Can I buy crypto on Questrade Canada?

Questions & AnswersCategory: QuestradeCan I buy crypto on Questrade Canada?
BC_Rick asked 7 months ago
Hi everyone,
I am a Canadian customer of Questrade. All my friends keep talking about bitcoin and Ethereum and I am the only one in the group who has not invested in crypto yet. I trade stocks on Questrade and I’d like to use this platform to buy crypto as well. Can you buy Crypto on Questrade? Or should I use a dedicated exchange instead?

1 Answers
admin Staff answered 7 months ago
Yes, you can buy crypto on Questrade but not directly like on other platforms. In order to buy crypto directly, a platform should be able to exchange cash currency for digital keys that are encrypted. Currently, Questrade does not support such encrypted digital keys, which makes it impossible to buy crypto directly on the platform.

This means that Questrade cannot support the purchase of cryptocurrency and hold the digital keys that are usually transferred to a digital cold storage wallet to provide buyers with unassailable unique ownership of a specific cryptocurrency like Bitcoin (BTC), Lite coin (LTC), and Ethereum (ETC) among others.

However, this does not mean that it’s impossible to invest in cryptocurrency using Questrade as a Canadian customer. On the contrary, you can purchase crypto ETFs on Questrade.

An ETF refers to an exchange-traded fund that is used as a tool to invest in complex portfolios, such as cryptocurrencies. ETFs are available for almost all types of assets. When you invest in crypto ETFs, you would not be buying the cryptocurrency directly. Instead, you would be buying a stake in the conglomerate, which holds underlying positions in the crypto.

Some of the crypto ETFs that Questrade provides include:

  • EBIT (Evolve Bitcoin ETF)
  • BTCC (Purpose Bitcoin ETF)
  • ETHR (Evolve Ether ETF)
  • BTCX (CI Galaxy Bitcoin ETF)
  • ETHX ( CI Galaxy Ethereum ETF)

Buying crypto through ETFs on Questrade as a Canadian customer is quite simple. All you have to do is place a trade first in the same way you would when dealing with other forms of Questrade investments. The best part about using crypto ETFs on Questrade is that you do not need to have any advanced cryptocurrency knowledge, such as transferring encrypted keys.

Additionally, crypto ETFs on Questrade allow you to purchase small crypto stakes. This is quite advantageous since the price of some single cryptocurrency, such as Etherium or Bitcoin, is too high for most people. Trading using ETF, therefore, makes it easier and more affordable for most people to purchase lower stakes of major cryptocurrencies, and Questrade makes it possible for you.

Besides allowing you to trade smaller crypto stakes, trading ETFs on Questrade also makes it easier for you to convert the crypto investment into cash. All you have to do is sell your stake and cash out.

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