fbpx
Unfiltered

How to Buy Bitcoin in Canada with a Credit Card

Buying Bitcoin or any other crypto with a credit card around the globe is perceived to be a tricky business. Most exchanges forbid the use of PayPal and credit cards due to the security reasons involved. PayPal and credit card payments can be reversed by simply notifying the service provider that the payment made was a mistake and it needs to be reversed. Bitcoin transactions, however, are irreversible and a reversed transaction through the aforementioned mediums can cost the exchange or broker a lot.

Although the above points may prove to be valid in some cases, the users demand ease, and to be honest, wire transfers are not very fast. This is why some exchanges and brokers have emerged who have identified this issue and have consequently allowed users to buy and sell bitcoins through credit cards globally. To save themselves from such scams, they have made simple procedures that allow buying through credit cards after small procedures of verification and security.

The main markets to target in this specific domain are India, the US, Canada, Scotland, and other crypto inclined nations. Specifically for Canadian users, this process has been streamlined and made easier through brokers like mybtc.ca. With a daily buying limit of $10,000, a transaction can easily be performed simply by adding the address of the wallet as well as adding the credit card information. To make the process secure and free from scams, the platform requires a small procedure of verification after which the user is allowed to buy freely through the credit card landing page.

There are major exchanges that have allowed buying through credit cards as well. For example, exchanges like OKEx have also made this buying procedure easier by providing users the opportunity to get access to the crypto world through their desired medium of payments. Accessibility is easily the best step ahead for crypto. With the talks of crypto adoption and the next big bull run emerging, it is obvious that this can only be achieved by giving the users ease to enter the market. They need to see openings which, if not better, are equally good as the alternatives of crypto. This is where exchanges and brokers play a major role. The conversion rate is defined through user experience. Once a user anticipates an uptrend, she should be able to access the desired crypto instantly to bring high volumes in the crypto market, which in turn would benefit both, the user and the overall market capitalization of crypto. Now, of course, we understand that holding crypto is perceived to be the best step ahead for investors but there should be options that can help users to make informed decisions. This requires instant liquidity and accessibility. For the case of bitcoin, liquidity is not an issue at all since it is crowned as the premium crypto with the highest trading volumes. The only hurdle is the ease of access, which hopefully would be eliminated by other projects that are entering slowly in the cryptoverse.

 

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.