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The 10 Best Crypto Exchange Canada 2023
Luis Clark
Choosing the best Canadian crypto exchange is important for a digital asset trader. Canadians have access to several trustworthy Canadian cryptocurrency exchanges because of the Canadian government’s favorable attitude toward blockchain and cryptocurrencies, which will be reviewed further down. The world’s biggest cryptocurrency platform is also available to Canadians. Cryptocurrency exchanges can operate legally in Canada, and you can trade crypto without breaking the law.
Since there are many cryptocurrency exchange options, narrowing them down and selecting the best crypto exchange in Canada that meets your needs might be difficult. This guide attempts to assist you in determining which exchange is the best Canadian crypto exchange for you by providing a comparison of the best crypto exchanges currently available in Canada.
Investing in cryptocurrency entails more than simply transferring your CAD money to digital currencies on any platform. Before committing to a platform, consider its security, fees, trading costs, liquidity, coin selection, customer support, end-to-end trading experience, and ease of use. Hence, we have considered all these factors before finally selecting our top 10 crypto exchanges in Canada.
Best Crypto Exchange Canada 2023: Our Opinion
Bitbuy is one of our top-rated Canadian cryptocurrency exchanges. Bitbuy is by far the most established and best crypto exchange in Canada. It offers several unique features that none of its competitors can match, which is why it is ranked first in our best crypto exchanges in Canada comparison.
Bitbuy is a Bitcoin exchange situated in Toronto. It is a highly reputable Canadian crypto exchange, and one of the best crypto exchanges in Canada. It differentiates from the competition thanks to its low trading fees, excellent customer service, and simple trading interface, and the exchange supports over 25 cryptocurrencies. Though Bitbuy has a limited number of coins available compared to other Canadian crypto exchanges (but they have the most popular ones), it offers other stand-out features.
Bitbuy has remained active as one of the most trusted Canadian exchanges to buy and sell digital currencies. The platform focuses solely on the Canadian crypto market, so its trading volumes all come from local traders. Since its founding in 2016, hundreds of thousands of Canadians have used the trading platform to trade over $4 billion in digital assets.
Key Features of BitBuy
- Bitbuy crypto exchange is a registered marketplace as well as an investment dealer. Hence orders are fulfilled by Bitbuy and are never outsourced to a third-party company. This entails better trade openness and liquidity, resulting in lower trading fees making it the best cryptocurrency exchange.
- Bitbuy includes different platforms for novice traders (Express Trade) and advanced traders (Pro Trade), making it ideal for newcomers looking to buy cryptocurrency.
- Bitbuy crypto exchange has an advanced trading platform with advanced trading features, sleek and futuristic. Bitbuy’s Express Trade feature allows you to buy and sell crypto in just a few clicks. The Express Trade platform features a simple interface with basic trading and conversion options and is one of the most secure trading platforms.
- Bitbuy provides excellent customer service. They respond quickly and are pretty helpful. They are also active on social media channels such as Twitter and Reddit, where you can contact them.
- Bitbuy’s mobile app includes all the basic functionality of the desktop version, including the ability to purchase, trade, and transfer cryptocurrencies and biometric security features to keep your coins safe.
We summarized all the BitBuy key features, but we also made an in-depth BitBuy Review page that you can check out.
BitBuy Security
Bitbuy crypto exchange has a 95% cold storage policy, which means that at least 95% of its consumers’ cryptocurrency is kept offline. This protects customers’ crypto funds from hackers and criminal actors. Bitbuy is also a FINTRAC-registered Money Service Business (MSB) that complies with all Canadian laws.
Fortified Security Measures: Bitbuy Ensures Protection by Deploying Servers in Multiple Disaster Recovery Locations and Utilizing Cloud Providers Compliant with SOC, ISO, and FIPS 140-2 Standards. With a Strong Emphasis on Technological Security, Trading with Bitbuy Offers a High Level of Safety and Peace of Mind.
BitBuy Fees
- Transparent trading fees
- For purchases exceeding $20,000, the exchange offers Express Trade, Pro Trade options, and The Trading fees for Express Trade at 0.5%
- Deposits and withdrawals depend on whether the transaction is fiat or crypto.
- Fiat fees – (E-transfer deposits and withdrawal fees) 1.5, (bank deposits) 0.5%, (Bank wire) -1.5%
- When you place limit orders (“Maker” fees) – 0.10%
- When you place a market order (“Taker” fees) – 0.20%
Pros
- The lowest trading fees in Canada (0.1% – 0.2%).
- Trade spreads are pretty narrow (around 0.3%).
- The customer service team that responds quickly and efficiently.
- The majority of cryptocurrency assets are kept in cold storage and are insured.
