ElmaPeer-to-peer (P2P) marketplaces are increasingly becoming a popular way of buying crypto as Bitcoin continues to gain popularity among Canadian investors. P2P trading allows users to access a direct way of buying and selling Bitcoin without the need for conventional financial intermediaries. The P2P platform of Bitget enables Canadians to trade with each other directly, with a range of local payment options. You can either wish to save on credit card charges or simply use Interac e-Transfer, where you find the P2P market on Bitget to be a convenient, low-cost, and safe alternative to the traditional crypto purchase.
The P2P platform of Bitget is intended for both a user who is a beginner in the field and for those who are more advanced, and provides its users with a secure platform with an escrow mechanism and fraud prevention. Within the article, we are going to guide you through the process of how to buy bitcoin in canada step by step.
What Is the P2P Market of Bitget?
The peer-to-peer market offered by Bitget is a decentralized trading system where buyers and sellers interact with one another. Compared to normal crypto exchanges, where you purchase Bitcoin on the exchange at the current market value, P2P trading allows you to purchase BTC from another person who will offer their price. Bitget plays the role of a trusted intermediary because it keeps the seller’s Bitcoins in escrow when the transaction is underway. When the buyer makes the payment and confirms it, the Bitcoin is released from escrow and sent to the buyer.
Open an Account and Confirm Your Bitget Account
To get a chance to trade in the P2P market, you will have to create a Bitget account. It is easy and only requires a few minutes. Go to the Bitget site or download the application on your mobile, and register by entering your email address or phone number. After registering, you will have to undergo Know Your Customer (KYC) processes to verify your identity.
In the case of Canadian users, they need to provide a government-issued ID (driver’s license or passport) and a selfie to verify their identity with the use of facial recognition.
Go into the P2P Marketplace
After verification, you can log in to Bitget and access the buy crypto section in the upper navigation bar. Under the drop-down menu, click on P2P Trading. In this case, you will find a list of existing Bitcoin sellers and each of them can offer different rates, limits, and payment options. You are able to filter your search by how much Bitcoin you want to purchase, the currency you would like to use (CAD), and your desired payment method.
Select a Seller and Order
Once you have filtered your preferences, get a trusted seller off the list. Be keen on the reputation of the seller, the completion of orders, and the response time. Bitget gives every trader a trust score that is determined by their history and user reviews, which aids you in making an informed choice.
This step puts the Bitcoin of the seller into escrow and safeguards against the risk of fraud. We will then provide you with payment instructions. It is important to ensure that the money is sent via the specified payment channel, and until such time that the money is received, the transaction should not be declared as complete.
Pay and Confirm Payment
Once you have made your payment with the preferred payment method of the seller, go back to the Bitget platform and make sure that your payment is successful. The seller will then confirm the purchase, and the Bitcoin in escrow will be delivered. The escrow holding of the Bitcoin makes the transaction safe, and your money is secure until the time when the transaction is complete.
Store Your Bitcoin and Go Further
By the time the Bitcoin reaches your wallet, it is yours to keep, trade, or send to a safe wallet. Bitget also provides additional services such as spot trading, crypto conversions, and futures trading that can be accessed via your account. You can additionally exchange your P2P-bought BTC to other cryptocurrencies via Bitget Convert or trade them on the spot market.
To be on the safe side, especially when you intend to keep your BTC in the long term, it helps to transfer it to a hardware wallet or a more secure storage device.
Conclusion
The P2P marketplace of Bitget provides a convenient, low-cost, and secure method of Bitcoin acquisition to Canadians. The platform is perfect for individuals who are in need of alternatives to the traditional exchanges as it offers varied payment methods, escrow protection, and a convenient interface. Interested in your first Bitcoin purchase or need more control of the way you transact, the P2P market on Bitget will make the process easy and trustworthy. With the crypto ecosystem gaining momentum in Canada, exchanges such as Bitget are opening the path to more inclusive and accessible Bitcoin purchasing.