Crypto trading platforms make it fast and easy to buy and sell crypto without knowing the technical details. Beginners can quickly sign up using email and fund the account using e-Transfer.
However, beginners should carefully choose a platform where they can put their money and give their personal info. This way, they’ll gain peace of mind and better focus on deciding which cryptocurrencies to buy first.
Also, crypto trading won’t consume much time and energy because the platform already takes care of security and transactions.
What is the best crypto trading platform in Canada?
When it comes to making the beginners’ lives a bit easier, Coinberry is one of the best crypto trading platforms in Canada. More than 220k Canadians have already signed up, and the platform has already surpassed $1 billion in cryptocurrency trading.
There are several other platforms, such as Bitbuy and Coinsmart. These platforms help beginners quickly buy some Bitcoin, Ether, and other popular cryptocurrencies and tokens.
Most platforms also allow for quick and easy signup and funding. This way, Canadians can get started immediately, even with just a small initial amount (such as 50 CAD in Coinberry).
If you’re a beginner deciding which platform to use, it helps to look at the fees a platform may charge you.
For example, some platforms may require a 1.5% deposit fee through Interac e-Transfer, and the withdrawal might require a 1% fee (the percentage usually depends on the deposit or withdrawal amount).
Those fees can rapidly accumulate as you make several transactions over the course of several weeks and months.
This means you will lose significant amounts of money that you could have used to buy more crypto. This can also mean the difference between experiencing a loss or making a profit, especially if you’re just starting on crypto.
Zero CAD deposit and withdrawal fees
Thankfully at Coinberry, they have zero CAD deposit and withdrawal fees. Customers get more out of their crypto, which can help them gain positive momentum in their investment journey.
Instead of earning from deposit and withdrawal fees (as how most other platforms work), Coinberry earns money from the difference between the price of the crypto they pay (they buy discounted crypto in bulk from a network of liquidity providers) and the listed prices (this is what the customer sees and pays for).
In other words, customers are spared from deposit and withdrawal fees while Coinberry still makes money. It’s a win-win solution that many customers love because they’re able to buy more crypto.
Trusted and secure
Aside from zero CAD deposit and withdrawal fees, Coinberry also stands out because it is the only insured, OSC & FINTRAC registered, and PIPEDA compliant crypto trading platform trusted by Canadian municipalities.
This means Coinberry takes security and compliance seriously.
They make the extra effort to help customers gain peace of mind in their signup and transactions. It is also their way of protecting customer information and helping the country fight against financing illegal activities and large-scale crimes.
Although crypto is about decentralization (away from financial and government institutions as much as possible), security is still important because crypto is still relatively new.
There are always risks, but with better compliance with relevant regulations, customers are better protected.
Is crypto a really good investment?
Although cryptocurrencies are still relatively new and they could still have much growth potential, profit is still not guaranteed. Even if they’ve been on a downtrend recently, it doesn’t totally guarantee that crypto’s prices will make a comeback and hit new all-time highs.
In addition, cryptos’ prices are highly volatile, and historical data doesn’t say much about the future of Bitcoin and other cryptocurrencies. Even small events or a certain update can drastically affect Bitcoin’s value.
Investors are counting on the upside of those events because these can either tilt Bitcoin’s price up or down. If Bitcoin’s price is too stable or seems to not be affected by external events, there’s not much potential for both loss and profit.
Which of the cryptocurrencies should you buy first? Many beginners often buy some Bitcoin or Ethereum because these are the most popular and investors feel safe with them.
Others buy some Cardano or Dogecoin because these are relatively new but already have huge market capitalizations. Others look into the newest cryptocurrencies and tokens with the hope of a sudden increase in their values.
Those strategies don’t yield consistent results. After all, cryptos’ prices are highly volatile, and both new and old cryptos can suddenly increase or decrease in value.
And as mentioned earlier, even small events can significantly or drastically affect the cryptos’ prices (which could result in a downward spiral or an unstoppable upward trend).
In other words, it’s still up to the investors’ analysis and decisions. Strategies in the crypto markets are still unreliable because they are still far from mature.
Through the years, cryptos’ prices might become more stable and predictable (somehow similar to stock prices) as markets reach maturity and cryptos gain more widespread adoption.
How to buy and sell crypto in Canada?
If you still want to buy some crypto and take advantage of their growth potential, starting small and exploring the field first is important.
For example, in Coinberry you can start with as little as 50 CAD and buy some Bitcoin, Ether, Cardano, or other cryptos you feel comfortable with.
When you start small, there’s not much risk, and you can still take your time in exploring the crypto and blockchain space.
You can start today without knowing much about the blockchain’s technical details. Later on, you can learn more about how cryptocurrencies work. Interestingly, your learning rate might accelerate once you put an initial amount into crypto.
You might suddenly understand and appreciate the ins and outs of cryptos and gain unique insights of your own about the future of blockchain and how to profit from this rapidly evolving field.