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How to buy Altcoins in Canada: Ultimate guide 2023
Luis Clark
Bitcoin has ruled the world of cryptocurrency ever since it was first launched in 2009. And there is absolutely no doubt that it will have it’s place within the digital assets market for many years to come.
However, the seemingly never-ending growth in the blockchain sector has led many new projects and project developers to enter the arena, causing the competition to heighten. One such development includes the launch of many new altcoins, giving head-to-head competition to Bitcoin. In this article will show how to buy altcoin in Canada.
As of March 2023, there are more than 22,900 functioning digital currencies in the world, other than Bitcoin. Many of these caught fire and became immensely popular, specifically after 2020. For instance, Solana – currently the 11th largest altcoin with respect to market cap – has seen a whopping 15,500% surge in its price over the course of 2021.
Such uptrends made people realize the huge potential in the altcoins market, and gave them a chance to diversify their crypto portfolio. Amidst this shift of interest, many investors are concerned about several angles, such as how to buy altcoins in Canada, the safest platform to buy altcoins, and the best-decentralized exchanges in the country.
To play our role in making the crypto industry a healthier space, we have made it our mission to help crypto enthusiasts make the best investment and trading decisions. Today, we will discuss how to buy altcoins in Canada and different crypto exchanges where you can do so. And yes, we’ll talk about beginner friendly crypto exchange as well.
At least, a couple of hundred crypto exchanges are currently providing their services to crypto investors and traders in Canada. Unfortunately, not all crypto exchanges are reliable. Most of them have a shady image and are not regulated by any licensing body. Many have awful service with an unjustifiably high trading fee, and even deposit or withdrawal fees.
How to buy Altcoins in Canada: Our Opinion
All crypto exchanges that trade in altcoins listed in this article are completely trustworthy and have been providing industry-best services for years. Some of them, like Binance, support a wide range of altcoins but are not beginner-friendly.
While some may have an easy user interface, like Coinbase, they charge a high maker-taker fee, making them a less desirable choice. That’s why users need to assess their priorities and requirements before they embark on their trading journey.
Crypto.com - Overall the Top Crypto Exchange to Buy Altcoins in Canada
If you are looking for the best crypto exchange to buy altcoins in Canada, Crypto.com has got you covered. The platform offers a good variety to buy altcoins at a very low trading fee. Moreover, it is one of the most secure online crypto wallets available for Canadian users.
The exchange provides you with a wide range of altcoin options. You will find over 100 different cryptocurrencies. It allows you to invest in some of the most popular altcoins, such as Ethereum, Shiba Inu, Cardano, and Dogecoin. In other words, the best crypto.
To buy any altcoin, the maximum withdrawal fees you will have to pay is just 0.4%. It is not the lowest in the industry, but definitely one of the most competitive fees you will find in Canada. The deposit fees depend on the payment method of your choice. However, you should note that Crypto.com charges a massive 2.99% fee on all deposits via Visa and Mastercard.
As far as the user experience goes, our investigation demonstrated that Crypto.com is one of those crypto exchanges more targeted towards professionals. It offers a lot of trading options and services, but on the downside, it fails to integrate all of them into a simple and compact user interface.
Key Features of Crypto.com
- Supports more than 100 cryptocurrencies.
- A minimum of $20 deposit required.
- Provides crypto interest accounts and lending services.
- Reasonable fees.
Binance - Best Canadian Crypto Exchange in Canada for a Wide Variety of Altcoins
Binance is the best choice for crypto enthusiasts who want a very diverse crypto portfolio. The exchange features more than 1,000 different altcoins, including Ethereum, Cardano, EOS, Tether, Bitcoin Cash, Solana, Luna, Shiba Inu, Dogecoin, and a lot more. There are multiple trading pairs available for each altcoin. You can pair them against fiat currencies (US Dollar, Canadian Dollar, etc.) and Bitcoin, both.
Not only does Binance offers the biggest altcoin library in Canada, but it also charges the lowest fee for trading altcoins. The maximum fee you will be charged for purchasing Bitcoin or any altcoin is just 0.1%. This means that if you buy crypto tokens worth $50, you will have to pay a trading fee of merely $0.05. Fees for deposits and withdrawals depend on the type of payment method you’re using.
Binance is a more suitable option for professional traders who want several trading tools at their disposal. The app/website provides a real-time live price action chart with different analytical indicators. Similarly, you also get to have complex trading products here, like futures and leveraged coins. Despite so many options and features being offered, the exchange provides a simple user interface that is easy to navigate.
However, you must know that Binance is not regulated by any licensing body in Canada. But that doesn’t specifically mean that the exchange is unreliable. Millions of users worldwide log in to the site daily. The platform is the biggest crypto exchange in the world in trading volume. If you still don’t want to take the risk of using an unregulated crypto exchange, check out other exchanges on this list.
Key Features of Binance
- Features over 1,000 different cryptocurrencies.
- The biggest crypto exchange in trading volume.
- Very low trading fees.
- Great for advanced crypto-traders.
BitBuy - Best Canadian Crypto Exchange for Security
BitBuy is a Canada-based crypto exchange first launched in 2016. If Binance put you off for not being licensed, you’d be glad to know that BitBuy is an ideal substitute to buy altcoins. Our findings show that the platform is approved by OSC (Ontario Securities Commission) and registered with FINTRAC (The Financial Transactions and Reports Analysis Center of Canada). On top of that, 99% of the funds being traded on the exchange are stored in a cold crypto wallet, giving users maximum security over their money.
