How To Buy USD Coin (USDC) In Canada (Dec 2022)

February 8, 2022
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There are plenty of ways that you can buy USD Coin (USDC) in Canada: you can buy it directly from crypto ATMs around Canada, use crypto peer-to-peer platforms, or you can buy it through a cryptocurrency exchange using fiat currencies (such as CAD or USD). You can also buy other cryptocurrencies like Bitcoin (BTC) and then trade them for USD Coin on a different trading platform.

ZenGo is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a 0% trading fees up to $1,000 signup bonus (available until December 9, 2022), I can't recommend ZenGo highly enough.

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How Do You Buy USD Coin (USDC) In Canada?

Fortunately, there are a plethora of ways that you can buy USD Coin (USDC) in Canada.

Some of the easiest ways you can buy USD Coin in Canada today are through the use of cryptocurrency exchange. These platforms allow you to use fiat currencies (such as CAD or USD) to buy digital assets, and you can also buy other cryptocurrencies like Bitcoin (BTC) and then trade them for USD Coin using these platforms.

Another couple of easy ways to do so would be buying the digital asset directly from crypto ATMs around Canada, or by using crypto peer-to-peer platforms.

Lastly, you could always mine USD Coin directly if you have a powerful enough computer, but this doesn't count as buying it and it's nowhere near as straightforward.

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Top 4 Crypto Exchanges To Buy USD Coin (USDC) In Canada

Here are our top crypto exchange picks for buying USD Coin (USDC) 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

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.

2. Crypto.com

Crypto.com: best crypto exchange Canada

Crypto.com is a major global player as far as exchanges go, and it's recently been having a major impact on the Canadian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com also offers some unique features that no other Canadian 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 has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Features

  • 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
  • Reasonable trading fees (0.4% per trade)
  • Free deposits from all cryptocurrencies

Cost

  • Trading Fees: 0.4%

Signup Bonus

$10 of CRO when you stake $1,000 of CRO using this link

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

3. NDAX

NDAX

The National Digital Asset Exchange (NDAX) is a cryptocurrency exchange based in Canada and was founded in 2017. It's one of several Canadian crypto exchanges that offer Ethereum support.

It only supports Canadian dollars to date, but it has plenty of payment methods, including Interac e-transfer, wire transfer, bank draft, and crypto deposits. Trading fees are 0.20%.

Features

  • Supports 20+ cryptocurrencies
  • Easy registration process
  • Wide range of resources to help beginner traders
  • Offers easy-to-use tools to aid you during trading
  • Offers advanced charting tools for more experienced traders

Cost

  • Trading Fees: 0.20%.

Signup Bonus

$10 when you deposit at least $100 using this link

Best For

Experienced traders seeking strong charting capabilities.

4. Netcoins

Netcoins is a beginner-friendly exchange that supports 9 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Ripple, QCAD, USDC, and Stellar) and charges trading fees of 0.5%. Depositing and withdrawing fiat is free, and they allow users to set limit orders to buy and sell coins when they hit a certain price level.

Features

  • Supports 9 cryptocurrencies
  • One-click trading for beginners
  • Free deposits and fiat withdrawals
  • Owned by a publicly-traded company (BIGG Digital Assets), which lends legitimacy and fiscal oversight

Cost

  • Trading Fees: 0.50%
  • Deposit and withdrawal fees: Free

Best For

Beginners looking for a user-friendly crypto exchange.

USD Coin (USDC) FAQs

1. What Is USD Coin (USDC)?

USD Coin (USDC) is one of the most popular stablecoins. It is currently the ninth-largest cryptocurrency by market capitalization, and like Tether (USDT), its value is tied to the US dollar by a ratio of 1:1.

What this means is that if you needed to redeem your USD Coin supply for US dollars, you'd easily be able to get the same amount of USD as the number of USD Coins you have and vice versa.

2. Can I Buy USD Coin (USDC) In Canada?

Just like Tether, there are plenty of crypto exchanges that support USD Coin. All you need to do is find one that allows you to exchange fiat currencies or other coins for USD Coin and you'd be good to go.

I'd recommend using either CoinSmart or Crypto.com. Both of these belong to our top-rated exchanges in Canada, and each of these exchanges allows you to buy USD Coins with relatively low fees.

3. Where Do I Store My USD Coin (USDC) Tokens?

The simplest way would be to keep your USD Coin tokens inside your account’s balance on the exchange where you purchased them.

Most crypto exchanges keep 95% of their digital assets in cold storage, but even if this makes them safer than keeping your tokens on a software (hot) wallet, there’s still a small chance that your USD Coin tokens could be hacked or stolen if you do this.

Another way to store your USD Coins would be to use a personal crypto wallet. It’s worth mentioning that this is not guaranteed safety, but a cold wallet is safer than leaving your funds in the exchange you originally purchased your digital assets in.

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.

4. Is USD Coin (USDC) A Good Investment?

Just like Tether, USD Coin is backed by the U.S. dollar by a 1:1 ratio, which makes it considerably safer than other digital assets as its value simply doesn't fluctuate as much.

This means that USD Coin isn't exactly an investment though, but you could earn interest on what you have in USD Coin tokens by staking them on platforms like Crypto.com.

In Summary

The number of cryptocurrency exchanges that support the buying, selling and trading of USD Coin (USDC) is increasing, and it doesn't seem to be slowing down anytime soon.

ZenGo is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a 0% trading fees up to $1,000 signup bonus (available until December 9, 2022), I can't recommend ZenGo highly enough.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

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