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How to Buy Cardano in Canada in 2023
Cardano (ADA) is often referred to as the next Ethereum killer with its high scalability, low transfer fees, and smart contract functionality. However, cryptocurrency is still in its early stages, and there is a lot of progress to be made, leaving many to believe that ADA is an excellent long-term investment proposition.
If you are one of those traders who are looking to buy cryptocurrencies like Cardano (ADA), keel reading. This guide will focus on the best ways and the best platforms to invest in Cardano.
Best Exchanges to Buy Cardano in Canada
NDAX – The Overall Best Way to Buy Cardano in Canada
NDAX offers investors the required tools and support options to help them quickly buy and sell Cardano (ADA), among many other cryptocurrencies in Canada. This platform provides a learning section to educate investors on various cryptocurrencies. NDAX also offers additional features apart from trading, including staking, an OTC desk, recurring purchases, a referral program, and more. Most importantly, this platform has been designed and developed using high-quality security and compliance standards.
| đ° Trade Values: | Cryptocurrencies |
| đ Software: | Website and Smartphone App. |
| đ Demo Account Available: | No |
| đș Ease of Use: | Excellent |
| â Our Rating: | 5/5 |
| đ± App Available: | iOS and Android |
| 𧩠Regulation: | FINTRAC and MSB |
| đ° Fees: | $2 |
| đ CFDs Available: | No |
| ✠Social Trading: | No |
Best Platforms to Buy and Trade Cardano in Canada
Now letâs dive into the best crypto brokers and exchanges for buying Cardano in Canada.
Buy Cardano Using Cryptocurrency Brokers – The Easiest Way
The most straightforward way to acquire Cardano is via a cryptocurrency broker. These are platforms that facilitate trades between users for a fee. They have simple interfaces and often have an educational section for traders to help them level up their game.
| Provider | Fee (CAD 1000) |
| đ„ NDAX | $2 |
| đ„ Netcoins | $5 |
| đ„ Coinsquare | $0.5 to $5 |
NDAX
NDAX is known for offering a simplistic user interface to make trading easy for beginners. In addition, the platform also offers learning resources, staking, referral program, and more.
Netcoins
Netcoins provide a premium user experience with an intuitive trading interface, multiple deposit options, learning resources, and swap pairs for ADA. This platform also offers rapid transaction times, fast verification, top-notch customer support, and the list goes on.
Coinsquare
Coinsquare is one of the most trusted platforms for buying, selling, and trading cryptocurrencies like Cardano (ADA). This platform offers three core products, i.e. Coinsquare Trade (for trading cryptocurrency), Coinsquare Pro (for the advanced crypto trading platform), and Coinsquare Wealth (to avail personalized service from wealth experts).
Best Wallet to Buy and Store Cardano in Canada – ADA Wallet Comparison
It is recommended to store your Cardano in a cryptocurrency wallet, especially a cold wallet (hardware), rather than an exchange. This is important to shield your funds from different kinds of online attacks. Exchanges are often targeted by hackers, risking the security of your funds. Below youâll find the best hardware and software wallets for storing ADA, short or long-term, in Canada.
| Provider | Wallet Type |
| đ„ Ledger Nano X | Hardware |
| đ„ Trezor Model T | Hardware |
| đ„ Trust Wallet | Software |
Buy Cardano Using CFDs in Canada- Best for Trading
An alternative way to invest in Cardano is with CFDs (Contract For Differences) issued by brokers. These are derivative products, so you wonât own the underlying asset while still investing in the coin. This also means you cannot withdraw, transfer, or spend your Cardano. However, crypto brokers often have easy investing methods, perfect for beginners. Here you can find the top three options:
| Provider | Fee (CAD 1000) |
| đ„ FP Markets | Zero commission |
| đ„ easyMarkets | Zero commission |
FP Markets
FP Markets is on the top of the list because of its diverse range of features including but not limited to the customizable interface, one-click trading, MarketWatch, customizable alerts, and more. This platform also allows you to discover the benefits of powerful trading platforms like MetaTrader 4 and MetaTrader 5.
easyMarkets
Established in 2001, easyMarkets has been operating in the industry for two decades. This platform offers users an exclusive risk management tool for efficient trading, followed by exceptional customer support service, tight fixed spreads, zero slippage, and negative balance protection.
