Best Crypto Exchange Canada

The current crypto market boom is sweeping the globe and increasing in Canada, too. In fact the Canadian crypto market revenue is predicted to reach $913.4 million by 2025. However, you need to pick the right crypto exchange if you want to profit from this market. But what is the best crypto exchange Canada offers with so many choices? 

Keep reading to discover the top Canadian cryptocurrency exchanges so you can pick the best cryptocurrency Canada exchange for yourself.

Comparison Table of Exchanges

Best Crypto Exchange Canada

With almost 58% of Canadian crypto enthusiasts saying they do it to make money, choosing the best crypto exchange Canada is essential for secure and safe crypto transactions. To help you out, we have compiled a list of the best crypto exchanges in Canada. 

Crypto Trading Platform Canada

Coinbase is a top crypto platform with a solid reputation worldwide, and it’s the best crypto exchange Canada when it comes to regulatory compliance. It supports over 270 cryptocurrencies and best of all, Canadians can instantly buy these cryptocurrencies using debit cards or Interac e-Transfer.

Another thing crypto traders love about Coinbase is its ease of use. It’s easy-to-read charts, clean layout, and intuitive interface make the overall trading experience more enjoyable. This is also great for beginners who are not tech-savvy or don’t want to get overwhelmed by too much information.

Coinbase is also good for pros who want to make their crypto trades go more smoothly. It offers cutting-edge technical tools like stop-limit orders, real-time market data, trade automation with bots and charting tools that are powered by TradingView. Plus none of these tools cost extra, which is great.

Besides regular crypto trading, Coinbase also provides a variety of other things for an all-around experience. Coinbase offers a self-custody wallet that lets you manage all your cryptos. Plus Coinbase also offers a Learn and Earn program that lets beginners earn rewards by watching videos and taking quizzes. The platform also offers an NFT marketplace, Coinbase Card, Coinbase Prime and so much more.

In terms of fees, Coinbase charges more than its competitors. Canadians pay about 1.49% for bank transfers and 3.99% when they use credit cards. But despite high fees, Coinbase’s regulatory compliance and safety keep customers coming back. It holds a Restricted Dealer registration with the Canadian Securities Administrators (CSA), which shows how secure and compliant it is.

Conbase also employs robust security measures to keep things safe. It uses two-factor authentication (2FA), secure vaults, and pre-approved withdrawal addresses for more protection. To protect users from online threats, it also scans the dark web for breaches.

Pros 

• Well-reputed crypto exchange.
• Fee-free crypto purchases with Interac e-Transfer.
• Compatible with most Canadian banks.
• Suitable for both beginners and pros.
• Plethora of additional services.

Cons

• Higher fees than other exchanges.

Top Crypto Exchange in Canada

MyBTC.ca is a cryptocurrency exchange made by Canadians for Canadians. It was founded in 2016 and has grown into the best crypto exchange Canada has to offer for seamless purchasing and selling of Bitcoin exclusively.

The main reason why MyBTC.ca is popular with Canadian crypto investors despite being one of the early players in the crypto market is that it is FINTRAC-approved. This approval has greatly enhanced the exchange’s credibility as the best crypto trading platform Canada offers in terms of being trustworthy and compliant.

Furthermore MyBTC is a non-custodial platform. It basically means your purchases never go into the exchange’s hands rather they go straight to your wallet. This reduces risk, making it a popular feature.

To make things even secure, MyBTC employs the latest encryption technology to keep your data safe. It is done through 2-factor authentication for account access, secure SSL encryption, and non-retention of payment information.

If we talk about MyBTC’s trading experience, it’s super simple and straightforward. The platform only focuses on Bitcoin, so you can buy or sell it with no hassle. It also supports plenty of payment methods like Interac e-transfer, bank wire, Flexepin vouchers, or credit/debit cards. 

