How To Buy Polkadot In Canada (Jan 2022)

November 21, 2021
Blog

You have two choices when it comes to buying Polkadot in Canada: you can either use a cryptocurrency exchange to buy the digital asset directly using fiat currencies (or buying other crypto coins and then trading them for Polkadot tokens), or you can use a cryptocurrency broker to trade between cryptocurrencies in as little as a single click.

CoinSmart is the top crypto exchange among knowledgeable Canadian crypto investors, 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 To Buy Polkadot (DOT) In Canada

To buy Polkadot (DOT) in Canada, you’ll need to use one of two methods.

The first would be to use a cryptocurrency exchange, a platform that allows you to buy Polkadot directly using fiat currencies (such as CAD or USD). A crypto exchange also allows you to buy other cryptocurrencies (like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE)) and then trade these cryptocurrencies for an equal amount of Polkadot (DOT) tokens.

The second method involves using a cryptocurrency broker, a simple-to-use platform that allows you to trade between cryptocurrencies in as little as a single click. However, it’s worth mentioning that these platforms usually have higher trading fees compared to crypto exchanges.

Top 3 Crypto Exchanges To Buy Polkadot In Canada

Here are our top crypto exchange picks for buying Polkadot (DOT) 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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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

How To Buy Polkadot (DOT) In Canada FAQs

What Is Polkadot (DOT)?

Polkadot (DOT) is a cryptocurrency belonging to Polkadot, a software that wants to encourage the creation of a global network of computers to operate a blockchain of its own (with user-generated blockchains on top of it).

This makes Polkadot one of many current blockchains aiming to create a cryptocurrency ecosystem. Among these blockchains, there’s also Ethereum (ETH), Cosmos (ATOM) and EOSIO (EOS).

Can I Buy Polkadot (DOT) In Canada?

Yes. To buy Polkadot (DOT) in Canada, all you need to do is use a cryptocurrency exchange that either allows you to exchange fiat currency for Polkadot (DOT) or other cryptocurrencies for Polkadot (DOT).

I recommend using any 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 Polkadot (DOT) with relatively low fees.

Where Do I Store My Polkadot (DOT) Tokens?

Once you’ve acquired a few Polkadot tokens, you have a wide array of ways you can store them.

For example, you could leave your Polkadot tokens in your crypto exchange account. 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, it doesn’t completely guarantee safety, but using a cold wallet is indeed safer than leaving your funds in your crypto exchange account.

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, EthereumLitecoinDogecoin, Bitcoin CashZcash (ZEC), and many others.

Is Polkadot (DOT) A Good Investment?

Polkadot (DOT) 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 (DOT) 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 (DOT) is very easy to buy, sell and trade in Canada. There are plenty of cryptocurrency exchanges and cryptocurrency brokers that support it, and all you’d need to do to get your hands on this digital asset is buy it using fiat currencies or trading other cryptocurrencies for Polkadot tokens.

If you want to buy Polkadot 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