Ethereum is one of the numerous cryptocurrencies in the crypto space today. It is famous for being one of the first cryptocurrencies to be created after bitcoin and the second-largest cryptocurrency platform after bitcoin. Ethereum is an open-source network that is based on blockchain technology.
Its purpose differs from bitcoin as it runs decentralized applications with its currency, Ether, powering the transactions. The purpose of Ethereum is to create a global, decentralized blockchain network. In this article, we will be looking at the best way for Ethereum buy Canada.
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Is it worth investing?
Many crypto enthusiasts will tell you that Ethereum is one of the significant coins that are worth investing in the crypto space. However, before going into it, there are things you need to consider and things that must be in place. For one, you must familiarise yourself with the basic principles of investing.
You must also understand the crypto market and know how to study price movements to take a good trading position. Finally, ensure you have separate savings for investing in Ethereum so you don’t put all your money into crypto.
You must always be aware of the market volatility in the crypto space. Cryptocurrencies are generally not backed by a physical asset. Therefore, their value is determined by the dictates of supply and demand and any news in the crypto space. You must understand the risk. The chance of profit is as high as the risk involved in crypto investment.
For example, in 2019, Ethereum’s value ranged between $83 and $348. You will notice that the gap is a bit wide for price movement in a single year. That is how much your investment can change when it comes to cryptocurrency. Finally, you should also be clear on why you are buying Ethereum.
Some of the reasons could be that you want to buy it for use on the Ethereum network, or you may want to buy and hold it for the long term. You may also want to trade it against other cryptocurrencies. How you intend to use Ethereum determines the platform you want to buy and what it will cost you. So, be clear on why you want to buy this crypto coin.
Pros and Cons of buying Ethereum in Canada
Pros:
- High potential for significant returns.
- A decentralized currency that is not controlled, regulated, or issued by a central body.
- Easy to buy in different ways.
Cons:
- Irreversible transactions.
- Market volatility.
Ways to buy Ethereum in Canada
There are Canadian platforms that offer Ethereum and other cryptocurrencies for sale. Some of these platforms include:
● Crypto exchange platforms
This is probably the best and most common way of buying Ethereum in Canada and anywhere else in the world. You can buy Ethereum on crypto exchanges like Coinberry with ease. There are transaction fees involved, including deposit fees and withdrawal fees. Coinberry offers you the opportunity to buy Ethereum with CAD or other crypto coins.
Depending on your plan, you can also exchange Ethereum for other crypto coins. The platform is one of the few Canadian crypto exchange platforms that offer 0% transaction fees. You will need to download the app and provide your personal data to register on the platform before you can start trading. Go thecryptogenius.software where you find the most reliable and ideal trading platforms.
Coinberry is an excellent place to buy Ethereum because it is a Canadian crypto exchange platform, which means you do not have to worry about whether the platform is supported in Canada.
● Peer to Peer exchange
This is another good way to purchase Ethereum in Canada. It is an anonymous way of buying a crypto coin. Peer-to-peer exchanges are like a marketplace where crypto traders connect to trade directly. You can use the CAD or other crypto coins to exchange for Ethereum on peer-to-peer exchanges.
● Ethereum ATMs
These are another excellent way of buying Ethereum. They are perfect for buying small amounts of Ethereum on online exchanges. Low fees are charged, and it does not require identification during purchase. To use an Ethereum ATM, you need an Ethereum wallet. There are crypto platforms that offer excellent and secure wallets for your Ethereum.
Ensure you research the wallet of your choice. To use an Ethereum ATM, scan the QR code on your wallet with the ATM camera. Then you complete your purchase by putting in your money and confirming the quantity of Ethereum you want to buy. The Ethereum will be automatically sent to your wallet. Confirmation of purchase could take hours with an Ethereum ATM.
Things to look out for
Whichever way you choose to purchase Ethereum from the above-listed means, there are safety points you should be wary of so you do not lose your money. Some of these safety points include:
- Use only trusted crypto exchange platforms.
- Use multi-factor authentication and favour exchanges that use extensive identity checks.
- Double-check any address used in transactions. Crypto transactions are irreversible. If you enter the wrong address, your crypto is gone forever.
- Do not share your private key.
- Use hardware wallets for large amounts of Ethereum purchases.
- If you are not going to use your purchased Ethereum for a while, it is advisable you transfer it to a hardware wallet.
Conclusion
As listed above, there are a few ways to purchase Ethereum in Canada. However, you must be well informed on these ways not to make any mistakes. Crypto trading is susceptible because you may lose the crypto coin if you make any mistake when trading.
Do not also forget that Ethereum, like any other cryptocurrency, is a volatile investment with many price movements that occur based on the supply and demand of the coin in the market and random news on social media platforms.
Therefore, use safe investment strategies and do not over-expose yourself. It is also advisable to diversify your investment portfolio.
Read also: Can Stellar (XLM) Become A Competitor To Ethereum?