There are many crypto exchanges in Canada, how do you choose the right one? Each one has its own risks and benefits that may or may not align with your experience level or risk tolerance. The best crypto exchange for you is the one that meets your personal needs and goals.
When you’re a beginner, it can be difficult to navigate the strange world of crypto. If you’re a more seasoned investor, you probably need more advanced tools and robust features. To help you find the right fit, here is a list of the best crypto exchanges in Canada.
Regulation around the crypto world has yet to develop and big names sometimes face accusations of fraud. Most of the exchanges here are approved by Canadian Securities Administrators, but you can always verify for an extra level of security.
These platforms were chosen for:
- The security they offer to their customers
- The reputation they have in the exchange market
- The cryptocurrencies and financial assets that are offered
- The applied rates, fees and interest on profits
- The tools and features provided
- The entry bonuses and other offers aimed at helping investors
1. Bitbuy : Best crypto exchange for regulation & security
Bitbuy is a Canadian cryptocurrency trading site created in 2016. In March of 2022, it was acquired by Kevin O’Leary, from WonderFi Technologies Inc.
Bitbuy offers 2 different trading platforms, Express Trade and Pro Trade. Pick the appropriate one for your level. Bitbuy is only available in Canada and currently offers 39 different cryptocurrencies. Some of them are also available for staking.
In accordance with Canadian regulations,
Trading on Bitbuy is limited to Canadian dollar (CAD) deposits from local banks and financial institutions. This crypto trading platform does not support payments in US dollars, euros or pounds sterling. Deposit options include bank transfers and Interac eTransfers, which are near-instantaneous.
2. Coinbase: Best crypto exchange for beginners who think big
Coinbase is a popular US-based crypto exchange that is also accessible to Canadian users. It was founded in 2012, making it one of the oldest exchanges in the space. It’s also one of the most trusted among crypto-enthusiasts and is currently the second-largest crypto platform in the world.
Coinbase offers over 100 different cryptocurrencies and Canadian users can easily buy crypto with CAD by debit card and PayPal. The fees are pricey and vary by the size of the trade, payment method, and whether trades are through the basic Coinbase app or the Advanced Trade version. However, you can expect the cost of trading to range between 0-1%. The fee structure is complicated and obscure so you will need to refer to your account for the most updated pricing information.
Coinbase secures about 98% of digital assets under management offline in cold storage. It also has institutional insurance on assets in hot storage to cover loss due to a hack or security breach.
3. Wealthsimple Trade: Best crypto exchange for Stocks, ETFs, and cash accounts
Wealthsimple has made a name for itself with its robo-advisor, which allowed many Canadians to invest online for fewer fees than traditional brokerages. In 2020, the Toronto-based fintech company launched Wealthsimple Crypto, its cryptocurrency trading platform.
Since then, the crypto exchange merged with its original Wealthsimple Trade platform, where you can now buy stocks, ETFs, options, and crypto all in one place. In total, the platform allows you to buy and sell over 50 cryptocurrencies.
Generally, the Wealthsimple Trade platform does not charge fees on withdrawals and deposits or on the opening and closing of your account. On the other hand, an operation fee of 0.5% to 2% is applied to every trade. Currently, you can stake Ethereum (ETH), Solana (SOL), Cardano (ADA) and Polkadot (DOT).
Wealthsimple Trade now allows you to transfer certain cryptocurrencies off the platform to your own private wallet if you want to store crypto yourself. However, they do offer storage for you if you prefer. Coins are held by Gemini Trust Company LLC, a regulated crypto custodian with $200M in cold storage insurance coverage. You can also transfer in certain cryptocurrencies from other wallets too.
You can fund your account by debit visa or debit mastercard, eTransfer, direct deposit, banker wire, linking a Canadian bank account or by transferring in a supported cryptocurrency you already own to start trading.
You can instantly deposit up to $50,000 CAD without waiting for the transaction to settle, and you can transfer money between your Wealthsimple accounts from the app. There are no deposit or withdrawal fees.
4. NDAX: Best crypto exchange for customer service
NDAX, also known as the National Digital Asset Exchange, is a crypto exchange in Canada that is based in Alberta. It allows Canadians to buy and sell 32 different cryptocurrencies such as Bitcoin, Ethereum and Dogecoin. A standout feature of this platform is the degree of customer service. This crypto exchange offers 24/7 support by phone, live chat, or email.
