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How and Where To Buy USD Coin (USDC) in Canada (2023)

Looking to buy USD Coin in Canada to lock in your cryptocurrency gains and take a breather from all the volatility? In this article, I cover the cheapest places to buy USDC.

USD Coin (USDC) is one of the most popular stablecoins after Tether. It has grown remarkably this year and, as of this update, was ranked the fifth-largest cryptocurrency by market capitalization.

Read on to learn about how to buy USDC on NDAX, Newton, Binance,, and Coinbase.

What is USD Coin?

USDC is a digital stablecoin pegged to the fiat US dollar.

What this means is that theoretically, each USDC is worth US$1.00 and can be redeemed at a 1:1 value when needed.

As per Circle,

USDC is fully backed by cash and equivalents and short duration U.S. Treasuries, so that it is always redeemable 1:1 for U.S. dollars. Each month, we publish attestation reports by Grant Thornton regarding the reserve balances backing USDC.


The USD Coin was introduced by Circle and Coinbase in 2018 and is supported by many blockchains, including Ethereum, Algorand, Solana, TRON, and Stellar.

USDC has found many uses in the crypto world.

In addition to facilitating easier trading of crypto pairs, it can also be staked to earn interest.

How To Buy USDC in Canada

There are many ways to buy USDC in Canada, including using a cryptocurrency exchange that offers it, peer-to-peer crypto platforms, and crypto ATMs.

The easiest way to go about buying USDC is on a cryptocurrency exchange.

After signing up, fund your account with fiat (CAD or USD) or crypto.

Search for “USDC” and place your order. When the order is completed, you can either leave the USDC tokens on the exchange or move them to an external cold wallet like Ledger Nano X.

Where to Buy USDC in Canada

The cheapest places to buy USDC Coin are listed below.

1. Buy USDC on CoinSmart

CoinSmart is a crypto trading platform based in Toronto. It has also recently expanded its operations to Europe and accepts CAD, USD, and Euro fiat.

CoinSmart is one of the best places to buy USDC in Canada. Like Binance and NDAX, it is also suitable for beginners and professional traders.

  • Coins supported: USDC, BTC, XLM, DOT, DOGE, SOL, AVAX, UNI, LINK, SHIB, and 6 others.
  • Account funding: Interac e-Transfer, credit card, debit card, bank draft, and wire transfer.
  • Trading fee: 0.20% for crypto to fiat trades.
  • Promo: Get a $50 bonus when you deposit at least $200.

CoinSmart is one of a few crypto exchanges that allow you to buy USDC with a credit card.

2. Buy USDC on Binance

Binance is quite popular as the cryptocurrency exchange with the most coin options, including several USDC trading pairs.

It also has its own stablecoin, Binance USD (BUSD).

  • Coins supported: 300+, including USDC, USDT, BTC, DOGE, and more.
  • Account funding: Several fiat currencies, credit cards, debit cards, crypto deposits, bank transfers, etc.
  • Trading fee: Up to 0.10%
  • Promo: Get up to a 45% discount on trading commissions.

Binance is not available in Ontario.

3. Buy USDC on Newton

Newton is a crypto broker that offers 70+ coins to Canadians.

Newbie crypto traders benefit from one-click trades; however, experienced traders don’t get access to advanced charting and trading tools.

  • Coins supported: USDC, USDT, CRV, FTM, ENJ, SUSHI, BAT, XTZ, and 42 others.
  • Account funding: Interac e-Transfers, wire transfers, and crypto.
  • Trading fee: The price spread varies and can be up to 0.70%.
  • Promo: Get a $25 bonus after trading $100 or more in crypto.

4. Buy USDC on NDAX

The National Digital Asset Exchange (NDAX) is one of the best platforms to buy USDC, whether you are a beginner or an experienced crypto trader.

It also has one of the lowest fees you will find for a Canada-based crypto exchange.

  • Coins supported: USDC, USDT, XRP, BTC, UNI, MATIC, ADA, XRP, and 10 others.
  • Account funding: Interac e-Transfer, wire transfer, bank draft, and crypto deposits.
  • Trading fee: 0.20%

5. Buy USDC on Coinbase

Coinbase is a publicly-traded cryptocurrency exchange based in the U.S. It supports users in over 100 countries.

  • Coins offered: USDC and 100 other crypto coins.
  • Account funding: Debit card, crypto deposit, and bank wire.
  • Trading fee: Up to 0.50% (additional fees may apply).

How To Sell USDC in Canada

The process for buying and selling USD Coin is similar.

To sell USDC, visit your brokerage account and place a sell order.

Fiat proceeds can be withdrawn to your bank account or used to purchase other coins.

How To Store USD Coin

The default way for most people to store USDC is by leaving it in their exchange wallet.

That said, if you hold a large amount of USDC, you may want to consider a hardware wallet to increase the security of your investment.

Compatible wallets for USDC include:

  • Ledger Nano X
  • Ledger Nano S
  • Atomic Wallet
  • Trust Wallet
  • Coinbase Wallet
  • Exodus

Is USDC a Good Investment?

USD Coin is a stablecoin, meaning its value is not expected to appreciate or depreciate, for that matter.

This is unlike Bitcoin and Ethereum, which can record significant price swings.

As such, USDC in itself is not an investment asset.

That said, you could earn interest when you stake USDC, with rates ranging from 4% to 13%.

With a good staking yield, you could potentially grow your portfolio.

In the long term, it remains to be seen if financial regulators take steps to curb the rise of the stablecoin market.

USDC Canada FAQs

Where can I buy USD coins?

In Canada, you can buy USDC on CoinSmart, NDAX, Newton, Binance, and Coinbase.

Is USD Coin safe?

Theoretically, USDC is backed 1:1 by collateralized USD assets, and you should always be able to exchange 1 USDC for 1 U.S dollar. That said, Tether, a USDC competitor, was recently shown to only have 78% USD backing.

Should I buy USDC?

Cryptocurrencies are speculative investments, and you should do your due diligence before making any purchase. The crypto industry is very volatile, and you could make or lose money.

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.


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their 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, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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