How to Buy Ethereum in Canada? 2024’s Crypto Guide

Today’s crypto market is one of the most exciting but also one of the most perplexing investing options available today. Before investing, you should thoroughly investigate the market and the coin you wish to buy. 

Ready to learn how to buy Ethereum in Canada? Our article focuses on one of the world’s best cryptocurrencies to invest in, while also teaching you how to buy Cardano in Canada.

Let’s dive in!

How to Buy Ethereum in Canada?

Ethereum is a cryptocurrency created by Vitalik Buterin and a group of other developers in 2013. It uses a type of blockchain technology strikingly similar to Bitcoin’s. However, Ethereum has one distinguishing feature: it uses decentralized apps, and its currency, Ether, powers transactions.

How to buy Ethereum?

There are a couple of steps on how to buy Ethereum in Canada.

First, you’ll need to create an Ethereum wallet to receive your Ether. You have two choices: purchasing a hardware wallet or downloading a free software wallet. 

Hardware wallets are more secure, and while they are more expensive, they are the ideal solution if you plan to buy a substantial amount of Ether.

There are various software wallets if you’re looking for a less expensive option. These wallets are best suited for making a small Ethereum investment. While they have a lower level of security – you might be hacked at any time, they are simple to use, free and quick to set up. 

The second thing you need to do is to fund your wallet. One option to do that is by transferring funds from a bank account, credit, debit card, or a wallet you own. 

Another option is by accepting payments via Rapyd Collect API. PayPal, and other methods. And the last option is by depositing cash from any point of sale system. 

Next, you can start trading in Ethereum. If you’re new to trading, the simplest way is to place a market order and buy Ethereum at the next attainable price. 

Where can you buy Ethereum?

Investors in Canada who want to get their hands on the second most popular virtual currency have a few possibilities. 

The most convenient way to purchase Ethereum is through a cryptocurrency exchange. Hundreds of coins are available on exchanges like Binance and Coinbase, and given the popularity of Ethereum, finding a viable exchange should not be difficult. If you are buying Ether to trade against other cryptocurrencies, this is a fantastic alternative.

Investors can acquire Ether on one of Canada’s peer-to-peer exchanges, such as Newton, Wealthsimple, NDAX, Shakepay, Bitbuy, etc. These exchanges allow Canadians to buy and sell a variety of crypto assets, including ETH.

Furthermore, investors can shift their digital currency to cold storage, an offline safeguard with private keys to their assets, to avoid the hazards associated with holding crypto directly. 

Canadians can also use an ATM to purchase Ether. In fact, there are more than 1000 crypto ATMs in 50 top Canadian cities. Crypto teller machines are a little more accessible to a particular portion of the public that can’t join and transfer funds to a crypto exchange, but that convenience comes with higher fees. 

How to store Ethereum?

The exchange wallet and third-party wallets are both options for storing Ethereum. 

You can store your Ethereum in a hot wallet if you want quick access to your funds (e.g. at the exchange). Since hot wallets are easy to use, you can trade more often. Because they are on the Internet, they are more vulnerable to theft.

Keeping your Ethereum in a cold wallet is a safer option. You can connect these offline storage devices to the Internet manually whenever you need to access your crypto.

How to Buy Cardano in Canada?

Cardano is a cryptocurrency founded in 2015 by Charles Hoskinson and Jeremy Wood, who are both among the developers of Ethereum. They created the open-source platform to allow users to construct and execute smart contracts and other decentralized protocols.

How to Buy Cardano?

Here are the steps you need to take to buy Cardano in Canada.

The first step you need to do when buying Cardano in Canada is to find an exchange. You can find Cardano on all the top cryptocurrency exchanges such as Binance, Crypto, Bitbuy, NDAX etc. The most crucial elements to consider when comparing crypto exchanges are security and fees.

The second step is creating an account and authenticating your identity. You’ll need to give your name, birth date, country of residence and phone number. You may also need to provide additional identification, such as a copy of your driver’s license, passport, or other ID.

The third step is transferring funds to your account. To do that, you can use your bank account, PayPal, credit or debit card, Interac e-Transfer and other methods. Additionally, you can use cryptocurrency to fund your account. The clearing of funds may take a few days. You should keep in mind that some exchanges have a minimum deposit requirement.