BitBuy is also a great choice for those new to the crypto world who don’t understand its nuances yet. It allows users to instantly buy altcoins in Canada by using the INTERAC e-Transfer. The minimum deposit required to make a payment via this method is $50, with a fee of 1.5%. However, trading altcoins cost only 0.2% of the total amount.
While BitBuy may be great for security purposes and for beginners, it offers only 18 cryptocurrencies to trade. Apart from Bitcoin, you can trade Ethereum, Bitcoin Cash, Litecoin, Stellar, Chainlink, Dogecoin, Cardano, and a few more.
Read the full review about this Exchange here.
Features of BitBuy
- Great 24/7 customer service
- Beginner-friendly platform
- The minimum allowed deposit is $50
- Approved by the Ontario Securities Commission
Coinbase - Best Canadian Crypto Exchange for Beginners
After putting it to the test, Coinbase may not be a good choice for professional traders, who prefer advanced trading tools, but it is considered the top crypto exchange for beginners who want to buy altcoins in Canada. From opening an account to depositing funds and making a trade, everything is simple and self-explanatory. The interface is also easy-to-use and smartly designed for new users.
However, this ease and simplicity come at a high price. The fee model for Coinbase’s services is expensive, especially if compared to other exchanges on this list. The deposits made through debit/credit cards cost a whopping 3.99%.
Even with the most cost-effective option to fund your coin crypto wallet, transferring money from a local bank over to Coinbase, you will have to pay a 1.49% commission. Similarly, withdrawal fees are also higher than most of its competitors.
As far as trading and transaction fees are concerned, Coinbase charges:
$0.99 for trades under $10
$1.49 for trades $10-$25
$1.99 for trades $25-$50
$2.99 for trades $50-$200
Now coming to the cryptocurrencies available for trading on the exchange, Coinbase allows Canadian crypto traders to buy and sell more than 50 different tokens. Most of these are big-cap projects, such as Ethereum, Dogecoin, Bitcoin Cash, Cardano, EOS, Solana, etc.
If you want to know more, check out our complete Coinbase Canada Review.
Features of Coinbase
- Allows users to trade 50+ cryptocurrencies
- Beginner-friendly crypto exchange to buy altcoins in Canada
- The minimum of a $50 deposit is allowed
- High-cost fees structure
CoinSmart - Best Canadian Crypto Exchange for Low Fees
CoinSmart is one of the newer crypto exchanges in Canada, released only in 2018. This platform is perfect for investors who are careful not to waste a chunk of their money paying service charges. Whether you talk about CoinSmart’s trading fees, deposit fees, or withdrawal charges, the exchange beats almost every other crypto platform to buy altcoins in Canada.
Following is a quick overview of CoinSmart’s trading fees and other charges:
0.2% on transactions
0% on $2,000+ Interac e-Transfer
1.5% on $100-$1,999 Interac e-Transfer
0% on Bank Wire deposits
1% on Bank Wire withdrawals
1% on Electronic Funds Transfer
However, CoinSmart is criticized for offering a very limited range of altcoins. Currently, you can trade only 15 altcoins, including Ethereum, Bitcoin Cash, Stellar, Polygon, Cardano, EOS, and Tether. The coins supported are limited in number, but all are big caps and generally considered a safe investment (NOTE: it’s not financial advice) for beginners.
CoinSmart is registered by OSC and a fully regulated crypto exchange for Canadian users. The exchange claims that they store 95% of its holdings in cold storage. So, we can comfortably establish that this trading platform is secure for trading and storing altcoins.
Features of Coinsmart
- Extremely low fee structure overall
- 24/7 customer support via live chat, email, and phone calls
- Registered by the Ontario Securities Commission
- Good for both beginners and advanced traders
Final Thoughts
Bitcoins and altcoins may seem like quite good investments, but there are several precautions you must take. Not all crypto exchanges are secure and reliable, so you should always go with only reliable and regulated options. Also keep in check if you can invest via bank account deposits with Canadian dollars and that the provide offers the right trading pairs with reasonable fees.
Moreover, many experts consider cryptocurrencies a highly risky investment for being so volatile. You must always consult your financial advisor before making a decision and invest only what you are comfortable losing.
Our extensive analysis of the Canadian Crypto Space doesn’t stop here. You can also check out our Guide on How to buy NFT in Canada.
FAQ
Most frequent questions and answers
The best and the safest method to sell altcoins in Canada is using only secure and reputable crypto exchanges, like CoinSmart, Coinbase, Crypto.com, etc. You can also use decentralized exchanges (DEX), such as PancakeSwap and 1inch.
The best way to buy altcoins in Canada is using the number 1 crypto trading platform in the country, Crypto.com. It allows you to buy and sell more than 100 different altcoins at crypto exchanges. Simply use your bank account if you need to convert cash or deposit funds.
You can use several payment options to deposit funds to your crypto account at any Canadian crypto exchange. Each exchange has its own list of accepted payment methods. The most popular ones are INTERAC e-Transfer, bank wire transfer, visa/debit cards, etc.
Currently, Binance supports the largest number of altcoins in Canada. You can trade up to 1,000+ different cryptocurrencies, including Ethereum, Solana, Terra, Cardano, Bitcoin Cash, EOS, etc.
The safest way to store cryptocurrencies and other digital assets is to keep them in cold wallets. Cold wallets are physical wallets disconnected from the internet and store your crypto keys.
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 any investment instruments or products, including but not limited to cryptocurrencies, 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. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
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