How to Buy Ethereum (ETH) in Canada
Netcoins makes it easy for users to buy Ethereum (ETH) in Canada.
“Ethereum wants to reimagine the Internet.”
Ethereum was created in 2013 by Vitalik Buterin. Although Ethereum and Ether are used interchangeably, Ethereum is the name of the blockchain while ether is the name of its native cryptocurrency. If you’re looking to buy Ethereum in Canada, it’s more likely that you’re really looking to buy Ether (ETH).
Ethereum took the technology bitcoin created and made it more than just currency. In reimagining the financial world and beyond, Ethereum has allowed companies to manage property, contracts, build apps, advertise, buy goods, play games, organize people and so much more. To quote journalist, Camila Russo: “Bitcoin wanted to be peer-to-peer money. Ethereum wanted to be peer-to-peer everything.”
Wondering how to buy Ethereum in Canada? Netcoins is a publicly owned, fully regulated crypto trading platform based in Canada. Simply create an account with Netcoins, fund it with Canadian dollars and head to the trade page to buy or sell Ethereum (ETH). Netcoins offers 0% funding fees and free cash withdrawals with e-Transfers, along with live customer support service seven days a week.
Buy Ethereum (ETH) in 3 steps
Create an Account
Provide some personal details and get verified in minutes through our automated KYC process.
Fund your account with Ethereum, Interac e-Transfer, or bank wire transfer.
Buy and sell as much ethereum as you want with no slippage due to our deep liquidity.
Rapid Transaction Times
Fund and withdraw quickly. Buy and sell instantly. Get your money in and out easily.
Get verified at lightning speed with our automated KYC process. Get to trading bitcoin as soon as possible.
Highest Rated Support
Our support team is available over email, phone, and live chat to answer all your questions clearly and quickly.
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Video Tutorial: How to Buy Ethereum (ETH) with Netcoins
Things to Consider Before Investing in ETH
Ethereum saw great success in 2021. Like bitcoin, it has created millionaires overnight but it has also made people lose all their wealth.
With that said, buying ether is still considered a risky investment given its volatility. But high volatility can work in both directions. It can work in your favour and yield great potential for return. And it can work against you by causing you to take on big losses. That is why it’s important to never invest more than you’re ready or willing to lose.
For many investors though, buying Ether in Canada is an attractive and lucrative investment. As Christopher Matta, president of 3iQ Digital Assets (Canada’s largest digital asset fund manager) said: “This is like investing in actual infrastructure of a New Age, decentralized Internet.” That’s why investors are willing to sustain short-term risk for long-term rewards.
In the end, it’s up to you to decide how much you wish to invest in ether. The beauty of buying ETH is that anyone, anywhere around the world can buy fractions of an Ether. If you decide to buy ETH but are not sure how much to buy, you can start by practicing any one of these strategies:
- Investing a percentage of your wealth into ether (like 1% or 10%)
- Dollar-cost-averaging (buying a set amount of ether every day, week or month)
- Buying the dip (buying when ether prices decrease)
- Starting as small as $10 to test it out yourself.
One of the best ways to keep your ETH safe is to remove them from a crypto trading platform and transfer them directly to a crypto wallet you own. By transferring your ether into a hardware wallet you are protecting your asset against hacking, fraud and theft.
Finally, it can be wise to build an investment portfolio that has a mix of traditional assets (like real estate, gold, stocks) and non-traditional assets (like ether) in order to protect your financial well-being in the future.
How Much Ether Can I Buy?
You don’t need to buy 1 entire ether to get started! You can buy fractions of an ether. In fact, the smallest possible unit of ether is called a wei (named after a cryptographer) and is equivalent to.000000000000000001 ETH (18 decimal places). Many beginners start their ether journey by buying small amounts. You can start as small as $10, or invest up to $10 million with Netcoins.
Why Buy Eth?
The Ethereum blockchain has proven that developers can build decentralized applications and tokens on top of it (not just currencies). It allows any developer to build any project or cryptocurrency on top of its blockchain. For example file storage, social networks, advertising and loans. All this and more while removing the middlemen from the process. But to participate in any of this, you need ETH (ether) – the currency of Ethereum apps.
Ethereum also facilitates smart contracts, which are contracts that self-execute once the agreements outlined within it are met (this is because they’re written in code). Smart contracts remove the need to trust many people in the process of buying something (and paying the fees).
In addition, here are four more reasons why people buy ether.
Ethereum is decentralized. Ethereum is about reimagining the internet. The ethereum network allows smart contracts and decentralized applications to be built on top of it by any developer from anywhere in the world.
