Have you been looking for a beginner’s guide on how to buy Cardano in Canada? You’re in the right place.
Buying cryptocurrency in Canada should be simple. But it can be challenging with all the options out there.
Cardano is a high-performing blockchain and has attracted some of the best minds in blockchain technology.
This is a step-by-step instruction on how to buy Cardano in Canada and move forward with your investment.
What is Cardano?
Cardano is a new, decentralized blockchain network similar to the Ethereum blockchain.
Cardano has gained global popularity than first-generation cryptos like Bitcoin and Ethereum.
The platform was created in 2017 by Charles Hoskinson, a co-founder of Ethereum. Like Ethereum, Cardano uses smart contracts to complete transactions.
The Cardano cryptocurrency network uses ADA, a digital currency named after Ada Lovelace.
It offers top-notch features, an enterprise-grade stack and the first provable secure proof of stake protocol.
Furthermore, a market value of about $93 billion places Cardano (ADA) among the top five largest cryptocurrencies at the moment.
Is it Good to Buy Cardano?
Cardano is a blockchain platform that allows the secure execution of decentralized contracts.
The platform came into existence with its first whitepaper in 2017. Cardano is built on blockchain technology, and it uses the ADA coin for its operation.
Among several valuable features of Cardano, one is its ability to protect the privacy of its users. Cardano also allows businesses greater control over their finances, which comes with using private ledgers.
The Cardano platform is open-source, and its developers include some of the top names in the cryptocurrency world.
So, is it reasonable to buy Cardano?
In a nutshell, the choice of storage option you use will determine the level of protection your Cardano or ADA holdings get.
Even though you can buy ADA and keep it on a crypto platform, you may not be providing your digital assets with inadequate security and safety.
Therefore, transferring or withdrawing your ADA into your wallet is the recommended method and is the best practice.
How to Buy Cardano In Canada
The buying of Cardano is the same as purchasing any other cryptocurrency. Let’s review two popular ways:
Crypto Exchange Platforms
The most common method of purchasing Cardano is through a cryptocurrency exchange. UDST, a cryptocurrency tied to the US dollar, is Cardano’s most famous market. However, you can also buy Cardano from top crypto exchanges in Canada.
The companies that operate cryptocurrency exchanges develop complex matching engines to process trades.
It’s a trading platform designed for professional traders to exchange Cardano quickly. You can buy and sell directly from other users.
Despite their cumbersome appearances, each of these exchanges accomplishes the same thing.
If you only want to buy it, buying Cardano at market price is called a “spot” trade. The idea is to match you with another seller at the current market price.
Spot trades allow you to buy and sell ADA at market value the closest to the coin.
Every exchange is different, so prices can vary from exchange to exchange. However, these differences are unlikely to be necessary for a coin as large as ADA.
Brokerages
Brokerages are similar to cryptocurrency exchanges. The difference is that you acquire bitcoin directly from a company instead of trading with other users.
These companies have purchased a large amount of bitcoin through an exchange or an OTC desk.
Brokerages often allow you to purchase crypto, including Cardano, directly for fiat currency.
They are often straightforward and frequently demand higher costs due to their simplicity.
What is the Best Place to Buy Cardano?
The following are some of the best cryptocurrency exchanges where you can purchase Cardano in Canada:
1. NDAX
You can buy Cardano on NDAX, one of the cryptocurrency exchanges available to Canadians.
The National Digital Asset Exchange Inc. (NDAX) was launched in 2017. It is a cryptocurrency trading app situated in Calgary with one of Canada’s lowest cryptocurrency trading costs.
It supports the two most widely used cryptocurrencies, Ether and Bitcoin, and twelve more digital coins, including Cardano.
To begin trading Cardano on the platform, you may fund your NDAX account using an e-transfer, a bank draft, or wire transfer.
Available coins: 14
Bonus: $10
Cardano Fees: 3 ADA
Trading Fees: 0.20%
Other Fees: $25 withdrawal fee
2. Newton
Newton is another Canadian cryptocurrency exchange where Canadians may purchase Cardano.
It was launched in 2018 and presently has a user base of over 200,000.
Located in Toronto, it is a firm that offers one of the most affordable cryptocurrency trading platforms in Canada.
In the last few months, the platform has had additional altcoins, including Cardano.
Newton is the most popular crypto exchange in Canada, with more than 35 cryptocurrencies in altcoins.
Newton supports wire transfers, pre-authorized debits, and Interac e-transfers for account funding.
Additionally, cryptocurrency deposits are free of charge.
Available coins: 35+
Bonus: $25
Cardano Fees: As of writing this post, Cardano Funding is currently supported on the platform, but no withdrawals are available.
Trading Fees: $0
Other Fees: $5, crypto withdrawal fee
3. Wealthsimple Crypto
Canada’s largest Robo-advisor now offers crypto trading through Wealthsimple Crypto.
It requires a bank deposit from an account connected to your PayPal account. You cannot use Interac e-transfer. Currently, there are also no cryptocurrency deposits available.