The NDAX platform is specially designed for beginners with its easy-to-use platform. It also offers a range of features such as instant deposits and withdrawals in Canadian dollars, low trading fees of just 0.2%, a mobile app, a crypto ATM and plenty of other tools to track and manage a cryptocurrency portfolio without difficulty.
In order to offer the highest possible level of protection, the platform has partnered with Ledger Vault, a renowned institution in digital asset security and customers’ assets are stored in cold storage vaults. Since its launch, NDAX has never been hacked or compromised, unlike other sites that offer the same services.
5. Virgo: Best crypto exchange for any experience level
Virgo is a regulated crypto exchange in Canada founded in 2018. In June of 2022, the company raised $10 million in a series A all-equity investment round and became a restricted dealer of crypto assets registered with the Canadian Securities Administrators (CSA).
Virgo aims to be a one-stop-shop for Canadian crypto trades, built for investors at any stage of expertise. The platform offers access to 63 cryptos including stablecoins, altcoins and Metaverse coins. It also has a non-fungible token (NFT) marketplace.
If that wasn’t enough positives to make it to this list, here are a few more details to consider. There are no deposit fees except for debit card transactions, no withdrawal fees, and trading fees are based on a spread ranging from 0.5%-2.5%. The platform supports deposits in CAD, USD, and all cryptocurrencies. Supported currencies for withdrawals are CAD and USD, plus 70 different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Doge (DOGE), Shiba Inu (SHIB), and Decentraland (MANA).
Virgo OTC Direct, one of the platform’s products, has 24/7 institutional liquidity, making it a great choice for transactions over $30,000 CAD. They can handle institutional investors, miners, and high-net-worth individuals who want to trade in large blocks. On top of that, they have low fees, access to foreign currency, and the coup de grace: same day, no limit, rapid settlement.
6. Shakepay: Best crypto exchange to earn FREE Bitcoin
For people who want to take their first steps into the cryptocurrency world, Shakepay is the perfect platform. This crypto exchange promises to offer Canadians the easiest way to buy, sell, and earn Bitcoin. The Shakepay app is designed for novices wishing to get acquainted with the world of cryptocurrency without getting overwhelmed
There are only two cryptos you can buy and sell – Bitcoin (BTC) and Ethereum (ETH). To earn free Bitcoin, simply open the app on your phone and shake it. You’ll be rewarded with the smallest unit of Bitcoin called a Satoshi, or SAT for short.
Shakepay is one of the few platforms that does not charge commissions on transactions. You are probably wondering how this is possible. It is simple: transactions are not made between users, but directly with the platform. To generate revenue, Shakepay adds a few cents to the purchase price of cryptocurrencies and removes a few cents off their selling price, a common practice called a spread.
There are two ways to finance your Shakepay account: by Interac e-Transfer or transfers from your local bank. Interac e-Transfers are instantaneous. This way, you will be able to start buying crypto quickly.
7. Newton: Best crypto platform with a cheap spread
Founded in January 2018, the trading platform Newton describes itself as the first no-fee platform in Canada. Just like Shakepay, it relies on the gap between the buy or sell price, call the spread, to make money. The Newton platform offers over 70 cryptocurrencies to trade and accepts the following authorized payment methods:
- Interac e-Transfers;
- Pre-authorized bank transfers.
- Transfers from external portfolios.
In addition, Newton emphasizes the importance of data security. Customer data is stored exclusively in Canada. Regarding cryptocurrencies, most are stored in secure locations without internet access.
8. Netcoins: Best crypto exchange with a flat trading fee
Established in 2014, Netcoins is a crypto exchange in Canada that allows its users to purchase crypto with either CAD or USD. Netcoins started as a Bitcoin Automated Teller Machine (ATM) as well as private trading services for larger, institutional investors. It has since grown into an easy-to-use online trading platform that almost anyone can use. The Netcoins platform originally started with only 3 supported cryptocurrencies, but now offers 37 of the most popular coins.
