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The crypto world is expanding at a very fast rate. There are many ways that traders and investors can take part in the crypto market whether it is through trading NFTs, cryptocurrencies or stablecoins. Stablecoins are cryptocurrencies whose values are tied or pegged to stable assets, i.e., real-world assets or fiat currencies like the US dollar, gold, etc. This article tells you where and how to buy stablecoins in Canada.
Stablecoins were developed to be less volatile in comparison to other cryptocurrencies for traders who want to avoid price fluctuations. They behave like any other cryptocurrency in the sense that they have instant processing and more security, with the added benefit of keeping money stable in a highly volatile and rapidly changing market. Buying stablecoins can differ from one country to another. If you are living in Canada and looking for ways to buy stablecoins, this article is for you.
The Easiest Way To Buy Stablecoins in Canada in 2022: A Complete Guide
How To Buy Stablecoins in Canada?
- Choose a crypto exchange platform of your liking: There are many crypto exchange platforms available in Canada with new ones coming up on a regular basis. Some exchange platforms that you can use to buy stablecoins in Canada are Bitbuy, Wealthsimple Crypto, Newton, and NDAX amongst others. Each platform is different and they all offer various features, funding options, and exchange fees to their users. Based on your needs, you can choose a platform that suits your trading methods the best. It’s important that you choose an exchange that meets your needs.
- Sign up and register on the platform of your choice: After you have chosen a crypto exchange platform, you must then complete the signing up and registration process to create a user account. This will enable you to use the features on the platform and buy or sell stablecoins through the platform. The registration process can differ from one platform to another. Some platforms may require you to have a minimum investment balance while others may not.
- Complete the verification process: Once you have registered, you must complete the verification process of your account. This may include providing personal information and filling up codes or passwords to verify your email, phone number, etc.
- Deposit the required fiat currency into your user account: When your user account is ready, you can debit the fiat currency as per requirements. This will then allow you to begin buying stablecoins from the platform using the funds that you have deposited.
Best exchanges to buy stablecoins in Canada:
BitBuy is one of Canada’s most dependable and trustworthy crypto platforms that allow you to buy and sell cryptocurrencies. They focus on transparency, security, and compliance in the digital market, providing a safe and secure platform for all your trading needs. They have a 0.1 to 0.2% trading fee and require a minimum deposit of $50. All you have to do to buy stablecoins through BitBuy is sign up for a new user account. They also have a sign-up bonus where you can get up to $40 added to your deposit.
Founded in 2020, Wealthsimple Crypto is a crypto exchange platform whose main aim is to allow Canadians to buy, sell and hold cryptocurrencies easily and without any hassle. They do not charge transaction fees. However, they have a 1.5% operational fee. You require a minimum investment of just $1 and you can get up to $50 as a sign-up bonus. It is an easy-to-use platform with transparency that allows you to trade cryptocurrency easily and quickly from any place and at any time. You can easily buy stablecoins in Canada using this platform by signing up for a new account and verifying it to begin your purchases. It is one of the best exchanges to buy stablecoins in Canada.
Newton was founded in 2018 and has built itself a reputation of being one of the best cryptocurrency exchanges in Canada that allows you to easily buy and sell cryptocurrencies. It is specially designed to be easy and simple to use while offering a secure way to trade crypto. It does not require a minimum investment nor does it charge a trading fee. However, it does have a small spread charge on quoted prices.
NDAX is another crypto exchange platform that allows Canadians to have easy access to trading different kinds of digital currencies. Their interface is easy to use, making it ideal for traders new to the market as well as experienced ones. They levy a 0.20% trading fee and do not require a minimum investment. Users can use the platform to directly deposit funds from their bank accounts into the exchange. You can use NDAX to easily and securely buy stablecoins in Canada once you have set up a user account on the platform.
Coinberry is an easy-to-use and secure crypto exchange platform that offers you a variety of cryptocurrency pairs including stablecoins. They do not charge a trading fee which makes it easier and faster to use while trading. You can set up your new user account, add funds to your account and begin buying stablecoins. They follow all federal and provincial regulations regarding anti-money laundering and counter-terrorism financing laws.
Binance is one of the largest crypto exchange platforms across the world. They charge a trading fee of 0.15% while offering many kinds of coin pairs for investors to trade with. However, Binance may not accept traders from Ontario due to local regulations set by the province. You can create a user account on the platform, add funds to your account and buy stablecoins as per your needs. People across the world use this exchange and this is a smart choice if you want to buy stablecoins in Canada.
There are many options you can choose from if you want to start buying or selling stablecoins. You can follow the steps and use one of the platforms discussed above to buy stablecoins in Canada. It is important to remember to choose a crypto exchange platform that best suits your trading needs as well as one that offers high security to ensure safety while trading.