There are many crypto trading platforms 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 cryptocurrency platform 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 20 best crypto trading platforms in Canada.
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
Here are our top 20 crypto trading platforms in Canada:
- Mogo Crypto
- Wealthsimple Crypto
- Bull Bitcoin
- 1. Bitbuy
- 2. CoinSmart
- 3. VirgoCX
- 4. Shakepay
- 5. Newton
- 6. Coinberry
- 7. NDAX.IO
- 8. Netcoins
- 9. Bitvo
- 10. Crypto.com
- 11. Mogo Crypto
- 12. Wealthsimple Crypto
- 13. MyBTC.ca
- 14. Binance
- 15. CEX.IO
- 16. Kraken
- 17. CoinSquare
- 18. KuCoin
- 19. Gemini
- 20. Bittrex
- 21. Bull Bitcoin
- 22. Coinbase
- Things to consider when choosing a crypto trading platform
Bitbuy is a Canadian cryptocurrency trading site created in 2016. It is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The Bitbuy platform offers a reliable, convenient and secure way to buy various cryptocurrencies.
In accordance with Canadian regulations, Bitbuy’s cold-stored assets were transferred to BitGo Trust Company. The latter is a company specializing in the storage of digital assets. All assets held by BitGo are completely covered by an insurance policy, giving customers peace of mind when using Bitbuy.
Bitbuy is only available in Canada. 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.
Read more about how Bitbuy Technologies Inc. Brings “The Heat” to Crypto.
With nine different types of cryptocurrencies, CoinSmart is one of the platforms offering the most choices.
The CoinSmart platform provides four deposit methods, including credit and debit cards. The processing of these kinds of transactions is instantaneous, but the fees can be up to 6% of the deposits. You can also choose between bank transfers, Interac e-transfers or bank cheques. For these transactions, the processing is done on the same day, with 0% fees. Trading fees vary between 0.20% and 0.30% of the amounts traded.
Different withdrawal methods are also available. On the one hand, you have electronic funds transfers and bank transfers. The transaction fee is 1%, with a processing time ranging from 1 to 5 days. It is also possible to make withdrawals in cryptocurrencies.
Here is the list of cryptos available on CoinSmart:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Canadian Stablecoin (QCAD)
- Cardano (ADA)
- Bitcoin cash (BCH)
- Stellar (XLM)
Read more about the CoinSmart Canada Story: The Other Side of Fear.
VirgoCX is a regulated crypto trading platform in Canada founded in 2018. Its mission is to be a one-stop-shop for Canadian crypto trades. The VirgoCX platform is built for investors at any stage of expertise. The platform offers access to 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, withdrawal, or trading fees and the platform supports deposits in CAD, USD, and all cryptocurrencies. Supported currencies for withdrawals are CAD and USD, plus 44 coins including Bitcoin (BTC), Ethereum (ETH, Doge (DOGE), Shiba Inu (SHIB), Tether_TRC20 (USDT), and Decentraland (MANA).
VirgoCX OTC Direct, one of the platform’s products, has 24/7 institutional liquidity which makes 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.
For people who want to take their first steps into the cryptocurrency world, Shakepay is the perfect platform. This crypto trading platform in Canada offers trading in its most basic form, which is buying and selling cryptos. This application has been designed for novices wishing to get acquainted with the world of cryptocurrency.
The Shakepay platform is one of the few 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.
There are two ways to finance your Shakepay account:
- Interac e-Transfer
- Transfers from your local bank
Interac e-Transfers are instantaneous. This way, you will be able to start buying cryptos quickly.
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 buy or sell price gap to make money. The Newton platform offers 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.
Coinberry is a cryptoc trading platform in Canada based in Toronto. Focused on innovation, it has been involved in the introduction of bitcoin tax payments with the Innisfil and Richmond Hill cities. The Coinberry platform is also the first Canadian platform to offer a 0% fee on your transactions.
