Most crypto cards offer generous cashback rewards in the form of crypto. This allows you to invest into your future automatically.
Some companies offer other enticing rewards beyond cashback.
Earn higher interest rates
You can earn much higher interest rates by converting your money from fiat into crypto. For example, you could earn anywhere from 1.5% – 10% APY on USDC stable coin instead of a measly 0.05% in your bank savings account.
Avoid the banks
With recent events around the world—i.e. freezing bank accounts and the threat of a collapsing currency—many people, myself included, have lost trust in the current financial system.
Therefore, people like us are holding our assets in the form of crypto and stable coins.
What are the best crypto credit cards in Canada?
Crypto.com is trusted by over 40 million users. Despite the unfavorable changes being made to the rewards, this pre-paid Visa card remains at the top of my list for Canadians. Outside of Canada, there are better options IMO.
Ease of Use
Up to 8% cashback
Free Spotify and Netflix
Option to use crypto as collateral and make payments
Why did i choose the Crypto.com Card over the others?
I think since you have to invest into the CRO coin to reap higher rewards, you must believe in Crypto.com as a company and the future of their native coin—CRO, which I do.
I believe they have a very bright future and will overtake Binance as the top crypto exchange in the future.
Their marketing is phenomenal and project to have 100 million users by the end of 2022.
They are the official sponsor of the FIFA World Cup in November and this will undoubtedly expose them to millions, if not billions, of potential new users.
Their partnership with Shopify to accept payments in crypto is a gamechanger as well.
Wealthsimple is trusted by over 1.5 million Canadians. While their card only offers 1% cashback, you have the ability to choose which crypto you want to earn back. With this card, you trade lower rewards for flexibility and ease of use.
Ease of Use
Cashback as crypto of choice, stock of choice, or cash.
As with any other fringe product or service, there are many myths surrounding cryptocurrencies. Cryptocurrencies aren’t just for computer geeks and drug dealers trying to avoid the government.
Relieving yourself of these myths will permit the formulation of a more accurate opinion. It’s easier to make informed decisions when your knowledge is sound.
Myths regarding cryptocurrencies abound:
Cryptocurrency is illegal. It depends on the country. It’s legal in the United States, but there are other countries, such as Russia, that have deemed it illegal. It’s unlikely the legal status will change anytime soon in the United States. It’s possible that it will become regulated, however.
1. Bitcoin is the only relevant cryptocurrency
There are several other cryptocurrencies. All have their strengths and weaknesses. Bitcoin, released in 2009, is the oldest and most well-known of them. Most of the other cryptocurrencies are less than three years old:
There are several others.
2. Only criminals have a use for cryptocurrencies
While cryptocurrencies continue to be used for illegal activity, cash is still king for illegal transactions. There are reputable retailers that accept cryptocurrencies, including Microsoft and Dell.
3. I can get rich with cryptocurrency
The potential for profits does exist. People have gotten wealthy through increases in the value of cryptocurrencies. However, just as many people have lost a tremendous amount of money, too. It might happen, but you’re unlikely to retire on your cryptocurrency purchases.
4. Cryptocurrencies are fiat currencies
Most of them are. That’s true. But so are the Euro and the US Dollar. All major world currencies have abandoned a gold standard. The US decoupled the value of gold and the US Dollar in 1933. The value of all fiat currency is based on the willingness of the public to agree that it possesses value.
5. The government can shutdown cryptocurrencies
The government could make cryptocurrencies illegal, but shutting down the system would be next to impossible. There’s no central server or location that houses a cryptocurrency system. The information is stored on the computers of every user.
Unless the government can find a way to shut down the internet, it would be challenging to put an end to cryptocurrencies.
6. It’s easy to mine cryptocurrencies and make money
Entire companies have been built for the sole purpose of mining cryptocurrencies. It requires a tremendous amount of computer hardware and electricity to be successful. Unless you have several hundreds of thousands of dollars, you can’t even begin to compete.
7. Cryptocurrencies are subject to hacking
Bitcoin merchants and wallets have been subject to hacking activities. However, Bitcoin itself has never been hacked. Other cryptocurrencies have similar security profiles. Insufficient security is always a potential problem with cryptocurrencies and cash. Protect your wallet and you should be fine.
8. It’s impossible to trace cryptocurrency transactions
It’s not easy, but it can be done. Regarding Bitcoin, the blockchain ledger lists all the transactions that have ever occurred with Bitcoins. The challenging part is linking the wallet address with the owner.
