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How to buy bZx Protocol (BZRX) in Canada

Learn how to buy bZx Protocol (BZRX) in our step-by-step guide.

Where to buy bZx Protocol in Canada

It looks like BZRX may not be available to purchase on an exchange in Canada.

You can still purchase BZRX by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.

Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.

How to purchase BZRX using a decentralised exchange.
  1. Find BZRX on a decentralised exchange and make sure bZx Protocol can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
  2. Buy ETH to trade for BZRX using an exchange like Ndax. You will need to purchase enough ETH to swap for BZRX as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
  3. Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
  4. Trade ETH for BZRX on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
  5. Wait for the transaction to finalise and the BZRX tokens will arrive in your wallet.
  6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in Canada.

Best bZx Protocol wallets to store your BZRX

You can keep your BZRX 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 BZRX below.

Ledger Nano X Wallet

Trezor Model T Wallet

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Supported assets

5,500+

Supported assets

1,317+

Price (USD)

$149

Price (USD)

$186

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 bZx Protocol a good investment?

Cryptocurrencies are high-risk assets to trade at the best of times, but there are additional risks that users should be aware of with bZx specifically.
  • Low liquidity. bZx is one of the smaller tokens on the market with a market cap of less than $60 million as of July 2021. And while bZx is listed for buying and selling on the largest cryptocurrency exchange by trading volume, Binance, along with well-known exchanges like Uniswap and Gate.io, the token’s own trading volume is rather low, with few buyers and sellers swapping the token back and forth daily. This means that it could be difficult to sell bZx tokens at the price listed, and if traders need to cash in their coins in a hurry, they could be forced to sell at a price point lower than they want.
  • Poor security history. bZx was hit by 3 large-scale hacks in 2020. According to CryptoPotato, the DeFi protocol lost $1.6 million in ETH across 2 successful attacks in February 2020, and a third, larger hack saw $8 million in ETH drained from bZx wallets.
  • Regulation concerns. DeFi platforms, crypto lending services and major exchanges are all having to accede to tighter regulations at the moment. For example, according to Benzinga, the popular crypto lending service BlockFi has been issued a cease and desist order by the Texas State Securities Board, decentralised exchange Uniswap says it has delisted 100 tokens that could be considered securities, and according to Cointelegraph, the popular FTX exchange has dramatically cut the amount of leverage available for margin trading tokens to a maximum of 20x. It is likely that bZx will be affected by this kind of concern, and as a DeFi and lending protocol, it could face the ire of market regulators if it does not fall in line, with a commensurate effect on the price of the bZx token.

Today's bZx Protocol price versus ATH

Compare today's price of bZx Protocol ($0.03208228 USD) against its all-time-high price of $1.64 USD on 31 August 2020. The closer the bar is to 100%, the closer BZRX is to reaching its ATH again.

bZx Protocol's price: $0.03208228
ATH date: August 31, 2020
1.96%

bZx Protocol ATH: $1.64


How to trade, convert or sell bZx Protocol

You can convert or sell your BZRX with the same exchange you bought it through:
  1. Sign in to the exchange you have BZRX on.
  2. If you store your bZx Protocol 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 BZRX you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of bZx Protocol.
  6. Complete your transaction and move your BZRX to a wallet for storage.
  1. bzX
  2. CryptoPotato
  3. Benzinga
  4. Uniswap
  5. Cointelegraph
  6. Data by CoinGecko

Disclaimer: Cryptocurrencies, including bZx Protocol, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BZRX 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 bZx Protocol or any other cryptocurrency discussed.

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