To use Netcoins, you’ll need to open an account and fund it with either CAD or USD. Deposit options include eTransfer, wire transfer, and crypto deposits. All deposits are free except bank wires under $3,000 CAD or $2,000 USD. Withdrawals are free for any amount by ACH Transfer, and you will pau $20 for bank wires. Fees to withdraw your crypto to a private wallet vary by coin. The fee to trade crypto is a flat 0.5% per trade.
This crypto trading platform is great for beginners with one-click trades and limit orders. However, it does not offer more advanced trading features like advanced limit orders or charting tools. Netcoins also offers a Prepaid Mastercard. You get 1% back in Bitcoin with every purchase you make on the Netcoins Prepaid Mastercard. You can also use it to spend CAD in your Netcoins account which includes when you cash your crypto holdings out into Canadian dollars. The card is free to use, accepted everywhere Mastercard is accepted, and you earn 1% cash back in Bitcoin on every purchase.
9. Bitvo: Best crypto exchange for same-day account activation, deposits, and withdrawals
Bitvo is a Canadian crypto trading platform based out of Calgary, Alberta. Currently, it is led by two influential women in crypto with extensive experience in the Canadian finance industry such as capital markets, banking, payment processing, security, and more.
A few features make this exchange platform stand out from the rest. First, Bitvo offers a same-day guarantee, promising to activate accounts as well as settle deposits and withdrawals all on the same day. The second is the Bitvo cash card which allows you to spend the Canadian funds in your Bitvo account without having to withdraw them back to your bank account. The Bitvo cash card is accepted everywhere Visa is accepted, in over 200 countries and 2 million Automated Teller Machines (ATM).
To use the Bitvo platform, you need to fund your account with Canadian dollars. You can do this by linking your bank account for fast bank transfers, or you can use eTransfer, wire transfer, Canada Post, or transfer in crypto from an external wallet. All deposits are free. Withdrawals cost either 1% or $15 depending on the withdrawal method and the amount. Instead of trading fees, Bitvo uses a spread, which is the difference between the sell price and purchase price. The spread ranges from 0.5-1% depending on what coin you’re trading.
Bitvo offers at least 11 different cryptocurrencies and is one of the only exchanges to offer a Canadian Dollar-backed stablecoin called QCAD. The Bitvo platform is user-friendly and designed in a way that’s easy to navigate if you’re used to online banking. It’s a good exchange for both beginners and more experienced crypto investors. It offers a basic dashboard as well as an advanced trading platform that allows for more complicated trades like limit orders and stop losses.
You can transfer your crypto off the platform to your own private wallet. If you choose to keep your crypto in the platform’s built-in wallet, 95% of holdings in their custody are held in cold storage offsite.
One of the most popular crypto exchanges in the world is Crypto.com. With over 80 million users around the world, Crypto.com offers many advantages. It’s also a popular crypto exchange in Canada and is suitable for investors of all levels. Since January 2021, it is possible to trade cryptocurrencies using Canadian dollars on this platform.
You can buy over 250 different cryptos with over 20 supported fiat currencies. Deposit and withdrawal methods vary by country, but it’s free to fund your account through the app. Trading fees range between 0.00-0.075%, which are significantly lower than many of the well-known crypto exchanges in Canada. Crypto.com also offers a variety of cards so you are able to spend your crypto.
11. Kraken: Best crypto exchange you can access from abroad
The Kraken crypto platform is one of the OG exchanges launched in 2013 by founder Jesse Powell. To date, Kraken is regarded as one of the best crypto exchanges in Canada with no notable hacks or security issues during its almost decade-long tenure. This fan-favourite is US-based but available to users in over 190 countries, including Canada.
With competitive fees and a user-friendly interface, you can quickly and easily trade from over 185 different cryptocurrencies, depending on where you live. Kraken is incredibly accessible with at least 6 different supported fiat currencies, including:
- Canadian Dollars (CAD)
- US Dollars (USD)
- Euros (EUR)
- Great British Pound (GBP)
- Swiss Francs (CHF)
- Japanese Yen (JPY)
Funding your account with Canadian dollars is free and there are several deposit options available such as eTransfer, wire transfer, and some credit cards and debit cards. Trading fees depend on several factors such as the coin you’re trading, the size of the transaction, payment method, and market conditions.
Prices were not listed for spot trades but the fee is always calculated and displayed before you make the trade so you can make an educated decision. Kraken Pro offers lower trading fees based on your 30-day trade volume, with maker and takers fees ranging from 0.00% to 0.26%.