Like many of its competitors, Coinberry makes money by adding a variable margin ranging from 0% to 2.5% on the prices of different cryptocurrencies, depending on market fluctuations. However, some cryptos are subject to fixed rates, such as Litecoin at 0.02. Whether on the website or mobile app, here is a list of some cryptos available:
- Bitcoin Cash
To put money into your account, you can use an Interac e-Transfer, bank transfer or credit card payment. Another option is to deposit cryptocurrencies, but only two are available (Bitcoin and Ethereum). As for the withdrawal, two more cryptos are added to the list: Ripple and Litecoin.
NDAX. IO, also known as the National Digital Asset Exchange, is a Canadian cryptocurrency trading site located in the province of Alberta. It allows Canadians to buy and sell more than 13 cryptos such as Bitcoin, Ethereum and Dogecoin.
The NDAX. IO platform is specially designed for beginners with its easy-to-use platform. The platform also offers a range of features such as instant deposit and withdrawals in Canadian dollars, low trading fees, a mobile app, an ATM and plenty of other tools to track and manage a cryptocurrency portfolio without difficulty.
NDAX is one of the most secure cryptocurrency trading sites in the country. 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 spaces. Since its launch, NDAX has never been hacked or compromised, unlike other sites that offer the same services.
NDAX is the easiest way to buy and sell digital assets. With their intuitive platform, beginners can quickly buy and sell 30 digital assets. Trading fees as low as 0.2%!
Established in 2014, Netcoins is a Canadian exchange platform 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 10 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, or as an online bill payment through your online bank account. The only way to withdraw money off the platform is through an eTransfer back to your account. All deposits and withdrawals are free. Fees to withdraw your crypto to a private wallet vary by coin. The fee to trade crypto is a flat 0.5% per trade. Some coins can be bought with your credit card, but come with additional fees and purchase minimums.
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 Visa Prepaid Card. You can 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 Visa is accepted, and you earn 3% cash back in Bitcoin on every purchase.
Bitvo is a Canadian crypto trading platform based out of Calgary, Alberta. Currently, it is led by two women 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 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 Machine (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 transferring crypto in from an external wallet. All deposits are free. Withdrawals cost 1% depending on withdrawal method and the amount. Trading fees are built into the spread, which is the difference between the sell price and purchase price of a crypto-coin. The spread ranges from 0.5-1% depending on what coin you’re trading.
Bitvo offers 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 trading platforms in the world is Crypto.com. With over 10 million users, this platform is suitable for investors of all levels. Since January 2021, it is possible to trade cryptocurrencies using Canadian dollars on its platform.
Crypto.com offers many advantages, such as:
- No deposit fees;
- 3 months of free trading for all new user;
- Up to 50% fee reduction for negotiations between users of the application;
- Instant transfer of cryptocurrencies between users;
- 0% fee on the purchase of bitcoin.
At the time of writing, only wire transfers are accepted by Crypto.com.
11. Mogo Crypto
For cryptocurrency enthusiasts who have followed the rise of bitcoin, Mogo Crypto may be the platform for you. Imagine a world where you can earn bitcoins through your daily purchases like groceries, gas or pharmacy products! With Mogo Crypto, you get 2% of the value of your purchases in bitcoin. This is the reality of the platinum credit card offered by Mogo Crypto.
It should be noted that this crypto trading platform only offers bitcoins. For deposits, Canadian dollars are accepted, of course. It is possible to invest through electronic or bank transfers.
The platform offers up to 95% cold storage for your assets. The only notable issue with the Mogo Crypto platform is the rate applied to your transactions, which is 1% of the amounts traded. This is one of the highest rates on the market. While there are many benefits, this is still an important point to note.
12. Wealthsimple Crypto
Wealthsimple has made a name for itself with its robo-advisor, which allowed many Canadians to invest online for less. In 2020, the Toronto-based fintech company launched Wealthsimple Crypto, its cryptocurrency trading platform. In total, the platform allows you to buy no less than 16 cryptocurrencies and tokens.
Generally, the Wealthsimple crypto trading platform does not charge commissions on withdrawals and deposits or on the opening and closing of your account. On the other hand, fees of 1.5% to 2% are applied on transactions.
