{"id":121404,"date":"2022-05-27T15:00:00","date_gmt":"2022-05-27T19:00:00","guid":{"rendered":"https:\/\/env-hardbacon-dev.kinsta.cloud\/?p=121404"},"modified":"2022-05-27T16:22:04","modified_gmt":"2022-05-27T20:22:04","slug":"stablecoin","status":"publish","type":"post","link":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/cryptocurrency\/stablecoin\/","title":{"rendered":"What Is a Stablecoin? The Complete Guide for Canadians"},"content":{"rendered":"<p>Stablecoin? We like the sound of that. A digital coin that is relatively stable is an attractive option as the volatility of most<a href=\"https:\/\/www.hardbacon.ca\/en\/compare\/crypto-exchanges\/\" data-lasso-id=\"19828\"> cryptocurrencies <\/a>can often send us on a rollercoaster of emotions as investments fluctuate by the minute. Even if you like the adrenaline associated with cryptocurrency, putting some of your investments into a more stable option never hurts.<\/p>\n\n\n\n<p>Fiat currency and gold do fluctuate very slightly, but nothing like cryptocurrency. Stablecoins bridge the gap between the two extremes. But with the recent <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/crypto-market-crash\/\" data-lasso-id=\"19829\">crash <\/a>of USDT and concerns around Tether, are stablecoins actually as stable as they are supposed to be?<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-9a292629\"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\tTable Of Contents\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap\">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#what-is-a-stablecoin\">What is a stablecoin?<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#different-types-of-stablecoins\">Different types of stablecoins<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#1-fiat-collateralized-stablecoins\">1. Fiat-collateralized stablecoins<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#2-crypto-collateralized-stablecoins\">2. Crypto-collateralized stablecoins<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#3-non-collateralizedalgorithmic-stablecoins\">3. Non-collateralized\/algorithmic stablecoins<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#4-commodity-backed-stablecoins\">4. Commodity-backed stablecoins<\/a><\/li><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#are-stablecoins-risky\">Are stablecoins risky?<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#the-benefits-of-stablecoins\">The benefits of stablecoins<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#1-low-fees\">1. Low fees<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#2-transaction-speed\">2. Transaction speed<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#3-stable\">3. Stable<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#4-borderless\">4. Borderless<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#5-transparent\">5. Transparent<\/a><\/li><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#the-most-popular-stablecoins\">The most popular stablecoins<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#1-usdt-tether\">1. USDT (Tether)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#2-tusd-true-usd\">2. TUSD (True USD)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#3-gusd-gemini-dollar\">3. GUSD (Gemini Dollar)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#4-usdc-usd-coin\">4. USDC (USD Coin)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#5-busd-binance-usd\">5. BUSD (Binance USD)<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#6-dai-dai\">6. DAI (Dai)<\/a><\/li><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#how-to-buy-stablecoins-in-canada\">How to buy stablecoins in Canada?<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#1-pick-a-cryptocurrency-exchange-platform\">1. Pick a cryptocurrency exchange platform<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#2-register-your-account\">2. Register your account<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#3-fund-your-account-and-start-trading\">3. Fund your account and start trading<\/a><\/li><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#the-best-cryptocurrency-exchanges-to-buy-stable-coins-for-canadians\">The best cryptocurrency exchanges to buy stable coins for Canadians<\/a><\/li><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#1-bitbuy\">1. Bitbuy<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#2-newton\">2. Newton<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#3-coinberry\">3. Coinberry<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#4-wealthsimple\">4. Wealthsimple<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#5-ndax\">5. NDAX<\/a><\/li><li class=\"uagb-toc__list\"><a href=\"#6-binance\">6. Binance<\/a><\/li><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#start-buying-stablecoins-as-a-canadian\">Start buying stablecoins as a Canadian<\/a><\/li><\/ul><\/ul><\/ul><\/ul><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>What is a stablecoin?