Montreal Bitcoin: Where to buy and sell
So, your wallet is ready, and you’re looking to use it.
But before you start jogging around the city with your QR code waving, consider your options.
Service 1: Established Exchange
These brick-and-mortar exchanges are like any classic exchange storefront — but with one difference: they do crypto too. Buying and selling at an established exchange is relatively simple, and will also include the help of a teller.
What’s good:
- Better rates and higher transaction volumes
- Safety and security
- Instant transaction
What’s not-so-good:
- Limited locations in the city
- Cash only
Service 2: Peer-to-Peer
Peer-to-peer exchanges are online services that connect local buyers and sellers. These will help you find someone nearby to trade with, and will hold your funds in escrow until both parties approve the exchange.
What’s good:
- Escrow protects buyer and seller
- You set the transaction volumes and currency types
- Reasonable rates
What’s not-so-good:
- Risk of scams and physical altercations
- Transactions are in a legal gray zone
- Can be hard to find trades
Service 3: Bitcoin ATM
There are machines in the city that can change your fiat money into cryptocurrency, and vice versa. If you’re comfortable operating your Bitcoin wallet and a normal ATM, you should be able to handle one of these.
What’s good:
- Instant transaction
- They are spread out around the city
What’s not-so-good:
- Usually the most expensive rates
- Low transaction volumes
- Machines are sometimes out-of-order
Service 4: Online Exchanges
Cryptocurrency was born on the Internet, and it can be traded there as well. These websites enable you to purchase, sell, and even ‘store’ your Bitcoin within their wallets.
What’s good:
- Will accept credit and/or debit cards
- Transact comfortably from your home or phone
What’s not-so-good:
- Transaction delays and risks of funds being locked
- More expensive rates
- Low transaction volumes
- Fraud risk
So which of your available options is best?
It can depend on where you live in Montreal, how much you’re looking exchange, how important a good rate is to you, and more.
This article is part of the YAP Bitcoin Exchange’s Bitcoin Essentials series.
Feel free to contact us or visit us in store to learn more about managing your Bitcoin storage, security, and trading.
