Looking into buying ApeCoin cryptocurrency in Canada? Whether you’re an experienced cryptocurrency enthusiast or you’re just getting started in the exciting world of crypto trading, this guide is for you. We’re excited to teach you about ApeCoin itself and answer all your questions about buying, storing, and using it!
ApeCoin (APE) is the native currency of the APE ecosystem built on the Ethereum blockchain. It is tailored for meme culture, providing a platform for investors to express their feelings and thoughts in the fast-paced market. ApeCoin aims to introduce a fresh investment approach to users, combining humour with financial opportunities. Since ApeCoin runs on the Ethereum blockchain, it uses smart contracts to process transactions.
APE, also known as ApeCoin, was established in 2019 by seasoned industry experts who identified the potential of blockchain and cryptocurrency. Their goal was to transform financial services and establish a user-friendly platform for digital currency.
The company behind ApeCoin is Yuga Labs, a key player in the Web3 and NFT markets. NFT stands for Non-Fungible Token, which represents a unique digital asset recorded on the blockchain, allowing for quick and reliable verification of ownership through blockchain technology. ApeCoin crypto was launched on March 17, 2022, as an ERC-20 token, allowing token holders to engage in the decision-making process of the APE ecosystem through the ApeCoin DAO. It also grants them access to exclusive events, games, services, and merchandise while serving as a currency within the ecosystem.
Furthermore, third-party developers who join the APE ecosystem and create applications that integrate within the network will be rewarded with ApeCoin crypto coin.
Users can purchase, hold, and trade APE tokens on cryptocurrency exchanges with ApeCoin. The APE tokens have various uses within the platform, such as conducting transactions and using them as collateral for Decentralized Finance (DeFi) applications.
As an Ethereum token, APE can be utilized in four distinct ways:
ApeCoin was created with a set limit of one billion tokens. There is no way to make more tokens or get rid of existing ones, so the total number will stay the same. When ApeCoin started, about 30% of the tokens were available, and the rest will be released gradually over the next few years.
Now that we know what is ApeCoin crypto, and how it works, the question remains: Is it worth investing in APE?
While none of us have a crystal ball, experts suggest that the sales of Metaverse land will contribute to the APE price.
The ApeCoin crypto is a decentralized digital asset that usually represents the success of a specific crypto project. Investors buy these cryptocurrencies to speculate on a future rise in value. Nevertheless, investors consider the ApeCoin crypto a high-risk asset class, so they should conduct thorough research into the cryptocurrency they intend to acquire before making any investment.
Since the launch of ApeCoin, it attracted users and developers interested in gaming, art, entertainment, and culture. The company has a variety of supportive components in place, with use cases ranging from decentralized payments to land sales on the metaverse. As the APE ecosystem expands, ApeCoin gains more value.
Looking to buy ApeCoin in Canada? Coinsquare, a leading Canadian crypto trading platform, provides a safe and easy way to buy APE. With Coinsquare, you can also trade ApeCoin and other digital cryptocurrencies in a secure and user-friendly environment.
If you’re ready to buy ApeCoin crypto, Coinsquare is ready to help. Here’s the fastest (and easiest) way to dive in. Want more information? Skip this section and keep reading below.
You will need to go through a few sub-steps to open your account; verify your identity and answer a few onboarding questions.
You’ll use these funds to buy your ApeCoin (APE)
In this step, you can check the ApeCoin price and convert ApeCoin (APE) to CAD or USD as desired.
Welcome to ApeCoin ownership! The currency is now yours to hold or trade!
When you’re considering investing in something novel like ApeCoin (APE) cryptocurrency, you might automatically think of big trading platforms in the USA or Europe. Here’s why it’s smart to buy from a Canadian source:
Now that you’ve got them, what do you do with them? Here are some common uses for cryptocurrency:
If you need to transfer money internationally, you may be able to do it more quickly and with lower fees compared to going through your bank. Peer-to-peer transactions can also be simpler with ApeCoin (APE) cryptocurrency.
Some online retailers might accept ApeCoin (APE) along with other cryptocurrencies as payment for goods and services, and some physical stores also accept crypto. You may also be able to pay utility bills, rent, or other recurring expenses, as well as use ApeCoin cryptocurrency for travel expenses.
Additionally, you might be able to use cryptocurrency for in-game purchases and other digital assets in some platforms, such as NFTs.
It’s become mainstream for investors to hold cryptocurrency in anticipation of a price increase, the same way you might hold stocks or bonds. This requires knowledge and familiarity with the way crypto markets work, including their inherent and dynamic risks.
You can also trade ApeCoin (APE) for other cryptocurrencies, such as Bitcoin, Ethereum, XRP, Dogecoin and many other crypto coins. These transactions are straightforward on the Coinsquare platform.
Decentralized finance (DeFi) involves financial services and applications that operate on blockchain networks without relying on traditional financial organizations such as banks or individuals like brokers.
As cryptocurrencies become increasingly accepted as currency, their uses will continue to grow. If you’re a cautious investor, you can always start small and continue to educate yourself on the ins and outs of trading ApeCoin (APE) and other cryptocurrencies. Coinsquare offers you the opportunity to get into crypto investing and trading in an easy, accessible way, with plenty of support!
