Compare to Bitbuy, it offers over 800+ cryptocurrency coins, so it’s the perfect choice for people who like to invest in altcoins. Additionally, the platform offers Two-Factor Authentication (2FA), providing an extra layer of security for user accounts. This narrow range might be a drawback for traders looking to diversify their cryptocurrency portfolio. Newton’s ease of use and focus on popular cryptocurrencies make it the premier choice for beginner traders in Canada’s cryptocurrency market. The platform offers 0% fees for CAD funding, CAD withdrawals, and crypto deposits/withdrawals, with up to a $5 network fee waiver. The fees on Coinbase are among the highest in the crypto exchange industry.
Crypto Exchanges Ranked by Trustpilot Score
Bull Bitcoin follows all the Canadian rules because it’s registered with FINTRAC, a government agency. Also, when you buy Bitcoin from them, there are no extra fees. A cool thing about Bull Bitcoin is that they send the Bitcoin straight to your cold crypto wallet. You can put Canadian dollars into your account using Interac e-Transfer, wire transfer, or by paying with cash or debit at Canada Post. If you want to trade Bitcoin only, then Bull Bitcoin is your best choice. With this latest development, Bitbuy now caters to a diverse range of users, from novices to experts, accommodating both limited and substantial budgets.
Although, this feature can be more expensive with Coinbase marking up prices on the trade spread. Once verified, Canadians can deposit crypto using Interac e-payment rails for feeless instant funding, or use the credit card, wire transfer, or crypto deposit methods. Signing up for a Coinbase account is a simple step by step process that includes the usual KYC and identity checks to conform with regulatory requirements.
What to Look For in the Best Crypto Exchanges in Canada
Shakepay has recently emphasized that they store digital currencies in secure offline storage (cold storage) backed by insurance, ensuring enhanced security for users’ assets. This spread, which is the difference between the buying and selling prices, can significantly impact the cost of transactions, making trading fees on the higher side. They currently offer over 70+ cryptocurrencies which makes them the best Canada-based crypto exchange when it comes to crypto selection. Security is a significant focus for the platform, which includes daily exchange backups and third-party custody of assets, mostly kept offline for enhanced safety. For example, we spent $100 with Newton Canadian crypto exchange. If you decide to use Newton, make sure to check our Newton crypto exchange review.
- It keeps most coins in cold storage via Gemini Trust Company LLC, a regulated custodian.
- Typically, decisions regarding the legitimacy of these exchanges fall under the purview of FINTRAC and the Ontario Securities Commission.
- We look at factors like user experience, fees, payment methods, supported coins and more.
- What is more, users can also pick between English and French under Coinbase’s language options.
VirgoCX – Easiest For Beginners
They are a growing name in the country, providing a safe, simple, and affordable crypto exchange to buy and sell crypto in Canada. Millions of people in Canada choose Kraken to trade and buy their crypto, and the platform continues to show its commitment to serving the market. It is registered with FINTRAC, and although it is not a dedicated Canadian exchange like Bitbuy, it still offers high functionality for locals.
When we transferred $100 to our Shakepay account using Interac, we received the full amount as there were no deposit fees. If you’d like more advanced trading features, Newton is working on a Pro trading platform that is currently in its Beta stage. The best thing about Newton is the crypto assets they offer and they grow this list every month. Furthermore, Newton’s direct bank integration is a measure designed to reduce the risk of fraud, thereby increasing the security of transactions for its users.
Is NDAX good for Canadian crypto users?
It also offers instant verification, which is great if you want to purchase your first crypto fast. Newton also covered network fees for withdrawal which is a significant advantage for its users. In fact, they constantly add new coins and improve their platform.
To view all FAQs, visit Fidelity Crypto® Help and access 24/7 virtual assistance, available in-app and online.
The platform incorporates world-leading security protocols and compliance standards. It has been the leading name for digital asset custody since 2012 serving both retail clients and large financial institutions for trading and crypto custody. It is registered with the OSC and FINTRAC, is insured by BitGo, and is shielded by Fireblocks, a blockchain security service provider.
VirgoCX has 0% trading fees but charges 0.95% – 1.65% within the quoted spread. Canadian users can use the buy-and-sell feature to trade crypto. Security is a top priority for the company with best-in-class safe crypto trading security systems.
It does not have a professional order book platform or added features like futures, margin, or staking. Although, VirgoCX does make money on the spread, meaning you will end up paying 0.95% – 1.65% on trades. Trading fees are set to 0% (feeless), which appears attractive to newcomers. Only a small amount of crypto is kept online, with the rest of the funds held in cold storage via Coinbase Custody. Kraken is registered with FINTRAC and has a pre-registration status with the CSA. Plus you can put your crypto to work with staking that delivers up to 24% returns.
