How To Buy Cardano in Canada 2021

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by Enoch Omololu

Updated

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Want to buy Cardano in Canada? We cover how and the cheapest places to buy it below.

ADA (Cardano) is one of the most popular cryptocurrencies in the world right now, ranking as #4 on the basis of market capitalization.

As the native currency for the Cardano blockchain, ADA facilitates transactions and gives holders voting rights on changes to the technology.

The Cardano token has seen a significant increase in value in the last year, rising from $0.07589 per coin to as high as $3.10.

What is Cardano?

Cardano is a “proof-of-stake blockchain platform”. It was created in 2017 by Charles Hoskinson and Jeremy Wood, and its ongoing development has been tasked to the Cardano Foundation, IOHK, and Emurgo.

The Cardano blockchain was the first to be designed using peer-reviewed research and is often seen as the next-gen platform for smart contracts. This blockchain is also referred to as Ouroboros which is the secure protocol it uses.

ADA, the currency used by the Cardano blockchain has a circulating supply of 32 billion tokens, and a maximum supply pegged at 45 billion.

Use cases for Cardano exist in education, retail (anti-counterfeiting), agriculture, government, finance, and healthcare.

How To Buy Cardano (ADA) in Canada

You can easily buy Cardano in Canada by either using a:

  • Cryptocurrency Exchange: NDAX, CoinSmart, and Bitbuy; or
  • Cryptocurrency Broker: Newton, Wealthsimple Crypto, and Coinberry.

To get started, sign up for your preferred platform using the links on this page to take advantage of their promotional offers.

In order to comply with the KYC regulatory requirements, the crypto platform is required to verify your identity.

Typically, this is done automatically during the registration process. If they can’t verify you instantly, you will need to provide a copy of your government-issued ID (e.g. passport or driver’s license) and take a selfie video or photograph.

You may also be asked to send a copy of your utility bill or bank statement for address verification.

After opening your crypto account, easily fund it using Interac e-Transfer (usually instant) and proceed to buy Cardano and other coins you are interested in.

Where to Buy Cardano in Canada

Many of the top cryptocurrency exchanges in Canada support Cardano (ADA) trading. Examples include CoinSmart, Newton, NDAX, Bitbuy, Coinberry, and Wealthsimple Crypto.

1. Newton

Newton is a cryptocurrency trading platform founded in 2018. Based in Ontario, it is available across Canada and supports several crypto assets including Cardano.

The platform is accessible via web and smartphone apps.

Individuals who are new to cryptocurrency investing will find Newton to be user-friendly.

  • Coins Available: 26 types; includes ADA, DOGE, BTC, ETH, LTC, BCH, XLM, and DOT.
  • Funding Methods: Interac e-Transfer, bank wire, and crypto deposits.
  • Trading Fees: No fees to withdraw or deposit; up to 0.70% price spread.
  • Promotion: Get a $25 bonus when you open an account and trade $100 worth of crypto.

Newton is registered as a Money Service Business (MSB) with FINTRAC. Learn more in my Newton review.

2. NDAX

The National Digital Asset Exchange (NDAX) is designed for both retail and institutional crypto investors. If you are looking for a platform to buy Cardano and get access to advanced technical analysis, NDAX may suit your needs.

This platform offers instant ID verification, low fees, and 24/7 live support.

  • Coins Available: 16 types; includes ADA, BTC, ETH, XRP, LTC, DOGE, USDT, DOT, and more.
  • Funding Methods: Interac e-Transfer, wire transfer, bank draft, and crypto deposits.
  • Trading Fee: 0.20%; free deposits; $25 flat fee for fiat withdrawals.
  • Promotion: Get a $10 bonus when you deposit $100 or more.

NDAX is FINTRAC registered and follows strict KYC requirements. It also holds a majority of digital assets in cold storage and is one of the cheapest ways to buy Cardano.

Get more details in my NDAX review.

3. CoinSmart

Like NDAX, CoinSmart offers a crypto trading platform that works for both newbies and experienced traders alike.

New accounts are verified within minutes and the platform is registered to operate in Canada, the U.S., and Estonia.

CoinSmart was established in 2018.

  • Coins Available: 9 types; includes ADA (Cardano), BTC, ETH, LTC, XRP, XLM, BCH, EOS, and USDT.
  • Funding Methods: Interac e-Transfer, bank draft, bank wire, and credit/debit card.
  • Trading Fee: 0.20% for fiat-crypto trades; 0% – 1.5% deposit; 1% fiat withdrawal.
  • Promotion: Get a $20 bonus when you deposit at least $100.