<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A stablecoin is a form of digital currency that is directly pegged to another asset, most commonly a fiat currency like USD or a commodity like <a href=\"https:\/\/www.hardbacon.ca\/en\/investing\/how-to-invest-in-gold-in-canada\/\" data-lasso-id=\"19830\">gold<\/a> or <a href=\"https:\/\/www.hardbacon.ca\/en\/mortgage\/canadian-real-estate\/\" data-lasso-id=\"19831\">real estate<\/a>. The purpose of this is to provide a cryptocurrency that, in theory, maintains its value. Cryptocurrencies like <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/crypto-crash-bitcoin-survived\/\" data-lasso-id=\"19832\">Bitcoin<\/a> or <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/buy-ethereum-canada\/\" data-lasso-id=\"19833\">Ethereum<\/a> fluctuate a lot on a daily basis. Still, the transaction speed, transaction cost, and accessibility make them more desirable than using fiat via a standard bank, where transactions are complicated and incur hefty fees.<\/p>\n\n\n\n<p>Stablecoins combine the security, convenience and anonymous nature of cryptocurrency with the stability and trust of fiat currency. A stable cryptocurrency makes investing in crypto accessible to more diverse populations of people since many are unable to risk their finances to the volatility of cryptocurrency. Or at least that\u2019s why they were developed. But before you start investing your hard-earned money into stablecoins, let\u2019s take a deeper look into the world of stablecoins and determine if they are actually the investment opportunity you\u2019ve been looking for.<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>Different types of stablecoins<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3>1. Fiat-collateralized stablecoins<\/h3>\n\n\n\n<p>Fiat-collateralized stablecoins use fiat currency issued by a financial institution like a bank or another central issuer as collateral to issue stablecoins. The number of stablecoin tokens issued needs to be relative to the amount of fiat issued. If a financial institution issues 1 USD, it would be equal to 1 USDT or 1 TUSD. The reserves of these stablecoins are managed by independent trustees and regularly audited to ensure compliance.<\/p>\n\n\n\n<h3>2. Crypto-collateralized stablecoins<\/h3>\n\n\n\n<p>Crypto-collateralized stablecoins are backed by other cryptocurrencies. What that means is when you buy one of these tokens, you\u2019re essentially exchanging Bitcoin for stablecoin tokens that are worth the same. Instead of using a financial institution as an issuer, crypto-collateralized stablecoins use something called \u201csmart contracts.\u201d These are programs which are stored on a blockchain that automate the execution of an agreement, and the agreement is the trade.&nbsp;<\/p>\n\n\n\n<p>Unlike fiat-collateralized stablecoins, which need to be funded with an equal number of fiat, these stablecoins are overcollateralized to account for the inevitable price swings of crypto. That means more cryptocurrency coins are kept in reserve than the amount sold as stablecoins.<\/p>\n\n\n\n<h3>3. Non-collateralized\/algorithmic stablecoins<\/h3>\n\n\n\n<p>These stablecoins have no reserves, neither fiat nor crypto. Instead, they use a functional mechanism that keeps the price stable. This mechanism raises or reduces the production of the stablecoin based on the demand, which is similar to how banks operate when they produce fiat. This was the case with TerraUSD and LUNA.<\/p>\n\n\n\n<h3>4. Commodity-backed stablecoins<\/h3>\n\n\n\n<p>Commodity-backed stablecoins use physical assets. Commodities include gold, real estate or oil to back the coins. Since the price of the commodities can change, there is more risk of this type of stablecoin losing value than fiat-collateralized.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>Are stablecoins risky?<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The name stablecoin can be misleading, especially now that we\u2019ve seen the collapse of UST. Anyone involved in cryptocurrency has likely heard of the recent crash of the TerraUSD stablecoin. It\u2019s an algorithmic stablecoin, which, as we mentioned above, is neither backed by fiat nor crypto. Instead, UST was backed through the Terra ecosystem (LUNA), and an algorithm would make new LUNA or burn existing LUNA to keep the price of TerraUSD to USD stable. The problem is that when UST started to trade lower, more LUNA were minted to make up for that, which caused the price to drop more and more.