Today’s crypto market in Canada is one of the most exciting but also one of the most perplexing. Before you decide to invest, you should thoroughly investigate the coin you intend to purchase. You also need to find out how you can buy it. This article will illuminate that process by focusing on Ethereum. To do that properly, let’s start you off with the most basic questions.
What Is Ethereum?
After Bitcoin, Ethereum is the second-largest cryptocurrency platform. It sends and receives the cryptocurrency Ether using a decentralized open-source network based on blockchains.
That is to say, with Ether, application developers pay for the network’s services. While Ether is a cryptocurrency that can be traded, but it’s vital to remember that it’s part of a broader initiative that aspires to create a global, decentralized blockchain network.
Should You Buy Ethereum?
Before you invest in Ethereum, you should think about a lot of factors. First and foremost, you should learn the fundamentals of investing. Make sure you have enough money saved so that your investments do not jeopardize your savings.
Don’t put all of your eggs in one basket when it comes to Ethereum or cryptocurrencies in general; diversifying your portfolio decreases risk and may be better for your finances in the long run. Because government investment protection for bitcoin trading is minimal to non-existent, you must trade responsibly.
You should also figure out why you want to acquire Ether in the first place. You can buy it to use on the Ethereum network, hold it as a long-term investment against the US dollar, or trade it against other cryptocurrencies. The platform you use to buy Ether is affected by how you intend to use it, so be sure you know what you want to do with it before you buy it.
Where to Buy Ethereum in Canada?
These are the ways how you can buy Ethereum in Canada:
1. Trading Exchanges
A cryptocurrency exchange is the most convenient way to purchase Ethereum. Hundreds of coins are listed on exchanges like Changelly and, given the popularity of Ethereum, finding a viable exchange will not be difficult. If you’re buying Ether to trade against other cryptocurrencies, this is a fantastic alternative. You may be required to present proof of identity, like a driver’s licence or passport, in order to register on exchanges.
Credit/debit cards, wire transfers, and PayPal are common payment options offered by exchanges. A deposit fee is normally charged by the exchange, which is lower with wire transfers and higher with credit cards.
2. P2P Exchanges
Consider peer-to-peer exchanges like LocalEthereum if you wish to buy Ether in a more anonymous manner. The site functions as a marketplace where you can sell your local cash for Ether. Credit or debit cards, bank transfers, and Paypal can all be used to make these transfers. Other cryptocurrencies, such as Bitcoin, can also be exchanged for Ether.
Fees range from 0.25 percent to 0.75 percent, with buyers paying the higher amount. The time it takes to complete a transaction can range from thirty minutes to several hours. If you want to pay in person, the exchange can help you set up meetings; nevertheless, you should be cautious and meet in a public location if you do so.
3. Ether ATMs
In the actual world, Ethereum ATMs, such as Localcoin ATM, are ideal for purchasing tiny amounts of Ether. Due to the low fees, they usually do not require identification. To use an Ethereum ATM, you’ll need an Ethereum wallet first. To locate one, go to a website like coinatmradar.com, which lists Ether ATM locations.
To use an ATM, utilize the camera on the ATM to scan the QR code in your wallet. Complete the transaction by inserting your money and verifying the amount of Ether with the machine. After that, your Ether will be transmitted to your wallet, albeit the transaction may take a few hours.
Precautionary Measures to Consider
Keep in mind that these transactions are rife with risk, and in order to lessen them, here are some tips:
- Any addresses used in transactions should be double-checked.
- Use only reputable exchanges.
- For big sums of Ether, use hardware wallets.
- If you do not intend to trade your Ether, move it from exchanges to hardware wallets.
- Don’t give out your private key to anyone.
- Multi-factor authentication is recommended, as are exchanges that perform comprehensive identity verification.
Now that you know everything there is to know about buying Ethereum in Canada, you are best poised to make the best possible decision about what you want to do. Exercise caution, do your research, and turn a profit!