Buy Ontology in Canada

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

What is Ontology?

Ontology is a high performance, open source blockchain specializing in digital identity and data. Ontology's unique infrastructure supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework

At its launch, Ontology chose to forego the popular initial coin offering (ICO) model in favor of a series of community distributions and airdrops of its ONT cryptocurrency, which began life as a NEP-5 token on the NEO blockchain.

This helped to quickly establish both organic price discovery and a passionate community and helped the project to avoid subsequent regulatory scrutiny.

For example, for a brief period any person who signed up for the Ontology newsletter received an airdrop of free 1,000 ONT, which reached a value of $10 per token soon after the token became listed on major exchanges like Binance.

Ontology launched its own MainNet on June 30, 2018 and now operates independently from the NEO blockchain.

Ontology was established by Li Jun, Founder of Ontology. During Ontology’s early stages of development, Ontology received technical support from some members of Onchain’s developer team. However, the two have always been officially separate projects pursuing their own goals.

Ontology offers a variety of real-life use cases and allows businesses to build their own blockchain on top of the Ontology blockchain.

Importantly, Ontology offers more flexibility for enterprises, allowing them to create customized blockchains to fit their specific needs in terms of features like governance and enhanced privacy, functionality that competitors like Ethereum and NEO lack by design.

1. Create accounts

In order to buy Ontology in Canada you will need both a Canadian (local) exchange account and a global exchange account. You will need to buy one of the main cryptocurrencies on the Canadian exchange and then transfer that to the global exchange you registered with which trades Ontology.

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

If you want to buy Ontology right now, without going through the full verification process, and if you want to buy only a small amount ($375 CAD or less) consider using Coinbase.

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

Next, you will need to create an account on a global exchange. This will allow you to trade the cryptocurrency you bought in the previous step for Ontology. 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.

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, as long as you are strictly using cryptocurrencies and not doing fiat transactions. 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 a Global exchange, and then place an order to trade it for Ontology.

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, if you are on Shakepay buy BTC.

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 Ontology.

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

The next step is to transfer your XRP or BTC 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 Newton or 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.

The next step is to actually buy Ontology. In your Binance (or similar) account place an order to trade the crypto currency for Ontology.

Binance has a trading pair for both USDT and BTC.
- If you bought BTC originally you can now trade it for Ontology at the ONT/BTC trading pair.
- If you bought XRP originally, first you need to trade it for USDT and then you can trade it for Ontology at the ONT/USDT trading pair.

The fastest way is to place a market order which buys Ontology 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 Ontology

If you just bought some Ontology 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.

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 Ontology 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 Ontology from your exchange account. It is common for a small network fee to be associted with the withdrawal.

The safest way to store Ontology, 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.

This is generally not recommended. However, you might want to do this if you are actively trading Ontology. 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 Ontology, 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 XRP or BTC on the local exchange and transfer it to Binance.
  4. Next, trade XRP or BTC for Ontology
  5. Store your Ontology, consider getting a software or hardware wallet.