<\/p>\n\n\n\n<p>Long story short, projects can fail, even stablecoin projects, which means there will always be some risk involved with investing in them. Additionally, there is still a lack of regulation around stablecoins. Without regulation, it can be hard to trust the systems and algorithms in place, which means every investment will come with a level of risk.<\/p>\n\n\n\n<p>On top of that, the value of stablecoins is entirely dependent on the assets they are pegged to. Since the majority of stablecoins are pegged to fiat currencies, their value fluctuates based on <a href=\"https:\/\/www.hardbacon.ca\/en\/budget\/canadian-inflation\/\" data-lasso-id=\"19834\">inflation<\/a> and the global economy, whereas typical cryptocurrencies are not subject to these factors. Another similarity that stablecoins have to fiat and which contributes to their risk, is the fact that they are centralized. The point of cryptocurrency was to eliminate centralization, but stablecoins are technically owned by the issuer who controls the supply by minting and burning tokens.<\/p>\n\n\n\n<p>Since stable coins are dependent on reserves from their issuer, whether that\u2019s fiat or crypto, there is a chance that these reserves may not actually be enough to cover the stable coin supply. If that information comes out, people will lose trust in the coin, which could drop the value. Still, we don\u2019t want to discount stablecoins entirely just because of the situation with Tether. But it\u2019s best to know the risks involved so you can make more calculated decisions about where to put your money.<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>The benefits of stablecoins<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>There are many benefits to buying in stablecoins. Here are some to consider. In the end, you have to invest only what you are comfortable with losing.<\/p>\n\n\n\n<h3>1. Low fees<\/h3>\n\n\n\n<p>Transaction fees when making bank transfers or making purchases with your credit card are becoming extortionate. This is especially evident when you\u2019re sending money overseas or making an international purchase. From service fees to commissions, these <a href=\"https:\/\/www.hardbacon.ca\/en\/calculator\/fee-calculator\/\" data-lasso-id=\"19835\">fees<\/a> can add up quickly. One of the reasons cryptocurrency has become so popular is due to the low transaction fees, and stablecoins have that same benefit. The transaction fees for sending stablecoins or making purchases with them are substantially less than paying through a bank or <a href=\"https:\/\/www.hardbacon.ca\/en\/compare\/credit-cards\/\" data-lasso-id=\"19836\">credit card<\/a>.<\/p>\n\n\n\n<h3>2. Transaction speed<\/h3>\n\n\n\n<p>A bank transfer can take three business days, and international transfers can take up to two weeks, and sometimes more! Transactions that take place on a blockchain are nearly instant. That is because there are no waiting periods, and no clearing house. You\u2019ll already be verified on whatever <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/the-15-best-cryptocurrency-platforms-in-canada\/\" data-lasso-id=\"19837\">crypto exchange platform<\/a> you choose to use, so your transaction doesn\u2019t need to go through a verification process or any checks for money laundering. Your transaction is typically completed in a matter of minutes.&nbsp;<\/p>\n\n\n\n<h3>3. Stable<\/h3>\n\n\n\n<p>As the name suggests, stablecoins are, in general, relatively stable. Many people are interested in taking advantage of the benefits that cryptocurrency offers, especially when it comes to sending and receiving money. But they aren\u2019t quite willing to risk their hard-earned funds to the volatility.<\/p>\n\n\n\n<h3>4. Borderless<\/h3>\n\n\n\n<p>Stablecoins, like crypto, are not impacted by borders. The fees and time required to complete international transactions are dependent on banks, intermediaries and countries. Stablecoins, on the other hand, can be sent over the internet regardless of location because they take place on the blockchain. That means no intermediaries can censor or block them.<\/p>\n\n\n\n<h3>5. Transparent<\/h3>\n\n\n\n<p>When a stablecoin transaction takes place on a public blockchain, that means that anyone can see each transaction. Central banks or other payment types do not provide this transparency. The access and transparency public blockchain transactions offer are significant benefits to many.<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>The most popular stablecoins<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3>1. USDT (Tether)<\/h3>\n\n\n\n<p>USDT is hands down the most popular stable coin on the market and the most valuable. And it has been since 2014. It\u2019s pegged to USD at a rate of 1:1 and has been one of the most effective ways to change your fiat into digital currency. Many different networks are minting USDT, including EOS and Ethereum, but with the large scale of this stablecoin comes some issues.