How To Buy Enjin Coin (ENJ) in Canada Aug 2022

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by Enoch Omololu, MSc (Econ)

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

Enjin is a community gaming platform built on the Ethereum blockchain. Read on to learn about how to invest in the Enjin Coin for cheap.

What is Enjin Coin?

Enjin is a community gaming platform built on the Ethereum blockchain.

The platform makes it easy for developers and players to create, manage, distribute and trade virtual goods and in-game items in the form of NFTs.

Enjin also aims to slash high fees and eliminate fraud associated with the transfer of in-game items and digital collectibles.

To that end, the Enjin platform provides software development kits (SDKs), Wallets, payment gateway, game plugins, and apps to help gamers and content creators to manage virtual goods and in-game items across multiple platforms.

Developers can mint NFTs in different categories, including art, sports, music, collectibles, and gaming, and tokenize real-world items like paintings, real estate, and other physical products.

ENJ is the native token of the Enjin platform. The coin plays a critical role in asset management as each item on the platform is assigned a real-world value in ENJ.

Developers purchase ENJ and use it to mint or design in-game items by locking the ENJ into a smart contract. Players can then acquire the items, which they can use for different in-game functions, trade amongst each other, or sell them for ENJ.

Once an item is sold out, it is destroyed and its original locked ENJ value is released to the seller.

How To Buy Enjin Coin in Canada

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

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

How To Buy Enjin Coin in Canada

Where To Buy Enjin Coin (ENJ) in Canada

The top cryptocurrency exchanges offering Enjin Coin in Canada are:

1. Netcoins

Netcoins is a Canada-based crypto brokerage offering Enjin Coin, Chiliz, and a host of other altcoins. It is owned by BIGG Digital Assets, a company listed on the Canadian Securities Exchange (CSE).

Its top features are:

  • Multiple coins including ENJ
  • 0.50% trading fee; free deposits and withdrawals
  • Crypto Visa Card – Netcoins Pay
  • User-friendly platform for beginners
  • Almost instant account verification

Offer: Get a $60 bonus when you trade $100 worth of crypto coins in your new account.

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 ENJ
  • 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.

3. Coinberry

Coinberry is a crypto brokerage based in Toronto. It supports several popular coins including ENJ 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.

4. Binance

Binance is the largest cryptocurrency exchange in the world. It offers Enjin Coin 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).

5. Newton

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

  • Instant verification
  • 70+ coins, including ENJ
  • 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.

How To Sell Enjin Coin

Selling Enjin Coin (ENJ) is just as easy as buying it. The steps are:

  1. Sign in to your crypto exchange account and search for your Enjin Coin wallet.
  2. Place a ‘Sell’ order for ENJ 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 an Enjin Coin Crypto Exchange

You should consider several factors when choosing an exchange to invest in Enjin Coin 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 cards, Interac e-Transfer, credit cards, 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 Enjin Coin

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

The most popular hardware wallets in Canada are:

Enjin Coin Canada FAQs

Is Enjin Coin legal in Canada?

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

Is Enjin Coin a good investment?

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

How do I get Enjin Coin coins in Canada?

You can easily buy Enjin Coin 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.

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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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