For the lowest fees, bank transfers are your best option at 4.75%. But there is a catch. You’ll have to buy at least CAD 5,000, which may be too much for some traders. But when compared to other methods of payment with a 7.75% fee, this is a pretty viable option. For the fastest option, credit card purchases beat everything. However this option comes with fees of up to 9.75% and a minimum of CAD 75.

Pros 

• Buy Bitcoin instantly.
• Highly secure with FINTRAC approval.
• Easy-to-use interface.
• Supports a variety of Canadian payment methods.

Cons

• Doesn’t support other major cryptocurrencies.
• No selling or trading options.

Best Crypto Platform Canada

Bitbuy is another Canada-based crypto exchange that offers Canadian users a simple and effective way to trade cryptocurrencies. The best thing about Bitbuy is that it allows you to buy top coins like Bitcoin, Ethereum, and Litecoin directly with CAD. However, currently it supports limited coins. 

Bitbuy offers two types of trading platforms, Express Trade and Pro Trade. The Express Trade offers a seamless experience with a simple and easy-to-navigate interface perfect for beginners. The dashboard shows all your essential stuff like your account balance, available assets, recent transactions and much more. Plus you can easily buy and sell cryptocurrencies with a few clicks of the top navigation bar. 

The Pro Trade offers a more sophisticated interface packed with powerful tools. It has robust features like OTC (Over-the-Counter) trading, advanced charting functionality integrated with Tradingview, market depth charts, Market/Limit orders, and much more.

Bitbuy also offers a staking protocol for lucrative rewards. The platform charges up to 30% of the staking rewards, depending on what you stake. But if you don’t know anything about staking Bitbuy also offers plenty of educational resources that go over this and other stuff.

If we take a look at Bitbuy fees, the platform is transparent, so you always know what you’re paying. Bitbuy Trade charges a spread fee between 0.5% and 1.85%, which can rise to 3.85% during volatile markets. On Bitbuy Pro, Maker and Taker fees are 0.50% each. OTC services follow a similar spread structure as Bitbuy Trade. 

Bitbuy doesn’t skimp on security and provides robust protection from multiple angles. The platform maintains 90% of its assets in cold storage, which is insured with regular audits. 

Plus it has encrypted communication and two-factor authentication for rigorous protection.

Bitbuy also follows stringent Know-Your-Customer (KYC) and Anti Money Laundering (AML) requirements. This prevents any fraudulent activity by requiring all users to verify their identity. The platform is also registered with the Ontario Securities Commission (OSC), which makes it even more credible.

Pros 

• Lucrative staking rewards.
• Plenty of educational resources.
• Top-notch security. 
• Licensed by the Canadian OSC.

Cons

• Only available in Canada.
• Lacks popular cryptocurrency support. 

Lowest Fee Crypto Exchange Canada

Kraken is one of the best crypto exchange Canada options that has a global presence with 190 countries and millions of customers. It also has a good reputation in Canada and supports over 200 cryptocurrencies, including Bitcoin and Ethereum, as well as a bunch of lesser-known ones.

Kraken is best suited for advanced traders who want to navigate the turbulence of the crypto market. It offers some of the best advanced features, like a charting tool that identifies potential entry and exit points and reveals hidden trends. 

Plus it provides technical indicators that forecast future price movements, as well as gauge the sentiment of the market. On top of that the customizable layout takes the overall crypto trading expenses up a notch.

Kraken trading options are some of the best in the crypto industry. The margin and futures trading options are its most attractive feature, where you can leverage from 5X to up to 50X on selected crypto pairs. This option suits advanced traders who want to make the most of their trades.

Kraken also has an impressive staking service that lets you earn rewards on idle coins and takes just a few clicks. The best part is that the staking protocol gives excellent annual returns with twice weekly payments. And for convenience, Kraken allows you to instantly un-stake your crypto without paying a dime. Another cool feature is that Kraken offers a referral program where you can get rewards for referring people.

