Best Canadian Bitcoin Trading Platform in 2020
Already in 2020, the number of searches on Google for terms such as “Bitcoin having” and other Bitcoin trading related terms are hundreds of percent higher than it was 4 years ago in the midst of the last Bitcoin halving event.
The Canadian cryptocurrency market likewise has exploded with new users and fresh trade volume over the last few months, and 2020 is looking to be a huge year for cryptocurrency trading in general, but specifically for Bitcoin traders in Canada.
The Bitcoin halving event that occurs once every 4 years is happening in mid 2020, and this typically signals the beginnings of a period of huge profitability over the following months, with the last 2 halving events leading to substantial profits for traders and investors.
Let’s take a deep dive into the best Canadian Bitcoin trading platforms online in 2020, and see some of the places that are enjoying the recent boom in new traders this year.
Bitcoin Trading in Canada in 2020
Canada has long been one of the centers of global cryptocurrency trading, and the very roots of Bitcoin and the Bitcoin market have stemmed from the widespread interest amongst Canadians over time.
In 2020, there are many areas of the world which have a high density of Bitcoin traders, places such as the US, Japan, and many parts of Europe, however Canada has historically had one of the highest concentrations of Bitcoin traders per capita in the world.
This is only increased by the 4-yearly Bitcoin halvening event which is occurring in May 2020, and has typically heralded the beginnings of an 18 month bull run, with prices that are thousands of percent higher than they are at the point beginning of the run.
While many new traders in Canada are entering the market in preparation for the upcoming bull run, those savvy Canadian traders who have experienced bull runs previously know that finding the best platform to trade at can have a substantial effect on the profitability of trading strategies during the bull run.
PrimeXBT
PrimeXBT is the largest Bitcoin margin trading platform in the world that also offers margin trading on a wide range of other assets, including a range of cryptocurrency such as BTC, ETH, XRP, LTC, and EOS, a range of stock indices including S&P500, FTSE100 and JAPAN, forex pairs including EUR/USD, GBP/USD and AUD/CAD, and commodities including brent and crude oil.
PrimeXBT has grown to manage a huge amount of liquidity across multiple markets, with up to $2 billion worth of global trade passing through their doors each and every day.
The platform employs cutting-edge technologies and tools in order to maximize the profitability that is available for traders, and has unique features such as the ability to generate 90% profit in 30 seconds with its short-term Bitcoin-settled accounts platform, PrimeXBT Turbo.
PrimeXBT’s fees are lower than any other major trading platform as well just 0.05%, and PrimeXBT is the only major cryptocurrency trading platform to be KYC-free, with traders requiring only an email address in order to set up an account and begin trading.
Bitbuy
Bitbuy is a trading platform that is available to Canadian traders and that provides the ability for Bitcoin trading within the cryptocurrency market.
The platform has an easy-to-use and intuitive interface, and it is suitable for traders who are relatively new to cryptocurrency trading, as well as experienced traders.
Bitbuy is a fast way to buy Bitcoins and it also provides high buy and sell limits which is advantageous to traders.
As well as this, large orders can be placed through Bitbuys OTC desk and this is also advantageous for those who would prefer to make large off-chain transactions in Bitcoin.
Bitbuy is a relatively unknown trading platform however, without the kind of reputation that the other platforms in the list have, and this means that it is prudent to do a lot of background research into this platform before trusting them with funds.
Binance
Binance is another well-known cryptocurrency trading platform that has risen to prominence through the use of its native cryptocurrency, the BNB coin, as well as providing a wide range of different cryptoassets to be traded.
Traders enjoy the ability to access margin trading on a wide range of cryptocurrencies, albeit the leverage maximums at the platform are relatively low at just 5X.
Another drawback of using Binance is that its fee schedule is higher than most other trading platforms, with it being higher than PrimeXBT’s by up to 10X, even with the use of the BNB coin to reduce the cost of fees.
Saying this however, Binance is a solid option for any traders that don’t mind paying more to use the platform and are looking for cryptocurrency-only trading.
Final Thought
Canada has long been a leader in global Bitcoin trading and in 2020 the market has expanded significantly in the lead up to the 3rd Bitcoin halving and predictable run to follow.
While there are many options available for Bitcoin traders in Canada in 2020, the platforms listed above represent the best in the industry based upon the likelihood for the generation of high profits, combined with the safety of the platform, and the reduction of risk by using them.
For any Canadian Bitcoin traders that are looking for a better place to trade, check out the platforms listed above.