Buy Ethereum Canada – How to Buy Ethereum in Canada
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Ever wondered why so many crypto-hungry investors are looking to buy Ethereum Canada? With a market cap of $467.8B, Ethereum is the second-largest cryptocurrency on the market behind Bitcoin. But where do you begin when looking to gain exposure to the crypto market?
Throughout this guide, we’ll show you everything you need to know about buying and selling Ethereum in Canada 2022 with low fees. Continue reading to find out more.
Table of Contents
The first step involves selecting one of the best Canadian cryptocurrency exchanges that offers security and a user-friendly trading experience. As such, here are our top-rated crypto exchanges to buy Ethereum Canada in 2022.
Continue reading for more information about the aforementioned crypto exchanges, as we dig into in-depth reviews covering all the key metrics.
Let’s take a look at the best crypto exchanges and brokers to buy Ethereum in Canada right now.
Launched in 2016, Bitbuy is arguably the safest and most popular crypto trading platform in Canada. According to its website, it currently serves over 350K Canadian retail traders with more than $4B traded since its inception. Its highly secure platform can be attributed to the fact that it’s regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
While only catering to Canadian traders, Bitbuy has plans to expand its services outside Canada’s borders in the foreseeable future. Bitbuy supports nine cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum (ETH), XRP, Litecoin, Stellar Lumens, Chainlink, EOS, and AAVE.
Bitbuy boasts a transparent fee structure with easy and accessible ways to fund your trading account with a Canadian bank account. While its competitors may conceal their fees in the crypto prices, Bitbuy makes it thoroughly clear as to what you’ll be paying.
When using the Express Trade section of the account you’ll simply pay a fixed fee of 0.20% on all buy and sell orders. For other Bitbuy products such as Pro Trade and API Client you’ll be working with a maker-taker fee model. This includes a 0.10% maker fee and a 0.20% taker fee.
When it comes to depositing and withdrawing CAD to and from your account, you have two options.
CAD deposit method | Minimum | Maximum | Fee | Processing time |
Interac e-Transfer | $50 | $10,000 per day | 1.50% | Instant |
Bank Wire | $20,000 | $500,000 | 0.50% | 2-3 days |
CAD withdrawal method | Minimum | Maximum | Fee | Processing time |
Interac e-Transfer | $50 | $10,000 per day | 1.50% | Up to 24 hours |
Bank Wire | $20,000 | $500,000 | 1.00% | 2-3 days |
Now let’s look at how much it would cost to deposit and withdraw Ethereum to and from your Bitbuy account.
Crypto deposit | Minimum | Maximum | Fee | Processing time |
ETH | None | Unlimited | 0% | 3 confirmations |
Crypto withdrawal | Minimum | Maximum | Mining Fee | Processing time |
ETH | 0.05 ETH | N/A | 0.005 ETH | N/A |
Pros
Cons
76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.
Capital.com is a leading CFD broker launched back in 2016. With a whole host of top-tier financial regulators under its belt it’s one of the most secure brokers across the board. Namely, Capital.com is authorized by the FCA, ASIC, CySEC, and the NBRB.
This global CFD broker offers low forex CFD fees and 0% commission on real stocks for UK and EU residents.
If you want to buy cryptocurrencies via CFDs (contract for differences) means you can gain exposure to the crypto market without taking ownership or having to store the digital coins. Capital.com facilitates CFD trading on cryptocurrencies with leverage and high levels of liquidity.
This means you’ll be able to speculate on the price movements of popular crypto crosses and currency crosses such as ETH/USD and ETH/BTC. Trading crypto CFDs gives you the flexibility to either go long or short based on which direction you believe the market will move.
Capital.com supports a wide range of payment methods including electronic wallets, debit/credit cards, and bank transfers. There are also no deposit fees and withdrawals are also free of charge.
Type of Fee | Cost |
Cost of trading ETH/USD CFDs | Typical spread of 10.00 pips |
Account fees | None |
Deposit fee | None |
Withdrawal fee | None |
Inactivity fee | None |
Pros
Cons
76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.
In this section, we’ll show you exactly how to buy Ethereum Canada with a top-rated crypto exchange (Bitbuy) in just a few simple steps.
To get the ball rolling, head over to bitbuy.ca and click on the button marked ‘Get Started’. You’ll be asked to enter some personal details and choose a username and password for your account.
