How To Buy Aave in Canada: 7 Best AAVE Crypto Exchanges 2022

Looking to buy Aave (AAVE) in Canada?

This article covers the top Canadian crypto exchanges and brokerage platforms that offer the Aave crypto token to investors in Canada.

Aave is a decentralized finance (DeFi) lending protocol that is changing how people borrow and lend cryptocurrencies.

Its native token, AAVE, provides liquidity to the protocol and lenders earn interest when they stake their holdings.

How To Buy Aave (AAVE) in Canada

To buy Aave (AAVE) in Canada, you need to open a crypto trading account at a cryptocurrency exchange that supports the token.

Verify your account and fund it using fiat currencies (CAD or USD). Some platforms also allow you to transfer your existing crypto assets from an external wallet so you can place crypto-crypto orders.

Search for AAVE on the crypto exchange and buy the number of Aave coins you are interested in.

After purchase, you can transfer AAVE to a personal wallet or leave it on the exchange.

Where To Buy Aave in Canada

The top 5 crypto exchanges to buy Aave in Canada are NDAX, Newton, Bitbuy, Wealthsimple Crypto, and Crypto.com. We compare them below.

1. Bitbuy

Bitbuy is one of the best places to buy Aave in Canada.

In addition to AAVE, Bitbuy also offers 15 other coins including Uniswap, Polkadot, Chainlink, Polygon, Solana, and many others.

This platform is approved by the Ontario Securities Commission (OSC) as a registered marketplace for crypto assets and an investment dealer.

Bitbuy users are usually instantly verified and you can fund your account using Interac e-Transfer or bank wire. Crypto deposits from external sources are also supported.

Fees: Trading fees on Bitbuy are some of the lowest in Canada ranging from 0.10% to 0.20%. There are also variable fees when you deposit fiat (CAD) or withdraw fiat and crypto.

Security: Bitbuy stores 99% of the platform’s crypto holdings in cold storage where it is covered by a comprehensive insurance policy. It also uses 2-factor authentication (2FA) and other industry-standard measures to protect your account.

Offer: Get a $40 bonus when you open an account and deposit at least $250.

Learn more in this Bitbuy review.

2. NDAX

The NDAX crypto exchange offers AAVE and 30+ other popular coins.

This platform works well for both advanced and beginner crypto traders with its one-click trading options, advanced charting tools, and multiple order types. It also allows for automatic recurring purchases.

You can fund your NDAX account easily with fiat currencies using Interac e-Transfer, wire transfer, or bank draft. It also supports crypto deposits.

Fees: Low trading fees at 0.20; free fiat deposits; variable crypto withdrawal fees.

Security: As per its website, NDAX uses cold storage to store most coins on the platform. It also uses mandatory 2FA, access controls, daily audits, and other strategies to protect your account.

Offer: Get a $10 bonus when you open an account and fund it with at least $100.

3. Newton

Newton is an excellent platform to buy Aave if you are new to cryptocurrency trading. The platform is available on all devices and supports over 70 cryptocurrencies including AAVE.

Easily fund your account via Interac e-Transfer or deposit crypto seamlessly.

Fees: Trading fees on Newton can be up to 0.70%. There are no fees to deposit or withdraw Canadian dollars.

Security: As per its website, it stores “the vast majority of our crypto in secure locations with no access to the internet”. It also uses 2FA.

Offer: Get a $25 bonus when you open an account and fund and trade at least $100.

4. Wealthsimple Crypto

This crypto trading brokerage offers 42 coins including AAVE and many popular ones like Bitcoin, Ethereum, Dogecoin, Cardano, and others.

Wealthsimple Crypto is available across all devices and you can fund your account quickly using bank transfer.

Fees: Users pay 1.5-2% trading fees; cash deposits and withdrawals are free.

Security: Your assets are held in cold storage with a regulated custodian that carries cold storage insurance. It also uses 2FA.

Offer: Get a cash bonus when you open an account and deposit at least $300.

5. Crypto.com

Crypto.com supports Aave trading, crypto staking NFTs, and crypto Visa cards. You can use the platform to buy and sell over 150 cryptocurrencies.

To fund your Crypto.com account, the options include bank transfer, credit card, debit card, and crypto deposits.

Fees: Varies up to 0.40%; often waived when you pay using Crypto.com Coins (CRO).

Security: As per its website, 100% of users’ crypto is held offline in cold storage and the company has $750 million in cold storage insurance. It also uses 2FA.

Offer: When you open an account and stake CRO for a crypto Visa card, you get a $25 CRO bonus (staking starts at $400 USD).

Two other popular crypto exchanges that offer Aave in Canada are:

What is Aave (AAVE)?

Aave is an open-source, decentralized lending and borrowing protocol where crypto holders can deposit their tokens to earn interest without middlemen. 

This no-custodial liquidity protocol runs on the Ethereum blockchain and employs smart contracts to manage assets through a distributed network of computers running the Aave software.

Thus, users don’t have to entrust their money to a particular institution, but only need to trust that the smart contract code will execute as written.

To achieve that, the Aave protocol facilitates the creation of lending pools where users can deposit up to 17 cryptocurrencies to earn interest, including Dai, Gemini Dollar, sUSD, TrueUSD, USD Coin, USDT Coin, Ethereum, ChainLink, Binance USD, Uniswap, Yearn.Finance, Aave, and more.

Borrowers can then post collateral and borrow any crypto tokens of choice up to the value of the collateral posted. This enables users to work with different cryptocurrencies without actually buying or owning them.

Aave also offers flash loans.

These loan types require no collateral, but they must be settled instantly and paid back with interest in the same transaction. They come in handy for users who want to profit from cryptocurrencies that are priced differently on different exchanges.

Aave uses two tokens:

  • aTokens: They are pegged on the value of another asset and issued to lenders so that they can collect interest on deposits.
  • AAVE token: The native token of the Aave protocol that  can be used to obtain interest-free loans, get discounts on fees, and access higher loan limits.

How To Store Aave

If you have invested a significant amount of money in Aave, it is recommended that you use a physical hardware wallet to store it.

Hardware wallets are not connected to the internet and they can help you secure your private keys.

The top hardware wallets include Ledger Nano S and Ledger Nano X. These two wallets can store AAVE ERC-20 tokens.

When moving crypto assets to an external wallet, always double-check that you are sending them to a compatible wallet, or else you could lose your funds.

Here’s a guide on how to use Ledger.

Is Aave a Good Investment?

If you believe in the continued growth of decentralized finance (DeFi), then Aave could be a good investment for you.

While past performance is not always a predictor of future performance, AAVE’s price history has seen it rise from a low of $53.68 to a high of $666.86 within the last year alone.

Since its all-time high in May 2021, the price of Aave has pulled back significantly to $84 as of this update.

Cryptocurrencies are well-known for wild price fluctuations, so invest in any token with extreme caution.

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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