So, you want to know how to buy Ethereum in Canada? Want to jump straight to the answer and learn how to buy and use Ethereum as Canadians residents?
You can Buy Ethereum in Canada in 5 easy steps:
In the following sections, we will explain the process to buy Ethereum in Canada in greater detail.
Please note that Cryptocurrency investments are high-risk investments. Any investment decision is under the responsibility of the individual. We are not financial experts, and the resource links below are provided for information purposes only. They are based on our own research and experience with Ethereum (ETH) in Canada. They are not intended to be legal and/or financial advice.
|Price Today||3,407.45 Canadian Dollars (CAD)|
|24 hour % change||9.29|
|7 days % change||18.93|
|30 days % change||19.11|
|60 days % change||1.46|
|90 days % change||-19.31|
Ethereum is the second most popular and valuable cryptocurrency, ranking just behind Bitcoin. Its creator is Vitalik Buterin, and Ethereum was first launched in 2015, to be much more than simply a digital currency.
The next step is to decide how and where you will buy Ethereum. For most first-timers, the easiest and most convenient option to buy Ethereum in Canada is to use a Ethereum broker.
There are several brokers offering Ethereum in Canada, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
The final step is to submit an order through your chosen platform. No matter which platform you choose, you’ll usually need to sign up for an account first. Depending on the platform you use and the regulatory requirements it is subject to, you may be able to sign up simply by providing your email address or you may need to provide your full name, contact information and proof of ID before being allowed to trade.
Once your account has been verified, you’ll need to enter the amount of ETH you want to buy, choose your payment method, review the fees and the total cost of the transaction and then finalise your purchase.
The exact steps you’ll need to follow vary depending on the payment method and type of platform you choose, so keep reading for more details on the different ways you can buy Ethereum (ETH) in Canada.
With hundreds of platforms to choose from, finding the best Ethereum exchange for your needs is a challenging task. Consider these key factors when comparing exchanges:
While the regulatory environment surrounding Canada digital currency exchanges is becoming clearer all the time, the same can’t be said for some overseas-based exchanges. Do some research to find out where an exchange is based, the regulatory requirements that apply in that country, and whether the exchange complies with those requirements.
There are many different ways you can purchase Ethereum, each of which has its own pros and cons.
The biggest advantage of buying Ethereum with PayPal is that it’s quick and easy to do as you’ll no doubt be aware if you’ve ever used PayPal to purchase anything else online.
You may need to hunt around for the right platform, and if the platform you choose doesn’t accept CAD, then you’ll need to be fully aware of the fees that apply.
Another way to buy Ethereum with Canadian Dollars (CAD) is to choose a platform that accepts bank transfer deposits. Choose a platform that accepts Interac. Transfers using this system are typically processed more or less instantly, but they may attract higher fees
Many Ethereum brokers and exchanges allow you to buy Ethereum using your credit card in Canada. These include platforms like eToro and Coinmama, and using your credit card allows you to make quick and convenient purchases.
Whichever payment method you select, make sure you consider the following:
Regardless of whether you choose a Canada or overseas-based crypto exchange, make sure you compare a range of options before deciding which platform to use.
Our research highlighted several CAD platforms, but few are based in Canada and offer transparency. For this reason, we suggest considering the following locally-owned (and trusted) platforms.
Though many platforms can cater to the ETH purchasing needs of Canadian residents, some crypto enthusiasts, especially less seasoned, newcomers tend to prefer to start their Ethereum transactions on a locally based platform as this inspires them more trust and confidence, while they feel the added security of being able to access a locally based support team and the added convenience of using their Canadian bank account and bank cards to fund their crypto trading accounts. Examples of such locally based platforms, which are extremely popular with Canadian Ethereum users are Montreal based Shakepay and Toronto based Coinsmart, both of which cater to the need for easy and fast buying and selling of Ethereum in Canada.
One of the easiest ways to get started buying Ethereum in Canada
CoinSmart is a Canadian cryptocurrency exchange based in Toronto.
These platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of people living in Canada. Both options are free to join, funded from any Canada bank account/card, and have a local support team.
Remember to also enable 2-factor authentication on your account for extra security.
From your Shakepay account dashboard, select the currency you want to buy – in this case, Ethereum (ETH).
Specify how much money in Canadian Dollars (CAD) you want to spend, up to an order limit of CA$10,000.
Click “Buy Now”. Pay through the Shakepay website via Interac or deposit the required funds via bank transfer. Once Shakepay has received your payment, your order will be automatically processed and will typically arrive in your inbox within a few minutes.
Remember to take a moment to review the full details of the transaction before you finalise your transaction.
Ethereum to Canadian dollar is the crypto-to-fiat pair which denotes the exchange between the popular cryptocurrency, Ethereum (ETH), and Canada’s official currency, the Canadian dollar, which amongst the top most traded fiat currencies in the world, making up more than 5% of total trading volume.
The popularity enjoyed by both assets making up this trading pair render attractive for traders as it allows for price speculation. Price movements of ETH are based on this cryptos demand which rises as it becomes more widespread in usage and more widely accepted. The price of the CAD on the other hand, moves according to Canada’s economic performance and key indicators such as the country’s trade balance and foreign investments.
Closely following the factors that impact the price of ETH and CAD will enable traders to make timely predictions on price trends take long or short positions on the pair to achieve profit.
The Ethereum to Canadian Dollars (CAD) pair features ETH as the base along with CAD, the official currency of Canada, as the counter currency. The value of the pair can be interpreted as how many Canadian Dollars (CAD) can be purchased with one ETH or how many Canadian Dollars (CAD) it takes to purchase one ETH.
ETH to CAD is a very popular crypto-to-fiat pair. The pair’s counter currency – Canadian Dollars (CAD) – is the official national currency of Canada. The crypto market, including Ethereum, is extremely volatile, which provides huge potential for speculation. Observing the popularity of ETH to CAD exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.
Second only to Bitcoin, Ethereum has a market capitalization of $77.5 billion and a high market share. In terms of its historical performance it gave a hefty return of 17,000% when its price rose from $9 in January 2017 to $1389 in January 2018, however its price crashed soon after. More recently, and following a steady downwards streak, it has once again started to rise as of the early days of 2021.
Moreover, the buying and selling of digital currency on digital currency or cryptocurrency exchanges is also allowed, although cryptocurrencies are not considered as legal tender in Canada, as the sole official currency in the country is the Canadian dollar.
Digital currency transactions are also subject to Canada’s tax laws and rules. According to the Canada Revenue Agency (CRA) cryptocurrencies are classed as commodities and not currencies and their use to pay for goods or services must be treated as a barter transaction.
In Canada, digital currencies, such as Ethereum, are subject to the country’s Income Tax Act (ITA) and according to the Financial Consumer Agency of Canada any goods or services which are purchased using digital currency must be included in their seller’s income for tax purposes.
Moreover, the trading in cryptocurrencies such as Ethereum is also subject to taxation and when Canadian tax residents file their taxes each year, they must report any gains or losses they have incurred in that year from the selling or buying of any digital currencies. Any gains or losses resulting from such crypto transactions could be either taxable income or taxable capital for each taxpayer.
Although Canada currently does not have specific legislation related to cryptocurrencies, any form of regulation is enforced by the Investment Industry Regulatory Organization of Canada (IIROC). Cryptocurrency is treated as property for purposes of income tax legislation.
You can check this Canada cryptocurrency guide for more information.