How To Buy Ethereum In Canada (Oct 2022)

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by Enoch Omololu, MSc (Econ)


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Ethereum is an open-source blockchain platform that is powered by its own cryptocurrency – Ether.

Ether is the second most popular cryptocurrency following Bitcoin and combined with its blockchain, it has found a number of practical uses in payments technology, investing, gaming, crowdfunding, and more.

Read on to learn about Ethereum, how to invest and buy Ether in Canada, and whether it is safe.

Related: How To Trade Bitcoin in Canada.

What is Ethereum?

Ethereum was introduced by Vitalik Buterin in 2013 alongside a number of other developers. It uses blockchain technology similar to Bitcoin and can be extended to run decentralized applications (dapps).

By using ‘smart contracts’, intermediaries can be excluded from financial and other transactions, resulting in increased privacy and lower transaction fees.

Ether is the native digital currency that powers the Ethereum ecosystem.

In addition to Ether, the Ethereum network supports hundreds of other tokens, known as stablecoins. Examples include Dai, USDC, and Tether USDT.

Ether is traded under the symbol ETH and there is currently no limit to the number of Ether that can be issued.

Benefits of Ethereum include:

  • A decentralized finance system that is accessible anywhere in the world.
  • Peer-to-peer payment network without intermediaries.
  • Flexible blockchain that accommodates the creation of other tokens, blockchain projects, and more.

Top 10 Cryptocurrencies by Market Cap

The top-10 cryptocurrencies and competitors to Ethereum based on their market capitalization as of September 3, 2022, are:

CryptocurrencySymbolMarket Cap (USD)
Binance USDBUSD$19B

How To Buy Ethereum (Ether) in Canada

It has become a lot easier to buy and sell Ethereum in Canada compared to a few years ago.

After creating an account on a cryptocurrency exchange, fund it with Canadian dollars, or whatever fiat currency is accepted, and you can start trading Ethereum.

The top cryptocurrency platforms for buying Ethereum are:

1. CoinSmart

CoinSmart is a Canadian cryptocurrency exchange based in Toronto. It is traded on the NEO Exchange under the ticker SMRT.

Coins offered: 16+ types including Ethereum, Bitcoin, Litecoin, Cardano, Stellar, Ripple, Polkadot, Uniswap, Bitcoin Cash, EOS, and more.

Account funding: Bank wire, bank draft, Interac e-Transfer, credit card, debit card, SEPA, and cryptocurrencies.

Trading fee: 0.20%; offers free deposit options.

Promotion: $50 welcome bonus when you deposit $200.

Learn more: CoinSmart Canada Review.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

2. Wealthsimple Crypto

Wealthsimple Crypto is offered by Canada’s largest online wealth manager. Its cryptocurrency trading app is hosted on the same platform you can use to buy and sell stocks and ETFs.

Coins offered: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Compound, Uniswap, Curve, Aave, Yearn.Finance, Synthetix, and several others.

Account funding: Electronic Funds Transfer (ETF) and crypto deposits (BTC and ETH only).

Trading fee: 1.5%-2%; deposits and withdrawals are free.

Promotion: $25 bonus when you fund with $150 or more.

Learn more: Wealthsimple Crypto review.

3. Netcoins

Netcoins is a Canadian cryptocurrency trading platform established in 2014. It is owned by BIGG Digital Assets, a public company traded on the CSE.

Coins offered: Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, USDC, Stellar, XRP, and more.

Account funding: Online bill payment, Interac e-Transfer, and bank wire.

Trading fees: 0.50%; deposits and withdrawals are free.

Promotion: Get a $25 bonus when you trade cryptocurrency worth at least $100.

Learn more about the platform in this detailed Netcoins review.


The National Digital Asset Exchange offers instant buys of several coins. It is also based in Canada.

Coins offered: Ethereum, Bitcoin, Dogecoin, Litecoin, Tether, Cardano, Stellar, Polkadot, XRP, EOS, Uniswap, Compound, and others.

Account funding: Interac e-Transfer, wire transfer, bank draft, and cryptocurrency.

Trading fee: 0.20%; deposits are free; $4.99 fiat withdrawals.

Promotion: $10 bonus when you open an account and fund it with at least $100.

Learn more: NDAX Canada review.

5. Bitbuy

Bitbuy is a digital currency exchange based in Toronto.

Coins offered: Ethereum, Bitcoin, Bitcoin Cash, Litecoin, Stellar, Aave, EOS, and others.

Account funding: Interac e-Transfer and bank wire.

Trading fees: 0.10% to 0.20%; up to 1.50% fee on deposits and withdrawals.

Promotion: $20 bonus when you make an initial deposit of at least $250.

Learn more: Bitbuy Canada review.

Is Ethereum Trading Legal In Canada

Ethereum (Ether) is not legal tender in Canada. That said, it is not against the law to buy and sell Ethereum using a cryptocurrency exchange or broker.

The capital gains you realize when you trade Ethereum for a profit may be subject to taxes.

You should check with the Canada Revenue Agency or read the guides they have provided to show the tax treatment of cryptocurrency for tax purposes.

Is Ethereum Safe?

Cryptocurrencies are speculative investments and you can lose all the funds you invest.

Bitcoin and Ether are no different. Both coins have minted millionaires, and many have also lost money trading both currencies.

The risk of trading digital currencies extends beyond their intrinsic value. There are also risks related to price volatility, cyber-attacks, fraud, and regulation or the lack thereof.

You can reduce your risk of loss due to cyber-attacks by withdrawing your Ethereum to an offline wallet and encrypting online backups.

The various types of wallets used for Ethereum storage include:

  • Hardware wallets
  • Desktop wallets
  • Web wallets
  • Mobile wallets
  • Paper wallets

Bitcoin vs. Ethereum: Is Ethereum a Good Investment?

One of the top questions people are asking about Ethereum right now is whether it is the next Bitcoin? Is Ethereum going to reach $10,000, $50,000, or higher?

My best guess is that no one knows.

As of September 2022, Ethereum was selling at around $2,080 CAD. It could go up significantly in price and it could also potentially crash in price to $0.

You should only invest money you can afford to lose in any cryptocurrency.

In my opinion, that means you should not invest your retirement savings, emergency fund, or money you need for day-to-day expenses.

Best Ethereum Trading Apps in Canada

PlatformCoins offeredLearn More
Coinsmart16 typesGet Started
Wealthsimple Crypto50+ typesGet Started
NDAX30+ TypesGet Started
Bitbuy20+ TypesGet Started
Netcoins20+ typesGet Started
How To Buy Ethereum In Canada (Oct 2022)

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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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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