The landscape of cryptocurrencies and decentralized finance is quickly changing, particularly in Canada. With so many options out there, it is hard to know where to start. Here are 5 of the best crypto exchanges for Canadians to use.
Each of these exchanges offers the following features:
Exchanges are available in Canada and link Canadian bank accounts: Changes in Canadian securities policy may make using non-approved cryptocurrency exchanges more difficult going forward. Cryptocurrencies are regulated the same way that traditional securities are. That means for crypto exchanges to operate in Canada legally, they must have a license to do so. All of these exchanges are all FINTRAC registered, except for Kraken, which is an international exchange.
Users can fund accounts with Interac or wire transfers: Each exchange lets users link a Canadian bank account or use Interac and e-transfers to add Canadian dollars to the exchange wallet. Users can purchase quickly and easily with CAD. Deposit fees are low, between 0-0.4%, depending on the exact amount of the deposit.
They sell strong cryptocurrencies: Users can buy the top traded cryptocurrencies on these exchanges. There are thousands of cryptocurrencies and tokens on the market today. Frankly, deciding what to invest in gets tricky. These platforms offer a good selection of tokens. The tokens they offer have demonstrated staying power.
Services and Features: Each one is beginner-friendly AND offers advanced features for more experienced and high-volume traders.
Bitbuy is designed for the new trader. It is one of the most popular Canadian platforms to buy cryptocurrency. The platform is simple, and customer service is a top priority. They also use cold storage for 95% of their crypto and have insurance coverage in the event of theft.
They do not offer many features, but their selective services make buying and trading cryptocurrency secure and straightforward. Bitbuy Express Trade is designed for new traders and provides a clean and simple platform. They also offer Bitbuy Pro Trade which has more features, including advanced trades and market analytics. Lastly, the exchange includes over-the-counter trading (OTC) for high-volume traders and corporate funds for institutional investors.
Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, Tether, Stellar
- Bitbuy Express Trade
- Bitbuy Pro Trade
- Corporate Funds
- Pro Trade: Maker: 0.10%, Taker 0.20%
- Express Trade: 0.20%
- Interac e-Transfer: ($100 min), 1.50%
- Bank Wire: $20,000+, 0.50%
What makes CoinSmart great is that it is for every kind of trader. They have low fees and low minimums for new traders. With $100 CAD user can open a new account on the exchange. They also have an OTC program and one-on-one support with discounts for high-volume traders, CS Premium.
The exchange was established in 2018 and has continued to grow and make improvements. In the past year, the exchange has expanded the cryptocurrencies they sell. CoinSmart sells 9 strong cryptocurrencies. They also have a trading app for smartphones, which makes trading cryptocurrency that much easier. The platform also offers quick trades, transaction guarantees, and the ability to create cryptocurrency invoices.
The SmartTrade feature lets users buy and sell cryptocurrency with one click. And AdvancedTrade lets users set automatic purchases with buy/sell limits. With SmartGuarantee, users are guaranteed transactions are completed within five business days. And SmartPay creates invoices so you can get paid in crypto, and the funds are deposited instantly.
Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, Tether, Stellar, Cardano
- CS Premium
- OTC: $25,000+ with CS Premium.
- Commission Structure: 0.2% for single trade & 0.4% for double trade
Like Bitbuy and Coinsmart, Coinberry is Financial Transactions, and Reports Analysis Centre of Canada (FINTRAC) registered. Coinberry is approved by Personal Information Protection and Electronic Documents Act (PIPEDA) as well. This is one of the most affordable crypto exchanges out there, and users can start trading within about 15 minutes and with a minimum amount of $50 to open an account.
Coinberry offers features such as Coinberry Pay, Autopilot, and an Affiliate program. Coinberry Pay works just like SmartPay, allowing users to accept payments in crypto. It is a feature we are starting to see more often from exchange services. With the phone app, users can create instant invoices to accept and send any kind of payment.
Autopilot is a simple pre-built bot that lets users implement a dollar-cost averaging. Dollar cost-averaging makes small purchases regularly. Rather than just buy assets when prices drop, it is a strategy that can lead to more consistent returns and hedge fluctuations. It can also be a more affordable option, as users do not need to invest large sums all at once. Autopilot can be set up and adjusted with the phone app.
And Coinberry also gives users a chance to earn commissions with an affiliate link. Users can share the link with others via social media or between friends. Earn 50% commission on all the fees of the trades from those they have onboarded. Payouts are in cryptocurrency or CAD.
Coinberry uses Gemini Trust Company LLC. Gemini is a highly regulated third-party US-based security company for digital assets. The company provides Coinberry with up to 200 million dollars in insurance coverage.
Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Stellar, Dogecoin
- Coinberry Pay
- 0% Deposit
- 0% Withdrawal
- Fixed fee for LTC is 0.02 LTC
- 0 fees for crypto deposit
Newton is a straightforward and affordable exchange. The company started up in 2018, intending to offer Canadians a zero-fees platform. They offer a super simple platform and app, which is ideal for new traders as there is essentially no learning curve. But in an effort to grow the platform, they now offer OTC, Newton Pro API services, currently in beta.
Bitcoin, Ethereum, XRP, Tether, Monero, USD Coin, Litecoin, QCAD, Stellar, Bitcoin Cash
- Smartphone App
- Newton Pro API (Beta)
- Newton does not charge any commission fees for funding or withdrawals.
- Fees are charged to cover the cost of mining. These prices vary based on the network/market demand.
Established in 2011, Kraken is an American company based in Canada. The exchange offers international access and 60+ cryptocurrencies. Those interested in growing their cryptocurrency portfolio may find Kraken appealing. The exchange offers more services than the others.
Kraken offers high API and funding limits and serves institutional accounts with mutual funds, pensions, hedge funds, and staking options. With Kraken, users can stake their tokens. Staking tokens leverages one’s cryptocurrencies so they can earn interest on unused tokens.
Bitcoin, Ethereum, Tether (XRP), Litecoin, and many more
- Margin Trading
- OTC and API
- 0.9% fee for stablecoins
- 1.5% fee for crypto or Fixed pairs
- *Other fees are charged per trade basis, considering the token and volume