity, water, internet or phone) and one e-statement (bank, credit card, mortgage or loan account).
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4
Bitbuy
- Fantastic UI for new cryptocurrency users
- One of the highest levels of security for a Canadian cryptocurrency exchange
- Supports Interac and bank transfers for easy deposits
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Create Your Account
To create an account, you will be required to enter your email address and password.
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Verify Your Email Address
After creating your account, you will need to verify your email address.
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Enter Your Phone Number
You will be required to enter a North American mobile phone number and confirm your phone number by entering the code that gets sent to your phone.
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Provide Personal Information
The final step is to provide personal information to verify your identity. Bitbuy requires four documents: a financial statement (credit card, bank or loan statement), utility bill, government issued ID and finally a selfie with your ID. You will receive a response from Bitbuy in 24-48 hours after submitting your documents.
Buying Bitcoin Summary
- Download a wallet
- Open an account at an exchange
- Purchase Bitcoin at your exchange
- Send Bitcoin to wallet
- Use your Bitcoin