Best Apps to Buy Cardano in Canada- Most Convenient
Smartphone apps designed by exchanges are considered the most convenient method to invest or trade in crypto if you canât access a desktop device. These apps allow you to trade, stake, withdraw, and deposit coins as long as you have an internet connection. Take a look at the top three options:
| Provider | Fee (CAD 1000) |
| đ„ NDAX | $2 |
| đ„ Netcoins | $5 |
| đ„ Coinsquare | $0.5 to $5 |
Buy Cardano on NDAX: Step-By-Step Guide
Step 1: Complete the Registration
Complete the registration on NDAX, get your account instantly verified, and login into the mobile application.
Step 2: Funding the Account
Fund your NDAX account with CAD (Canadian Dollars) via Interac e-transfer, Wire Transfer or a Bank Draft. Click on the wallet icon at the bottom of the navigation bar, select Fiat, and select CAD. Click on the Deposit and enter the amount of CAD you would like to deposit.
Step 3: Buy Cardano (ADA)
Click on the trade page button on the bottom navigation bar (far left), select Buy, select ADA market, enter order size in crypto or CAD, and click Place buy order.
Note: You can also buy Cardano (ADA) using the Quick Trade option.
Buy Cardano With Exchanges in Canada- The Cheapest Way
You can experience affordable trading with cryptocurrency exchanges because these platforms follow a low-fee structure. Also, having a high 30-day trading volume will place you in a different fee bracket with better terms regarding the trading fee. These options were selected for providing a premium service along with low platform costs.
| Provider | Fee (CAD 1000) |
| đ„ Binance | $0.2 to $1 |
| đ„ KuCoin | $0.05 to $1 |
| đ„ Kraken | $0 to $0.5 |
Buy Cardano on Binance: Step-by-Step Guide
Step 1: Open Binance and Register
Go to the Binance homepage and press the register button at the top. Then provide your email and a password. Next, verify your email address and provide Binance with information about yourself. Then verify your identity by uploading a picture of your government-issued document.
Step 2: Deposit
Now, deposit funds into Binance using your preferred payment method.
Step 3: Open the Trading Interface
Next, open the trading interface and search for ADA. Then click the relevant trading pair to the currency youâve deposited.
Step 4: Complete the Trade
Choose the order type and the amount of money you want to exchange, then click the âBuyâ button to complete the transaction.
Step 5: Confirm the Transaction Using the Blockchain Explorer
Blockchain technology is exceptionally transparent, and you can view all historical transactions executed on the network. Simply navigate to the blockchain explorer to view the record of the transactions. For example, you can use Cardanoscan to track Cardano transactions, BTCScan to track Bitcoin transactions, Etherscan to track Ethereum transactions, and XRPSCAN to track XRP transactions.
Buy Cardano On Binance
Buy Cardano Using Decentralized Exchanges (DEX) in Canada- The New Way
DEXs (Decentralized exchanges) are dApps built on top of a blockchain network and facilitate trade orders using a liquidity pool system. You can start using a DEX by connecting your decentralized wallet to the Dapp. Also, DEXs are unregulated and allow you to purchase coins anonymously.
| Provider | Fee (CAD 1000) |
| đ„ dYdX | Varies |
| đ„ SundaeSwap | Varies |
| đ„ ADAX | Varies |
Can You Buy Cardano Using P2P Services in Canada?
Peer-to-peer platforms connect buyers and sellers for a small fee. After thoroughly researching the top P2P platforms in Canada, we found that they are not currently offering opportunities with respect to Cardano. However, you can find buyers or sellers through social media groups centred around your location. Afterward, you can set up the time, location, and spreads yourself. This buying method is often cheaper as you donât have to pay exchange rates, and Cardano has low transfer fees.
Can I Buy Cardano Using Other Trading Platforms in Canada?
