How To Buy Polkadot In Canada (Dec 2022)

March 14, 2022
Blog

The best way to buy Polkadot in Canada is to use a cryptocurrency exchange to buy it using fiat currencies or to buy other crypto coins, which you can then trade for Polkadot tokens.

CoinSmart is my recommended crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend CoinSmart highly enough.

How To Buy Polkadot (DOT) In Canada

To buy Polkadot in Canada, you'll need to use a cryptocurrency trading platform that allows you to buy Polkadot directly using fiat currencies (such as CAD or USD). You can use the same platform to buy other cryptocurrencies—including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE)—and then trade these for Polkadot tokens as well.

Top Crypto Platform For Buying Polkadot In Canada

Good All-Around

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

Average fees, good platform.

★★★★

Rated 4.4/5

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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.

How To Buy Polkadot In Canada FAQs

What Is Polkadot (DOT)?

Polkadot (DOT) is a cryptocurrency belonging to the Polkadot open-source blockchain platform. The blockchain itself encourages the creation of a global network of computers that allows the interconnectivity and interoperability between user-generated blockchains.

However, this concept is not very new, and Polkadot is only one of many current blockchains aiming to create a cryptocurrency ecosystem. Some blockchains that have a similar goal in mind are Ethereum (ETH), EOSIO (EOS), and Cosmos (ATOM).

Can I Buy Polkadot In Canada?

Yes. To buy Polkadot in Canada, you need a cryptocurrency platform that either allows you to exchange fiat currency or other cryptocurrencies for Polkadot. I recommend using CoinSmart, our top-rated platform in Canada, since it allows you to buy Polkadot with very low fees.

Where Do I Store My Polkadot Tokens?

Once you've acquired a few Polkadot tokens, there are several ways you can store them.

One way is to leave your Polkadot tokens in your account with your crypto exchange. This might be safer than storing them in a software (or hot) wallet because crypto platforms tend to keep 95% of their digital assets in cold storage. However, there's still a chance your account might be hacked or stolen, so this method doesn't exactly guarantee the safety of your Polkadot tokens.

Another way to store your digital assets is by using a personal crypto wallet to secure your private keys and digital assets. Once again, this doesn't completely guarantee safety, but using a cold wallet is generally safer than leaving your funds with your crypto exchange.

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.

Is Polkadot A Good Investment?

Polkadot has a pretty bright future ahead, considering that it has real-world use cases and it plans to solve many of the problems that other blockchains have (mainly the triple dilemma of decentralization, security, and scalability.)

However, the drop in price that Polkadot suffered in May 2021 only serves as a reminder that this token, like every altcoin, is subject to wild fluctuations in price. If you're not sure whether or not you can handle these investing conditions, investing in Polkadot may not be for you.

In Summary

Polkadot is very easy to buy, sell and trade in Canada. There are plenty of cryptocurrency platforms that support it, and all you need to do to get your hands on it is trade some fiat currency or other cryptocurrency for Polkadot tokens.

CoinSmart is my recommended crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend CoinSmart highly enough.

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