How To Buy Magic Internet Money (MIM) In Canada (Jul 2022)

June 30, 2022
Blog

If you’re wondering how to buy Magic Internet Money (MIM) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy Magic Internet Money.

Newton is a particularly good choice for buying and selling Magic Internet Money because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.

What Is Magic Internet Money (MIM)?

Magic Internet Money (MIM) is a stablecoin and part of the dual-token system of Abracadabra Money, a cross-chain crypto lending protocol. Abracadabra uses lending pools to provide liquidity, and even though it started as a protocol exclusively on the Ethereum blockchain, it has expanded and now included blockchains like Fantom and Avalanche.

Magic Internet Money is a stablecoin backed by interest-bearing tokens, and it is soft-pegged to the US dollar. MIM uses elements from both standard yield farming, where users can deposit liquid tokens like stablecoins and get paid an illiquid version of the token, plus interests, and from lending platforms and coins like DAI, where you can deposit liquid assets as collateral to mint new, liquid DAI tokens.

MIM takes elements from both to offer the minting of new MIM tokens using illiquid tokens as collateral, allowing users to recirculate their previously illiquid assets.

As of 2022, MIM has a circulating supply of 1.9 billion tokens, but like Abracadabra’s other token, SPELL, the supply of MIM fluctuates as some tokens are burned to maintain the soft peg, 1:1 relation to the US dollar.

Here are some other quick facts about Magic Internet Money:

Asset TypeAbracadabra-based Stablecoin
Price$0.998 USD
Market Cap$1,929,433,977 USD
Circulating Supply1,930,000,000
Total Supply1,933,352,207
WhitepaperLink
All Time High$1.04 USD
All Time High DateOct 06, 2021
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Where To Buy Magic Internet Money In Canada

Here’s how to buy Magic Internet Money in Canada smoothly and easily:

1. Open Your Newton Account

Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.

If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.

2. Fund Your Newton Account

Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.

Your funds will appear in your account in 30 minutes or less.

3. Buy Magic Internet Money With Newton

Once you’ve funded your account, you can go ahead and buy however much Magic Internet Money you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select Magic Internet Money from the dropdown menu.

Your order will be processed immediately, and your Magic Internet Money will show up in your account right away. And that’s it—you just bought Magic Internet Money!

Zero Trading Fees

Spreads: 0.2% – 0.7%
Security: 95% cold storage
Signup bonus: $25

Low spreads & zero trading fees.

★★★★★

Rated 4.5/5

Why Newton Is Great For Buying Magic Internet Money

There are many reasons Newton is my exchange of choice for buying Magic Internet Money, but here are just three:

1. Extremely Low Fees

Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.

The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on Magic Internet Money on its Fees page.

2. Wide Variety Of Coins

Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from Magic Internet Money, Newton is your best bet for finding them.

Newton obviously supports the major coins like Bitcoin and Ethereum, but smaller altcoins like Loopring and Maker are also supported.

3. Designed For Canadians

If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.

Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.

Where To Store Magic Internet Money

Storing Magic Internet Money is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.

With Newton, though, you can skip expensive wallets altogether and just store your crypto right inside their app. Newton maintains third-party custodian partnerships with Fireblocks and Balance, which means they keep their users’ digital assets under cold (offline) storage at institutional-grade storage facilities. Other benefits of using Newton include:

  • The widest selection of coins of any Canadian crypto wallet/exchange
  • Newton performs daily off-site backups to ensure your crypto is always kept safe
  • Open an account in 30 seconds
  • $25 bonus when you buy $100 in crypto using my signup link

Newton is a widely trusted wallet and exchange I’ve personally used for more than a year. Whether you want to make your first crypto purchase or just spread out where you hold your coins, I can’t recommend Newton enough.

Zero Trading Fees

Spreads: 0.2% – 0.7%
Security: 95% cold storage
Signup bonus: $25

Low spreads & zero trading fees.

★★★★★

Rated 4.5/5

In Summary

Here’s how to buy Magic Internet Money in Canada:

  1. Open a Newton account using my referral link to get your $25 signup bonus.
  2. Deposit Canadian dollars into your Newton account with zero fees.
  3. Exchange dollars into Magic Internet Money with no commissions—you just pay the spread.

Buying Magic Internet Money In Canada FAQs

What Fees Are Involved With Buying Magic Internet Money?

Newton doesn’t charge any trading fees or commissions on Magic Internet Money, so you just pay a spread of around 0.2% – 0.7%.

Which Canadian Exchanges Offer Magic Internet Money?

Newton is the only exchange Canadians can use to buy Magic Internet Money today. Other exchanges like CoinSmart and Bitbuy may add support for Magic Internet Money in the future, but right now, Newton is the only option Canadians have.

How Do I Sell Magic Internet Money In Canada?

To sell Magic Internet Money, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of Magic Internet Money you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.

Alternatively, if you wish to transfer your Magic Internet Money to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Magic Internet Money from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.

Is Magic Internet Money A Good Investment?

At its current price of $0.998 USD, Magic Internet Money is down 4.04% from its all-time high of $1.04 USD on Oct 06, 2021. If the past is any indication, though, there’s a good chance Magic Internet Money will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.

Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.

Magic Internet Money Price Prediction

Our price prediction for Magic Internet Money is $1.54 USD within 12 months. This equates to an increase of 54% from its current price of $0.998 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.

The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

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

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5