Everything You Need to Know About Crypto Bonuses in Canada
The world is currently suffering from a crypto fever. It’s been like this since the initial boom of Bitcoin. That was the first generation of blockchain technology. Then, Ethereum blessed us with the 2nd generation of crypto tokens where you could include smart contracts. And now, we’re in the 3rd generation of blockchain. Some renowned networks in this paradigm are Cardano and Polkadot.
But it’s not the crypto industry we have as our focus today. We have a dedicated guide on what cryptocurrencies are and how they work. For now, our focus is on crypto bonuses.
A lot of you may not know that even crypto trading or investing can get you bonuses. As you’re dealing with cryptocurrencies, the bonuses will also be cryptocurrencies.
This guide today will cover the best ways to get free crypto in your account, the terms and conditions you need to be aware of in the process, and the best online bonus offers from crypto trading platforms.
What are Crypto Bonuses?
The primary idea behind a bonus is to reward users for participating. On our website, you may have already explored some of the other bonus areas we’ve covered. Primarily, the online gambling industry. While bonuses are very easily associated with iGaming, people don’t think of bonuses when they think of crypto.
A crypto bonus could be a welcome bonus, a trading bonus, or a staking reward, based on what platform you’re on and what rewards you’re trying to get. The main idea behind these bonuses is to encourage more people to invest in the tokens.
To understand why these bonuses work so well, we have to retract our steps a bit and go over the volatility of the crypto industry. You might be familiar with the crypto boom and crash pattern. It has happened multiple times since the inception of Bitcoin.
The primary reason behind this pattern is the volatility and it comes from the decentralized nature of the industry. “Decentralization” refers to the fact that there are no central bodies to regulate the paradigm. It’s strictly dependent on supply and demand.
Fiat currency, as in the money we use daily, is regulated by the government. The liquidity and flow of assets are controlled by financial institutions, like banks. But when it comes to cryptos, everything is decentralized. The nodes (users in the blockchain) are responsible for supply and demand.
This is the reason why a particular crypto token might be booming for a while and then suddenly crash. A lot of investors have lost a lot of money in the past because they couldn’t predict the crash in advance.
From what we’ve seen, the value of all crypto tokens increases gradually after the initial ICO launch. So, when you get crypto bonuses, you can hold onto them until they rise in value. Or, you can exchange them for fiat money right away because you’re practically not spending anything.
Now that you have somewhat of an idea of what to expect from the crypto industry and its bonuses, let’s move on to the best ways to get free crypto.
Best Ways to Get Free Crypto in Canada
Bonus or not, the main goal for your adventure is to score free crypto, right? In Canada, it’s easier said than done. But not when you have our guidance. In this section, we’re going to list the globally accredited ways to get free cryptos.
Sign Up Bonuses
Just like the iGaming industry or any other industry you can think of, crypto trading platforms offer lots of sign up bonuses. Near the end of this guide, we’re going to go over the best sign up bonuses you can claim right now in Canada.
A sign up bonus is exactly what it sounds like. You get a reward after you sign up or register on a crypto platform. For the most part, it’s a crypto bonus as the value of the bonus is paid in crypto tokens. Sometimes, you may also get a one-time fiat currency bonus.
This is by far the fastest and most efficient way of securing crypto bonuses in our opinion. The list we’re going to provide later on, it’s going to be a mix of fiat and crypto bonuses.
Trading Bonuses
This one is also pretty self-explanatory. You get the bonus based on your trading. You can compare it with the deposit bonuses in online casinos or online sportsbooks. You only get these when you trade. So, only signing up won’t cut it.
The idea here is that there are plenty of crypto trading platforms on the internet, just like there are plenty of online gambling sites. So, when you pick a certain platform over the others, you deserve a reward for that choice.
Similar to the registration bonus, a trading bonus can be both fiat currency and cryptocurrency. These bonuses are usually bigger than sign up bonuses because you’re putting your own assets at stake.
Crypto Staking
To be precise, this is not a direct bonus. Rather, it’s a reward that you get when you stake your assets on the blockchain. You need to have crypto tokens in your possession first to participate in staking. The concept is somewhat similar to earning interest on your liquid assets.
The drawback of crypto staking is that you won’t be able to use your tokens once you use them for staking. They’ll still be in your wallet but in a “locked” status. It’s crucial to choose a reputed platform. If you become an unfortunate victim of a scam platform, you will most likely lose all your tokens.
IDAX, Crypto.com, Kraken, Gemini, Binance, etc. are some of the most reputed names in the world of crypto exchanges. They’re also known in Canada for their generous staking rewards.
Micro Tasks
If you’ve played multiplayer online games, you might already be familiar with daily tasks. Maybe you have to kill 5 enemies with headshots. Or, run on foot for 500 meters. These are considered micro tasks. Believe it or not, you can rack up some crypto by doing these micro tasks on crypto platforms.
Some tasks might look very funny and out of context. For example, you may have to shake your phone from time to time if you sign up on Shakepay. As the same of the business suggests, you get paid for shaking.
