The best cryptocurrency brokers in Canada

Below is a breakdown of some of the best brokers who allow cryptocurrency investments, including BitCoin. Unfortunately though, due to legal reasons, brokerage firms and traders from the province of Québec are not permitted to trade:

As other countries globally open their doors to the ever-growing appeal of digital currency trading and services, Canada has come out of the fray and joined the trend by publishing its own draft regarding its stance toward Cryptocurrency and the brokers and traders that deal with them.

The regulations of this draft were published back in the summer of 2018 through the Canada Gazette.

In the draft’s release, it detailed and brought to light the problems that the Financial Action Task Force (FATF) took note of during its very first evaluation between 2015 and 2016. This was back when Cryptocurrency was relatively new to the masses, and many were not aware of the advantages and benefits that came with both investing in it and the technologies it would bring about in the future.

The chief issue that the FATF pointed out mainly regarded the violation of money-laundering and terrorist-financing laws.

These points, though valid, oversaw a detail. The detail is that the published draft saw the exchange of Cryptocurrency and its services as a Money Service Business (MSB). Any entity or firm under the MSB category were required to report all of its transactions that topped CAD 10,000 (USD7,700).

Moreover, traders are unable to trade above $1,000 without providing identity information due to the Know Your Customer policy KYC.

Before, as every other major bank and financial institution imposed restrictions and barriers for traders of Cryptocurrency, Canada’s largest bank, the Bank of Montreal, followed suit.

This paved the way for the Bank of Montreal to be brought to the spotlight after internals of the bank were leaked onto Reddit in April 2017. According to the details, the Bank of Montreal had reportedly been stonewalling its customers from making any transactions that involved Cryptocurrency such as BitCoin to “better protect the security of their customers and the bank.”

In other cases, Scotiabank and the Toronto Dominion Bank had also reportedly restricted its customers from making such transactions with the reasons that the trading of BitCoin “could expose them to much higher debt levels than they can repay.”

The later outlook of BitCoin and Cryptocurrency

While many companies possess their view about BitCoin and its uses, there is an equally large number of companies that support it. Companies like the TMX Group, for example, have created its service for the exchange and purchase of Cryptocurrencies.

The complex and advanced Blockchain technology that Cryptos use has been seen favorably by the Canadian government and has employed the help of the World Economy Forum to create an ID system called Traveller Digital Identity that makes use of the Blockchain technology. By the start of 2018, the National Research of Council of Canada would announce its attempts to administer the technology with its own Ethereum for transparent administration of government orders.