How to Buy Cardano (ADA) in Canada
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Cardano (ADA) is one of the largest and most popular cryptocurrencies which means you can purchase it on most crypto exchanges. However, some exchanges are much better than others - especially for fees.
In this post, we'll cover the best places to buy Cardano cheaply, quickly, and safely as a Canadian. This post is based comparing and reviewing over 20 Canadian cryptocurrency exchanges over the last few years.
What Is Cardano (ADA)?
Cardano is a proof of stake blockchain platform and ADA is it's native digital currency. It was founded in 2017 by Charles Hoskinson who was one of the original co-founders of Ethereum. Today, Cardano is one of the world's largest cryptocurrencies and you can learn more at Cardano.org.
How to Buy Cardano (ADA) in Canada Step by Step
Step 1: Compare Crypto Exchanges
You can buy Cardano on a Canadian (local) exchange or a global crypto exchange. Local exchanges can be more expensive but are usually easier to use and support Canadian dollars. On the other hand, global exchanges usually have better spreads but require you to fund your account with crypto.
The best local crypto exchanges in Canada are currently NDAX, Newton and VirgoCX. The best global exchanges are Binance and KuCoin.
Where Can You Buy Cardano?
You can find Cardano on most Canadian crypto exchanges because it is one of the largest coins. Here are the best choices based on reviewing over 20 platforms:
Yes (1.80% fee)
What's The Best Place to Buy Cardano?
The best place to buy Cardano in Canada is NDAX because it's the cheapest option and also the easiest. They have free CAD deposits, 0.20% trading fees and low spreads. It also offers beginner and advanced trading so it's the best choice for the majority of Canadians.
Step 2: Fund Your Account
Once you've picked your exchange, go through the steps to fund your account. Funding your account will differ on each exchange.
For Canadian exchanges, like NDAX and Newton, funding is usually free and can be done instantly via e-transfer.
For International Exchanges, like KuCoin and Binance, the best and cheapest option is usually to deposit crypto. To do this, you would buy crypto on a Canadian exchange then transfer it over.
Step 3: Buy ADA
Once your funds are deposited, trade it for ADA and you're done!
Step 4: Store Your ADA Safely
There are 3 main ways you can store your crypto:
- Leave It On The Exchange - This is the least secure option since exchanges can be hacked. This option is not recommended, especially for large amounts.
- Software Wallet - There are many wallet apps that can be downloaded on your desktop or smartphone. They are generally free, easy to navigate, and more secure than an exchange. Popular options are the Trust Wallet and Exodus Wallet.
- Hardware Wallet (recommended) - This keeps your crypto offline and is the most secure way to keep it safe. This is recommended for savings and large amounts of crypto. A popular hardware wallet is the Ledger.