There are many cryptocurrency trading platforms. Each one has its own risks and benefits. The best choice of cryptocurrency platform is the one that meets your needs and goals. When you are a beginner, it can be difficult to navigate your way around; to help you, here is a list of the fifteen best cryptocurrency trading platforms in Canada.
In Canada, many trading sites and apps are available. In fact, it can be difficult for beginners to find a platform that suits them. With many options available, it is difficult to find the one that will work for you. To help, here is a list of the best cryptocurrency buying and selling platforms available 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 entry bonuses and other offers aimed at helping investors.
Here are our top 15 crypto trading platforms in Canada in 2021:
- Mogo Crypto
- Wealthsimple Crypto
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. The platform does not support payments in US dollars, euros or pounds sterling. Deposit options include bank transfer and Interac e-transfers, which are near-instantaneous.
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)
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 Toronto based cryptocurrency trading platform. 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.
7. NDAX. IO
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 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 customer’s 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.
Established in 2014, Netcoins is a Canadian exchange platform that allows their 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 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 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 cryptocurrency 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 deposit 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 buy 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. 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 stable coin 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 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.
This platform 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.
As of today, only wire transfers are accepted by Crypto.com.
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 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.
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 cryptocurrency 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.
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.
Things to consider when choosing a crypto exchange
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 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 store you 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 an institutional insurance policy for digital assets? What security measures do they use to secure their network and user accounts?