- Bitbuy Pro is a platform designed for advanced traders.
- Instant account verification for most users.
- Bitbuy app and easy-to-use online platform.
- It supports over 25 cryptocurrencies.
- FINTRAC-registered money services business.
Cons
- Deposits and withdrawals in fiat currency cost between 0.5% and 1.5%.
- Mining fees range from $1 to $20 for cryptocurrency withdrawals.
- Only Canadian citizens and permanent residents are eligible.
- Only accepts Canadian dollars as a form of currency (no USD, EUR, etc.).
- Limited selection of tradable assets.
Binance - Best Exchange for variety of Altcoins in Canada
Binance is one of the most well-known and best crypto exchanges in Canada, and it’s an excellent choice for both advanced traders and inexperienced Canadian crypto investors. Users in Canada can trade over 500 altcoins, including the Binance coin, the exchange’s native cryptocurrency (BNB). Traders can earn passive income in various ways, including staking and earning interest on their crypto holdings.
Binance also allows Canadian cryptocurrency traders to trade peer-to-peer (P2P), engage in margin trading, and access more complicated trading instruments like futures contracts. Binance is excellent for investors who desire a wide range of buying and selling and are comfortable buying crypto with fiat currency.
Key Features of Binance
- There are two versions of the Binance crypto exchange for regulatory reasons. Those in the United States will use one version, while users in other countries will use the other.
- Binance crypto exchange distributes its services between its desktop platform and the Binance app. Their Binance app is appropriate for investors of all levels of experience. They’ve incorporated a “lite” feature that streamlines the user interface, making the app considerably more user-friendly for new investors. This simplified feature makes it easy to navigate for new investors.
- The Binance crypto exchange accepts various payment methods, supports several fiat currencies, and provides ways to deposit and withdraw funds. These include bank transfers, wire transfers, SEPA, and cash deposits.
- Binance crypto exchange has one of the most advanced and cutting-edge platforms. Their extensive set of trading tools, indicators, and chart options provide traders with all the advanced trading tools they want.
Security of Binance
Among Binance cryptocurrency exchange security features are two-factor authentication (2FA) using the Google Authenticator app or short messaging service (SMS), address whitelisting, device management, and the ability to restrict device access.
While these features can help users keep their accounts safe, Binance’s reputation is still a source of concern. In terms of security, they are approximately average in the industry.
Fees of Binance
- Lowest trading fees
- Free deposits
- Flat withdrawal fees
- Users can fund their accounts through bank transfers, credit cards, debit cards, and cryptocurrency.
- Fees for crypto trades – 0.01%-0.10%per trade
- Fees for credit card and debit card purchases – 3%-4.5%.
- Crypto conversion – N/A
- Bank wire transfer fee – $15
- Other fees buy/sell right away – 0.5%
Pros
- Low trading fees.
- Several ways to earn passive income.
- Tools for advanced trading.
- Money can be deposited in many ways.
- Trading crypto-to-crypto or fiat-to-crypto.
Cons
- Not beginner friendly.
- Regulatory issues.
Coinbase - Best Crypto Exchange for Beginners in Canada
Coinbase is one of the best crypto exchange and investment websites that lets users buy, sell, and exchange over 100 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. Coinbase is a major firm with more than 98 million users and $256 billion in assets.
Beginners will likely prefer the original Coinbase crypto exchange platform for simple buy and sell orders. Coinbase Pro, available to all Coinbase users, gives advanced users access to extra tools and order types.
Key Features of Coinbase
- Coinbase crypto exchange is straightforward to use. It takes no time to sign up. You can link your bank account to your account using the data transfer network Plaid to get a low trading fee. The user interface e-transfer is easy to use. You can use a search bar to comb through the plethora of crypto options available, from Bitcoin to Teller, and you can schedule purchases to repeat regularly. Coinbase allows you to swap cryptos, for example, convert your Litecoins to Augur.
- Coinbase awards customers with cryptocurrency as they complete lessons on its Learn platform. Each interactive, Instagram Stories-style class takes less than 10 minutes, and users are usually rewarded with $1 to $5 worth of the coin they’re learning about.
- Those who own particular coins in their Coinbase accounts can receive rewards by allowing Coinbase to stake them or use them as collateral to validate transactions for proof-of-stake cryptocurrencies such as Ethereum. Keep in mind that Coinbase charges a fee of 25% of the generated staking income.
- Coinbase crypto exchange is aimed at newcomers; however, Coinbase Pro may be of interest to more experienced traders. Both Coinbase and Coinbase Pro accept the same login credentials.
- Coinbase Pro provides a comprehensive crypto trading experience, including improved charting and a wider range of order types, including market, stop, and limit orders. It also has lower trading fees and permits free transfers between Coinbase and Coinbase Pro wallets.
