Bitcoin is the king of cryptocurrency. It was the first crypto created. Now, there are thousands of cryptocurrencies and more are being created every day. So… Let’s see how to buy altcoins in Canada in 2022.
What Is Altcoin?
Any cryptocurrency that is not Bitcoin is called an altcoin. Ethereum is an altcoin, for example. It means alternative coin – alternative to Bitcoin. There are several crypto exchanges in Canada that offer altcoins, so if you’d like to buy some, see our guide below for how to buy altcoins in Canada.
How to Buy Altcoins in Canada in 2022?
As with purchasing Bitcoin, you’ll need to sign up to the Canadian crypto exchange to buy altcoins in Canada. If the crypto exchange is reputable you will need to verify your account in order to trade an altcoin. For this, simply upload identification documents when prompted and you should get verified almost immediately.
Once you have a verified account, you’ll need to deposit Canadian dollars into your fiat wallet in order to buy altcoins. Not all crypto exchanges have Interac e-Transfer as a deposit option, but this is often the cheapest way to deposit funds. Canadian banks don’t always allow debit or credit card crypto purchases, but Interac transfers are not usually an issue.
Once you’ve deposited your Canadian dollars, you’ll be able to buy an altcoins. There are thousands of altcoins in existence and more are being created every day. Some altcoins are available on traditional crypto exchanges, and some altcoins are so new or low-cap that they are only available on decentralized exchanges such as Uniswap or PancakeSwap. If an altcoin is a reputable project, it will most likely be listed on crypto exchanges at some point.
Where to Buy Altcoins in Canada?
Here, we’ve picked some of the best crypto exchanges to buy altcoins in Canada:
These crypto exchanges are secure with solid reputations. Most have reasonable fees and are also suitable for beginners.
Coinsmart is a Canadian crypto exchange that accepts deposits via Interac e-Transfer. On Coinsmart, you can buy altcoins such as Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, stablecoins like USDC, Uniswap, Polkadot, Chainlink, Dogecoin, Shiba Inu, Cardano and even more. Buying altcoins on Coinsmart is easy for beginners thanks to its self user interface. Coinsmart’s trading fees are low at just 0.2% for a single trade and there is a 1% deposit fee for funds below $1,999.
Bitbuy is a Canadian crypto exchange that caters to beginners and experienced traders. It has an Express platform and a Pro platform, so depending on your comfort level, you can trade with as many advanced tools as you like. Bitbuy makes process of buying altcoins very easy. Deposit funds to your Bitbuy account with Interac e-Transfer, and then purchase any of the altcoins available. Bitbuy offers Bitcoin, Ethereum, Bitcoin Cash, EOS, Stellar Lumens, Aave, Chainlink, Litecoin and more. There is a 1.5% deposit and withdrawal fee. Bitbuy is a secure and reputable Canadian crypto exchange that is perfect for purchasing altcoins.
Binance Canada is most suited for experienced traders as the trading platform can be quite confusing. There are hundreds of altcoins available on Binance. With a Binance listing, altcoins usually see a price increase. If an altcoin is listed on Binance then it is most likely a reputable project and not a scam coin. Binance is also highly reputable, so you can purchase altcoins knowing you’re dealing with a top crypto exchange.
Binance has low fees making it cheap to trade altcoins. If you also purchase their native token Binance Coin (BNB) you can get a discount on the trading fees as well. Binance accepts credit/debit cards and wire transfers. It does not accept Interac e-Transfers. Due to regulations, Binance is no longer available for residents of Ontario. So we would not really recommend buying altcoin with Binance if you are from Ontario.
NDAX is another Canadian crypto exchange to buy altcoins. NDAX fees are also low with a fixed 0.2% buy/sell fee and a fixed $25 fee for wire and bank withdrawals. If you’re looking to buy an altcoin in Canada, then NDAX is a good choice. It’s beginner-friendly, secure, and has reasonable fees. With NDAX, you have a choice of altcoins including Litecoin, Ethereum, EOS, Stellar, Dogecoin, Fantom, The Graph, Compound, Aave, Polygon, Cardano, USDT, Chainlink, Polkadot and Uniswap.
