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.
What Is Cardano (ADA)?
Cardano is both a digital currency you can buy and a place to make transactions on the Cardano network.
- Cardano Network – Cardano is the blockchain. Cardano is a “proof-of-stake blockchain platform”. Proof of Stake (PoS) blockchain platforms involves crypto staking as opposed to Proof of Work (PoW) which involves mining.
- Cardano Digital Currency – ADA is the coin that supports the Cardano network. This is similar to how ether is to the Ethereum blockchain.
Where Can You Buy Cardano (ADA) In Canada?
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.
How To Buy Cardano (ADA) In Canada?
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:
- Sign Up For An Account: To do this, you must be a Canadian citizen/resident with a valid SIN, meet the minimum age requirement in your province, and have a valid Canadian address. You’ll need to provide your date of birth, email address, phone number, and other personal information.
- Verify Account: This can be done by uploading a piece of government-issued photo identification.
- Fund Account: Once your account is verified, you can start funding your account. You’ll need to connect your banking account and provide relevant verification information to fund your account.
- Buy Cardano (ADA): Once the funds are available in your account, you can go ahead and purchase ADA.
Best Platforms To Buy Cardano (ADA) In Canada
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.
- Coins Available: CoinSmart supports 16 coins including Cardano (ADA), Bitcoin, Ethereum, Tether, and more.
- ADA Funding Methods: When purchasing ADA through CoinSmart, there are a few options available. A user can instantly fund their account with a credit card. They can also use a bank transfer (i.e. a wire transfer or Interac e-transfer) which will fund the account the same day. SmartTrade is another option that allows users to trade ADA with other tokens.
- ADA Trading Fees: CoinSmart trading fees are relatively low, 0.2% for a single trade and 0.3% for a double trade.
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.
- Coins Available: Coinberry facilitates up to 29 different cryptocurrencies including Cardano (ADA), Bitcoin, Ethereum, LINK, and more.
- ADA Funding Methods: Coinberry doesn’t charge any fees for deposits or withdrawals, however, there are certain funding and withdrawal thresholds. For example, accounts can be funded through Interac e-transfer ($100 – $10,000) and wire transfer ($10,000 – unlimited).
- ADA Trading Fee: There are no fees for withdrawing or depositing fiat, however trading fees go up to 2.5%.
3. Wealthsimple Crypto
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.
- Coins Available: WealthSimple Crypto facilitates transactions for over 25 coins including Cardano (ADA), Bitcoin, DOGE, Compound, and more.
- ADA Funding Methods: The only way to fund your Wealthsimple Crypto account is through a connected bank account; Interac is not available at this time.
- ADA Trading Fee: The operating fees for Cardano are between 1.5%-2% depending on the amount traded.
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.
- Coins Available: NDAX is compatible with over 30 tokens including Cardano (ADA), DOGE, Bitcoin, XRP, and more.
- ADA Funding Methods: There are a few different methods to fund an account for free including Interac e-Transfer, wire transfer, bank draft, and crypto deposits.
- ADA Trading Fee: Whether you’re looking to buy or sell, the trading fee is 0.2%.
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.
- Coins Available: Newton offers over 70 coins including Cardano, LTC, Ethereum, Bitcoin, and more.
- ADA Funding Methods: A Newton account can be funded by Interac e-transfer, bank wire, and crypto deposits.
- ADA Trading Fee: Up to 0.7% price spread.
Should You Store Cardano In Hot Or Cold Wallets?
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:
- Ledger Nano S
- Ledger Nano X
- Trezor Model T
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) FAQs
Does Cardano have a wallet?
Can I buy Cardano ADA in Canadian dollars?
Can I stake Cardano using a wallet?
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.