How to Buy Monero (XMR) in Canada
If you want to know why I believe in Monero, feel free to read Why Monero is the Best Crypto CURRENCY.
Optimal Methods
Using the Kraken CAD → USD → XMR method, you will pay at most 1% in fees. The more volume you do with Kraken, the lower the fees. Only if your wire transfer fees are very high and you want to buy $10k - 16k worth of Monero should you use the Coinbase USDC to Trocador method.
Amount | Wire Transfer Fee | Method | Fee Estimate |
---|---|---|---|
$0 - $10,000 | N/A | Kraken e-Transfer | 0.8% / 1% |
$10,000+ | <= $50 | Kraken wire transfer | ~0.82% / ~1.23% |
$10,000 - 16,000 | $80 | Coinbase USDC (0.5%) + Trocador (FixedFloat) | 0.9704% |
$16,000+ | $80 | Kraken wire transfer | ~0.82% / ~1.23% |
Referral Links
- Kraken ($100 when you trade $200) [Code: 3zh45fpb]
- Trocador: CGBHeJwqRb
- All amounts are in CAD. Maker / Taker convention. When sending USDC, choose Arbitrum network.
- Coinbase ($10 in BTC after first trade)
Canadian Bank Outgoing Wire Transfer Fees
Bank | Wire Transfer Fee | Source |
---|---|---|
RBC | $45 | Additional Account Services - Outgoing Wire Payments |
BMO | $40 | Fees for Everyday Banking - Page 11 |
TD | $30 | Personal Fee Schedule |
CIBC | $30 (<10k), $50 (<50k), $80 (> 50k) | Wire transfer fees |
Scotiabank | $1.99 | Can’t find one |
WealthSimple | Not Supported | Google it |
Table of Contents
Exchanges and Fees (USDC)
- Coinbase: 0.5% for USDC spread
- Newton: 1%
- Wealthsimple: 2% for Core, 1% for Premium, 0.5% for Generation
If you know an exchange other than Kraken that has less than a 0.5% spread, let me know
Crypto ATMs
Kraken
CAD → USD → XMR
As of 2025, this is the best method and will cost you at most 1% in total fees.
- Open Kraken ($100 when you trade $200) [Code: 3zh45fpb] account
- Verify your account (24 hours?)
- Go to Kraken Pro from the 9 dots menu in the top right
- Deposit USD if you already have a USD bank account (Wise will not work) and go to step 9
- Otherwise, deposit CAD via eTransfer (if depositing 10k CAD or less)
- DO NOT USE THE CONVERT FEATURE TO ACQUIRE USD, THE FX RATE SHOWN IS A RIP OFF
- Go to USD/CAD trading pair
- Market buy order
- Go to XMR/USD
- Place a limit buy order either at a price level that would fulfill your volume (0.4% fees as a taker) or place a limit buy order below market prices (0.2% fees as a maker).
In June 2025, I bought 198 CAD worth of Monero on a 200 CAD deposit where I was a taker in both the USD/CAD and XMR/USD pairs!
My 2021 experience is here for historic purpose
Total fee percentage: 1.3574%
This method is possibly the cheapest if you are a liquidity taker, however there is deposit limit of $3,000 per day compared to Coinbase which allows for $10,000 at once.
A deposit fee of 0.1% for etransfers (3k limit), a USD conversion fee of 0.2%, and a 0.16% post limit order fee to buy XMR, and a flat network fee to withdraw (not counted). In total, that’s 0.46% as a maker and a 0.56% fee as a taker. You can use Etana to forgo the deposit fee, but I’m unsure if Etana has its own fees and it does require KYC. A wire transfer requires being in-persona which might have its own fees; it does for my business account!
My own results for the etransfer deposit method are:
- CAD/USD = 1.25625
- XMR/USD = 285.48
- an etransfer of 3,000 CAD becomes 2,970 CAD converted to 2,359.45 USD bought 8.2648521800 XMR withdrew and received 8.25152 XMR
- Fee = 3,000 - 8.2648521800 * 285.48 * 1.25625 = 35.94… = 1.198%
Make sure to set the limit order one cent less than market with post selected unless you are treating it as a security.
The etransfer deposit fee took the largest chunk! I’ll have to test the other methods to compare.
Kraken USDC → XMR
This was an experiment in 2021.
Buy USDC on Coinbase and send it to Kraken via the Arbitrum network. Knowing that it’s 0.5% cheaper than the Newton XLM method, we get 0.82% for makers and 1.53% for takers. If you don’t have patience to place a limit order at the market price, I recommend using FixedFloat which takes a 0.65% fees for swaps.
XLM → USD → XMR
This was an experiment in 2021.
Total fee percentage: 1.32% - 2.03%, 1% just from Newton
Bought for C$0.119274 (1% margin), sold for US$0.089 (lucky), monero for $137.95.
Buying XLM on Newton costed me a margin of 1%. I’m thoroughly disappointed with Newton.
Transferring XLM to Kraken was free. Selling to USD has a 0.16% fee for a post limit order, and a post limit order on XMR is another 0.16%. So this method would result in fees of 1.32% for makers to 2.03% for takers.
USD → XMR
This is a hypothetical experiment.
You’ll need a USD bank account for this and you’ll need Etana which is another KYC hurdle. Theoretically this method results in a 0.16% fee as a maker and a 0.26% fee as a taker. I say theoretically though since I don’t know if there’s any fee from Etana’s side and it’s not practical as like I said before, you need to have USD beforehand without a conversion fee.
Swap Services
Coinbase USDC → Trocador USDC → XMR
First buy USDC from Coinbase which is 0.5% in fees. Next go to Trocador and swap from USDC over Arbitrum One to Monero. Trocador is a swap aggregate service, meaning that it will always use the service with the lowest swap fees. Sometimes, the swap itself has less than 0.5% in fees, meaning your total fees can be less than 1%, which is competitive with simply buying with a high reward / cashback credit card.
Assuming a 0.5% to buy USDC on Coinbase, here are the fees for two USDC amounts. The lower the amount to trade, the lower the slippage.
USDC | Swap Fee | Total Fees |
---|---|---|
10,000 | 0.4704% | 0.9704% |
7,200 | 0.2075% | 0.7075% |
- Send: USD Coin (Arbitrum One) (not the e one)
- Trade for: Monero
Trocador iframe (with referral)
TradeOgre (USDT:XMR)
Not worth trying to do because USDT (Tether USD) cannot be purchased in Canada.
Local Monero
Got shut down and the fees were significant.
Newton Spread Table
Currency | Spread |
---|---|
USDC | 1.058% |
SOL | 1.432% |
XLM | 1.473% |
ADA | 0.962% - 1.92% |
BTC | 1.161% |
Spread: Buy price divided by Live price minus 1
Conclusion: if you can’t use Coinbase to buy USDC, use ADA if you can buy at one cent less than buy price.