How To Buy Altcoins In Canada (Sep 2022)

July 15, 2022
Blog

Altcoins are cryptocurrencies that may be utilized for a variety of purposes, including purchasing items and services or transferring them to other people. You can buy altcoins on cryptocurrency exchanges using Canadian dollars—all you have to do is open an account at one of these exchanges.

If you're interested in buying altcoins in Canada, I recommend using Bitbuy, an easy to use, highly respected exchange. Due to its watertight security, great customer support, and extremely low fees, I can't recommend Bitbuy enough. Get your $50 signup bonus with Bitbuy by signing up using the link below.

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What Is An Altcoin?

Altcoins are cryptocurrency alternatives to Bitcoin. There are thousands of altcoins available, and more are created every day, all offering slightly different features and benefits.

For example, Litecoin (LTC) is nearly identical to Bitcoin (BTC), but offers faster transaction speeds and lower fees. Dogecoin is an altcoin that was launched with no functional purpose, but has since taken on a life of its own.

How Do I Buy Altcoins in Canada?

In Canada, you'll need to open an account with a Canadian crypto exchange to buy altcoins. The process generally goes like this:

  1. Choose an exchange and pass through their KYC (Know Your Customer) process to get verified.
  2. Send Canadian dollars (or cryptocurrency you already have) to your account with that exchange. Most exchanges offer Interac e-Transfer as a deposit method, which is generally the most cost-effective method.
  3. Purchase the altcoins of your choice using the Canadian dollars in your account.

Some very fringe altcoins are only available through decentralized exchanges like Uniswap or PancakeSwap, though it's certainly possible to buy the more mainstream altcoins using your Canadian exchange—assuming you choose the right one. Each exchange supports a slightly different set of coins, so the exchange you choose is important.

Our Recommendation: Bitbuy

If you're looking for a low-fee method of buying altcoins in Canada, I suggest you use Bitbuy, the Toronto-based exchange trusted by 400,000+ Canadians. Alongside major coins like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, here are the altcoins that Bitbuy offers:

  • Popular Altcoins: EOS, Polygon (MATIC), Stellar (XLM), Polkadot (DOT)
  • DeFi Coins: Uniswap (UNI), AAVE, Chainlink (LINK), SushiSwap (SUSHI)
  • Proof Of Stake Coins: Cardano (ADA), Solana (SOL)
  • Meme Coins: Dogecoin (DOGE)

Here are a few more reasons I suggest using Bitbuy:

#1 Lowest Fees In The Industry

Bitbuy's trading fees are just 0.2%, and even drop down to 0.1% on certain transactions made using their advanced trading platform. Those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to an exchange charging 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. Bitbuy has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

Bitbuy maintains a 99% cold storage policy, which means at least 99% of its users’ crypto is always held offline, keeping it safe from any potential hackers. Bitbuy is also regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), which means it follows all Canadian regulations, too.

#3 Excellent Customer Support

Bitbuy offers excellent customer support, and their customer service reps are actually helpful rather than just following a script. The only time I ran into an issue with Bitbuy, they had it sorted out within a matter of minutes. Keep in mind that some support options are only available for registered users, so if you have a question for Bitbuy, the best way to get it answered is to open an account.

To get your $50 signup bonus with Bitbuy, sign up using this link today.

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Trading fees: 0% – 1.5%
Security: 99% cold storage
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★★★★★

Rated 4.8/5

Where Should I Safely Store My Altcoins?

There are several ways to store your altcoins. One method is to store them on an exchange like Bitbuy. This is generally secure, since Bitbuy and other some exchanges keep 95% of their cryptocurrency holdings in cold storage.

You could also keep your altcoins in a personal crypto wallet that protects your private keys and digital assets. This means you will have custody of your coins, which has both pros and cons relative to holding them on an exchange.

As someone who's tried out more than a dozen different wallets over the years, here are my top 3 picks for the best crypto wallet for Canadians:

Most Popular

Supports: 5,500+ crypto assets
Type: Hardware wallet
Cost: $$

Canada's most popular wallet.

★★★★

Rated 4.3/5

Budget Pick

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $$

The cheapest hardware wallet.

★★★★

Rated 4.1/5

Best For Altcoins

Supports: 5,500+ crypto assets
Type: Hardware wallet
Cost: $$$

An upgraded Nano S.

★★★★

Rated 3.8/5

  1. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. It supports 5,500+ cryptocurrencies and allows users to hold up to 3 different digital assets on the device at any given time.
  2. Trezor Model One: The Trezor Model One is a hardware wallet and password manager that supports 1,000+ cryptocurrencies. Its Trusted Display ensures extremely secure transactions, and its compact design makes it easy to keep your crypto safe.
  3. Ledger Nano X: The Ledger Nano X is a more expensive, more capable version of the Ledger Nano S. It supports 5,500+ cryptocurrencies and allows users to hold 100+ digital assets on the device at any given time.

How Do I Sell Altcoins In Canada?

In a bull market, Bitcoin typically does well, and altcoins follow suit. This isn't always the case, though, so there may come a time when you want to sell your altcoins and cash out.

To sell an altcoin, you'll need to move it from your personal wallet to a crypto exchange like Bitbuy, and then sell it from there. After you've sold the altcoin for Canadian dollars, you can withdraw those dollars back into your bank account using popular methods like Interac e-transfer.

You can also sell your altcoins in the form of purchasing goods and services, or making payments to other people.

In Summary

Altcoins are cryptocurrencies that may be utilized for a variety of purposes, including purchasing items and services or transferring them to other people. You can buy altcoins on cryptocurrency exchanges using Canadian dollars—all you have to do is open an account at one of these exchanges.

If you're interested in buying altcoins in Canada, I recommend using Bitbuy, an easy to use, highly respected exchange. Due to its watertight security, great customer support, and extremely low fees, I can't recommend Bitbuy enough. Get your $50 signup bonus with Bitbuy by signing up using the link below.

CLAIM MY $50 BONUS
Offer ends soon.

How To Buy Altcoins In Canada FAQs

Can Altcoins Be Purchased In Canada?

Yes, almost every Canadian cryptocurrency exchange allows you to trade altcoins, though each exchange offers a different selection. For a wide selection of altcoins that you can purchase with low fees, I recommend Bitbuy. To get your $50 signup bonus with Bitbuy, sign up using this link today.

What's The Best Exchange For Buying Altcoins In Canada?

The best exchange for buying altcoins in Canada is Bitbuy. They offer more than a dozen altcoins and offer Interac e-transfer as a deposit method, the most cost-effective way for Canadians to buy altcoins from CAD.

How Do I Buy Altcoins In Canada?

The best way to buy altcoins in Canada is using a cryptocurrency exchange like Bitbuy. If you're looking for an altcoin that the major exchanges don't offer, you may need to use a decentralized exchange like Uniswap or PancakeSwap. Keep in mind that the fees on these decentralized exchanges are generally significantly higher (regularly 3% or above), and they also don't have any customer service agents to help you if your transaction goes wrong.

Are Altcoins A Good Investment?

Some altcoins can be a good investment, but not all of them are, and calling them an “investment” at all should be taken with a grain of salt. Generally speaking, the price of most altcoins tends to follow the price of Bitcoin, so they can be a good speculative investment if you believe that Bitcoin will go up in value.

However, be aware that altcoins can be extremely volatile and lose value very quickly. If you're not sure whether you can handle the risks, investing in altcoins may not be for you.

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