Buy Tezos in Canada
Tezos made simple
Everything you need to know about Tezos and how to start investing in it.
+$0.02 (1.69%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- 0.8848328 - 0.9199047
Tezos is a blockchain that supports the eponymous Tezos coin, also known as XTZ, “tez,” or even “tezzies.” The network launched in 2018 as of one of the first proof-of-stake blockchains. Proof-of-stake is a consensus mechanism that rewards ‘validators’ (known as ‘bakers’ on Tezos) for staking their coins instead of using powerful — and energy guzzling — computers to ‘mine’ transactions onto the blockchain (à la Bitcoin).
The other main innovation of the Tezos blockchain is that it’s ‘self-amending’. This means that the protocol allows for automatic changes without the need for a hard fork – when the blockchain splits into two as a result of a disagreement over how it should be run. If an amendment is approved by Tezos’s governance protocol, it gets rolled out onto a test version of the Tezos blockchain. If the proposed update works as planned, the code gets implemented into the main blockchain. Otherwise, it’s scrapped. The idea was to move faster than Bitcoin, where code changes can take years to implement and disagreements can split the community (which it did with the hard fork to create Bitcoin Cash in 2017).
As of March 11, Tezos had a market cap of $2.7 billion. It’s now home to a wide range of smart contract platforms, although there have been hiccups: the founders of Tezos’ main NFT (non-fungible token) art platform, Hic Et Nunc, pulled the plug on the marketplace’s website and social channels in November 2021, meaning that traders could only interface directly with the protocol itself.
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 Tezos?
Perhaps the most obvious thing you can do with Tez — and you can do it on many platforms, including Wealthsimple — is speculate. As of early March, 2022, it’s the 46th largest cryptocurrency, with a market cap of $3.5 billion.
You can also ‘bake’ – Tezos’s term for staking — your holdings. By validating transactions on the network, you earn rewards in XTZ. Because it’s a proof-of-stake system, as opposed to a proof-of-work network like Bitcoin, you don’t need special hardware to bake XTZ. And unlike other proof-of-stake networks, you don’t have to lock up your Tezos coins in order to earn rewards. This is because Tezos runs on a variant of proof-of-stake called ‘liquid’ proof-of-stake.
Another option is to use XTZ within the network’s DeFi protocols to offer bank-free loans, insurance, interest-bearing savings accounts, and more. And because Tezzies serve as governance coins, you can use them to vote in the network’s self-amendment operations.
Is Tezos a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Tezos 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 Tezos safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Tezos 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 Tezos to your Wealthsimple account in just a few taps.
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More info about Tezos
Want to take a deeper dive? Check out these articles about Tezos and the world of crypto.
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Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Tezos with just $1. It’s that simple.
Tezos is a proof-of-stake blockchain that launched in 2018 as an alternative to the likes of Bitcoin and Ethereum. Aside from its proof-of-stake mechanism, which at the time of launch was far from the norm – the industry still favoured energy-intensive proof-of-work ‘mining’ chains like Bitcoin – Tezos touts its ‘self-amending’ blockchain as one of its main advantages. This is a mechanism that lets users propose upgrades to the blockchain instead of forking it – copying the code and using it to start an entirely new blockchain. These days, you might understand it as something similar to a DAO, or decentralized autonomous organization. Tezos’s native coin is called XTZ, or tez.
As of February 2022, there are 877 million XTZ coins in circulation. About 607 million of these were sold in an token sale called an Initial Coin Offering, or ICO, and 76.3 million went straight to the Tezos Foundation and a company called Dynamic Ledger Solutions – entities created by Tezos’s founders, Arthur and Kathleen Breitman.
You can spend XTZ within the platform’s decentralized finance protocols, like Youves, QuipuSwap and Kolibri. You can also stake tez in the protocol’s liquid proof-of-stake consensus mechanism; this lets you earn more XTZ coins as a reward for validating transactions on the network. You can also hold XTZ for speculative purposes, buying and selling it for other cryptocurrencies, or simply holding it in order to speculate on its price.
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 Tezos transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Tezos’s current market cap is 894,057,287.
The current price for Tezos in Canadian dollars is $0.93.
Buying Tezos 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 Tezos 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 Tezos. 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.