We summarised all the Coinbase key features, but we also made an in-depth Coinbase Canada Review page that you can check out.
Security of Coinbase
Coinbase cryptocurrency exchange has earned a reputation for being a safe location among Canadian cryptocurrency exchanges to purchase and sell crypto. 98% of user funds are held offline in various places throughout the world, enhancing the security of digital currencies.
Coinbase crypto exchange stores your cryptocurrency in its free wallet service, but you can also store it offline in a third-party wallet. To sign in to your account, you’ll need to use two-factor authentication. Biometric fingerprints and AES-256 encryption on private keys are also included.
Fees of Coinbase
- Spread charge – 0.50%
- Coinbase fee varies depending on the value of your purchase, the fiat you used, payment method, order size, and market conditions such as volatility and liquidity, among other things.
- Coinbase also charges fees to cover the costs of completing transactions on the external blockchain networks that support the cryptocurrencies.
- The trading fees on Coinbase Pro are low as they follow the normal maker/taker model.
Pros
- Wide selection of cryptocurrencies to trade.
- Low account minimum.
- Convenient user experience.
Cons
- The trading fees structure is difficult to comprehend.
- You'll need to switch to a different Coinbase platform for low trading fees.
- Poor customer service.
- High deposit fees.
Coinberry - Best Crypto Exchange for Low Deposit and Withdrawal Fees in Canada
Coinberry is a simple-to-use Canadian crypto exchange developed in Canada and one of the best crypto exchanges in Canada that functions more like a Bitcoin shop. It acts more like a brokerage than an exchange because you can only buy and sell assets for fiat on Coinberry’s platform, and you can’t trade crypto assets with anyone else.
That said, signing up and purchasing cryptocurrencies via a different funding way such as wire transfers, Interac e-transfers, debit, and credit cards is quite simple. Coinberry is a wonderful alternative for making initial crypto buys for newcomers in Canada who want to use Canadian dollars without worrying about conversion rates.
Key Features of Coinberry
- On Coinberry crypto exchange, users can get real-time cryptocurrency data as well as the current price of Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash in Canadian dollars.
- Because their system of financial intermediaries can handle large volumes of trading orders, the Coinberry crypto exchange team can offer customers incredibly low fees and short transaction processing times.
- Coinberry crypto exchange buys cryptocurrency at a discount as a large volume client, then resells it at the quoted price, earning from price disparities known as spreads. After Coinberry receives the funds, user coins are sent. When using a card, this is nearly instantaneous. With a bank transfer, this could take up to a day.
- Users can also register through Interac e-transfers. After that, customers can fund their accounts, which will allow them to trade commission-free in Canadian dollars in a matter of minutes.
- To fund a Coinberry account with a credit card, customers must first validate their account by linking it to a Canadian bank account.
- The Coinberry crypto exchange members will benefit from a 0% withdrawal charge as one of their perks. Before a withdrawal request is finalized, mining fees/network fees will be applied and shown in the order preview for crypto withdrawals.
We summarised all the Coinberry key features, but we also made an in-depth Coinberry Review page that you can check out.
Coinberry Security
Canadian government municipalities trust Coinberry as the only digital asset platform, and it is one of the most secure crypto exchanges in Canada. The company that runs the Coinberry exchange, Coinberry Limited, is a Money Service Business (MSB) supervised by FINTRAC.
Coinberry is also PIPEDA compliant, which means it must follow a set of guidelines that govern how private companies collect, use, and disclose personal data. According to their website, fraud monitoring is used across their platform to protect against financial fraud, account takeovers, and other types of fraud. Coinberry follows FINTRAC’s Anti-Money Laundering and Know-Your-Customer (KYC) guidelines to the letter. This means that before users can start depositing money, they must first authenticate their accounts.
Coinberry Fees
- Free deposits (fiat) and withdrawals.
- Crypto deposits are also free.
- You pay a fee when you withdraw crypto as follows: A trading fee of roughly 0.5% is charged by the Coinberry crypto exchange. Bitcoin – 0.0005; Ethereum – 0.0063; Litecoin- 0.02; XRP: 1
Pros
- New customers are automatically verified on Coinberry, and they do not have to go through a lengthy verification process.
- A one-click trade option is offered for new customers who are not accustomed to trading.
- There are no deposit fees for cash deposits or withdrawal fees.
- Insured by Lloyds.
- Protected by Gemini trust company LLC.
Cons
- Trading fees for processing and trading can go very high.
- There are only six coins that can be used on the platform.
- To begin, an initial deposit of $50 needs to be made.
- The platform is quite simple, with no sophisticated or more advanced trading features for advanced users.
