If you’re looking to get into the cryptocurrency market, you’ll need to find a good exchange platform. Not all exchanges are created equal, so it’s important to do your research before signing up.
In this blog post, we’ve done the hard job for you by identifying the best crypto exchanges in Canada. We’ll tell you about the features each one offers and outline some of the most important factors to consider when making your decision
So whether you’re just starting out or you’re a seasoned pro, read on for the inside scoop on Canada’s top crypto exchanges!
Overview of Best Crypto Exchanges in Canada
The following is a highlight of the best crypto exchanges in Canada with their supported coins, minimum investment requirements and sign-up bonuses.
| Exchange | Supported Coins | Minimum Investment requirement | Sign-up Bonus |
|---|---|---|---|
| Bitbuy | 39 | $50 | $20 |
| Wealthsimple Crypto | 50+ | None | $25 |
| Newton | 71 | None | $25 |
| NDAX | 32 | None | $25 |
| Shakepay | 2 | $5 | $5 |
| Netcoins | 30+ | $10 | $25 |
| Coinberry | 35+ | $50 | $50 |
| CoinSmart | 16 | $100 | $20 |
| Coinsquare | 41 | $20 | N/A |
| MogoCrypto | 1 | None | $10 |
| Binance | 600+ | $10 | Up to $100 |
| Crypto.com | 250+ | $1 | $25 |
| Coinbase | 100+ | $2 | €10 |
| Kraken | 65+ | $10 | N/A |
The above table highlights both domestic and foreign crypto exchanges in Canada. We’ll take take a detailed look at each of them below.
Best Crypto Exchanges in Canada
If you’re looking to trade crypto with CAD or through a domestic platform, there are different Canadian crypto exchanges to choose from in Canada with the following platforms being the best ones:
1. Bitbuy
- Founded in: 2016
- Number of crypto coins: 39
- Funding options: e-Transfer, Wire transfer & Crypto
- Deposit fees: There are no deposit fees
- Withdrawal fees: 1.50% for Interac e-Transfer and bank wire and variable for crypto withdrawal
- Trading fees: 0%-1.5%
- Sign-up bonus: $20 upon making your initial $250 deposit.
- Regulator: FINTRAC
Bitbuy is one of the best domestic crypto exchanges in Canada that’s based in Toronto. The exchange has been in operating since 2016, attracting over 400,000 users.
With over $4 billion traded on the platform, Bitbuy allows you to trade 39 crypto coins of your choice in one place.
The only drawback of the platform is that it charges fees for deposits and withdrawals. At first glance, Bitbuy looks like an expensive exchange compared to other crypto exchanges in Canada. However, if you consider its low trading fees and spread, Bitbuy is still one of the cheapest places to buy crypto in Canada.
Learn more about the platform in this Bitbuy Review or here for an overview of the Bitbuy Referral Promotion.
2. Wealthsimple Crypto
- Founded in: 2020
- Number of crypto coins: 50+
- Minimum investment: None
- Funding options: Bank account & Crypto
- Deposit fees: None
- Withdrawal fees: None
- Trading fees: None
- Sign-up bonus: $25 for depositing your initial $150
- Regulator: FINTRAC & OSC
Wealthsimple Crypto is the crypto trading platform of one of the leading financial institutions in Canada, Wealthsimple.
The platform was launched in 2020 and allows traders to start trading with as little as $1. Unlike other platforms, Wealthsimple Crypto doesn’t charge deposit, withdrawal and trading fees. But it charges an operations fee of about 1.50% as spread on the quoted prices.
With 50+ crypto coins with above-average security measures, Wealthsimple Crypto could be your best crypto exchange in Canada if you’re a beginner.
Learn more about all its services and features in this Wealthsimple Crypto review and learn how its promotions here: Wealthsimple Crypto Referral Code.
3. Newton
- Founded in: 2018
- Number of crypto coins: 71
- Minimum investment: None
- Funding options: e-Transfer, Wire transfer, Bank account & Crypto
- Deposit fees: None
- Withdrawal fees: None (variable fees for crypto withdrawals)
- Trading fees: None
- Sign-up bonus: $25 for trading a minimum of $100
- Regulator: FINTRAC
Newton is a Toronto-based crypto trading platform with 71 coins and multiple funding options.
