How and Where To Buy Avalanche (AVAX) in Canada 2022

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by Enoch Omololu

Updated

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Looking to buy Avalanche in Canada? Below, I cover where and how to buy the Avalanche (AVAX) token easily.

Avalanche, the super-fast, low-cost, smarts contract platform that is widely seen as an Ethereum competitor, has seen the price of its AVAX token rise significantly over the last few months.

Read on to learn about how to buy Avalanche on exchanges including Newton, Wealthsimple Crypto, Coinbase, Binance, and others.

What is Avalanche?

Avalanche is an open, programmable smart contracts platform that provides a layer one blockchain network for building decentralized applications (DApps) and custom private or public blockchains (subnets). 

It was launched in 2020 by Ava Labs, founded by Cornell University Professor Emin Gun Sirer.

The Avalanche blockchain uses Proof of Stake (PoS) consensus to secure the network and aims to become the fastest blockchain for smart contracts by having a higher transaction throughput. 

To achieve that, Avalanche utilizes three interoperable blockchains, namely:

  • The Exchange Chain (X-Chain): Uses the Avalanche consensus mechanism to create and exchange the native Avax tokens with other assets on the network.
  • The Contract Chain (C-Chain): Uses the Avalanche’s Snowman consensus, similar to Ethereum Virtual Machine, to host smart contracts and decentralized applications, hence allowing developers to create EVM-compatible DApps.
  • The Platform Chain (P-Chain): Uses the Snowman mechanism to coordinate network validators as well as create and track subnets.

According to Ava Labs, the Avalanche network can process 4,500 transactions per second vs. Ethereum’s 13 transactions per second.

AVAX, the Avalanche’s native token, is used to facilitate transactions and services on the Avalanche network. It’s also used to cover gas fees, and users can stake their Avax tokens to secure the network.

How and Where To Buy Avalanche (AVAX) in Canada

How To Buy Avalanche (AVAX) in Canada

To buy the Avalanche coin, you will need to open an account at a cryptocurrency exchange that supports it.

Fund your account with Canadian dollars to buy AVAX directly, or in the case of a platform that offers AVAX -crypto pairs, you can deposit and swap crypto from your external wallet.

Buy Avalanche and transfer it to your hardware or software wallet.

Where To Buy Avalanche in Canada

The best places to buy Avalanche (AVAX) include:

1. Buy Avalanche on CoinSmart

CoinSmart is the top crypto exchange in Canada for a variety of crypto assets including Avalanche, Solana, Uniswap, Polygon, Polkadot, and many others.

You can fund your cryptocurrency exchange account with fiat or crypto coins and begin trading within minutes.

CoinSmart works for both beginners and advanced traders and you get access to real-time market data as well as multiple order types.

When you first sign up here, you receive a $30 bonus.

CoinSmart Crypto Exchange

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Offers 16 popular coins

Great for new & advanced traders

0.20% trading fee

Get a $30 bonus when you deposit $100

2. Buy Avalanche on Newton

Newton is one of the best platforms to buy Avalanche coins and a host of other crypto assets. As of this writing, you can use it to trade 60 coins and tokens including AVAX.

After creating an account, fund it with CAD fiat and place your order for Avalanche tokens.

Funding methods include Interac e-Transfer, bank wire, and crypto deposits. Trading fees on Newton are included in the price spread and can be up to 0.70%. There are no fees to deposit or withdraw fiat.

New clients who open an account here and trade Crypto worth $100 or more get a $25 bonus.

Newton

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Trade 60 popular coins

Excellent crypto broker for newbies

Up to 0.70% trading fee

Get a $25 bonus when you trade $100

3. Buy Avalanche on Wealthsimple Crypto

You can buy Avalanche tokens on Wealthsimple Crypto in only a few clicks. This crypto platform is designed with beginners in mind and offers 42 coins.

To fund your account, send money from your bank account via electronic funds transfer.

It also recently introduced funding via crypto deposits, however, you can’t move crypto off the platform into your external wallet at this time.

Trading fees on Wealthsimple Crypto range between 1.5% and 2%. Fiat deposits and withdrawals are free. When you open an account here and trade $300 worth of assets, you get a $100 bonus.

Wealthsimple Crypto

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Trade 42 cryptocurrencies

Excellent trading platform for beginners

1.5% to 2% trading fee

Get a $100 bonus when you trade $300

4. Buy Avalanche on NDAX

If you had to ditch Binance last year due to regulatory challenges, NDAX is the Binance alternative you are looking for.

You can use NDAX to trade 32 coins including Avalanche (AVAX), Solana, Algorand, Compound, The Graph, Fantom, and 22 others.

It also offers a variety of order types for more experienced crypto traders. You can fund your account using Interac e-Transfer, wire transfer, bank draft, and crypto deposits.

The trading fees are low at 0.20%; fiat and crypto deposits are free, and there is a low fee to withdraw funds.

If you open an account here and deposit $100, you receive a $10 bonus.

NDAX Crypto Exchange

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Trade 32 popular coins

Access to one-click trades and advanced tools

0.20% trading fee

$10 bonus when you deposit $100

5. Buy AVAX on Binance

Binance offers over 300 coins, including Avalanche. It is the world’s largest crypto exchange and the most versatile if you are an experienced trader.

That said, Binance is not available to residents of Ontario. Although it recently registered with FINTRAC as a Money Service Business, it remains unclear whether its status in Ontario will change any time soon.

You can fund your Binance account using a bank transfer, crypto deposits, debit, and credit cards.

If you are looking to trade an AVAX-crypto pair, Binance supports a few (AVAX/USDT, AVAX/BUSD, AVAX/BNB, and AVAX/BTC).

Trading fees on Binance vary depending on your account tier and can be up to 0.10%. You can save up to 45% on trading commissions when you sign up here.

6. Buy AVAX on Coinbase

Coinbase, the largest U.S. crypto exchange, also supports Avalanche trading. You can fund your account with a wire transfer, debit card, and crypto from your wallet or another exchange.

The trading fees on Coinbase are up to 0.50%, with varying fees for withdrawals and deposits as well.

Get a $10 bonus when you open an account and trade assets of $100 USD or more.

You can also learn more in this review of Coinbase.

How To Sell Avalanche in Canada

To sell your AVAX tokens, visit your crypto exchange account and place a sell order.

If you had moved your AVAX holdings offline to a hardware wallet, you would need to transfer them back to the exchange in order to sell.

That said, some wallets make it possible to sell your crypto assets directly from your dashboard.

How To Store Avalanche

Looking for where to store your Avalanche tokens?

It is generally recommended to move your digital assets offline to a cold hardware wallet such as Ledger Nano S or Ledger Nano X.

You can also use a web wallet such as the Avalanche wallet or MetaMask.

Regardless of which wallet you use, always keep your private keys safe.

Is Avalanche a Good Investment?

If you had invested in Avalanche 12 months ago at $7.19, you would have had a 1000% return on your investment as of today.

Is AVAX a good investment? It depends on many factors including the ability of the Ethereum network to drastically lower its high gas fees.

The key metrics for Avalanche as of this writing are:

  • Avalanche price: $99.18
  • Market capitalization: $26.50 billion
  • Ranking: #10
  • Circulating supply: 267 million
  • Total supply: 395 million

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How and Where To Buy Avalanche (AVAX) in Canada 2022

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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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