How To Buy Ethereum In Canada (Jan 2022)

January 1, 2022
Blog

There are two ways that you can buy Ethereum in Canada: you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency through a cryptocurrency exchange, or you can buy Ethereum by using the same exchange to buy other cryptocurrencies like Bitcoin (BTC), Tether (USDT) or USD Coin (USDC), and then you can trade those cryptocurrencies for Ethereum.

For this purpose, we 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, I can’t recommend CoinSmart highly enough.

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How Can I Buy Ethereum (ETH) In Canada?

There are two ways that you can buy Ethereum in Canada.

For starters, you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency through the use of a cryptocurrency exchange (such as Netcoins, CoinSmart, or Bitbuy).

Another way you can buy Ethereum is by using the same cryptocurrency exchange to buy other cryptocurrencies like Bitcoin (BTC), Tether (USDT) or USD Coin (USDC), and then you can trade those cryptocurrencies for Ethereum (ETH) on a different trading platform.

Also, keep in mind that you can also mine Ethereum directly from its blockchain through the use of a high-speed computer, but that doesn’t really count as buying it.

Top 5 Crypto Exchanges To Buy Ethereum In Canada

Here are some of the best cryptocurrency exchanges you can use to buy and sell Ethereum in Canada:

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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Free account, instant verification

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

4. NDAX

NDAX

The National Digital Asset Exchange (NDAX) is a cryptocurrency exchange based in Canada and was founded in 2017. It’s one of several Canadian crypto exchanges that offer Ethereum support.

It only supports Canadian dollars to date, but it has plenty of payment methods, including Interac e-transfer, wire transfer, bank draft, and crypto deposits. Trading fees are 0.20%.

Features

  • Supports 20+ cryptocurrencies
  • Easy registration process
  • Wide range of resources to help beginner traders
  • Offers easy-to-use tools to aid you during trading
  • Offers advanced charting tools for more experienced traders

Cost

  • Trading Fees: 0.20%.

Signup Bonus

$10 when you deposit at least $100 using this link

Best For

Experienced traders seeking strong charting capabilities.

5. Coinsquare

Coinsquare

Coinsquare is a Canadian cryptocurrency exchange that was founded in 2014 and is currently based in Toronto.

As for fiat currency support, the exchange currently supports funding in Canadian dollars (CAD) and U.S. dollars (USD).

Payment methods include Interac e-Transfer and bank wire transfer. Trading fees can range from 0.10% to 0.40%, and withdrawal fees can be considered high, being up to 2%.

Features

  • Supports 10 cryptocurrencies
  • Low trading fees (0.1% – 0.4%)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Quick Trade: 0.20% for Bitcoin trades, 0.40% for trades of other coins
  • Bit Markets: 0.1% for liquidity trades, 0.2% for trades that remove liquidity

Best For

Investors looking for low trading fees.

Ethereum FAQs

1. What Is Ethereum?

Ethereum is a cryptocurrency that was first introduced by Vitalik Buterin in 2013. It uses blockchain technology (just like Bitcoin does).

Middlemen can be removed from the equation of financial transactions through the use of “smart contracts”, which directly results in increased privacy and lower transaction fees. This is one of the reasons cryptocurrencies are so popular.

The Ethereum network also supports many other coin tokens in addition to Ethereum (known as stable coins). These stable coins include Dai and USDC.

The symbol for Ether is known as ETH, and it’s worth mentioning that there currently is no cap to the number of Ether that can be in circulation (unlike Bitcoin, which has a cap of 21 billion).

2. Can I Buy Ethereum (ETH) In Canada?

Yes. Considering Ethereum is the second most popular cryptocurrency around, you’d have a hard time finding a crypto exchange and/or broker that doesn’t support it, so all you’d have to do is create an account with one of these crypto exchanges and start trading there.

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

3. How Do I Store My Ether?

There are a few ways to store your Ether once you’ve acquired enough of them.

One way is to simply leave it on the exchange where you purchased it. This could be safer than storing it in a software (or hot) wallet because crypto platforms tend to keep 95% of the coins they hold in cold storage. However, although unlikely, your Ether might still be subject to hacking and theft, so keep that in mind.

You could also store your Ether 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, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Zcash (ZEC), and many others.

4. Is Ethereum A Good Investment?

Even though cryptocurrency exchanges make buying and selling crypto like Ethereum easier, it’s worth mentioning that they’re risky investments that are subject to wild fluctuations in price.

Therefore, it mostly depends, but if you’re not sure whether or not you can handle such trading conditions, then trading cryptocurrencies like Ethereum might not be for you.

In Summary

Ethereum, the second most popular crypto in the world to date, is now easier to buy and sell than ever.

Crypto exchanges are becoming easier and more popular to use as time goes on, and with the prevalence of crypto wallets on the rise as well, there truly isn’t a better time to get into the crypto investment business than now.

If you want to buy Ethereum 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