Another great model is Learn and Earn. In that model, you can take quizzes. It’s going to help you learn about different aspects of the crypto industry. And when you get the answers right, you get small chunks of crypto as bonuses.
Cashback with Crypto Cards
If you’re not familiar with crypto cards, let us help. Many financial institutions are offering these and Visa is one of the pioneers. You can use these cards the same way you use your credit cards. When you shop with them at a merchant’s portal where crypto is accepted, you become eligible for cashback rewards.
This is an excellent way of earning passive income on your crypto cards. Shakepay cards, Netcoins cards, Crypto.com cards, and Coinmiles are some of the best examples of such cards in Canada.
Airdrops
Airdrops are carried out by crypto exchanges or projects. The most likely time when you can come across an Airdrop is during the Initial Coin Offering (ICO). By definition, an Airdrop refers to cryptocurrency tokens being automatically credited to your wallets. This has proved to be an amazing marketing strategy for new crypto projects to build awareness for its tokens.
You might be wondering, why would a project send free crypto to your wallet, right? Yes, you’re right. To become a part of the process, you either have to be part of an active crypto community or a crypto exchange. As Airdropped coins are very new, it’s ideal that you hold onto them until they rise in value.
Cloud Mining
At this point, mining your own crypto is not a feasible way for most investors. You need to spend way too much on the required hardware and the return is not satisfactory. That’s where cloud mining comes into play.
Essentially, you buy a mining contract from a cloud mining platform and sit on it. The platform will gather the necessary miners, do the mining, and deposit your share of the crypto in your wallet. ECOS is currently the market leader in Canada when it comes to cloud mining.
Spot Cashback Voucher
Sometimes, reputed crypto exchanges offer cashback vouchers against your spot account. Binance is an excellent example of such a platform. Once you redeem the voucher, you’ll receive the trading fee as cashback in your USDT spot account daily.
This is one of the rare bonus types so don’t miss the chance of claiming them when you have them.
Crypto.com, Coinbase, Binance, Gemini, BlockFi, Robinhood, etc. all platforms offer referral programs for both new and existing customers.
Referral Bonuses
These are fairly simple and similar to all other referral bonuses. The idea is that you invite other investors using a unique code or link. If the invited parties sign up and invest, you get a fixed reward. From what we’ve seen, the majority of the crypto referral bonuses are paid in fiat currency.
Terms and Conditions for the Crypto Bonuses
Although crypto bonuses are fundamentally different from iGaming bonuses, there’s still a set of terms and conditions. If you fail to comply with them, you won’t be able to redeem them. Another important note here is that every platform has its own rules.
We’re taking a generalized approach to the terms in this section. Keep in mind that they’re subject to change.
- Trading Bonuses
These bonuses are fairly common in crypto platforms but you can’t withdraw them. If you accidentally try, you’ll be disqualified from it. Trading bonuses are supposed to be used for covering 50% of the losses, opening new positions, and paying fees. Also, you can’t register multiple accounts using the same IP address to get multiple bonuses.
- Spot Cashback Bonus
The maximum you can win from a spot cashback voucher is the same as the face value of the voucher during redemption. The amount is distributed over multiple days based on the rules preset by the trading platform.
Top 10 Crypto Bonuses You Can Claim Right Now in Canada
There’s no reason to beat around the bush about the crypto online bonuses you can get in Canada. So, why don’t we just list the 10 best crypto bonuses currently available in Canada? Based on what you’re looking for, you can pick any of them.
Gemini - $10 Bitcoin Bonus & Card Rewards
Gemini is currently one of the most popular crypto exchanges. It’s primarily known for its Bitcoin and ETH compatibility. The current highlight for its bonus is the $10 welcome bonus. You qualify for it when you trade at least $100 worth in a month. You may also need to use a promo code to activate it.
Look into the terms and conditions for the bonus before you sign up because if you miss one of the steps, you won’t qualify.
Apart from the welcome bonus, Gemini is also offering excellent rewards on Mastercard-branded cards. If you spend more than $1500 worth in the first month of the card activation, you can even score a free limited edition NFT! It’s an excellent deal when you realize that there are no annual fees for the cards.
The great news is that existing cardholders can also claim this bonus if they spend the necessary amount within the given period. On top of everything, you can expect up to 3% cashback on all your purchases using the Gemini card.
Nexo – Loyalty and Referral Program
If earning compound interest is one of your primary goals, it doesn’t get any better than Nexo in Canada. Nexo also happens to be the only Blockchain company in the world with more than 40 fiat currencies up for exchange!
However, the highlight of our discussion today is the loyalty and referral program run by this company.
Your loyalty ranking depends on how many Nexo tokens you have in your portfolio. You can rank for the Base level, the Silver Level, the Gold Level, and the Platinum Level. The higher you rank, the more yields you can expect in compound interests. Up to 16%, to be precise. Also, for each of your transactions, you can secure up to 2% of Nexo back.
