The 10 Best Crypto Exchange Canada 2023
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 2022: 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 - Overall Best Crypto Exchange in Canada
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 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.
Bitbuy’s servers are secured across many disaster recovery locations and cloud providers that are SOC, ISO, and FIPS 140-2 compliant from a technological standpoint. Trading with Bitbuy is all things considered, extremely safe.
- 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%
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%
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.
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.
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.
- 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