Recommended
A Beginner’s Guide: How To Buy Meme Coins In Canada In 2024
2024/07/24By:
When it comes to crypto trading, the first come to mind is usually Bitcoin, Ethereum or other major cryptocurrencies. However, in the evolving crypto landscape, meme coins, a subcategory of cryptocurrencies with deep roots in the world of memes and internet comedy, are gaining growing popularity with its humorous image and huge return potential. Usually, meme coins tend to rise when the whole market is unstable. Under such a positive backdrop, many Canadians pays greater attention in meme coins.
However, for novice Canadian traders, it may be a overwhelming task to start a trading journey. In this article, we will list a complete guidance for beginners about how to buy meme coins in Canada, thus helping newcomers to set a good start in crypto trading journey and get a maximum return.
What are Meme Coins?
Before introducing the detailed guidance about buying meme coins in Canada, we would like to introduce what meme coins are. Meme coins are a subcategory of cryptocurrencies with deep roots in the world of memes and internet comedy. This kind of coins are usually named after characters, individuals, animals, artwork, or anything else that can be mimicked.
Meme Coins are usually featured by volatility, community-driven and potential for high risks and reward. Although meme coins may be entertaining to some, they also belong to highly risky investments as they hold little or no intrinsic value. Currently, the most well-known meme coins usually include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and Dogwifhat (WIF).
BTCC support trading for a variety of popular meme coin (including PEPE, DOGE, SHIB, WIF, etc.) with a leverage ranging 1Χ to 225Χ. If you are interested in trading meme coins, please sign up for BTCC to make a purchase.
\Deposit and Receive Up to 10,055 USDT!/
Download App for Android | Download App for iOS |
Should I Buy Meme Coins?
As a beginner, you must have a question “should I buy meme coins” before making trading decision. Before answering the question, you should know the Pros and Cons of trading meme coins, then decide whether to buy this kind of coins based on your financial situation and investment preference.
\Deposit and Receive Up to 10,055 USDT!/
Pros and Cons of Meme Coins
As for the advantages and disadvantages of buying meme coins, we list a detail list for you.
Pros | Cons |
|
|
Download App for Android | Download App for iOS |
How to Buy Meme Coins : A Complete Guidance for Beginners in 2024
After the detail introduction about meme coin trading, we believe you must have a full understanding about it. If you are still very interested in this kind of trading, we will take a closer look at all the steps involved in your crypto trading journey.
Step One: Select a Meme Coin You Want to Buy
As there are more and more meme coins emerged on crypto market, the most important step is to determine which coin you’re going to buy. At the beginning, you may be confused among all kinds of meme coin. To solve this dilemma, we suggest you to make thorough research and compare meme coins from the following metrics:
Market cap & trading volume: a coin’s market cap and trading volume can reflect whether it’s a popular investment among other traders. Coins with high market caps and trading volumes are often (but not always) considered to be higher-value investments than less popular coins.
Long-term performance: like all investment products, although past performance not guarantee future success, coins with a long history of good performance are less likely to be flat-out scams or pump-and-dump schemes.
Market analysis: with the rapid development of crypto, many experts keep close look at the emerging industry and conduct profound research. You can refer experts’ analysis and price prediction when making a selection.
Step Two: Open a Crypto Exchange Account
Once you decide the meme coin that you want to buy, what you need to do now is open a crypto exchange account. As you can’t simply buy crypto using your bank account, the easiest way is open an account on a crypto exchange.
Nowadays, due to the fast development of crypto market, more and more crypto exchanges emerged. As a beginner, it sometimes may be confusing to select a best exchange among several exchanges with similar features. When compare and select exchange, we advise you to make comparison from the following major metrics:
Security: Despite huge potential of high return and rewards, cryptocurrency trading comes with a certain level of risk due to various factors, such as high volatility associated with cryptocurrencies, the lack of regulation, cybersecurity risks, hacking incidents, etc. Thus, whether you are a newcomer or an advanced trader, security must be in your top priority
Fee: Even though it is much likely that you may get huge return from crypto tradings, you return might be significantly reduced you choose a crypto exchange with high trading costs and all kinds of hiden fees. Therefore, it is much necessary for you to evaluate how much commission you provide to your crypto exchange when you buy and sell crypto.
Selection of supported cryptocurrencies: The third point that traders need to think about is whether the exchange can offer a large range of cryptocurrencies for your selection. In Canada, some exchanges only offer very limited cryptocurrencies for trade, which greatly hits your trading selection and service experience.