With enough time and effort, the government can eventually track you down. The government has seized and auctioned off millions of dollars’ worth of Bitcoins.
Have you been guilty of believing these myths?
It’s easy to be led astray. Cryptocurrencies still aren’t very common, and myths are easily formed and spread. Become more knowledgeable about cryptocurrencies. They might just be the wave of the future. They’re certainly becoming more popular each year.
Cryptocurrency has become a popular investment over the years and more people are opening up to the idea of owning and trading cryptocurrencies. This has created a surge in the number of crypto-related security breaches, which has increased the incentive to protect your crypto investments.
11 Security secrets To Protect Your Cryptocurrency From Hackers
Email 2FA is a little more obvious as to why you shouldn’t use it, your account can be hacked. Once hacked, they’ll have access to your 2FA and any confirmation emails needed to send your crypto to their wallet.
Many people think SMS is secure, however, it’s not as safe as it seems. There are 3 main ways a hacker can gain access to your SMS 2FA code:
What’s SIM swapping? SIM swapping is the process of transferring your phone number, either to another device or to another carrier. This gives the hacker complete access to all data associated with your phone number.
Sometimes all that’s needed for a SIM swap is your phone number and the last 4 digits of your Social Security Number (SIN in Canada).
If you forward your text messages to another device such as a tablet or laptop all the hacker needs is access to that device.
So, if you lose your tablet, whoever is in possession of them will have access to all your forwarded messages.
SS7 is a protocol that is used to establish and maintain a communication session. It was designed to support the exchange of services between mobile and fixed networks. The biggest danger of the SS7 protocol is that it can be used for exploitation.
An attacker can perform a denial of service, exfiltrate sensitive data, or hijack a communication session. An attacker can also exploit the SS7 vulnerabilities to execute a denial of service attack, exfiltrate sensitive data and even hijack a communication session.
What to use instead?
An Authenticator app. There are a couple main options for this:
I have a personal lack of trust bias against Google and therefore I use Authy as my authenticator app. It’s worked flawlessly.
2. Whitelist Your Crypto Addresses
Whitelisting allows you to only be able to send cypto to authorized addresses. Not every app has this feature, but if they do you can typically find this option in the security settings.
For example, I have to manually add whitelisted addresses in my Nexo account.
Nexo also has an option to place a wait period of that address for 24, 48 or 72 hrs. Meaning, the newly added address cannot be used for that designated period of time.
Which is different from my Crypto.com account, as they automatically whitelist new address with a waiting period of 24 hours.
Here’s what my Crypto.com whitelisted addresses looks like:
Why do both Nexo and Crypto.com have waiting periods on new addresses?
If someone hacks my account and adds an address, I’ll receive an email notification that I’ve added a new address (which I didn’t). I can then take steps to protect my crypto before the 24 hour wait period is over and they wipe me clean.
3. Use The Best Antivirus/Internet Security Software
I’m a Windows guy and their built in antivirus is rated well based on my research. It seems to meet the average persons basic needs.
But since we’re dealing with our investments here, I only advocate for the best security money can buy.
I decided to go with Bitdefender and haven’t looked back since.
Bitdefender is Rated #1 as The Best Antivirus on popular tech sites like PCmag and Techradar with evidence to back up their decisions.
It’s not resource heavy and doesn’t slowdown my devices one bit.
4. Use A No-Log VPN
A VPN is a Virtual Private Network that is used to mask or hide your real IP address, and can be used to get around firewalls set up in your home or workplace, and access the internet without restrictions.
A no-log VPN is a VPN that does not keep any logs of your activity, including your IP address. This means that any website you visit, any emails you send and any downloads you make will not be stored on the VPN’s servers.
How does a VPN help protect you from hackers?
For example, a hacker might use your IP address to access your computer or phone to steal your personal information. VPNs help to encrypt your data and ensure that it cannot be accessed by anyone other than you. They also help to protect your internet connection from hackers and geo-restricted content.
I went with Bitdefender’s VPN since I was already using their complete security suite and was happy with the product. It may be cheap, however, it does lag, freeze and disconnect at times. It’s also not exactly the fastest VPN out there, but it’s probably the best in its’ price range.
Keep in mind when it comes to choosing a VPN, you typically get what you pay for in terms of speed.
