If you’re interested in buying Cardano in Canada, this post is for you.
Cardano is one of the popular digital tokens with practical use cases and rapidly growing adoption.
In this post, we’ll cover how to buy Cardano in Canada, the best exchanges to use, their features and many more.
What is Cardano (ADA)?
Cardano is a decentralized, proof-of-stake blockchain platform that was launched in 2017.
It was developed by Charles Hoskinson, one of the co-founders of Ethereum, another proof-of-stake platform.
Like Ethereum, Cardano supports smart contracts and decentralized applications can be built on it.
ADA, named after the mathematician Ada Lovelace, is the digital currency used on the Cardano cryptocurrency network.
At the moment, Cardano (ADA) is one of the top 5 most capitalized cryptocurrencies with a market value of about $93 billion.
How to buy Cardano In Canada
The easiest and fastest way to buy Cardano or ADA in Canada is through one of the Canadian crypto exchanges that supports it.
Simply open an account with them if you’re not an existing user. Fund the account with CAD and start trading the digital token.
Alternatively, you can use one of the international crypto platforms like Binance that supports hundreds of other cryptocurrencies and altcoins.
We’ll cover some of the best options and the offerings below.
So in summary, here’s how to buy Cardano in Canada:
- Sign up to a crypto trading platform like Newton or NDAX
- Verify your account
- Fund your new account with Fiat currency, that is Canadian dollars
- Buy Cardano (ADA)
There are extra steps if you’re looking to buy Cardano using an international platform.
How to buy ADA using Binance is covered later in this post.
Where to buy Cardano in Canada
If you’re in Canada, here are some of the best available crypto exchanges to buy Cardano.
- Available coins: 35+
- Bonus: $25
Newton is the first Canadian crypto exchange on this list of where to buy Cardano in Canada.
Newton was founded in 2018 and currently boasts of more than 200,000 users. It is a Toronto-based platform that provides one of the cheapest crypto trading exchanges in Canada.
Over the last couple of months, they’ve added support for several new altcoins including Cardano.
With 35+ cryptocurrencies supported on the platform, Newton is currently the best crypto exchange in Canada for altcoins.
Funding options: Newton users can fund their account with CAD using wire-transfers, pre-authorized debits and Interac e-transfers to start trading Cardano and other crypto assets.
Crypto deposits are also available at no fee.
Cardano Fees: Cardano Funding is currently supported, but withdrawals are not available on the Newton platform as at the time of writing this post. But it should be available soon.
Trading Fees: Newton is one of the Canadian crypto exchanges that don’t charge a trading fee directly. Their model is to make money by adding a spread to the quoted price of crypto.
Newton’s crypto spreads are usually between 0.60% to 0.70% depending on when you check.
Other Fees: Fiat money deposits and withdrawals are free at Newton. To withdraw crypto, Newton covers the mining fees up to $5.
So depending on the crypto and when you’re withdrawing it, crypto withdrawals on Newton can also be free.
Sign-up bonus: Newton will deposit $25 in your account when sign-up using a Newton referral link and trade a minimum of $100. You can also earn $25 for referring your friends.
Learn more: Newton Review and Referral Code
- Available coins: 14
- Bonus: $10
NDAX is another crypto exchange where Canadians can buy Cardano.
National Digital Asset Exchange Inc. (NDAX) was founded in 2017 and it is a calgary-based cryptocurreny trading app with one of the lowest crypto trading fees in Canada.
It supports the 2 major cryptocurrencies, Bitcoin and Ether, along with 12 other digital coins that includes Cardano.
Funding options: You can fund your NDAX account using wire transfer, e-transfer and bank draft to start trading Cardano on the platform.
All the funding options are free and have no minimum or maximum amount.
Cardano Fees: It is free to deposit your Cardano on NDAX, but withdrawals come with a fee of 3 ADA.
Trading Fees: Buying and selling crypto has a fee of 0.20% on NDAX. Quoted prices also have some spread, though small, built in.
Other Fees: A $25 fee applies for CAD withdrawals. Withdrawing your crypto also comes with varying fees depending on the coin.
Sign-up bonus: You’ll receive a sign-up bonus of $10 using an NDAX referral link after you deposit a minimum of $100. Plus $25 for each friend you refer.
Learn more: NDAX Review and Referral Code
- Available coins: 9
- Bonus: $20
CoinSmart is the next Canadian crypto exchange on this list of where to buy Cardano in Canada.
Launched in 2018, it operates out of Toronto. CoinSmart is registered with FINTRAC as a money service business like the other Canadian crypto platforms on this list.
Some of the extra features provided by CoinSmart includes SmartPay for those looking to start accepting crypto payments.
Funding options: To buy Cardano with CoinSmart, you can fund your account using Interac e-Transfer, wire transfers, bank draft, credit/debit cards and crypto deposits.
Cardano Fees: It is free to deposit your Cardano on CoinSmart, but withdrawals come with a fee of 0.3 ADA.
Trading Fees: Crypto trading costs 0.20% to 0.30% on CoinSmart depending on the currency pairs.
Other Fees: Interac e-transfer deposit below $2,000 has a fee of 1.5%. CAD withdrawals have a 1% fee with a minimum charge of $15.
Also, crypto deposits are free, but withdrawals are charged a flat fee.
Sign-up bonus: $20 referral bonus when you sign up and deposit a minimum of $100
Learn more: CoinSmart Review and Referral Code
4. Wealthsimple Crypto
- Available coins: 25+
- Bonus: $50
Wealthsimple Crypto is the crypto trading platform from Canada’s largest robo-advisor.
