How And Where To Buy Magic Internet Money (MIM) In Canada In 2026

Part of my guide to how to buy crypto in Canada.

Where Can You Buy Magic Internet Money (MIM) In Canada?

I list only the platforms whose asset lists I could match to MIM, in my fixed order. A listing on an asset list is not a promise that the coin is open to every Canadian province, so check the order screen before you deposit.

What Is Magic Internet Money (MIM), And Why Do Canadians Buy It?

Ready to buy Magic Internet Money (MIM) in Canada? Since I started trading crypto in Canada in 2016, I have tested 61 exchanges, and with my YouTube channel, OCryptoCanada, I have sorted out what works best for us. Whether you are new or a seasoned trader, this guide should steer you toward an informed choice.

Magic Internet Money (MIM) is a decentralized stablecoin pegged to the US dollar, offering stability with a DeFi twist, backed by crypto collateral. Canadians are drawn to its steady value and DeFi utility.

Even stablecoins carry risk. A peg is a promise, not a guarantee, and a crypto-collateralized coin depends on the health of its collateral and its smart contracts.

Abracadabra describes itself as an omnichain DeFi lending platform that uses interest-bearing tokens as collateral to mint Magic Internet Money (MIM), a USD-denominated stablecoin. Abracadabra says users can take USD-denominated loans while their collateral keeps earning yield. Abracadabra's services include borrowing MIM, opening positions that use borrowed MIM to add exposure, staking strategies and bridging MIM across chains.

How Does Magic Internet Money Work?

MIM is borrowed from Cauldrons, which are isolated markets that handle borrowing, user solvency and liquidation. One Cauldron is deployed per accepted collateral type. To borrow MIM, you deposit (lock) collateral into a Cauldron and receive MIM in your wallet. Borrowing is overcollateralized under a Minimum Collateralized Ratio, and the interface shows the loan-to-value percentage.

Collateral sits in DegenBox, a vault contract that handles user funds, their transfer and strategies.

Sources: docs.abracadabra.money, dev.abracadabra.money, docs.abracadabra.money.

A stablecoin can lose its peg. With a crypto-collateralized one, that risk comes from the collateral, the smart contracts and the governance that manages them. I am not quoting a live price here, since it would be out of date within hours. Check the order screen of your platform for the current CAD price.

Disclaimer: Our website uses referral links to the crypto exchanges mentioned in the article as a means of monetization. This supports our efforts to provide high-quality, independently researched content for Canadians. Please be assured that our ratings are not influenced by these referral programs and our advice is always in the best interest of our Canadian audience. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.

Which Exchanges Offer Magic Internet Money (MIM) To Canadians?

These are the platforms on my scorecard whose asset lists include MIM, in my fixed order. Each card carries the verified figures from my October 2026 fact check. Where a number is missing, the platform does not publish it and I have not guessed.

How Much Does It Cost To Buy $500 Of Magic Internet Money (MIM) In Canada?

These are published base-tier figures. Your real cost also includes the spread, which most platforms do not publish for individual coins, so the order screen is the number that counts.

How Do I Buy Magic Internet Money (MIM) In Canada Step By Step?

These steps use Kraken, the highest-ranked CSA-registered platform in the table above that lists MIM.

1. Sign up and verify. Create a Kraken account and upload a government-issued ID and a selfie. Kraken verifies you under its Canadian entity, Payward Canada Inc. Verification can take up to 24 hours.
2. Deposit Canadian dollars. Deposit by Interac e-Transfer, which is free (minimum CAD 5, up to CAD 10,000 per transaction). Debit card costs CAD 0.25 plus 3.75%, so skip it unless you are in a hurry.
3. Buy MIM. Search for MIM. For a first small buy, Instant Buy is simple at 1% plus a spread. Kraken Pro starts at 0.40% maker and 0.80% taker and costs less once you are comfortable with limit orders. Read the fee preview before you confirm.
4. Check the order. Look at the quantity of MIM you will receive for your CAD and compare the effective price with the market price. The gap is your real cost.
5. Send long-term holdings to your own wallet. Try a small test transfer first. My best crypto wallets for Canadians list covers the options.

If your bank blocks a card payment for crypto, switch to Interac e-Transfer. It is usually the cheaper route anyway.

