Things are a little different in Canada in terms of cryptocurrency. Mainly the conversion rate between CAD/USD is pretty shitty almost always and because of that there are fewer options to be able to transact with Canadian Dollars. Eh.
Because of everything that's going on in the world economy these days, stability is becoming increasingly important.
As surely we all learned from little crypto crash that happened on March 12th only a few months ago, it is incredibly important to have a cash position. Or in this case, a "cash" position.
At your average bank (practically anywhere worldwide) you might be lucky to get a savings account with an interest rate around 1-2%. If you're lucky. And usually those kinds of "perks" come with some sort of stipulation like you need to have x amount of dollars in the account at all times and other bullshit like that.
Long story short, Finance 1.0 sucks and we all know that DeFi and Finance 2.0 is light-years ahead. So in terms of holding a cash position to be able to take advantage of massive market downturns aka discounts, it would be a lot better to place your money somewhere you could get a yearly interest rate of between 6-12%. I am currently getting 12% APR on my DAI holdings, but I'll save that little tip for a future article. :P
Naturally this means as Canadians we would like to get in on the DeFi savings rates; but mostly all stablecoin projects are backed by USD and not CAD. So basically we have two options.
Typically we would use an exchange or CAD to fiat service to buy something like BTC or ETH and then trade/exchange for a stablecoin like DAI or USDC. There were two steps involved in this example.
Or you could use Paytrie where you can buy a few different stablecoins for CAD and they will be sent directly to any wallet you want. There was only one step involved in this example.
Alright cool we get it, Paytrie is a better option to exchange Canadian Dollars directly for stablecoins. But what do they offer and how easy is the process? They currently offer six different stablecoins including DAI, BUSD, USDT, TUSD, and PAX. And the process could not be easier, more simple, and user-friendly.
When you sign up for their website there is no need to do a full KYC procedure if you can complete their Express Validation that involves a few questions relating to information about your personal bank account which essentially just helps validate that you are the owner of the account. Once you've signed up you are greeted with a very simple userface where all you have to do is enter the amount of Canadian dollars that you would like to spend, select which stablecoin you would like to receive, click swap, enter your wallet address, and then submit that shit.
A few seconds after that you will receive an automated email from Interac asking you to etransfer the CAD from whichever bank you use, and then once you have verified the etransfer you wait for the stablecoins to arrive in your wallet. The amount of time that it will take for you to receive your stablecoins will be mostly dependent on how long it takes your bank to process etransfers.
I have bought DAI with Paytrie a total of four times now and the first three times took literally less than 3 minutes from start to finish while the fourth time took about 30 minutes due to my bank's etransfer times.
Another thing that makes Paytrie so great is that the price of the stablecoin is locked in at the price that it was when you first submitted the purchase request. If the funds are received by Paytrie within 30 minutes of submitting the purchase you will get the coins at that locked in price. And because you're buying a stablecoin, odds are if it took longer than 30 minutes the price might fluctuate 1-2 cents TOPS during that time.
I have not transferred/sold any of my stablecoins for Canadian Dollars on Paytrie yet so I cannot speak on that feature but it is a very nice option to have available.
Paytrie has a "1% conversion fee with a minimum of $2 for all transactions." This means that for every transaction you make that is under $200 CAD it will be a flat fee of $2, and the conversion fee for any transaction over $200 will be 1%.
From my experience this is a pretty average transaction cost for purchasing stablecoins. They also offer OTC orders for "large transaction amounts." The maximum transaction size for one account within a 24-hour period is $2,000.
If you sign up with the links that I've included in this article then you will get a referral credit that can be used towards the fees of a single transaction. It's not the best referral program out there, but at least it's something.
In my experience Paytrie is the most simple way to convert your Canadian Dollars to cryptocurrency stablecoins. The service is fast, super easy, and I highly recommend it to my fellow Canadians. It's a great service and their team is very helpful via discord if you have any questions or need help with anything.
I am really stoked that I found this platform because before I had to etransfer CAD to a fiat exchange, purchase ETH, send that ETH to my metamask, and then exchange that ETH for DAI. Not only does this process take much longer - and time is money - but it seems like the Ethereum gas prices are getting a little bit higher than they should be.
If you're a Canadian interested in purchasing any of the major stablecoins in the easiest way possible then look no further than Paytrie. Eh.
*This article will also be published to read.cash and Uptrennd.*