How To Buy Monero In Canada (Quick Start Guide)

Over the past few years, the need to invest in cryptocurrency has become manifold. For some time, we have been wondering about how to purchase these and use them for transactions.

Monero is one such currency that is in high demand.

Today, I will tell you about how and where to buy Monero using CAD.

Before we move on to the process of purchasing, let’s familiarize ourselves with the currency called Monero first.

What is Monero?

Monero is a cryptocurrency that was released in 2014. Functioning on Blockchain, Monero is open-source and highly values its privacy.  Blockchains also act as records of all transactions conducted on a particular network that everyone on the blockchain can access.

To protect its clients, Monero has tweaked the configuration of the blockchain to make it obscure. The amount of the transaction, the identity of the participants along with their IP addresses are thoroughly disguised.

Interestingly, the developers of this cryptocurrency did not reserve stakes for themselves. Their reason behind doing so was simple, they wanted to make sure everyone participating in the economy of this virtual currency was equal.

Can We Mine Moneros?

The best part about cryptocurrencies is that you can mine them from the comfort of your home! Monero relies on a process of mining that allows individuals to be rewarded if they choose to join a Monero mining pool.

  1. Without any high requirements, any standard computer without very demanding hardware will do the trick. 
  2. Mining Moneros is possible on macOS, Linux, Windows and Android as well. 
  3. Remember to join MinerGate.
  4. Start your mining operations.

How to Buy Moneros in Canada:

Originally launched as Instabit, currently, Bitbuy has taken the Canadian marketplace by storm. To buy Moneros, follow these simple steps:

  1. Go to Bitbuy’s Official Website on your computer/laptop/mobile device.
  2. Sign up and create an account. Fill in your details and verify your account.
  3. To add funds to your Bitbuy account, simply confirm your identity and transfer money from your bank account to your Bitbuy account.
  4. Create a buy order for Monero.
  5. Use your Bitbuy funds to place the order.
  6. Get Moneros transferred directly to your wallet.

The best part about this entire process is that you can use CADs to make your purchase. You do not need to convert it into Bitcoin or Ethereum to make your transactions. Bitbuy will help you out easily.

Does Bitbuy Offer Any Special Benefits? 

I put my faith in companies that are transparent about their dealings. Bitbuy is one such company that does not hide its activities from its customers.

A few things that make using Bitbuy worthwhile are:

  1. Its simple and lightning-fast user interface. 
  2. The Express trade feature enables customers the ability to trade in cryptocurrency with Canadian dollars. 
  3. It is one of the easiest processes that users can peruse to deposit funds to purchase cryptocurrency. 
  4. If you want to access this feature, you will have to pay slightly extra in terms of conversion rate. You will still make a profit because of its sheer accessibility.
  5. Although Debit and Credit cards are not available on Bitbuy, it makes transactions very easy with Wire Transfer, Interac and Express Interac e-Transfer.

Consider Reading: How To Buy Tron

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