What Are The Documented Risks Of Magic Internet Money (MIM)?

Beyond ordinary price swings, these are the risks the project or wallet vendors themselves put on record. A stablecoin can lose its peg. With a crypto-collateralized one, that risk comes from the collateral, the smart contracts and the governance that manages them.

• Abracadabra's docs say a position is liquidated when its collateral value does not properly cover the borrowed amount.
• As a loan gets close to the minimum collateral ratio, the position becomes riskier and there is a greater risk of liquidation.
• If the collateral price drops below the liquidation price, the position faces liquidation.
• A liquidation fee goes to the liquidator as a bonus amount of collateral.

Sources: docs.abracadabra.money, docs.abracadabra.money.

Which Wallets Support Magic Internet Money (MIM)?

I only list wallets whose own official pages say they support MIM. Support can depend on the network and the device model, so check the vendor page before you buy a device.

• Trezor says Trezor Safe 7, Safe 5 and Safe 3 support Magic Internet Money (MIM), and lists Ethereum as the network.
• Trezor says MIM on Ethereum can be managed in Trezor Suite, MetaMask and Rabby synced with a Trezor.

Sources: trezor.io.

What Should I Check Before Buying Magic Internet Money (MIM)?

Small and mid-size coins fail in quieter ways than Bitcoin does. Before you press buy, run through a short list.

• The exact ticker and network. Many tokens share a name or a ticker. Confirm you are buying the one you mean, and if you plan to withdraw, confirm which network the platform sends it on.
• Liquidity. Look at the order book depth. A thin market means your own buy can move the price, and a sell later can be harder than the buy was.
• The all-in price. Compare the quote on the order screen with the market price. The gap covers the spread and any fee.
• Withdrawal rules. Some platforms limit or pause withdrawals of certain coins. Check before you assume you can move MIM to your own wallet.
• Your province. Platform access and limits can differ by province, so confirm yours on the platform's own page.

A stablecoin can lose its peg. With a crypto-collateralized one, that risk comes from the collateral, the smart contracts and the governance that manages them. None of this is a prediction about MIM. I do not do price targets, and any page that gives you one is guessing.

How Do You Store Magic Internet Money (MIM)?

For short-term trading, leaving MIM on the platform you bought it on is fine as long as it has solid security. For long-term holding, transfer it to a wallet you control, because exchanges can get hacked and I have seen it happen. A hardware wallet like Ledger or a software wallet such as Trust Wallet (if it supports MIM) keeps it safer. Store the seed phrase offline in a safe place, never on your phone.

I have covered the options in my best crypto wallets for Canadians guide. Before you move any coin, confirm the wallet supports the right network for it, and send a small test amount first.

How Do I Move Magic Internet Money (MIM) From An Exchange To A Wallet?

The steps below come from the official pages listed underneath. The general routine is the same on every platform: copy your receiving address, pick the matching network, send a small test amount, and only then send the rest.

• Trezor says you can move MIM (Ethereum) from any wallet or exchange to a Trezor hardware wallet by using Receive in Trezor Suite and verifying the address on the device.

Sources: trezor.io.

How Do I Sell Magic Internet Money (MIM) In Canada?

To sell, go back to the platform where you bought it. If your coins are in a wallet, send them back to the platform first, then use its sell option. You can swap MIM for another cryptocurrency, or sell it for Canadian dollars if the platform offers that, and then withdraw to your bank account. Kraken charges CAD 10 for an Interac withdrawal. Fees and limits differ by platform. My guide on how to sell or cash out crypto in Canada has the full steps.

If MIM is only on an exchange that does not pay out in Canadian dollars, you will need to swap into a coin your registered platform accepts first, and that swap is itself a taxable event. Plan the exit before you plan the entry.

Do I Pay Tax When I Buy Magic Internet Money (MIM) In Canada?

Buying MIM with Canadian dollars is not itself a taxable event. Selling it, swapping it for another coin or spending it can be. The CRA says that, depending on your activities, you may realize business income (or loss) or a capital gain (or loss), and the two are reported differently. Record the date and CAD value of every buy, sale and swap. See my crypto taxation guide and how to report your crypto taxes.