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Best Crypto Exchange in Canada September 2023

ByZac McClure, MBA · Reviewed byArthur Teller, CPAUpdated on September 20, 2023 · minute read

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Our expert picks of the best crypto exchanges in Canada include Bitbuy, Coinbase, and WealthSimple as standout centralized platforms. Coinbase stands as the top choice for Canadian crypto users overall, while WealthSimple is particularly suitable for those new to crypto.
When comparing Canadian crypto exchanges, it's essential to weigh various factors, including features, user experience, security protocols, reputation, and user feedback. Our crypto tax professionals conducted a thorough assessment of these aspects to identify and review the best crypto exchanges in Canada, so you can find one that suits your goals and level of experience.

Table of contents

Our top picks for the best crypto exchanges in Canada of 2023

Our team of cryptocurrency experts has identified the top crypto exchanges in Canada for the year 2023, tailored to accommodate a diverse range of trading preferences and priorities.

Whether you're a seasoned crypto enthusiast pursuing exceptional trading performance, looking for the perfect equilibrium between transaction fees and advanced features, or are new to crypto and looking for an accessible onramp, our suggestions will point you in the right direction.

Here are our top three choices, followed by our complete list with expert reviews showcasing the best crypto exchanges in Canada.

Bitbuy

Best crypto exchange in Canada for security

Coinbase

Best Canadian crypto exchange overall

Wealthsimple

Best crypto exchange in Canada for beginners

Methodology

How our crypto tax professionals selected the best crypto exchanges in Canada

Our process to select the best crypto exchanges in Canada involved a thorough assessment of multiple critical factors, tailored to meet the diverse needs of investors. We conducted a comprehensive analysis, taking into account platform features, security measures, available cryptocurrencies, fee structures, user experience, and regulatory compliance to identify the most suitable options in the Canadian crypto landscape.

Platform Features and User Experience: We scrutinized the functionality and user-friendliness of each exchange's platform, evaluating key aspects such as trading interfaces, charting tools, order types, and customization options. Our aim was to ensure that users have access to a seamless and intuitive trading environment.

Security Measures: Recognizing the paramount importance of security in the crypto space, we conducted a rigorous assessment of each exchange's security protocols. This included an examination of two-factor authentication, cold storage solutions, insurance coverage, and third-party security audits. Our goal was to identify exchanges that prioritize the safety of users' assets.

Cryptocurrency Diversity: To cater to a wide range of investor preferences, we evaluated the variety of supported cryptocurrencies offered by each exchange. We sought exchanges that provided a diverse selection of cryptocurrencies and trading pairs, empowering users to craft their investment strategies with ample choices.

Fees and Costs: We examined trading fees, withdrawal fees, deposit fees, and other associated charges for each exchange. Our objective was to pinpoint platforms with competitive fee structures, ensuring that users receive optimal value for their trading activities.

Regulatory Compliance and Geographic Access: Regulatory compliance helps to provide a secure and legally compliant trading environment. We specifically sought exchanges with proper licensing and regulatory approvals within Canada. This ensures that users' funds are safeguarded and that the exchange operates in accordance with relevant laws and regulations.

Customer Support: We considered the accessibility and responsiveness of customer support as a vital component of the overall user experience. Exchanges with reliable and readily available customer support channels received favorable recognition.

Innovation and Unique Offerings: Beyond basic trading functionalities, we identified exchanges that offered innovative features and services such as staking, mobile apps, social trading, and yield products. These unique offerings enhance the overall trading experience and broaden the appeal to a wide user base.

Feedback and User Reviews: User feedback and reviews played a role in our decision-making. Positive feedback regarding ease of use, security, and overall satisfaction with the exchange carried substantial weight in our evaluations.

By assessing these factors, our team of crypto tax professionals curated a selection of the best crypto exchanges that cater to a broad spectrum of trading preferences, experience levels, and investor needs. Whether you're a novice seeking simplicity or an experienced trader in pursuit of advanced tools, our expert recommendations are designed to guide you toward the most suitable crypto exchange in the dynamic realm of cryptocurrency trading.

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 & Cons

+ Why we like it

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 2023

Selecting the best Canadian crypto exchange in 2023 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 for 2023.

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 is 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.

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Best Crypto Exchange in Canada September 2023