Trading and exchanging of cryptocurrencies in Quebec

cryptocurrencies

Within only 13 years, cryptocurrencies have earned their solid place in the global financial system. The blockchain and decentralized technology of virtual currencies indicate their immense potential, and that has garnered the attention of millions of traders and investors.

However, the mining of Bitcoin and other crypto coins has raised many environmental and energy concerns worldwide. Quebec, one of the provinces of Canada, was once the central focus of mining companies thanks to its abundant renewable energy supply. These days, however, crypto miners in Quebec face stricter regulations from the provincial authorities.

Nonetheless, suppression of mining ventures does not endanger regular crypto activities, such as crypto trading or exchanging, for Québécois traders and enthusiasts.

cryptocurrencies
An illustration of Bitcoin, Ethereum, and Ripple as physical coins

Why crypto trading is preferable to exchanging crypto

It should be noted that crypto trading significantly differs from exchanging crypto, as the former involves various unique aspects not accessible through exchanging. Many opt for crypto trading thanks to its convenience, as well as the security. Trading or brokerage platforms now offer margin, options, or futures trading, opening a new door to gaining profits in the crypto space.

Furthermore, the leverage feature available in trading allows traders to open large positions, compared to their deposited crypto. For instance, placing a trade worth $3000 from a $500 capital is a fairly lucrative option that margin trading provides.

Moreover, crypto trading does not involve the “actual” buying and selling of coins; hence, transactions are done in a few seconds. It is an excellent method to swiftly take advantage of price swings without going through the extensive procedure of actual blockchain transactions.

That being said, Coinrise, an online brokerage platform, provides crypto trading and exchange services in Quebec and all over Canada except the province of Saskatchewan. This broker is one of many which offer various crypto assets and diverse account types, making the markets accessible to novice and experienced traders.

Popular exchanges to buy and sell crypto in Quebec, Canada

Crypto exchanges allow the investors to buy and sell cryptocurrencies, whereas some exchanges integrate margin trading services as well. Both international exchanges, such as Binance and Kraken, and local ones operate in Canada; however, Canada-based exchange platforms offer more focused services to the local population.

Residents of Quebec can buy or sell crypto coins from several exchanges such as CoinSmart, Netcoins, Coinrise, Coinsquare, and Bitbuy. However, you should note that security is the central component to be considered when dealing with financial assets on exchange platforms. Users should assess the security structure and legal policies before handing over their funds.

cryptocurrencies
Bitcoin in front of the Canadian flag

Easily access your crypto through wallets and ATMs in Quebec

Cold crypto wallets can significantly mitigate the security risks associated with hot wallets integrated by online exchanges. Various cold wallets are available for the Québécois traders and investors, making it possible to safely and securely handle their crypto assets.

They can go for the Ledger Nano X & S or Trezor, the leading crypto hardware wallets that support more than 1000 cryptocurrencies. In addition, they can also consider Exodus and Trust Wallet, which are just two of the most popular online wallets today, supporting a comprehensive collection of digital coins.

Moreover, Quebec locals can buy or sell cryptocurrencies, majorly Bitcoin, via cash and bank cards from various crypto ATMs in Quebec. The most prominent operators in the area include Instacoin, Localcoin, and HoneyBdger, contributing to making crypto transactions more accessible and safer for the residents.

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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