How to Buy Ethereum in Canada

Even though it hasn’t been around for as long as Bitcoin, Ethereum is still a very well-known altcoin in the world of cryptocurrency. This popular cryptocurrency consistently ranks in the top five of all coins, which makes it fairly easy to buy Ethereum in Canada. But where do you go to buy Ethereum? We’ve created a guide for you to walk you through an exchange that offers simple and easy ways to buy Ethereum in Canada.

In Canada, you’ll need to find an exchange on which you can buy Ethereum. If you’re unfamiliar with exchanges, they are a means through which you can buy, sell, or trade cryptocurrencies. Most exchanges ask that you register before you start buying or selling. Some even request additional documentation from you to verify your identity.

Our favorite exchange for buying Ethereum in Canada is Coinmama. With this high-quality platform, you’ll gain valuable experience and exposure to cryptocurrencies. This site is simple and easy to use and makes buying Ethereum a pleasurable experience no matter how much you know about digital coins.

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • 🎧 Support: Email Form & Facebook

 

How to Buy Ethereum in Canada

Standard Exchange

With a standard exchange, you do hold your Ethereum, which is why some people prefer to go this route. When it comes to buying crypto you want to store in a digital wallet, a standard exchange is the way to go when it comes to buying, selling, and trading Ethereum in Canada.

Our favorite standard exchange for buying Ethereum in Canada is Coinmama. You can buy as much Ethereum as you want to hold with Coinmama, although the site does have a minimum purchase amount. Using Coinmama makes buying Ethereum in Canada quick and pain-free.


Buy Ethereum in Canada with Coinmama

How to buy Ethereum in Canada with Coinmama

When it comes to buying Ethereum in Canada on a standard exchange, we prefer to use Coinmama. However, you should know that the exchange does not support a mobile app currently. The only way to purchase Ethereum through Coinmama is through the exchange’s website.

There’s a button to sign up on the Coinmama exchange in the top right corner of the home page. Click on that to begin registering.

How to sign up to Coinmama

You’ll be greeted by a form that asks you for your first and last name, a valid email address, and a password. Coinmama also wants to know which country you live in. Once you’ve filled in all the requested information, select “Create Account.” Soon after, you should receive a confirmation email from Coinmama.

How to create a Coinmama account

Next, Coinmama will request your personal info. The platform uses this information to confirm you are who you say you are. This helps to add an extra layer of security by letting the platform know who is using it in the event of a malicious attack or hack. Most exchanges request this type of information, so there’s nothing to worry about when providing it to Coinmama.

Filling in personal info to create Coinmama account

Coinmama also asks for documentation to verify your identity. You can send over your driver’s license, passport, or some other form of government identification. Once Coinmama has the appropriate documentation, you will receive approval to use the exchange. Coinmama is pretty quick about getting users approved, so you shouldn’t have to wait more than a few hours.

When you get approval from Coinmama, you’re ready to buy Ethereum in Canada.

Buying Ethereum in Canada

One thing to bear in mind as you buy Ethereum through Coinmama is that the exchange does not hold your payment information. Some users prefer this since it keeps their information from leaking if the platform is hacked. Others, however, would rather the site retain that data so it doesn’t have to be entered every time they buy some cryptocurrency.

Now that you’re all set, click on the link that says “Buy” located in the top right corner. You should be on a page that lists the digital coins that Coinmama supports. Select “ETH” since you’re buying Ethereum. At this point, you can also select whether you want to view Coinmama’s rates in USD or EUR.

Just a few more quick steps and you’ll have your Ethereum. Tell Coinmama how much Ethereum you want, then select “Buy ETH.” When you do, Coinmama will ask for your Ethereum wallet information. Coinmama does not offer a local wallet held on their exchange, so if you don’t already have one, you’ll need to create one.

Enter your wallet address and your payment information, then buy your Ethereum.

How to buy Ethereum in Canada using Coinmama

The exchange will confirm your payment info, then send the Ethereum you purchased to your wallet. You now know how to buy Ethereum in Canada through Coinmama!