CoinSmart - Best Exchange for Low Trading Fees in Canada
CoinSmart, founded in 2018, is one of Canada’s fastest-growing and most reliable cryptocurrency platforms. It is one of the best crypto exchanges in Canada. It’s a simple way for Canadians to purchase and sell digital currencies such as Bitcoin, Ethereum, and others, making it the perfect exchange for those looking to invest in the booming cryptocurrency markets.
Once you’ve opened and validated your account, you can fund your CoinSmart account via Interac e-transfer, wire transfer, bank draft, cryptocurrency, or your credit or debit card. All deposits are paid to your account the same day CoinSmart receives them, all cash withdrawals are completed within 5 business days, and all account verifications are processed the same day, according to CoinSmart’s SmartGuarantee.
Key Features of Coinsmart
- Users enjoy various advantages of the CoinSmart mobile app, including SmartTrade, which simplifies trading and charges only 0.2 percent in trading fees. To keep your assets safe at all times, the app includes security measures such as fingerprint login and two-factor authentication.
- You only need to submit your name, date of birth, address, phone number, and email address to join CoinSmart. The majority of accounts are verified within minutes; however, a tiny percentage of users will need to manually verify their accounts by providing a few documents.
- CoinSmart has a fantastic referral program where you can introduce friends, and each of you will receive $15 if they deposit at least $100. It’s simple but effective.
We summarised all the Coinsmart key features, but we also made an in-depth Coinsmart Review Canada page that you can check out.
Coinsmart Security
CoinSmart has a 95% cold storage policy, which means that at least 95% of its users’ cryptocurrency is kept offline. This makes a significant difference in terms of securing customers’ crypto assets from hackers and criminal actors, and dealing with CoinSmart is nearly risk-free, making it one of the best crypto exchanges. FINTRAC and the Ontario Securities Commission (OSC) regulate CoinSmart, and it strictly adheres to all Canadian laws.
CoinSmart is also Canada’s sole publicly traded cryptocurrency exchange, putting it under significantly greater financial scrutiny than any other platform. CoinSmart is a safe location to trade since the amount of financial information they must provide for their annual audit is staggering, making any financial fraud or wrongdoing nearly impossible. With all of this in mind, the CoinSmart crypto exchange is undoubtedly one of Canada’s most secure crypto exchanges and one of the best crypto exchanges.
Coinsmart Fees
- Low trading fees
- 0.2% for single trades and 0.3% for double trades
- Interac e transfer deposit – 0% on $2000+
- 1.5% on $100 – $1999
- Wire transfer / Bank draft deposit – 0%
- Credit/debit card deposit – Up to 6%
- Interac e transfer withdrawal – 1% ($15 minimum)
- Bank wire withdrawal – 1% ($15 minimum)
Pros
- Most affordable trading fees (0.2 percent).
- Narrow spreads on trades (around 0.3%).
- Customer service is available 24 hours a day, 7 days a week via phone, live chat, and email.
- 95%+ of crypto assets are held in cold storage and insured for up to $100 million.
- For serious traders, a robust advanced trading platform is available.
- For the majority of users, account verification is instantaneous.
- CoinSmart app and easy-to-use online platform.
- With low trading fees, it's simple to trade between two altcoins (just 0.3 percent).
- It accepts 16 different coins.
- Credit and debit card deposits are accepted.
- FINTRAC-registered money services company with a publicly listed platform that undergoes rigorous financial examination.
- Residents of dozens of countries, including Canada, can use it.
Cons
- Interac e transfer deposits cost 1.5% if depositing less than $2,000.
- Crypto withdrawals cost around $0.50 – $10 in fees.
- Credit and debit card deposits cost up to 6%.
- Only accepts CAD as fiat.
Coinsquare - Best Crypto Exchange, Safe, and Beginner-Friendly Crypto Platform
Coinsquare is one of the best crypto exchanges in Canada that allows users to trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and Dash. It is primarily designed with Canadian investors in mind, offering services in French and English. Coinsquare has also made its service open to crypto investors all across the world.
Coinsquare is one of the growing numbers of “Fiat Gateway” services that make buying and trading cryptocurrencies easier for customers who are unfamiliar with the concept. The platform has been designed with features that will allow even the most inexperienced trader to get up and running quickly. For consumers new to cryptocurrency trading, Coinsquare provides an easy-to-use platform with a wealth of data and tools, allowing them to acquire a clear view of the entire digital market and trade sensibly.
Key Feature of Coinsquare
Coinsquare is one of the best Canadian crypto exchanges and includes a number of features that are particularly advantageous to users. Some of these characteristics are listed below:
- With its simple navigation options and tutorials, the site is beneficial for newcomers who want to trade cryptocurrency.
