When it comes to choosing the right cryptocurrency exchange, there are quite a few things you may want to consider. The fees these brokers charge are important, as well as how beginner-friendly it is.
Is it meant for advanced traders? Which is the best for quick deposits? Which exchanges are the most recommended? Which crypto asset trading platform has the most competitive trading fees? Well, this is where we can help. Let’s take a look at some of the best crypto exchanges out there right now.
Most Popular Crypto Exchanges
In Canada, there’s quite an array of trading platforms. Unfortunately, not all of these platforms exchange cryptocurrency. Here are some of the best crypto trading platforms that Canadian crypto investors use which also offer competitive fees.
Keep in mind that these aren’t decentralized exchanges, meaning that there’s no peer to peer transactions allowed, directly from your digital wallet. All of the exchanges listed below are centralized crypto exchanges available to Canadian crypto users.
Bitbuy
Bitbuy is just one of the most popular, as well as the best cryptocurrency exchanges in Canada. You can start investing for as little as $50, and you can invest and withdraw funds quickly using Interac, visa, MasterCard, Apple Pay and bank transfers. Bitbuy even has a transparent fee structure. Plus, with Bitbuy, you can sell and purchase more than just Bitcoin. They have a variety of different cryptocurrency options.
When using Bitbuy, you can feel safe since 90% of your crypto is kept in cold storage and covered by a comprehensive insurance policy. The Ontario Securities Commission and the Canadian Securities Administrators also approve Bitbuy.
Fun fact: they’re also the first Canadian registered marketplace for crypto assets. Plus, they’re even registered with FINTRA(Financial Transactions and Reports Analysis Centre). Because of this, they’re considered to be a trusted crypto exchange.
Coinsmart
With Coinsmart, you can start investing in cryptocurrency either online or through the app. One of the first things you notice when you go to their website is how they market themselves to beginners and advanced traders. So, no matter your skill level, there are plenty of options. This is because their “mission is to make cryptocurrency accessible to everyone.”
Just like many other crypto exchanges, Bitcoin isn’t the only crypto that they offer. They do have quite a few to choose from. That said, Bitbuy does have a bit more of variety. Coinsmart is very easy to use, though, and it is simple to get started. All you need to do is create an account online. Once you’ve done that and made a deposit, you can get started right away.
Some of the great features of Coinsmart are:
- Deposits enter your account the same day that they’re received
- Fiat currency withdrawals are processed within 5 business days
- Account verifications are completed on the same day
- They’re a Canadian company
- They offer live support
Coinbase
Another great crypt exchange that was built for Canadians is Coinbase. With Coinbase, you can earn up to 10% APY on your crypto and trade in multiple ways since this exchange is built for advanced traders.
This exchange offers more order types, such as market, limit, stop limit and auction mode. They also offer charting tools and trades powered by Tradingview with EMA, MA, MACD, RSI, and Bollinger Brands. However, even with all that, you can easily switch between simple and advanced trading.
If you decide to use Coinbase, you can get way more by using a crypto membership. With this, you can get free trading fees, boosted staking rewards and priority support. This is just the beginning, though; there’s plenty more included. Plus, when you first sign up, you can get a 30-day free trial. You can even set up recurring crypto transactions to make your investing process just that much easier.
When it comes to actually purchasing crypto, Coinbase makes it simple by allowing you to top up your account using Interac e-transfer. Also, when you cash out your crypto, you can sell quickly and get your money almost instantly with most financial institutions.
There are also over 200 different cryptocurrencies to choose from when you’re purchasing from Coinbase, which makes sense since they’re one of the largest crypto exchanges in the world and have been since April of 2021.
Kraken
One of the great things about the crypto exchange Kraken is that they have two different investing options. You can go with Kraken or Kraken Pro. With Kraken, you can start investing for just $10. You can also purchase and sell 100s of different cryptos with the click of a button, and you can even set up automated purchases, making it the perfect option for beginner traders.
Kraken Pro is a good option for advanced traders and contains many advanced trading features. With this option, you have trade spot, margin and staking all in one place. Some of the key features included with Kraken Pro are in-depth charting as well as technical analysis. You can also design your custom trading workspace as well as conduct advanced trading.
Getting started with Kraken is very simple. All you need to do is create your account and select which type of Kraken you want to choose. Either plan you choose, though, you have 245 different cryptocurrencies to choose from to trade.
