Best Crypto Exchanges In Canada its large selection of supported cryptocurrencies and strong security measures, the international exchange Kraken has gained a lot of notoriety. A excellent option for newcomers was Bitbuy, a local exchange that was renowned for its user-friendly design and simple onboarding procedure.
Best Crypto Exchanges In Canada Users can easily buy, sell, and manage their cryptocurrencies using Coinberry, which stands out for its ease of use and simplicity. Moreover, the international exchange Binance, which provided a huge selection of cryptocurrencies and trading possibilities, was present in Canada.
What is Crypto Exchanges ?
Online marketplaces called cryptocurrency exchanges make it easier to purchase, sell, and trade different cryptocurrencies. They act as online exchanges where users may buy and sell cryptocurrencies, or convert their holdings into fiat money like the US dollar, euro, or yen.
These exchanges provide the bitcoin ecosystem with essential infrastructure, enabling people and organizations to participate in the developing world of digital assets. Centralized exchanges (CEXs) and decentralized exchanges (DEXs) are the two primary categories of cryptocurrency exchanges.
Here Is List Of 20 Best Crypto Exchanges in Canada
- Bitcoin Well
- Bull Bitcoin
- Beaver Bitcoin
20 Best Crypto Exchanges in Canada
The finest cryptocurrency exchange in Canada is without a doubt Kraken, which is based in the United States and is overseen by FINTRAC. Kraken, which was founded in 2011 and is based in San Francisco, performs better than the smaller Canadian crypto exchanges because of its much cheaper costs, better customer assistance, and overall better trading environment.
First off, Kraken’s fees are significantly cheaper than those of any Canadian exchange, with the majority of customers paying just 0.16% for each transaction (fees drop to 0% for big volume traders). The spreads on Kraken are likewise ridiculously tiny, usually about $0.10 per Bitcoin, or 0.0003%.
It’s simple to understand why Kraken is such a well-liked exchange when you contrast that with the other Canadian exchanges, which regularly impose fee rates of up to 2% in addition to spreads of 2% or higher.
Even while VirgoCX doesn’t impose any fees for trading, deposits, or withdrawals, its extraordinarily large spreads nevertheless rank it as one of the most expensive cryptocurrency exchanges in Canada. These spreads are often around 3.2%, which is ludicrous because it implies you would be charged 20 times as much for trading with Kraken.
In spite of the high fees, VirgoCX is a fantastic exchange. It supports more than 50 cryptocurrencies, has an intuitive and user-friendly mobile app and trading platform, and provides round-the-clock customer service via live chat, email, and a comprehensive FAQ area on its website.
Newton distinguishes itself from other Canadian cryptocurrency exchanges with regard to both the quality of its mobile apps and website. In addition to Kraken, Newton may be an excellent choice for investors in alternative cryptocurrencies because it supports 75+ cryptocurrencies, some of which other Canadian exchanges do not offer.
The total costs for Newton, though, are considerable, coming in at about 2-3%. This makes Newton, like VirgoCX, less desirable than Kraken, which costs far less than both of them.
To deposit money into your Newton account, you must directly link a bank account, which helps limit the chance of fraud but may irritate some users. It upholds a 95% cold storage policy and provides email and in-app chat customer service every day from 9 am to midnight EST.
For Canadians in need of a cryptocurrency exchange, Bitbuy is a respectable fallback choice. Instant account verification for Bitbuy users is available, however the company’s customer service has declined over time and its 2% trading cost is considerably more than Kraken’s.
More than 450,000 Canadian customers of Bitbuy have handled more than $4 billion in trades to date. It is a Registered Marketplace and Investment Dealer, which implies it is a very safe and secure exchange that provides deep liquidity on all order sizes, according to the Ontario Securities Commission (OSC).
CoinSmart provides rapid account verification, supports 16 cryptocurrencies, and allows for instant deposits and withdrawals. CoinSmart is a very secure exchange because it has been recognized as a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money
Services Business with FINTRAC, and is a member of the TRUST anti-money laundering organization. As a publicly traded company, CoinSmart’s financials are audited by a third-party firm at least once year, and the company maintains a 95% cold storage policy.
However, CoinSmart’s spreads are extremely large, coming in at 2.8%, same like those of a number of other Canadian cryptocurrency exchanges. Additionally, it has significant deposit fees.
25 of Canada’s top cryptocurrencies are supported by Coinberry. The best Canadian cryptocurrency exchange doesn’t charge any fees for CAD deposits.
Customers of Coinberry can instantly fund their accounts via bank wire transfers and INTERAC e-transfers, making it a terrific and secure trading choice.
