How To Buy Stacks (STX) In Canada (Aug 2022)

June 30, 2022
Blog

If you’re wondering how to buy Stacks (STX) 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 Stacks.

Newton is a particularly good choice for buying and selling Stacks 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 Stacks (STX)?

Stacks (STX) is a decentralized programmable protocol based on the BItcoin blockchain. It was launched in 2021 and its main purpose was to tackle the lack of smart contract applications and decentralized apps (dApps) available on the Bitcoin blockchain.

Stacks solves this by introducing a programmable layer to Bitcoin, which increases Bitcoin’s range and compatibility without conflicting with Bitcoin’s underlying programming.Stacks uses a smart contract programming language called Clarity, and a Proof of Transfer (PoX) consensus algorithm. This algorithm is built on Bitcoin’s Proof of Work (PoW) algorithm but is slightly different, with two participants: the Miners spend Bitcoin and earn rewards in the form of STX tokens and transaction processing fees. Stackers hold STX tokens and earn Bitcoins.

Both are necessary, and Stackers are loosely similar to how Proof of Stake works.

During its Initial Coin Offering (ICO), Stacks raised over $23 million, and it was the first company to gain approval from the Securities Exchange Commission (SEC), in the US. As of 2022, STX has a circulating supply of 1.3 billion out of a maximum of 1.8 billion. STX tokens can be acquired in large exchanges like Binance and KuCoin.

Here are some other quick facts about Stacks:

Asset TypeBitcoin-based Protocol
Price$1.04 USD
Market Cap$1,367,201,008 USD
Circulating Supply1,310,000,000
Total Supply1,352,464,600
WhitepaperLink
All Time High$3.39 USD
All Time High DateDec 01, 2021
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Where To Buy Stacks In Canada

Here’s how to buy Stacks 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 Stacks With Newton

Once you’ve funded your account, you can go ahead and buy however much Stacks 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 Stacks from the dropdown menu.

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

Zero Trading Fees

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

Low spreads & zero trading fees.

★★★★★

Rated 4.2/5

Why Newton Is Great For Buying Stacks

There are many reasons Newton is my exchange of choice for buying Stacks, 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 Stacks 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 Stacks, Newton is your best bet for finding them.

Newton obviously supports the major coins like Bitcoin and Ethereum, but smaller altcoins like Siacoin and Stellar 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 Stacks

Storing Stacks 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 4.2/5

In Summary

Here’s how to buy Stacks 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 Stacks with no commissions—you just pay the spread.

Buying Stacks In Canada FAQs

What Fees Are Involved With Buying Stacks?

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

Which Canadian Exchanges Offer Stacks?

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

How Do I Sell Stacks In Canada?

To sell Stacks, 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 Stacks 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 Stacks to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Stacks 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 Stacks A Good Investment?

At its current price of $1.04 USD, Stacks is down 69.32% from its all-time high of $3.39 USD on Dec 01, 2021. If the past is any indication, though, there’s a good chance Stacks 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.

Stacks Price Prediction

Our price prediction for Stacks is $5.27 USD within 12 months. This equates to an increase of 406% from its current price of $1.04 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.

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