How To Buy Cardano In Canada (Jan 2022)

November 19, 2021
Blog

There are two main methods you can use to buy Cardano (ADA) in Canada: the first method is using a cryptocurrency exchange, a platform that allows you to use fiat currencies (such as CAD or USD) and other cryptocurrencies to purchase/trade for an equal amount of Cardano (ADA). The second method would be to use a cryptocurrency broker, which allows you to trade between cryptocurrencies in as little as a single click.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, I can’t recommend CoinSmart highly enough.

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How To Buy Cardano (ADA) In Canada

There are two main methods you can use to buy Cardano (ADA) in Canada.

The first method is using a cryptocurrency exchange, a platform that allows you to use fiat currencies (such as CAD or USD) to purchase an equal amount of Cardano (ADA).

You can also use the same cryptocurrency exchange to buy other cryptocurrencies like Bitcoin (BTC), Tether (USDT) or USD Coin (USDC) and then trade them for Cardano (ADA) on a different trading platform.

The second method would be to use a cryptocurrency broker, which allows you to trade between cryptocurrencies in as little as a single click.

You could also mine Cardano (ADA) yourself, but you would need a high-speed computer to do so and it’s not nearly as straightforward as using any of these two types of platforms.

Top 3 Crypto Exchanges To Buy Cardano (ADA) In Canada

Here are some of the best crypto exchanges in Canada that support Cardano (ADA):

1. CoinSmart

CoinSmart: best crypto exchange Canada

CoinSmart is, without a doubt, the best crypto exchange in Canada in 2022.

For starters, CoinSmart’s trading fees are an incredibly low 0.20%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), which means they’re a highly secure exchange. They also maintain a 95% cold storage policy, which keeps your crypto extra safe across all circumstances.

I’ve personally used CoinSmart for more than a year now and have had nothing but excellent experiences with them. I’ve tried out many of the other cryptocurrency exchanges on this list, too, and I’m confident that CoinSmart is the best place to buy crypto in Canada.

Features

  • Extremely low trading fees (0.20%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 13 cryptocurrencies
  • Registered Marketplace by the OSC
  • Trade all altcoins directly
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.20%

Signup Bonus

$20 bonus when you sign up using this link

Best For

Investors looking to trade with extremely low trading fees.

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2. Bitbuy

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It supports 15 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

You can fund your Bitbuy account directly from your bank account via INTERAC e-transfer or bank wire, with all account deposits and withdrawals executed quickly. Pro Trade users can trade for just 0.10%, while Express Trade users are charged 0.20%.

Bitbuy is a Registered Marketplace and Investment Dealer, as recognized by the Ontario Securities Commission (OSC). This means that the OSC has recognized Bitbuy as a highly safe and secure exchange, and that it offers deep liquidity for all order sizes.

If you’re looking for a highly-respected exchange that offers altcoin trading, great customer service, and a slick mobile app, Bitbuy is for you.

Features

  • Extremely low trading fees (0.10% – 0.20%)
  • Easy to use for both beginners and advanced traders
  • Supports 15 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Express Trading Fees: 0.20%
  • Pro Trading Fees: 0.10% to 0.20%
  • INTERAC Deposits/Withdrawals: 1.50%
  • Bank Wire Deposit Fee: 0.50%
  • Bank Wire Withdrawal Fee: 1.00%

Signup Bonus

$20 when you deposit $250 using this link

Best For

Investors looking for top-level security and instant account verification.

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3. Crypto.com

Crypto.com: best crypto exchange Canada

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either CoinSmart or Bitbuy instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

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Extremely secure, 10x leverage

How To Buy Cardano In Canada FAQs

What Is Cardano (ADA)?

Cardano (ADA) is the fourth most popular cryptocurrency around in the world today, besides Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

It was created by Charles Hoskinson and Jeremy Wood back in 2017, but its development is ongoing and is currently being done by the Cardano Foundation.

ADA, the currency used by the Cardano blockchain, has a limited supply, just like Bitcoin — it has a circulating supply of 32 billion tokens, and a maximum supply of 45 billion tokens.

Can I Buy Cardano (ADA) In Canada?

Totally. All you need to do in order to buy Cardano (ADA) in Canada is using a cryptocurrency exchange that either allows you to exchange fiat currency for Cardano or other cryptocurrencies for Cardano.

For this purpose, I recommend using any of the following exchanges: CoinSmart, Bitbuy, or Crypto.com. These are currently our three top-rated exchanges in Canada, and each of them allows you to buy DOGE with relatively low fees.

How Do I Store My Cardano (ADA) Tokens?

There are a few ways to store your Cardano (ADA) tokens once you’ve got a hold of them.

One way is to simply leave them on the exchange where you purchased them — this would be safer than using a software (hot) wallet because most crypto exchanges keep 95% of their assets in cold storage. However, although unlikely, your Cardano (ADA) might still be subject to hacking and theft, so keep that in mind.

Another way would be to store your Cardano (ADA) tokens in a personal crypto wallet that secures your private keys and digital assets. It’s not guaranteed safety, but a cold wallet is safer than leaving your funds in the exchange you originally purchased your altcoins in.

Here are our top 3 cold storage wallet picks:

  1. Ledger Nano X: The Ledger Nano X is the best cold storage crypto wallet on the market today. It’s a hardware wallet that uses a certified secure chip to protect your private keys and it supports more than 1,800 crypto assets.
  2. Ledger Nano S: Similar to the Nano X, the Ledger Nano S is a hardware wallet with extremely positive reviews from its users. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model T: The Trezor Model T is a hardware wallet and password manager designed and created by the SatoshiLabs team. It supports 1,000+ cryptocurrencies including Bitcoin, EthereumLitecoinDogecoin, Bitcoin CashZcash (ZEC), and many others.

Is Cardano (ADA) A Good Investment?

It’s difficult to say, mostly because Cardano (ADA), like most cryptocurrencies, is a volatile investment that is subject to wild fluctuations in price.

However, Cardano seems to have plenty of use cases and its price has been on the rise, so it might be more valuable in the future.

In Summary

Buying, selling and trading Cardano (ADA) in Canada is now easier than ever: all you need to do is find a crypto exchange or crypto broker that supports it and you’ll be on your way to getting your hands on this digital asset.

If you want to buy Cardano (ADA) in Canada, I recommend you use CoinSmart, both for its high level of security and for its ease of use. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, CoinSmart is the way to go.

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The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Bitbuy

  • Supports 15 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more

#3 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO