How to Buy & Sell Cardano (ADA) in Canada 2018 – Step by Step

A beginner’s guide to buying and trading Cardano in Canada.

In This Guide

The following guide outlines the easiest ways to buy, sell and trade Cardano for Canadian dollars and other cryptocurrencies.

How to Buy Cardano With Canadian Dollars (CAD)

The most straightforward way to get Cardano (ADA) is to buy it from someone selling it through a cryptocurrency exchange. There are a number of exchanges available to Canadians, but not all of them accept Canadian dollars (many are crypto only) and fewer still offer Cardano as a trading option.

Based on my experiences, the most cost effective and lowest risk way to exchange Canadian dollars for ADA is in two stages using the following exchanges:

First Stage: QuadrigaCX – Quadriga offers a variety of methods to deposit CAD including Electronic Funds Transfer (EFT) and INTERAC Online for reasonable fees. Once the funds are in your account, they can be exchanged for any of these major cryptocurrencies: Bitcoin, Ether, Litecoin or Bitcoin Cash. These can then be transferred to another exchange such as Binance.

Second Stage: Binance – Binance doesn’t accept deposits of Canadian dollars, but it does support deposits, trading and withdrawals of 100+ cryptocurrencies. Deposits are free, trading fees are very low at 0.1% and withdraw fees are reasonable. Once your digital currency has been deposited at Binance, you can trade it for Cardano for a small fee.

For a complete comparison of these exchanges and more, check out our guide to the best cryptocurrency exchanges available in Canada.

Here’s how to buy Cardano:

Step 1) Register for QuadrigaCX

QuadrigaCX is an exchange where you can trade many popular crypocurrencies. It is the largest volume cryptocurrency exchange in all of Canada. QuadrigaCX offers a plethora of options when it comes to transfer funds, especially for those located in Canada.

Citizens of other countries may find a more limited array of options. The exchange has high liquidity and the ability to carry out a high volume of orders. Its level of security exceeds the standards set by the industry.

To get started, visit QuadrigaCX to create an account and fill in your name, email address, date of birth and country of residence:


Step 2) Verify Your Account

The next step is to verify your account using one or both of Quadriga’s options: verifying your identity through Equifax and providing your personal ID, bank/utility statement and selfie with a written note.

Step 3) Deposit CAD to QuadrigaCX

On the Member Dashboard, click the FUND button in the “Available Canadian Dollars (CAD)” box:

Once you’re account has been verified, you can use any of the following payment options to deposit Canadian dollars into your account. I use the INTERAC Online option through RBC that has the lowest fee of 1.5% and it works great. Unfortunately, this option is not available to CIBC/Simplii bank accounts or debit cards that double as a Visa or Mastercard.

Step 4) Buy Litecoin (or Bitcoin Cash)

On the Dashboard page, select the LTC/CAD trading pair in the drop down at the top right of the page.

In the center box, click the Buy Litecoin tab and enter the amount of Litecoin you would like to buy in CAD.

Click the Buy button.

The reason for choosing Bitcoin Cash or Litecoin instead of Bitcoin is that their network fees are considerably lower ($0.10 to $0.30) compared to Bitcoin ($5 to $10).

You’re done! For more info, you can read my full review of QuadrigaCX.

Step 5) Register for Binance

Binance gives customers the capability to trade cryptocurrencies. Binance is a pure cryptocurrency exchange, so you will need to acquire or own some Bitcoin or other cryptocurrency and deposit it to the exchange. They have support for multiple web browsers and mobile platforms. It offers high liquidity and the capability to execute 1.4 million trades in one second.

