Did you know that experts expect the cryptocurrency market to grow by around thirteen percent every year until two thousand and thirty?
Even though the world’s financial leaders used to say that cryptocurrencies had no value in the future of the world, they are now choosing to jump on the cryptocurrency bandwagon.
Unfortunately, the industry can be difficult to understand. This means that many first-time investors don’t know how to get started with making a digital investment.
To help clear up confusion, we’ve made a guide. Read on and we’ll tell you how to trade cryptocurrency in Canada.
Table of Contents
1. Choose the Right Exchange
Even though there are several different kinds of cryptocurrency exchanges, most of them function like brokerages.
The two most common ones are centralized exchanges and decentralized exchanges. While centralized exchanges are run by third parties, decentralized exchanges are not. There are also hybrid exchanges that combine aspects of centralized and decentralized exchanges.
When choosing an exchange, you should make sure that you choose one that is secure. If an exchange keeps most of its assets offline in “cold storage,” it’s likely to be more secure than those that keep storing their assets online.
You should also pay attention to the fees that an exchange charges. Try to find one that keeps their fees below one percent.
Lastly, look for a crypto exchange that will let you buy and sell many different kinds of digital coins. For example, those who want to buy dYdx in Canada choose to do so with VirgoCX because it is one of the few exchanges that allow people to buy and sell this coin. To find out more, consider visiting https://virgocx.ca/en-buy-dydx/.
2. Purchase Your Cryptocurrency
After you’ve found the right exchange to use, it will be necessary for you to choose a payment method. Most people choose to do this by connecting their bank accounts or debit cards to their cryptocurrency exchange accounts.
Before choosing a payment method, do some research to find out which one will have the lowest transaction fees.
3. Make Sure Your Investment Is Safe
After you make an investment, be sure that you keep your private key in a safe place. Many exchanges make it easy to do by offering investors hassle-free and safe ways to do this.
If security is a priority for you, consider getting your own crypto wallet. Once you have one, you can use it to store your private keys.
Buying Cryptocurrencies: It’s Easy to Make Digital Investments in Canada
If you’ve been trying to figure out how to make a digital investment to buy cryptocurrencies in Canada, remember that the first thing you need to do is find an exchange. You should then buy a cryptocurrency and take action to make sure that your investment is safe.
If you want to find out more about making investments, don’t forget to check out the rest of our blog.