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The crypto market has been gaining popularity over the years, particularly with cryptocurrencies like Bitcoin and Ethereum. Among the multitude of cryptocurrencies available, the token Cardano (ADA) has also been gaining traction. Cardano was created by Charles Hoskinson and Jeremy Woodin in 2017. Now its development is managed by the Cardano Foundation, IOHK, and Emurgo.
If you’ve been thinking about buying Cardano in Canada, find out how you can do it safely, securely and quickly.
Cardano is both a digital currency you can buy and a place to make transactions on the Cardano network.
Cardano can be bought and sold in Canada through these two methods:
These exchanges are the most common mechanism used to trade crypto assets; it can be as simple as downloading an app onto your phone. ADA is available for trade on Canadian exchanges such as CoinSmart, Newton, Wealthsimple, NDAX, and more.
ADA is also available on non-Canadian platforms like Binance and Kraken. Do note, ADA cannot be held in a TFSA, RRSP, or non-registered investment account.
Brokerages act as an intermediary between the investor and the market. With a brokerage, like Robinhood, buying and selling are facilitated based on prices set by the brokerage.
In order to purchase Cardano, you will need to sign up for a brokerage or exchange account. While each platform will have varying sign-up and funding processes, the following are a few steps you can expect for most exchanges:
Many cryptocurrency exchanges in Canada support Cardano (ADA) trading. Below are some of the best platforms to buy and sell Cardano (ADA).
CoinSmart is one of the top Canadian crypto trading platforms; it also functions as a cold wallet that allows users to hold over 15 cryptocurrencies in storage.
Coinberry opened in 2017 and is one of Canada’s oldest crypto platforms. They’re also one of the safest platforms as they’re a FINTRAC-registered platform. They offer a large variety of digital assets including various cryptocurrencies, NFT marketplaces, metaverse, and blockchain protocols.
WealthSimple Crypto is a popular exchange available through the WealthSimple Trade application; it began facilitating ADA transactions in 2021. Wealthsimple Crypto is Canada’s first regulated crypto platform and allows you to buy and sell various cryptocurrencies including Cardano (ADA) easily through their app. Moreover, you can start investing with as little as $1.
NDAX is the National Digital Asset Exchange and they offer investors an easy and simple way to trade crypto. Their platform is not only easy to use for beginners, but they also offer advanced trading tools and features that more experienced traders can take advantage of. They also offer low fees as well as 24H support.
Newton is a user-friendly, Ontario-based exchange founded in 2018. Their goal is to make crypto trading accessible to everyone. Their goal is to constantly innovate to provide their consumers with the best services and features at an affordable price. They offer various features such as charts that can help you assess whether you should enter or exit a market.
When storing ADA there are two crypto wallet options at an investor’s disposal, a hot wallet or a cold wallet:
Cold wallets, aka cold storage or hardware wallets, store crypto assets offline. This makes them highly secure and resistant to hackers as the keys are generated offline. A few popular cold wallets are:
Hot wallets, aka software wallets, are connected to the internet making them easier and quicker for the user to access, but this also makes them more susceptible to cyber-attacks and hackers. These wallets are often free to use. Some of the most popular hot wallets are:
Cardano (ADA) is an up-and-coming Proof-of-Stake currency that presents an interesting investment opportunity. Before investing in ADA, it is important to consider the price volatility of ADA prior to purchase.
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