What is TON?
The Open Network (TON) is a layer one blockchain designed by Telegram, the popular instant messaging app. Telegram is one of the most-used apps within the crypto space with many crypto projects using Telegram groups for active community discussion.
Toncoin (TON) is the blockchain’s native cryptocurrency used to pay for transaction fees, securing the blockchain and settling payments.
TON is a proof-of-stake blockchain offering staking, a cross-chain bridge, an NFT marketplace, and the TON wallet.
The current price of Toncoin is $2.44 but it was around $4.40 a year ago. Its all-time high was $6.66 and we expect this crypto to explode in 2024.
Where to Buy Toncoin in Canada
To buy Toncoin in Canada you can sign up to a crypto exchange that lists it. You may or may not need to verify your account by going through the KYC process. It depends how heavily regulated the exchange is.
Once you’ve signed up to an exchange, you can buy Toncoin with USDT.
Below we have listed some of the best crypto exchanges where you can buy TON based on ease of use, reputation and cost.
Bitget
Bitget is rapidly gaining popularity among Canadians as one of the top global cryptocurrency exchanges, operating extensively throughout Canada, with the exception of Alberta. Bitget offers access to over 1000 cryptocurrencies, including Toncoin, making it an excellent platform for Canadians looking to purchase Toncoin.
In addition to its wide selection of coins, Bitget boasts remarkably low trading fees of 0.1%, which can decrease further based on your account tier. These competitive fees are possible thanks to the high volume of trades facilitated by the exchange.
While Bitget does not directly accept deposits in Canadian dollars, users can leverage their Peer-to-Peer (P2P) market to deposit funds via Interac e-Transfer.
My approach involves initially purchasing USDT through a P2P marketplace using an Interac transfer. Subsequently, you can easily exchange USDT for TON.
Consider signing up for Bybit using our referral link to receive an additional 50 USDT bonus on deposits exceeding $500.
Kucoin
Kucoin is a popular crypto exchange that lists hundreds of cryptocurrencies. Sign up for an account with your email address and you can begin trading.
You can withdraw up to 1 BTC per day with the most basic account, but if you want higher limits you will need to go through the KYC process.
Kucoin has very low trading fees at just 0.1%. However, there are no fiat pairs meaning you cannot buy TON with Canadian dollars. You will need to purchase USDT first and deposit that to your Kucoin account in order to buy Toncoin.
OKX
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget. With a user-friendly interface resembling ByBit, this reputable crypto exchange offers a seamless trading experience. Moreover, as a special promotion, they are generously providing a promo code that grants you 50 USDT upon a deposit of $500 USD or more if you sign up with our referral link.
OKX is another popular global crypto exchange offering Canadians a way to purchase Toncoin.
You do not need to verify your account in order to trade with OKX. You’ll be able to withdraw 2 BTC per day with the basic level account.
To buy Toncoin on OKX, you can use a Visa or Mastercard or a third-party bank transfer such as Banxa. Keep in mind that these methods will incur high fees (approximately 5%).
Alternatively, you can purchase USDT on a Canadian exchange and deposit that into your OKX account to buy TON. Trading fees are low at just 0.1% making OKX a good option for buying Toncoin.
Telegram Messenger Wallet
Finally, you can use Telegram Messenger to buy and store TONCOIN.
Telegram, a global messaging app known for its emphasis on privacy, similar to WhatsApp but with added privacy features, has recently introduced a wallet feature, allowing for easy cryptocurrency transactions within their platform.
For Canadians, depositing funds might present a challenge since CAD is not directly supported and credit card payments often face rejection in Canada.
To deposit money into your Telegram wallet, you’ll need to:
- Create a wallet in the messenger with BTC, ETH, or USDT.
- Purchase BTC, ETH, or USDT from an external exchange like Bitget, Bitbuy, or use Bull Bitcoin for the cheapest BTC rates.
- Transfer your purchased cryptocurrency to your newly created Telegram wallet.
- Exchange it for TONCOIN.
How to Keep Toncoin Safe and Secure in Canada
Once you have purchased Toncoin, you can keep it safe by moving it to a private wallet. If you keep cryptocurrency on an exchange you leave it vulnerable to hackers.
The best way to store cryptocurrency is with your own wallet. There are many different types to suit your needs including apps you download on your phone or desktop wallets you can download on your computer.
You can also using TON’s own wallets to keep your Toncoin safe. They have many different wallets available depending on your needs.
The safest way to store TON is on a hardware wallet such as a Ledger or Trezor. These keep your seed phrases offline, so they can’t be stolen.
How to Sell Toncoin in Canada
If you would like to sell Toncoin in Canada simply send your Toncoin back to the crypto exchange you bought it from. You can then trade it for USDT or other crypto pairs available.
You can then withdraw your USDT to a Canadian exchange where you can sell it for Canadian dollars and withdraw to your bank account.
FAQs
Can you buy TON in Canada?
Yes, you can buy TON in Canada. You will need to use a third-party bank transfer, pay with a card, buy from a peer-to-peer marketplace, or buy it with crypto from the exchanges listed above.
What is the best way and place to buy TON in Canada?
We suggest you buy TON using one of the cryptocurrency exchanges listed in this article. Any of these exchanges offer low trading fees and the ability to purchase TON with USDT.
How to trade TON in Canada?
You can trade TON in Canada using the crypto exchanges listed in this article. Currently, Toncoin only has one trading pair, meaning you can only trade it for USDT.
Is TON a good investment for Canadians?
Toncoin is the cryptocurrency for the layer one blockchain developed by Telegram, a popular instant messaging app. The app has a large following, so Toncoin could end up being a winner in the next crypto bull cycle. However, success is not guaranteed.