Since Cardano is one of the popular cryptocurrencies, itâs available on the majority of crypto platforms in Canada. Below you can analyze the table to see if ADA is available on your desired exchange, along with the expected fees.
| Cryptocurrency Platform | Can You Buy ADA? | Fee (CAD 1000) | Review |
| Binance | Yes | $0.2 to $1 | Binance Review |
| Bitstamp | Yes | $0 to $4. | Bitstamp Review |
| Bittrex Global | Yes | $0 to $3.5 | Bittrex Review |
| Coinbase | Yes | $0 to $6 | Coinbase Review |
| Newton | Yes | $0 | N/A |
| NDAX | Yes | $2 | N/A |
| Crypto.com | Yes | $0 to $0.75 | N/A |
| Netcoins | Yes | $5 | N/A |
| Gate.io | No | $0.55 to $2 | N/A |
| Hotbit | Yes | Upto $2 | N/A |
| Kraken | Yes | $0 to $0.5 | Kraken Review |
| KuCoin | Yes | $0.05 to $1 | KuCoin Review |
| Coinberry | Yes | $0 to $25 | N/A |
| VirgoCX | Yes | $0 to $25 | N/A |
| Coinsquare | Yes | $0.5 to $5 | N/A |
| CoinSmart | Yes | $2 to $3 | N/A |
| Bitbuy | Yes | $0 to $15 | N/A |
| Gemini | No | $1.49 to $4.99 | N/A |
| Bit2Me | Yes | $9.5 | N/A |
What Is the Difference Between Buying Cardano and CFDs?
This section highlights the main differences between owning Cardano and buying CFDs in Canada. Contract for Differences is a derivative product that a broker can issue to track underlying assets. This means you do not have ownership of Cardano tokens when investing through this method. Therefore, you cannot withdraw to a crypto wallet or spend them. On the other hand, buying real Cardano means you have complete control of your coins and can transfer them between wallets.
- Liquidity is not an issue when buying Cardano
- Trade around market volatility
- Limited options of brokers that offer ADA
- Buying process is a lot easier than exchanges
- High fees compared to buying the real asset
- No option to stake your ADA
- You do not convey ownership of ADA
- Cannot withdraw to a private wallet
Best Ways to Buy Cardano in Canada
Here are the top crypto platforms for buying Bitcoin in Canada using different payment methods and what theyâre best for.
Buy Cardano Instantly With Online Banking in Canada- The Fastest Way
NDAX is one of the best platforms that accept online banking as a deposit method with a fast transfer. Also, the exchange will remember your information, making future deposits convenient.
Buy Cardano With PayPal in Canada- The Safest Way
We couldn’t find exchanges and brokers accepting PayPal as the deposit method in Canada to buy cryptocurrencies like Cardano (ADA).
Buy Cardano Using a Debit Card in Canada – The Cheapest Way
Use your debit card to deposit funds on Coinbase and navigate to the spot trading tab to purchase Cardano. You can also use Bit2Me to buy Cardano using a debit card.
Buy Cardano Using a Credit Card in Canada
Investors can top up their accounts on Bit2Me via credit card. This platform is brilliant for its educational resources, multiple Cardano trading pairs, and low fees.
Best Platforms to Buy Cardano in Other Countries
The best providers vary between nations due to licenses, laws, and crypto regulations. Below you can analyze the top cryptocurrency platforms in each country for buying Cardano.
| Country to Buy ADA in | Best Provider | Provider Type | Fee |
| UK | Coinbase | Exchange | $0 to $6 |
| Bangladesh | eToro | Broker | $10 |
| Australia | KuCoin | Exchange | $0.05 to $1 |
| Hawaii | CEX.io | Exchange | $0 to $2.5 |
| India | WazirX | Exchange | $2 |
| Japan | BitFlyer | Exchange | $0.1 to $1.5 |
| Nepal | Kraken | Exchange | $0 to $0.5 |
| New Zealand | Binance | Exchange | $0.2 to $1 |
| Pakistan | Coinbase | Exchange | $0 to $6 |
| Philippines | Binance | Exchange | $0.2 to $1 |
| Singapore | Crypto.com | Exchange | $0 to $0.75 |
| South Africa | eToro | Exchange | $10 |
| UAE | Binance | Exchange | $0.2 to $1 |
What Are the Fees When Buying Cardano in Canada?
