Buy Cardano in Canada

A free beginner guide on how to buy Cardano in Canada.

What is Cardano?

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.

The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.

Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.

The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.

Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain.

In an interview for CoinMarketCap’s Crypto Titans series, Hoskinson said that he got involved in cryptocurrencies back in 2011 — and dabbled in mining and trading. He explained that his first professional involvement in the industry came in 2013, when he created a course about Bitcoin that ended up being taken by 80,000 students.

As well as being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his technology company donated ADA worth $500,000 to the University of Wyoming’s Blockchain Research and Development Lab.

Cardano is a non-profit blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a "smart economy" with a distributed network. On the Cardano blockchain, users are able to register, trade, and circulate multiple types of assets. Proving the connection between digital and physical assets is possible through digital identity. Assets registered through a validated digital identity are protected by law.

1. Create accounts

In order to buy Cardano in Canada we will first need to create an account on a local exchange to buy Ethereum or Bitcoin. Then you will need to create an account on a global exchange to trade the Ethereum or Bitcoin for Cardano.

  • Create Local Exchange Account

    The first step in this process is to gain the ability to buy Bitcoin or Ethereum with CAD dollars. For this you will need a local exchange account, currently we recommend Newton or Shakepay .

    If you want to buy Cardano right now (with a verification delay), and if you want to buy only a small amount ($375 CAD or less) use Coinbase.

    For a more comprehensive guide and comparison of the various exchanges, see the Exchanges Guide. We offer a pretty good pro and con list of each exchange.

  • Create Global Exchange Account

    Next, you will need to create an account on a global exchange. This will allow you to trade the Bitcoin or Ethereum for Cardano. Unfortunately, it's not possible yet to do it all on the same exchange. Which is why you need to use multiple exchanges.

    We recommend using Binance

    For a more comprehensive guide and comparison of the various exchanges, see the Exchanges Guide.

  • Verify and Fund

    In order to fund your local exchange accounts you will need to verify your identity. This often involves sending in copies of your drivers license, a utility bill, and in many cases a selfie of you holding your ID. This is normal ask for verification on exchanges.

    As for verification on global exchanges, the verification is usually faster and less intense. For example on Binance you do not need to verify if you are withdrawing 2 BTC or less.

2. Buy your cryptocurrencies

Now that you have both a local exchange account and a global exchange account it's time to make your purchases. You need to buy XRP or ETH, transfer it to the Global exchange, and then place an order to trade it for Cardano.

  • Buy a Cryptocurrency

    The first step is buy one of the main cryptocurrencies that you can trade for alt coins. If you are on Newton I'd buy XRP. However if you are on Shakepay buy ETH.

    If you are not using Binance, it is a important to verify that your global exchange will trade the cryptocurrency you are buying in this step, for Cardano.

    Login to your local exchange and buy your desired amount of Cardano in XRP or ETH. We currently recommend buying with XRP as it provides a faster and cheaper transaction than Bitcoin/Ethereum, as long as your exchange supports it. Ethereum is ok if you are using Shakepay as they will cover the network fees to transfer to Binance or another exchange.

  • Transfer Cryptocurrency to a Global Exchange

    The next step is to transfer your XRP or ETH from your local exchange account to a global exchange. For example, from your Newton or Shakepay account to your Binance account.

    This involves getting the funding wallet address from Binance account and withdrawing to it from your Shakepay account.

    You will need to wait for the transaction to complete. Once you see the funds appear in your global exchange account you are ready to proceed to the next step.

  • Trade for Cardano

    The next step is to actually buy Cardano. On your global exchange place an order to trade the crypto currency for Cardano. You will most likely need to buy USDT or BTC so you have the correct currency for the trading pair offered.

    The fastest way is to place a market order which buys Cardano for the current market price on the exchange. However, consider using a limit order to get a better price, but remember if the market price does not hit your limit price your order will not be filled.

3. Storing your Cardano

If you just bought some Cardano you are currently storing it on the exchange you bought it on. This is OK if the value is small. However, if you own a significant amount it is best practice to transfer your cryptocurrencies to a wallet that is not an exchange.

  • Software Wallets

    If you are just getting started you will probably want to use a software wallet. They are typically free and are considered more secure than leaving Cardano on a exchange.

    Feel free to do a google search to research what wallets are available and know what the options are.

    Once you have decided on a wallet, follow the instructions to get it setup then withdraw your Cardano from your exchange account. It is common for a small fee to be associted with the withdrawal.

  • Hardware Wallets

    The safest way to store Cardano, or any cryptocurrency, is with a hardware wallet that is not connected to the internet. This is to prevent it being stolen or hacked from a exchange or a wallet connected to the internet.

    Consider looking at the Ledger line of hardware wallets. They have been in the industry a number of years and offer one of the widest selections of devices.

  • Leaving it on an Exchange

    This is generally not recommended. However, you might want to do this if you are actively trading Cardano. Be aware you are taking an extra risk. Exchanges have been known to get hacked or disappear, search QuadrigaCX scandal.

    The main advantage of doing this is instant access to your Cardano, and saving the fees associated with transactions and withdrawing.

    Always consider the reputation and size of the exchange if you are storing a cryptocurrency asset on it.

    Generally speaking, I do not keep a balance on any of the local exchanges. If I am going to hold a balance of a cryptocurrency coin/asset on an exchange it will be Binance as they have the most robust platform. However, use this information at your own risk. The safest place for your crypto assets is a hardware wallet like Ledger.

    Regardless of the exchange, if you are holding assets on the exchange, make sure you enable two factor authentication and use a separete secure password on the account.

Summary

  1. Create an account on a local exchange.
  2. Create an account on a global exchange.
  3. First buy ETH or BTC on the local exchange.
  4. Next trade that ETH or BTC for Cardano on the global exchange.
  5. Store your Cardano, consider getting a software or hardware wallet.