The non-custodial Bitcoin startup Bitcoin Well, which provides a range of services, is another choice for purchasing cryptocurrency in Canada. In Canada, Bitcoin Well offers personal services, online portal access, and more than 250 ATMs.
Users have the option to use Bitcoin Well’s user-friendly web platform to acquire up to $3,000 worth of bitcoins online using Visa Debit or Interac e-Transfer. Visit their website and look at their ATM map to make a Bitcoin purchase in person using CAD currency if shopping online isn’t your thing. When utilizing Bitcoin Well’s services, you can also choose to sell Bitcoin.
Based on the Ethereum blockchain, Uniswap is a non-custodial, decentralized trading platform that provides crypto trading for hundreds of cryptocurrencies. Due to its decentralized nature, Uniswap is accessible anywhere.
To carry out deals, Uniswap makes use of a number of smart contracts referred to as liquidity pools. It is classified as a DeFi product (Decentralized Finance) as an open-source project because it depends on smart contracts to make trades possible.
Bull Bitcoin is a Canadian non-custodial exchange and payment service that solely accepts bitcoins. Another Bitcoin-only alternative is Bull Bitcoin, where you may send an e-Transfer and get Bitcoin in your own wallet within minutes after registering for an account.
Bylls is another product they sell that allows users to transfer Bitcoin to their accounts and get Canadian dollars (CAD) via Interac e-Transfer, regular biller, credit card, bank account, or Bull Bitcoin account balance. Since its establishment in 2013 at the Bitcoin Embassy in Montreal, Bull Bitcoin has operated successfully.
Beaver Bitcoin is a non-custodial Bitcoin exchange that enables Canadians to schedule a weekly, fully automated Bitcoin purchase that is deducted from their bank account. It was started in 2021 and has its headquarters in Toronto. It bills itself as the most user-friendly Bitcoin exchange and offers a three-step process for purchasing Bitcoin.
When purchasing bitcoin on Beaver Bitcoin, users will have two choices: “smash buys,” which are one-time transactions via Interac e-Transfer, or “recurring buys,” where users can automatically acquire bitcoin from their bank accounts.
Localcoin, which has its main office in Toronto, is another alternative for purchasing cryptocurrency in Canada. With over 800 terminals spread across Canada, Localcoin serves as an alternative to a cryptocurrency exchange.
Initially only offering Bitcoin, Localcoin has since grown to include six additional currencies, including Ethereum, Litecoin, Dogecoin, Cardano, and USDC. Similar to how fiat currency exchanges operate, coins are offered at market value plus an exchange fee.
Before using a Localcoin ATM to make a purchase, you will require your own cryptocurrency wallet. Hardware, web, and mobile wallets are all supported by Localcoin.
Forget the headache of comparing rates at various exchanges to find the best deal. By compiling numerous offers and giving you all the tools you need for private, secure, and quick exchanges at the greatest rate, Swapzone performs all the legwork for you.
The crypto community deserves a practical, forward-thinking, transparent swap service that combines many sources and provides ease, validity, and uniform user flow for every exchange in a field crowded with platforms and tools. Swapzone is ready to make the jump.
By offering a one-stop shop for locating the greatest quick exchange bargain to go with, we streamline the exchange procedure. We combine as many resources and services as we can while compiling all the data required to make an informed decision. You only need to swap.
One of the top cryptocurrency exchanges in Canada, NDAX places a priority on safeguarding the assets of its users. NDAX banking services are handled by a Canadian financial institution, and user monies continue to be onshore in a segregated bank account, distinct from NDAX operating
Capital, thanks to a strict compliance system that includes registration with FINTRAC. Calgary-based NDAX Wealth OTC desk, staking, and a wide range of 33 well-known cryptocurrencies to buy, sell, and trade are just a few of the many products that draw investors to this top cryptocurrency exchange in Canada.
This leading Canadian cryptocurrency exchange, which has its headquarters in Montreal, is working to bring in the era of the Bitcoin king. Shakepay has been working towards that objectiv and has now processed more than $7 billion in transactions to more than a million Canadian
cryptocurrency investors because it thinks that the future of wealth is in cryptocurrencies. Shakepay offers some industry-leading security procedures, which is only natural considering it is one of the finest Canadian cryptocurrency exchanges.
One of the top Canadian cryptocurrency exchanges, Catalyx debuted in 2018 and has partnerships with Bittrex, Mobilum, and PrimeTrust. Since then, with assistance from Seattle FinTech Stably, Catalyx has introduced its own stablecoin (CADX).
exchange is one of the top cryptocurrency exchanges in Canada for security and compliance since it is highly compliant and registered with the Investment Industry Regulatory Organization of Canada (IIROC), FINTRAC, and the Ontario Security Commission (OSC).
