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Compare cryptocurrency exchanges

Use the Hardbacon Cryptocurrency Exchange Comparison tool to quickly compare dozens of crypto exchange platforms in Canada, all in one place.

FAQ About Comparing Crypto Exchanges

How to compare cryptocurrency exchanges in Canada?

To get started, select whether you want to purchase crypto through a regulated centralized exchange (CEX), or an unregulated decentralized exchange (DEX). Select whether you want a custodial platform to store your coins for you, or a non-custodial platform that lets you transfer coins to your own private wallet. Want a specific coin? Tell us what you want and we’ll tell you which exchanges have it. You can refine your search further by selecting the currency you’d like to use to make your purchase, like CAD or USA for example. Next, select your preferred purchase method such as Interac eTransfer, credit card, debit, bank wire, etc. You can even filter results by language, available mobile apps, and withdrawal methods.

What is cryptocurrency?

Cryptocurrency is an online-based digital currency that is decentralized. That means it is not backed, controlled, or regulated by a central bank like the Canadian dollar. You cannot physically carry crypto coins in your wallet, or keep them in a bank account. They are created, used, and stored online. You can use cryptocurrency as a form of payment, a store of value, or as an investment.

How does cryptocurrency work?

Cryptocurrencies run a public ledger called the blockchain. The blockchain is spread across millions of computers around the world, and everyone can access it. It records and stores every crytpocurrency transaction ever made. Cryptocurrency transactions cannot be reversed, like traditional transactions through a bank, and you cannot alter the information stored on the blockchain either. You can use cryptocurrnecy in much the same way you use traditional money to buy goods or pay for services. You can also use cryptocurrency as an investment if you believe the value of a coin will increase in the future, or as a store of value if your believe your tradtional money may lose value in the future.

Why should I buy cryptocurrency?

Cryptocurrencies are an exciting new technology revolutionizing how we think about money. Here are a few reasons you might want to buy some cryptocurrency for yourself: 1) Bitcoin was the best performing assest class in the last 10 years. 2) Cryptocurrency adoption is speeding up. 3) Cryptocurrency can help protect the value of your money against inflation. 4) Cryptocurrency gives you more control over your money. 5) Cryptocurrencies could help you generate wealth over the long term. 6) Cryptocurrency could end up being a mainstream form of payment.

How do I buy cryptocurrency?

You can buy cryptocurrency in Canada using a crypto exchange platform. Use our cryptocurrency comparison tool to find the right exchange for your needs. Then simply open an account, fund it, and make a purchase. It's that easy!

How much cryptocurrency should I buy?

How much cryptocurrency you should buy depends on your goals, risk tolerance, and level of interest in the crypto market. Never spend more money on cryptocurrency than you are willing to lose. The cryptocurrency market is very risky. There is the potential for significant gains, but there is also the risk you could lose it all. If you are new to cryptocurrency, most financial professionals advise investing 1-4% of your portfolio depending on your experience and comfort level in the market. However, this is just a general rule of thumb. Only you can decide how much cryptocurrency is right for you.

Should I choose a custodial or non custodial exchange?

You should choose the type of exchange that fits your needs and goals. A custodial exchange will store your cryptocurrency for you. That means they hold the keys to your crypto which gives them control. Letting a custodial exchange hold onto your cryptocurrency is easier and less stressful than storing it yourself, but it requires you to trust them. There are many reputable custodial exchanges that transfer your cryptocurrnecy to an institutional cold wallet and insure against theft, fraud, hacks, and other perils. A non-custodial exchange does not store your cryptocurrency. You hold the keys to your crypto, and the keys prove that the cryptocurrency is yours. However, that means you are solely responsible for protecting your crypto and storing it in a private wallet. That requires quite a bit more tech savvy and diligence, and you are not protected against theft, fraud, or hacks.

Do I need to pay taxes on my cryptocurrency?

Yes, you need to pay taxes on your crypto. Cryptocurrency is considered an investment asset just like stocks, bonds, and mutual funds. Therefore, any gains you make on your crypto activity is subject to capital gains tax. There are also tax implications anytime you exchange one crypto coin for another, use it to buy goods or services, use it to generate passive income like staking, or sell it back into Canadian dollars. If you actively trade your crypto, like a day trader, there could be other tax implications too. It is your responsability to keep track of your crypto activity and report it to the Canada Revenue Agency (CRA).

Is my cryptocurrency insured?

The Canadian Deposit Insurance Corporation (CDIC) does not protect your cryptocurrency in the event the crypto market fails. You cannot insure your crypto through your homeowner or tenant's insurance policy either. Some custodial cryptocurrency exchanges insure your cryptocurrency from theft, fraud, hacks and other perils while it is in their custody. However, you may be able to obtain a private insurance policy for your cryptocurrency. Private insurance policies for digital assets and crypto wallets are a new emerging market and growing in popularity.

  • How to cash out crypto in Canada ?

    The easiest way to cash out crypto in Canada is through a cryptocurrency exchange platform. Select the crypto you want to cash out, then select the Sell option to exchange for Canadian dollars. Then simply transfer the funds from your exchange account to your bank account. To find out which platforms allow you to cash out your crypto into Canadian funds, use the above comparison tool. On the left, select CAD is the fiat currency, then under other features select Withdrawable. The comparison tool will then populate the crypto exchanges that allow you to convert crypto into CAD and withdraw back to your bank. Select your prefered exchange and follow the prompts to set up an account. You can also cash out crypto by transfering it to a Bitcoin ATM, but the service fees are generally much more expensive than exchange platforms.

