The 10 Best Crypto Exchanges in Canada

    The hunt for the best crypto exchange in Canada is unique for each person. There are many platforms to choose from, each with 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. So I’ve put together a guide to simplify your decision. I based my selection on reputation, cryptocurrency offerings, fees, and unique benefits. Plus, the importance of regulatory compliance cannot be overstated, so I’ve only chosen regulated platforms. Here are the 10 best crypto exchange platforms in Canada.

    Crypto Exchanges
    Best For
    Security & Regulation
    Newbies & Experts Alike
    Stocks & Crypto
    Easy & Secure
    Low Fees
    Large Trades
    Earning Free Bitcoin
    Low Spreads
    Flat Trading Fee
    Coin Selection

    1. Bitbuy: Best For Security and Regulation

    [Offer productType=”CryptoExchange” api_id=”61a0001c149d52071313dfba”]

    Bitbuy is the overall best crypto exchange in Canada, offering robust security and the peace of mind that comes with regulation. It is registered with the Canadian Securities Administrators (CSA), the Ontario Securities Commission (OSC), and FINTRAC. Cold-stored assets are secured and insured by BitGoTrust Company while hot wallets are insured by Coincover.

    Bitbuy charges a 2% fee on all trades and offers 41 cryptocurrencies. The Express Trade dashboard is well-designed for beginners while the Pro Trade dashboard offers a live order book, sophisticated tools, and lower fees based on volume for experienced traders. Staking is available for 7 tokens, offering up to 12.26% APY. For the crypto whales, Bitbuy provides an Over the Counter (OTC) trading desk for trades over $50,000.

    Trading on Bitbuy is limited to Canadian dollar (CAD) deposits from local banks and financial institutions. Deposit options include Interac eTransfers, Bank Wire, Crypto as well as Debit & Credit Cards. All withdrawals are subject to fees and are limited to eTransfers, Bank Wires, and Crypto.

    ProsCons
    Security & RegulationHigher Trading Fees
    User-Friendly InterfaceLimited Withdrawal Options
    Multiple Funding OptionsOnly 41 coins
    Flexible Trading Platforms
    Staking & OTC

    2. Coinbase: Best For All Experience Levels

    [Offer productType=“CryptoExchange” api_id=“61a9260032cba33079d9b422″]

    Coinbase is a US-based crypto exchange that is accessible to Canadian users. As the second-largest platform in the world by trade volume, it offers a selection of almost 200 coins, an NFT Marketplace, Staking, and a versatile platform that grows with you.

    You can easily buy crypto with CAD by eTransfer, Debit, Credit Card, and Crypto. However, withdrawals are limited to PayPal and Crypto. All funding and withdrawal methods are subject to fees. The trading fees are pricey and vary by trade size, payment method, and whether trades are through the basic Coinbase dashboard or the Advanced Trade dashboard. The fee structure is a bit complex, here’s what to expect:

    Coinbase (Basic Platform)Coinbase Advanced
    Fiat to Crypto:Tiered based on 30-day volume:
    1.5% on orders under $200Makers: up to 0.4%
    Takers: up to 0.6%
    Flat fees on orders over $200:
    $0.99 for < $10
    $1.49 for < $25
    $1.99 for < $50
    $2.99 for < $200

    Coinbase secures about 98% of digital assets under management offline in cold storage, enhanced by vaults with time-delayed withdrawals and multi-approver systems. Assets are insured against breaches or insolvency. In case of company insolvency, customer assets remain segregated and protected from being used to settle Coinbase’s debts.

    Additionally, Coinbase offers the non-custodial crypto wallet, Coinbase Wallet, accessible to anyone via an app, emphasizing the importance of personal control over crypto keys for asset security.

    ProsCons
    Almost 200 cryptocurrencies❌ Very high trading fees
    ✅ Direct crypto purchases using debit and credit cards❌ Few funding methods
    ✅ Account funding with CAD through eTransfer❌ Only PayPal withdrawals for CAD
    ✅ Complimentary advanced trading tools❌ No bank account linking or wire transfer purchases
    ✅ Staking options available❌ Lack of clear pricing information on the website
    ✅ NFT Marketplace❌ Complicated fee structure
    ✅ Compatible self-custody wallet (Coinbase Wallet)
    ✅ Beginner-friendly, simple interface
    ✅ Strong security measures

    3. Wealthsimple Trade: Best All-in-One Platform for Stocks, ETFs, and Crypto

    [Offer productType=”BrokerageAccount” api_id=”5f53d2134d1911503113cafa”]

    Wealthsimple has made a name for itself with its robo-advisor, which allowed many Canadians to invest online at a fraction of the cost of traditional brokerages. The crypto trading platform is accessible from the Wealthsimple Trade app, allowing you to invest in Stocks, ETFs, and Crypto all in one place. You can also stake Ethereum (ETH), Solana (SOL), Cardano (ADA) and Polkadot (DOT).

