If you want to trade digital assets in Canada, using a licensed cryptocurrency exchange is the most secure way to do so. You can buy and sell crypto under an account on a registered exchange, using a similar structure to how stocks are traded.
What the best cryptocurrency exchange in Canada is to you may not be the same answer to another person. Each investor comes to crypto buying and selling from a different perspective, preferring various tools, payment methods, fee structures, and features. In this guide, we pit exchange versus exchange, highlighting the advantages and disadvantages of each. Hopefully, you can decide what the best choice is for your needs.
Here is a comprehensive look at what makes up the best cryptocurrency exchanges in Canada.
Bitbuy
Bitbuy is routinely thought of as the best overall crypto exchange in Canada. It is based out of Toronto, Ontario and approved by the Ontario Securities Commission. If you’re a beginner, Bitbuy has a user-friendly interface and offers access to many popular crypto coins, including Bitcoin, Ethereum, and others.
Bitbuy allows you to buy crypto coin with an Interac eTransfer directly from your bank account. For low-stakes buying and selling of crypto, this platform is the bset place to do it. You also have 24/7 customer support in case something isn’t working correctly. The Bitbuy support team will address any questions you have.
In terms of what to expect for fees, Bitbuy has 1.5% on all deposits and withdrawals. These rates are relatively low by comparison with other cryptocurrency exchanges. Also, their trading fee is extremely low at only 0.2%.
Advantages
- Low fees on deposits, withdrawals, and crypto trading.
- Fund your account with Interac eTransfer with a minimum of only $50.
- Use Bitbuy’s Pro Trade platform to access charts and in-depth crypto investing analysis.
- Download the Bitbuy app to your phone to buy and sell crypto anytime and anywhere.
- 24/7 customer support.
Disadvantages
- Bitbuy only supports 15 digital currencies at present.
- A minimum of $20,000 is required to fund an account with a bank wire payment.
Coinberry
Coinberry allows its users to buy and sell a wide range of cryptocurrencies. The company has recently surpassed $1 billion in crypto trading. With more than 220,000 Canadians already opted in, Coinberry is a fast-growing community of investors.
Registering for a Coinberry account is easy and takes minutes. Registered users can browse nearly 30 cryptocurrencies and assets. Your options range from the NFT marketplace and the metaverse to standard crypto coins, including Bitcoin and Ethereum. There are 0% deposit and withdrawal fees, allowing you to keep more of your crypto. This attractive feature brought over many Canadian users from high-fee platforms.
In the mainstream investment marketplace, Coinberry is also known for being the only insured crypto trading platform It is OSC & FINTRAC registered and PIPEDA-compliant trusted by Canadian municipalities.
Advantages
- Highly secured and reputable.
- User-friendly crypto trading interface.
- No minimum deposit for Interac eTransfer
- CoinberryPay allows users to accept crypto payments when selling products or services.
- Cold crypto asset insurance.
Disadvantages
- Only supports CAD for fiat funding.
- Trading fees vary from 0% to 2.5% spread, depending on the transaction.
- There are maximum limits on an individual Interac eTransfer with higher limits and higher fees on wire transfers.
- Requires a minimum of $10,000 for wire transfer funding.
Kraken
Kraken is a top cryptocurrency exchange in Canada relied on specifically for margin trading. Many Canadians end up going to Kraken to access leveraged crypto products. Kraken offers margin accounts with leverage up to 1:5 on spot trading markets, allowing an investor to amplify their stakes in cryptocurrency. For those with background knowledge in futures and crypto derivatives, Kraken also offers leveraged markets up to 1:50.
If you’re a beginner, Kraken is not the platform for you. That said, there are still pros to choosing Kraken to work with daily. The regular commission when buying and selling crypto is competitive at 0.26%. The platform operates on a maker/taker model as well. When you’re trading larger volumes, you reduce the commission rate.
Advantages
- Margin of 1:5 on spot markets.
- Leverage 50x on futures trading.
- More than 65 cryptocurrency coins available.
- 24/7 customer support.
Disadvantages
- Leveraged crypto products are high-risk.
- Less expensive commission fees exist on other platforms.
- Kraken does not have native crypto wallet support.
CoinSmart
CoinSmart is one of the more user-friendly cryptocurrency exchanges. The interface is easy to use and simply designed. It trades 16 of the biggest crypto coins, including Bitcoin, Ethereum, Shiba Inu, Avalanche, USD Coin, and others.
