Since STEPN is a lesser known altcoin, it is not yet listed on Canadian (local) exchanges. To buy it, we will need to sign up for an altcoin exchange where STEPN can be traded.
This post shows you where to purchase STEPN cheaply, quickly, and safely as a Canadian. Let’s jump in.
In This Article:
What Is STEPN (GMT)?
STEPN is a move to earn app and cryptocurrency that lets players make money while walking, jogging or running outdoors. To start playing, users need to buy virtual sneakers (NFTs) from the marketplace. While you run around town, the game tracks your movements, and you'll start earning rewards.
Where Can You Buy STEPN in Canada?
STEPN is a lesser known altcoin, so it is not yet listed on Canadian (local) exchanges. It is available, however, on many popular global exchanges such as:
- Binance (banned in Ontario)
- Gate.io (banned in Ontario)
- Huobi Global (banned in Ontario)
Among these exchanges, Kraken and Coinbase support Canadian dollars the best. For everything else, you should deposit crypto to fund your account.
Why Is Binance The Best?
Binance was founded in 2017 and is one of the largest crypto exchanges in the world, has low trading fees and over 600 coins. The cheapest and best way to fund your Binance account is to buy coins on a Canadian (local) exchange then transfer it to your Binance account. You can buy crypto on Binance with a credit card but it's not recommended (it's expensive + your bank might block it).
How to Buy STEPN in Canada
Sign Up For A Canadian Exchange
Your first step is to sign up for any Canadian crypto exchange. There are many choices but I recommend Newton since it's one of the cheapest and fastest in Canada. It also has $5 off crypto withdrawals which will be important later. For more alternatives you can browse our exchange comparison tool here.
Signing up for a Canadian exchange takes 10-15 minutes. You will be required to verify your email address, phone number, ID and go through the Know Your Customer (KYC) process. This is normal due to Canadian regulations so be ready for that.
Sign up on Newton to get $25 free when you trade $100.
Once you've opened an account on Newton (or any Canadian exchange), it's time to buy crypto so we can send it to Binance. Here's how to do it.
- Open Newton
- Click the bottom right icon
- Select "Add funds"
- Click "Via e-Transfer"
- Enter the $CAD amount and click "Send Fund Request"
After this, you will receive an email to Interac e-Transfer your funds to Newton. Open the email and make the transfer. There could be a $1-$2 fee depending on your bank. You can also deposit with wire transfer or bank transfer but it takes longer.
Note: In most cases, your e-Transfer will show up in a few minutes. However, if it's your first one it can take up to 1 hour.
Buy A Major Coin
When your account is funded, it's time to buy a large cryptocurrency so we can send it to Binance. I will use Stellar (XLM) because it transfers nearly instantly and will cost $0 in withdrawal fees. You can choose any coin but if you withdraw USDC or ERC-20 coins, it will cost $10-$25 in fees.
- On Newton, click the bottom right icon
- Click "Trade"
- Select "XLM" from the dropdown menu
- Enter how much $CAD you want to spend
- Hit "Swipe To Trade"
Sign Up For An Altcoin Exchange
Since STEPN is a lesser known altcoin, it is not yet listed on Canadian (local) exchanges. We need to transfer our coins to an exchange where STEPN can be traded. Here, we will use Binance because it is the largest exchange in the world by trading volume and has low 0.10% trading fees. This will be the cheapest place to trade STEPN. If you live in Ontario where Binance is unavailable, KuCoin is the best alternative.
- Sign up on Binance and get 10% off trading fees
- Sign up on KuCoin and get 10% off trading fees (works in Ontario)
Signing up for Binance is similar to Newton and will require KYC. KuCoin on the other hand does not have mandatory KYC. KuCoin only requires an email address and you'll be allowed to deposit and trade crypto and withdraw up to 1 BTC per day with no KYC.
Deposit Coins to the Altcoin Exchange
Once your Binance or KuCoin account is open, you will need to make a crypto deposit which is pretty straightforward.
- Open Binance
- Find the "Deposit" button in your account
- Select the coin you will be sending from Newton (eg. Stellar)
- Copy the wallet address
- Go back to Newton
Withdraw Coins From Newton:
- On Newton, click the bottom right icon
- Click "Withdraw"
- Click "Crypto to wallet"
- Select the coin you want to withdraw
- Paste the wallet address from Binance
- Click "Review Withdrawal"
- Swipe to withdraw
Make sure you are sending the correct coin to Binance and you copied the address exactly. Otherwise you will lose your funds. Your coins should arrive in Binance soon!
Trade for STEPN
Finally, the last step to buy STEPN! We will need to trade our XLM for USDT and then we can trade USDT for GMT.
- Go back to Binance
- Click "Wallet" then "Fiat and Spot"
- Search for "XLM"
- Click "Trade" then "XLM/USDT"
- Sell your XLM for USDT
- Then, go to the USDT/GMT trading pair
- Buy GMT
That's it! To sell your STEPN (GMT) it would be the same steps in reverse. Sell GMT for USDT, trade USDT for XLM, transfer it Newton, trade XLM for CAD, cash out via Interac E-transfer.
Store STEPN Securely in a Wallet
Once you own STEPN, there are 3 main ways you can store it:
- Leave It On The Exchange - This is the least secure way to store your crypto since exchanges can be hacked. Binance and KuCoin are very trustworthy but anything can happen in crypto.
- Software Wallet - There are many wallet apps that can be downloaded on your desktop or smartphone. They are free, easy to navigate, and have more security than an exchange. Some popular wallets are the Trust Wallet, Coinbase Wallet and Exodus Wallet.
- Hardware Wallet (top choice) - This is the most secure way to store your crypto since a hardware wallet is not connected to the internet and stores your crypto offline. If you will be holding large amounts of STEPN long term, this is your best option. One of the best hardware wallets is the Ledger Nano.
What is the Cheapest Way to Buy STEPN?
Newton has free CAD deposits, zero trading fees, low spreads and free crypto withdrawals under $5. So BTC, XLM and some other coins are free to withdraw. Binance has the lowest spreads in the world and 0.10% trading fees.
If you live in Ontario, KuCoin is the best Binance alternative which also has low spreads and 0.10% trading fees (plus 10% off).
What is the Easiest Way to Buy STEPN?
The easiest way to buy STEPN in Canada is to use Coinbase because this requires the fewest number of steps. Simply register for Coinbase, add your payment method, and click buy STEPN. It might be easy, but be aware that Coinbase is the most expensive exchange we reviewed in Canada out of 18 platforms. They make money through spreads and trading fees.