Coinberry offers a wide range of altcoins to buy including Ethereum, Litecoin, Stellar, Bitcoin Cash, Cardano, Kyber Network, yearn.finance, Compound, BAT, Aave, Chainlink, Uniswap, Balancer, Synthetix, Curve, Polkadot, and Dogecoin. The Coinberry exchange is beginner-friendly and there are no deposit or withdrawal fees so you can buy altcoins with Canadian dollars easily. There is, however, a higher spread than some other crypto exchanges, but Coinberry is still a solid choice to buy altcoins in Canada.
You can sign up here.
Newton is a beginner-friendly crypto exchange that allows you to deposit Canadian dollars for free and buy many altcoins. Newton claims to be a “no fee” crypto exchange, but the downside is it has higher spreads than other exchanges (0.40% to 0.72%). If the fees are not a concern, Newton has a simple user interface making it easy to use. It has a modern look and it’s fast becoming one of the best places to buy an altcoin in Canada. With Newton, you will likely be verified instantly, so you can purchase an altcoin fast. On Newton you can buy an altcoin such as: Ethereum, Litecoin, Stellar, Bitcoin Cash, Dogecoin, USDC, USDT, Chainlink, Aave, Uniswap, Polygon, Compound, SushiSwap, Curve, Synthetic, Dai, Axie Infinity and Polkadot.
How to Keep Altcoins Safe and Secure in Canada?
If you buy altcoins and wish to hold them for a while before selling, you can move them to a private wallet for safekeeping. Remember that crypto exchanges can be hacked so the safest way to store altcoins is in a wallet. There are many types of crypto wallets in Canada and you can learn more about them in our previous article.
How to Sell Altcoins in Canada?
Typically in a bull market, Bitcoin performs well and altcoins follow suit. It’s possible we will see a bear market sometime soon in which there will be dips in prices. If you start to make some nice profits with your altcoins, you might consider selling before the inevitable bear market starts. If you would like to sell an altcoin, then what you need to do is transfer the altcoin from your private wallet to a crypto exchange. Once your altcoins are on the exchange, go to your crypto wallet for whichever coin you choose to sell (E.g. Ethereum wallet to sell Ethereum) and click the sell button. Here, you will have the choice to sell the altcoin for Canadian dollars. Once you have sold, you can transfer the money to your bank account. There may or may not be withdrawal fees for this transaction. Alternatively, if you wish not to sell, you just spend your crypto assets in various ways.
Can you buy Altcoins in Canada?
Yes, almost every Canadian crypto exchange allows you to buy altcoins, but each exchange will offer different ones. Sign up to the crypto exchange that lists the altcoin you wish to buy, or sign up to Binance which has hundreds of altcoins and lists more every week.
What is the best way and place to buy Altcoins in Canada?
To buy altcoins in Canada you can sign up for a crypto exchange. We recommend Bitbuy, Binance, Coinsmart, NDAX, Coinberry or Newton.
How to trade Altcoins in Canada?
You can swap one altcoin for another on a crypto exchange or a decentralized exchange such as Uniswap. The trading pairs available will be shown when you select to swap or trade. For example, you could swap Ethereum for USDT.
Are Altcoins a good investment for Canadians?
All cryptocurrency investments are risky and you should never invest more than you are willing to lose. That said, altcoins offer the chance for exponential growth, especially if their market cap is fairly low. Bitcoin will probably continue to rise in value but the chance of 100x your investment is low. With altcoins, you could 100x your investment if you pick the right one. However, altcoins are more risky than Bitcoin. The top ten coins are constantly changing and there is no guarantee that your altcoin of choice will still exist in a year or five years. Still, there are good crypto projects out there and you may wish to invest in one you believe in. If you think your altcoin’s market cap has room to grow, then you might consider it a good investment. Additionally, if you buy an altcoin you can diversify your crypto portfolio. To trade an altcoin is a risk but it can be lucrative as long as you avoid scam coins and do your own research first.