If you're Canadian, then you know just how difficult it can be to find a solid crypto exchange in Canada. The exchanges in Canada all lack a lot of things or features that good exchanges have. Some of these include lots of volume, low trading fees, and a small percentage spread between the bid and ask price at a minimum. Not to also mention, TRUSTWORTHY; no one wants to see another potential exit scam like they did with QuadrigaCX last year. However though it would seem that either most Canadians don't actively trade and just buy and sell from the various platforms that I've talked about in my other post here or they do trade, but just on other platforms that don't have trading pairs against the Canadian dollar. So if that's the case, where and how are they trading then?
I would say that most Canadians who are somewhat actively trading, are probably using exchanges such as Binance, Crypto.com, Coinbase Pro or some other exchange where they can trade crypto for stablecoins. The reason why Canadians would trade on these exchanges is because these exchanges solve a lot of the problems that Canadian exchanges have. But what are stablecoins? So, in a nutshell, stablecoins are like the crypto version of the US dollar. They're (supposedly) backed 1:1 by the US dollar. There are different stablecoins out there but by far Tether (USDT) is the most popular; it's also got the highest market capitalization among stablecoins. Some other stablecoins include DAI, USDC, and PAX.
So that's all great information, but how and where can I purchase stablecoins from to start trading on these crypto exchanges? That brings me to the topic of this post. There's a site called PayTrie where you can go from money in your bank, to having some stablecoins in your wallet within a matter of minutes after signing up and going through their KYC process. There are only 8 steps when it comes to buying stablecoins and only 7 steps to sell them (if you choose to do so). Unfortunately for residents of Quebec, PayTrie isn't available just yet due to the regulations there.
After you've created an account and have gone through their KYC process, you'll see a screen that looks like the one in the photo above when you're logged in. They've made it easy for you to purchase the stablecoin of you choice by having a set of step by step instructions. If you follow the steps given, you should have your stablecoins in your wallet within a matter of minutes.
If you're interested, I've also made a video about them that you can check out.
So now that there's this option available in Canada where you can buy stablecoins, you can now better enjoy your trading experience. You don't need to worry about any of the problems that I had mentioned above that Canadian crypto exchanges have.
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