Founded in 2018, Newton sets itself apart from the competition by charging no fee for deposits, withdrawals and trading. It makes money by adding a narrow spread (usually about 0.70%) to the quoted prices.
In addition, the platform has some of the highest collections of coins in Canada with no minimum investment requirement.
Overall, if you want access to the more digital currencies to trade without signing up to a foreign crypto exchange, then Newton is definitely one of the top choices to consider.
New Newton users get a $25 cash bonus after trading at least $100 in digital currency. Learn more about the offer in this Newton Referral Program review or read my full Newton Review here.
4. NDAX
- Founded in: 2017
- Number of crypto coins: 32
- Minimum investment: None
- Funding options: e-Transfer, Wire transfer & Crypto
- Deposit fees: None
- Withdrawal fees: C$4.99
- Trading fees: 0.20%
- Sign-up bonus: $25 upon depositing a minimum of $100
- Regulator: FINTRAC
NDAX stands as the abbreviation of the “National Digital Asset Exchange.” It is another leading domestic crypto exchange in Canada that has been around since 2017.
With 32 coins and counting, the platform doesn’t charge deposit fees and has competitive withdrawal and trading fees.
Unlike other Canadian crypto exchanges, NDAX doesn’t have a minimum investment requirement, allowing you to start investing with as little as $1.
Even more interesting is the fact you can stake your coins and earn up to a 12% average APR on NDAX.
Get a $25 sign-up bonus when you register and deposit a minimum of $100. Check this NDAX Referral Code post to learn or read my detailed NDAX review to see how it compares to other crypto exchanges in Canada.
5. Shakepay
- Founded in: 2015
- Number of crypto coins: 2
- Minimum investment: $5
- Funding options: e-Transfer, Wire transfer & Crypto
- Deposit fees: None
- Withdrawal fees: None
- Trading fees: None
- Sign-up bonus: $5 for trading a minimum of $100
- Regulator: FINTRAC and AMF
Next on this list of the best crypto platforms in Canada, we have Shakepay.
Shakepay started operating in 2015, making it one of the oldest crypto brokers in Canada. Since then, it has continued to distinguish itself from the competition as the best crypto platform for beginners.
With over a million users, Shakepay is one of the most popular cryptocurrency platforms in Canada. Unlike several crypto trading platforms in Canada, Shakepay doesn’t charge fees for deposits, withdrawals and trading. But it includes a spread of up to 1.25% on quoted prices.
Besides having a low minimum investment requirement and a generous sign-up bonus, Shakepay also offers the Shakepay Card, a crypto prepaid card, that lets you make purchases in CAD and earn bitcoin as cash back.
New Shakepay users earn a $5 welcome bonus after trading at least $100. Learn more about the referral program in this Shakepay referral bonus review.
The limited crypto coins supported by Shakepay could be a concern if you’re looking to trade multiple coins. However, if you’re a beginner that is only interested in trading Bitcoin or Ether in Canada, Shakepay will meet your needs.
Read my detailed Shakepay review or check some of the top Shakepay alternatives to consider.
Learn more:
6. Netcoins
- Founded in: 2014
- Number of crypto coins: 30+
- Minimum investment: $10
- Funding options: e-Transfer, Wire transfer & Crypto
- Deposit fees: None
- Withdrawal fees: Free cash withdrawals (variable fees on crypto withdrawals)
- Trading fees: 0.5%
- Sign-up bonus: $25 for depositing at least $100
- Regulator: FINTRAC, CSA & BCSC
Netcoins is not only a pioneer crypto exchange in Canada but the first publicly traded crypto exchange in the country through its parent company.
Founded in 2014, Netcoins allows you to trade 30+ cryptocurrencies with no deposit fee and cash withdrawal fees.
In addition to CSA and BCSC regulations, the exchange is also regulated as a Money Service Business (MSB) by FINTRAC. It is also one of the few Canadian crypto exchanges that are registered with OSC.
Like Shakepay, Netcoins also offers a crypto cash back prepaid card that rewards you with 1% in Bitcoin when you use it to make purchases.
Learn more:
7. Coinberry
- Founded in: 2017
- Number of crypto coins: 35+
- Minimum investment: $50
- Funding options: e-Transfer, Wire transfer & Crypto
- Deposit fees: None
- Withdrawal fees: None (variable crypto withdrawal fees)
- Trading fees: N/A
- Sign-up bonus: $50 for trading at least $100
- Regulator: FINTRAC & OSC
Coinberry is a Toronto-based crypto exchange that provides access to 35+ cryptocurrencies, free trading, deposits and withdrawals.