CoinSmart offers an OTC market for active and professional traders who need deeper liquidity (CS Premium). Learn more in this review.

4. Wealthsimple Crypto

Wealthsimple Crypto is owned by Wealthsimple, Canada’s largest robo-advisor with more than $10 billion in assets under management.

It supports a large selection of coins and has no fees for deposits and withdrawals.

Wealthsimple Crypto is regulated through the Canadian Securities Administrators’ Regulatory Sandbox.

  • Coins Offered: 25 types; includes ADA, DOGE, BTC, ETH, UNI, DOT, AAVE, and several others.
  • Funding Methods: Electronic fund transfer.
  • Trading Fee: 1.5 – 2%; free deposits and withdrawals.
  • Promotion:Get a $50 bonus when you trade $150 worth of crypto.

Note that while you can buy, sell, or hold digital assets within the app, you can’t move them to a personal hardware wallet.

Wealthsimple Crypto keeps most of the coins on the platform in cold storage with Gemini Trust Company LLC.

Get more details in my review.

5. Binance

Binance is the largest cryptocurrency exchange in the world with over $2 billion in average daily volume and 1.4 million transactions per second.

It has its own native currency, BNB, which is the third-largest cryptocurrency by market capitalization.

Binance recently pulled out of Ontario after it decided not to register in the province as a regulated exchange.

  • Coins Available: 300 different pairs including several ADA pairs.
  • Funding Methods: Various currencies, crypto deposits, Visa/Mastercard, third-party payments.
  • Trading Fee: varies by account level; starts at 0.10% for spot market trading.
  • Promotion: Get up to 25% discount on trading commissions.

Binance allows users to trade the largest selection of coins in Canada. That said, it is not available to Ontario residents.

6. Coinberry

Coinberry is one of the older cryptocurrency exchanges in Canada. It was founded in 2017 and is based in Toronto.

The platform is designed with user-friendliness in mind, making it a great option for beginners. It also has iOS and Android apps for mobile trading.

Coinberry is registered as an MSB with FINTRAC.

  • Coins Available: 19 types; includes ADA, BTC, ETH, LINK, DOT, BCH, LTC, XRP, and more.
  • Funding Methods: Interac e-Transfers and wire transfer.
  • Trading Fee: No fees to withdraw or deposit fiat; price spread up to 2.5%.
  • Promotion: Get a $20 bonus when you trade at least $50 worth of crypto.

Coinberry keeps most of the digital assets on the platform with Gemini Trust Company LLC.

Get more details in my Coinberry review.

How To Store Cardano

The default method for storing Cardano is to leave your coins in your exchange’s wallets.

The exchange gives you a wallet you can hold each type of coin, and they keep the bulk of these assets offline in a cold wallet.

A preferred method for storing Cardano and protecting it from hackers is to move it off the exchange into your personal cold wallet.

This way, you are in full control of your private keys.

Crypto wallets come in various formats, including software wallets, hardware wallets, web wallets, and paper wallets.

Hardware wallets offer the best levels of security. Examples of hardware wallets you can use for Cardano are Ledger and Trezor.

Here’s a detailed breakdown of crypto wallets in Canada.

Cardano also has its own official wallet for ADA known as Daedalus.

Cardano FAQs

What is the cheapest way to buy Cardano in Canada?

Of the cryptocurrency exchanges listed, NDAX and Binance offer the cheapest options for buying Cardano in Canada.

Can I buy Cardano ADA in Canada?

The crypto exchanges offering ADA-CAD trades in Canada include NDAX, CoinSmart, Newton, and Bitbuy.

Will Cardano reach $10?

Price predictions for Cardano are all over the place and no one really knows whether it will crash below $1 or rise to $10. When investing in cryptocurrency, only use funds you can afford to lose.

Is Cardano a good investment?

Cardano appears to have several use cases, with the platform being touted by many as the next Ethereum. While it is not a time-tested investment like stocks or … bonds, it may hold some value in the future.

What wallet is best for Cardano?

The best wallet for Cardano is Ledger Nano X.

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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. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, 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.

4 thoughts on “How To Buy Cardano in Canada 2021”

  1. I cant seem to find ADA on wealthsimple… Is this an error in your report?

  2. @Adam: You are right, WC does not offer Cardano.

  3. Hi Dr. Omololu,

    I had like to connect and chat on the challenges, I am having with crypto trading in Canada. I have tried to connect with you on Linkedin. I look forward to connecting with you soon.

    Best Regards,

    Ayoleke Ogunkoya

  4. @Adam: Wealthsimple Crypto now offers Cardano as of September 16th. Cheers.

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