How to Buy Cardano in Canada in 2024

Have you ever wondered how to join the exciting world of cryptocurrencies and buy Cardano in Canada? Well, you’re about to embark on a thrilling journey!

ADA, also known as Cardano, has taken the crypto market by storm, capturing the attention of investors worldwide. As the native currency for the Cardano blockchain, ADA empowers users with seamless transactions and even grants them the power to influence future technological developments.

If you’re a beginner seeking a comprehensive guide on how to buy Cardano in Canada, you’ve come to the right place. In this article, we’ll walk you through the entire process step by step, making it easy for you to dive into the world of Cardano. We will also share the best crypto exchanges and crypto brokers in Canada, where you can easily buy Cardano in Canada.

So, are you ready to seize the opportunity and learn how to buy Cardano in Canada? Let’s get started and set you on the path to realising your investment goals in the exciting world of Cardano!

How to Buy Cardano In Canada: Step-by-Step Guide

Buying cryptocurrencies in Canada requires very simple steps. With just four simple steps, you can become a proud owner of Cardano. All you need is your smartphone or computer, and ensure a stable internet connection; keep your photo identification handy, and let’s get started!

Step 1: Compare Crypto Exchanges

The first step to buying Cardano is to choose a reputable platform. You can buy Cardano through a cryptocurrency exchange or a crypto broker.

Crypto Exchange Platforms: Coinsmart, Binance, KuCoin, Bitbuy, Shakepay, Coinbase, etc.
Crypto Brokers: Newton, Wealthsimple, Coinberry, VirgoCX, etc.

Take a moment to compare different exchanges and brokerage platforms in Canada. Look for platforms that offer the features you value most, such as low fees, user-friendly interfaces, or round-the-clock customer support. Finding the perfect match for your needs will make your Cardano buying experience smoother.

Step 2: Create an Account

Once you’ve selected your preferred exchange, it’s time to create an account. This typically involves verifying your email address and identity.

So ensure you have a valid photo identification document and your phone ready. Following the exchange’s instructions, you’ll breeze through the registration process, putting you one step closer to owning Cardano.

Step 3: Make a Deposit

With your account successfully created, it’s time to fund it. Most exchanges accept various payment methods, including cryptocurrencies, bank transfers, and card payments.

Choose the option that suits you best and make a deposit in Canadian dollars (CAD). The exchange will guide you through the process, ensuring a secure and straightforward transaction.

Step 4: Buy Cardano

Now that your account is funded, it’s time to exchange your CAD for Cardano. On beginner-friendly exchanges, this is as easy as entering the desired amount of CAD or ADA you wish to purchase and clicking that delightful “buy” button.

You can withdraw your newly acquired Cardano to a personal wallet if you prefer more control over your digital assets.

What is the Best Place to Buy Cardano?

Whether you’re a beginner or an experienced investor, finding a reliable and trusted platform to purchase Cardano is crucial for a smooth and secure transaction.

Let’s explore some of the best crypto exchanges in Canada and find the perfect platform that suits your needs, ensuring a seamless and enjoyable experience as you join the Cardano revolution.

1. NDAX

Available coins: 14
Bonus: $10
Cardano Fees: 3 ADA
Trading Fees: 0.20%
Other Fees: $25 withdrawal fee

NDAX is one of the popular cryptocurrency exchanges accessible to Canadians where you can purchase Cardano.

Established in 2017, the National Digital Asset Exchange Inc. (NDAX) is a trading app located in Calgary and is known for offering competitive cryptocurrency trading fees in Canada.

NDAX supports the trading of Ether and Bitcoin, the two most commonly used cryptocurrencies, and twelve other digital coins, including Cardano.

To start trading Cardano on this platform, you can conveniently fund your NDAX account using various methods such as e-transfer, bank draft, or wire transfer.

Check it out

2. Newton

Newton Exchange is a cryptocurrency platform ideal for individuals new to the world of digital assets. Its user-friendly interface is perfect for those who want to explore cryptocurrencies for the first time. The platform also accepts Interac e-Transfer, a convenient payment option for Canadians who want to fund their accounts. Newton Exchange offers a diverse range of cryptocurrencies, including Bitcoin, Ethereum, Polkadot, Cardano, Tether, Dogecoin, Ripple, and numerous others.

Get Your Free $25

Available coins: 35+
Bonus: $25
Cardano Fees: As of writing this post, Cardano Funding is currently supported on the platform, but no withdrawals are available.
Trading Fees: $0
Other Fees: $5 crypto withdrawal fee

Newton is a Canadian cryptocurrency exchange that provides a convenient way for Canadians to buy Cardano and other digital currencies. Established in 2018, it has quickly gained popularity, boasting a user base of over 200,000 individuals. Based in Toronto, Newton is recognized for its cost-effective cryptocurrency trading platform, making it an attractive choice for Canadian investors.