Interface: In terms of interface, it is also an important point traders need to attach great importance to, especially for newcomers. A intuitive interface usually means simpler and more convenient trading procedures, and better trading experience. For beginners, a user-friendly interface can greatly reduce their time cost for learning.
Customer service: Last but not least, whether an exchange can offer satisfying customer service is also important. When traders are confused or meet emergency, timely customer service is much needed. In Canada, some exchanges enjoy good reputation in customer service as they provide all kinds of service methods like 24/7 Live Chat support.
Step Three: Fund Your Account
After you find the best exchange for your demand and open an account on it, the next step is to fund it with fiat currency so that you can buy meme coin. Please keep in mind that some exchanges have deposit fees and limitations for certain kinds of payment methods.
There are different deposit methods available on cryto exchange and different method may charge different fee. Therefore, before fund you account, please know the fee charge rules of the exchange you select.
Step Four: Choose the Meme Coin to Trade
The most important step comes.
- Go to the official homepageor app of the exchange you choose, log into your account
- Navigate to the trading terminal where you can buy and sell crypto
- Select the meme coin you want to buy (e.g., PEPE or DOGE)
- Choose the contract trading order type(usually including market orders, limit orders and SL/TP Order)
Market Order: users place orders at the best price in the current market to achieve fast trading.
Limit Order: Limit orders are a type of order to buy or sell futures at a price more favourable than the market price. When you buy at a price lower than the market price or sell at a price higher than the market price, the order will be in the form of a limit order.
SL/TP Order: SL/TP orders are a type of order to buy or sell futures at a price less favourable than the market price. When you buy at a price higher than the market price or sell at a price lower than the market price, the order will be in the form of a SL/TP order.
- Adjust the leverage multiple
- Enter your total purchase amount
- Review your order and any applicable fees
- Confirm your payment method
- Press the buy button to finalize your transaction
Please keep in mind that operating leverage carries the risk of liquidation. Leverage should be adjusted based on your financial status and risk tolerance.
Step Five: Store or Use Your Meme Coin at the Crypto Exchange
Once you confirm your transaction, the meme coin that you bought should be available in your account within a few minutes. Then you have successfully bought your first meme coin, which just means that you have set a good start in your meme coin trading journey.
Now that you own this kind of digital asset, you need to find a way to safely store them. Most exchanges provide what we call a “hosted hot wallet” for free with your account, meaning that your coins are held by the exchange in an online storage system.
BTCC, one of the longest-running exchanges in the world, supports trading for 300+cryptocurrencies with leverage ranging 1Χ to 225Χ. If you want to start buying cryptocurrencies in Canada, you can start by signing up for BTCC.
\Deposit and Receive Up to 10,055 USDT!/
Where to Trade Meme Coin in Canada?
If you want to trade meme coin in Canada, you can easily start by creating an account with BTCC, one of the longest-running exchange in the world. As a old exchange enjoy good reputation, BTCC is more reliable.
BTCC is among the best and safest platforms to buy meme coin. The reasons why we introduce BTCC for you summarize as below:
Industry-leading security
BTCC attaches great importance on security. Since founded in 2011, BTCC has never been hacked or been a victim of any other kind of successful malicious attack, which fully illustrates its security capabilities. Through measures like segregation of assets, 1:1 storage of users’ assets, money laundering prevention and identity authentication and no collateralising tokens for loans, BTCC enjoys good reputation in asset security.
High liquidity & volume
BTCC is ranked top 10 by trading volume on both CoinMarketCap and CoinGecko, the world’s two largest crypto information platforms. BTCC prides itself on providing crypto futures trading services to users worldwide with market-leading liquidity, offering perpetual futures on over 300 cryptocurrencies, including BTC, ETH, DOGE, LTC, SOL, XRP, SHIB, etc.
Extremely low fees
Charging high fees means less return for investors. Compared with other major exchanges, BTCC only charges 0.06% for both takers and makers, which are far below the industry average. According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is 0.2294% and the maker fee is 0.1854%.
High and rich bonus
BTCC holds all kinds of campaigns where investors can participate to win exciting bonus. For example, new users can get rewards up to 10,055 USDT coupon through completing relevant missions, like registration, identity verification, first deposits, cumulative futures trading volume, etc. Besides, becoming VIP also can enjoy rewards like VIP-exclusive perks, including discounts on trading fees, access to exclusive campaigns, BTCC merch, priority customer support, fast withdrawal, and many more.
Excellent customer service
BTCC also gains great reputation in terms of customer support. If you are confused or have problem in the process of trading currencies, you can obtain customer support via email and live chat, BTCC offers 24/7 online customer service for you.
