NOTE: I’m not a financial or legal advisor. I just have a passion for software technologies and believe in Blockchain’s future. However, I definitely don’t recommend you putting all your life savings in Bitcoin or any other cryptocurrencies.

First what is an Exchange

A Bitcoin exchange is an intermediary between where cryptocurrency traders can buy and sell bitcoins (and other cryptocurrencies) using their USD/CAD dollars (or known as fiat). If you are familiar with stock exchanges, these Bitcoin exchanges operate in a fairly similar manner where traders can opt to buy or sell by inputting either a market order or a limit order.

Coinbase

Coinbase; the go to Exchange

Coinbase is a digital currency exchange headquartered in San Francisco, California. Today, it is the most popular exchange, as it is in my opinion the fastest and easiest to swipe your credit card online to get your first set Bitcoins.

Coinbase provides a very easy to use user interface, fast, instant transactions, and requires little to no knowledge to get started. However, it seems like it as a one-way stream for their Canadian neighbors since you can only buy and not sell. If you are in Canada they have lengthy and expensive process to withdraw your money and converting your crypto wealth back to CAD is not supported.

Top Canadian Exchanges

QuadrigaCX

QuadrigaCX; Canada’s #1 Exchange

QuadrigaCX is Canada’s largest exchange operated by Quadriga Fintech Solutions. It is 100% Canadian where it is registered and located in Vancouver, British Columbia, Canada. Moreover, QuadrigaCX became to be the first publicly traded Bitcoin exchange in the world.

What makes it appealing to Canadians is its Funding and Withdrawal options as it offers a variety of methods that Canadians are familiar with.

Coinsquare

Coinsquare

Coinsquare is also made in Canada and it is based in Toronto. They offer an easy platform to buy, sell and trade cryptocurrencies. ThroughCoinsquare you have access to multiple funding options, and an easy verification process.

Got your Bitcoins, now what?

Bitcoin and other altcoins are here to stay and it will only be more popular over time. Bitcoins can be used as a form of currency. In fact, it is probably the best-known cryptocurrency today. Bitcoins enable cross-border payments with ease and low cost as it is not tied to any country or subject to regulation (yet).

What about other cryptocurrencies?

To buy other coins you will need to use other exchanges that support them. I have personally used Poloniex, Bittrex, Bitfinex. I find all three of them have a fairly easy sign up process, and similar interface for trading. The benefit from these exchanges is that you can buy other cryptocurrencies. It will feel like you are trading penny stocks, so it could be very risky but you could yield some decent returns as a disciplined trader.