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How to buy Frax (FRAX) in Canada

Learn how to buy Frax (FRAX) in our step-by-step guide.

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Frax (FRAX) is the 143rd largest cryptocurrency by market cap, valued at US$646,621,226.

Frax is a highly volatile asset capable of major price swings in a single day. Today FRAX is trading for $0.995626 USD, which is higher than yesterday's trading price of $0.9954189529 USD. Over the past year, Frax's price has seen a decrease of 0%.

So before you buy Frax, make sure you understand these unique risks as well as its legal and tax status here in Canada.

If you're ready to get started, read on for step-by-step instructions on how you can buy Frax.

How to buy Frax in 4 steps

The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.

  1. Compare crypto exchanges
    The easiest way to buy Frax is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
  4. Buy Frax
    You can now exchange your funds for Frax. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Frax to your personal wallet.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy Frax in Canada

Find an exchange to buy, sell and trade FRAX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

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How we keep this Frax guide up-to-date

  • FRAX price data is regularly updated through data feeds so you always have the latest information.
  • Frax performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.

How do I find the best places to buy Frax?

Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Canada to help you choose the one that's right for you.

Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.

What will I need to buy Frax?

To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.

An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Frax.

  • This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
  • Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing FRAX with your local currency then you will need to pass KYC.
  • Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.

What are the best ways to buy Frax?

Once you've created an account, you will need to deposit funds to buy FRAX with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy FRAX:

  • Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
  • Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
  • Cryptocurrency: You can usually purchase FRAX by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for FRAX on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy Frax?

The easiest way to buy FRAX is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.

Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.

Before buying FRAX, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Frax has been performing recently.

Best Frax wallets to store your FRAX

You can keep your FRAX on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your FRAX below.

Ledger Nano X Wallet

Trezor Model T Wallet

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Supported assets

5,500+

Supported assets

9,000+

Price (USD)

$149

Price (USD)

$179

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is Frax a good investment?

Below are the aspects you might want to consider before investing in FRAX and adding it to your cryptocurrency portfolio:
  • Supply: Since FRAX is a stablecoin that is soft-pegged to the US dollar, the supply of the token is dynamic. The supply changes constantly to maintain the price of the asset at $1 in accordance with its fractional algorithmic policy.
  • Frax Shares (FXS): FXS is the governance token of the Frax ecosystem. It is used as a mechanism to excess collateral value, accrue fees and seigniorage revenue.
  • Collateral ratio: FRAX has part of its supply backed by collateral and part by the supply algorithm. The ratio of these components is dependent on the market price of the FRAX stablecoin. When its price is over $1, the protocol decreases the ratio and when the price is less than $1, the collateral ratio is increased.
  • Reserves: FRAX is based on reserves and also under-collateralised. It is backed 100% by assets in agreement with the governance protocol. Suppose 40% is backed by USDC or USDT, the other 60% would need to be backed by FSX.
  • Collateralisation assets: The stablecoin is collateralised by 2 major assets: a stablecoin and FXS. The stablecoin backing it partially could be USD Coin (USDC) and USD Tether (USDT).
  • Oracles: This protocol uses oracles for the network to access real-world data. It uses Uniswap for ETH, USDT, USDC time-weighted average prices and Chainlink for US Dollar prices.

Today's Frax price versus ATH

Compare today's price of Frax ($0.995626 USD) against its all-time-high price of $1.14 USD on 07 February 2021. The closer the bar is to 100%, the closer FRAX is to reaching its ATH again.

Frax's price: $0.995626
ATH date: February 07, 2021
87.34%

Frax ATH: $1.14


How to trade, convert or sell Frax

You can convert or sell your FRAX with the same exchange you bought it through:
  1. Sign in to the exchange you have FRAX on.
  2. If you store your Frax in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of FRAX you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Frax.
  6. Complete your transaction and move your FRAX to a wallet for storage.

Disclaimer: Cryptocurrencies, including Frax, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of FRAX is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Frax or any other cryptocurrency discussed.

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