Buy Cosmos in Canada
Cosmos made simple
Everything you need to know about Cosmos and how to start investing in it.
-$0.70 (-4.39%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- $15.38 - $16.32
One of the most difficult things about blockchains is how siloed they are — and how impossible it is to get them to speak to one another. Bitcoin’s network is entirely different from the Ethereum network, which in turn is entirely different from the Solana network, and so on. The result is a fractured ecosystem of blockchains that are each backed by independent miners or stakers, and a frustrated user base that remains confused as to why it’s still so hard to trade Solana NFTs for Ethereum NFTs.
Cosmos wants to change all of that. This so-called Internet of Blockchains interconnects independent networks. Each blockchain, called a zone, is backed by an independent set of validators. But all of them are bound together by the Inter-blockchain Communication protocol, or IBC, which lets them talk with each other.
Like Ethereum, Cosmos blockchains support smart contracts — bits of self-executing blockchain code used to build powerful decentralized applications, like non-custodial exchanges or lending protocols. The difference is that on Cosmos, each app can run on its own blockchain. On Ethereum, the main Ethereum network would need to validate everything.
Because it’s made up of so many smaller networks, Cosmos has no official native token. The de facto token for the past few years has been ATOM, the official token of the Cosmos Hub, which is one of the largest networks within the Cosmos ecosystem and thus the closest thing it has to a centre.
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 Cosmos?
ATOM is a governance token, meaning it allows you to vote on the future of the Cosmos Hub. You can also trade ATOM tokens for other Cosmos-based tokens, such as LUNA, on appchains like Osmosis. You can stake it — putting your funds up as collateral to ensure the validity of transactions processed on the Cosmos Hub — to earn rewards. And you can use it to pay fees within Cosmos, similar to how gas is used on Ethereum.
Is Cosmos a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Cosmos 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 Cosmos 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 Cosmos 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 Cosmos to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Cosmos
Want to take a deeper dive? Check out these articles about Cosmos 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 Cosmos with just $1. It’s that simple.
Cosmos, also known by its ticker, ATOM, is the native token of the Cosmos Hub, a blockchain that sits at the centre of the Cosmos ecosystem. Cosmos is a network of blockchains that champions interoperability of blockchains through something called the Inter-blockchain Communication protocol.
As of January 4, 2022, there are 226 million ATOM in circulation, out of a possible 284 million. When the token was launched by the Interchain Foundation in 2017, 5% went to early donors, 10% went to the Interchain Foundation itself, another 10% went to Tendermint Inc, the company that builds the blockchain protocol on which ATOM is based, and the rest went to private and public investors.
You can spend ATOM on transaction fees within the Cosmos ecosystem, a little like how you can spend ETH to complete transactions with Ethereum. You can stake ATOM within the Cosmos Hub to earn yet more ATOM, or use it as a governance token. Lastly, you can trade it on decentralized exchanges (like THORChain or Osmosis) or on centralized exchanges and brokerages, like Wealthsimple or Coinbase.
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 Cosmos transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Cosmos’s current market cap is 5,370,241,771.
The current price for Cosmos in Canadian dollars is $15.26.
Buying Cosmos 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 Cosmos 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 Cosmos. 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.