The 4 Best Crypto Platforms Canada 2023
Searching for the best crypto platforms in Canada? We’ve got you covered.
This article provides an in-depth look at the best Canadian crypto exchanges to buy, sell, and convert digital assets like Bitcoin and Ethereum.
Choosing the right crypto exchange is hard work. You need to pick one that supports a wide range of tools, payment methods, competitive trading fees, etc. The crypto exchange also has to provide advanced security to safeguard your funds from theft and bad actors.
To help you make an informed decision, we’ve come up with a list and a guide on how to choose the best crypto platforms.
The chosen Canadian crypto platforms on this list come from data gathered from user reviews of each platform, a hands-on experience, and how each exchange compares with others.
We studied each exchange’s unique features, security, payment methods, fees, and much more.
Which is the best Crypto Platform in Canada in Our Opinion?
We compared the data of each platform and made our pick – Crypto.com. This is the best Canadian crypto exchange due to its ease of use, a large pool of cryptocurrencies/NFTs, and low trading fees.
That said, let’s dive in and see what each platform has to offer.
Crypto.com - Best Platform Over-all and for Advanced Traders
Crypto.com is a Singapore-based company with over 50 million users worldwide. The platform is under regulation in Canada because it is registered as a Money Service Business through the Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
There are over 250 cryptocurrencies and 20+ fiat currencies available on crypto.com. Buying and selling of currencies on this platform can be done via bank transfers and debit/credit cards.
Crypto.com is well equipped with crypto-related products and perfect for advanced traders.
Because this platform is designed to cater to advanced traders who wish to use it beyond “buy and sell”, features on the platform may be intimidating to beginners.
Versatile Crypto Trading Platform
Crypto.com is an all-inclusive trading platform that not only offers the buying and selling of tokens but also NFTs. Users can set their accounts to receive payments in crypto, take crypto loans, and fund savings accounts that can earn them interest.
In terms of offering a one-stop crypto solution, crypto.com is the best crypto exchange in Canada. They support more cryptocurrencies and altcoins than any other exchange in Canada.
Crypto.com also has two trading platforms. The app which caters to the user’s crypto needs is best for beginners. The pro desktop exchange, on the other hand, has more advanced charting and trading tools and is best for crypto experts.
Crypto.com offers staking rewards for different coins available on the platform. There is also an option for lending stable coins.
Staking Rewards on stable coins can be as high as 10% per annum. While high profile coins like Bitcoin and Ethereum attract an annual reward of 6%.
Crypto.com charges trading fees on every transaction till the order is completely fulfilled. The amount charged for trading is dependent on the volume traded. The more volume you trade, the lesser the trading fee.
The trading fee for amounts between $0 to $25,000 a month is 0.4%. Amounts between $25,000 and $50,000 attract low trading fees of 0.35%, while between $50,001 to $100,000 costs 0.15%.
Additionally, the platform offers trading fee discounts in the form of CRO rebates. This is only available to users who have staked CRO on the platform.
Crypto.com deposits are free, but withdrawals are not. Withdrawal from the platform to an external wallet or your own crypto.com wallet app’s address attracts a fee.
Despite excelling in other areas, this platform lags in customer service.
It has a help center that is equipped with hundreds of articles and blogs addressing common questions asked by customers. Customer support is also available via email and live chat. Phone support is not available.
We summarized all the Crypto.com key features, but we also made an in-depth Crypto.com Canada Review page that you can check out.
Crypto.com stores 100% of customer funds in cold storage to prevent hacking or theft. It also has over $250,000 in FDIC insurance with local banks in the United States.
The platform also offers multi-factor authentication such as Touch-ID, and email confirmations to keep customers’ accounts safe. Also, every user must whitelist every withdrawal address via email.
Netcoins - Best for Low Fees
Founded in 2014, Netcoins is a Vancouver-based, Canadian exchange. It is owned by BIGG Digital Assets, a publicly-traded company and it is fully regulated.
Some of the coins available for trading on this crypto exchange include BTC, ETH, LTC, BCH, USDT, XRP, and QADC. In May 2022 SAND, BAT, AAVE, MKR, CHZ, GRT, DAI, UNI, and XTZ were added to the platform.
This crypto exchange offers low trading fees of 0.5% and funding is free.
Netcoins is designed to make crypto trading easy for beginners. To help foster this goal, the exchange has a very simple user-friendly interface that is easy to navigate for even crypto trading newbies. The platform guides users through the registration and verification process as well as the funding and withdrawal process. You can also read our full Netcoins Review if you want to know more in details the ins and outs of this Canadian crypto platform.
