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In this guide, we’ll break down the 9 best cryptocurrency exchanges in Canada based on factors like user experience, fees, and customer support. By the time you’re finished reading, you’ll find the best place to buy and trade crypto based on your unique needs!Â
BitBuy (originally called Instabit) is one of the biggest Canadian-based exchanges on the market. Bitbuy only serves Canadian investors — which means that CAD is the only fiat currency used for trading pairs and funding your account. Bitbuy has famously never been hacked!
Fees: 0.5 - 1.85% (can be up to 3.85% in some cases)
Pros & Cons
User experience: Bitbuy is easy to use — the platform is known for having a sleek user interface.
Customer support: Bitbuy has been praised for its quality customer support — which is available on email and live chat!
Safety: Bitbuy is a registered Money Services Business (MSB). The platform also has a 90% cold storage policy — which helps to protect your crypto from potential hacks!
Limited cryptocurrencies: Bitbuy offers over 50 cryptocurrencies — which is less than some of the platforms on this list.
Fees: Bitbuy has high fees compared to other platforms. Bitbuy’s spreads are typically between 0.5 - 1.85% — and can be as high as 3.85% depending on market conditions!
VirgoCX is a Toronto-based cryptocurrency exchange founded in 2018. The exchange offers 90+ cryptocurrencies and is famous for offering low fees, free cash deposits, and withdrawals.
Fees: 0.95%-1.6% spread on crypto trading.
Pros & Cons
Low fees: VirgoCX has 0 withdrawal and deposit fees.
OTC trades: VirgoCX supports over-the-counter (OTC) trades for high-net-worth investors. This service is available for transactions over $30,000.
Security: VirgoCX is registered with FINTRAC and the OSC. In addition, the vast majority of assets held by VirgoCX are in cold storage.
Not for beginners: While VirgoCX offers tools for both beginner and experienced investors, the exchange may be too complicated for investors new to crypto.
High spreads: VirgoCX has spreads of 0.95%-1.6% depending on which asset you’re trading—relatively high compared to other exchanges on this list!
CoinSmart is a Canadian-based exchange founded in 2018. The platform is considered a great option for new investors due to its beginner-friendly interface and its easy account set-up process!
Fees: 0.2-0.3%
Pros & Cons
Beginner-friendly: CoinSmart is considered a great option for investors who are new to cryptocurrencies!
Security: CoinSmart uses two-factor authentication to protect customer funds. CoinSmart also offers cold storage for cryptocurrency stored on its exchange — providing protection against potential hacks!
Low fees: CoinSmart has relatively low fees — you’ll pay between 0.2-0.3%.
Limited cryptocurrencies: CoinSmart has a limited cryptocurrency selection — with just 15+ cryptocurrencies available!
Debit/credit card fees: Debit/credit card funding comes with fees up to 6%.
Coinbase is one of the biggest and most trusted cryptocurrency exchanges in the world. The platform offers more than 200 crypto-assets to buy, sell, and trade for Canadian investors.
Fees: 0 — 0.60% (may be higher based on market conditions)
Pros & Cons
Reputation: Coinbase is one of the most trusted cryptocurrency exchanges in the world. In every region that it operates, Coinbase works with regulators and follows industry-leading security standards.
User interface: Coinbase is known for its fantastic user interface. The platform is a great choice for beginners!
Learn and Earn: Coinbase offers Learn and Earn rewards to users who watch short modules designed to teach you about different cryptocurrency projects. It’s a great way for beginners to dip their toes in the crypto ecosystem!
High fees: Coinbase has relatively high fees on trades. While fees are officially between 0 — 0.60%, fees can be higher depending on market conditions.
Customer service: Customers have complained that Coinbase is slow to respond to support requests.
Kraken, originally founded in 2011 in San Francisco, is one of the world’s oldest continuously running cryptocurrency exchanges. The platform is trusted by customers around the world and is known to be a great option for traders looking for low fees and advanced trading tools.
Fees: 0 — 0.40%
Pros & Cons
Wide range of cryptocurrencies: Kraken Canada has more than 175 cryptocurrencies available to buy, sell, and trade.
Options for experienced traders: Kraken offers features for advanced traders — such as charting tools and advanced order types.
Security: Kraken is one of the most well-known exchanges in the world, with security practices like two-factor authentication and holding 95% of its cryptocurrency in cold storage.
Low fees: On Kraken Pro, you can buy and sell cryptocurrencies for low fees — ranging from 0 — 0.40%.