It was introduced in 2020 with support for only Bitcoin and Ethereum, but it has quickly added support for many other cryptocurrencies including Cardano (ADA) in September 2021.
Funding options: Bank deposit from a connected bank account. Interac e-transfer isn’t available. Crypto deposits are also not available at the moment.
Cardano Fees: Operation fees of between 1.5-2% of the amount traded.
Sign-up bonus: Wealthsimple Crypto is available through the Wealthsimple Trade app. New users get $50 bonus when they sign up and trade a minimum of $150.
Learn more: Wealthsimple Crypto Referral Code & Review
- Available coins: 500+
While Binance is not based in Canada, it is one of the largest crypto platforms in the world.
Binance has a great selection of digital coins on its platform. If you’re looking to trade the less known altcoins, Binance will be perfect for you.
Note: Binance is no longer available to Ontario residents.
Some of the extra features or products provided by Binance includes Binance Visa Card, Crypto Loans, Binance Pay and so on.
Funding options: Credit card, debit card and crypto deposit.
Cardano Fees: It is free to deposit your Cardano on Binance, but withdrawals come with a fee of 0.12 to 1 ADA.
Trading Fees: Crypto trading fees start at 0.1% on Binance, making it the cheapest option to trade Cardano on this list. Those trading larger volumes can even pay as low as 0.02%.
Other Fees: Depositing your crypto to your Binance account is free, but withdrawals are charged a flat fee that varies across the different coins.
Promotion: Get 20% commission rebate using this promo link plus up to a sign up bonus of $100.
- Available coins: 100+
Another non-canadian based exchange where you can buy Cardano in Canada is Crypto.com.
Crypto.com is an international cryptocurrency company with presence in more than 90 countries and 10 million users.
You can do much more on the app than just buy Cardano or the other supported currencies.
Users can earn up to 14% on their stablecoins, apply for the Crypto.com Visa Card to get up to 8% cash back on eligible purchases, get loans instantly when they deposit their crypto and many more.
Funding options: Interac e-transfer, Credit card, Paypal and Transferwise can be used to fund your crypto.com account from Canada.
Cardano Fees: It is free to deposit your Cardano on Crypto.com, but withdrawals have a fee of 2 ADA and a minimum withdrawal of 100 ADA.
Trading Fees: Crypto.com trading fees (maker and taker) starts at 0.40% but gradually reduces as your trading volume increases.
Cheapest way to buy Cardano
So which of the crypto exchanges above is the cheapest way to buy Cardano in Canada?
At the moment, Binance provides the best value for Canadians looking to buy Cardano.
Unfortunately, it is not available to Ontario residents and funding your account with fiat currency, i.e. CAD, is a challenge.
Luckily, there’s a work around that’ll get you started with investing in Cardano on Binance in a short time.
How to buy Cardano on Binance
If you’re in a province where Binance still operates, here are the simple steps to take to buy Cardano on the platform.
- Open an account at one of the Canadian crypto exchanges
- Buy another crypto using fiat currency – preferably a stablecoin
- Sign up for Binance
- Transfer the crypto to your Binance account/wallet
- Trade the crypto for Cardano
For smaller amounts, say a few hundreds, the difference in total fees won’t be material and you’re better off just staying with one of the Canadian exchanges.
But if you’ll be buying large sums, Binance will save you some money in fees and spread.
Learn how to get up to $100 bonus plus 45% commission rebate from Binance in this post about Binance referral code.
Is Cardano Safe and trustworthy?
Like many other blockchain platforms, Cardano is open-source, and it is developed by some popular names in the crypto space.
Also, the Cardano ecosystem is supervised by the Cardano Foundation, a Swiss-based non-profit.
So is Cardano safe?
Well, your Cardano or ADA holdings are as safe as the storage option you choose.
You could buy ADA and keep on a crypto platform, but this offers minimal security and safety for your digital assets.
The best practice and the recommended option is to transfer or withdraw your ADA into your own wallet.
How to store your Cardano
You can use one of the two wallets recommended by Cardano to securely store your ADA holdings. These are Daedalus Wallet and Yoroi Wallet.
Alternatively, you can buy a hardware wallet to store your private keys offline. Both Trezor and Ledger, 2 of the most popular hardware wallet providers, support Cardano.
Luckily, you can get them for less than $100 to store all your digital currencies.
How to Buy Cardano FAQs
Can I buy Cardano/ADA in Canada?
Yes, you can buy Cardano in Canada using one of the Canadian crypto platforms like NDAX and Newton or through an international platform like Binance.
Should I buy Cardano?
Cardano has several use cases and could be provide great returns for those holding its token if the platform becomes widely adopted.
However, digital currencies are highly speculative and volatile. So consider your individual financial situation including your risk appetite before you invest in any cryptocurrency.
What is ADA and where can I buy it?
ADA is the digital token used on the Cardano platform. To buy Ada, simply open an account with a crypto platform that supports it, fund the account and start trading.
Can I buy ADA on Shakepay?
Shakepay is one of the most beginner-friendly crypto apps in Canada. Unfortunately, you can’t buy Cardano on Shakepay yet. It only supports Bitcoin and Ethereum for now.
Will ADA reach $50?
Cardano currently trades a little above $1 so $50 is still a long way off. It could go all the way to $100 or down to $0. Nobody knows.
Therefore, you should only invest an amount you’re willing to loose in a cryptocurrency or any other speculative investment for that matter.
Related: Best Apps To Buy Bitcoin In Canada