Best Crypto Exchange in Canada May 2024
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Our crypto tax professionals conducted thorough research to identify and review Bitbuy, Coinbase, and WealthSimple as our picks of the best crypto exchanges in Canada. Coinbase is our top platform for Canadian crypto users, while WealthSimple is particularly suited to new Canadian crypto users.
When comparing Canadian crypto exchanges, we recommend that crypto users look at various factors, including UX, security features, user feedback, reputation, and the availability of other features, such as staking for passive income. Always do your own research before undertaking any activity in crypto, and know the risks involved.
Our top picks for the best crypto exchanges in Canada of 2024
Our team of crypto tax professionals has curated a selection of the best crypto exchanges in Canada, catering to various trading styles and priorities. Whether you're an experienced trader seeking high performance and the right balance of transaction fees and advanced features or a newcomer needing a user-friendly entry point into the crypto world, our recommendations can guide you to the best crypto exchange in Canada for your goals.
It is crucial to conduct your own research and understand the risks before investing in cryptocurrency.
Methodology
How our crypto tax professionals selected the best crypto exchanges in Canada
Best crypto exchanges in Canada reviews
Bitbuy
Best crypto exchange in Canada for security
Bitbuy is a notably compliant and exceptionally transparent crypto exchange, known for its strong security measures and offline cold storage of user funds. It has never been hacked, and if such an event were to occur, Bitbuy's comprehensive insurance policy with BitGo would likely cover users' losses.
Pros
High security with 95% of user funds kept offline
Transparent and regulated exchange
Insurance coverage for user assets
Cons
Limited selection of cryptocurrencies compared to some other exchanges
Deposit and withdrawal fees vary based on the cryptocurrency
Bitbuy's commitment to security and its clean track record make it a trustworthy choice for Canadian crypto investors.
Catalyx
Best crypto exchange in Canada for compliance and regulation
Catalyx stands out for its strict compliance with regulatory bodies like FINTRAC, IIROC, and the OSC. It offers a variety of crypto-CAD markets and follows industry standards for security.
Pros
Compliant with multiple regulatory agencies
Diverse crypto-CAD markets
Optional 2FA for account security
Cons
Limited selection of cryptocurrencies compared to some other exchanges
No mobile app
Catalyx's commitment to regulatory compliance ensures a secure and transparent trading environment for users.
Coinbase
Best Canadian crypto exchange overall
Coinbase offers access to more than 150 tradable cryptocurrencies, making it an excellent choice for investors entering the crypto space. The platform is known for its user-friendly interface, simplifying one-time or recurring crypto transactions.
Pros
User-friendly interface and easy purchase process
Strong user reviews and security features
Allows easy staking of certain cryptocurrencies
Cons
Relatively high fees for the convenience it offers
Coinbase's ease of use and the variety of cryptocurrencies it offers make it an ideal choice for those new to crypto investing. The option to stake certain assets adds to its appeal and makes it our choice for the best crypto exchange in Canada overall.
Coinsmart
Best crypto exchange in Canada for user-friendly experience
Coinsmart prides itself on offering a user-friendly platform for trading 16 popular cryptocurrencies. It follows industry best practices for security and employs Chainanalysis to flag high-risk transactions.
Pros
User-friendly platform
Security measures and Chainanalysis partnership
Variety of popular cryptocurrencies
Cons
Some fees may apply for certain transactions
Limited advanced trading features
Coinsmart combines ease of use with robust security features, catering to both beginners and experienced traders.
Kraken
Best Canadian crypto exchange for staking
Kraken is a leading player in Canada's cryptocurrency market, serving over 9 million clients in 190 countries and boasting a substantial $207 billion in quarterly trading volume. This exchange offers access to more than 200 cryptocurrencies, including popular options like Bitcoin, Ethereum, Polkadot, and Axie Infinity Shards, with a low minimum investment of $10.
Pros
User-friendly mobile apps for easy crypto purchases
Staking services with rewards of up to 24% annually
Professional trading environment, Kraken Pro, with low spreads and high liquidity
Cons
Maker order fee of 0.01% and taker order fee of 0.02%
Limited leverage options compared to some other exchanges
Kraken's extensive range of assets and user-friendly experience make it a versatile choice for both beginners and experienced traders. The staking services and professional trading environment are standout features.
NDAX
Best crypto exchange in Canada for asset safety
NDAX prioritizes the security of user funds, with the majority of assets held offline and protected by multiple insurance policies. It's registered with FINTRAC and offers a range of popular cryptocurrencies for trading.
Pros
Strong asset safety measures
Multiple insurance policies
Wide selection of cryptocurrencies
Cons
Limited range of advanced trading features
Some users may find the user interface less intuitive
NDAX's commitment to asset safety and insurance coverage makes it a secure choice for crypto investors.
Newton
Best crypto exchange in Canada for low fees
Newton offers a wide range of more than 70 cryptocurrencies on its user-friendly platform. It charges no commission fees and has competitive spreads, making it attractive for crypto enthusiasts.
Pros
Extensive selection of cryptocurrencies
No commission fees
User-friendly interface
Cons
Limited features for advanced traders
May not be suitable for high-frequency trading
Newton's diverse cryptocurrency offerings and fee structure cater to traders seeking variety and affordability.
Shakepay
Best crypto exchange in Canada for Bitcoin and Ethereum trading
Shakepay focuses on Bitcoin and Ethereum, offering a secure platform with insurance coverage for offline assets. It follows stringent security practices and encourages users to transfer assets to cold wallets for added security.