You have plenty of options for buying ApeCoin (APE) cryptocurrency. Here are some places you can make your first purchase:
There are Canadian-based platforms as well as international ones. Some international crypto platforms offer support for Canadian dollar transactions; check on this before you sign up if you plan to use Canadian funds. Look for a platform that has a user-friendly interface high security, and that allows you to make your purchases in the currency of your choice. Keep in mind that transacting on non-Canadian platforms can involve additional fees and mark-ups on exchange rates, as well as investor protection risks. Choosing a Canadian platform like Coinsquare means that you can avoid these currency exchange fees and mark-ups, and make sure that your accounts are safely maintained to the highest security standards as any other financial institution in Canada.
P2P platforms allow you to buy, sell, and trade digital assets like ApeCoin (APE) crypto directly with other people without the involvement of an intermediary like a bank or a centralized platform.
To use a P2P platform for trading cryptocurrencies like ApeCoin, you may need to invest time to learn how they work, and you should be prepared to spend more time on each transaction due to the manual work involved.
You can find cryptocurrency ATMs in major cities across Canada. You can use these machines to buy Bitcoin and other cryptocurrencies using cash or debit. There are numerous websites and smartphone apps that you can use to locate these machines.
Cryptocurrency brokerage services serve as intermediaries between buyers and sellers. They provide services for both beginning traders, experienced traders, and everything in between.
Brokerage companies are designed to be user-friendly, and many of them provide educational resources such as tutorials and customer support. They can be a valuable resource for people who are short on experience, knowledge, or time.
These services also offer custodial functions such as storage and insurance for assets they hold for their clients. They may also offer portfolio management, similar to other investment service providers.
Unsurprisingly, it can be more expensive to use a brokerage than to trade directly on a trading platform. Users also relinquish some control over their funds and their private keys.
Crypto apps are smartphone applications that give you access to trading platforms but also provide additional functionalities to help you manage your holdings and stay up to date when you’re on the go. Many of these apps also have desktop versions for your convenience. Some of the additional functions of crypto apps are wallet services, portfolio management, and news alerts.
Exchange-traded funds (ETFs) are pooled investments that can be bought and sold the same way stocks can. ETFs are not actively managed the way mutual funds are because their function is to track the performance of the underlying group of assets rather than trying to outperform it. You might think of it as similar to an index fund, but ETFs can be traded throughout the day, whereas index funds can only be traded once a day after the market closes.
Crypto ETFs use one or more cryptocurrencies, such as Ethereum or Bitcoin, as the underlying asset. They are traded on regular stock exchanges and, therefore, subject to the same regulatory oversights as other assets traded on that exchange.
Although you don’t directly own the cryptocurrency when you invest in an ETF, the additional liquidity, ease of tax reporting, regulatory oversight, and added security make them an attractive option for many investors.
As of August, 2024, ApeCoin is not approved for ETFs. Fortunately, there’s always Coinsquare when you want to purchase APE in Canada.
Storing cryptocurrency securely is crucial for protecting your digital assets from theft, hacking, and loss. With the increasing use of cryptocurrencies, these threats are ever more prevalent.
When you store cryptocurrency yourself, you are given two keys. The first is your public key, which is used to generate your public address. This key can be shared with others, like an account number. The second key is your private key, a secret alphanumeric code that allows you to access your cryptocurrency. Your private key is similar to a password. The private key is what you are safeguarding in storage because access to your private key means access to your funds.
Storing your ApeCoin in your Coinsquare wallet is easy and straightforward. Coinsquare does all the heavy lifting in terms of security and keeping your crypto safe in cold storage. You’ll even benefit from a comprehensive insurance policy on your crypto holdings.
Hot wallets store private keys on devices that are connected to the Internet. Hot wallets are suitable for frequent transactions, but they are more vulnerable to hacking and malware and should not be used exclusively. Hot wallets can be web-, app-, desktop- or hardware-based (held on an external storage device such as a USB).
Cold wallets are offline and, therefore, more secure. They are also called offline wallets or hardware wallets. In general, the safest way to transact with your ApeCoin holdings is to keep them in a cold wallet and transfer the amount you need to a hot wallet just before you plan to use it. A special type of cold wallet is the paper wallet, which entails recording your private key manually on a piece of paper (carved in a rock, engraved in a ring, etc), but this has obvious vulnerabilities. Paper wallets should be securely stored in multiple locations.
Custodial wallets are provided by third-party services that store your cryptocurrency on your behalf. Custodial wallets make it easy to buy, sell, and store your ApeCoin cryptocurrency, but it means giving a third party your private key. You must be certain of the security measures the third party uses before storing your cryptocurrency with them.
Non-custodial wallets, in contrast, are wallets that don’t involve a third party. Non-custodial wallets can be either hot or cold.
If you choose not to store your APE in your Coinsquare wallet where it is protected in cold storage and insured, there are a few things you’ll need to do to increase the security of your digital assets.
Here are some important tips that will help keep your ApeCoin holdings safe and secure:
Ready to dive in with your first ApeCoin purchase? Coinsquare offers a user-friendly platform that gives you access to over 53 cryptocurrencies, no fee deposits, free CAD withdrawal options, and unmatched customer support. We are the most trusted crypto trading platform in Canada, built by Canadians for Canadians.
With the Coinsquare trading platform, you can start transacting with cryptocurrency in as little as five minutes. Download our app from the Apple App Store or Google Play today and join the exciting world of cryptocurrency trading!
