Looking for information on how and where to buy crypto in Canada? Then this post is for you!
Buying cryptocurrencies and trading on crypto exchanges has been a popular topic in the media recently.
With crypto prices skyrocketing, it is no surprise that more people are interested in buying bitcoin and the other popular cryptocurrencies to try their luck at making some quick cash.
But not everyone knows how or where to buy cryptocurrencies. And with so many factors to consider, choosing the best crypto exchange that is right for you can be tricky.
In this article, we will go over how and where you can buy crypto in Canada as well as provide a list of the best platforms for both novice and seasoned investors.
What are Cryptocurrencies?
In the last few years, cryptocurrencies have been making headlines for their massive growth. Nowadays, people from all walks of life and income brackets are investing in crypto assets like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple(XRP) or Litecoin(LTC).
But what exactly are these ‘cryptocurrencies’ and why are they so popular?
Cryptocurrencies are a new form of currency that are decentralized and not regulated by a government. They are digital currencies that use cryptography to secure transactions and offer more anonymity than traditional banking methods.
The first ever cryptocurrency was Bitcoin, which was invented by the elusive Satoshi Nakamoto in 2009. Bitcoin uses blockchain technology to keep track of transactions and is completely decentralized with no regulation or central authority overseeing it.
Next, we’ll look at how to buy crypto in Canada.
How to buy Crypto in Canada
If you’re looking for how to buy crypto in Canada, here are the 7 basic steps you need to take:
- Decide on the cryptocurrency you want to buy
- Identify the crypto exchanges that support the crypto you’re interested in
- Compare their features and decide on one
- Open an account with the crypto platform
- Fund your account
- Start investing or trading crypto
- Secure your cryptocurrencies
To start buying and trading in crypto assets, the first step is to decide on the particular cryptocurrency you want to invest in.
There are now hundreds of digital assets available to trade so choosing one can be difficult. But check the section titled “Which cryptocurrencies should you invest in?” below for some factors to consider.
The next step after you choose which cryptocurrencies to invest in is locating an exchange platform. To determine which one is best for you, it’s important to consider factors like fees and security.
If you need help choosing an exchange platform, check out the section below on the best crypto exchange platforms in Canada.
Once you have decided on a crypto platform to use, you can go ahead to open an account, make a deposit and start investing in any of their supported cryptocurrency.
Where to buy Crypto in Canada
In this section, we’ll look at some of the best crypto platforms in Canada. Their fees, coins supported and other relevant details you need to decide are also provided.
1. Wealthsimple Crypto
Wealthsimple Crypto is a crypto trading app from Wealthsimple, Canada’s most popular robo-advisor.
It launched with support for only bitcoin and Ethereum trading, but quickly expanded to now support almost 40 cryptocurrencies.
Wealthsimple Crypto is registered under the Canadian Securities Administrators (CSA) Regulatory Sandbox.
With as little as $1, you can start trading crypto on Wealthsimple Crypto, making it the best place to buy crypto with little money in Canada.
- Available Coins: Bitcoin, Ethereum, Dogecoin, Cardano, Polygon, Compound and more
- Account Funding Options: Electronic funds transfers (EFT).
- Trading Fees: No trading fees, but an operations fee of between 1.5-2.0% is included as a spread on the quoted prices.
- Promotion: Signup and trade a minimum of $150 to receive a cash bonus of $50.
Read more: Wealthsimple Crypto Review & Promotion
2. CoinSmart
Second on this list of where to buy crypto in Canada is CoinSmart.
CoinSmart was launched in 2018 and operates out of Toronto. It is registered with FINTRAC as a money service business like the other Canadian crypto platforms on this list.
- Funding options: Interac e-Transfer, wire transfers, bank draft, credit/debit cards and crypto deposits.
- Fees: Crypto deposits are free at CoinSmart, but withdrawals come with a fee that varies depending on the crypto.
- Trading Fees: Crypto trading costs 0.20% to 0.30% on CoinSmart depending on the currency pairs.
- Other Fees: Interac e-transfer deposit below $2,000 has a fee of 1.5%. CAD withdrawals have a 1% fee with a minimum charge of $15.
