Choosing a Canadian Crypto Exchange

We briefly discussed the various cryptocurrency exchanges in Canada in our post NFTs in Canada. In this post, we will go through the steps required for opening, funding and then making your first trade in a Canadian crypto exchange.

The major crypto exchanges in Canada at the moment are:

  • Binance
  • Crypto
  • Coinbase
  • Coinsmart
  • Coinsquare
  • Newton

We would advice against Binance as it has been in a regulatory fight with the Ontario government and might halt trading if not completely close accounts of its users.

Out of these, we prefer Newton for its no trading fees, no fees to fund or withdraw money and a wide array of cryptocurrencies to trades with. Also, if you use this link to signup with Newton, you get free $25 (referral) instantly in your account after you make your first trade of $100 or more.

NFTs in Canada

Investing or simply buying NFTs in Canada might not be the most straight forward thing to do in the sense that you can only buy the NFTs using cryptocurrencies instead of dollars. In order to buy the appropriate cryptocurrency, you need to know which exchange you can transfer the money to and if that exchange has that specific cryptocurrency to trade. In order to buy NFTs in Canada, start with selecting a suitable cryptocurrency exchange.

Some of the most widely used crypto exchanges in Canada are Coinbase, Coinsquare, Binance and Newton. One quick word of caution for Coinbase is that you cannot directly withdraw money into your Canadian bank account. You’ll have to connect a Paypal account, move the funds to your Paypal account and then withdraw these funds to your bank account. Binance has been quite a popular options but it has some danger of shutting down or halting any trades due to complications with the regulatory body of the Government.

Out of all these crypto exchanges in Canada, we recommend Newton due to ease of funding, withdrawing and use in general and also the wide availability of cryptocurrencies to trade. You can use this link (referral) to sign up with Newton and get free $25 in your account when you conduct your first trade of $100 or over. 25% in free funding isn’t bad.

Post detailing step-by-step instructions to buy (or sell) an NFT to follow.

What are NFTs?

NFT in a general sense sense stands for Non-Fungible Tokens, which essentially means that these tokens aren’t interchangeable. In a sense of crypto, every token is itself unique and carries its own specific characteristics. The only thing common amongst these tokens is that they are all bought using cryptocurrencies. Buying a crypto NFT means, you are buying that one masterpiece and hence the reason many of these NFTs usually go for exorbitant prices. Once you own an NFT, you are obviously free to sell it to anyone for any amount you see fit. Once you buy an NFT, you get a unique blockchain token which is non-reproducible which in-turn makes your NFT one of a kind. And no, you cannot own an NFT by screenshotting it, it’s essentially like taking a picture of Mona Lisa,

The most common type of NFTs at the moment are images and they have been selling for over a million dollars. The most expensive NFT sold so far is the Beeple, Everydays which was sold for a total of $69 million in March 2021.

Beeple, Everydays Everydays: the First 5000 Days