    There are 69 cryptocurrencies available and trading fees are tiered based on the total value of all your Wealthsimple accounts. Here’s a breakdown:

    Under $100,000Over $100,000Over $500,000
    2%1%0.5%

    You can fund your account for free by eTransfer, Debit Card, a linked bank account, transferring from another Wealthsimple account, direct deposit, bank wire, and crypto. Many of these methods offer instant transfers of up to $8,250.00. Free withdrawal methods include eTransfer, transferring to a linked bank account, transferring to another Wealthsimple Account, and crypto. You can instantly withdraw by Debit card, but it’s subject to a 2.5% fee.

    Coins are held by Gemini Trust Company LLC, a regulated crypto custodian with $200M in cold storage insurance coverage.

    ProsCons
    Divers funding options❌ Only 69 coins
    ✅ Instantly fund up to $8,250❌ Higher trading fees
    ✅ Free deposits & withdrawals❌ Basic platform
    ✅ User-friendly platform❌ No charting or advanced trading tools
    ✅ Can invest in Stocks & ETFs

    4. Kraken: Best For an Easy and Secure Access

    [Offer productType=“CryptoExchange” api_id=“61aa402b61d159113850f746″]

    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. Unlike many of the Canadian-based platforms, you can manage your account and trade any time from anywhere in the world through the app. 

    Kraken appeals especially to experienced traders seeking a wide range of cryptocurrencies and advanced trading features, like margin, staking, and an NFT marketplace. There are over 200 coins available and the platform supports 6 different fiat currencies:

    Funding your account with Canadian dollars is easy 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. However, you can expect maker/taker fees to range from 0-0.26% on Kraken Pro and 1.5-6.5% on the basic platform.

    Kraken Pro is the advanced platform with extensive tools and analytics for experienced trades. It offers lower trading fees based on your 30-day trade volume. The basic platform is better for beginners but charges higher fees.

    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 data.

    ProsCons
    Accessible from anywhere❌ Not as beginner-friendly
    ✅ Over 200 cryptocurrencies❌ Only one free funding method
    ✅ Advanced trading options❌ No free withdrawal methods
    ✅ Competitive, volume-based fee structure
    ✅ Many funding methods
    ✅ Margin, Staking, NFT Marketplace

    5. NDAX: Best For Low Fees

    [Offer productType=”CryptoExchange” api_id=”61aa6bc061d159113850f74a”]

    NDAX, the National Digital Asset Exchange, is the best crypto exchange in Canada for low fees, charging just 0.2% on all trades. It offers 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.

    You can fund your account for fee by eTransfer, Wire Transfer, and Crypto. However, withdrawing is limited to Electronic Funds Transfer (EFT) for $4.99, or crypto.

    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, a mobile app, a crypto ATM and plenty of other tools to track and manage a cryptocurrency portfolio without difficulty. The basic dashboard offers an easy Quick Buy/See feature while the Advanced trading dashboard provides a live order book, charts, customizable indicators, and other advanced tools for more experienced traders.

    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.

    ProsCons
    ✅ Low trading fees❌ Only 32 coins
    ✅ Free funding options❌ Limited withdrawal options
    ✅ User-friendly platform❌ EFT withdrawal fee
    ✅ Advanced dashboard for experienced traders❌ Advanced dashboard limited compared to other platforms

    6. VirgoCX: Best For Large Trades

    [Offer productType=“CryptoExchange” api_id=“61b8c9cc842d4e0ae207a527″]

    VirgoCX is a Canadian crypto exchange in Canada that is especially suited for trades over $30,000. Their OTC desk allows you to execute large trades quickly and easily. They’ve partnered with major Canadian financial institutions to offer high-value traders lower fees, higher liquidity, instant settlement, and privacy.

    VirgoCX offers 70 coins and is known for having some of the lowest fees in Canada. It charges a spread on trades that ranges from 0.5%-2.5% depending on the coin. There are multiple free funding options including eTransfer, Wire Transfer, Crypto and Bill Payment through your online bank account. You can also fund your account by Debit and Credit Card, but this method is subject to high transaction fees. Free withdrawal methods include eTransfer, Wire Transfer, and certain Cryptocurrencies.

    The platform also supports USD deposits, offers Staking, and has one of the best selections of hot coins like NFT tokens and Metaverse coins. You can also earn rewards redeemable for discounts on the spread, merchandise and event tickets.

    ProsCons
    ✅ Many free deposit methods❌ Only 70 coins available
    ✅ Can fund your account as a bill payment❌ Higher spreads
    ✅ Large selection of Metaverse, gaming, and NFT coins❌ Limited trading tools
    ✅ Can earn rewards, even without trading❌ Best for experienced, high-value investors

    7. Shakepay: Best For Earning FREE Bitcoin

    [Offer productType=“CryptoExchange” api_id=“61aa899144ba3653baf3dd69″]

    Shakepay is one of the best crypto exchange platforms in Canada if you are brand new to crypto and want an easy way to enter the market. However, it only supports buying and selling Bitcoin (BTC) and Ethereum (ETH). You can’t trade on Shakepay, nor can you directly swap between BTC and ETH. The Shakepay app is designed for novices wishing to get acquainted with the world of cryptocurrency without getting overwhelmed.

