Many people, mainly new investors are still wondering how to buy and cash out Ether within Canada. They are intrigued by the idea of purchasing Ether but are confused by the process but still would like to start investing in it. How does one go about buying Ether and then what do you do with it once you have it?
Buying Ether is actually relatively easily from a Canadian Bank account or even a Canadian credit card and there are many Canadian based exchanges that you can choose from. Once you decide on the right exchange for you, you will need to create an account and from there you will be taken through a simple process similar to creating any profile with an online retailer with one exception, you will need to verify through a credit reporting bureau for an additional identification method. When this has been successfully completed, you will be able to link a bank card or credit card and buy Ether. Once you have made your purchase it will be added to your online wallet that was created when you made your exchange account.
At this point in the verification stage, your purchase limit will be quite low at under $500 per week. This amount can vary depending on which exchange you choose. In order to raise these limits, you will have to take additional steps to verify your identity. This typically can be done by sending copies of you Government issued ID to the exchange or, you may have to send a picture of your person holding your ID.
This is a very simple to use exchange. I setup a Coinbase account and bought one of their 4 coin options in no time at all. The interface is very easy to read with a few helpful charts with market prices and caps. You have the option to buy/sell or transfer from your wallets. You can also create a vault for long-term storage of your coins. The major drawback of Coinbase is that Canadians currently cannot sell Ether, that option is not supported as of yet. Coinbase is great if you’re looking for a fast, secure way to buy a small amount to transfer to another exchange to buy different altcoins. An example of this type of exchange would be Binance, which I will discuss later in this post.
Is possibly the best exchange currently available for Canadians. Of course, I have not tried them all but from the ones I have tried, I like it the best. QuadrigaCX has its offices based in Vancouver, BC. This exchange is as easy to use as Coinbase but also allows you to etransfer money to a Canadian Bank account. This transfer will most likely take 1 day unlike Kraken, an exchange that also supports this feature for Canadians, which can take 4-5 days. The efficiency of the etransfer feature is why I now have my main account with QuadrigaCX. When you want to cash out or remove your money as a Canadian you can do so with little effort. Below is a short video to explain further.
This is the 3rd exchange and this one is also made in Canada. They claim to be the easiest platform to buy, sell and trade coins. They also include an option to buy and sell gold as well, which is a really cool option. A really nice feature if the market decides to do something crazy you can put your investment it to precious metals. I don’t use Coinsquare, mainly because I am very happy with QuadrigaCX but I have heard that Coinsquare has a very solid platform. I assume the sign-up process is very similar to the likes of the other 2 exchanges listed above.
So there you go 3 very simple easy to use exchanges that will allow you to buy Ether and a few other altcoins like Bitcoin, Litecoin and Bitcoin Cash, even gold on Coinsquare. You also have 2 options to remove your funds with QuadrigaCX and Coinsquare.
Choosing the right exchange for your limit will depend on your investment strategy as well your level of risk. I myself have done some trading through Binance partially because of their expanded coin offering, but mostly I leave my Ethereum in my account and let it rise in value. If you want to trade some of the smaller coins you will have to transfer some of your Bitcoin, Litecoin or Ethereum onto one of those exchanges.
Is a large Asian based exchange that has a very good coin offering with easy and quick trading. Many of the coins listed on this website can be bought and sold on the Binance exchange. This exchange is getting busier by the day. Near the end of December, they had to close down new user registrations for a few days because they could not keep up with the trading volume. I think Binance is more sutiable for the person who wants to actively trade coins rather than just own some coin and watch and hope they rise in value. I have had a lot of fun buying and selling coins on Binance and made some money as well but, I personally would not trust a large value to be stored on their exchange. I personally would prefer any large amount of money be kept on a Canadian exchange.
Right now I don’t know of many retailers that are accepting Ether to purchase goods or services. Ethereum was not meant to act in quite the same way as Bitcoin and is not a currency in the same way Bitcoin is, so it will not be as popular until it becomes as public as Bitcoin. I think Ethereum is an outstanding long term investment and feel it will be worth much more than its current level. I have a feeling that before the end of March we may see it break the $2000 mark. It’s exciting to watch the rise of Ethereum and their communities growing daily. I feel that anyone that can afford to should have some percentage of altcoins in their portfolio. I feel Ethereum is one of the best, so go buy a little, I think you will be happy you did.
You can read more about Ethereum and Canada Here