The ever-growing cryptocurrency marketplace and the rising awareness about digital assets among people have given various experts a reason to start their exchanges. As the number of choices increases, there comes the dilemma of choosing one from the bunch. Along with other marketplaces worldwide, Canada has also seen a rise in the number of the largest crypto exchanges, and most of these have a standalone cryptocurrency exchange platform. Narrowing down to the ideal cryptocurrency exchange can seem tricky for a new user, especially if one’s idea of crypto trading is to buy bitcoin. The niche user base across the country has paved the way for some select best crypto exchanges in Canada.
BEST CRYPTO EXCHANGES CANADA FOR 2022
|TOP CRYPTO EXCHANGES IN CANADA||BEST FOR|
|Bitbuy||Lowest Trading Fees|
|Coinberry||Top Crypto Exchange|
|Coinsquare||Most Popular Platform For Trading Cryptocurrencies|
|Netcoins||Most Trusted Crypto Exchange|
|CoinSmart||Most User-Friendly Crypto Exchange|
|Crypto.com||Fastest Growing Crypto Exchange|
|Gemini||Most Secure Crypto Exchange|
Best Crypto Exchange Canada: List
It is understood that no single platform can be treated as the winner among the best crypto exchange in Canada platforms. Every platform brings its own unique set of features and functionalities to the table and caters to different groups of users. While specific to Canada, a few platforms for the Canadian market maintain their focus on Canadian citizens as their clientele. These popular platforms offer various Canada-specific features that further strengthen their user filtration.
These region-specific features include fiat currency as Canadian dollars, bank transfers for Canadian banks, buy and sell provisions, the ability to buy Bitcoin in Canada, etc. Trading fees, the safety of the crypto-platform, and other details such as digital currency and brokerage account are only some aspects where the industry competition is fierce. The crypto trading platforms which can be regarded as the best Canadian crypto exchanges are listed below:-
Launched in Toronto, Bitbuy can be called one of the all-Canadian cryptocurrency exchanges that enable users to buy, sell, or trade crypto. With Bitbuy, users can buy up to 9 cryptocurrencies; these include Bitcoin Cash, Ripple, and other crypto assets. The highly competitive and low trading fee structure makes Bitbuy one of the most affordable cryptocurrency exchanges. Crypto investors can bring in large amounts of transactions and volumes at reasonable prices.
Pros and Cons of Bitbuy
|Bitbuy offers competitive and low trading fees for various trades and transactions.||Only available in Canada and registered users cannot access the website if they are abroad.|
|Has dedicated mobile apps for both Android and iOS-based mobile devices.||The limitation on the number of cryptocurrencies (up to 9) is a drawback.|
|Uses Canadian Dollars for deposits.||It might lack incentives for users to hold Bitcoin.|
|The possibility of a reward to earn Bitcoin efficiently.|
With the lowest fee Canadian crypto exchange compared to the industry standard, Bitbuy can deliver a good deal on the users’ investment and enable them to trade crypto seamlessly. For instance, 0.5% is the fee for a regular bank transfer. A thorough and detailed list of the fee structure is available for interested individuals residing in Canada.
Similar to the previous platform, Coinberry is also based out of Canada. The crypto trading platform offers truly attractive features and services. Deposits and withdrawals are free of cost and are based on CAD. The largest Canadian crypto exchange offers instant wire transfers (up to a limited amount), while higher amounts can take a few business days. Coinberry aims to keep all financial transactions transparent and to maintain its reputation as a secure platform.
With various altcoins on the best crypto trading platforms, this can be regarded as one of the more renowned exchanges in Canada. Selling and buying crypto becomes an easy task through their mobile app.
To start trading, individuals need to complete the verification process of the best Canadian cryptocurrency exchange (which can be done instantly or manually). The company also maintains a blog that has proved to be educational for new users and explains the details of this volatile domain.
Pros and Cons of Coinberry
|There are no deposit or withdrawal fees charged from the users.||Its operation is limited to Canada. This hampers true growth in the major leagues.|
|The exchange is registered with the corresponding regulatory bodies that inspire trust and reliability.||The transactions might take longer than usual to complete in their entirety.|
|The trading fee is quite low compared to other online platforms.|
As mentioned earlier, Coinberry charges no fee for deposits and withdrawals, as well as for funding. However, there is a minimum value limit of $50, and the users are advised to consider the mining fee, which is not covered by the exchange.
The crypto trading platform aims to ensure no hidden or additional fees are charged through any of the services.
Conceptualized and founded in 2014, Coinsquare has become a popular cryptocurrency trading platform for buying Bitcoin and other trading cryptocurrencies. Coinsquare was designed keeping in mind new Canadian users. Thus, it offers a user-friendly interface and provides crucial information that individuals need to consider before going ahead with wealth simple trade crypto across the best crypto platform and deal with the list of available major cryptocurrencies.
