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Buying Stellar Lumens in Canada is now easier than ever with more trustworthy Canadian specific options, and more international exchanges offering options to Canadian residents. If you would like to learn more about this token visit our Investing in Stellar Lumens guide.
In this article, we will detail how you can purchase Stellar Lumens (XLM) and other cryptocurrencies from any province in Canada.
Things to Consider Before Buying Stellar Lumens in Canada
Before getting started, there are a few things to consider when you plan on buying Stellar Lumens in Canada. These are important in helping you both choose the correct time, and the correct service to make your Stellar Lumens purchase.
Market Position: This is a huge factor of course when you invest in any asset. Perhaps, even more, the case when you are buying Stellar Lumens. It is subject to more pronounced price movements than investing in stocks for example. In that case, you want to be fully aware of the market price at the time you are buying.
Trading Fees or Limits: These can vary from extremely competitive to very high depending on the service you choose to buy your Stellar Lumens through. Always be sure to check for all fees and charges before making a purchase.
Service Reputation: While all of the services we have chosen are some of the most trustworthy around, you should be aware that not every Stellar Lumens sales platform is as reputable. You can reduce your risk by making sure you perform your own due diligence.
Top Places to Buy Stellar Lumens (XLM) & Crypto in Canada
Bitbuy is a Canadian cryptocurrency exchange that is proudly focused on serving Canadian traders and they offer some of the most popular cryptocurrencies including Stellar Lumens (XLM). The exchange was established in 2016 and has grown to become a popular and trusted marketplace for Canadian crypto-traders with now more than 350,000 users.
Bitbuy has developed a strong reputation for being a trustworthy and transparent operation. Their credibility has been enhanced on a number of fronts including being the first exchange in Canada to conduct proof of reserve audits which they began in 2019 and have carried out each year since.
They offer 20+ of the most promising cryptocurrency projects, all while being heavily regulated.
Coinberry is making it easy to access Stellar Lumens in Canada with no fuss and buy or sell the asset quickly through the user-friendly platform. Coinberry has been around since 2017 and has a number of highly-trusted partnerships that set them up with a solid reputation for cryptocurrency. They are also registered with FINTRAC as a Money Services Business (Financial Transactions and Reports Analysis Centre of Canada) which is an extra layer of trust.
You can have your account open and KYC verified here in no time at all and Coinberry also ensures the best value environment possible for buying or trading your Stellar Lumens and the other supported assets. With no deposit or withdrawal fees, and a 0.5% trading fee, they come in as one of the cheapest services where you can buy Stellar Lumens in Canada using your debit, credit card, wire, or Interac transfer. You should note though that as a market maker, they will apply a spread to the asset.
Overall Coinberry provides a secure, super-convenient, and well-trusted service with competitively low costs.
Though CoinSmart has only been in business since 2018, they have already developed a strong reputation for being a transparent exchange with good backing and credibility and is one of the best exchanges to buy Stellar Lumens (XLM). Canada has some of the most stringent regulations in place for user security, so immediately, knowing that CoinSmart is Canadian founded and based in Toronto is a positive.
The exchange is registered with FINTRAC, the national financial intelligence agency of Canada as a money services business and was recently granted restricted dealer registration with the Ontario Securities Commission along with all the other Canadian Securities Administration members.
Furthermore, the company is publicly traded having launched on the Canadian NEO stock exchange in November 2021. This listing, alongside the other regulatory frameworks in place at CoinSmart, ensures that they provide one of the most transparent, and well-regulated environments in Canada and worldwide for cryptocurrency trading.
Sign up with code: getcrypto and get C$20 of BTC when you fund your account.
They also offer: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), Uniswap (UNI), Chainlink (LINK), Polkadot (DOT), Shiba Inu (SHIB), Dogecoin (DOGE), Bitcoin Cash (BCH), and EOS (EOS).
Binance is one of the largest and most well-known cryptocurrency exchanges in the world. They accept residents from all Canadian provinces excluding Ontario. As a Canadian trader, you can also use Binance to purchase Stellar Lumens (XLM). There are slight differences when it comes to using exchanges like Binance instead of purchasing your Stellar Lumens (XLM) directly as you can through the other services mentioned.
The main key differences are that in purchasing from Binance you can also buy from other traders in the market through the exchange. This can mean great value for you in terms of price and costs. Binance charges between 1% and 3.5% for direct Stellar Lumens (XLM) purchases using your credit, debit card, or bank transfer, though if you want to buy Stellar Lumens (XLM) using another crypto the fee can be as low as 0.1% from other traders on the exchange.
The process of getting started is also just as convenient. All you need to do is register with Binance and complete the KYC checks they have in place. For direct purchases, they partner with Simplex as a payment provider that also ensures your transactions remain safe and secure. It should take no more than a few minutes to complete your Stellar Lumens (XLM) purchase with Binance.
They also offer over 100 of the most popular cryptocurrencies, if you want to buy altcoins including Binance (BNB), this is a great option.
Ontario residents are prohibited.
KuCoin is a well-known name in the industry, and one of the most competitive in the sector when it comes to fees and trading costs. The exchange has grown exponentially from the early days of offering only crypto to crypto trading and they now offer a varied range of services including a P2P exchange capability, and purchasing with credit or debit cards.
They currently offer Stellar Lumens (XLM) trading as well as over 300 other popular tokens. They are often the first to offer buying opportunities for new tokens.
Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.
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