The platform is adaptable to crypto-investors of all experience levels with a quick-buy dashboard for the newbies and Kraken Pro for the more advanced traders. You can manage your account as well as buy, sell, and trade any time from anywhere through the Kraken app.
Up to 95% of user deposits are held offline in cold storage. Servers are kept in cages with armed guards and under 24/7 video surveillance. Kraken also regularly tests the network for weaknesses and encrypts all your personal data.
12. Coinsquare: Best crypto exchange with Trade, Pro and Wealth platforms
Coinsquare is a Toronto-based cryptocurrency platform founded in 2014 and is regulated by the Ontario Securities Commission (OSC) as well as the Investment Industry Regulatory Organization of Canada (IIROC). This Canadian crypto platform is great for beginners while also offering more advanced features and Over The Counter (OTC) trades for advanced and institutional investors.
However, the trading fees are not as competitive as other cryptocurrency platforms in Canada. Coinsquare Trade charges a spread that can range anywhere from 0.2%-0.4% depending on the coin, trade size, and market conditions. The Coinsquare Pro fees are lower, with taker fees as low as 0.14% and maker fees as low as 0.05%, depending on your 30-day trade volume.
Funding your account is free, but cashing out to fiat will cost you up to 1.5% and transferring your crypto off-platform gets pricy and the cost varies by coin. Currently, the only fiat supported on Coinsquare is CAD.
You can manage your account and make trades anytime, anywhere through the Coinsquare mobile app. Up to 95% of user deposits are held offline in cold storage and your account information is encrypted.
13. Gemini: Best crypto exchange for active & high-volume traders
Based in New York, Gemini is a trust company best known for providing institutional-level cold storage services for major platforms in Canada and around the world. However, it is also a popular crypto exchange in Canada that allows regular people to buy, sell, trade and store cryptocurrencies.
Gemini offers over 80 different cryptocurrencies to choose from and is a versatile crypto exchange that grows with you as you become more experienced. It offers a simple, and easy-to-use platform for beginners as well as an advanced platform called ActiveTrader for much more experienced users who need more sophisticated features.
On the downside, Gemini doesn’t make its fee structure easy to figure out. The cost per trade can range anywhere from $0.99 to 1.49% of the trade amount, depending on how big your trade is, plus a 0.5% convenience fee.
You can deposit fiat to your account for free by bank transfer or fund it for free by transferring in crypto from elsewhere. You can fund your account by PayPal but it’s expensive costing up to 2.50%.
Things to consider when choosing a crypto exchange in Canada
Your location
Not all crypto exchanges in Canada can serve everyone. Before you open an account make sure the platform and all its features are available in your location. For example, Binance is a global exchange available to most Canadians but you cannot connect to a Canadian bank account. And Binance is not available to residents of Ontario at all.
Fees
Fees will eat up your profits if you’re not careful. Before signing up to the exchange, first, confirm if there are deposit and withdrawal fees to fund your account. Then look at trading fees and how they are charged. Some exchanges charge a flat fee no matter the size of the trade, others charge a percentage. Some advertise free trading, but that’s not accurate. The fee will be built into the spread, the difference between the sell price and buy price.
Customer Reviews
Customer reviews will help you separate reputable exchanges from less reputable ones. They’ll also uncover drawbacks and benefits not obvious on the site. You are more likely to have a positive experience from a platform with strong customer reviews. Reviews also signal that other crypto traders trust certain platforms and not others.
Accessibility and coin selection
If you’re looking for specific coins, make sure they are offered by the platform before signing up. Not all exchanges have the same selection of coins. It’s important to choose a platform that makes purchasing crypto as easy as possible.
Make sure the funding options are appropriate for you. Few exchanges offer credit card or debit card purchases. If they do, make sure your credit card company or bank allows crypto transactions. Some exchanges allow you to connect your bank account directly for easier funding, with others only offering eTransfer or bank wires. Some exchanges allow you to fund your account with cash through Canada Post.
Compare crypto exchanges and choose one that offers your preferred funding method. The same is true when you want to cash out your profits into fiat and transfer them back to your bank. Make sure the exchange offers flexible withdrawal methods and whether or not there are deposit or withdrawal amount limits.