The trading platform supports the most popular cryptocurrencies, although there have been mentions of adding other digital assets. Security is also highly important at Coinsquare as it has been able to stay away from cyber attacks or breaches. Intertwining SSL and 2FA security methods and a policy to store over 90% of digital currencies on the best crypto hardware wallet are some key features that have led to the registration of about 100,000 accounts. The numbers continue to rise, and these features continue to bring in new individuals looking to invest through various funding options.
One feature that sets Coinsquare apart is that it provides almost instant trades across all digital currencies.
Pros and Cons of Coinsquare
|Accepts currency of fiat deposits for buying cryptocurrencies.||Only supports Canadian Dollar|
|User-friendly and easy platform for beginners to invest and trade in crypto assets through a wealth simple crypto account.||Lacks security features such as Private Key architecture.|
|Users can get an extra premium after investing over $25,000.|
Coinsquare offers fixed rates for transactions, and the details can be noted while making a trade. Whether the individuals wish to sell crypto coins or participate in active trading, the fee for each activity is nominal and encouraging for those who want to buy cryptocurrency.
Canadians can secure the digital assets they desire through either single or double conversion fees and make the payment for their near future investments. However, there is a comprehensive Help section where you can get answers to all their general queries regarding services.
Simplifying the task of purchasing Bitcoin and other cryptocurrency coins is a Canadian crypto exchange, Netcoins. The exchange limits the trading pairs such as Bitcoin and Ethereum. The platform has made trading a seamless process, and individuals can get their assets deposited in their wallets with a quick and hassle-free transaction.
The Canadian crypto exchanges come with low pricing and free cash withdrawals. The functionality to set up price alerts adds to the user experience and ensures that they are notified if the markets fluctuate significantly. An easy way to sell Bitcoin or crypto assets automatically at a certain value is to limit orders through the mobile app or desktop platform.
To start investing, individuals must verify their basic credentials and begin cryptocurrency trading in minutes. Being responsible for their customers’ support, the team behind the Netcoins takes pride in human assistance over automated support systems. This is an investment in retention and brand loyalty. The cryptocurrency exchange platform is among the list of best Canadian cryptocurrency exchanges that the government of Canada regulates.
In addition to crypto trades, the platform also has an academy that serves as a user guide and offers a crash course for beginners to help them navigate the deep waters of the blockchain and crypto stock market. Individuals can learn about buy and sell transactions, cold storage, free trades, funding options, security features, and more through this guide and the website.
Pros and Cons of Netcoins
|Intuitive user experience and one of the easiest platforms based out of Canada.||The trade pairs (and altcoins) available on Netcoins can seem to limit more active trading.|
|The trading fee is quite low and funding is free of any charge.||User identification is mandatory for certain services. This defeats the purpose of a decentralized system to some extent.|
|Prompt and responsive customer support.||Although it offers Bitcoin and other coins, the list isn’t diverse for express trade when it comes to intraday investing.|
With zero funding fees and a low percentage of cryptocurrency transactions, Netcoins stay competitive across different platforms in Canada. The rate of trading for the platform can effectively be considered to be 0.5%.
CoinSmart comes last, though it must not be considered inferior to its competition. The platform’s primary goal is to enable users to start trading crypto quickly and easily through a fast and intuitive method.
Having the edge over its competitors, CoinSmart accepts multiple fiat currencies and offers a short, adequate list of crypto-based assets. Instant e-transfer is not available for withdrawal, although it is supported for credit or debit card with the respective bank account of the individual. The amount and other fees are dependent on the transaction values. Apart from these, the funding options include bank draft, bank wire, etc.
With an active social media presence and blog posts, CoinSmart has been keeping its users aware of the latest news on diverse topics, including how to purchase bitcoin, deposit assets to a crypto wallet, and withdraw funds from the digital wallet, and cold storage wallets for cryptocurrency. Active experienced crypto traders can also join the premium membership on CoinSmart, which increases incentives on profits, advises individuals, and introduces them to an advanced set of features that can enable them to become established traders.
Pros and Cons of CoinSmart
|Easy methods for verification and getting started.||Crypto assets are limited.|
|Funds are deposited within the same day.||Not available in all regions across the world.|
The deposit and withdrawal via bank wire have a minimum and maximum value limit. They are exempted from any fee above $2000 ( charged 1.5% for $100-$1999 payment which might seem like high fees about the alternatives). Canadians pay a 1% fee for withdrawing through electronic transfer of funds.
Crypto.com is one of the fastest-growing and best Canadian crypto exchanges that offers an extensive list of tradable assets at the lowest trading fees. It is the cheapest cryptocurrency exchange that is easy to navigate and offers the most beginner-friendly trading experience. There are over 250 cryptocurrencies available at Crypto.com, with over 25 fiat currencies that can be exchanged using a credit card, debit card, and bank transfers.
Moreover, the Crypto.com Visa Card offers 5% cashback on all expenditures with no annual transaction fees. Traders who deposit in crypto can earn rewards through Crypto Earn and get up to 14.5% p.a. on cryptocurrencies and up to 10% p.a. on stablecoins. Crypto.com offers deep order liquidity in all crypto market conditions with complete transparency, security, and speed. Crypto.com has a user base of more than 50 million and insurance coverage of over $750 million.