This crypto trading platform is recognized as one of the highly regulated crypto exchanges in Canada. The reason is that Coinberry is regulated by FINTRAC and OSC and also complies with the provisions of PIPEDA. Assets on the exchange are also held by Gemini which offers up to $250 million in insurance coverage.
With this and more unique features, the exchange has attracted over 200,000 users that have traded more than $1 billion since its inception.
Check my full Coinberry Review or learn how to get a welcome of $50 by reading this Coinberry Referral Code post.
8. CoinSmart
- Founded in: 2018
- Number of crypto coins: 16
- Minimum investment: $100
- Funding options: e-Transfer, Wire transfer, Bank account & Crypto
- Deposit fees: Free bank wire, 0-1.5% on e-Transfer, up to 6% on credit/debit card
- Withdrawal fees: 1% on EFT and bank wire, variable on crypto withdrawals
- Trading fees: 0.20% to 0.30%
- Sign-up bonus: $20 for depositing a minimum of $100
- Regulator: FINTRAC & OSC
Like Coinberry, CoinSmart is also based in Toronto and is regulated by both FINTRAC and OSC.
While CoinSmart charges fees on deposits, withdrawals and trading fees, it has a generous sign-up bonus of $50. The exchange approves accounts instantly and allows you to start trading from its collection of 16 coins with a minimum of $100.
As a publicly-traded company on the NEO Exchange, CoinSmart offers unique features such as SmartPay Invoicing, SmartPay Auto-Sell and Advanced Trade for seasoned traders.
Check the posts below to read my full review of the crypto exchange and how to earn a $50 sign-up bonus as a new user:
9. Coinsquare
- Founded in: 2014
- Number of crypto coins: 41
- Minimum investment: $20
- Funding options: e-Transfer, Wire transfer & Crypto
- Deposit fees: Free e-Transfer & Wire transfer
- Withdrawal fees: 1.5% on wire transfer and bank direct bank deposit
- Trading fees: 0.05% – 0.50%
- Sign-up bonus: N/A
- Regulator: FINTRAC
Coinsquare is another Toronto-based crypto exchange that’s recognized as one of the pioneer exchanges in Canada having been established in 2014.
It offers the Quick Trade app for fast and simple crypto trading, plus a web trading platform for access to more advanced trading tools.
You can trade commission-free on Quick Trade, while paying anywhere between 0.05% to 0.50% on CoinSquare Pro depending on how much you’ve traded in the previous 30 days. For example, the taker fees starts at 0.50% for trading volumes below $10,000, but drops to 0.35% for $25K – $50K.
Coinsquare is also one of the few Canadian crypto exchanges that lets you trade crypto with Canadian and US dollars, helping you save on foreign transaction fees.
With 95% cold storage, Two-factor authentication (2FA) and Secure Sockets Layer (SSL), you can be confident that you’re dealing with a secure trading platform.
10. MogoCrypto
- Founded in: 2018
- Number of crypto coins: 1
- Minimum investment: None
- Funding options: e-Transfer and wire transfer
- Deposit fees: None
- Withdrawal fees: None
- Trading fees: 1%
- Sign-up bonus: $10 open a Mogo account and deposit at least $100
- Regulator: FINTRAC
MogoCrypto is a crypto platform for trading climate-positive Bitcoin. The crypto app was founded in 2018 by Mogo, one of the leading credit score service providers in Canada.
The major drawback of this platform is that it supports only Bitcoin trading at the moment. While it charges a 1% trading fee, it gives you access to make free deposits and withdrawals.
With no minimum investment requirement, you can start trading Bitcoin on MogoCrypto with as little as $1 in your account.
Related: Mogo Credit Score
Best Foreign Crypto Exchanges in Canada
If you want to eliminate foreign transaction costs or get access to the best quotes and lower trading fees, you need to consider the best foreign crypto exchanges out there.
Below are some of the best ones that are available for Canadians.