Finally, you can buy Cardano after your account has been validated and funded. Depending on whatever exchange you use, you may be able to set up a recurring order to buy Cardano regularly. Stops and limits are available on some exchanges. 

Where Can You Buy Cardano?

Like Ethereum, you have a couple of choices when buying Cardano.

The most typical method is to buy Cardano on a cryptocurrency exchange. You can buy and sell directly from other users, and the system is suitable for experienced traders that want to trade Cardano as rapidly as possible. 

You can make a variety of trades on exchanges. A limit order is a common type of trade. You can use it to set a price at which you want to buy or sell ADA. Once it finds a match, the exchange will start processing your trade. 

Brokerages are another method to buy Cardano in Canada. They are similar to cryptocurrency exchanges, except that you purchase cryptocurrency directly from the corporation instead of trading with other users. 

Only a few big brokerages support Cardano, Revolut, Ziglu and Coinbase. Brokerages typically allow you to buy crypto, such as Cardano, with regular money. 

How to Store Cardano?

Investors have a variety of alternatives for storing Cardano, including exchange wallets, Cardano wallets, and other third-party wallets.

You should store your ADA in a hot wallet if you wish to use it at any moment. On the other hand, consider storing your Cardano in a cold wallet if you don’t need access to it frequently.

Platforms for Buying Ethereum

Given Ethereum’s popularity, most platforms will let you buy Ether. Here are some of the best places for buying Ethereum in Canada:

1. Bitbuy

Butbuy Technologies is a cryptocurrency company based in Canada that was the first crypto trading platform regulated as a marketplace.

The company’s goal is to make digital currencies more accessible, dependable, and secure. Bitbuy is based in downtown Toronto and Halifax and is a registered Money Services Business and Dealer in Virtual Currencies with FINTRAC.

Bitcoin, Bitcoin Cash, EOS, Ethereum, Litecoin, Ripple’s XRPm and Stellar’s Lumen are currently available coins on Bitbuy.

Supported funding methods on Bitbuy are Interac e-transfers and bank wire transfers. Bitbuy charges 1.50% for Interac e-Transfer and 0.50% for Bank Wire deposits, while Interac e-Transfer withdrawal method is 1.50%, and Bank Wire is 1.00%.

2. CoinSmart

CoinSmart has altered the scene by making cryptocurrencies accessible to Canadians of all backgrounds. They provide a simple trading interface, educational materials, and 24/7 client assistance. Enterprise-grade security, cold storage, and tax and audit reporting tools are available on the platform. 

For the premium traders, CoinSmart provides enhanced charting, order book capabilities, and SmartReps. 

Bitcoin, Ethereum, Bitcoin Cash, Litecoin, ADA, and Tether are just some of the coins available on the platform.

CoinSmart accepts Interac, SEPA, Wire Transfers, E-transfers and all cryptocurrencies as funding methods. Trading fees are relatively low, with 0.20% for a single trade and 0.30% for a double trade.

3. Wealthsimple Crypto

Wealthsimple Crypto is a fantastic fit for investors of all ages who want to save money and take the next step toward financial security in the long run. The trading fees are somewhat higher than the average, but the $0 account minimum removes a barrier for new investors. 

Wealthsimple’s skilled financial advisors are always available. They can assist you in setting financial goals and answering questions about potential hazards and the types of investment accounts you should have.

Many coins are available on the platform, including Bitcoin, Ethereum, Litecoin, USD Coin, Curve, Chainlink, etc. 

You can fund your account by making a deposit, wire transfer or adding cryptocurrencies. The only fee that Wealthsimple charges is a 1.5% currency conversion fee between USD and CAD.

4. Netcoins 

Netcoins is a user-friendly cryptocurrency trading platform that makes it simple to invest in the market’s most popular options. You can confirm that when you compare it to other Canadian cryptocurrency exchanges. 

Founded in 2014 in Vancouver, the company started as a virtual Bitcoin ATM provider, but it soon expanded to include private brokerage services for large-scale institutional crypto investors.