- Sign-up bonus: $20 referral bonus when you sign up and deposit a minimum of $100
Learn more: CoinSmart Review and Referral Code
3. Netcoins
Another excellent choice for beginners looking to buy crypto in Canada is Netcoins.
Netcoins has been operating in Canada since 2014 when it launched. It is one of the very few crypto exchanges that is publicly listed in Canada through its parent company, BIGG Digital Assets.
If you’re looking for an easy to use and intuitive app to buy crypto in Canada, Netcoins is a smart choice.
- Available Coins: Bitcoin, Ethereum, Bitcoin Cash, Tether, Litecoin, XRP, QCAD etc
- Account Funding Options: Crypto deposits, bank wires, Interac e-Transfer and online bill payment
- Trading Fees: 0.5% trade fees plus additional markups or spread.
- Other Fees: CAD deposits and withdrawals are free. Depositing your crypto is free too, but withdrawals come with a flat fee. For example, Bitcoin withdrawal costs 0.0005 BTC.
- Promotion: $10 sign-up bonus when you sign up using a referral link and trade a minimum of $100. Plus get $50 for each friend you refer.
Read more:Netcoins Review & Referral Code
4. Newton
The next platform to buy crypto in Canada is Newton.
It is a Toronto-based crypto platform that was founded in 2018. With more than 200,000 users, Newton is one of the cheapest crypto trading exchanges in Canada.
At the moment, they have the largest selection of cryptocurrencies available from any crypto exchange in Canada.
Newton currently supports 60+ digital assets and supports many altcoins including Cardano, Litecoin, Ripple and so on.
It is arguably the best crypto exchange in Canada for those interested in trading altcoins or want access to a large selection of cryptocurrencies.
- Funding options: Crypto deposits, Interac e-transfers, Wire transfers and pre-authorized debits
- Fees: Crypto deposits are completely free. Crypto withdrawal mining fees are covered up to the first $5. Fiat money deposits and withdrawals are free at Newton
- Trading Fees: No trade fees. Newton makes money by adding a small spread to the quoted price of crypto. Its spread is one of the thinnest in Canada
- Sign-up bonus: $25 cash when sign-up using a Newton referral link and trade a minimum of $100. Also earn $25 for referring your friends.
Learn more: Newton Review and Referral Code
5. NDAX
NDAX is another crypto exchange where Canadians can buy crypto with low fees.
National Digital Asset Exchange Inc. (NDAX) is a calgary-based cryptocurreny exchange that started operating in Canada in 2017.
Overall, it has one of the lowest crypto trading fees in Canada with a good selection of crypto assets. NDAX supports Bitcoin, Ether, Cardano and other popular cryptocurrencies.
- Funding options: Interac e-transfer, wire transfer and bank draft.
- Fees: It is free to deposit your crypto on NDAX, but withdrawals come with a flat fee that varies depending on the crypto in question. CAD deposits are free but withdrawals cost $25.
- Trading Fees: Buying and selling crypto has a fee of 0.20%. Quoted prices also have a small spread on NDAX.
- Sign-up bonus: Get $10 using an NDAX referral link after you deposit a minimum of $100. Plus up to $25 for each friend you refer.
Learn more: NDAX Review and Referral Code
6. Binance
Binance is the first non-Canadian crypto exchange covered in this list of where to buy Crypto in Canada.
It is one of the largest crypto platforms in the world with support for more than 500+ cryptocurrencies.
Unfortunately,Binance is not available to Ontario residents.
With the great selection of digital coins available to trade on Binance, it is perfect for crypto investors looking to trade the less known altcoins with minimal fees.
Beyond just crypto trading, the extra products available from by Binance include Binance Visa Card, Crypto Loans, Binance Pay and so on.
- Funding options: Credit card, debit card and crypto deposit.
- Fees: It is free to deposit your Cardano on Binance, but withdrawals come with a fee of 0.12 to 1 ADA.
- Trading Fees: Cheapest crypto exchange on this list with trading fees that start at 0.1%. There are also fee rebates for those trading larger volumes – they pay as low as 0.02%.