To get started, visit Binance to create an account and fill in your email address and a strong password:

Step 6) Verify Your Email

Click the link in the email they send you to activate your account:

Step 7) Transfer Litecoin (or Bitcoin Cash) from QuadrigaCX to Binance

The next step is to transfer the cryptocurrency you bought through QuadrigaCX over to Binance. Click on Deposits in the Funds menu at the top right:

Select the cryptocurrency you bought on Quadriga from the drop down menu:

Copy the Deposit Address provided by Binance. Be sure it is for the right coin:

Back over on QuadrigaCX, on the Dashboard click the Withdraw button next to your Litecoin (or Bitcoin Cash) balance:

Enter the amount you would like to send to Binance (or simply click Maximum) and paste the Litecoin address given to you by Binance in the previous step and click Submit:

The transfer will take a bit of time as the transaction needs to be confirmed. You can see the status of the transfer on Binance’s Deposit History page.

Step 8) Buy Cardano

Once the transaction is complete and the funds are available in your Binance account, you can now trade them for Bitcoin and then for Cardano. The reason you have to convert to Bitcoin first is that Binance offers all trading through Bitcoin as the central currency.

Click on Basic in the Exchange menu at the top left:

Don’t be overwhelmed! There is lot going on on this page, but the steps are simple and we’ll go through them here.

In the top right hand box, search for LTC if you bought Litecoin or BCC if you bought Bitcoin Cash and click on the Pair shown:

At the bottom of the screen, click the Market tab and enter the Amount of LTC or BCC you would like to trade for Bitcoin into the Sell box and click the Sell button:

Next, search for ADA in the box on the top right and click the ADA/BTC pair:

And finally, enter the amount of ADA you would like to buy in the Buy box on the Market tab and click the Buy button:

And that’s it! You can see your Cardano on the Balances page under the Funds menu. You can read my full review of Binance here.

How to Sell Cardano for Canadian Dollars (CAD)

Selling Cardano is the same process as buying it – just in reverse.

Here’s how to do it:

Sell on Exchanges: Binance and then QuadrigaCX
In addition to buying Cardano, you can also sell it using the 2 stage process above – just in reverse.

Step 1) Sell ADA for Bitcoin on Binance

Step 2) Trade Bitcoin for LTC or BCC

It’s recommended to convert the Bitcoin to Litecoin or Bitcoin Cash as they both have considerably lower withdrawal and network fees than Bitcoin.

Select the LTC/BTC trading pair:

Enter amount on the Market tab and click the Buy button:

Step 3) Transfer LTC or BCH From Binance to QuadrigaCX

Click Withdrawals option under the Funds menu:

Select the digital currency you want to send to Quadriga:

Step 4) Sell LTC or BCH on QuadrigaCX

On the Dashboard page, select the LTC/CAD (or BCH/CAD) trading pair from the drop down at the top right and on the Sell Litecoin tab, enter the amount and click the SELL button:

Step 5) Withdraw CAD to Your Bank Account

Here are all of the options available to withdraw Canadian dollars as well as their limits, timeframes and fees:

Where Can I Use Cardano?

Since Cardano is largely theoretical at present and has little in the way of real-world implementation, there is not much vendor support for it.

Where to Buy and Trade Cardano in Canada

NameDescriptionCurrenciesDeposit Methods & FreesTrading FeesTop Trading PairsWithdrawal Methods & Fees 

Canada's largest digital currency exchange. Next day and free deposit and withdrawal options available.BTC, LTC, ETH, BCH, BTGCAD, USD free to 2.5%. Free for supported crypto.0.2-0.5% on completed tradesClick HereCAD, USD free to 2%. Free for supported crypto.

One of the most popular, trusted and secure cryptocurrency exchanges and wallet platforms.BTC, LTC, ETH, BCHCAD Debit/Credit 3.99%Not AvailableNot AvailableFree crypto transfers to other exchanges/wallets only. Cannot withdraw CAD.