Netcoins supports Interac e-transfer, online bill payment, or bank wire transfer. Currently, Bitcoin, Ethereum, Tether, Litecoin, Bitcoin Cash, QCAD, and Ripple are the coins available on Netcoins. The platform charges a 0.5% fee for all trades. 

Platforms for Buying Cardano

There are several ways to buy Cardano in Canada. Below are listed some of the best platforms.

1. Newton

Newton is a Canadian cryptocurrency exchange named after Isaac Newton. The platform’s major purpose is to target the Canadian market, and it had over 100,000 users as of February 2021.

You can expect several useful features, such as no-commission trading, quick account verification, and third-party custody. Newton is an excellent choice for Canadians who want to exchange cryptocurrency rapidly and with no fees. 

The platform has many available coins. Bitcoin, Bitcoin Cash, Cardano, Ethereum, Litecoin, Dogecoin, Fantom, and Shiba are among the most famous ones. The current price of Cardano is $1.2079.

Newton supports Interac e-Transfer, pre-authorized debit, wire transfers, and crypto. It doesn’t charge any fees for depositing or withdrawing funds. Instead, it operates on a spread.

2. Coinberry

Founded in 2017, Coinberry is the fastest-expanding FINTRAC registered and PIPEDA-compliant digital currencies trading platform in Canada, trusted by the Canadian government.

Coinberry is available on both desktop and mobile devices, with iOS and Android applications.

There are many coins available on Coinberry. Some of them are Ethereum, Bitcoin, Bitcoin Cash, Cardano, Balancer, Terra, ZCash etc. 

There are three funding methods on Coinberry: Interac e-Transfer, credit card and wire transfer. Coinberry’s trading fees are around 0.5% on the exchange. It also operates on a spread between 0-2.5%.

3. Binance

In terms of daily cryptocurrency trading volume, Binance is the most prominent blockchain and cryptocurrency infrastructure provider globally. The Binance platform, trusted by millions of people worldwide, is dedicated to giving users more financial freedom. 

There are over 65 tradable coins available on Binance at the moment. Binance supports credit cards, debit cards, bank transfers, and fiat balances.

Trading fees on Binance vary from 0.1%-5%, depending on the payment method. For example, it charges 4.5% for debit card purchases. In addition, the price of Cardano on Binance is $1.20 currently. 

4. NDAX

NDAX is a cryptocurrency exchange that’s fully connected to the Canadian banking system and designed for retail and institutional users. NDAX is incorporated in Alberta and registered as a Money Service Business. 

Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, and Cardano are some of the coins available on NDAX. Internet e-Transfer, Wire Transfer, and Bank Draft are the three funding methods that NDAX supports. 

NDAX charges a 0.2% cryptocurrency trading fee. The price of Cardano is $1.1688 at the moment, which is cheaper than any other exchange platform. 

Buyer’s Guide

Ethereum is a blockchain-based decentralized program best known for its cryptocurrency, Ether, also known as ETH or just Ethereum. Ethereum’s blockchain enables smart contracts and apps to execute seamlessly without the need for fraud, control or third-party intervention. Users can use their Ethereum accounts to send and receive transactions.

Using a cryptocurrency exchange like the abovementioned, you can buy an equal quantity of cryptocurrency with fiat currency (CAD).

Cardano has one of the highest market capitalizations of any cryptocurrencies. It’s often referred to as a next-generation version of Ethereum, with a blockchain that’s a flexible, sustainable, and scalable platform for running smart contracts.

You can buy ADA with CAD using one of the cryptocurrency exchanges that support credit and debit cards as one of their funding methods.

Conclusion 

There are various ways to buy Ethereum and Cardano, and some methods are more suitable than others, depending on what you intend to do with them.

If you want to trade cryptocurrencies, you can use one of the trading platforms, while peer-to-peer exchanges can help you acquire Ether and ADA in your local currency. Finally, if there are ATMs near you, you can buy Ether and ADA directly from them and have them sent to your wallet.

Ethereum and Cardano are very volatile investments, and you should be prepared to accept the enormous risk that cryptocurrencies entail. You shouldn’t rely on just one asset, research the market and practice safe investment.