A number of crypto exchanges — both Canadian and international — support deposits made with Interac e-Transfer, making it easy to buy Bitcoin and crypto.
Follow the steps below to buy Bitcoin with Interac e-Transfer in Canada.
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Where to buy Bitcoin with Interac e-Transfer
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How to buy Bitcoin with Interac e-Transfer
Step 1: Select an exchange that can support deposits from Interac e-Transfer
The first step is to set up an account at an exchange that accepts deposits via Interac e-Transfer. Practically every domestic Canadian exchange supports Interac e-Transfer, but very few of the larger international exchanges accept it. We've listed several of the top exchanges above where you can deposit with Interac e-Transfer.
Apart from support for Interac e-Transfer deposits, take into account their trading fees / spread, available coins, fees to withdraw fiat currency, as well as additional features like access to funds with a card, availability of staking and crypto loans, etc.
Step 2: Verify your identity
Confirming your identity usually takes only a few minutes. Typically it involves providing a copy of your ID. You may need to take a selfie while holding it (so they can corroborate that it is actually you signing up).
Step 3: Choose how much you want to invest
Bitcoin comes with an inherent risk since its value fluctuates so much. It's important to keep this in mind and only allocate what you can afford to lose in the event that Bitcoin's price falls after investing.
Step 4: Fund your exchange wallet
The process could differ depending on how the exchange has implemented deposits, but generally it works as follows.
In your crypto exchange dashboard, find the page to add funds and choose Interac e-Transfer. Enter the amount you want to send and submit. Look out for an email to confirm the transaction. Once confirmed, you'll be redirected to the Interac e-Transfer website. Choose the bank you wish to transfer from and proceed to log into your online banking where you can complete the transfer. Funds should appear in a few minutes (longer if the network is very busy).
Step 5: Configure an order
Market orders need almost no configuration and are the easiest to use. You may also be able to set up a trigger order (to buy Bitcoin at a certain future price) or a recurring order (to purchase more Bitcoin on a regular basis).
Step 6: Buy
With funds in your verified account and your order configured, submit the order and buy Bitcoin. Once bought, your Bitcoin will be available in your exchange wallet.
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Pros and cons
- Fast. Deposits made with Interac e-Transfer are typically cleared into your account at the exchange within minutes (or less).
- Widely supported. All the top Canadian exchanges support Interac e-Transfer deposits.
- Cheap. It's one of the cheapest ways to fund your crypto exchange account.
- Not widely accepted by international exchanges. Most of the big international crypto exchanges do not accept Interac e-Transfer to add funds.
How long does it take for funds to transfer using Interac e-Transfer?
It normally only takes a few minutes for funds to clear into your exchange account. At busy times, it can take up to an hour to process.
Can I buy Bitcoin with Interac e-Transfer anonymously?
Some peer-to-peer exchanges such as Paxful — which you can use without verification — accept deposits made with Interac e-Transfer.
Can I buy other cryptocurrencies with Interac e-Transfer?
Yes, you can buy other cryptocurrencies with Interac e-Transfer. Once funds have cleared into your account, set up an order for whatever cryptocurrency you want and buy it.