How To Buy Balancer (BAL) in Canada Aug 2022

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by Enoch Omololu, MSc (Econ)

Published on

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Looking for where to buy Balancer (BAL) in Canada? This guide covers the top Balancer exchanges you can use.

Balancer is an automated market maker or decentralized cryptocurrency trading platform built on Ethereum.

Read on to learn about how to invest in the Balancer coin.

What is Balancer?

Balancer is a modern DEX platform built on the Ethereum blockchain. It was launched in 2020 by Balancer Labs, and anyone can trade Ether and other ERC-20 tokens on the platform.

It works as an automated market maker (AMM), a type of crypto exchange that doesn’t use order books nor require users to sign up for accounts.

The Balancer platform brings together liquidity providers and traders/investors looking to swap their assets or provide liquidity in an open, trustless environment.

  • Traders: These are users looking to swap tokens against one another
  • Liquidity providers: They provide liquidity to the balancer protocol by creating their own pools or contributing to pre-existing ones to earn rewards from trades.

The Balancer protocol has its own utility token, the Blancer token (BAL), which is used to cover gas fees, pay pool rewards, and govern the protocol. The BAL token can be bought and traded on major exchanges.

The Balancer platform can be accessed via Ethereum wallet solutions like MetaMask, WalletConnect, and DApp browsers.

How To Buy Balancer in Canada

1. Open an account: Create an account at a crypto exchange that offers Balancer. Because this altcoin is not as popular as Bitcoin or Ethereum, only a handful of exchanges support it in Canada.

2. Fund your account: After opening your crypto account, fund it using Canadian dollars or transfer in your existing crypto assets from an external wallet.

3. Buy BAL: Place a ‘buy’ order for Balancer. Some exchanges offer BAL-crypto and BAL-CAD pairs, so you may not need fiat currency to buy Balancer.

4. Store Balancer: It is generally advised to keep your cryptocurrency offline using a hardware wallet like Ledger. You can also leave your Balancer assets on the exchange.

Where To Buy Balancer (BAL) in Canada

The top two cryptocurrency exchanges offering Balancer in Canada are:

1. Coinberry

Coinberry is a crypto brokerage based in Toronto. It supports several popular coins including BAL and its top features include:

  • Beginner-friendly crypto trading setup
  • Live support
  • Up to 3% trading fee; free deposits and withdrawals
  • Welcome bonus
  • FINTRAC-registered

Offer: Get a $30 bonus when you deposit and trade $50 in your new account.

Coinberry

coinberry logos

Good crypto brokerage for beginners

Offers multiple coins

Up to 3% trading fee

Get a $30 bonus when you trade $50

2. Wealthsimple Crypto

Wealthsimple Crypto is a top crypto brokerage in Canada offering 50+ coins. It is on the same platform as the company’s Wealthsimple Trade product, a no-commission brokerage for stocks and ETFs.

Its top features include:

  • Trade crypto coins, stocks, and ETFs in one place
  • 50+ coins including BAL
  • 1.5% to 2% trading fee; free withdrawals and deposits
  • Canada-based and FINTRAC-registered Money Service Business
  • User-friendly for beginners

Offer: Get a $25 bonus when you deposit and trade $150 in your new Wealthsimple Crypto account.

Wealthsimple Crypto

wealthsimple logo

Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $150

3. Binance

Binance is the largest cryptocurrency exchange in the world. It offers Balancer and hundreds of other altcoins and stablecoins (over 600 coins in total).

Top features of Binance include:

  • Available on all devices
  • Very low trading fees at 0.10% or lower
  • Multiple funding options
  • Offers crypto staking so you can earn interest on your crypto assets
  • Crypto derivatives markets
  • NFT marketplace
  • Software wallet (Trust Wallet), and more
  • Crypto Card

Note that Binance is not available to residents of Ontario.

Offer: Get a 20% lifetime fee discount. When you pay trading fees using the Binance Coin (BNB), you get an extra 25% discount (45% fee discount overall).

Binance

binance

Trade hundreds of popular coins

Best for advanced crypto trading tools

Up to 0.10% trading fee

Get a 20% lifetime trading fee discount

4. Newton

Newton is a Canadian crypto brokerage platform available in all provinces and territories. It is one of the best places to buy Balancer. Its top features are:

  • Instant verification
  • 70+ coins, including BAL
  • 0.70% trading fee with free deposits
  • Canada-based and FINTRAC-registered Money Service Business (MSB)
  • User-friendly for beginners

Offer: Get a $25 bonus when you open a new account and trade $100 worth of crypto coins.

Newton

newtonlogo

Trade several popular coins

Excellent crypto broker for newbies

Up to 2.00% trading fee

Get a $25 bonus when you trade $100

How To Sell Balancer

Selling Balancer (BAL) is just as easy as buying it. The steps are:

  1. Sign-in to your crypto exchange account and search for your Balancer wallet.
  2. Place a ‘Sell’ order for BAL at either the current market price (market order) or a specific price you prefer (limit order).
  3. When your sell order is completed, the cash proceeds are added to your fiat balance.

What To Look For in a Balancer Crypto Exchange

You should consider several factors when choosing an exchange to invest in Balancer and other cryptocurrencies.

Some of my top considerations are:

Trading fees: Choose a crypto exchange that has competitive trading fees. Fees eat into your investment returns, and the lower they are, the better.

Security: Investigate the security measures put in place by the exchange to secure your assets. Security features can include 2-factor authentication, cold storage, insurance, etc.

Crypto selection: Confirm that the exchange offers the coins you plan to buy and sell.

Funding options: It is better to have multiple ways to fund your account such as crypto deposits, debit card, Interac e-Transfer, credit card, bank wire, etc.

Crypto withdrawal options:  The exchange should give you the option to withdraw your crypto to an external wallet if you so wish.

How to Store Balancer

You can store Balancer using a variety of hardware and software wallets.

The most popular hardware wallets in Canada are:

Balancer Canada FAQs

Is Balancer legal in Canada?

Is Balancer legal in Canada? While Balancer is not legal tender in Canada, it is legal for anyone to buy it in Canada.

Is Balancer a good investment?

Balancer, like every other cryptocurrency, is a speculative investment, and you can lose or make money when you invest in it. If the crypto market does well, there’s a chance Balancer will increase in price. If there is a prolonged crypto bear market or the government bans Balancer, its value could go to zero.

How do I get Balancer coins in Canada?

You can easily buy Balancer in Canada using Binance, Wealthsimple Crypto, or Newton.

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.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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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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