Buy Crypto with USD and CAD
Users can hold both USD and CAD in one account. And they can be used to purchase crypto on the platform. The purchases of crypto can also be converted back to fiat currency. Deposits can also be made in any of the supported coins.
Non-custodial Crypto Purchases
Netcoins offers non-custodial crypto purchases to non-Canadian users. Users outside Canada who cannot verify their identity can buy and trade crypto on Netcoins with their bank card through the Netcoins Simplex Integration.
In terms of design and usability, Netcoins is extremely user-friendly and perfect for beginners. The registration and verification process for users is simple.
Unlike most crypto exchanges, Netcoins does not have an advanced trading interface, it has a simplified trading frontend.
Netcoins charges 0% funding fees. Funding can be done via bank wire, cryptocurrency deposit, and Interac e-Transfer. Users are charged 0.5% in trading fees for every trade performed on the platform.
Cash withdrawal from Netcoins attracts 0% fees. However, crypto withdrawals to external wallets attract some fees. Here is a comprehensive list of the withdrawal fees for each cryptocurrency.
Netcoins rewards its users with CAD 60 for every friend introduced to the platform. However, this bonus is only paid when the referred friend buys $100 worth of crypto on the platform.
Netcoins Visa Prepaid Card
Netcoins Users who are signed up to Netcoins Pay can get either a virtual or physical Netcoins Visa prepaid card. This card can be used anywhere Visa cards, Google Pay, Apple Pay, and Samsung Pay are accepted.
The funds in your Netcoins account automatically reflect on your Netcoins Pay card. Funding of the card is done through your Netcoins account.
For every purchase you make using your Netcoins card in the first 3 months, you earn 3% Bitcoin1 back in rewards. After the first three months, the reward is dropped to 1%.
Rewards earned are in CAD but they are automatically converted to Bitcoin1 and credited to your Netcoins account.
We summarized all the Netcoins key features, but we also made an in-depth Netcoins Review page that you can check out.
Even though Netcoins is a custodial broker, it offers good security. There have been no reports of data leaks or major hacks since its inception.
Also, it is a fully regulated and publicly traded company in Canada. This makes its operation transparent and reliable.
Users can protect their Netcoins account with Two-factor Authentication. This is mandatory for funds withdrawal. 2FA is more secure than just the regular username and password login requirement offered by some exchanges.
Wealthsimple - Best All-in-one Trading Platform
Founded in 2014 by Michael Katchen, Wealthsimple Inc. is a Toronto-based Canadian online investment management service. This company has a cryptocurrency trading platform known as Wealthsimple Crypto.
Wealthsimple has an all-in-one app known as the Wealthsimple Trade app which features diverse banking, stocks, and cryptocurrency trading options. This app allows users to buy and sell exchange-traded funds and stocks.
This best crypto exchange also enables users to deposit and withdraw available cryptocurrencies into their wallets.
Currently, the coins available for trading on the platform include:
0x (ZRX), Bitcoin (BTC), Bitcoin Cash (BCH), (1INCH), Aave (AAVE), ApeCoin (APE), Amp (AMP), Cardano (ADA), Celo (CELO), Chainlink (LINK), Chiliz (CHZ), Chromia (CHR), Decentraland (MANA), Dogecoin (DOGE), Ethereum (ETH), Sandbox (SAND), Shiba Inu (SHIB), Tezos (XTZ), USD Coin (USDC), Yearn Finance (YFI)
Wealthsimple Crypto does not have a high deposit minimum, you can start investing with as little as a single dollar. There is also no deposit or withdrawal charge. Withdrawals and deposits can be made from your Canadian bank account to your Wealthsimple account.
Wealthsimple Crypto allows users to set their trading prices with limit orders. This enables the user to buy and sell crypto at prices that are best for them.
Also when the trading price is set, Wealthsimple Crypto can automatically help you execute your purchase or selling order when the coin hits your price point.
Wealthsimple Crypto charges operational trading fees from 1.5 to 2%.
There are no fees for deposits via bank transfer, withdrawals via bank transfer, account opening, account closing, electronic statements, and trade confirmations. Wealthsimple also does not charge any commissions – the trading fees are the commission charges.
Wealthsimple Crypto offers 24/7 virtual assistant support. Clients with complaints can also reach out to the support team via email or phone call during work hours.
We summarized all the Wealthsimple key features, but we also made an in-depth Wealthsimple Crypto Review page that you can check out.