In recent months, Newton has expanded its offerings to include a range of alternative coins, including Cardano. As the leading crypto exchange in Canada, it supports over 35 different cryptocurrencies, providing users with a diverse selection to choose from.

Newton offers multiple funding options to accommodate various user preferences. These options include wire transfers, pre-authorized debits, and Interac e-transfers. Moreover, when it comes to depositing cryptocurrencies into Newton accounts, there are no associated fees, making it a convenient and cost-efficient platform for users.

You can check my article on Newton Crypto Review.

3. Wealthsimple Crypto

Available coins: 25+
Bonus: $50
Cardano Fees: Approximately 1.5-2% of the traded amount.

Wealthsimple, the largest Robo-advisor in Canada, has expanded its services to include crypto trading, Wealthsimple Crypto. Initially launched in 2020 with support for Bitcoin and Ethereum, it has since broadened its offerings to include a variety of additional cryptocurrencies, such as Cardano (ADA), by September 2021.

To get started with Wealthsimple Crypto, you must deposit funds from a bank account linked to your PayPal account. Unfortunately, Interac e-transfer is not accepted as a payment method at the moment. It’s important to note that the platform does not currently support cryptocurrency deposits.

You can read my article on Wealthsimple Crypto Review for more information.

4. Binance

Available coins: 500+
Cardano Fees: 0.12 to 1 ADA
Trading Fees: 0.1% to 0.02%
Other Fees: Each coin charges a different flat fee for withdrawals.

Although the Binance platform is not located in Canada, it has established itself as one of the largest cryptocurrency exchanges globally. Binance allows users to trade a wide range of digital coins, making it a preferred choice for those interested in trading lesser-known alternative cryptocurrencies.

Binance offers various additional products and features to enhance its users’ experience. These include the Binance Visa Card, Binance Pay, and Crypto Loans. Funding options on the platform encompass credit cards, debit cards, and cryptocurrency deposits, providing users with flexibility and convenience.

5. CoinSmart

Available coins: 9
Bonus: $20
Cardano Fees: 0.3 ADA.
Trading Fees: 0.20% to 0.30%
Other Fees: CAD withdrawals are subject to a 1% fee with a minimum charge of $15. e-transfer deposits below $2,000 are charged 1.5%.

CoinSmart is a notable Canadian cryptocurrency exchange where you can conveniently purchase Cardano. Established in 2018, CoinSmart is headquartered in Toronto and operates as a registered entity with FINTRAC, complying with regulatory standards in the country.

CoinSmart offers a range of additional features to enhance your crypto experience. Notably, they provide SmartPay, a service designed for individuals seeking to accept cryptocurrency payments.

When it comes to purchasing Cardano on CoinSmart, you have various options at your disposal. You can utilize Interac e-Transfers, bank drafts, wire transfers, or even crypto deposits to acquire Cardano. This flexibility lets you choose the best method for your preferences and needs.

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6. Crypto.com

Available coins: 100+
Cardano Fees: 2 ADA
Trading Fees: The Crypto.com trading fee starts at 0.40%, gradually decreasing as you trade more.

Crypto.com is a widely recognised global cryptocurrency corporation, serving over 10 million users in more than 90 countries worldwide. Apart from enabling the purchase of Cardano, their app offers a range of additional features and services.

One notable feature is the Crypto.com Visa Card, which allows users to earn up to 8% cash back on eligible purchases. Additionally, users can access instant loans by depositing their cryptocurrency. In Canada, funding your Crypto.com account is easy with Interac e-transfers, credit cards, PayPal, or TransferWise.

You can read my article on Crypto.com for more information.

7. Coinberry

Available Coins: 19
Bonus: $20
Trading Fee: Up to 2.5% price spread.

Coinberry is a well-established cryptocurrency exchange in Canada, with its headquarters located in Toronto. It was established in 2017, making it one of the oldest exchanges in the country.

The platform is specifically designed to cater to beginners, ensuring a user-friendly experience for those new to cryptocurrencies. Coinberry offers convenient mobile applications for both iOS and Android devices.

Gemini Trust Company LLC is the primary custodian of the digital assets held on Coinberry’s platform. This partnership ensures the secure storage and management of users’ digital assets.

Additionally, Coinberry is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB), complying with regulatory requirements and promoting transparency and accountability in the cryptocurrency industry.

