June 14, 2021

Canada Launches Bitcoin ETF on Toronto Exchange

Canada Launches Bitcoin ETF on Toronto Exchange

If in the US they are still assessing the risks of launching a bitcoin ETF and are not rushing to approve the product, in Canada already made a decision and demonstrated a progressive look at bitcoin and cryptocurrency in general.

Bitcoin ETF Target Debuts On Stock ExchangeToronto BTCC.U. The fund will buy bitcoins, which investors can buy in Canadian dollars or US dollars. Product price includes coins purchased at market price plus management fees and costs.

Permission applies to the followingterritories: British Columbia, Alberta, Saskatchewan, Yukon, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Labrador and Newfoundland, Northwest Territories, Manitoba and Nunavut.

In past interviews, the founder and CEO of Accelerate, which has already submitted an approved ETF approval application, spoke about the opportunities companies see in the new asset class:

“Bitcoin was one of the most efficient classesassets for 1, 3, 5 and 10 years, both in absolute terms and on a risk-adjusted basis. Given the historical achievements and future potential of bitcoin, we look forward to offering investors access to this asset class in an easy-to-use, low-cost ETF. ”

Notably, this is the second ETF approval inthe world this week. Bermuda previously approved Hashdex and the US stock exchange Nasdaq ETF, which will introduce the following cryptocurrencies to investors: Bitcoin, Ethereum, Bitcoin Cash, Stellar Lumens, Chainlink, and Litecoin.

In Canada, there are other applications for launching ETFs, the decision on them is at the stage of adoption, but after the approval of one, most likely, all others will also be agreed.

It looks like the bulls took control of the market after this news, because Bitcoin added about 5%. Thanks to this, the price of BTC rose again above $ 47,000.

ETF approval in Canada is not the only positive development

Miami Mayor Francis Suarez announced that hisbitcoin resolution approved. Now the mayor has permission to pay employees in BTC, as well as receive city fees and taxes in this cryptocurrency. Besides, the possibility of investing part of the city treasury in bitcoin is being considered.

Crypto community members expect that the example of their northern neighbor will have a positive impact on making a similar decision in the United States.

Where is it more profitable to buy bitcoin? TOP-5 crypto-exchanges

For the safe and convenient purchase of cryptocurrencies, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

The most reliable sites with the highest turnoverfunds, for several years the largest cryptocurrency exchange in the world has been Binance. The Binance platform is the most popular crypto-exchange in the CIS as well, since it has the maximum trading volumes and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

# Cryptocurrency exchange Official site Site evaluation
1 Binance (Editor's Choice) https://binance.com 9.7
2 OKEx https://okex.com 7.4
3 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5
5 Yobit https://yobit.net 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Canada Launches Bitcoin ETF on Toronto Exchange