MyBTC.ca, one of the pioneers, was introduced in 2016 by a Bitcoin pioneer. Users of this top Canadian cryptocurrency exchange benefit from having total control over their own keys and cryptocurrency because it is a non-custodial platform.
As the name implies, MyBTC.ca only accepts Bitcoin, but for investors searching for a quick and secure way to transfer and receive Bitcoin, MyBTC.ca is a candidate for the title of best cryptocurrency exchange in Canada.
From small beginnings to one of Canada’s top cryptocurrency exchanges, Netcoins began life in 2014 as a provider of virtual Bitcoin ATM solutions before shifting focus and growing into one of the country’s top cryptocurrency exchanges.
More than 20 cryptocurrencies are now available to purchase, sell, and trade on the web and mobile through Netcoins. In terms of quality and popularity, Netcoins is still a candidate for one of the top cryptocurrency exchanges in Canada despite having previously had a hack.
Instantly trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and others. The platform Uphold is completely private, completely open, and very user-friendly.
To lessen the effects of price volatility, plan routine transactions. Ideally suited for Dollar Cost Averaging (DCA). Place up to 50 limit orders without securing your assets on any asset.
Wealthsimple was established in 2014 as a robo-adviser platform in Toronto. The platform was first created to assist investors in making automatic stock and asset investments.
Since then, the site has grown to include more services, such the ability to trade, buy, and sell cryptocurrencies!
More than 250 coins are accessible through Crypto.com. Canadian investors can earn up to 6.5% interest on stablecoins like USDC at Crypto.com.
Prepaid cards from Crypto.com come with cashback of up to 5%! Customers of Crypto.com can stake CRO, the company’s cryptocurrency, for as little as 0.4% in fees.
How We Selected Canada’s Top Crypto Exchanges ?
Fees: When considering fees, many consumers only consider trading commissions; nevertheless, it’s also crucial to consider spreads, deposit fees, and withdrawal fees. To offer you a complete picture of how much it costs to trade with a particular exchange, we’ve taken into account all of these factors in our evaluation.
User interface: Beginners should stay away from cryptocurrency trading platforms that are too challenging to use. Even while these exchanges provide you more freedom, if you’re unfamiliar with cryptocurrencies, that could be daunting.
Solutions for deposits and withdrawals: Determine whether the exchange provides funding solutions that meet your needs. It’s best to use a mix of bank transfers, Interac e-transfers, and cryptocurrency deposits. Check to check if there are any fees associated with each choice as well because they will also reduce your income.
Regulation: Confirm their operational authorization and the sorts of crypto asset protection on offer. Although there are presently no crypto exchanges in Canada that offer CIPF (Canadian Investor Protection Fund) security, the exchange you use should at the very least be FINTRAC registered.
Account security: For ultimate protection, you’ll want to be able to transfer your coins out of the exchange and into a safe crypto wallet. Confirm that the exchange uses cold storage to safeguard consumers’ coins, and learn more about their privacy, account security, and insurance policies.
Best Crypto Exchanges in Canada Conclusion
In conclusion, choosing the top Canadian cryptocurrency exchange is an important choice for both seasoned traders and those who are new to the cryptocurrency market. A thorough analysis of the possibilities makes it evident that a number of things need to be taken into account while making this decision.
Exchanges like Coinberry, Bitbuy, and Kraken are among the leading rivals. Due to its reputation as a safe and dependable platform with a broad selection of supported cryptocurrencies, Kraken stands out. The user-friendly alternative Bitbuy, on the other hand, gives newbies a simple experience.
Best Crypto Exchanges in Canada FAQ
What are the best crypto exchanges in Canada?
The cryptocurrency industry in Canada is expanding, and there are a number of reliable exchanges there that serve both novice and seasoned traders. Coinbase, which is renowned for its user-friendly design and robust security measures, is one of the best options. Another well-liked alternative is Kraken, which provides a large selection of cryptocurrencies as well as powerful trading tools.
Are Canadian crypto exchanges safe?
Security and compliance are typically given top priority by Canadian crypto exchanges. To increase consumer safety, they frequently implement stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols.
What are the fees associated with Canadian crypto exchanges?
The costs for Canadian cryptocurrency exchanges vary. The majority of exchanges impose trading fees, which can be either a flat rate or a percentage of the transaction value. Fees may also apply to deposits and withdrawals, particularly when using credit cards or bank transfers.
Can I buy cryptocurrencies with Canadian dollars on these exchanges?
Yes, you may purchase cryptocurrencies using Canadian dollars (CAD) on various Canadian cryptocurrency exchanges. The Canadian market is specifically served by platforms like Bitbuy and NDAX, which make it simple to deposit CAD and change it into different cryptocurrencies.