Storing your crypto in a hard or soft wallet gives your sole ownership over your crypto compared to keeping it on an exchange.
Soft and hard wallets are both decentralized, giving you full ownership to your crypto. This is not the case with exchanges as they are centralized.
What’s the difference between a soft and hard wallet?
A crypto soft wallet is a software program that stores your private keys, allowing you to sign transactions and initiate the transfer of assets. They typically use a private key that enables you to control your funds and store them securely.
In addition, a software wallet is more convenient because it is easy to access and use as all you need is internet access oppose to carrying around a physical device.
However, software wallets can be vulnerable to viruses, keyloggers, and malware. Therefore, it is important to keep your software wallet updated and monitored.
A blockchain-based browser is a browser that uses the blockchain to help keep your private data safe. This is done by encrypting your data, so that nobody can access it without your permission. Therefore, you are in control of your privacy.
All the data that you share with your browser is encrypted and can’t be read by anyone without your permission.
Some main benefits of a blockchain-based browser are that they are faster, more secure, and more private than traditional browsers.
A blockchain-based browser is different from a regular browser because it’s based on a blockchain. Blockchain technology is a decentralized, distributed, and encrypted digital ledger that is used to create a record of transactions which cannot be altered once recorded.
What are the best blockchain-based browsers?
If you want more info, I talk a bit about the following two blockchain-based browsers in the post.
Bitcoin is sort of the “first generation” of blockchain. We could call it Blockchain 1.0. Ethereum and the smart contract are pushing blockchain into the next stage: Blockchain 2.0. Smart contract is critical to applying blockchain into broader use, so let’s explore it further.
Who Invented Smart Contracts?
The computer scientist and cryptographer Nick Szabo first proposed the smart contract concept in a paper published in 1994. (It is worth noting that Szabo has been bandied about as the possible true identity of Satoshi, something he has denied.)
The smart contract created by Szabo is a computer system designed to facilitate and verify contracts between parties and people.
Smart Contracts are The Key To Ethereum
The cryptocurrency Ethereum is a decentralized platform that runs smart contracts and allows developers to build their apps on the blockchain created by Ethereum. Smart contract is key in Ethereum, since it finally allows cryptocurrencies to be used in broader business activities.
Smart contract can function in the absence of trust, because it executes terms without intervention from the parties involved. Once a smart contract is generated, it cannot be reversed.
Transactions are traceable but irreversible. A smart contract works on an “if-then” language. If A happens, then B will take place. So once a contract is set up, the terms will be executed automatically.
Real world Examples of smart contracts
Vending machine example
An example often used to help explain smart contracts is a vending machine. Everyone knows how they work. You go to a vending machine and put in a certain amount of money; in return, the machine dispenses a product.
Say a vending machine sells sodas for $.25. Bob puts a quarter into the machine, and in return, it spits out a soda. Alice puts a dollar into the same machine, and it spits back $.75 and a soda.
Not a hard concept, right?
Well, smart contract on blockchain functions similarly.
Smart contract on blockchain involves three steps:
Parties involved in the contract reach a consensus and formulate a smart contract.
The parties put the contract into the blockchain through a peer-to-peer network.
The smart contract is put into motion once it’s accepted into the blockchain.
Renter and landlord example
Say I would like to lease my apartment to you. You, as renter, pay me an advance in Bitcoins through a blockchain. Once the transaction is done, I receive the payment. You will then get a contract and receipt.
And I, as landlord, will give you a key to enter the apartment within a certain period of time. If the key is not delivered to you on time, the blockchain will return the advance to you. If the key is delivered before the agreed date, the blockchain will temporarily hold the key until you pay the advance.
The system works on these if-then propositions, and everyone on the blockchain is able to see the contract we’ve both agreed upon. Therefore, nobody has to worry about the authenticity of the contract.
And after the rental period is over, the contract will be automatically terminated once the terms have been fulfilled.
Decentralizing the Entire Contract Market
Just as Bitcoin is decentralizing currency and business transactions, smart contract has the potential to decentralize the entire contract market.
Assets in digital format are now able to be exchanged and traded in blockchain by adopting smart contract, so all kinds of interesting trades can happen on blockchain.
Smart contract broadens the potential use of blockchain dramatically —potentially bringing in almost the entire contractual landscape. And in my opinion, it’s just getting started.
The Future of smart contracts
I’m confident that in the future, smart contracts will be put into even broader use in the financial sector. I think this for a number of reasons.
Since a smart contract is capable of self-executing contracts related to assets transfer, it, as a technology, definitely presents uses related to stock trading and other financial market trading.
Another reason for the growth of smart contracts will be the growth of the Internet of Things (IoT).
Everything around us, including smartphones, cars, wearable products, and even furniture, is going to be connected to the Internet. This will create exponential data needs. What will we use to capture and store all of these new data? Blockchain.
Another trend in smart contracts’ favor is that blockchain is cost-efficient and friendly. In traditional law firms and auditing firms, adopting blockchain and smart contracts will significantly lower the cost of doing business and improve efficiency. It will be a win-win.
Vitalik Buterin is a name you may not be familiar with, but almost everyone in computer science, blockchain, and cryptocurrency is. His white paper, “Ethereum: A Next-Generation Cryptocurrency and Decentralized Application Platform,” released in Bitcoin Magazine back in 2014, put him into the spotlight.
And at just 19 years old, he totally disrupted the existing crypto world.
What is Ethereum?
Ethereum is an open software platform based on blockchain technology that developers can use to build and deploy decentralized applications. The first generation of applications on blockchain is, admittedly, quite limited.
The blockchain Bitcoin uses merely focuses on transactions (and tracking of transactions) using Bitcoins. The use of first-generation blockchain is also very narrowly defined.
However, Ethereum is offering a public blockchain that goes beyond a peer-to-peer electronic cash system. By implementing smart contracts, the use of blockchain has the potential to expand beyond cryptocurrency.
Anything of value can now be exchanged with and through smart contracts. Agreements and exchanges of every sort can theoretically run on Ethereum.
One way to understand his innovation—Ethereum—is to appreciate how it aims to replace third parties on the Internet through the use of blockchain.
They’re services like Google, Facebook, and Apple that hold our personal data, financial data, and professional data on their servers. The importance of replacing third parties is all about security.
Third parties makes it easier for hackers to hack, since everyone’s data are all in one place (or in just a few places). Also, under a third-party system, governments may be able to access your files without your knowledge.
DAPPS are built on Ethereum
Apps built using Ethereum are called DAPPs (decentralized applications).
Developers create their DAPPs using smart contracts. In keeping with the theme of decentralization, DAPPs are all decentralized and are not owned by individuals or organizations. Rather, they are owned by multiple people—specifically, everyone on blockchain.
How Ethereum Was Born
Despite these innovations, it hasn’t all been wine and roses. In the short history of Ethereum so far, it’s had several major challenges. Probably, the biggest has been the DAO.
In May of 2016, the former CCO of Ethereum, Stephan Tual, founded Slock.it, along with a few members of the Ethereum team.
In doing so, he also announced the concept of the DAO—the Decentralized Autonomous Organization.
Despite very little information about what the DAO actually was, during its Initial Coin Offering (ICO), the DAO raised an amount of Ethereum equal to $150 million from over 20,000 investors.
However, on June 17, 2016, a hacker hacked the DAO through a loophole in the system. Within just a couple of hours, the DAO lost 3.6 million ETH, the equivalent of $70 million.
The loophole facilitating this hacking did not come from Ethereum itself, but from an application on which it was built. However, the resulting mess was left to the Ethereum team and community to take care of.
Several proposals were presented to get the stolen money back.
Because transferred funds were always held in an account for twenty-eight days, the hacker couldn’t simply take the money and run.
Ethereum eventually proposed to “hardfork” the funds to an account available to the original owners. A hardfork involves making a primordial change to blockchain that can make previously invalid transactions valid, or vice versa.
But by doing so, it subverts the shared goal of decentralization that so many people involved in cryptocurrency share. Eventually, even though 10 percent of the Ethereum community voted against it, Ethereum decided to hardfork 192 million blocks in order to retrieve the stolen funds.
After this was done, a new blockchain was created called ETH (separate from the original blockchain, ETC).
There are many takeaways for the cryptocurrency and blockchain communities that come out of the DAO incident.
If you’re interested in getting granular, there are many articles on Google.
However, as Einstein is supposed to have said, a person who never made a mistake is a person who never tried anything new. Smart contracts is something new, and so is everything related to blockchain.
In my opinion, there are going to be bumps in the road—like DAO —along the way. But as long as we survive and learn from our mistakes, we shall all be stronger in the end.
If it is about the blockchain, the answer is no. It is not hackable. If it is about the smart contract, it depends who deploys it and if there is any exploitable flaw. If it is about the wallet, it depends on the wallet application and your security standard procedure. If it is about the exchange, it depends on the exchange’s centralized server, its API security, and your own security practice in securing your account credentials with the same exchange.
The Opera crypto browser is a newcomer to the crypto browser scene looking to make a statement. But, is it all that it’s cracked up to be? I’m not so sure as it’s stacked up against some serious competition.
What is The Opera Crypto Browser?
The Opera Crypto Browser is a web browser that is focused on security, privacy and speed. This browser is free to use and it’s available for Windows, Mac, Linux, iOS and Android.
With the Opera Crypto Browser, you will be able to browse anonymously and download websites faster, which makes it a good choice for people who are looking for a cryptocurrency browser.
This browser has a built-in crypto wallet, which means that you can store coins on your browser for easy access and use. Opera browsers are also great for those looking for a privacy-focused browser that is less likely to give the NSA data on your browsing history.
Why use a crypto browser?
Crypto browsers are created to help users easily access the crypto market and make transactions without having to enter usernames and passwords while providing impeccable security.
For example, the Opera Crypto Browser is an alternative to the Opera browser that offers a built-in crypto wallet. The browser is a private and secure way to store your crypto coins. It also offers a built-in crypto wallet that is encrypted and can be accessed with a password. The browser also allows you to buy crypto coins through a built-in exchange.
Opera Crypto Browser has been designed to be as intuitive as possible from the start. This makes it easy for first-time users to get to grips with the browser and see what it offers.
What does Opera Crypto Browser offer?
The Opera crypto browser has a number of features that make it a must-have for crypto market users.
The browser is a non-profit project that is focused on privacy and security. It has a built-in crypto wallet that is encrypted and can be accessed with a password. The browser also allows you to buy crypto coins through a built-in exchange.
It has all the same feature as the Opera crypto browser and then some.
My absolute favourite feature is you can earn crypto while browsing simply by allowing Brave to show you ads!
You can earn a cool $3-5 USD every month in Brave’s native token, for free, depending on how much you use the browser.
The Brave browser is free and doesn’t track your browsing habits. It is a revolutionary browser that gives you back your privacy. It also has a built-in ad-blocker and tracker blocker.
The Brave Browser also has built-in privacy and security features. Opera Crypto has a lot of features but does not quite have the privacy and security that the Brave Browser does.
Transferring money from one person to another used to be as simple as handing someone a dollar bill. Of course, people still use tangible cash today, but what happens if you need to get money to someone across the country or across the world?
For this, we have credit cards, which come with various external fees preventing the receiver of the money from seeing the entire intended sum of cash. For international transactions, there is also a conversion fee to change one currency into another.
In short, there was never a practical way to digitally transfer money from person to person without external regulation by banks or government – that is until 2008, when the concept of Bitcoin was developed.
Who Invented Bitcoin?
A person, or group of persons, under the pseudonym Satoshi Nakamoto, developed Bitcoin. In 2008, Nakamoto published a paper describing the Bitcoin currency.
In 2009, Nakamoto released the software, developed the first Bitcoins, and launched the Bitcoin network all while remaining virtually anonymous.
What Exactly Is Bitcoin?
Bitcoin is, in essence, an unregulated and decentralized virtual currency. This is to say that all transactions and transfers are done online and are not regulated by any third parties including banks or governments.
How are bitcoins obtained?
Bitcoin is obtained through “mining”, which is done by powerful computer programs. These programs work through complex software algorithms that are used to validate recent Bitcoin transactions. These math problems have the capacity to release new Bitcoin.
Whichever of the Bitcoin miners solves the equation first, gets a reward of a certain amount of Bitcoin called “blocks”. This process of obtaining the currency is intended to mimic the production of a tangible commodity such as gold.
One can also obtain Bitcoin buy purchasing it from a Bitcoin exchange like CoinBase or one can accept it as payment for products or services.
Bitcoin is digital Gold
In many ways, Bitcoin is similar to gold. Like gold, Bitcoin is a hedge against inflation.
The total number of Bitcoins that can be mined is 21 million. Both gold and Bitcoin are unregulated by banks, and the value depends entirely on investors’ confidence in the commodity.
Where is Bitcoin stored?
Bitcoins are stored in Crypto Wallets. Each person’s Crypto Wallet has a different electronic signature associated with it , which are essentially long strings of numbers and letters.
There are four main types of Bitcoin wallets: web wallets, software wallets, mobile phone wallets, and hardware wallets.
Users remain anonymous
Bitcoin is often interpreted as a “pseudo-anonymous” network. This means one can hold an electronic signature or address, without revealing any identifying factors about oneself in the address.
Theoretically, one person can have multiple Bitcoin addresses with nothing to indicate that one person owns them all. On the other hand, every transaction made with Bitcoin is traceable. They are all locked in the blockchain, a public ledger of all Bitcoin transactions.
Bitcoin is volatile
Bitcoin is very volatile, meaning, its value is impacted and fluctuates every day based on a number of factors. Geopolitical events or news stories suggesting that Bitcoin is going to begin to be regulated often sway the confidence of investors.
News about security breaches, although rare, produce a similar effect on the value.
What determines Bitcoins value?
Technically speaking, there is no real reason why Bitcoin should have value. It does not have value as a physical commodity but, economically speaking, it has value because people desire it.
Like gold, Bitcoin has value because it is useful as a physical commodity, not because the government grants it legal tender status like it does with paper money.
Bitcoin and journalism
Lately, many news organizations have employed the use of paywalls on their websites as many news outlets move toward primarily digitized formats. Using Bitcoin, news organizations could offer an alternative to paywalls for less frequent news consumers.
Users could have the option to pay by article using micro-payments of Bitcoin, as opposed to paying monthly, weekly, or yearly online subscriptions.
Bitcoin and immigration
Bitcoin can also provide a means in which immigrants can send funds back to family in their home countries. This eliminates foreign exchange fees as well as the need to utilize companies such as MoneyGram or Western Union, which charge high transaction fees.
Bitcoin and international trade and business
Thirdly, Bitcoin could theoretically become the currency of international business due to the fact that it is a universal currency. The international trade industry could benefit from a decentralized currency if businesses are educated on the potential benefits of investing in the commodity.
Summary of Bitcoin
In short, Bitcoin has many benefits as a currency having largely to do with the fact that it is an unregulated, peer-to- peer network.
It is internationally friendly because the value of a Bitcoin is the same all over the world.
Because it exists in a peer-to-peer network, no third parties can intercept transactions and no taxes can be enforced.
The government cannot seize Bitcoin as long as it is stored in a hardware wallet and not left on a centralized exchange. Meaning, someone’s wealth cannot be frozen.
Unless a user publicizes their Bitcoin address, nobody can trance transactions back to him or her.
The Bitcoin protocol is designed so that each block takes approximately ten minutes to mine. This is how each transaction is verified. The process is secure, relatively quick, efficient, and convenient.
The economic potential for the currency is unbounded. The ease of use combined with the tiny transaction fees and lack of international conversion fees, make for a truly versatile and practical currency for businesses to adopt and accept.
Bitcoin has the potential to change the way we pay for journalism online.
If you’re like me, you live in Ontario (Canada) and have no idea where to start when it comes to finding the best cryptocurrency exchanges, I made this post for you.
I’ve used all of the crypto exchange apps in this post. After hours of research and fiddling around with each of the exchanges, I now primarily use 2 of them; Nexo and Crypto.com. I explain why in my reviews below.
Important Terms To Know Before Reading
Staking is a mechanism to achieve distributed consensus and validate transactions and blocks, creating an alternative to mining. The term comes from the idea of a stake, where a user or a node locks up some of their cryptocurrency (called the stake) and validates blocks and transactions.
The cryptocurrency holders can then receive a portion of the block reward for each validated block. These are often referred to as staking rewards and advertised in terms of APY (annual percentage yield).
Staking is a great way to earn passive income. You can earn between 4-16% APY of many popular crypto exchanges. For example, if you stake $10,000 worth of a certain crypto with 10% APY, you will earn $1000 in rewards if staked over 1 full year.
The spread is a term that is used to describe the difference in price between the buying and selling price of a certain currency.
For example, if someone is buying Bitcoin and the price is $8,000 and the exchange is selling Bitcoin at $10,000, they are making a $2,000 spread, they are making the difference between the buying price and the selling price. In this example, the spread is 20%.
The spread is usually detailed in percentage. The smaller the percentage, the less money you pay the exchange.
Frequently Asked Questions
Does the cryptocurrency exchange you use have to be a Canadian, or Ontario-based company?