- Other Fees: Free crypto deposits, but withdrawals are charged a flat fee.
- Promotion: 20% commission rebate using this promo link plus up to a sign up bonus of $100.
Learn more: Binance Referral Code
7. Crypto.com
The next non-Canadian exchange where you can buy crypto in Canada is Crypto.com.
With more than 10 million users, presence in more than 90 countries and 100+ supported cryptocurrencies, Crypto.com is one of the largest cryptocurrency platforms worldwide.
Beyond just buying or trading crypto, Crypto.com provides other services.
You can earn by staking your stablecoins (up to 14%), get the Crypto.com Visa Card to earn cash back on eligible purchases, get approved for loans instantly and so on.
- Funding options: Interac e-transfer, Credit card, Paypal and Transferwise can be used to fund your crypto.com account from Canada.
- Fees: Free crypto deposits on Crypto.com, but flat fees for cryptocurrency withdrawals.
- Trading Fees: Trading fees (maker and taker) starts at 0.40% but lower as the trading volume increases.
- Promotion: $25 in CRO bonus (Crypto.com native coin)
Learn more: Crypto.com Referral Code & Promotion
8. Coinbase
Finally on this list of where to buy crypto in Canada, we have Coinbase, another foreign crypto exchange in Canada.
With more than 68 million verified users, 100+ countries supported and $450+ billion traded quarterly, Coinbase is one of the largest platforms available to trade crypto.
One cool feature of Coinbase is that it lets you earn free crypto for watching some of the educational videos on its sites.
- Funding options: Credit card, debit card and crypto deposit.
- Fees: Crypto deposits are free, but withdrawals have a flat fee. Fiat withdrawals can be mad using PayPal with a 1% fee.
- Trading Fees: Zero trading fees but prices include a narrow margin or spread.
- Promotion: $10 bonus
Note: In general, it is very expensive to fund your account with CAD at any of the foreign crypto exchanges.
Your best bet is to buy a stablecoin from one of the Canadian crypto platforms, withdrawal them and deposit in your wallet with the foreign exchange.
Next, trade the stablecoin for your preferred cryptocurrency.
What to look out for in a Crypto exchange platform
When choosing an exchange platform, there are many things to look out for when deciding which one is right for your needs.
Some considerations include:
- Fees (spreads and commissions)
- Verification requirements
- Coin selection and availability
- Liquidity (how often coins are traded)
- Customer support availability (chat or phone)
- Company location (local or international)
- Regulation and Reputation
- Crypto Sign-up bonus and offers
Irrespective of your personal preferences or needs, you’ll find several options available to you.
How much should I invest in Crypto?
If you’ve decided on investing in cryptocurrencies, you’ll also need to decide on how much you’ll invest in it.
You should only allocate a small percentage of your total investment portfolio to cryptocurrencies because they’re still relatively new and volatile (compared to traditional currencies and the stock markets).
In fact, only invest an amount you’re willing to loose in cryptocurrencies. This warning is especially true for the less known digital currencies.
Always remember…
- Never invest in something you don’t understand. Know your risk tolerance and invest accordingly.
- Also make sure you protect your crypto investment by investing in one of the best crypto wallets in Canada
Which cryptocurrencies should you invest in?
Cryptocurrencies can be divided into two groups: utility tokens and security tokens. Utility tokens provide access to services within a decentralized network, while security tokens represent ownership in assets like companies or property (similar to shares of stock).
Once you’ve determined whether your investment should be in a utility token or security token, you need to decide which specific cryptocurrencies are worth investing in.
If you’re new to crypto, then your best bet is to invest in a few top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC).
If you have some experience trading cryptocurrency already and want to get more involved with day-to-day operations of the market, then it’s best to diversify your portfolio into several different cryptocurrencies.
There are a number of factors that you can take into consideration when deciding which specific cryptocurrencies to invest in, including:
- the total supply cap the coins current trading price
- how it has been performing over time (this is especially important if you consider yourself an active trader)
- whether the project has a strong development team and solid business plan
- how many exchanges list the cryptocurrency (the more exchanges that list it, the higher its liquidity is)
- if there are any upcoming milestones or events in the crypto’s roadmap
Where to buy Specific Cryptocurrencies in Canada
Unfortunately, you won’t be able to trade all the available cryptocurrencies on a single Canadian crypto exchange.