- Coinsquare is concerned about the safety of its consumers’ crypto assets. As a result, trading on the site is fully safe, which is especially beneficial for those who take their security seriously.
- On the trading platform site, you can choose from a variety of coins and tokens.
- Setting up an account is easy requiring one to provide a user name, email address, and a secure password. If they have a referral code, they can mention it here. The app has a basic interface, and anyone with a minimum knowledge of technology can handle the mobile platform.
- The Coinsquare mobile app is convenient for regular traders. The app is really simple to use and includes all of the features seen on the website. Customers must first download the app and create an account.
We summarised all the Coinsquare key features, but we also made an in-depth Coinsquare Review page that you can check out.
Coinsquare Security
Over 97.5% of their assets are stored in dispersed cold storage; the exchange does not rely on a single individual for security, and has a strict disaster recovery strategy. Being one of the best crypto exchanges, Coinsquare has banking relationships with a number of top Canadian banks, including one of the Big Five. External, impartial third-party audits of their financials are done by them.
Coinsquare’s impartial third-party audit has successfully examined the industry-leading compliance program of cryptocurrency exchange, which includes an anti-money laundering and anti-terrorist financing program. Coinsquare is also pretty safe, as it is one of just a few online trading platforms that hasn’t been hacked. This means you can trust that your money will be safe when you credit your account in whatever currency you choose to trade.
Coinsquare Fees
- Bit Market fees are lower (Fees for makers are 0.1%, while fees for takers are 0.2%).
- QuickTrade fees – 0.2% in single conversions and 0.4% for double conversions.
- No trading fees for moving crypto from your wallet or another exchange.
- CAD Deposit (Interac e transfer and wire tansfer) – 0%
- Free deposits but withdrawal fees – 2%
Pros
- Signing up is a very simple and uncomplicated process. Customers can make deposits in fiat currency on this trading platform. The platform is highly safe to use and has a good reputation.
- A feature named QuickTrade allows users to convert one crypto to another in an instant.
- The site offers a variety of cryptocurrencies from which customers can choose according to their preferences.
Cons
- There have been several documented concerns regarding customer support.
- Only Canadian dollars are accepted on the website.
- There have been reports of problems with the site's mobile application.
National Digital Asset Exchange (NDAX) - Best Crypto Exchange for Crypto Staking Options
NDAX is a cryptocurrency trading platform situated in Calgary, Alberta. NDAX has a simple registration process that is beneficial to both novice and experienced traders. It is a good starting point for Canadians looking to purchase crypto for the first time. The UI is simple and easy to use, and there are 30 cryptocurrencies to trade. NDAX has a staking option and plans to increase the offering for users.
NDAX is a reliable platform and one of the best crypto exchanges with a diverse selection of cryptocurrencies and staking opportunities. It continues to add to its products on a regular basis. Users can also take advantage of the referral program that pays out based on new user acquisition and repeat business.
Key Features of NDAX
- NDAX features a user-friendly interface that is ideal for beginners, but it also caters to experienced traders one of the best trading platforms with advanced charts and order options. It’s a platform that newcomers may get started on and build on as their knowledge grows.
- Low trading fees of only 0.2% are ideal for new investors who want to obtain more crypto for their CAD, as well as frequent traders who want to maximize their profits.
- NDAX offers more than 30 of the most prominent cryptocurrencies, all of which can be purchased using CAD. Although some users prefer a greater selection of coins, the NDAX range is suitable for most beginners and day traders. Their collection is slowly growing as new coins are introduced from time to time.
We summarised all the NDAX key features, but we also made an in-depth NDAX Review page that you can check out.
NDAX Security
NDAX is a legitimate firm that is registered as an MSB with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC). The majority of its digital assets are stored offline in cold storage, and fiat is held at a Canadian financial institution.
Standard industry procedures such as 2-factor authentication (2FA) and DDoS mitigation are also used to protect your account on the site. It is registered with FINTRAC and AMF as an MSB. Extremely secure Canadian cryptocurrency exchange and partnered with Ledger Vault.
NDAX Fees
- Low trading fees/commissions.
- A flat 0.20% transaction fee applies to both purchasing and selling cryptocurrency.
- Fiat CAD Withdrawal using bank wire and wire transfer: flat fee of $25
- Fiat and crypto deposits are free.
Pros
- Trading fees are competitive at 0.20%.
- Deposits in fiat and cryptocurrency are both free, and new clients can get instant verification.
- Deposits and withdrawals are processed quickly.
- Customer service is available 24 hours a day, 7 days.
- The site offers a variety of cryptocurrencies froSolid amount of coins available (33).
- Has a referral program.
- Low withdrawal fees.
- Stop orders, stop limit orders, trailing stop orders, and other advanced order types are available.