The short answer is no.
Are their benefits to using Canadian-based over International-based cryptocurrency exchanges for Ontarians?
After trying numerous Canadian and International exchanges, I’ve come to the conclusion that there isn’t.
What is the best exchange for cryptocurrency in Canada?
In my opinion, the best Canadian-based crypto exchange is Wealthsimple and the best International-based crypto exchange is Crypto.com.
Can I use Coinbase in Ontario?
Yes, although I don’t recommend Coinbase.
Can I use international exchanges in Canada?
Yes, to my knowledge there are no international exchanges banned from being used in Canada.
Wealthsimple was created with beginners in mind. I’ve explored dozens of crypto exchange apps and none are simpler, swifter, or easier to navigate than Wealthsimple.
Watch how simple it is to buy crypto on the Wealthsimple app.
What I love about Wealthsimple
ACH Bank Transfers
As a Canadian, no other exchange offers this to my knowledge. Once you add your banking info, all it takes in 1 click of a button to transfer funds from your account into Wealthsimple.
Up to $1500 can be added instantly, anything more than that takes up to 5 business days. In my experience, it usually takes all 5 business days.
If you plan to move large sums of money (more than $10,000), this is the best method to use.
Because other crypto exchanges use e-transfer and most Canadian banks limit the amount that can be e-transferred per day and per week. For example, I bank with CIBC and their e-transfer limits are $3000/day and $10,00 per week.
This can be very frustrating if you’re looking to buy a timely dip in the market and you can’t get your funds fast enough.
Trust and Safety
It could be just an illusion, but given that Wealthsimple has been in business since 2016 and amassed and excellent track record.
Users talk highly of them on social media and through reviews on Google, Facebook, and Trustpilot.
If Wealthsimple is so good, why don’t I use it?
I’d absolutely prefer to use it. However, there’s 2 main reasons I don’t:
I have a verified account with Newton but have yet to use them for any transactions.
I only signed up for them as I thought they offered ACH bank transfers. I misinterpreted their meaning of “pre authorized payments”.
They offer bank e-transfers through a third party app called Plaid. It allows you to pre-connect your bank account so you don’t have to manually e-transfer each time you want to deposit or withdraw to your bank account.
Investing and trading are two very different terms that are often used interchangeably. The difference between the two is the outlook. It’s generally recommended to learn how to invest in cryptocurrency before learning to trade.
Investing in cryptocurrency
The outlook for investing in cryptocurrency is long-term. Therefore, when researching projects to invest in, you want look for ones that have long-term vision and utility.
The outlook for trading in cryptocurrency is short-term. Therefore, when researching projects to invest in, you want look for ones that have the potential for massive short-term gain without much regard for their long-term vision.
Need 3 courses to cover the essentials (costing $297) compared to needing 1 course with Crypto University (costing $99)
Your own multi-currency wallet setup Simplify your crypto life from the start by setting up a wallet which will allow you to store, secure and manage over 100 different cryptocurrency assets in a single wallet.
The knowledge and ability to send and receive multiple cryptos We’ll teach you how to use both text based crypto addresses and QR codes for use with smartphone wallets for easy scanning with phone cameras.
An understanding of Bitcoin transaction fees We’ll teach you the practical aspects of transaction fees so you pay as little as possible.
Knowledge of how to protect your privacy while using Bitcoin The wallet we recommend you setup in this course automates a lot of the things you need to do to remain private, however it’s good for you to understand the basics of what it’s doing so you don’t sabotage it’s efforts to protect you.
The ability to lookup transactions and their status We’ll teach you how to use block explorers to track exactly where your incoming and outgoing transactions are so you know where your money is at all times.
The ability to convert one crypto to another in 3 clicks This is a foundation course remember so the goal is to keep it super simple. We’ll introduce the basics of how to convert one crypto asset for another.
Your wallet setup and mirrored on your laptop and phone There are pros and cons to using a crypto wallet on your laptop and different pros and cons to using a crypto wallet on your phone. We’ll show you how to synchronize the two to get the best of both worlds.
A secure backup of your crypto wallet Crypto assets have real value so we’ll take you through a simple and easy process to backup your wallet using a physical medium. If anything happens to your laptop or phone you’ll be able to regain access to your funds.
A way to buy multiple cryptos Once you have the wallet you’ll probably want to put something in it, so we’ll give you a few suggested ways to buy various crypto assets and then how to withdraw them to your personal wallet.