There is a max yearly supply of ether. The supply of ether is predefined and publicly known. While bitcoin has a limited supply of 21 million coins, ether has an unlimited supply but has an annual maximum supply of 18 million ether.
Ether is highly divisible. Ether can be bought in fractions, with the smallest unit being called a wei. That is one quintillionth of an ether (.000000000000000001). This allows for micro-transactions and investors to start small.
Ethereum has smart contracts. Smart contracts are self-executing contracts with the terms of agreements written into code. They are traceable, transparent and irreversible. Through them, the middlemen and their fees are removed.
What’s the Difference Between Ethereum and Bitcoin?
With bitcoin being the most popular cryptocurrency, and ether being the second largest cryptocurrency by market cap, it’s only natural that people compare the two.
Related article: How to Buy Bitcoin in Canada
Despite the competitiveness, ether and bitcoin share many similarities. They’re both decentralized (as in they’re not issued or managed by centralized authorities), they both use blockchains (a public, distributed ledger to verify transactions), and they’re both scarce assets (in August, the Ethereum network began burning ether every day).
Yet, there are distinct characteristics between the two biggest cryptocurrencies that are worth mentioning.
For starters, bitcoin was designed to do one thing very well and that is to send money from a person directly to another person without an intermediary involved, like a bank. Bitcoin was also created to be an alternative store of value and currency. Basically, an alternative to gold and Canadian dollars.
Ethereum on the other hand is a platform where developers can build applications and programs on top of it. In the same way that developers can build music apps and social media apps for a mobile phone, ethereum developers can innovate on top of the ethereum network. From social networks to digital collectibles (or NFTs), the options to build on top of the Ethereum network and the need for its native currency – ether – are endless.
Bitcoin and Ethereum are not necessarily competing with each other as much as they’re working synergistically to decentralize the world as we know it. Like all new technologies and innovations, they take time to achieve. It’s for this reason we see volatility in both assets as more people learn and invest in the cryptosphere.
Depending on which cryptocurrency you find most revolutionary, you can invest in it accordingly. When it comes to investing in bitcoin or ether, it can be a good idea to invest a small portion and accumulate assets over time.
Related article: The Best Ways for Investors to Keep Their Crypto Safe
Ethereum & The Future
Ethereum had an incredible year in 2021. As a matter of fact, the price of ether increased over 700% since the start of the 2021, outpacing bitcoin’s growth rate. With this hyper-growth, many people are now wondering if there’s any room left for Ethereum to grow in 2022.
Ethereum is in the process of upgrading to Ethereum 2.0. The upgrade is expected to be complete in 2022 and is said to make the Ethereum network more environmentally-friendly and faster at processing transactions. The upgrade will inevitably help shift the narrative that cryptocurrencies are bad for the environment.
If you haven’t invested in Ethereum yet, it’s not too late as the network continues to improve and scale. Make sure that if you do buy ETH, you’re investing an amount that feels safe and comfortable for you. Holding your investment in ETH may pay off in the long-term as Ethereum continues to push the boundaries of innovation.
Looking to buy and sell ETH? Netcoins is Canada’s first publicly owned crypto trading platform to be fully regulated. Simply create an account with Netcoins, fund it with an e-Transfer (more funding options available) and head to the trade page to buy ETH. Sign up today!
Related article: Three Ways to Make Your Crypto Assets Work for You
This post is not considered to be financial advice, but general information regarding cryptocurrency. Always make sure to conduct independent research before investing in cryptocurrency or any other investment.
Frequently Asked Questions
Why buy ethereum?
People invest in ethereum for three main reasons:
- They believe it’s the future of the internet
- It’s potential to reimagine the entire financial system (from decentralizing borrowing, lending, and more)
- The ability to remove the middlemen through ethereum’s smart contracts
Ethereum continues to increase in price and value, particularly as we approach the launch of Etheruem 2.0 – which will make the Ethereum network more scalable, decentralized and secure.
How much ethereum should i buy?
Many beginners start off by dollar-cost averaging in, which is the practice of putting in a set amount of money towards ether in regular intervals (for example $100 every month).
Why is KYC (Verification) required?
KYC is a process that allows us to verify the identity of our customers, as per Canadian regulations.
What do I need to provide for your verification process?
If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business in Canada.
How can I fund my account?
Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy Ether in in Canada.
Can I send my ethereum to an external wallet?
Yes, you can either keep a crypto balance within your Netcoins account or withdraw it into your own external wallet. While FIAT withdrawals are free, there is a small withdrawal fee associated with crypto withdrawals.