&nbsp;<\/p>\n\n\n\n<p>There are many hands in the project, with Tether, the issuer, affiliated with iFinex. iFixex is the parent company of Bitfinex, which is another cryptocurrency exchange. This has contributed to a lack of auditing and actually led to a subpoena from the Commodity Futures Trading Commission (CFTC) in 2017. They were also forced to pay an $18.5 million settlement after Bitfinex tried to cover up a massive shortfall with money borrowed from Tether.<\/p>\n\n\n\n<h3>2. TUSD (True USD)<\/h3>\n\n\n\n<p>True USD is a fiat-backed stable coin and one of the most popular ones available. You can trade TUSD on over 70 different global cryptocurrency exchanges. It\u2019s an ERC-20 token, which is powered by the Ethereum blockchain. And like the majority of stablecoins, pegged to USD.<\/p>\n\n\n\n<h3>3. GUSD (Gemini Dollar)<\/h3>\n\n\n\n<p>As the first regulated stablecoin ever issued, Gemini Dollar was launched by the owners of Gemini, the popular cryptocurrency exchange. It\u2019s pegged to the US Dollar with the backing funds held in the State Street Bank and Trust Company.<\/p>\n\n\n\n<h3>4. USDC (USD Coin)<\/h3>\n\n\n\n<p>Coinbase is another cryptocurrency exchange that jumped on the stablecoin bandwagon. They reward any users who hold USDC by offering them discounts on transaction fees for other crypto trades. USDC is pegged to USD at a rate of 1:1. You can also store this coin in any Ethereum compatible external <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/the-10-best-crypto-wallets-for-canadians-in-2021\/\" data-lasso-id=\"19838\">wallets<\/a>.<\/p>\n\n\n\n<h3>5. BUSD (Binance USD)<\/h3>\n\n\n\n<p>Binance USD is a fiat collateralized stablecoin pegged to the US dollar and created as part of a partnership between the <a href=\"https:\/\/accounts.binance.com\/en\/register?ref=179948056\" rel=\"sponsored nofollow\" data-lasso-id=\"19839\">Binance <\/a>and Paxos cryptocurrency exchanges.<\/p>\n\n\n\n<h3>6. DAI (Dai)<\/h3>\n\n\n\n<p>Dai is one example of a decentralized stable coin, making it an exception to the typical rule. This makes it an attractive option for those looking for a stable investment option that isn\u2019t under the control of a centralized issuer. Dai is still pegged to USD, but instead, the token is controlled by holders of MKR tokens (Maker Protocol) using Ethereum smart contracts. Unfortunately, there are still some issues with this system, which led to $8 million in losses a few years ago. That said, if this model can be optimized, then it will be game-changing in the world of stable coins.<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>How to buy stablecoins in Canada?<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Are you sold on stablecoins and ready to make the investment yourself? It\u2019s pretty straightforward to buy stablecoins in Canada once you know how to do it. In this portion of the guide, we will break down exactly how to purchase stable coins yourself and the best ways to do so.<\/p>\n\n\n\n<h3>1. Pick a cryptocurrency exchange platform<\/h3>\n\n\n\n<p>If you don\u2019t currently have an account on a cryptocurrency exchange platform, the first step is to find one you like. Many Canadian cryptocurrency platforms will enable you to buy stablecoins, so choosing the best one for you may depend on other factors. Some things to consider when choosing a cryptocurrency platform include:<\/p>\n\n\n\n<ul><li>Transaction and platform fees<\/li><li>Ease of use<\/li><li>Security features<\/li><li>Available assets<\/li><li>Perks and rewards<\/li><\/ul>\n\n\n\n<p>Below, we will <a href=\"https:\/\/www.hardbacon.ca\/en\/compare\/crypto-exchanges\/\" data-lasso-id=\"19840\">compare the best cryptocurrency exchange platforms<\/a> for you to buy stable coins in Canada. So read on to find out which is the best option for you.<\/p>\n\n\n\n<h3>2. Register your account<\/h3>\n\n\n\n<p>Once you\u2019ve chosen a crypto exchange that suits your needs, you will need to sign up and complete the verification process. Each platform has a different set of requirements to register, and some are more thorough than others. You\u2019ll be required to provide identification, verify your email address and phone number and set up 2FA.<\/p>\n\n\n\n<h3>3. Fund your account and start trading<\/h3>\n\n\n\n<p>Once your account is set up, you\u2019ll need to deposit funds so you can start trading. This is pretty standard for most Canadian cryptocurrency exchanges, although some allow you to purchase directly using a debit card. For Canadians, the best option is to use a Canadian exchange where you can deposit and withdraw Canadian Dollars. This helps you to save on transaction and trading fees that you\u2019ll incur when using a US-based exchange.&nbsp;<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>The best cryptocurrency exchanges to buy stable coins for Canadians<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Now that you know everything about stable coins, you\u2019re ready to set up your account and get started. But first, you need to choose an exchange. Here are the <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/the-15-best-cryptocurrency-platforms-in-canada\/\" data-lasso-id=\"19841\">best cryptocurrency exchanges<\/a> to buy stable coins for Canadians and some important things to know about each one so you can make an educated decision.<\/p>\n\n\n\n<h3>1. Bitbuy<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/bitbuy-review-2021-is-this-canadian-crypto-platform-worth-it\/\" data-lasso-id=\"19842\">Bitbuy<\/a> is often considered the most secure and safe cryptocurrency platform in Canada. They are big on compliance and offer in-depth security coverage to ensure the safety of their users\u2019 assets. You can start trading on <a href=\"https:\/\/go.bitbuy.tech\/aff_c?offer_id=12&aff_id=1166&source=content\" rel=\"sponsored nofollow\" data-lasso-id=\"19843\">Bitbuy<\/a> with as little as $50 CAN, and trading fees range from about 0.1% to 0.2%.<\/p>\n\n\n\n<h3>2. Newton<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/newton-crypto-the-complete-review-of-the-canadian-crypto-exchange\/\" data-lasso-id=\"19844\">Newton<\/a> is one of Canada\u2019s top cryptocurrency exchanges. Why? No trading fees! The platform was built specifically for Canadians, so you can easily fund your account with Canadian Dollars and use it to buy stablecoins and other cryptocurrencies. The only fee is technically the spread charged by <a href=\"http:\/\/newton.pxf.io\/P0qQ2M\" rel=\"sponsored nofollow\" data-lasso-id=\"19845\">Newton<\/a>, which is the difference between what they buy the crypto for and what they sell it to you for. And honestly, it is still less than most platforms charge in fees.<\/p>\n\n\n\n<h3>3. Coinberry<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/coinberry-review\/\" data-lasso-id=\"19846\">Coinberry<\/a> is a super user-friendly cryptocurrency exchange that is based in Canada. The <a href=\"https:\/\/app.coinberry.com\/invite\/12f1a5b6965\" rel=\"sponsored nofollow\" data-lasso-id=\"19847\">Coinberry signup <\/a>process is very straightforward, and once you\u2019re approved, you can start trading stablecoins via your desktop or mobile app. They\u2019re an incredibly secure platform and charge no funding or withdrawal fees.&nbsp;<\/p>\n\n\n\n<h3>4. Wealthsimple<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/wealthsimple-crypto-review-2021-what-you-need-to-know\/\" data-lasso-id=\"19848\">Wealthsimple<\/a> is one of Canadas largest financial management platforms. You can <a href=\"https:\/\/wealthsimple.sjv.io\/do7Wd2\" rel=\"sponsored nofollow\" data-lasso-id=\"19849\">open a Wealthsimple account<\/a> trade both stocks and crypto, including stablecoins, on the platform with no transaction fees. That said, they do charge an operation fee of 1.5%. Because of its variety of financial management tools, it\u2019s an excellent option for those who want to manage all their assets in one place.<\/p>\n\n\n\n<h3>5. NDAX<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/ndax-review\/\" data-lasso-id=\"19850\">NDAX<\/a> is another cryptocurrency platform solely for Canadian users, enabling you to fund your account with Canadian Dollars directly from your bank account. Once funded, you can start purchasing stablecoins and other forms of cryptocurrency. It\u2019s easy to get set up on the platform, and there\u2019s no minimum investment amount to get started, making it accessible for beginner traders who want to get their feet wet. <a href=\"https:\/\/refer.ndax.io\/jmwY\" rel=\"sponsored nofollow\" data-lasso-id=\"19851\">NDAX<\/a> supports stablecoins such as USDC and USDT.&nbsp;<\/p>\n\n\n\n<h3>6. Binance<\/h3>\n\n\n\n<p>If you\u2019re a resident of <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/binance-banned-in-ontario\/\" data-lasso-id=\"19852\">Ontario<\/a>, then this won\u2019t apply to you, but for the rest of Canada, you can purchase stablecoins on <a href=\"https:\/\/www.hardbacon.ca\/en\/cryptocurrency\/binance-review\/\" data-lasso-id=\"19853\">Binance<\/a>. Binance isn\u2019t a Canadian exchange, but they make stablecoins accessible to Canadians. That said, you can only<a href=\"https:\/\/accounts.binance.com\/en\/register?ref=179948056\" data-lasso-id=\"19854\"> buy stablecoins on Binance<\/a> using a credit or debit card, and you cannot withdraw back to your bank account after you purchase the stablecoins.&nbsp;<\/p>\n\n\n\n<div style=\"height:48px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2>Start buying stablecoins as a Canadian<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Buying stablecoins as a Canadian has never been easier, with many of our national exchanges offering a variety of stablecoins to trade. As with any type of investment, it\u2019s essential to do your research to ensure you feel comfortable with the level of risk associated with trading stablecoin. Although the TerraUSD crash and Tether lawsuits have caused some uncertainty, stablecoins are still less likely to fluctuate as dramatically as other cryptocurrencies while still providing you with the benefits of digital tokens.<\/p>","protected":false},"excerpt":{"rendered":"<p>Stablecoin? We like the sound of that. A digital coin that is relatively stable is an attractive option as the volatility of&#8230;<\/p>\n","protected":false},"author":134,"featured_media":121407,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":""},"categories":[760,522],"tags":[],"acf":[],"nelio_content":{"isAutoShareEnabled":true,"autoShareEndMode":"default","automationSources":{"useContentSentences":true,"useSocialTemplates":true,"useCustomSentences":false,"customSentences":[]},"followers":[],"suggestedReferences":[],"includedReferences":[],"efiUrl":"","efiAlt":"","highlights":[]},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.2.1 (Yoast SEO v19.14) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a stablecoin? The complete guide for Canadians<\/title>\n<meta name=\"description\" content=\"Stablecoin? We like the sound of that. But with the recent collapse of USDT and concerns around Tether, are stablecoins\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is a Stablecoin? The Complete Guide for Canadians\" \/>\n<meta property=\"og:description\" content=\"Stablecoin? We like the sound of that. But with the recent collapse of USDT and concerns around Tether, are stablecoins\" \/>\n<meta property=\"og:url\" content=\"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/cryptocurrency\/stablecoin\/\" \/>\n<meta property=\"og:site_name\" content=\"Hardbacon\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hardbaconca\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-27T19:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-27T20:22:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Arthur Dubois\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@hardbaconca\" \/>\n<meta name=\"twitter:site\" content=\"@hardbaconca\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Arthur Dubois\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What is a stablecoin? 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Since his arrival in Canada, he\u2019s built his credit score from nothing. Arthur invests in the stock market but doesn\u2019t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple\u2019s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it\u2019s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.","sameAs":["emartz2016@gmail.com"],"url":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/author\/hardbacon-newsdesk\/"}]}},"uagb_featured_image_src":{"full":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700.jpg",1200,800,false],"thumbnail":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700-150x150.jpg",150,150,true],"medium":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700-300x200.jpg",300,200,true],"medium_large":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700-768x512.jpg",768,512,true],"large":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700.jpg",1200,800,false],"2048x2048":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700.jpg",1200,800,false],"ebor-admin-list-thumb":["https:\/\/env-hardbacon-dev.kinsta.cloud\/wp-content\/uploads\/2022\/05\/pexels-worldspectrum-843700-60x60.jpg",60,60,true]},"uagb_author_info":{"display_name":"Arthur Dubois","author_link":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/author\/hardbacon-newsdesk\/"},"uagb_comment_info":0,"uagb_excerpt":"Stablecoin? We like the sound of that. A digital coin that is relatively stable is an attractive option as the volatility of...","_links":{"self":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/posts\/121404"}],"collection":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/users\/134"}],"replies":[{"embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/comments?post=121404"}],"version-history":[{"count":0,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/posts\/121404\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/media\/121407"}],"wp:attachment":[{"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/media?parent=121404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/categories?post=121404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/wp-json\/wp\/v2\/tags?post=121404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}