Cons
- Accepts only CAD for fiat.
- Only available to Canadian residents.
Shakepay - Canada’s Top Crypto Exchanges to Purchase Bitcoin and Ethereum
Shakepay is a Canadian crypto trading platform that allows you to purchase, sell, and store Bitcoin and Ethereum using your smartphone or computer. While the Shakepay app does not allow customers to keep their own cryptocurrency private keys, the firm makes it simple to transfer funds to personal crypto wallets.
Shakepay crypto trading platform also features a function called Shakepay Change, which allows customers to buy a little amount of Bitcoin every time they use their debit or credit card to make a purchase. You can deposit Canadian dollars via Interac e-transfer or wire transfer.
Key Features of Shakepay
- Using only the app, trading cryptocurrency is simple with Shakepay. The main purpose is to make buying and selling cryptos as simple as possible.
- Users can view their whole trading transaction history using the website or mobile app.
- Shakepay is the easiest way to buy or sell cryptocurrency at current market prices. Users must first register before they can begin trading. Before conducting a transaction, consumers should have CAD in their bank account.
- Shakepay also sends a notification about account activities. Alerts are the best way for a user to be notified when Bitcoin or Ethereum reaches a specified price.
- If users join Shakepay using a referral link, they may receive free Bitcoin every day. The user will receive free Satoshis automatically credited to their wallet if they activate the app every 24 hours and shake their phone.
We summarised all the Shakepay key features, but we also made an in-depth Shakepay Review page that you can check out.
Shakepay Security
On its website, Shakepay claims that digital assets are covered by an insurance policy, but it does not provide any information. It also doesn’t say how much of the assets are kept offline in cold storage. This raises a red flag for us because offline storage is the safest way to keep cryptocurrency.
You can use two-factor authentication (2FA), FaceID, and biometrics to prevent unauthorized access to your account. You must confirm the transaction by email when removing funds from your account. Shakepay will send you notifications to let you know what’s going on with your account. As with most exchanges, when you keep your assets on Shakepay’s platform, you won’t hold the private keys. However, you do have the ability to withdraw your crypto to your preferred wallet, for example, a hardware wallet.
Shakepay is licensed as a MSB by FINTRAC and is fully regulated in Canada. As a result, Shakepay is one of the most secure and safe crypto trading platforms in Canada.
Shakepay Fees
- Very expensive trading fees, high spreads -2.5%-3%
- Free crypto withdrawals
- Free CAD deposit/withdrawal (Interac e transfer, bank wire, cryptocurrency)
- Cash withdrawal fees – Free
Pros
- $0 transaction fees for deposits and withdrawals.
- Good Support Team.
- Assets are stored in cold storage.
- Automatic recurring buys feature.
- Free Bitcoin on Referral.
- Easy solution for Canadians to trade.
Cons
- Only two cryptocurrencies to trade (Bitcoin and Ethereum).
- No watch list, news, research, etc.
- Only CAD fiat is accepted.
Newton - Best Crypto Exchange for Security and Regulation in Canada
Newton is a Toronto-based crypto exchange. It was founded in 2018 and supports over 70 coins, making it one of the most diverse crypto exchanges in Canada. Newton’s features make it a tempting destination to buy and sell crypto, including zero trading fees, third-party custody, rapid account verification, and competitive spreads.
Key Features of Newton
- Newton automatically verifies accounts, making the signup process simple. This is especially advantageous if you wish to trade on short-term price swings, as you won’t have to wait days for your account to be approved and start trading crypto.
- There are no fees with Newton, including no trading fees, deposit fees, or withdrawal fees. Newton makes its money instead through spreads, which are always clearly displayed on the company’s website.
- Newton features a user-friendly iOS and Android app that is ideal for crypto traders who like to trade on the go. The app features buy and sell functionality for all of Newton’s coins and are well rated on both iOS and Android.
- Limit orders are available in Newton’s mobile app and desktop trading platform, making complex order types simple to place and execute for both novice and experienced traders.
- Newton has a referral program that is open to all verified accounts. Users can also track referrals and earnings by using the unique link provided in the settings. Currently, when a user’s referral trades for $100, the user receives a $25 making fee.
We summarised all the Newton key features, but we also made an in-depth Newton Crypto Review page that you can check out.
Newton Security
Newton works with Fireblocks and Balance as a third-party custodian, which means they hold their users’ digital assets in cold (offline) storage at institutional-grade facilities. Newton will eventually switch to Coinbase Custody, which provides an equivalent level of security.
Newton also maintains daily off-site backups and direct bank interfaces, both of which serve to reduce fraud and keep your cryptocurrency safe.
Newton Fees
- No trading fees for swapping cryptocurrencies.
