How to Buy Ethereum in Canada?
There’s no doubt the cryptocurrency universe is Bitcoin-centred. Bitcoin (BTC) has a monetary policy that keeps balance and incentive hubs sounder than any other crypto. Ethereum (ETH) is the second-largest cryptocurrency and hence, the most reasonable investment strategy if you’re planning to diversify your portfolio beyond Bitcoin.
Before embarking on your Ethereum expedition, you should consider three things:
- Ethereum and Bitcoin are doing different things; they’re not competitors in the crypto arena. The primary role of Ethereum isn’t to mirror digital cash but to serve as a basis for building other tokens, NFTs, and decentralized apps (dApps).
- Ethereum can also be used as an investment or speculative asset. In that case, you’d better use the term Ether or just ETH since Ethereum refers to the entire blockchain.
- Fortunately, the Canadian crypto market can offer secure and well-grounded methods for purchasing ETH.
Now, let’s dive a bit deeper into these points and determine whether ETH investments can make a happy-ending crypto story.
What is Ethereum?
When Ethereum appeared on the scene in 2014, Bitcoin had already weighed $300 and had a substantial fan base worldwide. In fact, the creator of Ethereum, Vitalik Buterin, was a Bitcoin enthusiast himself.
However, he believed that the blockchain had greater potential than just hosting digital currencies. So, Vitalik gathered all resources (a team of first-class developers, ICO, and donations) to create a blockchain platform that allows users to transact data through smart contracts. These are self-executing codes that run automatically when certain conditions have been met.
As such, smart contracts handle data that is decentralized, transparent and immutable. More importantly, smart contracts empower the development of self-governed apps applicable in multiple industries, which can ultimately divert the entire digital ecosystem in a decentralized direction.
In this diverse setup, the Ethereum native currency serves as the fuel that moves the transactions required for smart contracts. More precisely, transactions need power, which in the Ethereum language is called gas, and the gas is settled with ETH. Furthermore, app developers use ETH as a payment method for all services provided by the blockchain.
For you as a potential investor, this means that ETH is a promising investment material because of its immense utility. However, note that compared to Bitcoin, Ether coins don’t have a limited supply and this can negatively affect their scarcity at some point. Scarcity, as you already know, is the moving force in the crypto market.
What to Consider Before Investing in ETH
As there is a myriad of platforms that sell “attractive ETH packages” under the Canadian horizon, the first thing you should do is find a trustworthy marketplace. In Canada, all crypto-providers have to be FINTRAC registered money service businesses, so don’t forget to double-check the company background.
Apart from the regulatory framework, you need to look for a few other green signals in the process of purchasing ETH:
- An exchange platform that supports two-factor authentication;
- Multiple options for fiat payments;
- A user-friendly platform that is easy to navigate;
- A native-based crypto exchange that supports your local fiat currency, which guarantees no extra costs or delays for overseas transactions;
- Devoted customer support;
- Transparent fee system – You shouldn’t stick to the cheapest deal; just be cautious about any hidden fees.
Eventually, the choice for the best platform needs to match your purchasing habits, but these factors form a unified standard that binds all categories of investors together — the security of their assets.
Where Can I Buy Ethereum in Canada?
Ether is a high-performance crypto asset that has proven to be top of its class over time. So, as we mentioned before, you’ll have ample opportunities to buy some.
If you closely follow the above-listed criteria, they’ll lead you to the Bitcoin-only crypto exchange MyBTC.ca. Fortunately, this renowned exchange has recently started supporting Ethereum, giving Canadians the well-known purchasing comfort for another valuable crypto asset.
The large base of MyBTC users has eagerly welcomed the entrance of Ethereum on their favourite Bitcoin spot because of the continuous rewarding experience. MyBTC.ca has contributed greatly to getting Bitcoin closer to the Canadian investment community — thanks to the simplified trading approach and multiple payment methods available to Canadian residents (Interac e-Transfers, credit cards bank wire transfers or Flexepin vouchers).
In addition, MyBTC enables Canadian traders to fund their accounts on the most advanced trading platform Binance. Instead of waiting up to 10 days for KYC verification on Binance, you can get verified on the MyBTC.ca platform nearly instantaneously, and transfer your funds to your Binance account. Now, with Ethereum in the picture, this feature will give a new dimension to your exposure on the global crypto scene.
All things considered, if you decide to follow the safe path for your Ether investment, look no further than MyBTC.ca.
Alternative Methods for Buying Ethereum
Apart from regulated centralized exchanges, you can find a couple of non-standard, yet legit destinations for ETH purchases.
Peer-to-Peer (P2P) Crypto Exchanges
P2P exchanges feature a different operational model from traditional crypto exchanges. Crypto traders use P2P platforms as a database for finding a suitable trading counterpart. After the buyer and seller “match” each other based on the agreed amount of Ether and the payment method, they set the transaction terms on their own, without the exchange serving as an intermediary in the process.
This trading approach may provide more choices for traders to select a payment method, but it doesn’t give the necessary sense of user protection, which is an instrumental factor for virtual business ventures.
Bitcoin ATMs or BATMs are a handy way of purchasing BTC with cash. However, the majority of the 2,500 BATMs across Canada support ETH as well.
The BATM purchasing process is pretty straightforward, intuitive, and clearly explained on the screen. First, you’ll have to undergo an identity check-up, which can differ depending on the ATM model, scan the QR code of your crypto wallet, and insert the desired amount of cash. Your newly-purchased ethers will be delivered to your wallet as soon as you get home.
However, BATMs impose an extra charge for this convenience. They’re ultimately the most expensive method for crypto purchases, totalling over 10%-commission per transaction. Finally, the amount of ETH you can buy using a Bitcoin ATM is quite limited.
A Few Ending Words…
The Ethereum network is built on an architecture that offers attractive prospects for a bright future. The world can turn decentralized faster than we expect, and in such a course of events, your Ether holdings will be worth a fortune.
In terms of marketcap, Ether might never surpass Bitcoin, which has earned the status of digital gold thanks to mainstream institutional support. However, Ethereum can perfectly play the role of digital silver — not because of the analogy to the next-valuable metal but because of its practical use cases in many off-chain industries — from insurance companies to entertainment.
Opening space for another asset in your crypto portfolio doesn’t have to be burdensome. If you have a reliable crypto exchange for keeping the wind at your back, investing in Ether can be seamless — without frustrating on-platform navigation, lengthy transaction lags, and unresponsive customer support.