Download App for Android | Download App for iOS |
Conclusion
That is all the information and guidance about trading meme coins. As crypto markets are volatile and unpredictable, as a beginner, we suggest you to closely monitor all factors that affect related market dynamics, like demand, supply, sentiment, government regulation, etc. Traders are advised to stay well-informed and cautious before making any investment choice.
BTCC Exchange FAQs
Is BTCC Legit?
With a long operation history of 13 years, BTCC boasts an impressive user base and a stellar track record. As one of the oldest exchange around the world, BTCC puts a strong emphasis on conducting business in various countries and regions under the premise of lawfulness and compliance. Currently, BTCC has obtained regulatory licences in a variety of countries.
Specially, BTCC received a crypto licence issued by the Financial Crimes Enforcement Network (FinCEN) in the USA, a crypto licence issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In 2022, BTCC also received a cryptocurrency licence from the Registrar of Legal Entities of Lithuania, enabling the platform to offer crypto trading services in Lithuania and other European countries.
Can Canadian Investors Buy Cryptos on BTCC?
Of course, BTCC is legit in Canada as it has already received a crypto licence issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Canadian traders can log in BTCC to trade cryptos with highest security level and most competitive fee.
How To Open a BTCC Account?
Opening an account on BTCC is quite easy.
Firstly, you need to click the “register” button on the right corner of BTCC homepage.
Then, you can create an account using an Email ID or Mobile Number.
How to Trade Futures on BTCC?
BTCC offers Perpetual Futures Contracts with A leverage up to 225×, users can trade over 300 cryptocurrencies on BTCC at the most competitive price and highest security.
The following sets forth the guidance for trading futures on cryptocurrency exchange BTCC:
Step One: go to the BTCC homepage and log in to your BTCC account. If you do not have an account, you need to register first.
Step Two: on the BTCC official homepage, choose “Deposite” > “Fiat Deposit”, and then fund your account.
Step Three: go back to the BTCC official homepage, choose “Futures” -“USDT-M Perpetual Futures Contract”, and find the crypto trading pair.
Step Four: choose the contract trading order type. BTCC contract orders are divided into market orders, limit orders and SL/TP orders.
- Market Order: users place orders at the best price in the current market to achieve fast trading.
- Limit Order: Limit orders are a type of order to buy or sell futures at a price more favourable than the market price. When you buy at a price lower than the market price or sell at a price higher than the market price, the order will be in the form of a limit order.
- SL/TP Order: SL/TP orders are a type of order to buy or sell futures at a price less favourable than the market price. When you buy at a price higher than the market price or sell at a price lower than the market price, the order will be in the form of a SL/TP order.
Step Five: adjust the leverage multiple.
Please keep in mind that operating leverage carries the risk of liquidation. Leverage should be adjusted based on your financial status and risk tolerance.
Step Six: choose the lot size and set the SL/TP price .
Step Seven: after setting the basic data information, users can choose to buy (open long) or sell (open short) after entering their ideal price. Traders should remind that the price cannot be higher or lower than the highest buying price or lowest selling price of the platform.
Step Eight: click the buy or sell button, and the crypto futures contract order is completed.
\Deposit and Receive Up to 10,055 USDT!/
You May Like:
A Beginner’s Guide: How to Trading Crypto in Canada in 2024
How to buy Tether (USDT) in Canada in 2024
Top Canadian Crypto Stocks to Buy in 2024
How to Buy Shiba Inu (SHIB) in Canada
Best Bitcoin ETFs In Canada For April 2024
Canada Cryptocurrency Market Analysis and Outlook 2024
How to Buy Pepe (PEPE) in Canada: A Complete 2024 Guide
How to Buy Ripple (XRP) in Canada
Beginner’s Guide: How to Buy Bitcoin in Canada
How to Choose Best Crypo Exchanges in Canada
Top Meme Coins in Canada for April 2024
Best Crypto Exchanges Canada 2024
Best Cryptocurrencies To Trade In Canada For March 2024
Top Energy Stocks to Buy in Canada for April 2024
![](/mask.png)
Register now to begin your crypto journey
Download the BTCC app via App Store or Google Play
Follow us
Scan to download
- Terms & Agreement
Quick Links
Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
The world’s longest-running cryptocurrency exchange since 2011 © 2011-2024 BTCC.com. All rights reserved
Comments
Leave a comment
Your email address will not be published. Required fields are marked with an asterisk (*).
Comment*
Name*
Email address*