Buy Axie Infinity in Canada
Axie Infinity made simple
Everything you need to know about Axie Infinity and how to start investing in it.
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Axie Infinity 101
Axie Infinity is the first play-to-earn video game developed by the Vietnamese studio Sky Mavis. It’s groundbreaking, using crypto and the blockchain to revolutionize gaming, and it’s already hugely popular. The Axie economy is worth several billion dollars, and members of some communities, particularly in the Philippines and Venezuela, have been able to make their living by playing it. Just as important, it’s a lot of fun.
In a conventional video game, no matter how many hours (or how much money) you spend playing, the only thing you get in return is the joy you experience while playing. With Axie Infinity, however, you also earn crypto. You’ll need to buy three monsters to get started. This can set you back up to a thousand dollars (or more), depending on the health of the market, but you can consider it an investment. These cute little monsters are actually NFTs, and you can use them to earn SLP and AXS, the game’s native tokens.
SLP stands for Smooth Love Potion. You earn it by completing quests, winning battles, and generating passive income for the land you create in the game. This SLP is worth real money. You can sell it on cryptocurrency exchanges or spend it on in-game purchases. You can also use it to breed your Axies, creating new ones that you can use in the game or sell to other players.
The AXS token — that’s the one you can trade on Wealthsimple — has a little more functionality than SLP. It serves as the governance token for Axie Infinity, meaning it allows you to take part in votes on how the game itself should be run. You earn more of it by playing the game, staking, and participating in those votes.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Axie Infinity?
You can’t spend AXS within Axie Infinity — at least not yet. Sky Mavis plans to use AXS as the game’s native currency in the future, but as of January 2022, items in the Axie marketplace are purchased with ETH — the native coin of Ethereum, the blockchain the game runs on. (Technically, Axie Infinity relies on a modified blockchain that’s linked to Ethereum, called Ronin Chain.)
What you can do with AXS is stake it within Axie Infinity’s governance protocol to vote on changes about how the game should be run. If you have the game’s proprietary wallet, Ronin Wallet, you can also stake AXS within the game itself to earn rewards. Historically, returns have varied wildly, but as of January 3, 2022, Axie’s protocol estimates that you can earn 109% a year.
And of course, you can also trade AXS as a speculative asset. Like lots of other altcoins, AXS is highly volatile and prone to huge swings.
Is Axie Infinity a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Axie Infinity or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Axie Infinity safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Axie Infinity prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Axie Infinity to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Axie Infinity
Want to take a deeper dive? Check out these articles about Axie Infinity and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Axie Infinity with just $1. It’s that simple.
AXS is the native token of Axie Infinity, a video game that lets you fight monsters in turn-based battles. Axie Infinity is pioneering a new genre of games called ‘play to earn’, which grants the opportunity to earn cryptocurrencies for playing the game. The game’s developers, Sky Mavis, plan to make AXS the native token of the game’s marketplace, but its other primary use is as a governance token; this lets holders spend the token to vote on the future of the game’s development.
Unlike SLP, Axie’s other token with an infinite supply, the total supply of AXS is capped to 270 million. As of January 3, 2022, there are 61 million AXS tokens in circulation. Tokens are continuously allocated to players, stakers, and a whole bunch are reserved for the game’s developers, Sky Mavis. Sky Mavis projects that the entire supply will be unlocked by 2026.
The game’s developers, Sky Mavis, plan to make AXS the native token of the game’s marketplace. As of this writing, however, you can only stake it within the game’s staking dashboard to earn rewards, or use it in minor governance votes. Sky Mavis plans to devolve total control over the game to its decentralized governance mechanism by September 2023.
Since AXS is an ERC-20 Ethereum token, you can also spend it in any Ethereum-based decentralized finance protocol that’ll accept it. For instance, you could become a liquidity provider on Uniswap, a decentralized exchange based on Ethereum. You can also trade it as a speculative asset, just like any other cryptocurrency, in the hopes that you could sell it at a higher price than the one at which you bought it.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Axie Infinity transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Axie Infinity’s current market cap is 2,546,094,600.
The current price for Axie Infinity in Canadian dollars is $9.42.
Buying Axie Infinity with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Axie Infinity 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Axie Infinity. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.