If we have to mention a negative point, it is the fact that you cannot transfer your cryptos to your external digital portfolio. That said, it won’t be a problem if you want to stay exclusively on Wealthsimple Crypto, and you have no intention of making purchases with your cryptocurrencies. The second point to note is that only electronic funds transfers in Canadian dollars are supported by the platform.
Regarding the level of security, all your cryptocurrencies are kept at the regulated custodian Gemini.
Read more about Who Owns Wealthsimple? The Answer May Surprise You.
If you’re primarily interested in bitcoin, we’ve got you covered! MyBTC is a Canadian bitcoin trading site. Even though it remains the main crypto, the MyBTC platform also allows you to buy other cryptocurrencies such as Ripple, Litecoin, etc.
Among the payment methods that the MyBTC platform offers are Interac and bank transfers, credit and debit cards, as well as Flexepin vouchers. That’s not all: cash payments are also available.
As for the fees on deposits, they vary between 4.75% and 9.75%, depending on the amount and the payment method selected.
Binance is the world’s largest crypto trading platform. As such, the Binance platform hosts a huge volume of transactions, which allows it to have extremely competitive fees. Binance also offers a multitude of different services, such as lending, peer-to-peer trading, and derivatives trading.
To fund their Binance accounts, Canadians have only one option: international SWIFT transfers. Canadian dollars (CAD) must be converted to US dollars (USD) before the transfer. Currently, it is not possible to use the Canadian dollar to buy cryptocurrencies on Binance.
There are no fees for your deposits. Withdrawals, on the other hand, are subject to variable fees. In our case, these amount to 15 USD per withdrawal. For trading on Binance, the fees vary depending on the type of transaction. For example, for peer-to-peer trading, only the creator of the ad is charged a fee (0.35%).
When you create your Binance account, you have a local e-wallet to store and manage your financial assets directly on the platform. Other highlights of this crypto giant include its savings accounts offering. You have two options:
- Flexible saving: estimated annual returns between 0.50% and 3.29%.
- Locked savings: estimated annual interest rates between 15 and 45%.
The downside of the crypto exchange is that trading cryptocurrencies on Binance is off-limits to Ontarians.
Read more about Is Binance Still Banned in Ontario as of 2022?
CEX.IO is a multifunctional digital currency trading platform. Currently, over 80 assets are supported by the platform. Although the platform is open to Canadians, transactions must still be made in U.S. dollars.
Several payment methods in Canadian dollars are available on the CEX.IO platform:
- Credit and debit cards (Visa or MasterCard);
- Bank transfers (ACH, SEPA, or SWIFT).
Fees vary depending on your monthly trading volume. There will also be a rate difference between the sell price and the buy price. The deposit fees is 2.99% for debit or credit card deposits; however, no fees are applied to bank transfers.
The Kraken crypto trading 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 with no notable hacks or security issues during its almost decade-long tenure. This fan-favourite crypto exchange is US-based but available to users in over 185 countries, including Canada.
With competitive fees and a user-friendly interface, you can quickly and easily trade from roughly 160 different cryptocurrencies, depending on where you live. Kraken is incredibly accessible with about 6 different supported fiat currencies, such as:
- Canadian Dollars (CAD)
- US Dollars (USD)
- Euros (EUR)
- Great British Pound (GBP)
- Swiss Francs (CHF)
- Japanese Yen (JPY)
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.
Fees range from 0.5%-1.5% depending on the type of transaction, like funding your account, cashing out, or making a trade for example. Kraken Pro offers lower trading fees based on your 30-day trade volume.
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.
Coinsquare is a Toronto-based cryptocurrency platform founded in 2014 and is federally regulated by the Ontario Securities Commission (OSC). 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 fees are not as competitive as other cryptocurrency platforms in Canada. Coinsquare QuickTrade fees are the highest, ranging from 0.2%-0.4% depending on the coin. The Bit Market fees are lower, with a taker fee of about 0.1% and a maker fee of about 0.2%.
Funding your account is free, but cashing out to fiat will cost you 2% and transferring your crypto off-platform gets pricy and the cost varies by coin. Currently, the only fiat supported on CoinSqaure 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.
