April 26, 2024 12:56 AM

How to start investing in the Canadian blockchain sector

Blockchain has gained popularity for being the technology behind cryptocurrencies. Is investing in Canada’s blockchain space worth it?

/ Published 5 years ago

Share on facebook
Share on twitter
Share on email
Share on linkedin
Share on whatsapp

For many beginners, investing in blockchain, especially one in a foreign exchange, can be quite daunting. After all, this is your hard-earned money, and you’re entrusting it to people who may or may not be able to return it to you when all is said and done. Add the fact that much is still misunderstood by the people about blockchain and its capabilities, and that’s enough to push people away.

Luckily, information is easily available with a click nowadays, and investing in Canada’s blockchain space doesn’t have to be a maze that needs navigational skills. In fact, anyone can just about do it, given little time and effort. So if you’re one of those people interested in Canada’s blockchain technology, here are a few tips you can follow to get started:

1. First things first, open a brokerage account.

You need one to buy and invest. The good news is in 2018, you don’t need to see one in person, and you can do so at the comfort of your own home. What you need to put a little more effort on, however, is finding a good stock broker. Remember, a good one is worth the high commissions you give to them, but these types are also harder to find. So use today’s technology and do the research, you’ll thank yourself later.

2. Start with your bank when looking for a discount broker.

Your bank is probably the best place to find a reputable discount broker, what with all of the “big five” Canadian banks having their own full-service and discount brokerage arms. Transferring your money into your discount broker’s account is also much easier if you have the same bank.

3. Invest time in learning about blockchain development.

Now that you have the basics of investing down, it’s time to learn about where you will be investing, especially since the concept of blockchain can be quite confusing. In fact, it may not be the final technology itself, and may just be the precursor of something greater. So learn up, and make sure you know enough about where you plan to put your money in. Canada holds annual events like the Cantech investment conference, where you can learn a lot about the industry around it.

blockchain
The concept of blockchain can be quite confusing. (Source)

4. Invest in coins, tokens, and blockchain-centric startups.

Probably the easiest way to start investing in blockchain is through tokens. Sure, they’re not “blockchain” per se, but they mainly operate in its space, and it’s the easiest way you can get in. Tread lightly though, and study a token or coin before investing in it. The upside is coins in general are at a low now, and with the market expecting another bull-run soon, now could be the perfect time to choose which ones to invest in.

Another way is to invest in startups that utilize blockchain technology, and Canada’s tech-friendly space houses many, what with the country itself being home to many of its innovations. Again, research is essential before choosing a company, but the returns can be high if the correct choice is made.

Properly understood, Canada’s blockchain space offers so many opportunities for the budding investor, and it’s up to where, when, and how you wanna start. So don’t be late to the party.

Tags : 

Copyright © 2020 CA Stocks. All Rights Reserved.