The Best Bitcoin ETFs in Canada

Known as the Bitcoin ETF, these are like regular exchange traded funds, except they are indexed to the value of the bitcoin cryptocurrency instead of the value of various securities or other commodities like precious metals or art and collectibles.

Therefore, Bitcoin ETFs are traded not on a crypto exchange, but on the Toronto Stock Exchange, each with their own Bitcoin ETF Canada ticker symbol.

Below we run down the best of these new Bitcoin ETFs and teach you how to buy Bitcoin ETF in Canada. However, you should know that Bitcoin ETF in Canada is so new that the performance of each of these ETFs for investors won’t be revealed until they spend at least a year on the market.

None the less, it’s still worth it to see what a Bitcoin ETF in Canada looks like.

Bitcoin is a digital currency with a real value produced by solving complex computational puzzles on the blockchain, but a Bitcoin ETF is an exchange traded fund that follows the value of Bitcoin currency owned by the fund in question. While traditional ETFs follow the indexed value of stocks, bonds or commodities on the market, a Bitcoin ETF follows the indexed value of Bitcoin as a digital asset and traded commodity.

Questrade

Though Questrade doesn’t allow you buy Bitcoin straight-up, you can buy Bitcoin ETFs in the same way you can buy traditional ETFs. After opening a Questrade account and registering the account online with your personal details, e-mail and password, simply search for the Bitcoin ETF you want and click “Buy.” Then, select the type of account in your portfolio you want the Bitcoin ETF to be a part of. Finally, specify the type of order you want to conduct and how many shares of the Bitcoin ETF you want before reviewing the order, including its cost, and confirming it for processing.

Weathsimple Trade

Wealthsimple Trade does allow you to buy Bitcoin and Ethereum outright, but you can also purchase Bitcoin ETFs. Buying a Bitcoin ETF from Wealthsimple Trade is basically the same as buying a Bitcoin ETF from Questrade in the sense that once you set up an account, just search for the ETF you want in the search bar, select it, fill in the order details such as what account you want it in and how many shares of the ETF you want to buy, review the order details, including cost and then confirm the order for processing.

If you’re interested in Bitcoin as a potentially lucrative investment, but don’t want to actually trade the currency itself out of concern for keeping it secure and its reputation for great volatility, Bitcoin ETFs are a good indirect option if you want some investment exposure to Bitcoin as a means of diversifying your portfolio, but don’t want to be responsible for the stewardship of the currency itself.