In terms of fees Kraken offers Canadian users the option to deposit and withdraw CAD through Interac e-Transfers with a fee as low as 0.25%. Plus security-wise Kraken is the cryptocurrency Canada exchange. It is FINTRAC-approved and uses all the industry-standard security measures like two-factor authentication, encryption, and API controls to make trading even more secure.

Pros 

• Veteran crypto exchange.
• Extensive range of cryptocurrencies.
• Robust security and FINTRAC-approved.
• Lucrative staking option.
• Top choice for margin and future trading.

Cons

• Steep learning curve for beginners.

Best App to Buy Crypto in Canada

Wealthsimple is a well-known investment company primarily known for its robo-advisor services. It has introduced Wealthsimple Crypto within the Wealthsimple Trade app to provide clients with access to different popular cryptocurrencies like Bitcoin, Ethereum, and Cardano. 

Trading-wise, Wealthsimple offers an incredibly intuitive user experience. The easy-to-use interface is sleek and straightforward, making it easy to buy and sell within a few seconds. The best part is that there are no account minimums or fees, making it easy for you to get started with as little as $1. 

To start trading crypto on Wealthsimple, you need to download the app and create an account. Once the account is created, you can link your bank account and fund your account with CAD by transferring funds. It’s a good idea to start small so you can familiarize yourself with the platform. As you get used to it, you’ll be able to buy, sell, and trade more crypto right from the app. 

For those looking to earn passive income, Wealthsimple also supports easy-to-use Ethereum staking and Solana staking, which can earn you up to 4% APY. But the only downside of this staking protocol is that Wealthsimple takes a whopping 30% cut.

Wealthsimple Crypto is mostly commission-free, but charges a spread between bids and asks of 1.5-2% for crypto transactions. For example, if you buy $40 of Bitcoin, you receive $39.41 after a $0.59 spread. While this fee isn’t hidden, it doesn’t stand out very much. On the plus side, there are no setup fees, inactivity fees, or transfer fees.

In terms of security, Wealthsimple falls under the Regulatory Sandbox of the Canadian Securities Administrators and it adheres to many strict consumer protection laws. Plus Wealthsimple’s crypto coins are held by Gemini Custody, a U.S. government-rated crypto custodian with high security ratings. 

Additionally, the platform offers a number of other advanced security features, like two-factor authentication, data encryption, and bankruptcy and deposit protection.

Pros 

• User-friendly interface.
• No deposit or withdrawal fees.
• Easy account creation process.
• Robust security measures.

Cons

• Only works with CAD fiat currency.
• Supports few cryptocurrencies.

Best Crypto App Canada

Crypto.com is another prominent player that can be the best crypto exchange Canada offers. That’s because it offers over 350 cryptocurrencies including Bitcoin, Ethereum and many more that Canadian users can easily buy using the app. This makes it a versatile platform. 

Moreover, Crypto.com’s intuitive and user-friendly interface makes buying and selling your favorite cryptos quick and easy. It also simplifies processes and doesn’t have complicated things like maker-taker fees or trading pairs. This streamlined experience is perfect for beginners looking for a hassle-free way to trade and learn about cryptocurrencies.

Among the many things that make Crypto.com so popular is its Visa cards. Crypto.com offers five prepaid Visa cards that come in handy to make real-world purchases from more than 60 million Visa-accepting merchants around the world. Plus, there are no deposit fees or crypto-to-crypto exchange fees.

The card rewards users with cashback via CRO tokens, the native currency of the platform. With the highest-end Obsidian card, you can earn up to 5% cash back on purchases and get a host of bonuses on top of that. However, in order to qualify, you’ll need to lock up about $400,000 worth of CRO.

The amazing thing is that rewards get bigger the more CRO tokens you stake. And if you stake CRO tokens you can enjoy additional benefits, including higher cashback rates. 

Crypto.com also excels when it comes to security. It uses cutting-edge security techniques like two-factor authentication and cold storage for the bulk of user funds to keep it safe. Additionally, Crypto.com offers tax tools that are tailored to Canadian regulations.

Pros 

• Huge cryptocurrency options.
• Intuitive interface. 
• Attractive staking rewards.
• Own Visa card with amazing cash backs.
• No fees on deposits and crypto-to-crypto conversion.

Cons

• Slow customer support.

Decentralized Crypto Exchange Canada

Uniswap rules the DEX market as one of the best decentralized crypto exchanges that Canadians can consider. Uniswap works on the Ethereum blockchain and also supports 11 other blockchains. It is a widely used DEX that lets you trade cryptocurrency with other users without a middleman. Plus, its high liquidity and daily trading volume make it an excellent platform.

A popular feature that makes Uniswap the best crypto exchange in Canada is the no-KYC policy. This means you don’t have to fill out any forms that require personal information. Simply connect your crypto wallet with MetaMask and you can start trading freely with others. 

One thing that differentiates Uniswap from the traditional exchanges is that Uniswap uses Automated Market Making (AMM), a method of matching trades based on liquidity pools, rather than an order book. This system allows tokens to be instantly swapped, regardless of whether buyers or sellers find them.

In terms of available cryptocurrencies, Uniswap offers a whopping 1450 coins for its users to pick from. It also offers a searchable selection of NFTs from leading marketplaces.

The platform charges a 0.3% trading fee, but Ethereum’s gas fee, which varies according to network traffic, may increase transaction costs. As liquidity providers earn a share of trading fees on Uniswap, the platform can be used to earn passive income. But it does not offer customer service or insurance, so any mistakes or hacks could leave you out of money.

Uniswap’s simple, intuitive interface simplifies asset swapping and makes it seamless. The version 2 provides basic functionality across multiple networks, whereas the version 3 has advanced functionality. This makes it a great platform for even those with no previous experience. 

Pros 

• Top-class decentralized crypto exchange.
• No KYC requirement.
• Huge cryptocurrency selection.
• User-friendly interface.

Cons

• High gas fees.

Factors for Choosing the Best Crypto Exchange in Canada

The world of crypto coins can be fascinating, but there are a few things you need to keep in mind to make your trading journey a smooth one. So let’s look at some important things to look for when picking the best crypto exchange Canada has to offer.

1. Security

Security must be prioritized when you select the best crypto exchange Canada has. As crypto grows, the number of hacks grows too! So make sure you select a platform that has strong security measures like two-factor authentication, cold storage for funds, and insurance policies against breaches. Also, look up whether the crypto exchange has been hacked before or not.

2. Regulatory Issues

Make sure the exchange you choose does not have any regulatory issues with local authorities. For Canada, make sure the exchange is approved by Canadian authorities like FINTRAC and Canadian Securities Administrators (CSA). In Canada, cryptocurrencies are regulated as securities, which are regulated at a provincial level. Crypto exchanges in Canada are regulated and must be authorized for operation by the Canadian Securities Administrators.

3. Customer Support

Ensure that the exchange you opt for provides responsive customer service. A good customer support team can make a significant difference to your experience, especially if you are just getting started with your crypto trading journey. Check if the exchange offers multiple support channels, like live chat, email, or phone.

4. Coin Diversity

The diversity of coins available on crypto exchanges allows you to broaden your crypto portfolio. Some platforms offer a bigger range of cryptocurrencies than others, so make sure you pick one that supports them. This goes from mainstream coins like Bitcoin and Ethereum to emerging altcoins. Plus you’ll need to know your trading strategy and investment goals to figure out which coins to buy.

Conclusion

So there you have it: these are the best crypto exchanges Canada offers. You should keep in mind that what you’re looking for in a crypto exchange depends on your trading goals, experience, and preferences. If you’re a beginner, platforms like Binance, Coinbase and Bitbuy are reliable platforms to start. But if you want security and compliance then exchange Kraken can be your best bet.

In Canada, crypto earnings are taxable, so keep track of your transactions and understand whether they fall under capital gains (50% taxable) or business income (100% taxable). 

FAQs