Buy Balancer in Canada
Balancer made simple
Everything you need to know about Balancer and how to start investing in it.
-$0.14 (-2.21%) past 24 hours
- Market Cap
- 24h low - high range
- 6.17 - 6.60
The bane of a portfolio manager’s life is rebalancing a client’s portfolio. All of these decisions cost a lot of money, since selling stocks and shares in mutual funds often carries a fee. It’s also tremendously complex to maintain a balanced portfolio; if Berkshire Hathaway stock doubles, a portfolio might end up overexposed to Buffett’s whims.
Things are different in the wild world of decentralized finance. Balancer, a DeFi protocol, is a programmable portfolio rebalancing tool. It automatically rebalances portfolios of cryptocurrencies held in huge pools of funds, and portfolios generate yields.
The technical name for something like Balancer is an automatic market maker, which is where traders can swap tokens held in huge pools. Other examples are Uniswap and Bancor.
However, while conventional AMMs hold just two tokens, Balancer pools can hold up to eight different tokens, and it’s possible to set the ratios of these pools independently rather than aiming for a 50/50 split.
For instance, imagine that a pool contains 25% of Ethereum, 25% of Compound and 50% of Shiba Inu coin. If Shiba Inu doubles in price, the protocol will automatically sell some SHIB to maintain that balance.
Pools can set their own trading fees, creating new types of decentralized liquidity pools. (Yes, it’s complex: if you’re confused, imagine these pools as like automated index funds.)
Balancer has its own token, BAL. It’s a governance token, meaning it is used as a voting chip for holders to decide on how the protocol is run. That’s because Balancer is a DeFi protocol; it’s not run by a single individual, but by the people who own all the tokens.
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 Balancer?
Balancer is a governance token, meaning it’s used to vote on the parameters that define the Balancer protocol. Balancer holders might vote on how much BAL should be in circulation, and which pools should be able to provide liquidity to Balancer pools. The token is also earned; if you provide tokens to a liquidity pool on Balancer—sort of like a customisable index fund—and then people trade in and out of those pools, you’ll earn trading fees.
Is Balancer a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Balancer 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 Balancer 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 Balancer 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 Balancer to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Balancer
Want to take a deeper dive? Check out these articles about Balancer 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
A beginner’s guide to understanding the thousands of cryptocurrencies and dozens of cryptocurrency exchanges
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 Balancer with just $1. It’s that simple.
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 Balancer transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Balancer’s current market cap is 319,437,672.
The current price for Balancer in Canadian dollars is $6.38.
Buying Balancer 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 Balancer 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 Balancer. 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.