Summary: Qtrade is a Canadian broker that offers various investment services but does not directly support cryptocurrency trading. The best way to invest in Bitcoin and other virtual currencies is through digital asset exchanges regulated by the Canadian Securities Administrators (CSA) that accommodate Canadian Dollar (CAD) deposits.
We propose the Kraken exchange as it waives fees on CAD deposits and is regulated by the CSA and FINTRAC. Kraken offers a diverse portfolio of over 200 cryptocurrencies for trading and staking with competitively low investment fees. Furthermore, it facilitates swift deposits using a variety of methods, including Interac e-Transfer and cards.
- Instant and free CAD deposits via Interac e-Transfer, credit cards and more.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Founded in 2011 and trusted by over 9 million investors.
Kraken is a registered Money Services Business with FINTRAC (MSB Registration No. M19343731).
Can I Buy Bitcoin with Qtrade?
Qtrade does not offer direct cryptocurrency investing services, including Bitcoin trading. It primarily facilitates investments in stocks and ETFs. To safely invest in digital currencies, we advise utilizing a licensed Canadian digital asset exchange. It's vital to choose a platform registered with the Canadian Securities Administrators (CSA) and FINTRAC, ensuring regulatory compliance within Canada.
How to Buy Crypto with Qtrade Alternative
For those interested in venturing into digital asset investment through Qtrade, we recommend using a regulated platform like Kraken. This platform is regulated by the CSA, offering swift and cost-free deposits in CAD from Canadian bank accounts. It supports various deposit methods, including Interac e-Transfer, wire transfer, and both debit and credit cards.
Here's a simple guide to help you navigate through the process:
- Account Setup: Initiate the process by creating an account on Kraken and verifying your identity.
- Selecting Currency: Choose your preferred deposit currency (such as CAD) on the Kraken platform.
- Funds Deposit: Select your most convenient payment method (for example, Interac e-Transfer, wire transfer, or credit card) and finalize your deposit.
- Crypto Acquisition: The final step is to select the cryptocurrency you are interested in and finalize your trade.
Will Qtrade Offer Cryptocurrency?
Qtrade currently only provides users access to securities traded on Canadian and US stock markets, which includes products such as bonds and GIC's. While the platform does not give direct cryptocurrency trading, it has taken a progressive stance toward the industry. For now, customers should use authorized Canadian crypto exchanges regulated by the Canadian Securities Administrators (CSA).
Digital Asset Investing Fees
Knowing the cost breakdown for digital asset investments is crucial for optimizing your financial gains. Kraken provides affordable pricing that can positively influence your total returns. Here's a straightforward rundown of the costs tied to digital currency trading:
- Trading Fees - Kraken employs a tiered fee schedule for transactions, beginning at 0.16% to start a trade and 0.26% to finalize it. As your trading volume grows, these fees decrease, boosting your potential earnings.
- Funding Costs - Depositing cryptocurrency into your account is free of charge. However, if you're adding fiat currency, a nominal fee might be incurred. The fee fluctuates based on your selected payment option, such as credit cards or Interac e-Transfers.
- Withdrawal Expenses - The fees for pulling out funds are competitive and vary according to the specific digital asset you're moving. For example, a Bitcoin withdrawal will cost you 0.0005 BTC.
Kraken's trading fees are budget-friendly and diminish as you increase your trading activities. The platform's pricing for deposits and withdrawals is also very competitive, making it a favorable option for investors looking to enhance their financial performance.
What is Qtrade?
Qtrade is a Canadian online brokerage firm that provides various investment services. The company offers self-directed trading, investment advice, and online investing options. Established in 2001, it has become one of Canada's leading independent online brokers. The company prides itself on its advanced trading platform, exceptional customer service, and low fees.
It serves over 150,000 investors across Canada and is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) while being a member of the Canadian Investor Protection Fund (CIPF). The company's reputation for excellent service and low fees, along with its accommodating approach to crypto trading, has helped Qtrade to establish itself as one of Canada's premier online brokerage firms.
To sum up, Qtrade doesn't offer direct cryptocurrency transactions but maintains a positive stance towards digital currencies. Canadian investors can connect their accounts to reputable trading platforms such as Kraken, a FINTRAC-licensed exchange. This partnership lets users easily deposit CAD and trade digital currencies with low fees in a safe environment.