Available coins: 25+
Bonus: $50
Cardano Fees: Approximately 1.5-2% of the traded amount.
4. Binance
The Binance platform is not based in Canada, yet it is one of the world’s biggest crypto exchanges.
With Binance, you can trade a variety of digital coins. Binance is the best option for you if you want to trade unknown altcoins.
There are several additional products or features offered by Binance, such as Binance Visa Card, Binance Pay, and Crypto Loans.
Additionally, Credit cards, debit cards, and crypto deposits are available on Binance for funding.
Available coins: 500+
Cardano Fees: 0.12 to 1 ADA
Trading Fees: 0.1% to 0.02%
Other Fees: Each coin charges a different flat fee for withdrawals.
5. CoinSmart
We next present CoinSmart as one of the Canadian crypto exchanges to purchase Cardano.
It was launched in 2018 and is its head office is in Toronto. Like other Canadian crypto platforms, CoinSmart is registered with FINTRAC.
CoinSmart provides some extra features, such as SmartPay, for those who want to accept crypto payments.
You can buy Cardano using Interac e-Transfers, bank drafts, wire transfers, and crypto deposits.
Available coins: 9
Bonus: $20
Cardano Fees: 0.3 ADA.
Trading Fees: 0.20% to 0.30%
Other Fees: CAD withdrawals are subject to a 1% fee with a minimum charge of $15. e-transfer deposits below $2,000 are charged 1.5%.
6. Crypto.com
Crypto.com is a global cryptocurrency corporation with a user base of 10 million across more than 90 countries.
The app provides far more functionality than simply buying Cardano.
The Crypto.com Visa Card can earn users as much as 8% cashback on eligible purchases. You can also get instant loans when you deposit your crypto.
In Canada, you can fund your crypto.com account using Interac e-transfers, credit cards, Paypal, or Transferwise.
Available coins: 100+
Cardano Fees: 2 ADA
Trading Fees: The Crypto.com trading fee starts at 0.40%, after which it gradually decreases as you trade more.
7. Coinberry
Coinberry is one of the oldest cryptocurrency exchanges in Canada. Its base is in Toronto, and it was founded in 2017.
It is designed to be user-friendly so that beginners can use it without any problems. Apps for iOS and Android are also available.
Gemini Trust Company LLC holds most of the digital assets on Coinberry’s platform. The Coinberry company is also registered with FINTRAC as an MSB.
Coins Available: 19
Bonus: $20
Trading Fee: Up to 2.5% price spread.
How to Store Your Cardano
The Cardano team recommends that its users store their ADA in two wallets: Daedalus Wallet and Yoroi Wallet.
Daedalus is a third-party wallet designed for syncing and storing Cardano’s native token, effectively functioning as a virtual cryptocurrency portfolio.
At the same time, as this is a third-party wallet, there are some security concerns one has to consider before using it.
Yoroi, on the other hand, is a Cardano web wallet that you can use to store your ADA coins directly within them.
However, storing your Cardano on an exchange or in a public wallet means that you don’t control your private keys, and so if something happens to the service you use, you may lose all of your ADA.
Therefore, If you don’t want to risk messing up with private keys, Ledger and Trezor are perfect for you.
Ledger is a hardware wallet that supports Cardano and other cryptocurrencies. The company offers a live customer support service that you can always rely on.
Trezor also supports Cardano, but it doesn’t offer live customer support yet. Fortunately, you can buy them for less than $100 and store all your digital currencies in them.
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Summary
Cardano is a relatively new cryptocurrency but has rapidly grown in popularity and value over the last year.
With this level of growth, it’s no wonder that so many are looking to invest in the hugely popular cryptocurrency.
Cardano offers a unique approach to smart contracts technology, similar to Ethereum, but Cardano’s primary focus is proof of stake cryptocurrency.
However, buying Cardano in Canada can seem intimidating at first, especially if you aren’t familiar with the technology.
Everyone wants to be careful with their hard-earned money, especially when there is a lot of hype around the different coins and tokens on the market now.
Therefore, to buy a Cardano in Canada, you need to know about digital wallets and private keys. Plus, you need to know which exchange to trust.
That’s why I wrote this guide. I have explained exactly how to buy Cardano in Canada. Follow the steps above to purchase your ADA in Canada.
FAQs
Can I buy Cardano with a credit card?
Yes. You can purchase Cardano immediately using your debit card, credit card, or bank transfer.
What is Cardano used for?
Cardano is primarily used for identity management and traceability. Data collection processes that require gathered data from multiple sources can be simplified and streamlined with the former application.
Is Cardano better than ethereum?
Despite sharing many features with Cardano, Ethereum is more popular and has a longer track record. However, this does not necessarily imply Cardano will never catch up to Ethereum.
Can you mine Cardano?
The Cardano blockchain cannot be mined in the same manner as bitcoin. Validating blockchain transactions on the Cardano blockchain is done through a proof-of-stake system. Customers may stake their Cardano.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