More About Ethereum

When it comes to the world of cryptocurrencies, it can be a challenge to know exactly what a coin is or what it does. Hopefully, we can provide a bit of insight into Ethereum’s background and shed some light on what this popular altcoin has to offer.

What is Ethereum?

Many in crypto, even those that are familiar with digital assets, aren’t aware that Ethereum is open-source. As a result, developers have the opportunity to make decentralized applications on its network. Decentralized apps, or dApps, are applications that reside on the blockchain, but cannot be controlled by one entity or person.

This is in contrast to the way we currently interact with applications. Today’s apps work based on a client-server paradigm. Applications built on Ethereum get rid of this relationship and are designed so that no one single entity or individual has control.

Smart Contracts

If you spend much time talking about Ethereum with anyone, you’re likely to hear “smart contract” at some point in time. Smart contracts are agreements which execute only when all terms are met. Real estate is a great use case for smart contracts. When the buyer and seller agree on the terms, the contract is created and resides on the network.

When both parties satisfy all the parameters of the contract, the funds for the property are moved from the buyer’s account and into the seller’s. At this point, the contract is complete and closed. Of course, there are many other ways smart contracts can be used. Health care, banking, supply chain, and logistics are just a few other industries which are making use of Ethereum’s technology.

Who Created Ethereum?

While the decentralized applications which reside on Ethereum’s network cannot be controlled by one single individual or entity, it had to have a creator. That person is Vitalik Buterin, who at the young age of 19 was already deeply involved in cryptocurrency and blockchain technologies.

In 2014, Buterin won the Peter Thiel Fellowship aware, which came with a $100,000 prize. His persistence and hard work have paid off as Ethereum is consistently one of the highest ranking cryptocurrencies in the world.


Ethereum Advantages & Disadvantages

Pros
  • Does not have a single point of failure
  • Ethereum blockchain is almost hacker and tamper-proof
  • Decentralized apps are online and available at all times
  • Apps developed on Ethereum’s network provide an option to our current client-server relationship
  • One single person or entity cannot control Ethereum’s network
  • A consensus must be reached by the majority of Ethereum’s nodes in order for changes to be made to the blockchain
Cons
  • If a change needs to be made, it can be difficult to get done since a majority of the nodes must agree
  • Human mistakes in the code create the potential for hacks

Is Ethereum a Good Investment?

We don’t know the future, so we can’t tell you whether or not you should invest in Ethereum. What we can do, however, is give you a few points to think about as you make up your mind:

  • Ethereum has shown consistent growth since its launch in 2014
  • Available on most cryptocurrency exchanges
  • Usually listed as a trading pair on crypto platforms
  • Consistent high ranking makes it less of a risk than other, smaller cryptocurrencies
  • Disrupting other markets with its smart contract capabilities
  • Has partnered with Microsoft, JP Morgan, and BP
  • Exchanges like Binance that have their own coin are offering potential options to Ethereum for funding purposes

Don’t forget that Ethereum is a digital asset. As such, there are risks associated with it when investing. The cryptocurrency market is subject to peaks and valleys that can occur very quickly. If you want to do more research and learn more about Ethereum, head on over to TradingView or CoinMarketCap.

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • 🎧 Support: Email Form & Facebook

You can also buy other popular cryptocurrencies in Canada like Bitcoin and Ripple XRP.

Further Reading At TotalCrypto.io
1) Keeping Track Of Your Crypto Holdings Can Be A Nightmare. Make Your Life Easy By Getting A Crypto Tracker. We Reveal Our Top Ten Favourite Crypto Trackers On The Market Right Now.

2) Some People Like To Live Dangerously. Did You Know That You Can Gamble your Crypto Gambling On A Crypto Casino? We Reveal Our Top Five Crypto Casino Picks. 

3) Heard About Altcoins & How Some People Are Doing Well From Them? Our Ultimate Altcoin Buying Guide Shows You How To Get Them.

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DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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