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How to buy DeFiChain (DFI) in Canada

Learn how to buy DeFiChain (DFI) in our step-by-step guide.

DeFiChain (DFI) is the 149th largest cryptocurrency by market cap, valued at US$247,077,252.

DeFiChain is a highly volatile asset capable of major price swings in a single day. Today DFI is trading for $0.350035 USD, which is lower than yesterday's trading price of $0.3513506324 USD. Over the past year, DeFiChain's price has seen a decrease of -84%.

So before you buy DeFiChain, 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 use to buy DeFiChain.

How to buy DeFiChain 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 DeFiChain 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 DeFiChain
    You can now exchange your funds for DeFiChain. 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 DeFiChain 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 DeFiChain in Canada

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

1 - 1 of 1
Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer
Bybit Cryptocurrency Exchange
Bybit Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, P2P
USD, AUD, CAD, EUR, GBP, NZD, HKD, JPY, SGD, PHP

376
cryptocurrencies

Highly volatile investment product. Your capital is at risk. Bybit is not available to residents of Ontario or Quebec.
Go to site
View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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How we keep this DeFiChain guide up-to-date

  • DFI price data is regularly updated through data feeds so you always have the latest information.
  • DeFiChain 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 DeFiChain?

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 DeFiChain?

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 DeFiChain.

  • 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 DFI 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 DeFiChain?

Once you've created an account, you will need to deposit funds to buy DFI 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 DFI:

  • 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 DFI by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for DFI on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy DeFiChain?

The easiest way to buy DFI 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 DFI, 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 Analysis tools to get an idea of how the price of DeFiChain has been performing recently.

Best DeFiChain wallets to store your DFI

You can keep your DFI 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 DFI below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

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 DeFiChain a good investment?

Before you add DFI to your cryptocurrency portfolio, it is highly critical that you are aware of certain aspects that impact the price and economics of the token. Some of these aspects are:
  • Supply. The supply of DFI tokens is limited to 1.2 billion tokens in its entire lifetime. 49% of these tokens were a part of the initial supply while the rest will be issued to masternode holders over time. Thus, it is a deflationary utility token.
  • Governance. The DeFiChain Foundation is governed by an independent board, consisting of the DeFi masternodes, that votes on its members and provides directions on key decisions. You need to own a minimum of 20,000 tokens to become a masternode and receive staking rewards.
  • Time decay. It is important to note that the returns that the masternodes receive for staking will decrease as time passes. This reduction will be compensated by the increase in volume and the number of transactions as the network becomes more active.
  • Acquiring DFI tokens. According to the project’s whitepaper, these coins can only be acquired by users of DeFiChain or partners that have an interest in utilising and participating in the ecosystem. There won’t be a public sale or a public token offering for this asset.
  • Issuance schedule. The network offers a block reward of 200 DFI, out of which 10% goes to the community fund. This reward is consistent until a minimum of 1,050,000 blocks are created after the genesis block, an approximate time window of 1 year. After this point, the block rewards will be decided and adjusted based on governance votes. The project has proposed a staking schedule for 10 years which shows the block reward gradually decreasing to 5 DFI in the 10th year. At the same time, the staking rewards decrease from 42.91% to 0.44%.

Additional information about DeFiChain can be found using our DFI analysis tools.

Today's DeFiChain price versus ATH

Compare today's price of DeFiChain ($0.350035 USD) against its all-time-high price of $5.61 USD on 06 December 2021. The closer the bar is to 100%, the closer DFI is to reaching its ATH again.

DeFiChain's price: $0.350035
ATH date: December 06, 2021
6.24%

DeFiChain ATH: $5.61


How to trade, convert or sell DeFiChain

You can convert or sell your DFI with the same exchange you bought it through:
  1. Sign in to the exchange you have DFI on.
  2. If you store your DeFiChain 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 DFI you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of DeFiChain.
  6. Complete your transaction and move your DFI to a wallet for storage.
  1. DeFiChain whitepaper
  2. Data by CoinGecko

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

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