How to buy crypto (Bitcoin) with Questrade?
Want to buy crypto with your account at Questrade? In this article, I explain how you can invest in Bitcoin & other crypto with your broker account at Questrade.
Can you buy Bitcoin with your account at Questrade?
It is not possible to invest in Bitcoin directly at Questrade. You can, however, invest in crypto indirectly with your brokerage account.
Would you rather buy Bitcoin, Ethereum & other crypto directly? In that case you can check out the list of crypto exchanges below and open an account right away:
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At some crypto exchanges, you can try out the options completely free & risk-free with a demo account. A demo account is an ideal way to try out different crypto trading strategies.
How can you invest in crypto at Questrade?
Option 1: with an ETF
An ETF or exchange traded fund is freely tradable on the stock exchange just like a share. However, an ETF is a basket of different securities, allowing you to invest in a single spread. At Questrade, you can invest in various crypto ETFs.
Some examples of Bitcoin ETFs you can invest in at Questrade are:
- Purpose Bitcoin ETF (BTCC)
- CI Galaxy Bitcoin ETF (BTCX)
- Evolve Bitcoin ETF (EBIT)
- 3iQ CoinShares Bitcoin ETF (BTCQ)
- Ninepoint Bitcoin ETF (BITC)
Some examples of Ethereum ETFs you can invest in at Questrade are:
- CI Galaxy Ethereum ETF (ETHX)
- Evolve Ether ETF (ETHR)
- 3iQ CoinShares Ether ETF (ETHQ)
Before investing in an ETF, do proper research on the party behind it. The fees charged annually on a crypto ETF can be hefty. Also research whether the ETF invests directly in crypto or in futures, for example.
Crypto ETFs can be attractive for investors who want to invest in crypto without the hassle. For instance, with a crypto ETF you don’t have to secure your account yourself. An obvious disadvantage is that you have less control over your investments: for instance, you cannot decide the composition of an ETF yourself.
You can also invest in crypto shares at Questrade. With a crypto share, you invest in a company that operates (in)directly within the crypto industry. An advantage of investing in crypto shares is that value is added. Successful companies make a profit and you can benefit from this as a shareholder.
However, with crypto shares, you do not invest directly in the price movement of cryptocurrencies. The quality of management, for instance, has a lot of influence on the price movement of a share. Mismanagement can therefore put pressure on a share price, even when crypto prices are rising.
Are you curious about which crypto stocks you can invest in at Questrade? Check out the overview below immediately:
- Coinbase (COIN): Coinbase is America’s best-known crypto exchange. The crypto exchange puts up especially good results when there is a lot of trading.
- MicroStrategy (MSTR): this company is active in developing software. The company owns more than 120,000 Bitcoin.
- Nvidia (NVID): Nvidia’s graphics cards are used for mining crypto. Consequently, its share price rose sharply during the previous bull market.
Would you rather buy crypto directly?
If you prefer to buy crypto directly, you can go through the following steps:
- Open an account with a reliable crypto exchange (see overview at the beginning of this article)
- Verify your account by going through the verification steps.
- Deposit money into your crypto exchange account.
- Select the crypto you want to buy & place your first order!
What is Questrade?
Questrade is an investment platform where you can go to trade stocks, options, ETFs and more. You’ll find Questrade’s headquarters back in Toronto and the company has been around since 1999.
Questrade is a popular choice among Canadian investors because of its user-friendly trading platform and favourable fees. Questrade is further known for its high-quality customer service.
Can you buy Bitcoin at Questrade?
It is not possible to buy Bitcoin & other crypto at Questrade. Personally, I expect it will become possible to buy crypto from Questrade sometime in the future. Until then, you can buy crypto without any problems by opening an account with a reliable crypto exchange. You can also choose to invest in crypto indirectly through ETFs or shares at Questrade.