KuCoin is a Hong Kong-based cryptocurrency exchange that’s been around since 2017. Currently, it is not regulated by any Canadian authority, and as such, runs the risk of getting banned in some or all Canadian jurisdictions. Also, while a great platform in general, it is geared towards more advanced traders and is not particularly beginner friendly.
Having said that, the KuCoin platform offers robust features that have made it a crypto-fan favourite around the world, serving roughly 25% of all crypto-enthusiasts. You can manage your KuCoin account and make trades anytime through the mobile App.
The desktop version offers advanced traders a suite of charting features for in-depth analysis along with spot, margin, and futures trading. It also offers various other features like staking and trading bots, as well as a more limited but easier-to-use Fast Trade dashboard.
KuCoin supports almost 400 different cryptocurrencies and allows you to transfer-in your holdings from other wallets for free. However, there are fees to fund your account with CAD and to cash out or transfer your holdings off-platform. Fees are reduced if you hold a certain amount of KuCoin’s native token (KCS). Trading fees begin at 0.1% and are also reduced if you hold and pay with KCS.
Gemini Trust Company commonly referred to as just Gemini, is a New York-based cryptocurrency trading platform. They also provide cold storage solutions for retail and institutional investors as well. If you’re familiar with the 2010 biopic The Social Network about the founders of Facebook (now Meta), then it’s worth noting that Gemini was founded by the Winklevoss twins.
Gemini is a well-designed trading platform that offers users a crisp, sophisticated, and easy-to-navigate interface that seamlessly appeals to both new and veteran crypto investors alike. You can make trades at the tap of a button and use the Active Trader platform for more advanced robust features. It is also available as a mobile app to make crypto trading easily accessible from your phone.
For Canadian Gemini users, you have access to almost 50 different cryptocurrencies. You get Unfortunately, the fees can be pretty steep compared to other cryptocurrency trading platforms in Canada. Trading fees are tiered based on the size of your trade and range from $0.99 to 1.49%. You get 10 free crypto withdrawals per month but then pay per transaction after that. If you plan on funding your account with fiat through your debit card, you’ll get nailed with a 3.49% fee too. The tools are great and so is the accessible functionality, but the fees are not competitive and can quickly eat into your capital and profits.
On the upside, Gemini is regulated by the New York State Department of Financial Services (NYDFS) with pretty stellar security protocols in place. Almost all their digital assets are held in cold storage off the platform and, at the time of writing, Gemini has yet to be successfully hacked or attacked. Cryptocurrencies in their custody are protected from malfeasance, breaches of security, and hacks. But if you suffer a loss because someone gained unauthorized access to your account then you’re on your own.
Bittrex is a Seattle-based cryptocurrency exchange platform founded in 2014. Currently, there are over 150 cryptocurrencies listed on the platform for trading. However, it’s not easily accessible for Canadians. The platform does not accept CAD fiat to fund your account, nor is the platform regulated. That means you could lose access at any time if Canadian regulators decide to ban Bittrex.
Having said that, you can use the platform from Canada if you don’t mind converting your CAD into something else before you can fund your account with fiat. Otherwise, you can transfer your existing crypto holdings onto the platform to start trading. Like most cryptocurrency exchange platforms these days, the user interface is easy to navigate and designed for both beginners and seasoned investors alike. While the platform is available as a mobile app, you won’t be able to access all the same advanced trading features from the desktop version.
The trading fees through the Instant Buy/Sell feature start as low as a 0.5% spread on stablecoins and a 1.5% spread on all other cryptocurrencies. Trades executed through the order book charge maker/taker fees starting at 0.35% and decrease as your 30-day trading volume increases. On the upside, there are no fees to fund your account with fiat, nor are there fees to cash out through a direct deposit to your account. Wire transfers and the withdrawal of crypto to a private wallet come with associate fees listed on the site.
Bittrex is known for its security measures, boasting an intense security audit known as a SOC 2 Type 2 examination. They also secure most of their digital assets off the platform in cold storage. Furthermore, Bittrex has up to $300 million of institutional insurance coverage on digital assets under management in the event of external theft or employee
21. Bull Bitcoin
Bull Bitcoin is a Canadian cryptocurrency exchange platform that was founded in 2013. This handy platform is great if you’re only interested in Bitcoin because that’s the only crypto they offer. Plus, it’s a non-custodial platform that does not store your Bitcoin for you, making it a great choice if you want an easy way to trade Bitcoin and store it in your own private wallet.
