If you’re a beginner and looking to buy some crypto, choosing a good and secure crypto company or platform is one of the most important decisions you can make. That’s because this choice can affect your future gains and overall crypto trading experience.

What is the best way to buy cryptocurrency in Canada?

You can easily buy crypto through a secure crypto platform and take advantage of market trends (or just explore first and see if crypto trading is right for you). You’ll also gain peace of mind because you know that transactions are secure and your personal information is protected.

For example, Coinberry is the only insured, OSC & FINTRAC registered, and PIPEDA-compliant crypto-trading platform trusted by Canadian municipalities. With these registrations and compliance, customers gain peace of mind about their transactions and personal information. Perhaps this is one of the major reasons more than 220K Canadians have already signed up to the platform.

There are several other ways to buy cryptocurrency in Canada. But for ease, speed and convenience, signing up to an established platform is often the most recommended way, instead of figuring out how to set up a hardware wallet and learning how cryptocurrency and blockchain work. Beginners can just create an account in a crypto trading platform and start buying some crypto and tokens.

Which platform is best for crypto buying?

When choosing a cryptocurrency company, platform, or app, it’s always good to focus on how many cryptocurrencies it supports and how easy it is to get started and fund the account. This way, you’ll have several cryptocurrency options, and you can quickly take advantage of a surge in prices or popularity of a particular crypto or token.

Popular platforms often support more than 20 cryptos and tokens. They most likely support Bitcoin, Ethereum, Cardano, Dogecoin, and Polkadot. In addition, these crypto apps or platforms allow for easy funding through Interac e-Transfer. Investors can easily fund their crypto accounts through mobile or online banking. With this, they can quickly put money into their account and buy more crypto that’s suddenly trending.

Crypto buying and selling should always be easy and straightforward. This way, investors can better focus on keeping themselves updated with the latest crypto news and developments. Ideally, the crypto platform should fade into the background while the investor is busy analyzing the price movements of Bitcoin, Ethereum, Cardano, and other cryptocurrencies and blockchain networks.

What is the safest crypto platform in Canada?

Risks are always present in investing (whether crypto, stocks, business, or real estate). In the case of crypto trading, there are additional risks such as hacking, phishing, and digital asset theft.

Fortunately, big platforms have several safeguards in place to protect their customers’ assets and data. They continuously invest significant amounts of money in strengthening their platforms’ security and integrity. In addition, they also guide beginners and experienced investors in protecting their own accounts and assets. Big platforms take security seriously because of the potentially huge losses both financially and in their number of customers.

What about hardware wallets? Are they better?

Perhaps you’ve already heard about physical or “cold” wallets where you can store cryptocurrency. These are physical objects that look like USB drives. It’s one of the most secure methods of storing funds and an ideal way to store large amounts of Bitcoin.

However, it’s difficult to use while mobile, and it’s not designed for scanning QR codes (in contrast to having a crypto app). In addition, if you lose the physical or hardware wallet, you will also literally lose your cryptocurrency funds (and make recovery impossible). Further, losing your password key can also make your funds unrecoverable. You might also have realized that setting up a physical crypto wallet requires technical know-how and care.

On the other hand, having a mobile wallet (downloaded through App Store or Google Play) is straightforward and easy. This also allows the use of QR codes in making quick and seamless transactions (including face-to-face transactions, such as when you use crypto for payment to a business).

Still, the easiest way to start buying crypto is through a crypto trading platform (often also called crypto exchange platform). You download their app, create an account using your email, verify your identity (usually through a government-issued ID and a video verification selfie), fund your account, and start buying crypto. For instance, that happens through Coinberry.com where beginners can easily create an account and buy some crypto (for as little as 50 CAD).

 

Should I buy crypto now or wait?

Some who have never bought crypto are waiting for prices to go further down. This way, they can buy more crypto and fully take advantage of the upward trend that might come.

However, the price may even go further down. It’s always uncertain given the cryptos’ high volatility. Also, crypto markets are still far from mature, which makes the prices fluctuate wildly. In addition, cryptos’ prices are vulnerable even to relatively small events. A small price decrease and increase can go further because of hype, algorithm, recent government regulation, and several other factors.

In other words, there’s no perfect moment to start buying crypto. Prices will change instantly anyway because of cryptos’ high volatility. Along with the risks that come along with volatility, there are also opportunities. After all, if the price is too stable, there’s not much room for increase or growth. But if the price is highly volatile, at least there’s some chance for it to go up (and potentially 2x or 3x your investment).

Just like in most other investments, investing in crypto doesn’t guarantee a profit. It’s still up to you to make a smart choice or limit your exposure and losses. One way to accomplish that is by signing up to Coinberry and starting with as little as 50 CAD. This way, there’s minimal risk, and you can quickly explore what crypto trading is all about. As you get more comfortable with crypto trading, you can increase your investment anytime and learn more about cryptocurrencies and blockchains.