How to Buy Magic Internet Money in Canada

What is Magic Internet Money (mim)?

Magic Internet Money (MIM) is an interest-bearing stable coin backed by tokens that accumulate volume as users pay back interest on portions they borrowed from the lending pool. The Abracadabra platform stores collateral tokens in your account, giving you the opportunity to borrow without having to use fiat money. Instead of letting banks decide, this project gives individuals control over their lending rates and rewards them with MIM tokens for their participation.

Cryptocurrency is an exciting, new space to get involved in. Find out how to get in on the action.

Where do I buy Magic Internet Money?

Direct Purchase

You can buy cryptocurrency online, or send and receive it directly from another individual in person or over the web.

Via a regulated cryptocurrency platform

Recommended

Many people find it easier to purchase Magic Internet Money through a trading platform like Newton.

Why Newton?

‍Newton offers a dead-simple way to buy and sell cryptocurrency in Canada at prices that most other platforms simply cannot afford to compete with.

CREATE AN ACCOUNT

Here's how to buy Magic Internet Money in Canada

Sign-up in Canada for an account.

Create an account and add funds or choose an amount of your currency to trade.

Trade fiat or crypto for stablecoin.

Trade your chosen currency into a stablecoin.

Send to your desired exchange.

Find an exchange that offers mim, then transfer your crypto to that exchange.

Initiate purchase and you're done.

Go through the steps to purchase, and that's it.

CREATE NEWTON ACCOUNT →

Why use stablecoins when transferring to an exchange?

Because stablecoins are designed to maintain a peg to fiat currencies, they can be useful tools. Coins such as USDC, USDT and QCAD generally experience lower volatility than other crypto assets.

GET STABLECOINS →

It's easy to get started

Buy & Sell Magic Internet Money quickly on your phone or computer.

1 Create an account.

Provide some basic details about yourself to get verified. This process usually takes less than 5 minutes!

2 Fund your account.

Connect your bank account or utilize Interac e-Transfers to add or withdraw funds seamlessly.

3

Start buying.

You can start buying and selling crypto quickly and easily right away on your phone or on web browser.

Why you'll love trading Magic Internet Money on Newton.

Newton is Canada's low-cost cryptocurrency trading platform with transparent prices and tight spreads. We offer high liquidity and institutional-grade third party custody for your digital assets.

Some of the best prices in Canada.

On average our prices are 0.5–0.7% above spot at volumes of up to 3 BTC. This makes our overall price 3x lower than a leading competitor who charges approximately 2.25% in spread + fees.

World-class security.

Newton uses machine learning to detect and prevent account takeover attempts, a common form of cryptocurrency fraud.

Low-cost and no-commissions.

Trading and funding your account is absolutely free. Transfer cryptocurrency to and from your account at no cost (we cover up to $5 per daily transaction in network fees).

Unique & functional design.

We take a first principles approach to design, resulting in an easy-to-use experience that is unlike any other platform.

Works on any device.

Get started on your web browser, or download the Newton app for Android and iOS to take control of your crypto on-the-go.

Proudly Canadian.

We want cryptocurrency to be taken seriously, so we go above and beyond to make sure we're compliant with current and anticipated Canadian regulations.

Where do I keep my Magic Internet Money?

After you've purchased crypto, the next step is to find the best way to secure it.

Wallets are often considered to offer some of the best security for your cryptocurrency. While you have the option of keeping your assets on Newton, Newton is primarily a low-fee cryptocurrency trading platform, and not a wallet service.

While we have institutional third-party custody to keep customers' digital assets safe, many individuals who buy cryptocurrency consider transferring a portion of holdings to external wallets for personal custody.

How to buy Magic Internet Money in Canada