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My Favourite Crypto Platforms for Canadians

Writer's picture: Matthew FoxMatthew Fox

Updated: Jun 27, 2022

My distilled findings from my first year in cryptocurrency as a Canadian citizen



Getting started in cryptocurrency can be quite overwhelming especially with all the scams out there. It's hard to know where to start, luckily I had great advice from great people. Here is what I have discovered after playing in the cryptosphere for a year.


DABBLE, TRADE, REWARDS

Getting Your Feet Wet


The best place to start in crypto in Canada is #ShakePay. This platform lets you dabble with all the important transaction features you would expect from an exchange plus some fun bonus features such as a free prepaid virtual #VISA card with Bitcoin rewards and Bitcoin rewards just for shaking your phone with the app open everyday. Rates (commissions/'spread') as of Feb 2022 are competitive, usually <1% vs 2% with #Wealthsimple.


Get started today using my referral code: https://shakepay.me/r/VN83K1N

Both you and I will earn $30 CAD once you purchase $100 worth of Bitcoin or Ethereum


ALTCOINS, STABLE COINS, LOW RATES

Wading in


If you're still reading you probably weren't satiated with just playing with Bitcoin and Ethereum or perhaps you're looking for a better rate on spread. Newton is the answer and this is where I do most of my trading. Altcoins are other cryptocurrencies that are usually lesser known but have much more volatility and chances to go way up supporting all kinds of cool tech built on top of the block chain. There's lot's of speculation similar to small caps and penny stocks. I buy most of my alt coins on newton.co. It is a Canadian exchange with low fees around 0.4% plus transfer fees ('gas') covered up to $5 per transaction.



Referral link: https://web.newton.co/r/SXWFI2

SHELTERED INVESTMENT, INEXPENSIVE TRADES

Dodge the tax man


One of the great things about crypto is the opportunity for huge gains. Sadly that also means huge taxes on realized gains. One way to avoid this as a Canadian is to invest inside a Tax Free Savings Account (TFSA). You cannot buy cryptocurrency directly on the stock market but you can buy Exchange Traded Funds (ETF) where the institution purchases the coin on your behalf and stores it in a secure, offline wallet (cold wallet). #Questrade offers low cost trades for TFSA and RRSP accounts.


All gains and withdrawals are not taxed plus any withdrawal creates contribution room in your TFSA. My favourite crypto ETFs are the yield ETFs by #PurposeInvest TSX:BTCY and TSX:ETHY which not only match the price of the coin but also pay a monthly yield on the investment between 13.88% and 22.45% APY as of Feb 2022.


Bitcoin ETFs #BTCC #BTCX #EBIT #BTCY

Ethereum ETFs #ETHH #ETHX #ETHR #ETHY


Sign up with my referral and you'll receive at least $25 90 days after you open up an account and deposit at least $1000.


MONITOR, RESEARCH

If you invest, you'll want to check in to see how your investment is doing. WARNING: This becomes a nervous twitch after awhile... haha. #CoinMarketCap allows you to track multiple portfolios, research coins among many other great tools.


Get on board for free with my referral link here: https://coinmarketcap.com/invite?ref=O90PW613


VISUALIZE, COMPARE, CONTRAST

cryptobubbles.net is my favourite tool for quickly discovering what the market is doing. It also allows you build a favourites list.


Crypto Bubbles is available as website at cryptobubbles.net, Android App on the Play Store and iOS App on the App Store (very soon as of Feb 2022).




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