Post
Topic
Board Bitcoin Discussion
Re: Buying BTC in Canada
by
Nhazwrath
on 26/01/2022, 10:58:35 UTC
I started investing in BTC since the middle of last year, but for some reason it's always a rigamarole. A lot of financial institutions here make it difficult or impossible to buy BTC.

After finding out both my bank and credit card companies don't allow crypto purchases, I got a Mogo card (back when they'd give you satoshis for purchases).

I bought some crypto directly through that, but then found they won't allow me to transfer to my Ledger. I then tried buying with my Mogo to my ledger. That worked once but now it's getting declined, and their customer service is non-existent.

What do other Canadians use to buy BTC. Do you run into the same problems? Any suggestions?

Canada has very few exchanges that are certified to purchase/sell/trade BTC. What you are looking for is FINTRAC compliance   https://www.fintrac-canafe.gc.ca/intro-eng <government website>.  If the exchange meets the qualification then the banks will accept and send etransfers from them(my understanding) without the argument about crypto.  the banks themselves still will not touch crypto.  I have talked to several banks and what it boils down to with them is they think it will hurt their reputation.