NDAX
NDAX is another option for buying and selling digital assets in Canada. They offer some key features that set them apart from other exchanges. These features include:
- Instant ID verification
- Large portfolios
- Low fees
- 24/7 live customer support
- Same day deposits
- Same-day withdrawal settlements
- Secure digital asset storage
- Multiple funding methods
While NDAX doesn’t offer as many digital assets as some of the other exchanges, they do offer simple and informative advanced trading tools to help you make the most of your money. They also make the safety of your money their number one priority. This means that they:
- Have Canadian-based segregated accounts
- Comply with Canadian banking regulations
- Have insurance protection for all assets both in hot or cold storage
- Are in accordance with Canada’s highest security standards
Wealthsimple
With Wealthsimple, you can not only invest in cryptocurrency but also create your own self-directed investing portfolio. While many other crypto exchanges offer a large amount of digital assets, Wealthsimple doesn’t have quite as many. They offer just over 60 digital assets, one of those being bitcoin.
The reason many investors choose to use Wealthsimple is because of their low and transparent trading and withdrawal fees, making them one of the cheapest crypto exchanges in C Plus, you can choose the type of investing you want to do based on your experience level and amount of assets.
The three different investment types are core, premium and generation. The core investment type is for those with $1 in assets and up. It includes safe coin storage as well as no deposit fees or withdrawal fees, with 2% in trade fees.
The premium investment type is for those with $100,000 in assets and up. It includes all of the core benefits as well as low trading fees per transaction with a rate of 1%. The generation investment profile is for $500,000 or higher and includes all of the other benefits as well as guidance from dedicated advisors. It also includes 0.5% in trade fees.
Crypto.com
With Crypto.com, you can invest in over 250 different kinds of crypto. You can easily transfer Canadian funds into your account through your bank with Apple Pay or Google Pay. They also offer the great feature of having a crypto visa card. You get up to 5% back in spending, there are no annual fees, and you can top up the card using Fiat or Crypto.
Another great thing about Crypto.com is that it’s customizable, so it’s great for both beginner and advanced traders. Plus, out of the different cryptocurrencies, you can spend what you want from your crypto wallet.
VirgoCX
Like many other Canadian crypto exchanges, Virgo CX offers over 60 different digital assets. Their platform is simple and easy to understand and suitable for both beginner and advanced traders.
You can also get free deposits and withdrawals into your account, and you can choose to do so in CAD and US dollars. You even get the added benefit of instant funding and very competitive trading fees. They even offer a referral program.
Unlike other exchanges, VirgoCX offers a rewards program based on your trading volume. It’s a great incentive since the more you trade, the less you pay. This rewards program is made of 9 reward tiers, and you earn more rewards as you climb the tiers.
As an added benefit, you don’t have to start at the bottom if you’re an experienced investor. You can apply to start on a different tier. With the top tier, though, you can get up to 90% off on the spread.
Coinsquare
Coinsquare is another great crypto exchange in Canada, and depending on the type of program you choose with them, you don’t have to limit orders or lose access. One of the other key factors that many use this platform is the access to Coinsquare capital markets, which gives you access to deep liquidity.
With Coinsquare, you can choose between:
- Coinsquare Trade
- Coinsquare Wealth
- Coinsquare Pro
- Coinsquare Staking
They also pride themselves on being for Canadians by Canadians.
Best Exchange to Purchase Bitcoin
One of the best exchanges to purchase bitcoin in Canada is Kraken. Even though many exchanges offer bitcoin even though it isn’t legal tender, they may have high fees or more taker fees than Kraken. This platform offers a variety of different crypto options as well.
Safest Crypto Exchange in Canada
When it comes to choosing a crypto exchange in Canada, there are many options that are available to you. That said, some of these options are better than others. We have already gone over some of the best options that are available in Canada, but which ones are considered the safest?
Well, all of the exchanges that we have mentioned so far are safe. However, there are two that stand out at the top. These are Bitbuy and Coinbase. Bitbuy was actually one of the first Canadian crypto exchanges. 90% of your cryptocurrency with them is kept in cold storage for extra security, and the Canadian Securities Administrators and the Ontario Securities Commission approve them.
Coinbase is also a very secure platform. They pride themselves on their security, and they’re adamant that with them, your assets are secure. With Coinbase, your crypto is yours. It isn’t used or lent out without your permission, and they offer the most secure risk management programs in order to protect their customers’ assets.