You’re looking at a 1.2% spread for verified accounts, regardless of how quickly you want your transaction processed. What really impresses me is their 1.2% spread – the lowest among regulated Canadian crypto services. Also, Bull Bitcoin currently offers gift card purchases – a feature Bitcoin Well is planning to add soon. Both focus exclusively on BTC trading and share many features, but there are some interesting differences. Let me tell you about Bitcoin Well, a platform that’s quite similar to Bull Bitcoin. Being registered as a Money Services Business with FinCEN adds to its credibility.
- The best way to buy crypto in Canada is through centralized exchanges like Bitbuy and Kraken.
- No registered crypto platform can legally offer margin, credit, or leveraged trading of cryptocurrencies to retail traders.
- If you’re looking for the best crypto exchange Canada has to offer, you’ve come to the right place.
- For example, OTC desks are essential if you’re trading over $25,000 CAD, but irrelevant for smaller investors.
- Indeed, as is the case with other forms of trading, Canadian individuals must pay taxes if they choose to partake in crypto trading.
How is Coinbase regulated in Canada?
We earn commissions through referral links to crypto exchanges and products on this site. Decentralized exchanges allow users to provide their own liquidity to the platform and make trades without a centralized provider acting as a middleman. In this guide, we’ll break down the 8 best cryptocurrency exchanges in Canada based on factors like user experience, fees, and customer support.
For example, VirgoCX is a simple exchange that is ideal for beginners, but it isn’t as useful for professional traders who want to run sophisticated trading strategies. A legitimate Canadian crypto exchange should be registered with FINTRAC and CSA. No matter which Canadian crypto exchange you use, it should have a strong security track record and continue to use first-rate systems. From novice Canadian investors to seasoned traders, NDAX is made to meet their demands with affordable, clear trading costs and the option to trade digital assets in Canadian dollars. NDAX is making cryptocurrency more accessible to all Canadians, enabling them to trade, buy, sell, sake, and profit from their digital assets. Coinbase charges 0.6% – 1.75% on accounts with a trading volume of less than $10k over a 30-day period, with rates reduced below 0.5% for high-volume traders.
What are Canadians looking for in the best crypto exchange platforms?
As a result, these exchanges, facing stringent FINTRAC guidelines, opted to leave the Canadian market altogether. Typically, decisions regarding the legitimacy of these exchanges fall under the purview of FINTRAC and the Ontario Securities Commission. Similarly, staking opportunities appeal to long-term holders looking for passive income, while day traders might prioritize superior customer support for quick issue resolution.
Quick look: The 8 best cryptocurrency exchanges
Bitbuy and NDAX are top picks among Canadian crypto exchanges, offering robust security measures and a seamless trading experience for Canadian crypto investors. Read on for a few minutes, you’ll get an in-depth review of the top Canadian crypto exchanges, including their regulation status, security, features, and fees. It has the largest selection of coins of any of the platforms in my ranking of crypto exchanges in Canada, with 350+ coins and tokens. However, Coinbase is one of the crypto exchanges with a complex fee structure, and they are on the high side for small-volume traders. No registered crypto platform can legally offer margin, credit, or leveraged trading of cryptocurrencies to retail traders. If you, too, reside in Canada and are looking to participate in the cryptocurrency revolution, you are welcome to check out our selection of the top crypto brokers and exchanges that welcome Canadian traders.
Which global crypto exchanges aren’t available in Canada?
You might find simple platforms only offer the big name coins like Bitcoin and Ethereum, while more advanced platforms likely open up hundreds of options from memecoins to DeFi tokens. If you can’t find in-depth information about a platform’s security or it doesn’t have a proven track record, then it’s best to avoid it. The platform is fully regulated and even helps users track their taxable events. All your transactions, even crypto-to-crypto trade, are compiled to make sure you don’t fall foul of taxable gains in Canada. A simple trading feature offers convenience with one-click trading so newcomers can buy and sell instantly.
After some time, centralized exchanges started charging crazy fees to their users. Through my testing, I buy $100 worth of Bitcoin on each Canadian crypto exchange to calculate the real cost of trading. When evaluating exchanges, I look for platforms that store at least 90% of digital assets in cold storage and offer insurance coverage for Canadians. Security tops the list for good reason – I’ve seen too many Canadian crypto traders cryptocurrency broker canada lose funds to hacks and exchange failures.