Largest Euro volume Bitcoin exchange founded in 2011.BTC, BCH, DASH, EOS, GNO, ETH, ETC, ICN, LTC, MLN, REP, DOGE, XMR, XRP, ZECCAD, USD, EUR, GBP, JPY. Free CAD wire deposit. Free for crypto.0.16% to 0.26% for less than $50,000 volume.BTC/EUR, BTC/USD, ETH/EURCAD EFT $10 flat fee. 18 cryptos, fees vary

Crypto to crypto exchange based in the US founded in 2014. 14th largest by volume.60+ cryptocurrencies including XRP, STR, XMR, ZEC, NEM, DOGE, LSKAny of the 60+ supported digital currencies for free.0.15% to 0.25% for less than 600 BTC volume.BTC/USDT, XRP/BTC, ETC/BTCAny of the 60+ supported digital currencies fees depend on coin (0.0001 for BTC)

Fastest growing crypto exchange in the world and second largest by volume.100+ digital currencies including NEO, XRP, NANO, BNBAny of the 100+ supported cryptocurrencies for free.0.1% on completed trades.Click HereAny of the 100+ supported cryptocurrencies for free.

Canadian owned & operated based in Toronto. 72nd largest by volume.BTC, ETH, LTC, BCH2.5% for Interac online, e-transfer, bank draft, money order of CAD.0.1% maker (providing liquidity) to 0.2% taker (removing liquidity).BTC/CAD, ETH/BTC, LTC/BTC1% for bank deposit, 0.5% for wire transfer (min. $10,000) of CAD.

Fast to list new cryptocurrencies. Founded in 2014 built and operated in the US. 10th largest by volume.190+ digital currencies including OMG, BNT, POWR, ADADoes not support CAD. Network transaction fee only (varies by coin)0.25% on completed tradesETC/BTC, BTC/USDT, ADA/BTCNetwork transfer fee only (varies by coin).

Advanced trading features including margin trading. 5th largest by volume.38 cryptocurrencies including IOTA, EOS, ZEC, TRX, ZRX, USDTDoes not support CAD. Fee varies by coin deposited (eg. 0.0027 ETH) Free for >$1000 USD worth.0.1% maker (providing liquidity) to 0.2% taker (removing liquidity) for less than $500,000 per month.BTC/USD, ETH/USD, XRP/USDDoes not support CAD. Fee varies by coin withdrawn (eg. 0.0008 BTC).

Robot that finds the best price on the largest exchanges including Bittrex and Poloniex founded in 2013.USD, EUR & 90+ digital currencies including SALT, FUN, POT, STEEM, GAMEDoes not accept deposits. Trades are between two wallet addresses directly.0.5% on completed tradesN/AFunds are not held on the platform.

Founded in 2017. 27th largest by volume.100+ cryptos including REQ, NANO, DENT, FLIXXFree to deposit any supported currency.0.1% on completed tradesR/BTC, R/ETH, ETH/BTC70+ supported digital currencies fees depend on coin (0.001 for BTC)

Peer to peer Bitcoin trading with 1 million users in 248 countries.BTCCash, e-transfer, Moneygram, PayPal, Vanilla, etc. Fees vary by user.BTC with dozens of fiat currencies.Cash, e-transfer, Gift Cards, Paypal, etc.

Top 10 exchange by volume founded in 2011.BTC, ETH, XRP, BCH, LTCUSD, EUR 0.05% for international wire. (min. $7.5) Free for crypto.0.25% for less than $20,000 trade volume per month USD to BTC, XRP, ETH, LTC, BCH, EUR to BTC, LTC, XRPUSD, EUR 0.09% for international wire. (min. $15) Free for crypto.

Private & fast exchange - no account needed.70+ digital currencies including DASH, FUN, MAID & BNT45+ cryptocurrencies to trade between. No deposits/accounts.~0.5% + network fees45+ cryptocurrencies including BTC, ETH, LTC, EOS & XMR45+ cryptocurrencies to trade between. No deposits/accounts.

What is Cardano?

Cardano was first introduced in September 2017. It was developed by Input Output Hong Kong (IOHK) with the project led by Charles Hoskinson, a co-founder of BitShares and Ethereum, who left Ethereum after a boardroom struggle to start IOHK. The Cardano project itself began in 2015 and its creators describe it as “an effort to change the way cryptocurrencies are designed and developed.” The Cardano platform runs the Ada cryptocurrency.

