What is Ethereum?
Ethereum is one of the most valuable cryptocurrencies on the market. The Ethereum price in Canada (and elsewhere) is almost always second to Bitcoin on cryptocurrency exchanges. The cryptocurrency was created in 2014 by boy-wonder Vitalik Buterin. After Bitcoin laid the foundation for the successful application of blockchain technology, Ethereum creators decided to create a decentralized global internet project using the same technology and decentralized ethos.
The Ethereum blockchain is home to hundreds of projects, which anyone can create and build on the Ethereum blockchain. But in order to fund this massive global blockchain, it requires gas -or the Ethereum native token (cryptocurrency) ETH -to run the blockchain.
How do you buy Ethereum?
Buying Ethereum is just like buying any other cryptocurrency. To buy ETH, all you need to do is set up a digital wallet with your preferred exchange. Fund your wallet with fiat or cryptocurrency, and then follow these simple steps.
Buying Ethereum Step-by-Step
1. On your exchange, go to the Buy/Sell page.
2. Choose Ethereum as your currency.
3. You can enter the amount in ETH or the Ethereum price in Canadian dollars that you wish to buy. (Other fiat currencies that are most often accepted are: UDS, AUD, EUR, GBP. This varies based on the exchange.
4. Choose how you would like to pay: with CAD, Bitcoin or credit card, wire transfer, etc. (Payment options will also vary.)
5. Confirm the details of your order are correct, and finally click Buy Ethereum.
What Exchanges sell Ethereum in Canada
What follows is a list of exchanges that you can buy Ethereum with CAD. Also listed are the methods of payment accepted and transaction fees.
BitBuy is a Canadian exchange that sells ETH, and you do so in Canadian dollars, with Interact/e-transfer from a Canadian bank. Fees are competitively low, with transaction fees between 0.5%-1.5%. You can also use wire transfers for a minimum of $20,000. They do not accept credit cards.
Binance is one of the largest global exchanges out there. They sell ETH directly, but they also sell many many other cryptocurrencies. Because Binance has different "levels" of traders, the fees you will pay will vary. In order to know exactly what it will cost, you will need to register with Binance and decide on your trading level.
Coinbase is another large exchange that serves over 100 countries and sells over 100 cryptocurrencies. Coinbase also coordinates and supports many learning initiatives and money-making ventures focused on the proliferation of cryptocurrencies.
CoinSmart is another Canadian exchange that allows you to buy ETH directly. They have very low transaction fees, from 0.5-1.5%. And they accept Interact and e-transfers from Canadian banks. They are a very accessible exchange that services many levels of traders, from beginner to advanced.
Newton is a brand-new Canadian exchange. What makes them stand out is that they are a no-fees exchange. You can also buy ETH directly with Interact e-transfers, wire transfers, pre-authorized debit, as well as cryptocurrencies.
Kraken is nice because you can buy ETH by funding your account with US Dollars (USD), Euros (EUR), and Canadian Dollars (CAD). If you deposit funds with CAD or EUR SEPA is free, while other fiat currencies have geared fees. In Canada, you can fund your account with the following methods: wire transfer, in-person, or Etana Custody.
Bisq is a decentralized exchange, which means that you transact directly with the person you buy Ethereum from. It is a totally private and anonymous way to transact, as all you share is the transaction request. You do not need to give any personal information on decentralized exchanges. To buy and sell a cryptocurrency, you will need to download Bisq's peer-to-peer network and open-source desktop software. And because Bisq is decentralized, trading fees are paid in BSQ (the native token) or BTC.
How To Decide on an Exchange
As you can see, there are many exchanges where you can buy Ethereum. You want to choose an exchange that services your needs and allows you to fund your account with a method of payment that is most convenient to you. So do some research, and make sure you know exactly what you are getting into.