Trading Bitcoin in Canada

[deaddog]

Anyone trading btc from Canada?

What exchange are you using?
What fee's are you paying?
Are you moving your btc to a cold wallet? Any fee's involved?

Looking around I was disappointed to find a fee or a spread of around 1.5% for buying and selling. 3% per round trip is hard to overcome if you are actively trading.

Depending on the exchange there is also deposit and withdrawal fees.

 

[Ed48]

Wouldn't it be easier/cheaper/safer to trade a BTC derivative (ETF etc)?

Here in the UK, the authorities have banned private investors from using crypto derivatives, so it's not an option for us. The closest proxy we can trade is something like MSTR, GLXY or MARA, or there is a London listed ETF (DAGB) which holds a bunch of these companies.

 

[Swiss_cheese]

I find Binance to be the most reasonable priced centralized exchange. Does that work in Canada?

 

[M.W.]

I thought btc was pure liberation? How come those fees are involved? They sound painful whether you trade or not. What fees are those exactly?

Anyone trading btc from Canada?

What exchange are you using?
What fee's are you paying?
Are you moving your btc to a cold wallet? Any fee's involved?

Looking around I was disappointed to find a fee or a spread of around 1.5% for buying and selling. 3% per round trip is hard to overcome if you are actively trading.

Depending on the exchange there is also deposit and withdrawal fees.

 

[Ironbeam]

Have you considered any of the CME or Coinbase futures contracts?

 

[deaddog]

Wouldn't it be easier/cheaper/safer to trade a BTC derivative (ETF etc)?

Can't trade ETFs when the stock market is closed or over the weekend.

 

[deaddog]

I thought btc was pure liberation? How come those fees are involved? They sound painful whether you trade or not. What fees are those exactly?

There are trading commissions, deposit fees, withdrawal fees and the spread. If one is planning on moving bitcoin to a cold wallet then there are fee's for that. Depends on the exchange you use.

 

[deaddog]

I find Binance to be the most reasonable priced centralized exchange. Does that work in Canada?

Don't know, I'll check.

 

[deaddog]

Have you considered any of the CME or Coinbase futures contracts?

Nope

 

[M.W.]

So, how does this square with the general promise of liberation from banks' grip on commission, transaction fees to hold and manage our money? Cryptos were marketed as the liberation from all those shackles...

There are trading commissions, deposit fees, withdrawal fees and the spread. If one is planning on moving bitcoin to a cold wallet then there are fee's for that. Depends on the exchange you use.