The ability to log and track your crypto asset values If you don’t get this right from the start it becomes very confusing later to figure out if your cryptos are worth more or less than when you bought them. We’ll give you a simple tool to log everything in, a tool that tracks the values in real-time and compares them to the price you bought them at.
The ability to sell your cryptos We’ll show you how to reverse the process for if and when you decide to turn your crypto assets back into your national currency.
Digital Money Revolution
How to explain Bitcoin to other people so that they understand it They say that you do not understand something unless you can explain it to someone else. By the end of this course you’ll be able to speak to others about Bitcoin confidently.
How to explain to other people what is wrong with our current financial system Once people understand what is wrong with the current system it’s much easier for them to understand how amazing Bitcoin is as the solution.
The various roles you can play in the Bitcoin economy Once you have a firm understanding of Bitcoin then you can decide which role you wish to play yourself.
How to setup your own easy to use Bitcoin wallet You’ll get setup with a wallet that works seamlessly on your phone and on your computer.
How to explain to other people why Bitcoin is inevitably going to change the world People can read about Bitcoin online endlessly, but if they have someone they know who gets it, that’s incredibly valuable to them.
How to use Bitcoin to protect your wealth from an economic crisis Bitcoin is becoming a safe haven because it exists outside of the old financial system. Bitcoin lives on the Internet which exists in it’s own virtual realm.
Blockchain Security Essentials
You’ll be in a very small group of people that are virtually unhackable Imagine what that kind of peace of mind feels like? Maybe you can’t imagine it because you have never experienced it before but I can assure you by the end of this course you will.
You’ll finally be able to enjoy the crypto revolution When you have stress and anxiety any positive excitement that you may get from the potential crypto has to offer will be covered over by the dark clouds of worry about losing it all in a hack. That’s about to change for you.
You’ll have greatly improved computer security One part of security is protecting yourself from being hacked technologically. I’ll give you the tools and techniques to keep the bad guys out.
You’ll have greatly improved scam detection Another part of security is protecting yourself from being manipulated by a scammer into voluntarily sending them your money. This is the human element of security that I’ll also help you with.
You’ll be empowered with universal security principles There are a small set of universal security principles that apply across the board, to all cryptos. Learning these principles will serve you for the whole of your crypto life. These principles apply far beyond the end of this course. They pay dividends forever.
Not much training on Crypto exchanges; Pros and cons of different ones, how they work, fees, where to start as a beginner. You’ll need to do more homework on your own to find which ones are best for you, this is what I had to do after taking this course.
Introduction and Basics This module is designed to walk the complete beginner through buying their first coins and familiarizing themselves with exchanges all the way to safely storing and securing them. I’ll go over my own personal workflow and how I do this entire process.
Investing and Trading This module is designed to give you a thorough rundown on how I chart and what my trading strategies are. Honestly that’s just scratching the surface, I’ve literally poured my entire brain into this module which also expands to chart patterns, building a portfolio, in depth market dynamics and trading types with strategies for each.
Onchain Data Analysis This module is designed to get you familiar with analyzing On chain metrics, which metrics I use as well as priceless resources for dynamically evolving your learning through time.
Market Cycle Analysis How other markets influence crypto (In this module we cover how the macro economic backdrop effects crypto and how to monitor it to detect early warning signals.
Mindset and Psychology The markets are much less technical than you think, in fact emotion is the major driver for price movement. This module covers basic principles of the mindset needed to survive and thrive as an investor/trader.
My Secret Weapons In this module I literally give all of my personal investing edges to you, from price models that predict the tops and bottoms of markets to the T, what I look for in coins and my highly valued resources/recommendations.
Some Clever Crypto Reviews
My Clever Crypto Course Review
This course was my very first introduction to cryptocurrency. I had almost zero prior knowledge about what crypto is or how to start investing in it.
Did it help me as a beginner?
Most definitely. I didn’t even know what a crypto wallet was prior to this course.
I’ll admit, I haven’t gone through all the technical analysis videos as they don’t interest me much. I’ve finished the rest of the course and I walked away with confidence and direction.
What did I like?
Cryptocurrency is a complicated subject with so many aspects and technical to learn. I found the terminology confusing and intimidating.
I thought Clever Crypto did an excellent job keeping it simple, or as simple as one possibly can while explaining everything crypto.
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