How to Invest in Cryptocurrency in Winnipeg: A Step-by-Step Guide for Beginners
With the growing interest in digital assets, more people in Winnipeg are exploring how to buy Bitcoin. This guide will walk you through the process step-by-step. To learn more about why one would consider buying Bitcoin, check out our article on Why Bitcoin is Valuable.
Summary of The Ways to Buy Bitcoin in Winnipeg
Buying Bitcoin in Winnipeg may not be straightforward, with several methods to choose. You can use cryptocurrency exchanges like Shakepay, Newton, Coinbase, or Binance for online purchases. If you know a friend who already owns Bitcoin, you can provide them cash in exchange for BTC. For cash purchases, Bitcoin ATMs are located throughout the city, such as at Polo Park Shopping Centre (operated by Bitcoin Solutions), Downtown Winnipeg (operated by BitNational), and St. Vital Centre (operated by LocalCoin).
Buying Bitcoin Using a Cryptocurrency Exchange (The Most Popular Method)
Step 1: Choose a Cryptocurrency Exchange
To buy Bitcoin in Winnipeg, start by selecting a cryptocurrency exchange. An exchange is a platform where you can buy, sell, and store digital currencies. Some popular options for Canadians include:
Shakepay: A Canadian platform that allows you to buy Bitcoin directly in Canadian dollars.
Newton: Another Canadian option with competitive fees and a simple buying process.
Coinbase: A well-known exchange with a user-friendly interface, ideal for beginners.
Binance: Known for its low fees and extensive list of cryptocurrencies.
Our recommended platforms are Shakepay and Newton.
Step 2: Sign Up and Verify Your Account
After choosing an exchange, you'll need to create an account. This typically involves providing personal information, such as your name, email, and proof of identity (e.g., a driver’s license or passport). Verification can take anywhere from a few minutes to a couple of days, depending on the platform, so don't expect to be able to necessarily buy Bitcoin the same day as signing up.
Step 3: Fund Your Account
Once your account is verified, you can fund it using several methods:
Bank Transfer:
Credit or Debit Card:
Interac e-Transfer:
We recommend doing an e-transfer as this is the easiest way in our experience. Other methods may involve fees.
Step 4: Buy Bitcoin
With your account funded, you can now purchase Bitcoin. Go to the "Buy/Sell" section of the platform, enter the amount you want to invest, and confirm your purchase. Note: you do not need to buy 1 full bitcoin to buy bitcoin.
Step 5: Secure Your Bitcoin
After purchasing Bitcoin, you need to decide how to store it. Most exchanges offer built-in wallets, although we discourage using exchange wallets. To learn why, check out are article onBuying a Bitcoin ETF in 2024. Instead, consider transferring your Bitcoin to a hardware wallet. Hardware wallets are physical devices that keep your cryptocurrency offline, making them much safer from hacking attempts.
Tips for Beginners
Take it slow. When in doubt, be patient when making decisions and consult reputable websites and people you know personally that you trust. There are many cryptocurrency scams on the internet, do not listen to internet strangers.
Ask someone who you trust who has experience buying Bitcoin.
Never share your private key or seed phrase with anyone.
Join the Manitoba Blockchain Association
Interested in learning more about Bitcoin and blockchain technology? Join the Manitoba Blockchain Association! Our community offers resources, events, and networking opportunities for blockchain enthusiasts in Winnipeg. Visit our blog to stay up-to-date with the latest crypto news and trends.