    One of the best features of Shakepay is the ability to earn free Bitcoin every day by opening the app and shaking your phone. 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 trading fees. Instead, Shakepay charges you a slightly higher price than the live market price when you buy, and it gives you a slightly lower price than the live market price when you sell. With the absence of trading fees, Shakepay is one of the cheapest platforms to buy/sell BTC and ETH.

    There are three ways to finance your Shakepay account: by Interac eTransfer, wire transfer, and crypto. Interac e-Transfers are instantaneous. You can only withdraw to your account by eTransfer or sending your crypto off the platform.

    ProsCons
    ✅ Easy & cost-effective way to buy crypto❌ Only BTC & ETH available
    ✅ Earn FREE Bitcoin by shaking your phone❌ Can only withdraw to a bank account by eTransfer
    ✅ Free funding methods❌ Cannot trade or swap directly between coins
    ✅ Free withdrawal methods❌ Not for experienced investors
    ✅ Great for beginners

    8. Newton: Best For Low Spreads

    [Offer productType=“CryptoExchange” api_id=“61aa722344ba3653baf3dd62″]

    Newton is one of the best platforms in Canada for charging a low spread on trades instead of traditional fees. While the platform boasts the lowest spreads, it does not disclose how much it is or how much lower it is than their competitors. However, users report a spread of 0.5%-1%.

    The platform offers over 70 cryptocurrencies, staking, and an OTC desk. You can fund your account for free by eTransfer, wire transfer, and crypto. Unlike other platforms, Newton will cover up to $5 in blockchain network fees when moving your crypto on and off the platform. You can withdraw from your account by eTransfer, wire transfer, pre-authorized bank transfer, and crypto.

    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.

    ProsCons
    Competitive spread❌ Spread not disclosed to public
    ✅ Over 70 coins❌ No free withdrawal methods
    ✅ Free funding methods
    ✅ Covers $5 of blockchain network fees
    ✅ Staking
    ✅ OTC desk
    ✅ User-friendly platform with advanced trading tools

    9. Netcoins: Best For Flat Trading Fee

    [Offer productType=“CryptoExchange” api_id=“61aa6c2361d159113850f74b”]

    Netcoins is another Canadian crypto exchange best known for its user-friendly platform and flat 0.5% fee on trades. This simplifies the cost structure, making it easy for beginners to understand their trading expenses. The platform offers 37 popular cryptocurrencies and supports both CAD and USD.

    Netcoins offers a range of deposit options including eTransfer, wire transfer, and crypto deposits, with free deposits except for bank wires under specific thresholds. Withdrawals are also convenient, with free options and varying fees based on the withdrawal method. Withdrawals are free for any amount by ACH Transfer, and you will pay $20 for bank wires. Fees to withdraw your crypto to a private wallet vary by coin.

    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.

    ProsCons
    ✅ Flat trading fee of 0.5%❌ Only 37 coins
    ✅ Easy-to-use platform, great for beginners❌ Limited advanced trading features
    ✅ Free deposit options and some free withdrawal methods❌ Bank wire fees for smaller deposits
    ✅ Prepaid Mastercard with Bitcoin cashback❌ Withdrawal fees vary by method

    10. Crypto.com: Best Coin Selection

    [Offer productType=“CryptoExchange” api_id=“61a935e344ba3653baf3dd57″]

    Crypto.com is a global crypto exchange that is available to users in Canada. It is beloved for its extensive selection of over 250 coins, making it a great alternative to Binance. This platform is incredibly versatile and suitable for all experience and comfort levels.

    In addition to CAD, Crypto.com also supports over 20 other 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 crypto cards that earn rewards.

    ProsCons
    ✅ Over 250 cryptocurrencies❌ May be overwhelming for beginners
    ✅ Low trading fees❌ Crypto cards require minimum holdings
    ✅ Supports 20 fiat currencies
    ✅ Offers various rewards crypto cards
    ✅ Suitable for all levels of traders

    What to Look for in 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

    What is the best Canadian-owned crypto exchange?

    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.

    What is the best crypto exchange overall?

    We encourage you to explore Bitbuy and other regulated platforms. Bitbuy offers a good balance between the number of available cryptos, fees, and security.

    What is the best crypto exchange for beginners?

    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.

    What is the cheapest crypto exchange platform in Canada?

    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%.

    Are crypto exchanges regulated in Canada?

    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.

    Can crypto exchanges take your money?

    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.

    Can you buy crypto without an exchange?

    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.

    How do crypto exchanges make money in Canada?

    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.

    Heidi Unrau is a senior finance journalist at Hardbacon. She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she kicked-off her financial career in retail banking as a teller. She quickly progressed to become a Credit Analyst and then Private Lender. This hands-on industry experience uniquely positions her to provide expert insight on loans, credit scores, credit cards, debt, and banking services. She has been featured in publications such as WealthRocket, Scary Mommy, Credello, and Plooto. When she's not chasing after her two little boys, you'll find her hiding in the car listening to the Freakonomics podcast, or binge-watching financial crime documentaries with a bowl of ice cream. Fun Fact: Heidi has lived in five different provinces across Canada and her blood type is coffee.