How To Buy Ethereum in Canada: Top 3 Exchanges in 2024
Established by Vitalik Buterin in 2013, Ethereum is a blockchain technology platform which grants access to Ethereum’s native cryptocurrency, ether, or ETH. Investing in cryptocurrencies has become increasingly popular in recent years. Ether is currently the second biggest cryptocurrency after Bitcoin. Studies suggest that there are currently around 10 million Ethereum users worldwide.
Using Ethereum provides opportunities for aspiring investors and people who want to buy digital currency to use as an alternative to cash or card payments. If you have a crypto wallet, you can buy and sell currencies or add coins similarly to buying and trading stocks and use them to complete transactions in some countries. This useful guide will provide information about where and how to buy Ethereum in Canada.
What Exactly Is Ethereum?
Ethereum is an open-source blockchain platform, which runs an array of decentralized apps via smart contracts. Users enjoy greater privacy and security through smart contracts and lower transaction fees, which make cryptocurrency investing and spending more attractive.
If you buy ETH coins, you can use them to make purchases in some countries or sell them to make a profit. Investing in cryptocurrency is one of the most popular investment options in 2024. Ethereum is the second biggest digital currency in value, right behind Bitcoin.
In Canada, you can buy crypto, but it’s best to research options before spending any money. This guide has all the information you need to buy ether in Canada.
Unlike other currencies, including Bitcoin, there is no max cap on ether.
What Are the Benefits of Ethereum?
If you’re looking for a guide to investing in Ethereum for beginners, you may wonder what benefits Ethereum offers its users.
Advantages are as follows:
- Access to a worldwide, decentralized financial system
- No intermediaries: save time and money by making peer-to-peer payments without the ‘middle-man’
- Flexible options, including blockchain projects, using ETH and other types of coins
- Access to a diverse range of decentralized apps
- Opportunities to buy and sell, make money, expand and diversify your investment portfolio
- No cap: there is currently no cap on how much ether can circulate
Essential Considerations Before Buying Ethereum in Canada
Undertaking research when looking into investing in cryptocurrency is a must. Digital currencies and exchanges are still in their early stages of development, and there’s a chance things could go wrong.
Before buying Ethereum in Canada, make sure you follow these steps:
Learn as Much as Possible About Cryptocurrency Investing
Investing in cryptocurrencies is a relatively new concept. It’s exciting to think about buying and selling coins and currency, but it’s important to remember that there are risks. There are no guarantees that values will rise after you buy ether in Canada, and you could lose money. Learn as much as possible about cryptocurrency investing, read financial news articles, guides and blogs, and ensure you understand how investing works and what factors drive price fluctuations.
Outline Your Objectives
There are lots of different reasons for investing. One person may have a different goal from another. Before you buy ether coins in Canada, think about what you want to achieve. Do you want to purchase ETH to use the network and access apps, buy with a plan to sell at a higher price, or are you looking to trade ether against other cryptocurrencies? Your reasons for investing are likely to shape the decisions you make in terms of how much currency you buy, how you use your coins and when you buy and sell.
Understand the Risks
Every type of investment carries risks, but some options are more precarious than others. Cryptocurrencies are often considered relatively high-risk investments because prices can fluctuate dramatically in a very short time, and protection is limited. Always ensure that you understand the risks before making a move.
Explore Your Options
The process of buying and selling cryptocurrencies can vary from country to country. If you’re in Canada and looking to buy Ethereum, you’ll need to ensure that you are familiar with the laws and guidelines. Lastly, all you need to do is look for an Ethereum exchange in Canada.
Where Can I Buy Ethereum in Canada?
Ethereum is one of the most popular cryptocurrencies in the world, which means that it is relatively easy to buy, no matter where you are. Buying Ethereum in Canada is made possible by online crypto exchanges where you can start trading and boosting your wallet. Several sites offer opportunities to buy, sell and trade Ethereum.
Here are some of the best places to buy Ethereum in Canada:
Choose a Trusted Crypto Exchange
Coinbase
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Coinbase is one of the world’s first and most popular cryptocurrency exchanges, available in more than 100 countries. It was one of the first exchanges that enabled users to purchase Bitcoin and Ethereum from Canada.
BitBuy
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Established in 2016, BitBuy is one of the biggest Canadian Ethereum exchanges. BitBuy has been built with security as a priority. They use two-factor authentication, advanced encryption technology, and keep the majority of their crypto offline in cold storage. BitBuy is also one of the few exchanges that is regulated by FINTRAC.
- •Low trading fees (0.10%)
- •Instant verification for quick account setup
- •Over 400,000 users in Canada
- •Suitable for beginners and experienced traders
- •Bank wire, INTERAC deposit and withdrawal options
Uphold
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Uphold, one of the oldest and most popular cryptocurrency exchanges, was launched in 2015. The platform has more than 10 million users across the globe and supports more than 250 digital currencies and other assets.
This table provides an overview of the leading Canadian exchanges:
|
Exchange |
Trading fee |
Cryptocurrencies |
Withdrawal/Deposit fees |
Welcome bonus |
|
BitBuy |
0.1% |
Over 25 |
0.5%/ 1% |
Yes |
|
WealthSimple Crypto |
1.5%-2% |
Over 30 |
Free |
Yes |
|
Virgo CX |
0% |
Over 50 |
Free deposit in cryptocurrency |
Yes |
How To Buy Ethereum in Canada?
If you’ve decided to buy or sell Ethereum in Canada, follow these simple steps:
Choose Your Cryptocurrency Exchange
Research exchanges, weigh up the pros and cons and choose the platform or an app that suits you best.
Create an Account
Once you’ve decided which Canadian Ethereum exchange to use, create an account. Follow the instructions provided on the website or app. Typically, you’ll need to provide personal information, like your name and contact details. You’ll then need to verify your details before you can start trading.
Figure Out Your Budget
Before depositing money and buying ether, set an investment budget. This will help you avoid getting caught up in the exchange frenzy and spending more than you can afford.
Add Funds to Your Account
Once your details have been verified, you can add funds to your account. Depending on the exchange you are using, you can deposit money in various ways, including fiat deposits and bank transfers, PayPal, Interac e-Transfer and crypto deposits. You may need to deposit a minimum amount. Check the terms and conditions carefully.
Buy Ether Coins
When you have funds in your account, you can use your money to buy ether coins. For beginners, it’s best to start with market orders. This type of transaction enables you to buy ETH coins at the next available price. You can store your ETH coins in an exchange wallet or use a third-party crypto wallet.
FAQ
Is Ethereum legal in Canada?
Buying and selling Ethereum is legal in Canada. However, ether is not legal tender in Canada.
How can I buy Ethereum cash in Canada?
You can use exchanges to buy and sell Ethereum in Canada. In larger cities, in-person cash trading is available.
Can you buy Ethereum on the TSX?
If you’re wondering how to buy Ethereum in Canada, unfortunately, you cannot do it directly through the TSX at the moment. Still, four Ethereum ETFs are currently trading on the stock exchange, including CI Galaxy Ethereum ETF, Purpose Ether ETF, Evolve Ether ETF and 3iQ CoinShares Ether ETF.
Is crypto taxed in Canada?
Yes. Cryptocurrency is classified as a commodity by the Government of Canada. If you make money from buying and selling cryptocurrency, you will be liable for income or capital gains tax.
I have always thought of myself as a writer, but I began my career as a data operator with a large fintech firm. This position proved invaluable for learning how banks and other financial institutions operate. Daily correspondence with banking experts gave me insight into the systems and policies that power the economy. When I got the chance to translate my experience into words, I gladly joined the smart, enthusiastic Fortunly team.