As Bitbuy is fully regulated by FINTRAC you’ll need to verify both your email address and phone number. You’ll then be required to enter some personal information as part of the KYC process.
The verification process is done via a third-party verification service.
Once your Bitbuy account has been validated, you may deposit funds via a bank transfer or a Interac e-Transfer. The minimum deposit when using Interac e-Transfer is only $50.
To finance your Bitbuy account, log in to your account and choose ‘Add Funds,’ then either ‘Use e-Transfer’ or ‘Use Wire Transfer.’ Then, using your financial institution’s online banking interface, send your e-Transfer. You may also do this step with ease using the Bitbuy mobile app.
Bitbuy makes purchasing ETH and other cryptocurrencies simple and easy. Go to your Bitbuy account’s ‘Express Trade’ area, select Ethereum, specify how much you want to invest, and finally tap on ‘Buy’ to purchase ETH.
As we’ve already discussed, you can buy Ethereum in Canada through a cryptocurrency exchange and a crypto CFD broker. But this leads us to another question: Are there any other ways you can buy Ethereum in Canada in 2022?
Cryptocurrency brokers are fully regulated by top-tier financial authorities and usually offer access to a wide range of financial markets and assets. This means you’ll be able to diversify your portfolio by investing in different financial instruments such as ETFs, stocks and bonds, as well as your favourite digital assets.
It’s also important to note that crypto CFD brokers differ from crypto brokers in that CFDs are speculative and leveraged assets.
Crypto exchanges fall into two main categories. The first of which are decentralized, meaning they’re not regulated or associated with centralized third-party institutions. While this acts as a catalyst for extra anonymity between peer-to-peer exchanges, there are high risks. These risks include hacking and company malpractice.
On the other hand, there are centralized crypto exchanges such as Bitbuy, Coinbase and Kraken which are all heavily regulated by financial institutions.
According to coinatmradar.com, there are a few Ether ATMs in Canada. Some of these also offer Bitcoin (BTC) and Litecoin (LTC) in areas including Thompson and Fort McMurray.
So, if you’re fortunate enough to have an Ether ATM near your address you could buy Ethereum in Canada easily and quickly.
You’ll find a unique QR code on your receipt that you can scan to transfer your ETH coins to your hot or cold crypto wallet.
Let’s explore the different methods you have at your disposal to buy Ethereum in Canada right now.
Buying Ether using a debit or credit card is perhaps one of the easiest methods. Capital.com is a well-known example of such a trading platform. Furthermore, while using a debit card, you should verify if there are any deposit fees or commissions, since certain companies, such as Coinbase, impose significant costs for debit card transactions.
Coinbase is a popular cryptocurrency exchange that lets you buy altcoins and Bitcoin with PayPal. However, there are alternative ways, such as Interac e-Transfer, that allow you to deposit cryptocurrency and purchase crypto crosses with a single click.
Another way to buy Ethereum in Canada is to deposit funds via a bank wire and purchase ETH tokens with those funds.
The biggest hurdle that Ethereum has to overcome is that of slow transaction speeds. So, the crypto project with the second-largest market cap announced this year that it would be rolling out a new upgrade – Ethereum 2.0.
The creation of shard chains is another crucial step in the update. This shares the workload horizontally over various chains, reducing network congestion and streamlining the entire process. Ethereum 2.0 plans to perform as many as 6,000,000 transactions every minute.
On the other hand, cryptocurrencies are extremely volatile and can move by multiple percentage points within a single 24-hour period. Having said that, there’s plenty of evidence to be hopeful about Ethereum’s new upgrade. With the final version expected to be live by the end of Q3 2022, many investors are keeping Ethereum in their watchlists.
If you’re looking to buy Ethereum chances are you’ll also want to know how to sell it when the time is right.
Let’s go through how you would sell Ether tokens via a Bitbuy account.
In summary, we’ve covered all the key metrics involved in buying Ether with a Canadian trading platform. Ethereum has great potential to chip away at Bitcoin’s market dominance, especially as it prepares to rollout ETH 2.0. Many investors are excited about the PoS mechanism that Ethereum 2.0 will run on.
Bitbuy provides access to nine popular cryptocurrencies, a wide range of payment options, and a fully regulated trading platform. The onboarding process is quick and simple and you’ll be ready to buy Ethereum in Canada right away. With that in mind, follow the link to start buying cryptos with Bitbuy today.