Best Crypto Exchange in Canada February 2024

Zac McClure
ByZac McClure, MBAReviewed byArthur Teller, CPAUpdated on February 1, 2024 · minute read
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TokenTax content follows strict guidelines for editorial accuracy and integrity. We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible.

  • 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 overall platform for Canadian crypto users, while WealthSimple is particularly suited to new Canadian crypto users.

  • When you compare Canadian crypto exchanges, look at various factors, including UX, security features, feedback from users, reputation, and the availability other features such as staking.

Our top picks for the best crypto exchanges in Canada of 2024

Our team of crypto tax professionals has handpicked a selection of the best crypto exchanges in Canada available on the market today. These exchanges cover a variety of trading styles and priorities, ensuring that every Canadian crypto trader can easily discover a platform that suits their requirements.

Whether you're an experienced crypto trader aiming for top-notch performance, searching for the ideal combination of transaction fees and advanced features, or a newcomer to the crypto world in need of a user-friendly starting point, our recommendations will steer you toward the perfect choice. Always do your own research before investing in crypto, and know the risks involved.

Bitbuy

Bitbuy

Best crypto exchange in Canada for security

Coinbase

Coinbase

Best Canadian crypto exchange overall

Wealthsimple

Wealthsimple

Best crypto exchange in Canada for beginners

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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. 

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

TokenTax reviews take an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Arthur Teller
Reviewed byArthur TellerCOO (Former) at TokenTax
Arthur came to TokenTax after 12 years at KPMG. A specialist in partnership taxation and enterprise tax software, he is a licensed CPA in both California and Illinois and a member of the AICPA.

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