There are two main methods to buy Tether (USDT) in Canada, and both involve using cryptocurrency exchanges. To buy Tether in a crypto exchange like VirgoCX, CoinSmart and Bitbuy, you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency, or you can buy other cryptocurrencies like Bitcoin (BTC) and then trade them for Tether on a different trading platform.
The best crypto exchange in Canada is Kraken, both for its high level of security and for its extremely low fees. Kraken charges 10-20x less than other Canadian exchanges, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada, I can't recommend Kraken highly enough.
How To Buy Tether (USDT) In Canada
Thankfully, there are a ton of crypto exchanges and crypto brokers that offer Tether (USDT) in Canada.
To buy Tether in a crypto exchange, you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency, or you can buy other cryptocurrencies like Bitcoin (BTC) and then trade them for Tether (USDT) on a different trading platform.
Top 4 Crypto Exchanges To Buy Tether In Canada
Here are our top crypto exchanges in Canada that support the buying and selling of Tether:
1. CoinSmart
Very Secure
|
Total Fees: ~3% |
★★★★ Rated 4.4/5 |
CoinSmart supports 16 cryptocurrencies, verifies accounts instantly, and offers immediate deposits and withdrawals.
CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means it's a highly secure exchange. CoinSmart maintains a 95% cold storage policy, and as a publicly-traded company, its financials are audited by a third-party firm at least once per year.
Like several other Canadian crypto exchanges, though, CoinSmart's spreads are very high, coming in around 2.8%. Paired with its high deposit fees (1.5% on INTERAC e-transfers under $2,000) and withdrawal fees (1% on all methods), you end up paying around 5% in fees just to make a single transaction.
If you're a cost-conscious investor, we recommend signing up with Kraken instead, since it offers significantly lower fees.
Features
- Supports 16 cryptocurrencies
- Instant account verification
- Immediate deposits and withdrawals
- Registered Marketplace by the OSC
- User-friendly for both beginners and advanced traders
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0.2%
- Spreads: 2% – 3%
- Fiat Deposit Fee: 0% – 1.5%
- Fiat Withdrawal Fee: 1%
Signup Bonus
$50 bonus when you sign up using the link below and the promo code YOREOYSTER.
Best For
Canadian crypto investors seeking a $50 signup bonus from a highly secure exchange.
2. Crypto.com
Crypto.com is a major global player as far as exchanges go, and it's recently been having a major impact on the Canadian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.
Crypto.com also offers some unique features that no other Canadian exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.
Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.
Features
- Supports 100+ cryptocurrencies
- Allows up to 10x leverage
- Trade crypto derivatives (futures and options contracts)
- Earn daily interest by staking your coins
- Purchase newly-listed coins at up to 50% off
- Reasonable trading fees (0.4% per trade)
- Free deposits from all cryptocurrencies
Cost
- Trading Fees: 0.4%
Signup Bonus
$10 of CRO when you stake $1,000 of CRO
Best For
Investors looking to buy altcoins and other new crypto assets before they go mainstream.
3. NDAX
The National Digital Asset Exchange (NDAX) is a cryptocurrency exchange based in Canada and was founded in 2017. It's one of several Canadian crypto exchanges that offer Ethereum support.
It only supports Canadian dollars to date, but it has plenty of payment methods, including Interac e-transfer, wire transfer, bank draft, and crypto deposits. Trading fees are 0.20%.
Features
- Supports 20+ cryptocurrencies
- Easy registration process
- Wide range of resources to help beginner traders
- Offers easy-to-use tools to aid you during trading
- Offers advanced charting tools for more experienced traders
Cost
- Trading Fees: 0.20%.
Signup Bonus
$10 when you deposit at least $100
Best For
Experienced traders seeking strong charting capabilities.
4. Netcoins
Netcoins is a beginner-friendly exchange that supports 9 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Ripple, QCAD, USDC, and Stellar) and charges trading fees of 0.5%.
Depositing and withdrawing fiat currencies is free with Netcoins, and the platform also allows users to set limit orders to buy and sell crypto when they hit a certain price level.
Features
- Supports 9 cryptocurrencies
- One-click trading for beginners
- Free deposits and fiat withdrawals
- Owned by a publicly-traded company (BIGG Digital Assets), which lends legitimacy and fiscal oversight
Cost
- Trading Fees: 0.50%
- Deposit and withdrawal fees: Free
Best For
Beginners looking for a user-friendly crypto exchange.
Tether (USDT) FAQs
1. What is Tether (USDT)?
Tether (USDT) is a stablecoin that was created in 2014. It's backed by the US dollar by a ratio of 1:1, which means that you can trade any Tether (USDT) tokens you have for the same amount in US dollars (for example, you could trade 500 USDT for $500 US dollars with no issues whatsoever). This is the main reason why these tokens are given the name stablecoins.
Because Tether's value is tied to the U.S. dollar, you also don't have to worry about your tokens losing value over time (unlike most altcoins). This means that Tether (USDT) is an excellent way of storing value.
2. Can You Buy Tether In Canada?
Even if Tether support is not widespread in crypto exchanges, most of the best Canadian crypto exchanges support this stablecoin. All you need to do is use one that allows you to exchange fiat currencies or other coins for Tether.
For this purpose, I recommend using either CoinSmart or Crypto.com, but other options like VirgoCX, Newton and Wealthsimple Crypto. Both of these belong to our top-rated exchanges in Canada, and each of them allows you to buy Tether with relatively low fees.
3. Where Do I Store My Tether (USDT) Tokens?
There are plenty of different ways that you can store your Tether tokens once you have them.
The simplest way would be to keep them inside your account's balance on the exchange where you purchased them. This could be safer than storing it in a software (or hot) wallet, considering crypto platforms tend to keep 95% of the coins they hold in cold storage. However, there's still a small chance that your Tether could be hacked or stolen if you do this, so be aware of this.
Another way to store your Tether would be to use a personal crypto wallet to secure your private keys and digital assets. It’s not guaranteed safety, but a cold wallet is safer than leaving your funds in the exchange you originally purchased your altcoins in.
As someone who's tried out more than a dozen different wallets over the years, here are my top 3 picks for the best crypto wallet for Canadians:
#1 Best Overall
|
Supports: 70+ crypto assets |
★★★★★ Rated 4.9/5 |
Top Hardware Wallet
|
Supports: 1,800+ crypto assets |
★★★★ Rated 4.3/5 |
Best For Altcoins
|
Supports: 1,000+ crypto assets |
★★★★ Rated 4.1/5 |
- ZenGo: ZenGo is a free software wallet that leverages the blockchain to make it significantly more secure than traditional wallets while also being extremely easy to use. Sending and receiving crypto to/from ZenGo is also free, and it takes less than 30 seconds to open your free ZenGo wallet.
- Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
- Trezor Model One: The Trezor Model One is a hardware wallet and password manager that supports 1,000+ cryptocurrencies. Its Trusted Display ensures extremely secure transactions, and its compact design makes it easy to keep your crypto safe.
4. Is Tether A Good Investment?
Considering that Tether is backed by the U.S. dollar in a 1:1 ratio, this makes it considerably safer to invest in when compared to other digital assets, as its value is not able to fluctuate as much.
However, this doesn't make Tether an investment per se, but you could earn interest on your USDT holdings by staking your tokens on platforms like Crypto.com.
In Summary
There are plenty of cryptocurrency exchanges today that support the buying and selling of Tether, and that number only seems to be increasing as time goes by.
The best crypto exchange in Canada is Kraken, both for its high level of security and for its extremely low fees. Kraken charges 10-20x less than other Canadian exchanges, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada, I can't recommend Kraken highly enough.
