Canadian Investment & Crypto Guide have attracted significant attention, they aren’t considered legal tender in Canada and there’s no central bank that oversees them. As a result, crypto investments can be highly volatile and complex. If you’re thinking of investing, consider seeking the guidance of a professional.
When purchasing cryptocurrencies, make sure to use an exchange or trading platform that is registered with provincial/territorial securities regulators. Platforms not registered with CSA may not have key investor protections such as secure handling of funds, safekeeping of assets and measures against market manipulations.
Canadian Investment & Crypto Guide: Everything You Need to Know
Some people assume that because cryptocurrencies don’t have a centralized government that they’re somehow exempt from taxation, but that’s not true. If you purchase and sell Bitcoin, you’ll owe capital gains taxes on any gain in value. That’s just the same as if you bought and sold any other investment such as stocks or mutual funds.
There are many crypto trading platforms in Canada. One of the most popular is CoinSmart, which offers on-the-go management of trades and low fees (operating costs). It also features same-day Interac e-Transfer funding with 0% fees on transfers over CA$2,000.
Another popular option is Kraken, which is a fully licensed and regulated broker-dealer based in Montreal. It offers a robust security suite including cold storage for most user funds and multi-factor authentication. In addition, it offers a wide variety of digital currencies to invest in. It is also a member of IIROC and the CFA Institute, ensuring that it adheres to industry standards.
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