Wealthsimple Crypto offers one of the best security in the Canadian cryptocurrency exchange market. All coins on this platform are held by Gemini Trust Company LLC. This is a regulated crypto custodian that has over $200 million in cold storage and insurance coverage.
To further boost security, Wealthsimple has a backup of $380 million in investment in reputable financial institutions. Coins on the platform are also protected from theft by Coincover.
All financial information on the platform is also encrypted. And Two-factor Authentication protects users’ accounts.
Questrade - Best Crypto ETFs platform
Founded in 1999, Questrade is an online brokerage and wealth management company based in Toronto, Canada.
Crypto investment through this platform can only be done by investing in crypto ETFs. You cannot directly buy crypto on this platform, and neither are cryptocurrencies like Bitcoin and Ethereum available for trading on this platform.
Because Questrade does not support the substituting of fiat currency for digital keys, cryptocurrency cannot be purchased directly.
Users who want to trade crypto on Questrade can only do so via its various crypto ETFs. Note that investing in an ETF does not give you ownership of the asset.
All your investment does is give you a stake in the platform that possesses the value of the asset. Even though you do not have ownership of the asset, the losses and gains of that particular asset will be mirrored in your account.
Questrade offers 3 different trading platforms: Desktop, mobile, and web. The products available on each platform differ. For instance, the desktop platform is more customizable while the web trading platform is easy to use but difficult to customize.
Users trading ETFs on the platform are charged for selling. ETF and stock fees are as low as $0.01 per share. They require a minimum deposit of $1,000 with no deposit fees charged.
USD electronic fund transfer of up to $25,000 done on the platform is free. While the partial transfer of an account to a different institution costs $25.
Questrade does not offer 24/7 customer support. Users can however contact customer service during work hours via email, live chat, and phone support. Live chat is only available to users with Canadian phone numbers. Phone support and live chat are only available during the week.
We summarized all the Questrade key features, but we also made an in-depth Questrade Crypto Review page that you can check out.
Questrade is a member of the Canadian Investor Protection Fund (CIPF) and is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). The company also has about 10 million CAD worth of insurance.
Users’ accounts on the platform are protected by a two-step login process. When accessing your account from a new device, you will be required to provide a code sent to your mobile device or email.
Subsequent log-ins into your account through that device will only require your password and user ID.
For a more detailed and complete review about Questrade follow the link.
What is a Crypto Platform?
A crypto platform is an exchange that allows users to interchange one digital asset or currency for another. Most crypto exchanges also allow users to change digital currency with fiat currency and vice versa.
That said, not all crypto exchanges operate with the same quality or offer the same features. Some crypto exchanges, for example, do not allow you to purchase crypto assets with fiat currency. You would have to buy crypto assets using other coins, usually stable coins or popular options like Bitcoin and Ethereum.
There are also crypto exchanges that offer more than a simple buy and sell service. You would have the option of running margin trades and futures contracts, staking coins for rewards, and much more. Then there are crypto exchanges in Canada like Questrade that do not allow you to buy and own the digital assets but crypto ETFs.
So a crypto exchange allows you to invest in cryptocurrency but this is in various ways depending on the exchange.
This means that before you join a crypto exchange you need to know how to choose the right one based on your needs and what they offer.
For instance, if you want to own digital assets, it wouldn’t make sense to join a crypto exchange like Questrade. This is because they only permit you to invest in cryptocurrency via ETFs.
How to Choose the Right Crypto Platform?
When you are choosing a platform to trade and manage your crypto, there is different factors to take in consideration.
Below we will go through the most important.
If you’re a crypto newbie, a huge priority for you should be picking an exchange that offers various learning resources about different cryptocurrencies, blockchain technology, and how to trade.
Some exchanges have a learn program that rewards users for learning about crypto. Others simply just have a learning center to equip beginners with the appropriate knowledge and the history of the industry.
If you intend to buy, swap, or sell crypto, the exchange you pick should have a high trade volume. This ensures that your assets can go liquid easily. Meaning you can sell your crypto for fiat quickly when you want.
Most times, the big exchanges are the ones with mega trade volumes and high liquidity.
If an exchange has a lot of trades taking place daily, you have a higher probability of selling or purchasing assets at the best prices available.
Where you reside can prevent you from buying, selling, or swapping crypto on particular exchanges because of national or state financial regulations. For example, nations like Iran and China do not allow their citizens to access crypto platforms legally.
In other nations like the United States, there are statewide regulations that prevent cryptocurrency exchanges from operating within the state without a state license. Some states also allow only particular coins to be available for transactions on the exchange. So you would have the crypto exchange offering more coins in another state in the same country due to the regulation.