QuadrigaCX and How It Works
While you may have heard of QuadrigaCX as a cryptocurrency exchange in Canada, they actually no longer exist. It was known as one of the largest cryptocurrency exchanges in Canada, while in reality, it was actually a cryptocurrency scandal.
Canadian Crypto Exchange Scandal
Quadriga Fintech Solutions, which was founded in 2013, founded QuadrigaCX. While they were a large cryptocurrency company that held millions in assets, they actually collapsed in 2019. In 2018, it became apparent that customers were having a difficult time accessing their crypto holdings and were unable to cash out their digital assets.
Not long after this, the founder of QuadrigaCX died. Since he held all of the passwords to the offline cold wallets, over $250 million owed to 115,000 customers was missing. This is when it became apparent that those funds were never invested into Bitcoin or any other kind of digital asset. It’s still not apparent where the funds actually went.
Once QuadrigaCX was investigated, it was determined that it was a Ponzi scheme conducted by the company’s founder. It was found that he used aliases to open accounts and credited himself with fake currency and crypto balances, which he then traded with clients. At the end of the investigation, it was found that Quadriga customers were owed $260 million in cryptocurrency and cash.
The Best Place to Day Trade Crypto
When you’re looking into day trading crypto instead of just investing, the best Canadian exchanges to use change. Some of these best exchanges are:
- Kraken
- Coinbase Advanced
- Crypto.com
While we have already discussed some of these exchanges, we haven’t discussed them all, so let’s take a look.
Are Crypto Exchanges in Canada Legal?
While trading cryptocurrency in Canada can be daunting because it is new, it is legal. Just like with trading other types of securities, you can trade crypto on different markets. Actually Canada was one of the first to regulate cryptocurrency trading, even before the US.
When you purchase cryptocurrency, you do have to remember that you’ll have to pay taxes on what you earn. Even though crypto is more anonymous than many other securities, the Canada Revenue Agency does still have the ability to trace crypto transactions.
All transactions of $10,000 or more are mandated to be reported to the CRA. When it comes to taxes on crypto, 100% of income from cryptocurrency is considered taxable and capital gains are taxable on 50%. Your individual situation and whether or not you’re considered to have a money services business will impact the taxes you’re required to pay.
The Crypto Exchanges You Can’t Use in Canada
While there are many different crypto exchanges that you can use in Canada, there are also many that you can’t. These include;
- Kucoin
- Binance
- CoinEx
- XT.com
- MEXC
- Poloniex
- Catalyk
- LiquiTrade
- Gemini
- Uphold
Fun fact, though, three of these used to be some of the most popular platforms in Canada. These were KuCoin, and Binance and were also considered to be one of the best crypto exchanges in Canada. However, because they didn’t pass regulatory compliance with the securities commission and refused to comply, these sites are no longer allowed to operate in Canada.
Things to Consider When Investing in Crypto
While you can spend only fiat currency in Canada, and crypto isn’t considered that, it can still work as a great investment tool. However, you do need to pay attention when investing. Many Canadian investors prefer to invest in Canadian dollars and use centralized exchanges in order to help protect their investments.
These exchanges are also where derivatives trading and futures trading transactions are made. You can make these crypto purchases using your credit or debit card. Some even allow you to earn crypto rewards and take out funds using a Bitcoin ATM.
No matter what crypto platform you use, Canadian users should pay attention to restricted dealers and those approved by the Securities Commission. This helps ensure consumer protection and makes sure the platforms meet federal and provincial regulations whether you make crypto deposits or buy bitcoin.
The vast majority of crypto exchanges in Canada have:
- Security features
- The ability to earn rewards
- A user friendly interface
- Relatively low fees
- Personalized services
- Competitive spreads
- Advanced charts
- Tax reporting tools
Final Thoughts
In Canada, there are many different ways to purchase cryptocurrency. There are plenty of exchanges available that offer great security and convenience to help you get ahead in the crypto market. That said though, it can be difficult to decide which crypto exchange in Canada is the best for you.
Having so many different crypto exchanges available can be daunting. In Canada, there are plenty of exchanges that are strictly Canadian and work in Canadian funds, making trading much easier. That said, there are also global exchanges that only work in USD. The best exchange for you also depends on the type of crypto you’re trading and how you want to use it.
No matter what your preferences are when it comes to crypto and how you’re choosing to spend it, there’s an option out there for you. We may not have named all of the different crypto exchanges out there, but we have shown you some of the most popular and recommended crypto exchanges out there to help with your decision. Keep in mind, though, that there are more crypto exchange platforms to choose from.
