How To Buy Crypto with Questrade

    • James Page

James HeadshotAuthor: James Page - Last Updated on June 28, 2022

Summary: Canadian Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency trading platform. However, that doesn’t mean you can’t use your bank account to buy crypto.

All you need is a reliable and trusted crypto exchange. We recommend using Bitbuy as it’s a very well-known Canadian crypto exchange (over 400,000 Canadians served) with a good amount of cryptocurrencies to choose from.

And for a limited time only, you can get FREE $40 when you sign up and fund your Bitbuy account with $250+!

Buy Crypto with Bitbuy

How to buy crypto or bitcoin with Questrade

As stated above, just like with the vast majority of Canadian banks, you can’t buy crypto with Questrade on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto trading platform.

However, luckily for us, there are plenty of crypto trading platforms to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.

1. Choose a cryptocurrency exchange

While there are a lot of cryptocurrency exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.

The reason we recommend going with Bitbuy is that they’re very easy to use, have 24/7 support, and have a quick and seamless verification process to get you started!

Let’s get into it!

Bitbuy site

2. Create an account on the exchange

The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.

Buy Crypto with Bitbuy

Bitbuy sign up form

3. Transfer funds into the account

Transferring funds from your Questrade account is also pretty easy as Bitbuy supports Interac eTransfer and Bank Wire.

4. Buy crypto

Once the funds are in the account, just choose bitcoin or any other cryptocurrency you’re wanting to purchase, and buy it.

And that’s it, you now have some crypto, congratulations!

Buy Crypto with Bitbuy

 

Frequently Asked Questions

Where can I buy crypto in Canada?

There are multiple Canadian crypto trading platforms where you can buy crypto. While this guide uses Bitbuy, other popular exchanges include Coinberry and NDAX.

How can I buy Bitcoin in Canada?

You can buy Bitcoin using a cryptocurrency exchange like Bitbuy or Coinberry. We also have this useful guide on buying Bitcoin {in Canada}.

About Questrade

Questrade is a Canadian brokerage that was established in 1999. It offers Canadian residents an alternative to trading or investing with large banks. Questrade will accept your existing account at any Canadian broker/financial establishment. If you do not have one, you can transfer it over to Questrade. Questrade allows you to trade stocks, options, mutual funds, ETFs, and exchange-traded funds (ETFs). Forex and contracts for difference (CFDs), can be traded on Questrade, but they need to be done through a separate platform. Questrade also offers guaranteed investments certificates (GICs), access to international equities, and precious metals purchases.

An account can only be opened if you have a Canadian mailing address. Questrade is unable to hold non-registered trading accounts for U.S. residents.

Questrade can be a good fit for Canadian citizens and residents who want to avoid paying high fees or restrictions on investments at banks. Canadian investors will find it offers more flexibility, as well as an automated portfolio creator and significantly lower fees.

The process of opening a new account can be quite simple. Questrade allows new customers to open a new account. There are also videos that will help them navigate the various platforms. Questrade can rebate $150 on account transfers made from another bank or brokerage.

Overall, the platforms work well and are easy to use. Questrade clients are able to trade on the two desktop trading platforms and the mobile app. Questrade Trading offers basic charting and quotes as well as watchlists, research tools, and watchlists. There are some customization options available, including the ability to choose columns for reporting or order entry defaults. Overall, the web platform can be learned and used easily. The downloadable platform is called IQ Edge and is highly customizable with additional research tools and order types. The quotes on both platforms are snapshots. You will have to refresh your screen manually for any updates, unless streaming data or quotes are purchased.

The mobile app provides the same experience and is scaled to suit the device.

Related Posts: