- Interested in taking a position in Avalanche for exposure to this Ethereum challenger?
- Find where you can buy the AVAX token.
- Step-by-step guide through the entire process.
Avalanche is an open-source blockchain technology that competes with Ethereum. It uses a proof-of-stake consensus mechanism. One of its defining features is speed: transactions are verified very quickly on the Avalanche network, which is one of the reasons why the project is tipped as a long-term alternative to Ethereum.
Want to find out how to buy Avalanche in Canada? Read on for your full step-by-step guide.
Not sure which exchange to use?
Where to buy Avalanche
First time buying?
How to buy Avalanche
Step 1: Open an account with an exchange
AVAX is offered on many cryptocurrency exchanges. Exchanges are the easiest way to purchase cryptocurrency, particularly if you are new to crypto.
When comparing exchanges, be aware of transaction costs (maker and taker fee, sometimes spread) and if there are any fees for depositing fiat currency, available order types, and other features such as the ability to stake, take out crypto-backed loans, or buy NFTs, etc.
Those exchanges listed on this page have all listed Avalance on their trading platform.
Step 2: Get verified
You'll probably be asked to provide your personal information — like your name, telephone number, email address, etc. — in order to get verified and start trading.
Verifying your identity will require any valid photo ID, such as your passport or driver's license. The verification may take about five minutes to complete. After your identity has been verified, you'll be able to begin trading.
Step 3: Decide how much to allocate
Cryptocurrencies are volatile investments and just like any other crypto token, Avalanche’s price has experienced both bull runs and bear markets. Therefore, you should only invest money you can afford to lose should the market turn after you buy.
Step 4: Deposit funds
You can transfer fiat (CAD) to your account from a bank account or debit card. Some exchanges accept credit cards too. Payment services such as Interac e-Transfer, PayPal, etc., may be accepted too depending on the exchange.
Note that if you use a credit card to deposit funds, you'll likely be charged a fee on that transaction. Some exchanges do not allow crypto-to-crypto deposits.
Step 5: Buy AVAX
Market orders can be an excellent option for people who wish to buy AVAX quickly and are not concerned about slippage costs.
Many exchanges let you create orders that can be instantly executed at any point in time that AVAX reaches a specific price point. For example, you can configure an order to buy AVAX in the future when it hits a certain price (assuming your account is funded) or to sell if its price falls below a certain price.
Some exchanges support recurring orders, making it easy to build a position in Avalanche over time with additional purchases at set intervals, e.g. each week or every month. This strategy helps average out the price of AVAX over time.
After you buy
Where to store your Avalanche
To have easy access to AVAX tokens, store them in the exchange's hot wallet where you purchased the tokens. You may transfer them to an account at another exchange later. Note that hot wallets are connected to the internet, making them more vulnerable to hacking attacks, theft of funds, and malware. Bear this in mind if you plan on holding a substantial amount of crypto on an exchange.
A more secure, less convenient alternative is to keep your Avalanche tokens in a cold wallet.