How To Buy Ethereum In Canada (Dec 2022)

May 9, 2022
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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.

ZenGo is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a 0% trading fees up to $1,000 signup bonus (available until December 9, 2022), I can't recommend ZenGo 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 like 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 devices capable of doing so are very expensive.

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Top 3 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. ZenGo – Best Overall + Lowest Fees

#1 Best Overall

Trading Fees: 0% up to $1,000
Security: Best in class
Customer Support: Excellent

Ultimate security + lowest fees.

★★★★★

Rated 4.9/5

ZenGo is, without a doubt, the best crypto platform in 2022.

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $1,000. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, it truly is the best of both worlds. I can’t recommend ZenGo highly enough.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $1,000

Best For

Crypto investors looking for the most secure trading experience + extremely low fees.

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2. VirgoCX – $20 Signup Bonus

#2 In Canada

Spreads: 0.5% – 1%
Security: 95% cold storage
Signup bonus: $20

Low fees + solid platform.

★★★★★

Rated 4.5/5

VirgoCX offers 50+ cryptocurrencies, charges zero trading fees, and only charges spreads around 0.5%, making it a cost-effective exchange.

VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts, and maintains a 95% cold storage policy to keep your assets safe at all times.

As a new VirgoCX user, you'll receive a $20 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the dozens of assets VirgoCX supports.

Like ZenGo, VirgoCX is also a great Canadian crypto platform. If maximizing your investment potential is important to you, VirgoCX is a great choice.

Features

  • Lowest fees in all of Canada
  • Supports 50+ cryptocurrencies
  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • 24/7 support available via live chat and email
  • User-friendly for both beginners and more advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Cash Deposits: Free
  • Cash Withdrawals: Free
  • Crypto Deposits: Free
  • Crypto Withdrawals: Free for all major coins
  • Spreads on trades: 0.5%

Signup Bonus

$30 when you fund your account with $100 or more using this link.

Best For

Investors looking for the lowest fees in Canada.

3. CoinSmart – $50 Signup Bonus

Good All-Around

Trading fees: 0.2% (Medium)
Security: 95% cold storage
Signup bonus: $50

Average fees, good platform.

★★★★

Rated 4.4/5

CoinSmart supports 16 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they're a highly secure exchange.

CoinSmart maintains a 95% cold storage policy, and as a publicly-traded company, their financials are audited by a third-party firm at least once per year.

If you're looking for a solid all-around crypto platform, CoinSmart is a fine choice.

Features

  • Average spreads on trades
  • 24/7 customer support available via live chat and email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • 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: 0.2%
  • INTERAC Deposit: 1.5%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking to trade with 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), as well as “smart contract” technology, which directly results in increased privacy and lower transaction fees by removing middlemen from the equation. This is one of the reasons cryptocurrencies are so popular.

The symbol for Ether is known as ETH, and there currently is no cap on 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 from.

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:

#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

★★★★★

Rated 4.9/5

Top Hardware Wallet

Supports: 1,800+ crypto assets
Type: Hardware wallet
Cost: $199 CAD

Rated 4.6/5 on Amazon.

★★★★

Rated 4.3/5

Best For Altcoins

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $75 CAD

Trusted by 1 million+ investors.

★★★★

Rated 4.1/5

  1. ZenGo: ZenGo is a free software wallet that leverages the blockchain to make it significantly more secure than traditional wallets while also being extremely easy to use. Sending and receiving crypto to/from ZenGo is also free, and it takes less than 30 seconds to open your free ZenGo wallet.
  2. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. 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 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.

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.

ZenGo is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a 0% trading fees up to $1,000 signup bonus (available until December 9, 2022), I can't recommend ZenGo highly enough.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

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