Following the recent Bitcoin halving event, the cryptocurrency space is anticipating the start of the next major bull-run. It is currently an exciting time to get into crypto whether you want to make a profit, hedge against inflation, or diversify your investment portfolio. However, one of the biggest hurdles for investing in crypto is learning where to start! In this guide, we are going to go over how Canadians can purchase Bitcoin (or other cryptocurrencies) in just a couple hours.
For this guide, we are going to use Coinberry to make our cryptocurrency purchases. This reason we are going to use Coinberry is because it is easy to use and offers some of, if not, the lowest fees (0.5%) for exchanging fiat to crypto.
1. Make An Account On Coinberry
First, we need to make an account on Coinberry using an e-mail address and creating a password for the account. To receive $20 for free and support our website you can use our referral link (Click Here). This bonus is available after depositing $100 into your Coinberry account and, if you feel crypto is not for you, you can walk away with an extra $20 – no questions asked.
2. Getting Verified
After creating an account, you will then need to upload documents confirming your identity. These KYC (Know your consumer) documents are required by all Canadian crypto exchanges for tax purposes and to reduce the use of crypto for illegal purposes. Normally, a driver’s licence and a utility bill with your address should be sufficient for this process. Usually, the process of becoming verified takes less than a couple hours.
3. Making a Deposit
As soon as your identity is verified you can begin to deposit money into your Coinberry account. Many crypto exchanges charge users for making deposits but one of the benefits of using Coinberry is that you can do it for free. To make a deposit, click on the “Fund” button located in the upper menu. Then select the Interac-E Transfer option. E-transfers are the best way to make deposits to your Coinberry account since you don’t pay a transaction fee and you can usually expect to receive your deposit in less than 1 hour. There are two ways to use E-Transfers on Coinberry. The first method involves entering the amount you wish to transfer to your Coinberry account. You will then receive an e-mail informing you about the request. Open the email and follow the instructions to confirm the transaction.
The second method involves setting up Coinberry as a payee through your bank account and entering a code provided by coinberry into the message field of your E-Transfer. Both methods will have the same results.
New users should stick to making smaller deposits before they become comfortable using the platform.
4. Buying Your First Cryptocurrency
Once your funds are in your Coinberry account you will receive an e-mail confirming the deposit. At this point you are ready to convert your fiat into crypto. In the top menu, select the “Buy” button and you can then select the crypto you would like to purchase. Coinberry currently offers 6 different cryptocurrency options for purchase: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP and Lumens. After making your selection you can then enter the amount you would like to purchase. Once you confirm the transaction you have successfully made your first cryptocurrency purchase!
Your cryptocurrency is now successfully in your Coinberry account. You can monitor your account value as the price of your crypto assets fluctuate. However, it is important to make sure your account is secure. Therefore, take some time to add 2-Factor Authentication to your account for an added layer of protection.
You have now successfully taken your first step into the wild lands of cryptocurrency! There is lots to learn in this space and there’s a vast journey ahead of you. To learn more about cryptocurrency and for the latest news, guides and reviews stay tuned to Canada Crypto!