With Tesla recently disclosing it had invested $1.5 billion USD into Bitcoin, and would soon accept the cryptocurrency as payment for vehicles, the news has sent many jumping into the crypto market, including Canadians.
According to BNN Bloomberg, Apptopia data shows the top Canadian crypto trading apps—Wealthsimple, PayPal, Coinbase, Crypto.com and Binance—have added a total 863,000 new Canadian users combined last month.
While regulatory frameworks are still in the early stages for crypto exchanges, it can be tricky to determine where to start your cryptocurrency trading.
Toronto-based Wealthsimple told BNN it got regulatory approval in Canada before launching its cryptocurrency offering.
“You’re seeing unprecedented amounts of demand. It is a highly speculative type of investment vehicle that people are accessing right now. And we need the same level of principles-based regulation that puts the investor protections first,” said WealthSimple CEO Mike Katchen recently in a TV interview.
Currently, one Bitcoin is trading at $56,868.15 CAD, with no signs of slowing down, despite trading down 4% on Wednesday, as of writing.
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Disclosure: Wealthsimple and Newton are affiliate partners of iPhone in Canada.