BTC and Canada - What Can We Learn from the Past 5 Weeks?

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The buzz around the Canadian legislator’s decision to practically institutionalize Bitcoin trade on the TSX was certainly a huge one. For those not aware of the situation, a quick recap: Last week, Canada officially approved the launching of two Bitcoin-based ETFs, traded on the stock exchange, de facto making investment in Bitcoin’s value possible through official channels.

This move did not come out of nowhere. Bitcoin and other cryptocurrencies’ value has been reaching new highs almost every week for the past six months, due to investors all around the world not finding any other worthy venue for their money. Canada is not immune to the power of these tokens and has therefore decided to institutionalize this phenomenon instead of trying to fight it.

But what does this mean for Canadian traders? How can they take advantage of the fact that the government is enabling, and even encouraging, cryptocurrency trade? Let’s try to answer these questions and more.

Why Bitcoin, and why now

It’s no secret that a lot of investors feel that due to financial slowdowns across the globe, they aren’t left with many reliable venues. In that sense, the cryptocurrency market, not depending on any specific economy’s situation, has attracted many who want to make something out of their money even in times of uncertainty. With the value of these tokens being so volatile, it is possible for traders to make money off of soars and plunges in prices, for the short and long terms.

Add to that the fact that today, anyone can trade on the internet. All people need is a device with a browser, a bit of knowledge, and they’re good to go on this crypto journey. However, one must be very careful when choosing the platform to buy and sell on, since there are a whole lot of options out there, but most are not professional, let alone honest.

Trustworthy trading

Recently we’ve become familiar with a trading brand called CoinRise. What’s interesting is that this brand has been a bit under the radar, but it already boasts 15 years of experience in the field of online trading. Also, it is authorized to serve Canadian citizens, which is a big plus right now since its focus is on the hottest cryptocurrencies in the market today.

You've got to know where and when to trade.

One important factor when choosing an online broker to work with is the educational tools it provides traders with, especially novice ones. This company seems to offer quite an impressive set of tools, with market updates, dedicated account managers, a blog with all the relevant news, and even sessions with a crypto specialist - open to all account holders.

Another thing worth considering is the support team, and it seems CoinRise does not fail there as well. According to the website, support is provided on a 24/7 basis via an onsite chat function or a direct messaging service. Clients can also contact a representative via email or even through WhatsApp, should they prefer it.

Conclusion

All signs show that this is a good time for Canadians to get in on this cryptocurrency revolution and to start trading on these assets. The fact that the government now backs crypto trading, despite it currently being only through ETFs, is certainly encouraging. However, traders must remember that as with any other asset, buying and selling cryptocurrencies comes with a risk. The best way to minimize that risk is to do your homework before you embark on the journey, and to choose a trustworthy platform.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes