The growth that cryptocurrencies have shown in recent years that has far surpassed that of other asset classes has made it a very famous choice for those looking to make profits quickly. However, many people have the desire to invest in cryptocurrencies but know nothing about how to go about it.
This guide examines the diverse platforms with which you can trade cryptocurrencies and generally provide information about the best crypto to buy.
1. BitBuy: One of the most popular exchanges in Canada
In 2014, Bitbuy, one of the leading cryptocurrency exchanges in the country, was founded. Headquartered in Toronto, the company offers a wide range of products and services.
In contrast to other cryptocurrency platforms, BitBuy’s cryptocurrency platform is ideal for investors who are starting as well as for experienced investors. “Express Trade” platform is designed for new traders, while “Pro Trade” is created for experienced traders with access to advanced charting and order modes.
Therefore, Bitbuy could be a good option that you should consider if you want to discover the next crypto digital asset or if you want to gain experience with cryptocurrency trading in general.
Crypto trading fee
1% to 1.50%
1% to 1.50%
User-friendly Express Trade feature
Pro Trade gives access to advanced charts and tools
Extremely secure crypto exchange with BTC insurance
Mobile app for iOS and Android
Low trading fees of only 0.2% for Express Trade and 0.1%/0.2%
Binance happens to be the platform of choice for traders who wish to actively trade rather than invest in cryptocurrencies, which is true for several causes. To begin with, Binance is an exchange and trading platform specializing in cryptography. A wide variety of benefits. For example, the platform has a wide variety of cryptocurrencies to trade. In addition to this, a range of cryptocurrencies is regularly featured on Binance. Furthermore, the platform handles a trading volume of billions on any given day. Finally, simply appearing on Binance can cause the price of a cryptocurrency to skyrocket thanks to the high liquidity it enjoys.
Another advantage Binance has over other trading platforms for being a specialized cryptocurrency trading platform is the variety of tools it provides. Various features and analysis tools are often used to analyze patterns and spot investment opportunities as a day trader. These tools are a little different for each asset class, and using a cryptocurrency trading platform means that all of these tools will be tailored to cryptocurrencies.
On Binance, you can trade cryptocurrencies in two ways. On the one hand, you can exchange them for fiat currencies by purchasing between BTC/USD and ETH/GBP. On the other hand, at the same time, you may exchange one cryptocurrency for another—types of cryptocurrencies. So, for example, you can exchange DOGE/BTC or BTC/BNB, and so on. Thus, it is convenient because if you want to sell Ethereum and buy Bitcoins, you can do it from a single trade instead of first changing your crypto to fiat and using it to buy Bitcoins. Thus, cross cryptocurrency trading is a way to save commissions.
Crypto trading fee
Commission, starting from 0.1%
0.80 EUR (SEPA bank transfer)
An advanced charting platform with customizable indicators
Hundreds of pairs of devices are supported
Commission of 0.10 %
Accepts fiat currency
BNB users get discounted rates
It has been proven that security measures work
Support is only provided via tickets
Debit/credit card deposits are subject to a 3.5% fee
3. Coinbase: Large Cryptocurrency Exchange To Acquire Dogecoin In Canada
Coinbase is another famous platform used to trade and buy cryptocurrencies, and it is a specialized cryptocurrency exchange. It offers many of the same advantages as Binance, including dedicated tools, high liquidity, and a wide variety of available coins. However, Coinbase is more suitable for beginners, and they tend to use it more frequently. There are numerous reasons for this.
Coinbase's standard platform is characterized by its simplicity, and trading on it is as easy as clicking on the cryptocurrency and choosing to buy or sell. You don't have to fret about the various technical details related to cryptocurrency trading, such as the type of order or the default features the trade will complete on its own.
On the other hand, if you want to access these possibilities while trading through Coinbase simultaneously, you can always use the Coinbase Pro platform, which is available for free to all users of the app. This allows you to do more technical analysis and gives you access to various order types to choose from.
Crypto trading fee
Commission, starting from 0.50%
1.49% to a bank account
New users, as well as experts, will find the interface easy to use.
Transactions on Coinbase are one of the fastest in the world, and it is one of the most liquid exchanges
4. WealthSimple: Make Investing Simple And Affordable With Smart Technology In Canada
It was founded in 2014 by Wealthsimple, a company that manages more than $4 billion in investments. After being founded by Michael Katchen in Canada, the company has expanded to the United Kingdom and the United States. There are currently 1.5 million people worldwide that use Canada's largest robot advisor.
There are several services that Wealthsimple offers, including Wealthsimple Exchange and Wealthsimple Cash. Aside from Wealthsimple Trade and Wealthsimple Cash, Wealthsimple offers many different services for different needs. Among the other services that Wealthsimple Trade and Wealthsimple Cash offer, Wealthsimple Invest also offers a robot-investing service.
An investor who uses robots to invest has a completely hands-off relationship with their portfolio. Investing in ETFs (Exchange Traded Funds) is the simplest way to diversify your portfolio and preserve your capital (they use only low-cost ETFs). The company rebalances your account a few times a year.
Afterward, we will discuss Wealthsimple Invest's pros and cons in more detail.
Crypto trading fee
Canadian, American, and U.K. accounts.
Excellent educational resources.
Savings account with competitive interest.
$0 to open account.
Must disclose personal data very early in the account setup process.
The Crypto.com exchange was founded in 2008 and has grown into one of the world's fastest-growing cryptocurrency exchanges. One of the speediest and most confident websites on the Internet has been created by creating a highly skilled team of developers and a highly motivated marketing team. Furthermore, IQD has a stablecoin staking program that returns 14 percent per year in addition to its portfolio of over 40 cryptocurrencies and stablecoins.
In terms of market capitalization, Crypto.com's token, Crypto.com, has a market capitalization of 16.6 billion dollars, taking place on the 12th spot in the rankings of digital coins according to market capitalizations.
As a result, the firm is furthermore presenting margin trading services and derivative trading services and is also starting to venture into the NFT market. All transactions at Crypto.com require a minimum investment of $1 per transaction.
Crypto trading fee
0.4% per trade
Supports a wide range of cryptocurrencies
Competitive, transparent fees with discounts available
Provide support for an ecosystem of cryptocurrencies
Fees are higher unless you hold and use CRO
Customer service is poor
It can be difficult to navigate trading fee discounts
A cryptocurrency lives as a digital currency that can be exchanged for traditional money in very easy phrases. Because it is digital, it is highly protected by blockchain technology, which makes it impossible to counterfeit a cryptocurrency. A blockchain constitutes a ledger made effective from a network of computers that are not together. One of the essential features of cryptocurrencies is that they are highly decentralized. They are not created by any central bank but are mined by various computers around the globe.
One of the foremost and most prominent cryptocurrencies to be launched globally is Bitcoin, and it is presently the Cryptocurrency with the most extensive market capitalization. Cryptocurrencies other than Bitcoin are called altcoins, whose price is usually closely linked to cryptocurrencies. Other altcoins such as Ethereum, Cardano, Ripple, and Doge are also popular.
There are different categories of altcoins, and each has its particularity. Most altcoins, for example, are mining-based. There are miners worldwide capable of creating these coins out of thin air using their computers. This process is based on a group of computers using their computing power to preserve the blockchain that records the ownership and authenticity of each coin. In exchange for using their computer to maintain the ledger, miners receive a share of the mined coins using this computing power. But not all altcoins work by mining. Some coins are born through an ICO, an Initial Coin Offering. This procedure is similar to the initial public offering of shares, and through it, coins can be born and officially listed on a stock exchange.
Since cryptocurrencies are usually mined or listed through an ICO, there has to be a mechanism to prevent them from becoming highly inflationary assets due to their unlimited supply. This is why most cryptocurrencies have a supply limit. In addition, Bitcoin mining has been progressively reduced over the years, and mining yields have also been reduced for the most part. At this rate, Bitcoin will reach its supply limit in 2140, after which no more Bitcoins intention be mined.
This creates cryptocurrencies a deflationary support and allows users not to worry about inflation. This is also why Bitcoins and other cryptocurrencies are considered an inflation hedge compared to the usual gold hedge.
Why Invest in a Cryptocurrency?
Recently, investing in cryptocurrencies has gained popularity, which the increase in cryptocurrency prices has corroborated. In turn, interest in platforms that facilitate cryptocurrency trading has increased. The general people have also become aware of cryptocurrencies' benefits, making them eye-catching investments and highly speculative assets. There are diverse reasons to consider investing in cryptocurrencies, and these are set out in detail below.
Highest yielding asset
In recent years, cryptocurrencies have been the best performing asset, as they have had gains high enough to completely outperform all other asset classes, such as stocks, commodities, and currencies. However, cryptocurrencies carry a higher degree of risk than other asset classes, so the higher returns realized could be a trade-off for this higher degree of liability. In addition, the high degree of simulation that comes with the lack of information surrounding cryptocurrencies has driven a rampage that has allowed cryptocurrencies to reach unprecedented levels. For illustration, if you had bought Bitcoins worth $100 in 2009, you would currently have over $400 million in reward, which is the largest return on a single investment in 12 years. But more recently, in the short term, buying Bitcoins in 2020 would have allowed you to increase your money 10-fold in just over a year. Noting this trajectory and not wanting to miss out on these gains, there has been a sudden surge of liquidity in the cryptocurrency markets as people scramble to invest in crypto, driving prices even higher.
As mentioned above, the vast majority of cryptocurrencies have a limit on their supply, in the sense that consumers can only generate and mine a certain amount of these cryptocurrencies. Because of their limited supply, they are a deflationary asset. They are, therefore, an excellent hedge against inflation. Gold is now even being used as a hedge against inflation by reputable financial advisors and investment banks, who are beginning to realize gold's deflationary properties. In such an era of high inflation, assets that aren't correlated with inflation are of utmost importance. Cryptocurrencies are just such assets.
Buying Cryptos Safely
As previously mentioned, cryptocurrencies are an asset class driven largely by speculation and an unusually high level of volatility. This means the following, truth be told, there is no 100% reliable way to buy cryptocurrencies. Even if you get a 100% safe broker, such as one that is regulated, the assets you will invest in will still have a very high level of risk and can get you into serious trouble. Bitcoins, at least currently, do not have a very high intrinsic value. They get their value from what people think they are, which leaves them highly correlated to market sentiment, encouraging the high volatility they are exposed to.
Now, if you are aware of the risks involved and still want to invest capital in the cryptocurrency markets, you must invest and trade safely and securely, regardless of the assets. Unfortunately, this is more difficult for cryptocurrencies than other asset classes because agencies regulate a few major cryptocurrency platforms. Of those that are, the best option for you is undoubtedly Bitbuy.
Best Crypto To Buy In Canada 2022
Lucky Block (BLOCK)
Among the sectors that have seen the most rapid development in recent years are online gambling and betting. Decentralized lottery services that rely on the blockchain exploit the growing lottery sector to address its shortcomings. Moreover, Lucky Block users don't have to think about fairness, security, or transparency because the blockchain solves these problems.
If you want to invest in Lucky Block tokens, PancakeSwap offers you to exchange the currency directly. Other exchanges are planned to list Lucky Block soon. Binance Coin (BNB) can also be purchased in advance. BNB is the fourth largest coin in terms of market capitalization, meaning it is available on most major cryptocurrency exchanges. Once you have purchased BNB, you will need to move it to your cryptocurrency wallet. Next is to link your BNB wallets (Metamask and Trust Wallet) to PancakeSwap's DEX.
Cryptocurrency price charts have always attracted attention since the launch of Bitcoin in 2009. What's more, recent developments in the financial markets have made cryptocurrency's fame grow. As a result, Bitcoin is an obvious alternative for any investor looking to gain a competitive edge, as Bitcoin makes up a significant portion of the entire cryptocurrency market capitalization.
Approximately $3 trillion is tied to its market capitalization with this cryptocurrency. The cryptocurrency reached its all-time high value of $69,000 in November 2021. Since Bitcoin is the leading payment network, Visa and Tesla support it in the payment process. In addition, it is a unique currency that distinguishes it from many other currencies, which offers many advantages to its users.
Bitcoin's long-term price forecast for the end of 2025 has a range of $330,000, which makes it a great investment to make. However, Bitcoin still maintains its dominance on cryptocurrency charts thanks to its deflationary characteristics.
Notwithstanding this cryptocurrency's bearish trends, its strong fundamentals and prolonged market presence have made it a currency less prone to price crashes. Traders and investors are also benefiting from the widespread adoption of this currency.
In the cryptocurrency ecosystem, Ethereum ranks second in market capitalization behind Bitcoin. To facilitate decentralized financial exchanges, it employs a proof-of-work consensus algorithm. Proof-of-stake will soon be used in the future. Developers can efficiently develop decentralized applications (dapps) and smart contracts with these open-source, non-centralized blockchain networks without depending on third parties.
Because of all these features, Ethereum is a highly viable Bitcoin alternative. In addition, the Ethereum platform also allows for the creation of decentralized financial products that anyone can access, regardless of nationality, religion, or anything else. Since its launch, the cryptocurrency has been a market leader in the financial space. Ethereum has seen its value rise by more than 100 percent since its launch, which has caused a lot of smiles from investors. Recently, this coin's price has performed well in the cryptocurrency market. With Ethereum's DApp and DeFi technologies, decentralized finance will expand to all sectors in the next few years.
Cardano utilizes a proof-of-stake algorithm and runs on the Ouroboros blockchain. In terms of market capitalization, Cardano ranks sixth. Additionally, it needs fewer requirements to validate transactions as an alternative to Bitcoin. Bitcoin was also founded by Charles Hoskinson, who founded Ethereum. The same person founded Bitcoin and Ethereum, although their systems are different. Ethereum uses Proof-of-work blockchains, while Cardano uses Proof-of-stake blockchains.
Cardano has an advantage over other blockchain technologies thanks to its unique proof-of-stake mechanism. Additionally, Cardano aims to be the most environmentally sustainable blockchain platform. This cryptocurrency aims to achieve interoperability, scalability, and development sustainably. By market capitalization on last year's market chart, Cardano has become the third-largest cryptocurrency behind Litecoin, Dogecoin, and Ripple. As it increases its participation in the smart contract arena, Cardano will also receive a positive boost in the cryptocurrency market.
Dogecoin made headlines in 2021. In its logo, Doge shows a Shiba Inu. But in early 2021, investors were not particularly interested in Dogecoin. The meme coin's price charts spiked after Elon Musk tweeted about it. Cryptocurrency investors gained confidence when listed on well-known trading platforms, such as Coinbase. This contributed to bitcoin's all-time high value of $0.74 (€0.55) this year. Since bitcoin's launch in 2014, its price has multiplied by twenty thousand percent.
According to its current market capitalization, this cryptocurrency ranks eleventh. In addition, Dogecoins can be mined indefinitely, so the supply is unrestricted. Interested parties may be attracted to its possible future evolution. However, the price of each meme coin will be $0.64 by 2025. One digital currency's past performance cannot be compared to another's future performance.
The future of Cryptocurrency may be an exchange instrument, but Cryptocurrency currently lacks a great deal of intrinsic value. The possibility of making payments in cryptocurrencies has begun to be acknowledged by a few companies here and there. However, this is usually more as part of a marketing strategy than as an asset valuation. Thus, the future of cryptocurrencies is uncertain. Therefore, at the moment, they are an extremely speculative asset class, which is both good and bad. Investing in this asset class is always a double-edged sword, as in most cases, price movements barely make sense, except for investor sentiment. That is why, if you want to invest in cryptocurrencies, it is especially recommended to choose to invest only what you can afford to lose.
Bitcoin was the first Cryptocurrency to exist, and therefore, much of the cryptocurrency infrastructure has been designed with Bitcoin specifically in mind. However, the problem lies in Bitcoin's technology has been superseded and being far from perfect, so any new cryptocurrency created to correct these flaws will have difficulties with the infrastructure, as everything has been developed for Bitcoin. In addition, technological differences have made it necessary to redo the infrastructure many times, which has led to a further slowdown in the rate of cryptocurrency admissions. All in all, a great level of caution is necessary when investing in cryptocurrencies, and one must also be willing to take significant losses.
The process of selling cryptocurrencies is very similar to buying cryptocurrencies. When you want to sell a cryptocurrency you own, you simply go to the platform you use to trade. Then, access your wallet, choose the asset you want to sell, and determine the amount you want to sell. Then it's as simple as clicking the sell button, and the trade will be done immediately. According to one's preferences, when trading through the vast majority of platforms, crypto can be sold through fiat currencies or other cryptocurrencies. When the sale is completed, you will see a movement in your cryptocurrency wallet that reflects this.
Where to Buy Cryptos
You can buy Cryptos in Canada through the following crypto platforms, which we reviewed previously:
BitBuy: One of the most popular exchanges in Canada
You will need to enter your email address and password and your referral code or link if you have it. When you are finished, click on Create an account.
Click the link Verify my Email in Bitbuy's email to verify that your email ID is valid. In order to ensure the safety and security of your account, you will need to set up two-factor authentication after your email address is verified. Once the verification process has been completed, you can begin trading immediately.
Step 3: Deposit Funds
In order to fund the account, you can use cryptocurrencies, bank transfers, credit cards, or debit cards.
Step 4: Buy Cryptos
Cryptos can be purchased on the Bitbuy dashboard by searching for them and clicking the Buy button. In addition, you can access the trade order form by clicking 'Trade' after entering the amount of Cryptocurrency you wish to purchase.
As a Canadian trader, you can buy cryptocurrencies on several platforms. However, Bitbuy is the most popular one. In addition to having the best user interface, this platform provides a wide variety of products while also providing a highly secure and regulated trading platform. This is in addition to its commission-free fee structure and tools. And remember to do your homework to define which platform best suits what you are looking for, and you should never invest more than you can afford to lose.
If you are a beginner in cryptos, the most advisable is to start with small amounts because it reduces the risks.
Satoshi Nakamoto is the supposed nickname of the person who created Bitcoin, the first Cryptocurrency.
What is the total crypto market cap?
Originally, this article was written when the crypto market cap was $2,138 billion.
Do I need a crypto wallet to buy cryptos?
Indeed, it is unnecessary to have a cryptocurrency wallet if you decide to purchase cryptocurrencies through CFD platforms such as Bitbuy. However, purchasing specific cryptocurrencies through a wallet implies that you can transfer cryptocurrencies from one platform to another.
Can I buy cryptos in Canada?
Yes, you can buy cryptocurrencies in Canada from any established cryptocurrency trading platform, including Bitbuy.
How much money do I need to buy a Bitcoin?
Depending on the minimum balance amount requirements associated with the platform, the minimum amount of money required to purchase Bitcoins will depend on the minimum balance requirements associated with your platform. Nevertheless, in general, it may be as low as $25.00.
About Carlos Sereno
About Carlos Sereno
Journalist from Universidad Jorge Tadeo Lozano. Translator of Spanish and English. English as a second language. Interested in International media and sports media.