Check it out

How to Store Your Cardano

To ensure the security of ADA holdings, the Cardano team recommends utilizing two specific wallets: Daedalus Wallet and Yoroi Wallet. These wallets serve different purposes and offer varying levels of convenience and security.

Daedalus Wallet is a third-party application designed explicitly for synchronizing and storing Cardano’s native token. It functions as a virtual cryptocurrency portfolio, providing you with a comprehensive solution for managing their ADA. However, being a third-party wallet, it is essential to consider certain security concerns before opting for it.

On the other hand, Yoroi Wallet is a web-based wallet specifically created for Cardano. It allows you to store their ADA directly within the wallet, providing a user-friendly and accessible option. It is worth noting that storing Cardano on an exchange or public wallet relinquishes control over private keys. In the unfortunate event of issues with the chosen service, there is a risk of losing all ADA holdings.

If you wish to minimise the risks associated with handling private keys, hardware wallets such as Ledger and Trezor are highly recommended. Ledger is a reputable hardware wallet that supports Cardano and various other cryptocurrencies. Additionally, Ledger offers live customer support, ensuring reliable assistance whenever needed.

Trezor is another hardware wallet that supports Cardano but currently lacks live customer support. Despite this, Trezor is an affordable option, with prices under $100, allowing users to store their digital currencies, including ADA, securely.

What is Cardano?

Cardano is a decentralised blockchain network similar to Ethereum that has been gaining widespread popularity and recognition, surpassing the likes of Bitcoin and Ethereum as second-generation cryptocurrencies.

Founded in 2017 by Charles Hoskinson, a co-founder of Ethereum, Cardano utilizes smart contracts to facilitate secure and efficient transactions, much like its predecessor. The network operates using its native digital currency, ADA, which pays homage to renowned mathematician Ada Lovelace.

What sets Cardano apart are its exceptional features and enterprise-grade technology stack. It is the first blockchain platform with a provably secure proof-of-stake protocol, ensuring robust security measures.

With a strong emphasis on scalability and interoperability, Cardano is focused on facilitating the development of decentralised applications (dApps). Its flexible smart contract platform enables developers to create innovative and functional applications within the ecosystem.

Notably, Cardano’s market value currently stands at approximately $93 billion, making ADA one of the top five largest cryptocurrencies in terms of market capitalisation. This impressive standing further solidifies Cardano’s position as a leading player in the digital currency landscape.

Is it Good to Buy Cardano?

Investing in cryptocurrencies carries inherent risks, and it’s important to conduct thorough research, consider your own financial situation, and consult with a financial advisor before making any investment decisions.

Cardano is a blockchain platform that enables secure and decentralised contract execution. Its inception dates back to 2017, when the first whitepaper outlining its vision was released. Built on blockchain technology, Cardano operates using its native cryptocurrency, ADA.

One notable aspect of Cardano is its focus on user privacy, offering features that protect the confidentiality of its users. It also provides businesses with enhanced control over their finances through the use of private ledgers.

When considering investing in Cardano or any other cryptocurrency, it’s essential to evaluate various factors such as the project’s fundamentals, technology, team, community, market trends, and your own risk tolerance. It’s advisable to stay informed about the latest developments and news surrounding Cardano and the cryptocurrency market as a whole.

Final Thoughts on How to Buy Cardano in Canada

If you’re in Canada and wondering how to buy Cardano in Canada, follow these simple steps to start your Cardano investment journey.

First, choose a reputable cryptocurrency exchange that supports Cardano in Canada. Next, sign up for an account and complete the verification process. Once your account is set up, deposit funds into your account. Finally, navigate the trading section, search for Cardano (ADA), and place your buy order.

Remember to conduct thorough research and consider your investment goals before making any decisions. Don’t miss out on the opportunity to invest in Cardano, a promising cryptocurrency with a bright future. Take action now and start buying Cardano in Canada today!

FAQs on How to Buy Cardano in Canada

Can I buy Cardano with a credit card?

Yes. You can purchase Cardano immediately using your debit card, credit card, or bank transfer.

What is Cardano used for?

Cardano is primarily used for identity management and traceability. Data collection processes that require gathering data from multiple sources can be simplified and streamlined with the former application.

Is Cardano better than Ethereum?

Despite sharing many features with Cardano, Ethereum is more popular and has a longer track record. However, this does not necessarily imply Cardano will never catch up to Ethereum.

Can you mine Cardano?

The Cardano blockchain cannot be mined in the same manner as Bitcoin. Validating blockchain transactions on the Cardano blockchain is done through a proof-of-stake system. Customers may stake their Cardano.