Custody options
If you want to store your crypto in your own private wallet, first confirm if the exchange will even let you transfer coins off-platform. Some let you move all coins purchased on the platform, others only allow certain coins to be transferred out, while others don’t allow you to transfer any of your coins off the platform all.
Exchanges that don’t allow you to store your own crypto are called custodial exchanges. Exchanges that require you to store your own crypto, or give you the choice to store on or off-platform are called non-custodial platforms. Many Canadian exchanges offer the option to store your holdings for you in their custody, or for you to store your holdings in your own private wallet.
Security
To reduce risk, look for how the exchange secures user information and your crypto. Regulated exchanges are required to collect a certain amount of information from you to open an account. They also need some financial information so you can fund your account and make withdrawals.
Look for exchanges that are transparent with users about how their information is stored and secured. If you plan to keep your coins on the platform, confirm how the exchange secures assets in their custody. Do they use offsite cold storage? Do they have an institutional insurance policy for digital assets? What security measures do they use to secure their network and user accounts?
FAQs about the best crypto exchanges in Canada
Bitbuy is the best cryptocurrency exchange in Canada. It is easy to use, easy to fund with CAD, and offers competitive trading and transaction fees. Bitbuy is federally regulated with robust security features.
We encourage you to explore Bitbuy and other regulated platforms. Bitbuy offers a good balance between the number of available cryptos, fees, and security.
Newton is possibly the best cryptocurrency exchange platform to use if you are brand new to crypto. The site is easy to navigate, the fees are competitive, and they provide the most popular cryptocurrencies. It’s easy to fund your account with CAD through eTransfer, wire transfer, or by connecting your bank account. Also, it’s free to deposit/withdraw your fiat and they waive up to $5 of network fees when you transfer out your crypto holdings.
Bitbuy is one of the cheapest cryptocurrency exchange platforms in Canada with trading fees starting as low as 0% – 1.5%, depending on the size and frequency of your trades. You can fund your account with CAD or USD by Interac or Bank Wire. Interac deposits and withdrawals are free, bank wire deposits are free, and bank wire withdrawals cost around 1%.
Yes, in order to operate in Canada, crypto exchanges are required to register or pre-register with their principal securities regulators. The policy also prohibits margin or credit offerings to Canadian clients, restricts the acquisition of stablecoins and proprietary tokens without prior consent from the Canadian Securities Administrators (CSA), and requires the secure custody of crypto assets.
The action follows the recent insolvencies of various crypto exchanges and serves as a stark reminder of the substantial risks of crypto trading on platforms that are unregistered or based outside of Canada. Crypto exchanges in Canada that fail to adhere to these guidelines face potential penalties from the CSA, including the off-boarding of existing Canadian users and access restrictions to their services.
Canada has strict financial regulations to prevent financial service providers from “taking” your money, including crypto exchanges. Crypto exchanges are platforms that make it possible to buy and sell cryptocurrencies, and they handle user funds for this purpose. While you do deposit money into the exchange to purchase cryptocurrencies, it’s not the exchange “taking” your money.
However, like with any financial decision, there is always a level of risk. The value of cryptocurrencies can fluctuate, so there’s a potential to lose (or gain) money. The crypto exchange itself could become insolvent or shut down. It’s crucial to choose a reputable and regulated crypto exchange and follow best practices for financial safety.
Yes, you can. Apart from exchanges, other methods to buy crypto include peer-to-peer trading, direct trade, and cryptocurrency ATMs. Peer-to-peer trading involves a direct transaction between users. Direct trade platforms offer users the chance to sell and buy from each other. Cryptocurrency ATMs work like regular ATMs, except they allow you to buy and sometimes sell cryptocurrencies. However, exchanges are often the preferred method due to their user-friendly interfaces, security features, and the range of available cryptocurrencies.
Crypto exchanges in Canada primarily make money through transaction fees. Each time a user buys or sells cryptocurrency on the platform, the exchange takes a commission or charges a spread. Some exchanges also earn from withdrawal fees when users move their crypto from the exchange to a private wallet or cash out to fiat and withdrawal the funds. Additionally, exchanges might offer premium services, such as enhanced trading features, for an extra cost. The specifics of these charges vary by platform, so it’s always wise to check the fee structure before you choose a crypto platform.