Pros and Cons of Crypto.com
|Crypto.com metal Visa Card gives a 5% cashback on all spending with no annual fees.||Transaction fee discounts can be complicated and confusing.|
|Users can earn interest on their cryptocurrency holdings at a substantially higher rate compared to the other high-yielding savings accounts.||Only users with significant CRO currency holdings can get discounts on transaction fees.|
|Crypto.com supports over 250 cryptocurrencies with spot trading, advanced order types, and futures.|
|A competitive and transparent fee structure with multiple discounts available.|
|Crypto.com supports easy trading, swapping, and staking of crypto products.|
Users at Crypto.com with CRO staking are charged 0.4% on every trade with a total trading volume of $25,000 or less per month. High-volume traders can enjoy low transaction fees of 0.04% for market makers and 0.1% for market takers without CRO staking. Trading fees are discounted with total crypto holdings of 5000 CRO in digital wallets. Traders with a minimum of $25,000 in trade volumes must pay 0.36% per month, and the rates fall as the stake increases.
Gemini crypto exchange is one of the most secure crypto exchanges in the US to hold, buy and sell cryptocurrencies. It is a great cryptocurrency exchange platform for beginners and experienced traders with some industry-leading trading and security features, a proprietary hot wallet, and the most responsive and user-friendly support centre.
Although Gemini has a relatively small number of tradable assets, the range of trading tools and products, along with its strong security, sets it apart from other biggest Canadian crypto exchanges. All registered users at Gemini can earn $7 in Ethereum as soon as they get on board. Some notable features of the Gemini crypto exchange include SOC certification, insurance coverage, hardware security keys, and regular cybersecurity audits by the New York Department of Financial Services.
Pros and Cons of Gemini
|Unlike other best crypto exchanges in Canada, Gemini offers its products and services in all 50 US states and other parts of the world.||Trading fees at Gemini are relatively high especially if trading in small amounts of crypto.|
|Ever since its launch, Gemini has put great emphasis on security to protect its clients’ assets.||Compared to other exchanges, the platform offers very few popular cryptocurrencies.|
|Gemini is the first crypto exchange and custodian to complete SOC 1 Type 2 and SOC 2 Type 2 compliant.|
|The Gemini credit card offers up to 3% rewards on every spending.|
|The platform offers more than 75 cryptocurrencies along with a hot wallet backed by digital asset insurance.|
The fee structure offered by Gemini works in a slightly different manner compared to other exchanges. The platform uses a tiered maker and taker fee model. The fees vary based on the amount traded at the exchange. For example, Gemini charges desktop and mobile fee schedules that can be anywhere between $2.99 for trade amounts ranging from $50-$200 and 1.49% for trade volumes of $200 and more. The basic fee structure is somewhat complicated, and the fees are higher than the industry average.
How to Choose the Best Cryptocurrency Exchange?
To choose an exchange to manage or trade cryptocurrency, individuals are recommended to traverse carefully through the exchanges and the specific cryptocurrency coins that they wish to sell or buy and store in their crypto wallet. If the purpose is only to buy and sell Bitcoin, the number of eligible exchanges is high. But for institutional investors, an analysis centre, ways to integrate digital currencies, and an advanced app to invest and secure margins are certainly crucial.
Beginners should pay good attention to the platforms before investing in an article that can lose its value. More information can be gathered by visiting the respective websites and conducting one’s own research based on the unique offering each brand has.
The cryptocurrency exchange list for a secure and safe crypto trading environment is long, and there is not one that ticks all the boxes. Canadian users can select many options to secure their assets and make trading easy through the desktop platform or the app.
What Are the Main Features of the Best Crypto Exchanges?
The exchanges that can be considered among the best crypto exchanges usually offer low trading fees with free features like withdrawals etc. A good user experience is also something worth considering.
Which Crypto Exchange Has the Lowest Fees in Canada?
Many crypto exchanges in Canada offer low fees (as low as 0.5% per trade). These low fees can be even lower for the individuals who become premium platform members. But, Bitbuy has the lowest fees amongst all.
How Do I Avoid Scams on Cryptocurrency Exchanges?
Users are advised to trade with government-regulated exchanges in their corresponding regions. Some platforms also provide the feature to limit the number of trades that can be done in a single day, eliminating the risk of high loss.
Is Coinbase safe in Canada?
Coinbase makes it simple and safe to sell and buy cryptocurrencies. Sign up and register with Coinbase and manage your crypto easily. It is available in 100+ countries around the world.
Which Crypto Exchanges are legal in Canada?
When choosing a Crypto Exchange in Canada, it is best to select a platform approved by relevant domestic bodies.
Which Crypto Exchange is best in Canada?
The best crypto exchange Canada is Bitbuy, and it keeps more funds in cold storage and has very low trading fees.