This table discloses the fees youâll pay for buying 1000 CAD worth of Bitcoin and holding 30-days.
| Platform | NDAX | Netcoins | Coinsquare |
| Deposit fees | $0 | $0 | $0 |
| Purchase fees | $2 | $5 | $0.5 to $5 |
| Holding fees | $0 | $0 | $0 |
| Selling Fees | $2 | $5 | $0.5 to $5 |
| Payout fees | 3 ADA | $0 | $0 |
| Total fees | $4 | $10 | $1 to $10 |
Cheapest Way to Buy ADA in Canada
Binance, KuCoin, and Kraken Pro have adopted a tier system for calculating fees. Based on your trading volume amount, you can potentially enter a different bracket with better fee rates. The listed options below observe a huge trading volume for ADA and offer the cheapest trading fee structure.
| Provider | Fee (CAD 1000) |
| đ„ Coinsquare | $0.5 to $5 |
| đ„ KuCoin | $0.05 to $1 |
| đ„ Kraken | $0 to $0.5 |
Fastest Way to Buy ADA in Canada
These crypto platforms were selected for their quick sign-up processes and instant deposit methods. Also, they all offer excellent trading tools and order types for buying ADA.
| Provider | Fee (CAD 1000) |
| đ„ Netcoins | $2 |
| đ„ Crypto.com | $0 to $0.75 |
| đ„ Kraken | $0 to $0.5 |
How to Buy Cardano Anonymously in Canada?
The following section covers how to buy Cardano without revealing your identity.
How to Buy Cardano Without Registration or KYC in Canada?
You can avoid the registration and KYC process if you use a decentralized exchange. These applications require connecting to a crypto wallet, allowing you to remain anonymous.
How to Buy Cardano Without Verification in Canada?
You may use a DEX to buy Cardano without verification. The best option is SundaeSwap because of its high liquidity and various trading settings. Since there is no signup process with a decentralized exchange, hence, no ID verification is required.
Can You Buy Cardano Offline?
You cannot buy Cardano offline since DEXs, CEXs, brokers, and P2P platforms require an internet connection to trade.
Should You Buy or Sell Cardano?
If youâre undecided if Cardano is a great cryptocurrency, here are some pros and cons:
- The strong development team working on the project.
- Ultra-low fee for transferring coins between wallets.
- Development of NFT marketplace and metaverse.
- Cardano is an open-source and fully decentralized.
- Growing partnerships with agencies and governments.
- Cardanoâs price is unstable.
- Cardano is still in development, and there is a lot of progress to be made.
- Marketing can do a better job of advertising Cardano. They are technologically more advanced than most coins, but the price does not reflect that.
- Competition risk.
Do You Need to Pay Tax on Cardano in Canada?
According to CRA (Canada Revenue Agency), earnings from cryptocurrency are treated as a taxable event in Canada. Any type of gains you make from commercial events involving crypto is taxed as a business income or capital gain, based on the circumstances.
The taxable event is triggered when you make gains or generate returns while gifting crypto, selling crypto, exchanging/trading crypto, conversion of crypto into CAD, crypto mining pursued commercially, and other events as listed by CRA on its official website.
You do not need to pay taxes for holding cryptocurrency in Canada. No need to pay the tax, even if you are just moving your crypto from one wallet address to another wallet address. Other non-taxable events include using CAD to buy cryptocurrencies and creating a DAO.
Cardano Price Prediction: What Is the Future of ADA?
Cardano is a popular coin that has experienced significant rallies and huge drops during the bear market. Weâll highlight what can impact the coinâs price and its historical milestones.
What Impacts Cardano Price?
Several factors can impact Cardanoâs price, such as
Demand: The cryptocurrency mainly specializes in smart contracts, so if there is demand for dApps with the coin, it will increase the price. However, low demand for Cardano apps will negatively impact the value.
Marketing: Perhaps the most significant factor is marketing because more potential investors see the coin and buy into it.