Bull Bitcoin has one key feature that makes it stand out from the other platforms: you can use your Bitcoin to pay bills like your cell phone, internet, or any Canadian credit card. Their bill-payment service, powered by Bylls, is partnered with over 14,500 companies. You can also use your Bitcoin to buy gift cards!
Bull Bitcoin allows you to send money to other people, regardless if they have a digital wallet or even know what crypto is. Bull Bitcoin takes your BTC and converts it into fiat then sends it to your recipient. They won’t even know you paid them with Bitcoin.
Trading fees are a spread between the buy and sell price, but the platform does not disclose a specific spread on the site, which means it fluctuates with market volatility. If you use Bitcoin to pay bills, the fees are tiered based on your daily volume and range from 0% – 1.25%. There are no fees to buy Bitcoin except for the normal network fees, nor are there fees to deposit or withdraw fiat from your Bull Bitcoin account.
Bull Bitcoin is a registered Money Service Business (MSB) and is regulated by the Financial Transactions and Reports Analysis Centre of Canada, a federal financial regulator known as FINTRAC. The platform uses security tech like Coinjoin and Lightning Network to protect your privacy, does not collect KYC information for transactions under $1,000, and encrypts your data.
Coinbase is a popular US-based cryptocurrency exchange platform 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 after Binance.
However, Coinbase is currently in hot water with the Securities and Exchange Commission (SEC), an American financial regulator, over allegations that the platform is operating illegally as an unregistered securities exchange. Furthermore, a Coinbase executive recently plead guilty to insider trading and wire fraud, and the company is currently involved in a few class action lawsuits.
At the time of writing, the Coinbase platform is business-as-usual with great features for both crypto noobs and experienced traders, but its future is unknown while the company navigates its legal troubles. Keep this in mind and factor it into your risk management strategy if you plan to use the Coinbase platform. It is recommended that you store your own digital assets off the platform in a private wallet.
Coinbase offers over 100 different cryptocurrencies and Canadian users can easily fund their account with CAD by debit card, linking a bank account, or transferring in existing crypto holdings. The fees are pricey and vary by the size of the trade, payment method, and whether trades are through the base account or Coinbase pro. The fee structure is complicated so you will need to refer to the site for the most updated pricing information, but expect prices to range from $0.99-$2.99 up to 3.99%. Cashing out to fiat is free for a direct deposit, and up to $25 for a wire transfer.
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.
Read more about Coinbase vs Coinbase Pro: Which one is better for Canadians?
Things to consider when choosing a crypto trading platform
Not all exchanges can serve everyone. Before you open an account make sure the platform and all its features are available to 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 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, other’s 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 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 offer eTransfer or bank wires. Some exchanges allow you to fund your account with cash through Canada Post.
Choose an exchange that offers your preferred funding method. The same is true when you want to cash out your profits into fiat and transfer back to your bank. Make sure the exchange offers flexible withdrawal methods and whether or not there are deposit or withdrawal amount limits.
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.
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?
CoinSmart and Bitbuy are tied for the best cryptocurrency exchange in Canada. Both are easy to use, easy to fund with CAD, and offer competitive trading and transaction fees. Both are federally regulated with robust security features.
However, Bitbuy offers slightly lower trading fees (depending on how much you trade) and more cryptocurrencies to choose from. However, CoinSmart promises same-day account funding so you can act quickly on fast-changing market conditions.
Binance is the most popular cryptocurrency exchange platform in the world and is available to Canadian users. However, it is banned in Ontario which means it cannot be accessed by users who live there. Binance has robust features, an extensive list of cryptocurrencies to trade, and low fees.
However, it is not the most user-friendly exchange for beginners and funding your account with fiat is difficult because many Canadian-issued debit and credit cards do not support crypto transactions. This exchange is best suited for more experienced traders who want access to advanced features and a wide selection of altcoins.
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%.