What Is Cardano (ADA)?
Cardano (ADA) is a proof-of-stake blockchain that allows for smart contracts and decentralized apps to be built upon it. Cardano took the crypto world by storm earlier this year. When it was announced that Cardano would implement smart contract capabilities, many people suddenly wanted to purchase ADA. The price of Cardano pumped. This time last year the price of Cardano was $0.12 CAD. After the announcement, the price jumped to an all-time high of $3.92 CAD in September, 2021. As of May 2022, ADA dropped to $0.98 CAD which some consider a good time to buy Cardano. Many Canadians believe Cardano to be a good investment because it fundamentally has good technology and an impressive team led by Charles Hoskinson, Co-founder of Ethereum.
How to Buy Cardano (ADA) in Canada?
To buy Cardano in Canada you need to find a Canada-friendly crypto exchange and sign up. Any reputable exchange will ask you to verify your account by providing a government-issued ID, a selfie so they know it’s really you, and sometimes a proof of address. Once you have a verified account you will be able to trade Cardano.
Where to Buy Cardano (ADA) in Canada?
Below we have picked out some of the best places you can buy Cardano in Canada. These crypto exchanges offer some of the lowest fees, highest security, reputation, and ease of use. You can purchase Cardano easily with any of these exchanges.
Coinsmart is probably the most popular crypto trading platform to buy Cardano (ADA) in Canada due to its fast buy/sell process and low trading fees.
Coinsmart lists some of the most popular cryptocurrencies including Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, USDC, Uniswap, Dogecoin, Shiba Inu, Polkadot, Chainlink and Cardano. If you wish to buy a Cardano coin, all you need to do is deposit your Canadian dollars via Interac e-Transfer. While anything less than $2,000 will incur a small fee, trading fees on Coinsmart are low, so you can buy ADA relatively cheaply. Coinsmart is also beginner-friendly and has one of the easiest crypto exchanges to use. We think it’s one of the perfect places to buy ADA in Canada.
You can sign up for Coinsmart here to get free $50 that you can swap over Cardano.
NDAX is a top Canadian crypto exchange that allows you to buy ADA easily. Simply deposit Canadian dollars for free via Interac e-Transfer and buy a Cardano coin. There is a fixed 0.2% buy and sell fee and all withdrawals cost $25. NDAX also lists Litecoin, Ethereum, EOS, Stellar, Fantom, Dogecoin, The Graph, Compound, Aave, Polygon, USDT, Chainlink, and Uniswap. If you’re looking to buy ADA, you can’t go wrong with NDAX. It offers fast customer support, low fees and top security.
You can sign up for NDAX here (you’ll get a $10 bonus on your first $100 trade).
You’ve most likely heard of Binance because it is the biggest crypto exchange in the world. Offering some of the lowest fees around, Binance also gives a discount on fees to anyone who holds Binance Coin (BNB). To buy ADA, you can use your debit or credit card or do a bank transfer via a third party such as Banxa. Binance is a good reputation for being one of the most secure crypto exchanges, so you can buy a Cardano coin without worry.
You can sign up for Binance here.
Newton is a Canadian crypto exchange that is simple to use, has a modern look, and is perfect for beginners. Newton is a “no fee” crypto exchange meaning it does not charge deposit or withdrawal fees. The downside is it has slightly higher spreads than other crypto exchanges, but if you’re looking for one of the easiest and fastest ways to buy Cardano in Canada, then Newton is one of the best places. It offers instant verification, good customer service, and a lot of helpful educational resources.
You can sign up for Newton here (you’ll get a $25 as a bonus).
Crypto.com is fast becoming one of the top crypto exchanges in the world. The exchange offers free deposits with Interac e-Transfer, reasonable trading fees, and a host of features such as crypto Visa cards, staking crypto, and NFTs. Crypto.com is a great place to buy ADA in Canada thanks to its easy-to-use app, intuitive design, and suitability for beginners. Crypto.com has hundreds of different coins available and it is friendly to Canadians. Crypto.com is fast becoming one of our favourite exchanges so we think it is one of the top places to buy Cardano in Canada.
You can sign up for Crypto.com here.
How to Keep Cardano Safe and Secure in Canada?
Keeping your Cardano coin safe should be one of your top priorities. Cardano is best kept in a private crypto wallet. To do that, choose one of the crypto wallets we reviewed in our previous article, and then move your Cardano from the exchange to your wallet. Leaving Cardano on a crypto exchange keeps it vulnerable to theft, so always transfer valuable crypto assets to a wallet for safekeeping. If you buy Cardano, the last thing you would want is for someone to steal it.
How to Sell Cardano in Canada?
To sell a Cardano token in Canada you need to move your Cardano token from your wallet where you keep it safe back to a crypto exchange. Since you already signed up to a crypto exchange to buy ADA, it’s easiest to use the same exchange to sell it. Simply withdraw from your wallet to the crypto exchange and then find the sell button. You will be able to sell Cardano for Canadian dollars and then withdraw the money to your bank account. Depending on the crypto exchange, there may or may not be withdrawal fees.
Cardano (ADA) Canada FAQs
Can you buy Cardano in Canada?
What is the best way and place to buy Cardano in Canada?
You can buy a Cardano coin on any of the crypto exchanges we listed in this article. Depositing Canadian dollars via Interac e-Transfer is usually the cheapest way to purchase ADA, but using your credit or debit card will be the fastest way to buy ADA since you won’t have to wait for funds to settle.
How to trade Cardano in Canada?
You can trade ADA for other cryptocurrencies on a crypto exchange. When you click the trade button you will see the trading pairs available.
Is Cardano (ADA) a good investment for Canadians?
Any crypto investment is risky and you should do your own research. We think Cardano has a great team behind it, solid fundamentals and technology. While it reached its all-time high this year, it could still have room to grow. Smart contract capabilities are now available on Cardano and slowly but surely, more and more developers will build on its technology. While it has been dubbed the ‘Ethereum killer” only time will tell if it can compete with Ethereum. Cardano has a promising future if you believe it can coexist with Ethereum 2.0.