Crypto exchanges in Canada must register with the Financial Transactions and Reports Analysis Center of Canada. The crypto exchange must also comply with all requirements for market valuation and applicable margin.
The cryptocurrency exchange will usually have information about its geographic restrictions and other accessibility limitations like digital assets available in the nation on its website or its terms of service or support page.
Not all crypto platforms offer every coin in existence. But you can find the popular coins like Cardano, Bitcoin, and Ethereum on any exchange that’s worth it. However, the new altcoins with tiny market caps or meme coins may require you to do some digging.
On average though most exchanges offer a range of 50 to 900 coins. That said, the available coins may differ based on your location even if the exchange offers them. So ensure you confirm the coins available to Canadian crypto investors.
Fees are important but high fees shouldn’t be an immediate turn-off. The hidden rule for most exchanges is that the simpler it is for you to buy crypto the more they’ll charge you for it.
High fees can be the price for extra security, easy trading, and better insurance.
Trading fees are usually a fixed percentage of the whole trade. However, certain exchanges charge fluid fees depending on price volatility. Fees will often be charged for each transaction and change based on if you’re selling or buying.
Here’s a fee structure example from Wealthsimple crypto exchange:
Some platforms can also charge trading fees based on the currencies being traded. So before joining a platform make sure you know how and at what point they intend to charge you.
Every cryptocurrency exchange has different payment methods they support. These are the acceptable ways for you to fund your account with them. It can be bank transfers, crypto deposits, credit or debit cards, e-wallets like PayPal, Apple Pay, etc.
The acceptable payment methods also differ by location, so make sure the listed options are available in your region.
This also transcends to the withdrawal options of the cryptocurrency exchange. You must ensure that you’re able to use the methods listed to pull out your funds when you choose.
In 2021, there were over 20 cryptocurrency exchange attacks. Some cryptocurrency exchanges like Bitmart had almost $200 million stolen.
There is no central bank for cryptocurrency currently so your crypto holdings aren’t as safeguarded as your cash in a traditional bank would be. Some crypto exchanges store your fiat balances in insured bank accounts but most times such insurance does not cover your cryptocurrency holdings.
So to secure your cryptocurrency the best crypto exchanges have insurance policies that safeguard the digital assets that their users hold on the exchange from fraud or hacking.
Some crypto exchanges in Canada like Coinbase have an insurance policy covering over $245 million. This implies that if Coinbase were hacked and up to $200+ million got stolen, users on the platform would be secure.
Other best crypto exchanges do not offer insurance policies but have advanced security features. Kraken, for instance, is one of the only crypto exchanges that has never been hacked and does not offer insurance for coins held.
Regardless of if you want to store your crypto holdings in a crypto exchange for a long period or a brief period before transferring them to another wallet, the platform’s security features and history is important.
A starting point would be to find out how much virtual assets the crypto exchange stores offline or in cold storage.
Yes, a cryptocurrency exchange must have active crypto online to enable trades. But ensure that the majority of their crypto assets are kept offline or in cold storage. This makes it harder for hackers to steal funds.
Kraken, for example, stores 95% of its users’ funds offline and has its physical servers guarded by armed security. Coinbase also stores 98% of its funds offline. This provides reason to trust them with your crypto funds.
Also, look for regular security features such as Two-factor Authentication and email activation. This means that in addition to entering your password and username when signing in you’ll have to enter a code generated by an app like Google authenticator.
Generally, it may be safer to keep your digital assets in a crypto exchange that has a reliable history and security practices laid out.
We covered a bit of this in the security consideration but there’s more. Storage is a huge divider in the crypto space.
Some say it is safer to hold both the private and public keys of your coins rather than have your exchange keep them in their custody.
But as a beginner, a platform that allows you to store your crypto on their exchange can be the best option. After you have understood the different storage options then you can choose to store your crypto in a private wallet.
That said, choose an exchange that allows you to move your coins off it. Some exchanges like PayPal do not offer that option.
You would have to convert your cryptocurrency to fiat to get it out. So to avoid getting your crypto holdings stuck on a platform when you want to move them out choose an exchange that allows you to do so.
That’s a wrap! Hopefully, our guide will help you choose the best crypto exchange in Canada.
Just ensure that you consider fees, security, storage, payment methods, etc. Also, pick the best crypto exchange that satisfies your particular needs.
For example, if you want to invest in crypto ETFs go for Questrade. Or if you want NFTs and a large pool of cryptocurrencies choose Crypto.com.