Not yet authorized: Kraken has not yet been authorized by the Canada Securities Administrators (CSA) to do business with Canadians. However, Kraken has filed a pre-registration undertaking (PRU) to continue to offer services in Canada while working towards full compliance.
Restrictions for Canadians: Many of Kraken’s advanced features that are available in other countries — such as margin and futures trading — are restricted for Canadian citizens.
Wealthsimple was founded in 2014 in Toronto as a robo-adviser platform. The platform was originally founded to help investors automatically invest in stocks and assets. Since then, the platform has expanded into other offerings, such as the ability to buy, sell, and trade cryptocurrencies!
Fees: 0.5 - 2%.
Pros & Cons
Equity trading: Unlike the other exchanges on this list, Wealthsimple offers access to stocks in addition to the ability to trade over 70 cryptocurrencies!
Managed portfolios: Wealthsimple offers access to managed portfolios — giving you algorithmically managed investments for a low fee!
Sleek platform: Wealthsimple is known for its user-friendly platform on both desktop and mobile!
High fees: Wealthsimple has relatively high fees — the platform charges fees between 0.5 - 2%.
Not designed for crypto: Because Wealthsimple wasn’t designed for crypto, it offers limited features compared to crypto-native platforms.
Crypto.com is a Hong Kong-based exchange that serves customers all over the world. The exchange offers the ability to buy and sell cryptocurrencies, interest rewards, and generous rewards on prepaid cards.
Fees: 0-0.5%
Pros & Cons
Wide cryptocurrency selection: Crypto.com offers access to more than 400 cryptocurrencies.
Staking rewards: Crypto.com offers interest for Canadian investors — with rewards up to 8% on BTC and ETH.
Prepaid card: Crypto.com offers debit cards with up to 8% cashback.
Low fees: Crypto.com offers fees as low as 0% for customers who stake CRO — the company’s cryptocurrency.
Poor customer service: Customers have criticized Crypto.com for offering lackluster customer support.
App issues: While Crypto.com has a friendly user interface, some customers have complained that the mobile app has glitches.
Not yet fully authorized: Crypto.com has not yet been authorized by the CSA to do business with Canadians. However, Crypto.com has filed a PRU to continue to offer services in Canada while working towards full compliance.
Newton is a Toronto-based exchange founded in 2018. Newton is a beginner-friendly exchange known for its seamless user experience!
Fees: 1-1.6%
Pros & Cons
Beginner-friendly: Newton is considered a beginner-friendly exchange, with a streamlined, easy-to-understand user interface!
Security: Newton is registered with FINTRAC and the CSA and has security features like two-factor authentication.
Limited cryptocurrency selection: Newton offers 70+ cryptocurrencies for investors.
Spreads: Newton charges fees between 1-1.6% depending on the asset you trade, which is relatively high compared to other exchanges on this list.
How to choose a cryptocurrency exchange in Canada
The best cryptocurrency exchange for you may vary depending on your unique situation.Â
Before you get started with a cryptocurrency exchange, ask yourself what you’re looking for in an exchange. Here are some factors to consider:Â
Fees: If you’re a frequent trader, you should consider getting started with an exchange with low fees.Â
User interface: Consider what type of exchange you are looking for. While some exchanges are designed to be beginner-friendly, others have more advanced features. ‍
Reputation: Remember, the cryptocurrency ecosystem is rife with scams. Before you get started with an exchange, make sure to check the platform’s reputation on third-party review sites.
Will my exchange shut down?Â
Before you choose a cryptocurrency exchange, it’s important to take a look at their public statements to see whether they’ll continue operating in Canada in the future.Â
In 2023, Binance and ByBit pulled out of Canada due to the regulatory environment.Â
Best decentralized crypto exchanges in CanadaÂ
Some critics claim that centralized exchanges — such as those listed above — are flawed because they are owned by entities who have the power to censor transactions and ban users.Â
Because of this, many investors opt to use decentralized exchanges. Decentralized exchanges allow users to provide their own liquidity to the platform and make trades without a centralized provider acting as a middleman.
Here are a few popular decentralized exchanges.Â
UniswapÂ
CurveÂ
1inchÂ
It’s important to note that decentralized exchanges typically don’t offer the same conveniences that centralized exchanges do. Decentralized exchanges are typically not beginner-friendly, don’t offer customer support, and don’t allow users to buy cryptocurrencies with fiat currency.
Frequently asked questions
How do I trade in crypto in Canada?Â
What is the most popular crypto exchange in Canada?Â
This guide breaks down everything you need to know about cryptocurrency taxes, from the high level tax implications to the actual crypto tax forms you need to fill out.
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