Pros
Focus on Bitcoin and Ethereum
Strong security measures
Insurance coverage for offline assets
Cons
Limited selection of other cryptocurrencies
May not offer as many advanced trading features
Shakepay's commitment to Bitcoin and Ethereum traders, along with its security practices, makes it a reliable choice for crypto enthusiasts.
Swapzone
Best Canadian crypto exchange aggregator
Swapzone allows users to compare exchange offers for various crypto pairs, offering a one-stop-shop for crypto trading. It is non-custodial and doesn't require registration, enhancing user privacy.
Pros
Non-custodial and registration-free
Extensive selection of cryptocurrencies
No account-related fees
Cons
May not be suitable for those who prefer a traditional exchange
Prices may vary slightly due to aggregator mechanics
Swapzone's aggregator approach provides users with flexibility and privacy in their crypto trading.
VirgoCX
Best crypto exchange in Canada for NFTs
VirgoCX supports over 60 cryptocurrencies and offers NFT trading. It boasts strong partnerships with trusted institutions, including Coinbase Custody and Coincover.
Pros
Wide selection of cryptocurrencies
NFT trading available
Strong security partnerships
Cons
Limited educational resources for beginners
May have fewer advanced trading features compared to specialized exchanges
VirgoCX's diverse offerings and reputable partnerships make it a versatile choice for crypto investors.
Wealthsimple
Best crypto exchange in Canada for beginners
Wealthsimple offers a user-friendly platform for trading 57 cryptocurrencies, with a low entry barrier of just $1. It prioritizes security, with assets held by Gemini Trust and insured for $200 million.
Pros
User-friendly platform for beginners
Robust security measures
Broad selection of cryptocurrencies
Cons
Limited features for advanced traders
Higher fees for some transactions compared to other platforms
Wealthsimple's accessibility and strong security measures make it an excellent choice for new crypto investors.
What is the safest crypto exchange in Canada?
In the world of Canadian cryptocurrency exchanges, one platform consistently shines as the best crypto exchange in Canada in terms of safety and regulatory compliance: Bitbuy. Bitbuy's commitment to security is reflected in its robust infrastructure and adherence to Canadian regulatory standards.
Operating under the registration of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business, Bitbuy ensures a secure environment for users' funds. Additionally, Bitbuy employs stringent security measures, including cold storage of assets and two-factor authentication, making it the safest crypto exchange in Canada overall.
Different types of exchanges in Canada
Canadian cryptocurrency exchanges come in various forms, each with its own set of characteristics and advantages:
Centralized Exchanges (CEX): These exchanges, such as Bitbuy and Kraken, operate similarly to traditional financial institutions. They are regulated by Canadian authorities, ensuring compliance with financial regulations. Centralized exchanges offer high liquidity and a wide range of trading options.
Decentralized Exchanges (DEX): DEX platforms allow peer-to-peer trading directly from users' wallets, eliminating the need for intermediaries. DEXs prioritize privacy and security by putting users in control of their funds.
Hybrid Exchanges: Some Canadian exchanges, like NDAX, incorporate elements of both centralized and decentralized models. They work to combine the liquidity and regulatory compliance of centralized exchanges with the security and privacy benefits of decentralized ones.
Which Canadian crypto platform has the lowest fees?
Newton sets itself apart by offering an extensive range of over 70 cryptocurrencies on its user-friendly platform. But what's even more enticing is its fee structure. Newton charges no commission fees, making it an attractive option for crypto enthusiasts.
Instead, they generate revenue by applying competitive spreads to trades, calculated as the difference between the midpoint and the bid/ask price, and you can rest assured that funding and withdrawing your assets on Newton is entirely fee-free. This makes Newton the best crypto exchange in Canada for low fees.
What is the best crypto exchange in Canada for beginners?
Wealthsimple is our expert pick of the best crypto exchange in Canada for those new to cryptocurrency.
It offers a user-friendly platform where you can trade 57 different cryptocurrencies, and you can get started with as little as $1. Security is a top priority, with assets held by Gemini Trust and insured for $200 million, providing peace of mind for new investors.
Final verdict about the best Canadian crypto exchange in 2024
Selecting the best Canadian crypto exchange in 2024 hinges on your individual preferences and goals.
For beginners, Bitbuy’s user-friendly approach is a standout choice. For experienced traders seeking low fees, Newton can be great. Overall, we like Coinbase for its credibility, mobile app, wallet, and ease of use.
Ultimately, the best Canadian crypto exchange depends on your unique needs, so thorough research is essential before making your decision.
Crypto exchanges in Canada FAQs
Here are answers to frequently asked questions about the best crypto exchanges in Canada.
What is a crypto exchange?
A crypto exchange is an online platform that facilitates the buying, selling, and trading of cryptocurrencies such as Bitcoin, Ethereum, and other digital assets.
It's a marketplace where users can exchange their traditional fiat currency for cryptocurrencies or trade one cryptocurrency for another.
How do Canadian crypto exchanges work?
Canadian crypto exchanges operate similarly to their global counterparts. Users create accounts, complete identity verification (KYC), and deposit funds into their exchange wallets. They can then place orders to buy or sell cryptocurrencies.
The exchange acts as an intermediary, matching buyers with sellers and executing transactions on their behalf.
What are the largest crypto exchanges in Canada?
In Canada, several exchanges have gained prominence in terms of user base and trading volume. Some of the largest and most well-known Canadian crypto exchanges include Bitbuy, Coinbase, and Kraken.
Can I have Coinbase in Canada?
Coinbase is available in Canada and is recognized as one of the top crypto exchanges in the country, offering a credible platform with features like a mobile app, secure wallet, and user-friendly interface. Coinbase provides a range of cryptocurrencies for trading and has gained widespread popularity for its ease of use.
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