CoinSmart tries to make buying and selling crypto as straightforward as possible. Creating an account takes a few minutes. Funding an account is quickly done with either Interac eTransfer, a credit card, debit card, bank transfer, or any crypto wallet. These are all same-day transfers. There’s never any waiting to buy and sell crypto on CoinSmart.
The fees on CoinSmart vary depending on what you’re trying to do. To buy crypto with a bank transfer will let you 1.5% in fees for all purchases up to $1,999 and then a 0% fee on purchases above $2,000. When you use a debit or credit card, the fee can rise to an extremely high 6%.
Advantages
- User-friendly, easy-to-navigate interface.
- No fees on all bank transfers above $2,000.
- Receive your deposit in your CoinSmart account the same day you make it.
Disadvantages
- Limited to only 16 cryptocurrencies.
- High fees up to 6% make using a credit or debit card to buy and sell crypto very costly.
Gemini
To some, Gemini is the ultimate cryptocurrency exchange. It’s a comprehensive platform with many features and over 75 crypto coins available to buy or sell. Gemini is ideal if you have a strategy for altcoins or stablecoins that you might not find at other crypto exchanges.
Gemini allows you to buy and spot trading modules instantly. Spot trading is priced at 1.5% per trade on all trades over $200. When you take liquidity, that falls to 0.4% and if you make liquidity, that falls further to 0.2%. At Gemini, they provide a crypto interest account and a crypto rewards credit card. Gemini also has its own stablecoin. The Gemini dollar, or GUSD, is worth 1 USD.
The Gemini ActiveTrader feature makes it possible to set limits and stop orders. Doing this helps maximize the potential of lower maker fees.
Advantages
- Buy and sell over 75 cryptocurrencies.
- Competitively priced trading fees on buy and spot trading.
- Interest account yields up to 8.5% APY with no lock-in period.
- Rewards credit card earns 3% in crypto back on everyday purchases.
Disadvantages
- Higher-than-average fees on instant purchases under $200.
- A somewhat complex crypto exchange platform for someone just beginning in crypto trading.
Wealthsimple
Wealthsimple is another top-rated Canadian-regulated crypto exchange. On it, you will find more than 40 cryptocurrencies that you can instantly buy and sell. Trading with as little as $1 is possible on Wealthsimple, with no deposit fees. Wealthsimple makes its money using spreads.
Wealthsimple is a diverse investment tool, allowing you to invest not only in cryptocurrency but also stocks. They have only gotten involved in crypto trading in the last few years, but with much success. If you enjoy dabbling in crypto investing and stocks, Wealthsimple gives you the easy accessibility of managing your investment portfolio from anywhere.
Wealthsimple is a well-known name in the investment game. They are fully regulated by Canadian financial authorities. Every customer’s cryptocurrency investment is protected by Coincover insurance, ensuring that your coins are always safe in case of a security breach.
Advantages
- Browse more than 40 cryptocurrencies.
- Regulated by Canadian financial authorities.
- Instantly buy crypto online or through the Wealthsimple mobile app.
- Crypto investments are protected by Coincover in the event of a hack.
- Minimum deposit is only $1.
Disadvantages
- Spreads are not transparent, but Wealthsimple claims its users never pay more than 2% per trade.
Shakepay
Shakepay is based out of Montreal, Quebec. Available on Android and Apple platforms, Shakepay has facilitated more than $3 billion in crypto bought and sold, and more than 600,000 Canadians have chosen Shakepay as their cryptocurrency exchange.
Shakepay’s claim to fame is its ability to make lightning-fast crypto purchases. In fact, with Interac eTransfer funding an account, you can instantly buy Bitcoin or Ethereum in a matter of minutes. You can buy and sell cryptocurrency commission-free at Shakepay. However, there’s a drawback. They only trade in Bitcoin and Ethereum.
This cryptocurrency exchange brings a lot of features. It is one of the more user-friendly options on the table.
Advantages
- Interac eTransfers allow you to fund your account with no fee.
- Withdrawals into a non-custodial wallet are free and with no commission.
- Shakepay Change enables you to earn crypto by rounding up purchases on your debit card.
- Shakepay OTC is available to clients who have purchased more than $200,000 CAD in cryptocurrency.
Disadvantages
- Shakepay is Canada-only and unavailable outside the country.
- Despite a no-fee model, Shakepay has fees incorporated into quoted rates for Bitcoin and Ethereum.
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