- No fees for deposits or withdrawals.
- Bid-ask spread varies between 0.5 and 1%.
- No mark-up fees since Newton launched Surge Pricing, and they pay the first $5 in-network fees. That is, you pay the real network price (minus $5) with no mark-up, and the rest will be deducted from your withdrawal amount.
Pros
- When compared to other Canadian exchanges, this site offers a wide range of cryptocurrencies.
- It has a simple and intuitive user interface.
- Continuously improves their value offerings and features.
- It offers a low fee structure and covers CAD 5 for network fees.
- Newton has extensive security measures in place, including PLAID partnerships.
- It has low spreads and a lot of liquidity.
- Newton's user interface is user-friendly for beginners.
Cons
- It's possible that the verification process will take a long time.
- Only allows Canadian citizens and permanent residents to create an account.
- Newton funds cannot be withdrawn until the fiat payments have been cleared.
Bitvo - Crypto Exchange with the Best Costumer Service in Canada
Bitvo is a crypto exchange situated in Calgary, Alberta, Canada. After completing the relevant KYC procedure, traders can utilize the Bitvo website or mobile app to invest in cryptocurrencies. The exchange isn’t just for Canadians; it’s a global trading platform as well.
Key Features of Bitvo
- To ensure safe transactions, they have an experienced team with industry understanding.
- Registration is quick and error-free, allowing you to start trading right away.
- You can deal with key cryptocurrencies in the Canadian market, as well as trading options with a global reach.
- Bitvo’s same-day guarantee provides consumers with rapid fund processing and withdrawals, allowing them to receive money the same day via bank account transfers.
- Secure transactions with Fiat monies held in major Canadian bank accounts.
- Options for cold storage for money obtained through exchanges, obviating the necessity for bank transfers.
- The Bitvo Card is a convenient solution that allows you to withdraw funds straight from your Bitvo account without needing to first transfer them to a bank.
- Customer service is available 24 hours a day, 365 days a year via phone, email, and online.
We summarised all the Bitvo key features, but we also made an in-depth Bitvo Review page that you can check out.
Bitvo Security
Bitvo crypto trading platform operates under the laws and regulations of the jurisdiction in which it is based. The ‘User Agreement’ contains a summary of legal ramifications as well as terms and conditions. It contains information on:
- User consent is required.
- Account information, among other things, is protected by privacy policies.
- There are restrictions and rules in place.
- Legalities and who to contact or refer to in the case of a legal problem.
Financial experts with sufficient knowledge of the banking sector and legal procedures designed and administered the site.
Bitvo Fees
- Trading Fees: 0%
- Trading Spreads: 0.50% – 1.00%
- Free Deposits
- Withdrawals: 1.00%
- Bitvo Cash Card (Purchases): $1 per purchase
- Bitvo Cash Card (Withdrawals): $1 per withdrawal + 3.00% foreign currency conversion fee
Pros
- Easy crypto exchange for Canadian investors.
- A large number of cryptocurrencies.
- Market analysis in real-time.
- Registration, exchange, and access to earned funds are all guaranteed on the same day. Withdrawal fees are 1%.
- Easy bank account transfers whenever required.
- There are no trade fees.
- Money is stored in the account for free.
- Bitvo Cash card provides easy access to money.
Cons
- The registration process is lengthy, as is the KYC process.
- Accessibility to the country is limited.
- KYC through Canada Post may be required (in some cases).
| Exchange | Number of Coins | Supported Payments | Trading Fees |
|---|---|---|---|
| BitBuy | 25 | Interac e-Transfer, Bank wire | Express: 0.2% - Pro: Maker 0.1%, Taker 0.2% |
| Binance | 1000+ | Debit/credit card, Bank wire | Standard fee of 0.1% |
| Coinbase | 100+ | Debit/credit card, Bank wire | Fee varies depending on the value of your purchase |
| Coinberry | 30+ | Wire transfers, Interac e-Transfers, Debit/Credit Cards | 0.5% |
| Coinsmart | 9+ | Debit/credit card, Interac e-Transfer, Bank wire | 0.2% for single trades and 0.3% for double trades |
| Coinsquare | 40 | Interac e-Transfer, Wire transfer, Bank wire | Maker Fees 0.1%, Takers fees 0.2% |
| NDAX | 30+ | Interac e-Transfer, Wire transfer, Bank wire | 0.20% |
| Shakepay | 2 | Interac e-Transfer, Bank wire, Cryptocurrency | 2.5%-3% |
| Newton | 70+ | Interac e-Transfer, Wire transfer, Bank wire | No trading fees for trading between cryptocurrencies |
| Bitvo | 11 | Interac e-Transfer, Wire transfer, Bank wire | No Trading Fees |
What is a Crypto Exchange?