11. Binance
- Founded in: 2017
- Number of crypto coins: 600+
- Minimum investment: $10
- Funding options: Credit card, Bank transfer & Crypto
- Deposit fees: None
- Withdrawal fees: $15 fee for fiat currency withdrawal and $1 for other withdrawals
- Trading fees: 0.1%
- Sign-up bonus: Up to US$100 bonus
- Regulator: FINTRAC
Based in Seychelles, Binance is recognized as the largest crypto trading platform in the world. The reason is that the exchange has:
- 24hour trading volume of $76 billion
- Over 600 coins
- 90 million users worldwide
Besides crypto trading access, Binance offers multiple financial solutions ranging from crypto loans, payment solutions, and debit and gift cards.
With these and other unique features, Binance positioned itself as a one-stop shop crypto trading platform.
Binance has one of the most generous welcome offers among the crypto exchanges. New users get a lifetime 20% fee rebate using this referral link. Also, you can earn up to $100 in bonuses by performing simple tasks.
Learn more about Binance Promotions and promo code here.
Related:
12. Crypto.com
- Founded in: 2016
- Number of crypto coins: 250+
- Minimum investment: $1
- Funding options: Bank transfer, Credit/debit card & Crypto
- Deposit fees: None
- Withdrawal fees: Variable
- Trading fees: Variable
- Sign-up bonus: US$25
- Regulator: SEC
Crypto.com is a Singaporean crypto exchange founded in 2016. The exchange has since then attracted over 50 million users across different parts of the world for its competitive features.
While the exchange charges withdrawal and trading fees, it allows you to make free deposits regardless of the funding method.
You may find Crypto.com your perfect exchange because of its over 250 cryptocurrencies, cashback Visa card, 750 million USD insurance coverage, and many other unique features.
Learn more: Crypto.com Referral Code & Promo
13. Coinbase
- Founded in: 2012
- Number of crypto coins: 100+
- Minimum investment: $2
- Funding options: Wire transfer, Bank account, debit card, Paypal, Apple Pay, & Google Pay
- Deposit fees: Variable
- Withdrawal fees: Variable
- Trading fees: Variable
- Sign-up bonus: €10 upon verifying your account
- Regulator: NYSDFS
Coinbase is an American crypto exchange that has been in existence since 2012. It supports over 100 coins with multiple funding methods.
With over 89 million users across 100+ countries, the exchange has a $547 billion quarterly trading volume, making it one of the world’s largest crypto exchanges.
Unlike other crypto exchanges, fiat currencies on Coinbase are covered for up to $250,000 by the American Federal Deposit Insurance Corporation (FDIC).
With recurring deposit support and multiple earning opportunities, Coinbase is worth checking out if you’re looking for the best foreign crypto exchange in Canada.
14. Kraken
- Founded in: 2011
- Number of crypto coins: 65+
- Minimum investment: $10
- Funding options: Wire transfer, Fiat currency, Crypto, Etana Custody & Silvergate Exchange Network (SEN), etc.
- Deposit fees: Variable
- Withdrawal fees: Variable
- Trading fees: 0.9% – 1.5%
- Sign-up bonus: N/A
- Regulator: FSRA
Kraken is one of the oldest crypto exchanges in the US having been founded in 2011. It supports over 65 coins with multiple funding methods.
Unlike some of the best foreign crypto exchanges, Kraken doesn’t currently offer a welcome bonus. However, it offers a competitive referral bonus of 20% of the trading fees of every person you referred to the exchange.
Finally, the exchange is regulated in each of the countries it operates and supports margin trading and crypto staking.
What is a Crypto Exchange and How Does it Work?
A crypto exchange simply refers to a platform where you can buy and sell cryptocurrencies. It gives you access to the crypto market and determines which coins you can trade.
To get started, you will need to sign-up with your preferred crypto exchange and fund your account to start trading.
Depending on the exchange you choose, you may need to pay a deposit fee, withdrawal fee and trading fee along the way. Other fees common to crypto exchanges include spreads, maker fees and taker fees.
There are many different exchanges to choose from, so it’s important to find one that suits your needs. For example, some exchanges only offer basic trading features while others have more advanced options like margin trading.
Some crypto exchanges also help you maximize the value of your crypto portfolio through staking or converting them to make everyday purchases.
As crypto exchanges vary in their fee schedules, collection of coins, minimum investment and other features, it’s essential you choose the best one for your needs.
How to Choose the Best Crypto Exchange in Canada
It’s easy to get confused about which crypto exchange to choose from the above compilation especially when you consider their competitive features.