     

  • Why should I buy cryptocurrency?

    Cryptocurrencies are an exciting new technology revolutionizing how we think about money. And they're now officially considered a new investable asset class. Here are a few reasons you might want to buy some cryptocurrency for yourself: 1) Bitcoin was the best performing assest class in the last 10 years. 2) Cryptocurrency adoption is speeding up. 3) Cryptocurrency could help protect the value of your money against inflation. 4) Cryptocurrency gives you more control over your money. 5) Cryptocurrency could help you generate wealth over the long term. 6) Cryptocurrency could end up being a mainstream form of payment.

     

  • How do I buy cryptocurrency?

    You can buy cryptocurrency in Canada using a crypto exchange platform. Use the above comparison tool to find the right exchange for your needs. Use the filter options to narrow results based on your preferences. Select your desired exchange, open an account, fund it, and make a purchase. It's that easy!

     

  • How much cryptocurrency should I buy?

    How much cryptocurrency you should buy depends on your goals, risk tolerance, and level of interest in the crypto market. Never spend more money on cryptocurrency than you are willing to lose. The cryptocurrency market is risky because digital assets are speculative. There is the potential for significant gains, but there is also the risk you could lose your investment. If you are new to cryptocurrency, most financial professionals advise investing 1-4% of your portfolio depending on your experience and comfort level in the market. However, this is just a general rule of thumb. Only you can decide how much cryptocurrency is right for you, based on your risk tolerance.

     

  • Should I choose a custodial or non custodial exchange?

    You should choose the type of exchange that fits your needs and goals. A custodial exchange will store your cryptocurrency for you. That means they hold the keys to your crypto which gives them control. Letting a custodial exchange hold onto your cryptocurrency is easier and less stressful than storing it yourself, but it requires you to trust them. There are many reputable custodial exchanges that transfer your cryptocurrnecy to an institutional cold wallet and insure it against theft, fraud, hacks, and other malicious attacks. To find a custodial exchange plaform, use the above comparison tool and select Custodial from the menu on the left to filter results. A non-custodial exchange does not store your cryptocurrency. You hold the keys to your crypto, and the keys prove that the cryptocurrency is yours. However, that means you are solely responsible for protecting your crypto and storing it in a private wallet. That requires you to me be more tech savvy and diligent, and you are not protected against theft, fraud, or hacks.

     

  • Is my cryptocurrency insured?

    The Canadian Deposit Insurance Corporation (CDIC) does not protect your cryptocurrency in the event the crypto market fails. You cannot insure your crypto through your homeowner or tenant's insurance policy either. Some centralized custodial cryptocurrency exchanges insure your cryptocurrency from theft, fraud, hacks and other malicious activity while it is in their custody. However, you may be able to obtain a private insurance policy for your cryptocurrency. Private insurance policies for digital assets and crypto wallets are a new emerging market and growing in popularity. To find a centralized custodial exchange platform, use the above comparison tool and select Custodial from the menu to filter results. From there, click on Learn More to discover more about the platform, such as how it stores and secures your crypto.

     

  • How to compare cryptocurrency exchanges in Canada?

    To get started, refer to the menu on the left side of the comparison tool. There, you can choose to filter results based on your needs and preferences. Select whether you want a custodial platform to store your coins for you, or a non-custodial platform that lets you transfer coins to your own private wallet. Want a specific coin? Tell us what you want and we’ll tell you which exchanges have it. You can refine your search further by selecting the currency you’d like to use to make your purchase, like CAD or USA for example. Next, select your preferred purchase method such as Interac eTransfer, credit card, debit card, bank wire, etc. You can even filter results by language, available mobile apps, and withdrawal methods.

     

  • How to trade crypto?

    You can trade crypto on any cryptocurrency exchange platform. Use the above comparison tool to choose an exchange that fits your needs. You can filter results by coins offered, account funding options, withdrawals and other features. To sign up, select your desired platform and follow the prompts. Many cryptocurrencies are only available in trading pairs, which means certain cryptos can only be traded for each other. Enusre that you have the appropriate cryptocurrency on hand for nature of your trade. Information on trading pairs is available on the platform.

     

  • How to day trade crypto?

    To day trade crypto, you'll need to open an account on a cryptocurrency exchange platform, fund your account, and purchase the appropriate crypto for the trading pair. Visit the Trading section of the platform and use the Buy or Sell function to trade what you have for what you want. To day trade crypto effectively, you should be able to read price charts and have a good understanding of technical analysis indicators and price signals. Day trading crypto is considered business activity by the Canada Revenue Agency (CRA), every trade is a taxable event. You'll need to keep close track of your trades and report your crypto acivity to the CRA come tax season.

     

  • How to buy crypto with credit card?

    To buy crypto with a credit card, first you'll need to contact the credit card issuer to determine whether or not they support crypto transactions. Not all traditional credit cards will authorize the purchase of cryptocurrency. Then you'll need to use a cryptocurrency exchange platform that offers a credit card buy feature. To find an exchange that allows for credit card purchases, use the comparison tool above and select Credit from the filter menu on the left.

     

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