Discover the world of cryptocurrencies through cryptocurrency exchanges, where you can buy and trade digital assets. In addition to trading, these exchanges often offer price discovery tools and secure storage for your cryptocurrencies.
People could only get crypto before crypto exchanges by mining or organizing transactions in various online and offline communities. Hundreds of crypto exchanges exist now, each offering a different collection of digital assets, as well as differing levels of security and associated costs. When deciding which exchange to utilize, you should think about your personal financial goals and risk tolerance.
How to Choose the Right Exchange?
When looking for a crypto exchange in Canada, there are a few things to keep in mind. Here are a few to consider before making your decision:
- Accessibility: Not all states or nations allow access to all crypto exchanges, so check to see if the one you choose is available where you live.
- Security: Each exchange has its own set of security measures and insurance policies.
- Fees: Know how much it will cost you to purchase and sell cryptocurrency on the exchange of your choice.
- Coins offered: Some exchanges only have a limited number of coins available.
- Storage: Many exchanges include a crypto wallet as part of their service to assist you in keeping your money safe.
Final Thoughts
Given how many there are and all of the numerous services each one offers, picking the best Canadian cryptocurrency exchange is a difficult task. If you’re just getting started in the world of digital currency trading, it’s critical to pick the best crypto exchange for your needs right away.
A reputable exchange will provide a secure trading environment as well as cheap costs and a large number of supported markets. Bitbuy is our number one rated cryptocurrency platform due to its high level of security, ease of use, and low trading fees. Bitbuy is one of the most popular cryptocurrency exchanges in Canada.
Rather than being a global conglomerate, it focuses on expanding its local user base, regulatory compliance, and the exchange’s smooth functioning, which is exactly what most beginners want in a cryptocurrency exchange.
FAQ
Most frequent questions and answers
The safest way to buy Bitcoin and other cryptocurrencies in Canada is through cryptocurrency exchanges. Because there are so many options, it’s wise to compare the deposit and withdrawal methods, fees, and transaction speeds of each exchange before deciding which is ideal for you. Your chosen crypto exchange will give you access to the digital currency markets.
Also, many crypto exchanges that allow Canadians to open accounts are not regulated by any government. You can never be sure that your funds are safe when using such an exchange. As a result, when looking for a crypto exchange in Canada, the first thing you should do is look into the platform’s regulatory status.
Binance is the largest cryptocurrency exchange in the world. It is available in Canada but not in Ontario. However, whether Binance is legal in any jurisdiction remains a point of contention. Binance confirmed to the Ontario Securities Commission (OSC) in 2022 that it will stop opening new accounts for users in the Canadian jurisdiction.
Due to the unique manner it protects your account utilizing facial recognition technology, your fingerprint, and two distinct mathematical secret sharing, ZenGo is also the safest crypto wallet in Canada. No one else (even hackers) can access your ZenGo wallet, and you never have to worry about losing your money if your phone is lost or stolen.
Bitbuy is the best Bitcoin exchange in Canada. Bitbuy retains over 95% of its users’ money in cold storage, has very low trading fees, and has a popular mobile app among Canadians.
Bitbuy and CoinSmart are the lowest-fee crypto exchanges in Canada. Their trading fees are 0.1% and 0.2% for regular users, and they don’t charge any hidden fees on things like fiat deposits.
VirgoCX, Crypto.com, and Newton are the best altcoin exchanges in Canada. VirgoCX allows users to trade altcoins directly (rather than through a stablecoin or Bitcoin), which lowers fees, while Newton offers over 75 coins and is constantly adding more of the altcoins that most Canadians want. Crypto.com has the largest number of coins of any Canadian exchange.
Bitbuy, an MSB licensed with FINTRAC, is the safest crypto exchange in Canada. They use bank-level security protocols, store your currencies in a cold storage wallet, and allow you to move your coins on and off the exchange at any time.
Bitbuy is the top crypto exchange in Ontario because of its user-friendly design and low fees. VirgoCX, Crypto.com, and Newton are three other amazing coin apps available in Ontario, all of which provide good customer service and highly secure storage protocols to keep your crypto safe.
When looking for the top crypto exchanges in Canada, the most important factor to consider is how much does it cost to buy and sell crypto. If your trading fees are too high, your profits will be negatively impacted
While no crypto exchange in Canada presently offers CIPF (Canadian Investor Protection Fund) protection, users must check to see whether they are licensed and what types of asset protection they offer. You may want to move your assets offline into a hardware wallet like Ledger for ultimate security.
Confirm that the exchange uses cold storage to protect user funds. Check to determine if there are any fees associated with each option, as they will reduce your profits as well.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.
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