However, you can easily identify the best crypto exchange for you by evaluating the following factors:
- Fees: Consider the deposit fee, withdrawal fee, trading fee and any other applicable fee before making a decision. Usually, the lower the fee the better.
- Number of coins: Go with the exchange that supports your favourite crypto coins. In this case, you need to factor in both your present and future needs to avoid opening multiple exchange accounts every time your situation changes.
- Supported currency: Depending on your needs, you can choose an exchange that supports CAD, USD or both. While you can even go beyond these options, remember the applicable foreign conversion costs involved especially on a foreign exchange.
- Minimum investment: If you’re looking to start with a small amount, choose an exchange with a low or zero minimum investment requirement like Wealthsimple Crypto.
- Funding options: The more funding options, the more flexible it’ll be to fund your accounts. Above all, you want to go with an exchange that supports your favourite funding method(s).
- Tools: The right tools can make a difference in your crypto trading. So consider an exchange that supports all the tools you need.
- Regulation & Security: Choose an exchange that is regulated by the appropriate bodies with industry-level security measures.
- Customer support: Whether you’re a beginner or seasoned trader, you may need professional support at one point or the other. This makes it essential to choose an exchange with 24/7 customer support.
How to Open an Account with a Crypto Exchange in Canada
After determining the best crypto exchange for you, the next thing is to open an account. While different crypto exchanges have varying sign-up processes, the following are the common steps:
- Visit the web portal of your chosen exchange
- Navigate to the sign-up section
- Provide the required information
- Verify your identity
- Fund your account
- Deposit or trade a minimum amount to qualify for the crypto sign-up bonus
It’s as simple as that! Depending on the exchange you choose, your account will be approved instantly, allowing you to start trading right away.
On the other hand, it takes some crypto exchange hours or days to verify account applications.
Canada-based vs Foreign Crypto Exchanges
In general, Canadians will have a hard time funding their account with fiat currencies at many of the foreign crypto platforms because they don’t support Interac e-Transfer or direct deposit. However, there are workarounds you can use to make the process of funding and withdrawing from these foreign exchanges simpler and cheaper.
A popular one is to fund your account with one of the Canada-based crypto platforms with CAD and buy a stablecoin. Next, withdraw the stablecoin and deposit in the foreign crypto exchange of your choice. The last step is to convert the stablecoin to fiat or directly into the cryptocurrency of your choice.
For example, you can sign-up to Bitbuy to buy any of the stablecoins, withdraw it to your Binance wallet and sell to fund your new crypto purchase.
Granted, there are more hoops to pass through when dealing with the foreign crypto exchanges. But if you’ll be trading regularly and in large sums, the saving in fees is definitely worth the extra step.
Some FAQs on the Best Crypto Exchanges in Canada
Sure! While cryptocurrency is not a legal tender in Canada, it’s legal to buy and sell it in the country.
Yes. Cryptocurrency is classified as a commodity by the CRA. This requires you to report your capital gains to the CRA while filing your annual tax. You can use a crypto tax calculator to make the process easier.
The best Canadian cryptocurrency exchange depends on your needs.
However, based on the above review, you may consider Newton as the overall best crypto exchange in Canada for altcoins due to its multiple collections of coins, zero minimum investment requirement, and access to free deposits, withdrawals and trading. On the other hand, Bitbuy and NDAX are arguably the best crypto exchanges in Canada for traders due to their lower spreads and trading tools. Though they charge for withdrawals, you’ll still save on more on the long run.
Coinberry is one of the safest crypto exchange in Canada because it’s regulated by top bodies (FINTRAC and OSC) and protects your information in line with the PIPEDA provisions.
In addition, assets on Coinberry are held by Gemini, one of the reputable cold-storage custodians of digital assets with up to $250 million in insurance coverage.
All you need is to open an account with your preferred crypto exchange and fund your account to buy crypto in Canada.
Over to You
Canada has some of the best crypto exchanges in the world. Regardless of your investment level and needs, there’s a perfect exchange for you in Canada.
Hopefully, this article has answered all your questions about the best crypto exchanges in Canada. Have more questions? Kindly drop them in the comment section below.
The ball is now on your court to choose the perfect crypto exchange for your needs based on the factors discussed above. If you’re liked by this article, also check the other cryptocurrency related articles below:
