Best Cryptocurrency Exchange 2020 Canada

Best cryptocurrency exchange 2020 canada

The History of Bitcoin in Canada

What You Need to Know About Cryptocurrency and Bitcoin Exchanges in Canada

If you haven’t heard of cryptocurrency, then you haven’t been listening. Lately, these new types of digital currency have been all the rage – made famous by Bitcoin when the currency took off to an unprecedented level. Bitcoin allowed those who entered into the game early enough to turn spare change into millions of dollars.

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The immensely successful digital currency spurred the creation of a lot more – and now users have a lot of options available at their disposal to choose what they want to invest in.

Of course, for such a market of a plethora of digital currencies to function, this makes the necessity of cryptocurrency exchanges prevalent. So, if you want to get into the world of cryptocurrency and trade, here is everything you need to know about their exchanges, how to navigate them, and how to choose the best bitcoin exchange in Canada for your needs.

What Are Cryptocurrency Exchanges?

These days, there are a lot of different Canadian options for cryptocurrency that people are interested in investing in.

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With the help of cryptocurrency exchanges, this is all made much more easy, convenient, and lucrative.

Cryptocurrencies are an emerging industry. Some people know a lot about how this industry works, while others are absolutely clueless as to how to navigate this new world. The basics, however, are simple once you have done a little bit of research.

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It starts with exchanging your typical currency for the cryptocurrency that you choose. To make this happen, you need to use a cryptocurrency exchange. Start by finding one that best fits your purposes.

Before getting too deep into the research process of finding the right cryptocurrency exchange that you need, you must first understand the different types of exchanges you might encounter, what their benefits are, and the risks that some of them might pose that you need to watch out for.

If you are just getting your feet wet with cryptocurrencies, it is a good idea to understand the different options available when it comes to exchanges.

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They pose both rewards and risks, depending on how you choose to obtain your coins. Here is a little insight:

Peer to Peer vs Traditional

Peer to peer and traditional are two different types of currency exchanges you might encounter during your search for the right exchanges in Canada.

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First, traditional exchanges are organizations that purchase and sell cryptocurrencies as a business. These types of exchanges often offer the best rates to their users.

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In addition, they also impose the most requirements in a number of situations. Because these organizations are designed to transmit, facilitate, and exchange cryptocurrencies, they impose many procedures and regulations, both to protect themselves from falling victim to fraud, and to follow the law.

You will frequently encounter wait times, either to transfer funds or when trying to verify your identity.

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After you have become an established client, the exchange will lessen in the amount of time that passes before you can receive your cryptocurrency.

The reason all of this can be so time consuming is that there are limited payment options available through traditional exchanges. Through them, the only way to make the exchange from your typical currency to a traditional currency is to make a bank transfer of your funds to the exchange.

It takes time for this transfer to clear, delaying the amount of time it takes for you to receive the cryptocurrency.

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If you think a traditional exchange is the right option for you, it’s important for you to carefully research the requirements that the exchange imposes and make sure it is still able to fit your needs.

Peer to peer exchanges, on the other hand, are exchanges that allow you to exchange your typical currency for cryptocurrency through a transaction that takes place between two private individuals.

These exchanges have a lot of things in common with traditional exchanges. However, they do come with their own benefits and risks.

With peer to peer exchanges, it is common for the verification steps and wait times to be less than what you would find from a traditional exchange.

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Using a peer to peer exchange essentially means taking on different risks for increased benefits. As you will be conducting private transactions with other individuals, you will not be afforded the protections that come with trading with a reputable, Canadian, established, traditional exchange.

In most cases, transactions on peer to peer exchanges are completed smoothly, with thousands of successful trades conducted on a daily basis.

Features to Look Out for When Choosing an Exchange

Now that you know a little bit about the two main types of exchanges you will encounter during your time trading with cryptocurrency from Canada, the next step is to start looking at specific exchanges.

Before you commit to a certain one, though, it’s important to know what features to look for in the exchange of your choosing – and which ones to avoid.

Here are the things you should consider before settling on an exchange option:

The Verdict

Obviously, there is a lot to consider before you choose the right cryptocurrency exchange for you and your purposes.

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Whether you’re an early adopter of cryptocurrency or just trying to break your way into the market now, finding the currency exchange that fits your needs is essential.

To find it, the first step is understanding the difference between peer to peer exchanges and traditional exchanges. The next step is conducting your research on the different specific exchanges you want to try out.

Then, finally, apply those findings to selecting the exchange that best fits your needs!

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With a bit of digging, you should be able to find one that checks off all the boxes on your list.

Once you have done all of that, the only thing that will remain to be done is trade your cryptocurrencies all you like! With so many different options on the market today, the right exchange makes it a breeze to get everything done that you like and allow you to invest your way!

So, what are you waiting for? Find the cryptocurrency exchange that is right for you – and happy trading!