How To Buy Monero In Canada (Aug 2022)

November 27, 2021
Blog

In order to buy Monero (XMR) in Canada, you’ll need to choose one of two crypto platforms: a cryptocurrency exchange that allows you to buy crypto with fiat currencies (or trade other crypto for Monero (XMR) tokens), or a cryptocurrency broker that allows you to buy, sell and trade cryptocurrencies in just a few clicks.

Considering that Monero (XMR) isn’t widely supported across crypto exchanges and brokers in Canada, we recommend you consider using Crypto.com. With its high-speed price updates, wide array of supported cryptocurrencies, and top-notch security, we can’t recommend Crypto.com enough.

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How To Buy Monero In Canada

To buy Monero tokens in Canada, you’ll be limited to one of two options.

The first would be to create an account in a cryptocurrency exchange, which is a platform that allows you to buy digital assets with fiat currencies like CAD, USD, and EUR. You can also buy other crypto coins and then trade them for Monero tokens through the same platform.

The second way to buy Monero tokens in Canada would be to use a cryptocurrency broker. These platforms are similar to crypto exchanges but they are much easier to use, often requiring just a few clicks in order to trade between cryptocurrencies. However, these platforms also have higher trading fees compared to crypto exchanges, which is important to keep in mind when choosing between the two.

Top Crypto Exchange To Buy Monero In Canada

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.5/5

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 crypto 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 Bitbuy or CoinSmart 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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How To Buy Monero In Canada FAQs

What Is Monero (XMR)?

Monero (XMR) is a decentralized cryptocurrency that uses privacy-enhancing technologies in order to prevent transactions from being traced and to ensure the safety and anonymity of its holders.

Monero is the only cryptocurrency to date in which every one of its holders is anonymous by default. This means that both the sender and receiver are hidden through the use of these technologies, as well as the amount of Monero being sent and/or received.

Can I Buy Monero (XMR) In Canada?

Of course. The only thing you need to do to buy Monero (XMR) in Canada is to find a cryptocurrency exchange or cryptocurrency broker that supports it. Once you’ve done that and created an account on any of these platforms, you should be good to go.

For this purpose, I recommend you consider using Crypto.com. It’s one of the few crypto exchanges in Canada that supports Monero, and it’ll allow you to buy, sell, and trade it with relatively low fees.

Where Do I Store My Monero (XMR) Tokens?

You have a few options as far as storing your Monero (XMR) tokens go.

The most convenient one would be to leave your Monero tokens inside your crypto exchange account. This is viable because most crypto exchanges keep 95% of their digital asset inside cold storage, but your account could still be hacked or stolen, so it’s not a completely safe method to store your Monero tokens.

The safest way to store your Monero tokens would be to use cold storage yourself through the use of a personal crypto wallet. This is not guaranteed safety either, but it’s important to note that it is much safer than leaving your coins inside your crypto exchange account.

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.

Is Monero (XMR) A Good Investment?

It might be, but it’s worth pointing out that Monero, like any altcoin out there, is prone to wild fluctuations in its prices.

This means that you should never invest more money in it than what you can afford to lose, and if you’re not sure whether or not you can handle such variations in its price, then Monero might not be a good investment prospect for you.

In Summary

Even if Monero is not a crypto coin that has widespread support across crypto exchanges and brokers in Canada, there are still options out there that will allow you to buy, sell and trade this crypto asset today.

Taking this into consideration, I recommend you consider using Crypto.com to buy Monero in Canada. With its extremely quick price updates, top-notch security measures, and a very wide array of supported cryptocurrencies, I can’t recommend Crypto.com enough.

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