Ethereum is the second most valuable cryptocurrency in the world. What launched for $0.311 in 2015 eventually reached a value of $4,800 in November 2021, providing major returns for investors.
But speculation aside, Ethereum is also one of the most useful cryptocurrencies. It’s the crypto that powers most of the Defi ecosystem, as well as the majority of the NFT market, which helps drive demand for this coin.
Ethereum and other cryptocurrencies are legal to purchase in most countries and are tightly regulated to help protect investors. So can you invest in Ethereum in Canada?
You sure can. Keep reading below to learn about regulations in Canada and how to invest in crypto the easy way.
Crypto Regulations in Canada
Cryptocurrencies first came about as a decentralized form of digital money. Decentralization means that it exists outside of any current governmental system.
There isn’t a government, central banking system, company, or individual who controls and regulates the use of cryptocurrency. It’s a peer-to-peer digital currency that doesn’t require a middleman or financial service provider to facilitate transactions.
So in theory, cryptocurrency can be bought and used anywhere in the world, regardless of whether national governments like it or not. Because it exists on the internet, it’s virtually impossible to enforce a ban on crypto. Some countries like China, however, are doing their best to ban crypto.
But in western nations like Canada, governments label cryptocurrency as commodities. So you can buy and sell them as you like, and they are treated the same as other forms of investment.
So you can buy and use cryptocurrencies like Ethereum with ease in Canada. But like in most countries, crypto cannot be used as legal tender, and therefore has limitations as a form of currency.
How to Buy Ethereum in Canada
If you’re looking to load up your crypto portfolio, Ethereum is a great option for diversification. Most people start with bitcoin and eventually add some Ethereum and other alt-coins as well.
To buy Ethereum, you’ll first want to check the ETH to CAD exchange rate. The CAD to ETH rate tells you how much one Ethereum coin costs in Canadian dollars.
Because the price is so volatile, you’ll want to pay attention to daily movements. If the price is hovering around $2,000 for a few days, it might drop down to $1,900 or even less overnight, providing you a great opportunity to buy before it bounces back up.
To make a purchase, you just need to create an account with an online cryptocurrency exchange. There are many to choose from, so compare the fees and the list of available cryptocurrencies on each platform.
You’ll need to verify your identity. Once approved, you can fund your account and buy Ethereum with ease. You can also buy crypto using an ATM, which originated here in Canada back in 2013 and can now be found worldwide.
Loading Up on ETH
The world of cryptocurrency is exciting, as this new technology is poised to change the financial future. And few cryptocurrencies are as exciting as Ethereum, thanks to the endless possibilities for using this coin in practical ways.
Since buying it is legal and easy to do in Canada, there’s no reason not to load up your portfolio with this coin.
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