So how do I do that?
Coinbase is another option too, but it is an American company and you can ONLY BUY digital currencies for Canadian customers so I will just stick with Coinsquare or QuadrigaCX.
Just a note: This is not an affiliate post. I am writing this post just to show people where and how to invest in crytocurrencies.
Coinsquare, based in Toronto, is a 100% Canadian-owned and operated online exchange for trading bitcoin, ethereum and other digital currencies.
Digital currencies that you can currently on Coinsquare are: bitcoin, ethereum, dash, bitcoin cash, dogecoin, and litecoin.
Not only you can trade digitial currencies, but also you can trade US dollar, British Pound, Euro and Australian dollar.
Pursing this further, it is very simple to sign up for an trading account on digital currency online exchange (simpler than signing up for an online brokerage account), but THEIR FEES ARE EXPENSIVE.
Let’s talk about the registration process for a sec.
To sign up for an account, you first have to create a username and password. After, you check “Term” and “I am not a robot” and then click “Register”.
Then Coinsquare will tell you to confirm your email. Just go to your email account to confirm and from there they will ask for your cell phone number and address to verify your identify.
The whole process took me less than one minute.
Once you are verified, you would be brought to a page like this where you can fund your account and start trading!!
Let’s talk about the fees. Unlike online brokerage where you don’t have to pay any fees to fund your account, Coinsquare charges a percentage of your deposit depending on how the fund are transferred.
Pursing this further, you have to pay a percentage of your trade as the trading fee. On an online brokerage, meanwhile, you pay a flat fee per online equity trade.
Assume I fund the maximum money and trade with maximum money with all the methods above, I will have to pay:
- Interact Online: $105 to fund the account and $3 of trading fee (you need a 13-digit Interac Online funding card as the 16-digit debit cards are not compatible with Interact Online)
- Interact E-transfer: $150 to fund the account and $3 of trading fee (unfortunately, new users are limited to $100 for their FIRST e-Transfer funding for verification purposes and their limits will rise with each transaction)
- Flexepin: I do not have Flexepin. If you want to know more about Flexepin click here.
- Money Order: $2.5 to fund the account and $1 of trading fee
- Bank Draft: $22.5 to fund the account and $9 of trading fee
- Wire Transfer: $1500 to fund the account and $299 of trading fee (unfortunately,
- wire transfer is only available for clients who have built a significant trading history)
Now let’s talk about customer service:
Although Coinsquare provides NO phone number that you can call in case of emergency, you can send them a Support Ticket and their respond time is NOT BAD.
I sent them a Support Ticket last Friday during business hours regarding a trading question and I got a reply on the same day:
When I sent them another question on the same day but after business hours, however, I had to wait until Monday to get my respond back:
As you can see, online digital currency exchanges are still not very mature. Furthermore, it is more expensive to trade digital currencies than to trade on FOREX. But I have confident digital currencies are the currencies of the future.
I just mailed my bank draft to Coinsquare today and hopefully I will see my money in my account next week!
In the next post, I will explain my thoughts on QuadrigaCX and you will understand why I chose Coinsquare over QuadrigaCX.
Do you currently hold bitcoin or ethereum? Have you used those in real life yet? Feel free to leave a comment here! Catch you on the flip side!