The referral program, on the other hand, lets you invite friends where both of you can win free BTC up to $25 worth. The condition here is that your invitees must spend at least $100 on any of the supported markets.
TradeStation - $150 Crypto Bonus
TradeStation is a US-based crypto trading platform where you can claim either a crypto bonus or a cash bonus, whatever you prefer the most.
For the crypto bonus, you can win up to $150 worth of BTC as long as you purchase $500 worth of crypto tokens within the first 45 days of your sign up.
The condition is the same for a $150 cash bonus but in this case, the money will come as a securities fund to your TradeStation account. Keep in mind that you may need to use a bonus code to activate either of these bonuses in Canada.
TradeStation does justice to its name by offering a whole itinerary of products for potential traders. From crypto to IPOs to mutual funds to futures options to futures to stocks to ETFs, everything is fair game for TS.
BlockFi – $250 Crypto Bonus
With a bold tagline like “Don’t just buy crypto, earn it”, BlockFi started its journey back in 2017. It’s another American trading platform on our list with its headquarters in Jersey City, New Jersey. The primary reason why it made it to our list is its generous bonus.
You can secure up to $250 in Bitcoin as long as you comply with the minimum account balance requirements.
If you have between $100 to $1,500, you can expect a $15 BTC bonus. The bonus gradually increases as you have more balance in your account. Once your account balance goes over $100,000, you get the maximum $250 in bonus.
Crypto.com - $25 CRO Bonus
Among all the crypto exchanges available today, Crypto.com is one of the crowd favorites. The low-cost transactions are the primary highlight of the platform. It also offers lots of different tiers of cards that you can use for shopping and earn rewards for them.
CRO stands for Crypto.com Coins and you get $25 worth of it when you sign up. You get the bonus after you stake at least $400 worth of CRO on the platform. It’s also one of the very few platforms that offer FDIC insurance on USD balances.
Coinbase - $10 BTC Offer
Coinbase is perhaps the most renowned wallet as well as exchange platform in the world. It’s extremely popular in Canada too. It supports more than 100 tokens that you can buy with a wide range of fiat currencies.
As for the bonus, you get it when you spend at least $100 on tokens within the first 30 days of your registration on Coinbase. Altogether, you can earn over $150 in crypto if you watch all the educational videos it has to offer. You may also take short quizzes to rack up more rewards.
eToro - $10 Cash Bonus
The tagline “Invest Better Together” is one of our favorites among all the crypto bonus platforms we’ve discussed so far. You can get trading bonuses as well as staking bonuses by putting out your investments. It’s a multi-asset platform where you get to trade stocks along with cryptocurrencies.
After you register your account and trade at least $100 in either crypto or stocks, you get a $10 cash bonus. eToro also offers referral links that you can send to your friends and acquaintances. For each successful referral, you get $50 worth of BTC.
Luno - $10 BTC Bonus
It looks like the $10 BTC is the most popular model for crypto exchanges and companies for bonuses. Luno follows in the footsteps of its predecessors. If you’re not familiar with Luno, it was previously known as BitX.
After you sign up and trade at least $10 in BTC, you’ll get an instant $10 BTC bonus in your account. However, in Canada, you can get the €15 equivalent after trading at least €250 equivalent.
Binance Canada - $10 Bonus
Binance is probably the lowest-cost crypto exchange that exists in Canada. You can secure a $10 cash bonus after you sign up and trade $100 or more within the first 30 days. As for the low cost, you pay only a 0.1% spot trading fee and only a 0.5% transaction fee for purchases or sales.
Binance offers plenty of other ways for users to rack up some crypto. Liquidity farming, staking, auto-invest, dual investment, etc. are some of the most commonly used forms of earning crypto.
Phemex - $180 Bonus
Phemex is a relatively new derivative exchange and it’s widely known for its massive promotions. The $10 bonus after you sign up is proof that the craze is true. Apart from the welcome bonus, you can expect a few other bonuses active. As you do more trading, you can expect to rack up more in rewards.
FAQ
How do I claim my bonus on crypto?
You can get your bonus on crypto in quite a few ways. You can earn from referrals, do the minimum trading required to get the welcome bonus, and earn rewards from the loyalty programs.
How can I get free $10 on Coinbase?
First, you need to sign up for a valid account. Then, you’ll need to buy at least $100 worth of crypto tokens within the first 30 days of your tenure. You should receive your $10 crypto bonus right away.
What apps give free crypto for signing up?
All major platforms like Coinbase, Conrabbit, Lunr, Freecash, and the ones we’ve listed in this guide offer free crypto sign up bonuses.
Which crypto to buy now?
Well, it’s not that easy to determine. You need to do a lot of research and understand the industry as a whole if you want to succeed in crypto investments. But you’re very unlikely to go wrong with reputed ones like Bitcoin, Ethereum, Dogecoin, etc.
Does Bitcoin give bonus?
Bitcoin itself doesn’t offer any bonuses for users. However, a lot of the crypto trading programs and exchanges offer bonuses in BTC. You can check out our list and pick the one you find most generous.