How Does ADA Work?

The Cardano protocol uses Ouroboros, a proof of stake algorithm, to establish decentralized consensus on its network. When the “Follow the Satoshi” (FTS) algorithm chooses a coin that you hold, you can become a slot leader. The slot leader generates new blocks and verifies transactions on the network.

It is designed to consist of two layers, to separate the ledger of account values (the Cardano Settlement Layer, or CSL) from the computation layer (Cardano Computation Layer, or CCL). This is purported to allow smart contracts on the platform operate more flexibly. Sidechains are also expected to be implemented, which will protect the main chain from errors or bugs.

The platform is still very new and these features are all either in the very early stages or are in the process of being developed.

Benefits of Cardano

Being developed with a scientific philosophy
The developers of Cardano are acting slowly and methodically to make sure they build it while avoiding the problems that have plagued other cryptocurrency projects. Cardano’s blockchain is the subject of a peer-review process by scientists and academics.

The foundation partners with academic institutions to research its blockchain. Some question whether the project’s humongous scope, its extensive code reviews, and the academic scrutiny involved could eventually be too much for the project to bear.

Smart contracts

Like Ethereum, Cardano features smart contracts, which are code executed by nodes in exchange for fees. This code can be the basis for decentralized applications. Cardano uses a Haskell-like functional programming language called Plutus to define its smart contracts. The computation layer will support Solidity, Ethereum’s smart contract language.

Co-founder was involved with Ethereum’s development
Charles Hoskinson, founder of Cardano was a co-founder of Ethereum. Cardano is a greatly ambitious project, but with a co-founder of a cryptocurrency as widely heralded as Ethereum leading the charge, it doesn’t seem too far-fetched to think they might pull it off.

Cons of Cardano

Project is still in early stages

While the roadmap for Cardano is impressive and the amount of work and forethought being put into each of the elements is vast, Cardano has little to show for itself in the way of implementation at this time.

Project is currently highly centralized

Right now, the blockchain network is very highly centralized. You cannot mine Cardano and the limited number of nodes are all controlled by Cardano’s foundation.

Most of the proposed features aren’t implemented yet

Mining, the settlement and computation layers, sidechains, smart contracts are all theoretical at this point and are not implemented.

What’s the difference between Bitcoin and Cardano?

Bitcoin has been around since 2009 and Cardano is barely implemented. Cardano’s price reflects its future potential than anything that is currently in place. Bitcoin has had its share of security and scalability issues over the years and Cardano is undertaking, in a patient, methodical and academic way, to avoid all these mistakes from the very beginning.

Bitcoin, being the first cryptocurrency, lacks any notion of the later concepts such as smart contracts, sidechains or RINA (Recursive Internetworked Architecture) that Cardano proposes to implement.

What Factors Affect the Price of ADA?

ADA prices are susceptible to the same forces that impact other cryptocurrencies.

• General interest
• Functionality
• Popularity

Buying ADA will put you in a position to see returns on your investment if and when Cardano gets off the ground and becomes a serious player in the cryptocurrency world, but you will also be lending your credibility and economic power to Cardano and help it to grow. Being a young player in the field, even the slightest increase of business interest or popular opinion can have a dramatic effect on price.

Roadmap: What’s next for Cardano?

It is extremely hard to say what the future holds for the currency considering that much of Cardano is not yet implemented. The value that Ada has at present is based upon the public’s anticipation of its future growth.

Given the methodical scientific approach being used by the project, it is difficult even to estimate when features will be released or if they ever will. If the Cardano team succeeds in executing their vision, and they certainly have heavy hitters with the track record to make it happen, Cardano has the potential for a very bright future.

Learn More:

If you want to learn more about Cardano, we recommend the following resources:

Disclaimer: Investing in cryptocurrency is always a risk and there is no guarantee of returns. Nothing on this page should be taken as financial advice of any kind.

Over to You

How do you buy Cardano? What do you think of the digital currency? Is it worth investing in?

Leave a Reply

Notify of