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How to buy Arbitrum (ARB) in Canada
Learn how to buy Arbitrum (ARB) on 6+ crypto exchanges in our step-by-step guide.
Arbitrum (ARB) is in the top 1,000 cryptocurrencies by market cap, valued at US$2,883,881,049.
Arbitrum is a highly volatile asset capable of major price swings in a single day. Today ARB is trading for $1.09 USD, which is higher than yesterday's trading price of $1.05 USD. Over the past year, Arbitrum's price has seen a decrease of -17%.
So before you buy Arbitrum, 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 Arbitrum.
How to buy Arbitrum in 5 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.
- Compare crypto exchangesThe easiest way to buy Arbitrum 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.
- 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.
- Make a depositOnce verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy Arbitrum
You can now exchange your funds for Arbitrum. On beginner-friendly exchanges, this is as simple as entering the CAD or ARB amount you want to purchase and clicking "buy".
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Secure your Arbitrum
Consider transferring your ARB to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
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 Arbitrum in Canada
Find an exchange to buy, sell and trade ARB 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 do I find the best places to buy Arbitrum?
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 Arbitrum?
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 Arbitrum.
- 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 ARB 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 Arbitrum?
Once you've created an account, you will need to deposit funds to buy ARB 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 ARB:
- 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 ARB by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for ARB on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Arbitrum?
The easiest way to buy ARB 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 ARB, 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 Arbitrum has been performing recently.
Best Arbitrum wallets to store your ARB
You can keep your ARB 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 ARB below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
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 Arbitrum a good investment?
Since its launch, the Arbitrum ecosystem has become one of the most popular. It has over 200 dApps built on its network and consistently holds over 2 billion in total value locked (TVL).
While the Arbitrum airdrop, token release and ecosystem adoption were major positive catalysts, there are some things to consider before investing in ARB:
- Ethereum dependence.While Arbitrum aims to improve Ethereum's transaction processing time and network costs, it operates as a Layer 2 blockchain. This means that it is essentially dependent on the Ethereum network and has the potential to be positively or negatively impacted by the price of ETH, future development advancements or news catalysts.
- Competitor projects.Layer 2 scaling solutions have grown in popularity in recent years as projects aim to deliver the best solution to Ethereum's network downfalls. While Arbitrum is amongst the first projects to utilise optimistic rollups, competitors are aplenty. Optimism (OP) released its token in 2022 and has recently partnered with Coinbase and its Base project. Zero-knowledge proofs are also gaining traction, with Polygon (MATIC) soon to release a zkEVM.
- Short term holders.Arbitrum's ARB token was released as a network governance token, meaning it has a strong utility and incentivises holders. However, with a large portion - approximately 1 billion tokens or 11.5% of the total supply - distributed via an airdrop to early network users, traders may choose to sell their 'free' tokens, applying negative pressure to the market.
Today's Arbitrum price versus ATH
Compare today's price of Arbitrum ($1.09 USD) against its all-time-high price of $2.39 USD on 12 January 2024. The closer the bar is to 100%, the closer ARB is to reaching its ATH again.
Arbitrum's price: $1.09
ATH date: January 12, 2024
ATH date: January 12, 2024
45.61%
Arbitrum ATH: $2.39
How to trade, convert or sell Arbitrum
You can convert or sell your ARB with the same exchange you bought it through:- Sign in to the exchange you have ARB on.
- If you store your Arbitrum in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of ARB you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Arbitrum.
- Complete your transaction and move your ARB to a wallet for storage.
Disclaimer: Cryptocurrencies, including Arbitrum, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ARB 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 Arbitrum or any other cryptocurrency discussed.
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