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How to buy TenX in Canada

A beginner’s guide to TenX (PAY) and how you can buy and sell this cryptocurrency.

Updated

Fact checked

TenX offers a cryptocurrency debit card that aims to make it possible to spend multiple cryptocurrencies whenever and wherever you want. This multi-blockchain card is tied to a mobile-friendly wallet and allows you to spend cryptocurrencies online or offline, and without incurring any foreign exchange or transaction fees.

TenX also provides the PAY token, the value of which is driven by the amount of transactions on the TenX network. Let’s take a closer look at how TenX works, what the PAY token is and how you can buy PAY in Canada.

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.

Note: In January 2018, Visa terminated its relationship with Wavecrest, the company which issues TenX cards. As a result, TenX cards were unavailable for use at the time of writing.

Where to buy TenX

TenX is available to buy on a wide range of global cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bank transfer (ACH),Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

66
cryptocurrencies

Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Credit card,Debit card
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Cryptocurrency,Express Polish Post Office 24/7,Wire transfer,GBP bank transfers
USD, EUR, PLN, GBP

41
cryptocurrencies

This Polish-based exchange offers a variety of accessible payment methods, including Express Polish Post Office 24/7 service and Express DotPay.
Indacoin Cryptocurrency Exchange
Credit card,Debit card
USD, EUR, RUB

158
cryptocurrencies

Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
OKEx Cryptocurrency Exchange
Bank transfer,Cryptocurrency,WeChat
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

269
cryptocurrencies

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bittrex Digital Currency Exchange
Cryptocurrency,Wire transfer
USD

278
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
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Compare up to 4 providers

A step-by-step guide to buying TenX

If you want to buy TenX PAY tokens in Canada, here’s one example of how you can do it using Coinbase, although the process is very similar for most exchanges. Follow the steps below:

Step 1. Create an account at Coinbase

Popular exchange site Coinbase allows you to buy cryptocurrency from Canada. Signing up for an account is free; you’ll need to enter your email address and create a password. To deposit funds into your account, you’ll need to get your account verified by providing your name, contact details and proof of ID.

Depending on how busy the exchange is, verification could take as little as a few hours or as long as a few weeks.

Step 2. Deposit funds into your account

Click the “Deposit” button and deposit some fiat currency using either your credit or debit card on Coinbase. You can then enter the amount you wish to deposit and complete the transaction via your chosen method.

Step 3. Buy TenX

Once the funds have arrived in your account, click on the “Buy/Sell” link at the top of the screen and search for “PAY”. You may have to buy bitcoin (BTC) or Ethereum (ETH) and then trade it for PAY. Once you have acquired one of these cryptocurrencies, you can search for PAY. This will display the current price of PAY tokens and you can then click on the “Buy PAY” button.

If you’re happy to proceed, click “Buy” to confirm and finalize your purchase.

How to sell TenX

If you want to sell your TenX PAY tokens, the process you’ll need to follow is more or less the same as the steps outlined above. However, you’ll obviously need to look for the link “Sell PAY” and then follow the prompts to trade your tokens for whatever cryptocurrency is available in a PAY pairing. Canadian traders cannot sell on Coinbase, so you will have to use another exchange.

Which wallets can I use to hold PAY?

You can download an official TenX wallet from the TenX website. However, this wallet does not yet support ERC20 tokens, so PAY tokens can also be held in any ERC20 enabled wallet, such as:

The three wallets listed above provide native support for the PAY token and don’t require you to perform any extra configuration tasks.

What is TenX and how does it work?

Founded in Singapore in 2015, TenX aims to make cryptocurrencies spendable in the real world. Despite crypto’s rapid rise to prominence in recent times, using bitcoin, Ethereum or some other digital cryptocurrency to pay for your morning coffee or weekly groceries still seems a long way off.

TenX offers a prepaid Visa debit card that allows users to spend major cryptocurrencies anywhere Visa is accepted, with no transaction or foreign exchange fees charged. At the time of writing in January 2018, the TenX card supports two cryptocurrencies:

  • bitcoin (BTC)
  • Ethereum (ETH)

However, currencies on the roadmap to be added and in closed-beta for some users are:

  • ERC20 tokens with a high trading volume
  • Dash (DASH)

TenX is also developing COMIT, the Cryptographically-secure Off-chain Multi-asset Instant Transaction network, an off-chain transaction protocol designed to connect blockchains and allow for faster transaction processing.

What to consider when buying TenX

Buying any cryptocurrency is a complicated and speculative investment that comes with a variety of associated risks attached. You’ll need to make sure you’re fully aware of those risks before deciding whether or not to buy cryptocurrency.

If you’re weighing up the pros and cons of TenX, remember to consider the following factors:

  • Supply. According to CoinMarketCap, at the time of writing on 18 January 2018, there was a circulating supply of 104,661,310 PAY tokens, out of a total supply of 205,218,256.
  • Value. The value of PAY tokens is determined by the transaction volume TenX processes; the more transactions TenX processes, the more valuable the token is. The value of the token depends on the number of TenX card users and the average spend per user.
  • Demand. A critical factor that will determine the success of TenX is whether or not cryptocurrency can become commonly used for daily spending. You’ll need to consider whether there is sufficient demand for the products and services TenX offers to make buying PAY tokens a good idea.
  • Competition. Next, you’ll need to consider the market competition TenX faces from other companies offering similar products. For example, Xapo did offer a recently-cancelled bitcoin Visa debit card, while Coinbase offers a Shift Card backed by the Visa network. There are a few other companies operating in the same market sector.
  • Existing payment platforms. It’s also worth considering the competition that companies like TenX will face from existing payment providers like Mastercard, Visa and PayPal, all of which are working on their own blockchain-based payment technology.
  • Rewards. TenX offers card users a 0.1% reward (paid in PAY tokens) every time they use their TenX card, and there are also plans to reward token holders with 0.5% of all aggregate transaction volume paid out monthly (in Ethereum). However, at the time of writing there, was no date scheduled for the first distribution of these 0.5% rewards.
  • Roadmap. You’ll also need to consider what future developments TenX has planned to get an idea of its potential growth and popularity. You’ll find plenty of useful information in the Roadmap section on the company’s website.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

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