Here’s another, interesting reason why this would be a good time to consider immigrating to Canada: A whole new world of income opportunities through crypto trade and investment is opening up – and the government has not only institutionalized it, but also encourages it. That’s right, the legislator has approved two Bitcoin based ETFs to be traded on the TSX.
The implication is clear. New opportunities for income, which are open to all residents of Canada, regardless of status or working visas, are certainly good news for anyone looking to relocate to the Great White North. Let’s take a closer look at this decision, what it really means, and how you can take advantage of it.
Mr. Bitcoin goes to Toronto
Let’s start off at the end: As of today, 2 Bitcoin Exchange Traded Funds (ETFs) are actively traded on the Toronto Stock Exchange, gaining popularity exponentially. An ETF basically means a security involving several assets on one hand, but tradable just like a stock on the other. In other words, Canada has in a way enabled trading on Bitcoin’s value, just like a stock or a currency.
Sounds complicated? Well, trading on ETFs is much simpler today, thanks to technology. Anyone can buy and sell them comfortably from home, online, just like you would with forex or stocks. All that is needed is a credible trading platform and a bit of background knowledge, and you’re set to fulfill the potential of Canada’s new crypto-favorable legislation.
Source: https: //unsplash. com/photos/3Xwt3uzWFHE
Yes, but can everyone really do it?
Legally, trading in Canada is possible only with specific websites which are authorized to perform such financial activities. These websites require all traders go through a process of verifying their identity before withdrawing any profit from trade, called the KYC (know your client) policy. On top of that, traders must commit to refrain from any act of money laundering.
The identification process may take time, and you will need to present specific documents, one of them being proof of residence in Canada, but not of citizenship. This means that if you’ve legally immigrated to Canada, you too can trade online – not just on these new ETFs, but on all tradable assets that are offered.
How to choose the right website for you
The first thing you need to make sure is that trading is possible for people residing in Canada on the website. If it isn’t, you probably won’t be granted access to begin with, based on your location. One of the websites offering services in Canada, which has recently been receiving praise, is CreditEUBank, a trading firm with 15 years of experience in the field.
Next, you should consider benefits offered by the trading firm, such as customer service hours, asset list, commissions, trading leverage, spreads, and more. From our examination of CreditEUBank, it seems like a brand that can be trusted, offering just the right benefits for beginner traders. According to the information provided by the brand, for example, support is provided to all traders on a 24/7 basis, through an onsite chat option or via email.
The bottom line
These new ETFs are good news for anyone wishing to immigrate to Canada but concerned about making ends meet once they get there. Today, anyone can trade, thanks to the digital trading revolution brought on by CreditEUBank and other companies of the likes. The fact that the Canadian government has taken this big step toward the facilitating of trade on Bitcoin is also good news, since it opens traders to a new world of possibilities. The question remains: Will this lead to more crypto options on the Toronto Stock Exchange? Only time will tell.