Best Crypto Exchange in Canada

This Page's Content Was Last Updated: October 30, 2024
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What You Should Know

  • Cryptocurrency exchanges provide a simple and secure way to buy and sell cryptocurrency at market prices.
  • Canadian Securities Administrators have a list of authorized and banned crypto trading platforms to do business in Canada.
  • Crypto exchanges usually take a commission on deposits and withdrawals, trading, and staking.
  • Even though crypto exchanges are regulated, unlike bank accounts, they are not insured.

About Crypto Exchanges in Canada

Crypto exchanges enable Canadians to trade cryptocurrency, regular currency for cryptocurrency, and other cryptocurrency-related products. There are hundreds of crypto exchanges worldwide, but only a handful are registered with the Canadian Securities Administrators (CSA). You can use any crypto exchange, but the CSA suggests Canadians use platforms registered with securities regulators and avoid using exchanges banned by the regulator.

List of Best Crypto Exchanges

Platform NameFee RangeProducts
BitbuyBitbuy
  • Withdrawal: Up to 1.5%
  • Trading: 0.5% - 3.85%
  • OTC Trading: 0.5% - 3.85%
  • Staking: Up to 30%
  • 54 Listed Tokens
  • Basic Trading
  • Pro Trading
  • Staking
  • Private Wealth (OTC)
  • Corporate Solutions
  • API
WealthsimpleWealthsimple
    Core Members:
    • Trading: 2%
    • Staking: 30%
    Premium Members:
    • Trading: 1%
    • Staking: 30%
    Generation Members:
    • Trading: 0.5%
    • Staking: 15%
    • 67 Listed Tokens
    • Basic Trading
    • Pro Trading
    • Private Wealth (OTC)
    • Physical Card
    • Staking
    • Wallet
    • Corporate Solutions
    CoinbaseCoinbase
    • Deposit: Up to 2%
    Non-Members:
    • Trading: 0.5% - 0.7%
    • Staking: Up to 35%
    Members:
    • Trading: 0%
    • Staking: Up to 26.3%
    • 254 Listed Tokens
    • Basic Trading
    • Pro Trading
    • Wallet
    • Physical Card
    • Staking
    • Private Wealth (OTC)
    • Corporate Solutions
    • NFT Marketplace
    • Derivatives
    CoinsquareCoinsquare
    • Withdrawal: Up to 1.5%
    • Trading: 0.5%
    • Staking: 25% - 30%
    • 54 Listed Tokens
    • Basic Trading
    • Pro Trading
    • Private Wealth (OTC)
    • Staking
    • Corporate Solutions
    • API
    VirgoCXVirgoCX
    • Deposit: Up to 3.99%
    • Withdrawal: 0% (Fee for Crypto)
    • Trading: 0.95% - 1.6%
    • 271 Listed Tokens
    • Basic Trading
    • Pro Trading
    • Private Wealth (OTC)
    • API
    NetcoinsNetcoins
    • Withdrawal: Up to $50.00
    • Trading: 0.5%
    • Staking: Up to 30%
    • 48 Listed Tokens
    • Private Wealth (OTC)
    • Physical Card
    • Pro Trading
    • Staking
    • Corporate Solutions
    • API
    NewtonNewton
    • Trading: 0.7%
    • 62 Listed Tokens
    • Pro Trading
    • Private Wealth (OTC)
    • Staking
    CoinSmartCoinSmart
    • Deposit: 0% - 6.75%
    • Withdrawal: 1% (Fee for Crypto)
    • Trading: 0.7%
    • Staking: Up to 30%
    • 7 Listed Tokens
    • Staking
    • Pro Trading
    ShakepayShakepay

    Not Available

    • 2 Listed Tokens
    • Wallet
    • Physical Card
    • Basic Trading
    • Pro Trading
    • Private Wealth (OTC)
    • Staking
    • Corporate Solutions
    • API
    • Asset Tokenization
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    What Is a Crypto Exchange and How Does It Work?

    A crypto exchange is a marketplace that allows you to trade cryptocurrency for another cryptocurrency. Crypto exchanges are similar to trading platforms in the way they work. It also lets you deposit and withdraw funds: cryptocurrency via virtual wallets and currency via e-transfers and direct bank deposits. Canadian crypto exchanges often offer other financial products and services, with some of the most popular being staking and OTC trades.

    Products Offered by Crypto Exchanges

    • Basic Trade - market trades that execute momentarily. Most exchanges have this feature as the basic way to trade cryptocurrency.
    • Pro Trade - limit trades with real market quotes from other people. Many exchanges offer pro trades with various analytical tools.
    • Staking - allows earning rewards (cryptocurrency) for holding certain types of cryptocurrency on the platform.
    • Private Wealth (OTC) - Investment advisory with a dedicated account manager. This is available only for large net-worth individuals.
    • Corporate Solutions - Various services provided for businesses.
    • API - The existence and availability of API enables the owner to control their account via external apps.
    • Wallet - A dedicated virtual wallet for holding cryptocurrency.
    • Physical Card - A physical card that allows the owner to shop outside of the platform.
    • Crypto ATMs - Physical ATMs that allow deposit and withdrawal of cash for crypto.

    How to Choose a Crypto Exchange

    There are several factors to consider when choosing a crypto exchange. These factors may help you find the cheapest crypto exchange that offers the services you need.

