Best Way to Buy and Sell Bitcoin in Canada | Lowest Fees
Welcome to this blockchain and cryptocurrency video posted by BTC Sessions. In this video and article, you will learn how to buy and sell Bitcoin using the platform Bylls.com and BullBitcoin.com. These two sites are essentially the same site and just interlink between one another depending on if you are buying or selling.
Best site to buy and sell Bitcoin
Bylls.com and BullBitcoin.com are the goto sources that I use to buy Bitcoin with my Canadian dollars and to sell my Bitcoin when I need to exchange it for Canadian dollars.
The reason I like using this platform is that the fees are lower than buying Bitcoin using other platforms such as Binance, Coinsquare, Coindesk, Changelly etc. The fees for these platforms will cost you more money. If you are only putting a little bit of FIAT ($CAD) money into Bitcoin or other cryptocurrencies each month the fees can really add up. You don't want to lose 10% of your investment towards fees right off the get-go... That is no way to start investing.
BullBitcoin.com shows you the rate of which they buy and sell bitcoin and give you very transparent information. You know exactly how much $CAD buying power you will have in your account to transfer into BTC before confirming your transaction.
The first step is to sign up for an account. Go to Bylls.com and create an account. You will need to provide a phone number, your name, and connect a bank account.
Once you have done this you can send money directly from your bank account to your bylls.com account. By sending money to your Bylls.com / BullBitcoin.com account you are creating a voucher that is redeemable for Bitcoin.
Methods you can use to fund your account
- E-transfer - this is the fastest option and there is no fee for sending money this way, at least not on Bylls.com / BullBitcoin.com's side. This is the method I have used in the past a number of times.
- Direct debit - this is also a good way but is a bit slower. There is no fee for sending money this way, at least not on Bylls.com / BullBitcoin.com's side.
- Wire transfer - slower and your bank charges you fees
- Desjardins transfer - I'm not familiar with this method
- Deposit L-CAD - I'm not familiar with this method
See the image below as an example. You can see that the amount you are sending is the amount that will receive. The way that Bylls.com / BullBitcoin.com make their cut is by selling the actual Bitcoin for a slightly higher price than the current market price. However even though they do this the % increase is still better than the fees that you would be charged when buying through an exchange or when using a credit card.
Once your funds are available in your account you can either wait or convert your $cad voucher into BTC rightaway once its available. You will simply copy and paste your BTC wallet 'public address' into the destination address. Your BTC will then be sent to your wallet. I personally send my BTC directly into my Ledger Hardware Wallet since this is the most secure way to store cryptocurrency. Or if I am wanting to purchase other cryptocurrencies with my BTC I'll send it to an exchange such as Binance. I will use the exchange to buy cryptocurrencies such as Ethereum, Chainlink, Kyber Network, Tezos, etc. Once I buy make the trade I will then send the new digital asset to my Ledger Hardware Wallet.
Here is an example of the cost for buying BTC with Bylls.com / BullBitcoin.com
Coinmarketcap price for BTC right now at time of writing this = 7168 US = 10063 CAD
Bylls.com / BullBitcoin.com sells BTC at a rate as of this moment at = 10316 CAD
If I were to send $1000 CAD into BTC I would have a fee of $24.50 which is not to bad.
Sources used on this page:
- Bylls.com - buy BTC using $ Canadian, Sell BTC to get Canadian
- Ledger Hardware Wallet - store
- Binance - trade