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How to buy Fei USD (FEI) in Canada

Learn how to buy Fei USD (FEI) in our step-by-step guide.

Where to buy Fei USD in Canada

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

You can still purchase FEI 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 FEI using a decentralised exchange.
  1. Find FEI on a decentralised exchange and make sure Fei USD 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 FEI using an exchange like Ndax. You will need to purchase enough ETH to swap for FEI 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 FEI 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 FEI 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 Fei USD wallets to store your FEI

You can keep your FEI 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 FEI 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 Fei USD a good investment?

It's important to remember before investing in any stablecoin that the value is intended to be pegged to an underlying fiat currency. This means that there will be little capital growth prospects in buying a stablecoin such as FEI, however, there are other benefits that should be evaluated. Key things to consider about FEI include:
  • Incentive model: The project uses an incentive model to penalise users who withdraw liquidity when there is selling pressure. This keeps the token as close to the US dollar as possible. The method is similar to that employed by most central banks that use reserves of gold and foreign currencies to back their currency’s value during periods of strong selling.
  • Collateralisation issue: When launched in April 2021, the Fei Protocol encountered a collateralisation issue triggering the FEI token to drop to as low as $0.80. It took FEI a month to regain its target price of $1.
  • FEI vs TRIBE: FEI is the stablecoin of the Fei Protocol and is designed to have a value that tracks the US dollar. TRIBE is the governance token of the Fei Protocol and allows holders to vote on the future direction of the platform and control the decentralised autonomous organisation’s (DAO’s) treasury.

Today's Fei USD price versus ATH

Compare today's price of Fei USD ($0.974812 USD) against its all-time-high price of $1.6 USD on 23 April 2023. The closer the bar is to 100%, the closer FEI is to reaching its ATH again.

Fei USD's price: $0.974812
ATH date: April 23, 2023
60.93%

Fei USD ATH: $1.6


How to trade, convert or sell Fei USD

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

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

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