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July 30, 2022

Coinberry Review: How to Buy Bitcoin in Canada

If you want to start investing in crypto, your first two major decisions are:

  • Choosing which crypto to buy (Bitcoin is still popular)
  • Choosing a crypto platform

If Bitcoin feels safe to you because it’s still the most popular cryptocurrency and with the largest market capitalization, you can start with Bitcoin and explore other cryptocurrencies later.

On the other hand, before you choose a platform, it’s good to prioritize the following:

  • Your peace of mind (the platform should be trusted and secure)
  • The platform’s size and popularity (big platforms have the resources and capacity to protect the investors)
  • Compliance to government regulations
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Although you can start with as little as 50 CAD, this investment might still make you worry. After all, you want to avoid financial losses as much as possible (fear of loss and regret is a lot stronger than anticipation of gain). As a result, you have to choose a platform that’s trusted and secure.

You might also gain peace of mind if you choose a big and popular platform. There’s a feeling of safety in numbers and being a part of a herd. To spare you from pain and losses though (they’re still painful no matter what), it helps to choose a popular, secure and capable crypto platform.

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A platform’s compliance with government regulations can also help you gain peace of mind. For instance, compliance with the Personal Information Protection and Electronic Documents Act can help keep your data private and secure (and only used for agreed purposes). Also, registration to Ontario Securities Commission and Financial Transactions and Reports Analysis Centre of Canada can make a platform comply with several rules and guidelines. Registration in these institutions can also help keep a watchful eye to what a business does.

Buying Bitcoin in Canada

Once you know what to consider when choosing a crypto platform, the next step is to actually buy some Bitcoin and watch its price move.

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Through a crypto platform, the following usually happens:

  1. Signing up to the platform using email and password
  2. Verifying the account and identity (a government-issued ID and video verification selfie are often required)
  3. Funding the account (through Interac e-Transfer or wire transfer)
  4. Buying some Bitcoin or other cryptocurrencies

It’s considered the right way to buy Bitcoin in Canada because millions of people do it regularly (especially after signing up and trends are looking good).

For instance, in Coinberry more than 220,000 Canadians have already signed up to the platform. In addition, Coinberry has already surpassed $1 billion in crypto trading. This tells something about their growth and capability. Also, hundreds of thousands of Canadians have already found the platform to be easy to use.

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Signing up to a platform is a simple and straightforward way to start in crypto investing. You can also use a hardware wallet to store and manage your digital assets. However, using a hardware wallet requires some upfront cost and technical know-how. In addition, you might lose the device or forget your seed phrase. This might make it impossible to recover or access your assets again.

Is Bitcoin still a good investment in 2022 and beyond?

After you choose a crypto platform, you might still have some doubts on which cryptocurrency to put your money in. That’s because aside from Bitcoin, you have dozens or even hundreds of cryptocurrencies and tokens to choose from. Some of the most popular ones and with the largest market capitalizations are:

  • Ethereum
  • Tether
  • US Dollar Coin
  • Binance Coin
  • Binance USD
  • XRP
  • Cardano
  • Solana
  • Dogecoin
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Bitcoin and Ethereum are still popular because they’re old and entrenched. Other cryptocurrencies have become popular because they have stable values (pegged to a conventional currency). Others have gained popularity because of memes, better scalability, greater speeds, lower energy requirements, and other features.

Bitcoin still feels safe though because it’s the “first” and it pioneered the blockchain and cryptocurrency industry as we know it today. Bitcoin has also gained the support of huge investment firms and tech founders. As a result, you can expect Bitcoin to keep the top spot or least one of the top 10 for the coming years.

Does Bitcoin really have value?

The value of an object or asset often depends on social agreement and perception. For instance, Bitcoin has value because enough people agreed to it. Enough people also see Bitcoin as a way to grow their money. They see Bitcoin as something that will continually increase in value. With this expectation of increasing value, they might see Bitcoin’s current price as low (there’s still much room for growth and profit).

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Also, many see Bitcoin as a great alternative to our traditional financial system. After all, the creation of Bitcoin might have been catalyzed by a financial meltdown and loss of trust in centralized banking.

Whether or not we think about Bitcoin’s value and place in society, often we only think about its future value and whether it can result in profits. However, investors may or may not lose confidence in Bitcoin and cryptocurrency as a whole. Profits are always far from certain and what we can do for now is to limit our losses and perhaps expose ourselves to massive gains.

Is it too late to invest in Bitcoin now?

For several years people have been asking that question. Many of them might still be asking that question today and as a result, they have missed out on the opportunity to profit from the early low price of Bitcoin.

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If you don’t want to miss out on the opportunity and avoid regret in the near future, it makes sense to invest in Bitcoin now. However, this decision might also lead to regret and losses because Bitcoin is a highly volatile asset.

A practical way to expose yourself to the opportunity while minimizing future regret is by starting with a small amount. For example, at Coinberry you can start for as little as 50 CAD and invest more anytime. As you get more comfortable, you can increase your investment in Bitcoin or explore other digital assets.

 

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