    • Available Assets: Some cryptocurrencies are listed only on select exchanges. If you need to trade a niche cryptocurrency, you must ensure the crypto exchange supports it. Most platforms likely have support for common crypto assets such as Bitcoin and Ethereum.
    • Applicable Fees: Most Canadian crypto platforms may charge commission on deposits, withdrawals, trades, or staking. The most common type of fee is on trades, while many crypto exchanges in Canada offer a 0% commission on deposits and withdrawals. These fees can add up quickly, so it is important to account for them.
    • Deposit/Withdrawal Methods: You must ensure that you can easily deposit and withdraw money from the platform. Canadian crypto exchanges usually offer the option to deposit and withdraw money via e-transfer, direct bank deposit, or credit card. A credit card is a less common option and usually has a fee.
    • Platform Security: Hackers can target crypto exchanges and the funds they hold. Crypto exchanges with a lack of security protocols may expose sensitive information or even lose the funds deposited on the platform. It is important to consider a platform that takes security seriously.
    • Reputation: A stable and successful platform will have a good reputation. Reputation should not be the only consideration, but it can be a defining factor in choosing the winner between a few good candidates. Customer reviews on trustworthy websites can help you decide what platform you are comfortable using.

    Crypto Exchange Fees

    Fees are the main way crypto exchanges earn their money. Fees can come in the form of a monthly subscription and deposit/withdrawal, trade or staking commissions. Different crypto exchanges have different fee structures that may favor different types of users. The list below shows the fees Canadian-registered crypto platforms charge their users.

    Platform NameMembership RequirementTrading FeeStaking FeeDeposit FeeWithdrawal Fee
    Bitbuy-0.5% - 3.85%Up to 30%0%0% - 1.5%
    Coinbase$29.99/monthNon-Members: 0.5% - 0.7%
    Members: 0%
    Non-Members: Up to 35%
    Members: Up to 26.3%
    0% - 2%0% - 2%
    Coinsquare-0.50%25% - 30%0%0% - 1.5%
    Netcoins-0.50%Up to 30%0%$50 if under $25,000
    Free Otherwise
    Newton-0.70%-0%0%
    Shakepay---0%0%
    CoinSmart-0.2% - 0.3%Up to 30%0% - 6.75%1% (Fee for Crypto)
    VirgoCX-0.95% - 1.6%-Up to 3.99%0% (Fee for Crypto)
    WealthsimpleCore: Min. $1 in Assets
    Premium: Min. $100,000 in Assets
    Generation: Min. $500,000 in Assets
    Core: 2%
    Premium: 1%
    Generation: 0.5%
    Core: 30%
    Premium: 30%
    Generation: 15%
    0%0%

    Crypto Exchange Regulations in Canada

    Crypto exchanges are overseen by the Canadian Securities Administrators (CSA). Every crypto exchange has to get authorization from CSA to operate in Canada legally. A crypto exchange can be banned from operating in Canada if they do not comply with the regulations.

    Regardless of their legal status, Canadians can access most platforms without any additional tools. Banned exchanges may require a VPN to access. It is advised to only use authorized crypto exchanges.

    Authorized Crypto Exchanges in Canada

    Bitbuy
    Bitbuyby Bitbuy Technologies Inc.
    Bitbuy Technologies Inc. has 54 listed coins.
    Fees
    Common Fees
    • Withdrawal: Up to 1.5%
    • Trading: 0.5% - 3.85%
    • OTC Trading: 0.5% - 3.85%
    • Staking: Up to 30%
    Listed Coins
    BTC
    BitcoinBTC
    ETH
    EthereumETH
    USDC
    USD CoinUSDC
    ADA
    CardanoADA
    XRP
    RippleXRP
    SOL
    SolanaSOL
    DOGE
    DogecoinDOGE
    DOT
    PolkadotDOT
    MATIC
    PolygonMATIC
    UNI
    UniswapUNI
    LTC
    LitecoinLTC
    LINK
    ChainlinkLINK
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    Advanced charting and research tools
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    Crypto Exchange FAQs

    What crypto exchanges are allowed in Canada?

    The list of crypto exchanges allowed in Canada:

    • Bitbuy
    • Wealthsimple
    • Coinbase
    • Coinsquare
    • VirgoCX
    • Netcoins
    • Newton
    • CoinSmart
    • Shakepay

    You can use other crypto exchanges in Canada, but they have not been registered with the Canadian Securities Administrators (CSA). Legal crypto exchanges in Canada must be registered with the CSA.

    What is the most reputable crypto exchange?

    Authorized in Canada: Coinbase; Pre-Registered: Kraken

    Coinbase is the largest cryptocurrency exchange in the United States. It has an established market share with extensive security measures. It is also registered with Canadian Securities Administrators (CSA) making it legal to operate in Canada.

    Kraken is one of the oldest and most trusted crypto exchanges in the world. It is currently pre-registered, so technically, it is not legal to operate in Canada yet.

    Which crypto exchange has the lowest fees?

    Coinsmart has the lowest fees for trading, while Wealthsimple has the lowest fees for staking. Both of these crypto exchanges have higher fees in other transactions, but they can be avoided to gain an advantage. Coinsmart has deposit and withdrawal fees for some methods. Wealthsimple charges a monthly subscription fee for access to low commission fees.

    Are crypto exchanges insured?

    Crypto exchanges are not insured the same way bank accounts are. CDIC insurance does not apply to crypto accounts. Crypto exchanges may hold private insurance that covers a portion of funds in case of a cyber attack.

    Are crypto exchanges regulated?

    Cryptocurrencies are considered securities by Canadian regulators. Securities are regulated at a provincial level in Canada. Canadian Securities Administrators (CSA) is an umbrella organization that includes all provincial securities regulators as its member organizations. Crypto exchanges are regulated in Canada because they need to be authorized to operate by the Canadian Securities Administrators (CSA). Crypto exchanges may also be banned from operating in Canada for violating regulations.

    Disclaimer:

    • Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
    • The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
    • Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
    • Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.