Bitcoin continues to attract people into the crypto space. This is due to its market value, bullish at over $60,900 with a market cap of over $1 trillion when writing this article. But while there are different ways to acquire this digital asset, you may want to know how to buy Bitcoin with a Visa card in Canada.
Understanding Visa Card Payment System
It is noteworthy that the Visa payment system has, for many decades, been at the forefront of the local and international payment markets. As such, Visa cards (credit/debit) are widely accepted to pay for products and services in almost every country and territory.
Today, most online platforms integrate with Visa, like PayPal, Apple Pay, and Google Pay to enable online payments. This process is similar to buying Bitcoin and other cryptocurrencies in countries like Canada. So, as you can purchase Bitcoin with Apple Pay, you can also buy BTC with Visa gift cards and credit or debit cards.
How to Buy Bitcoin With Visa Card In Canada
There are different ways to use a Visa card to buy Bitcoin in Canada. You can purchase BTC on online trading platforms like crypto exchanges, peer-to-peer (P2P) platforms, or over-the-counter (OTC) platforms in the country. On the other hand, you can purchase the coin with your Visa card via Bitcoin ATMs.
A. Buy Bitcoin With Visa Card On Crypto Exchange
Step 1: Choose A Crypto Exchange
This is the first step to purchasing BTC with a Visa card in Canada. But you must ensure that the exchange supports the card payment. Some popular crypto exchanges from which you can buy Bitcoin in the country are Bitbuy, Coinbase, Crypto.com, Kraken, and Gemini.
Start by opening an account with your preferred crypto exchange and complete the KYC (know your customer) procedure to verify your identity. This is a quick and important process to protect your personal information.
Step 2: Set Up A Wallet
Most exchanges have a Bitcoin wallet to enable you to store your BTC after purchase. But, if you are buying from a non-custodial exchange, you need to download a wallet, set it up, and secure it before providing the exchange with the address. The generated wallet address on your preferred exchange is what you will provide to receive BTC after purchase.
Step 3: Purchase Bitcoin
Use the Visa card as your preferred payment option on the exchange by entering your card information. This includes the Visa card number, expiration date, CVV code, and other relevant details.
Enter the amount of BTC you want to buy and proceed to complete the purchase. Wait for the confirmation of your transaction, and you will receive the BTC in your wallet.
B. Buy Bitcoin With Visa Card On Bitcoin ATM
You can use your Visa card to purchase BTC in Canada, as there are over a thousand Bitcoin ATMs in the country. But this process requires a Bitcoin wallet before buying the coin.
The following are the steps to buying the coin via ATM:
- Locate any Bitcoin ATM closest to you in Canada.
- Tap the screen to start the transaction.
- Choose “Bitcoin” as your preferred crypto to buy.
- Read the Terms & Conditions.
- Complete the KYC process by verifying your identity with your mobile phone number.
- Scan your QR wallet code or enter the address manually.
- Insert your Visa card into the machine and enter the amount of BTC you want to buy.
- Select “Purchase,” you will receive the BTC in your wallet after confirmation.
NOTE: You must confirm that the Bitcoin ATM supports Visa card payment before using it. In most cases, the Visa logo will be seen on the machine.
Frequently Asked Questions (FAQs) About Buying Bitcoin With Visa Card In Canada
Where Is The Best Place To Purchase Bitcoin With Visa Card In Canada?
There are many ways to buy BTC with your Visa card in Canada. You can use exchanges, P2P, or OTC platforms (so far, they support Visa card payment). But factors like trading fees and security would determine the best place for you to acquire your coin.
Can I Buy Bitcoin Anonymously With A Visa Card?
It is challenging to purchase BTC without an ID verification. This is because most exchanges require personal details and KYC verification, enabling a purchase on their platform.
Is It Safe To Purchase Bitcoin With Visa Card In Canada?
Yes, buying BTC with your card is safe if you opt for a trusted exchange and your card information is secure.
Is Bitcoin Trading Legal In Canada?
It is legal to buy and sell Bitcoin in Canada, but it is not acceptable as a legal tender in the country. This means that you can not use the coin as an alternative currency to the Canadian dollar (CAD) everywhere you go in Canada.
Conclusion
The buzz around Bitcoin trading will not simmer anytime soon as people worldwide continue to acquire this coin for short or long-term investment. Canada is a thriving economy for this digital asset, with new and experienced traders buying Bitcoin for potential gains.
However, knowing how to buy Bitcoin with your Visa card is essential if you don’t want to use cash as a payment method.
