How To Buy Celo (CELO) in Canada Aug 2022

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by Enoch Omololu, MSc (Econ)

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

Celo is a blockchain protocol focused on making Decentralized Finance (DeFi) accessible to mobile users around the world.

Read on to learn about how to invest in Celo.

What is Celo?

Celo was founded in 2017 by Rene Reinsberg and Marek Olsazewksi and leverages the power of the blockchain to build decentralized digital wallets that will compete with their centralized counterparts like Venmo or Cash App.

The platform aims to provide a global payment infrastructure that uses one’s mobile number as their wallet’s public key, making it easy to send crypto to and from any phone number regardless of where the user is.

To that end, the Celo blockchain hosts smart contracts and decentralized applications (Dapps) to enable users to make trustless transactions and enjoy the possibilities of DeFi.

The CELO token is the native token that powers the Celo blockchain and is used to cover gas fees and as a governance asset for voting on updates or changes to the Celo protocol.

There’s also cUSD, a stablecoin that ensures the efficiency and transparency of crypto transactions by helping users weather market volatility.

How To Buy Celo in Canada

1. Open an account: Create an account at a cryptocurrency exchange that offers Celo. Because this altcoin is not as popular as Bitcoin, Ethereum, or Solana, 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 CELO: Place a ‘buy’ order for Celo. Some exchanges offer CELO-crypto and CELO-CAD pairs, so you may not need fiat currency to buy Celo.

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

Where To Buy Celo (CELO) in Canada

The top two cryptocurrency exchanges offering Celo in Canada are:

1. VirgoCX

VirgoCX is a Canada-based crypto brokerage offering Celo and a host of other altcoins.

Its top features are:

  • Multiple coins including CELO
  • 0.40% to 0.95% trading fee; free deposits and withdrawals
  • User-friendly platform for beginners
  • NFT Marketplace
  • Canada-based platform
  • Almost instant account verification

Offer: Get a $30 bonus when you trade $100 worth of crypto coins in your new account.

Netcoins

virgocx logo

Trade several popular coins

Great crypto broker for newbies

0.40% to 0.95% trading fee

Get a $30 bonus when you trade $100

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 CELO
  • 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. Newton

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

  • Instant verification
  • 70+ coins, including CELO
  • 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

4. Binance

Binance is the largest cryptocurrency exchange in the world. It offers Celo 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

How To Sell Celo

Selling Celo (CELO) is just as easy as buying it. The steps are:

  1. Sign in to your crypto exchange account and search for your Celo wallet.
  2. Place a ‘Sell’ order for CELO 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 Celo Crypto Exchange

You should consider several factors when choosing an exchange to invest in Celo 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 Celo

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

The most popular hardware wallets in Canada are:

Celo Canada FAQs

Is Celo legal in Canada?

While Celo is not legal tender in Canada, it is legal for anyone to buy it in Canada.

Is Celo a good investment?

Celo, 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 Celo will increase in price. If there is a prolonged crypto bear market or the government bans Celo, its value could go to zero.

How do I get Celo coins in Canada?

You can easily buy Celo in Canada using VirgoCX, 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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