Where to buy Bitcoin, Litecoin and Ethereum in Toronto?
Many people have questions in regards to bitcoin, Ethereum and litecoin. What are they? Where can you get them? How can I buy Bitcoins in Toronto? Which Canadian Bitcoin Exchange should i be using?
Well, bitcoin and litecoin are virtual banking currencies, otherwise called cryptocurrency. They are deemed to be the future of currency. Unlike physical currencies, these cryptocurrencies are decentralized, meaning it has no ruling body and has no affiliation to a country. This currency uses peer to peer meaning there is no central authority or server.
How is Bitcoin Made?
They are made through a process called cryptocurrency mining. Toronto is the capital of Ontario and has Canada’s largest population. Due to its mass population, it comes as no surprise that trade bustles in this city to the extent that physical money is not the only accepted form of payment. Some companies accept cryptocurrencies as means of payment for goods and services. Some of the companies that accept bitcoin payment are Mike’s Bees, Herbal Infusions Tea and Fine Art Home portraits.
Now that cryptocurrencies are steadily being recognized in Canada, you might want to acquaint yourself with the various outlets where you can purchase them. Below is a guide on where to buy bitcoins, litecoins, and ethereum if you live in Toronto:
The LocalCoin ATM happens to be owned by a company specializing in ATMs for Bitcoins in Canada. In the city of Toronto, you can find several of these machines around. Some of the notable places they are located in include Riverdale Trading Company (Coinberry) and Store, FV Foods Bathurst (Bitcoiniacs), and Regent Park (Instacoin). The process of using the bitcoin ATMs is akin to the process of using a cash ATM but with just a few tweaks. Not only is buying bitcoins using the local coin ATM easy, but it is also convenient. The procedure is easy to follow.
Worried about security? Well, your safety and security is guaranteed when transacting using localcoin ATM. The steps of transacting using the ATM machine are;
- Scan your cryptocurrency wallet’s QR code
- Insert your cash into the ATM machine
- Get Bitcoins transferred to your wallet
You can also buy bitcoins in Toronto using CoinSquare. Coinsquare lists all the currencies available for trading and as well as an up to date bitcoin to cad value. If you would like to deposit bitcoins, proceed to the tab for funding. Your deposit wallet address will display. If you wish to deposit Canadian dollars, deposit options will display. You will be required to verify the transaction. Once verified you are granted access.
Litecoins can also be bought from LocalCoinATM in Toronto. This ATM is located in Hasty Market-DownTown Toronto, 161 Church St Toronto( King St W & Dufferin) 1232 King St. The Local CoinATM also introduced Litecoin ATM on existing Bitcoin ATMs in Toronto and became the first ever ATM provider of Litecoin in Toronto on July 2017. The procedure for buying litecoins using an ATM machine is quite simple;
Get to an ATM machine
- Select ‘buy altcoins’
- Choose the litecoin symbol then scan your wallet QR code
Ethereum is the second most popular cryptocurrency, after Bitcoin. LocalCoinATM, a Canadian Bitcoin ATM Company launched an Ethereum ATM in Toronto in August 2017, the first of its kind. The ATM can be found on 161 Church Street, Toronto within the Hasty Market. For transactions on this platform, you need to have an Ethereum wallet, much like other cryptocurrency.
You can also use CoinBase to purchase ethereum. Coinbase is widespread throughout Canada, and used in every major Canadian city. Here how to get started:
Open a Coinbase account
- Choose your preferred method of payment, credit card or bank transfer.
- Select buy, then put the amount of Ethereum you wish to buy.
- Select buy and there you go! Transaction fees range from 1.5% to 4.2% for eth to cad. These fees are dependent on the method of payment used.
The other way you can buy Ethereum is through cex.io. Cex.io primarily accepts credit card payments. Its a fairly simple process as well.
- Open a cex.io account.
- Select a payment method.
- Go to the ‘buy’ option
- Enter the amount you wish to buy
- Then click, buy Ethereum.