Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to buy Magic Internet Money (MIM) in Canada

Learn how to buy Magic Internet Money (MIM) on 2+ crypto exchanges in our step-by-step guide.

Magic Internet Money (MIM) is the 307th largest cryptocurrency by market cap, valued at US$83,360,789.

Magic Internet Money is a highly volatile asset capable of major price swings in a single day. Today MIM is trading for $1.001 USD, which is lower than yesterday's trading price of $1.01 USD. Over the past year, Magic Internet Money's price has seen an increase of 0%.

So before you buy Magic Internet Money, 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 Magic Internet Money.

How to buy Magic Internet Money 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 Magic Internet Money 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 Magic Internet Money
    You can now exchange your funds for Magic Internet Money. 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 Magic Internet Money 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 Magic Internet Money in Canada

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

1 - 3 of 3
Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer
Bittrex Global
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD, EUR

349
cryptocurrencies

Go to site
View details
Bitfinex Professional Trading Exchange
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

244
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Go to site
View details
Gemini Cryptocurrency Exchange
Finder Award
OFFER
Gemini Cryptocurrency Exchange
Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay, Google Pay
USD, AUD, CAD, EUR, GBP, SGD, HKD, COP

108
cryptocurrencies

View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
loading

How we keep this Magic Internet Money guide up-to-date

  • MIM price data is regularly updated through data feeds so you always have the latest information.
  • Magic Internet Money 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 Magic Internet Money?

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 Magic Internet Money?

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 Magic Internet Money.

  • 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 MIM 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 Magic Internet Money?

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

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

What is the easiest way to buy Magic Internet Money?

The easiest way to buy MIM 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 MIM, 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 Magic Internet Money has been performing recently.

Best Magic Internet Money wallets to store your MIM

You can keep your MIM 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 MIM 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 Magic Internet Money a good investment?

MIM, being a stablecoin pegged to the value of the USD, does not have to face a lot of market volatility, which is in stark contrast to most other cryptos in the market today. Some key aspects of the project worth considering before investing in it include:

  • Arbitrage-driven finance model: MIM tokens are designed to remain pegged to USD using arbitrage incentives. For example, whenever MIM’s value dips below $1, arbitrageurs are provided with rewards to accrue the token at a rate lower than its actual value. Similarly, if MIM is trading above the $1 mark, arbitrageurs are given incentives to borrow more MIM and eventually sell it for a premium.
  • Control over collateral rates: According to data available onlinedata available online Magic Internet Money’s parent governing platform Abracadabra serves as a lending pool for interest-bearing tokens. As a result, it affords users the ability to have complete control over their collateral rates, especially when compared with traditional lending ecosystems. To elaborate, collateral is first stored on the platform following which its native debt allocation and accrued interest is duly divided amongst its borrowers.
  • No details regarding founding team known:A quick look at the official project websitewebsite shows that it’s operations are currently helmed by an anonymous co-founder, who goes by the code-named ‘Squirrel’. Not only that, there are no details available regarding any of the platform’s other core members./li>

      Additional information about Magic Internet Money can be found using our MIM analysis tools.

      Today's Magic Internet Money price versus ATH

      Compare today's price of Magic Internet Money ($1.001 USD) against its all-time-high price of $1.041 USD on 06 October 2021. The closer the bar is to 100%, the closer MIM is to reaching its ATH again.

      Magic Internet Money's price: $1.001
      ATH date: October 06, 2021
      96.16%

      Magic Internet Money ATH: $1.041


      How to trade, convert or sell Magic Internet Money

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

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

More guides on Finder

Go to site