Competition: There are many âEthereum killersâ today offering smart contracts and better transaction fees. However, the increase in competition means businesses and people would use alternative coins than Cardano, decreasing the demand.
Regulations: Crypto regulations are becoming stricter, making investing and spending Cardano more difficult.
Market Status: How the market is performing plays a huge role. If there is a bear market, we can expect Cardanoâs value to be low. On the other hand, if we are in a bull market, then Cardano will rise in price as more investors purchase the coin.
Historical Cardano Course: Major Milestones in the History of Cardano
Cardano has performed exceptionally well since its creation in 2017. However, the coin hasnât seen much momentum due to delays and development issues until the 2021 bull run began.
Current Price Prediction News
Here are some price prediction news blogs if youâre interested in how Cardano may perform in the future.
Other Ways to Make Money With Cardano in 2023
Here are different ways you can invest your money with Cardano.
Stake Cardano Using DeFi or CeFi in Canada
Cardano is available to stake through Binance via their earning programs. Also, you can use decentralized exchanges that offer staking and liquidity pools.
Buy Cardano Using ETPs (ETFs & ETNs) in Canada
3iQ is one of the first regulated fund managers in Canada offering Bitcoin and Ether ETF, but it doesnât currently offer XRP ETF. Other organizations like Purpose Investments, Evolve ETFs, and CI Global Asset Management also offers Bitcoin and Ether ETFs only.
Buy and Sell NFTs Using ADA
Cardano has NFT capabilities and the top marketplace for Cardano NFTs is CFNT.io.
Buy Stocks and Shares in Companies Owning Cardano
There are no companies that have disclosed if they bought or are holding Cardano. The only recent news is that FD7 Ventures have bought $380 million worth of ADA, but they do not have tradable stocks.
Cardano Mining
Cardano cannot be mined because it uses a POS consensus mechanism.
Use Cardano Faucets
Faucets are rewards given by a cryptocurrency exchange for completing easy tasks. The best way to earn cryptos like Cardano is through Coinbaseâs earn section.
What Cryptocurrencies Are Similar to Cardano?
Below youâll find alternative smart contract coins you may want to look into.
| Coin | Symbol | Learn How to Buy |
| Ethereum | ETH | Buy Ethereum |
| Tron | TRX | Buy Tron |
| Algorand | ALGO | Buy Algorand |
| Cosmos | ATOM | Buy Cosmos |
| Tezos | XTZ | Buy Tezos |
Is It Still Worth Investing in Cardano or Not?
Cardano is worth buying if you want to hold it long-term because the coin has an amazing development team, a detailed roadmap, and multiple use cases. The coin has experienced significant growth during bull runs and is often referred to as the next âEthereum killer.â Therefore, many consider Cardano a safe investment in the crypto world.
FAQs
What is the best provider to buy Cardano in Canada?
The most user-friendly platform in Canada for buying Cardano is NDAX. It has an interactive smartphone app so you can trade on the go, additional security, staking, and more.
What is the cheapest provider to buy Cardano in Canada?
NDAX is the cheapest provider in Canada, with a trading fee rate of 0.20%.
Is it worth investing in Cardano right now?
Yes, although the coin was launched in 2017, the developers completed a total reboot of the blockchain to position it for future growth. Also, the coin has multiple use-cases giving it real value, unlike many crypto projects.
Is there a limit to how many Cardano coins I can buy in Canada?
There is no limit to how much ADA you can buy when using a crypto broker. However, with DEXs, you can experience liquidity issues, and with CEXs, you can encounter a limit if there isnât enough trading volume. Nevertheless, large crypto exchanges have huge liquidity and trading volume, so itâs unlikely youâll face a restriction issue with them.
Can you buy Cardano on the blockchain?
You can only buy Cardano through a broker, exchange, or real-world trading. There is no option to buy Cardano directly from the blockchain.
What can you buy with Cardano?
You can buy a limited number of things with Cardano as the coin is not positioned to be a payments project. The coin is planning to provide solutions for decentralized finance, and you can buy NFTs, use it with dApps, and also buy virtual land and items via Cardanoâs own metaverse project.