While a couple of them, like Newton and Wealthsimple Crypto, support more than 30+ different cryptocurrencies, a good majority supports less than 10.
In the following sections, we’ll cover the best crypto platforms to buy specific cryptocurrencies.
Where to buy Bitcoin (BTC) in Canada
Bitcoin is the most popular cryptocurrency and the one with the highest market capitalization. Because of its popularity, all the Canadian crypto exchanges supports Bitcoin trading.
So if you’re only looking to trade or invest in bitcoin and don’t care about the other cryptocurrencies, any of the platforms covered above would suffice.
Specifically, here are the best places to buy Bitcoin in Canada:
You may also consider the foreign crypto platforms like Binance and Coinbase. But you’re better of sticking with a Canadian crypto exchange if you only want to trade bitcoin.
Learn more: Best Apps To Buy Bitcoin In Canada
Where to buy Ether (ETH) in Canada
Like Bitcoin, Ethereum is also widely supported by the Canadian crypto exchanges. Ether (ETH) is the second most capitalized cryptocurrency with a market value above $400 billion at the time of writing.
Here are the best crypto exchanges to buy Ether in Canada:
Though there may be difference in fees and features, any of the Canadian crypto platforms above are god enough to for investors looking to trade Ether.
Overall, if you’re looking for a beginner-friendly crypto platform to buy Ether, Netcoins and Shakepay are a great choice.
Where to buy Cardano in Canada
Cardano is one of the top 5 most capitalized cryptocurrencies. But unlike Bitcoin and Ethereum, you have fewer options when it comes to where to buy Cardano (ADA) in Canada.
Luckily, the top Canadian cryptocurrency platforms in Canada supports it and you can also use one of the foreign exchanges.
Here are the best crypto platforms to buy Cardano in Canada
- Bitbuy ($40 Bonus)
- Wealthsimple Crypto ($50 Bonus)
- Newton ($25 Bonus)
- NDAX
- CoinSmart
- Binance
- Crypto.com
- Coinbase
Learn more: Where to buy Cardano in Canada
Where to buy Solana in Canada
Solana (SOL) is one of the fastest growing cryptocurrencies. At the time of writing, it has a market capitalization of US$ 47 Billion and ranks as the 7th largest cryptocurrency overall.
Unfortunately, your options are limited if you want to trade Solana in Canada using a Canadian Crypto exchange.
For now, here are the best crypto platforms to buy Solana in Canada:
- Bitbuy ($40 Bonus)
- Wealthsimple Crypto ($50 Bonus)
- Newton ($25 Bonus)
- Binance
- Crypto.com
- Coinbase
Where to buy Dogecoin in Canada
Dogecoin (DOGE) started as a meme, but it has seen its value grow quickly largely because of its Elon Musk.
It is now valued at more than US$ 30 billion and one of the top 10 cryptocurrencies. Canadians looking to trade the coin have a good selection of crypto exchanges to choose from.
The best crypto platforms to buy Dogecoin in Canada are:
Learn more: How & Where To Buy Dogecoin in Canada
Where to buy Shiba Inu in Canada
Shiba Inu (SHIB) is another popular memecoin that has enjoyed massive popularity in 2021. Early investors in the SHIB have seen great returns on their money.
At the moment, trading on the Shiba Inu is limited to a few crypto apps. The best crypto platforms to buy Shiba Inu in Canada are:
Related:
There are technically two types of crypto buy/sell service providers: Brokers and Exchanges. Canada doesn’t have real exchanges. All of them are brokers. These brokers just piggyback off U.S. exchanges for their order books, which is fine and less cumbersome for us Canadians.
It should be pointed out that you didn’t mention that Newton has a 0.70% (minimum) spread when you buy/sell. So there is a trading fee. It is just blended in to trades.
Newton, like every other broker in Canada, although have relativly low trade % spreads, are only really worth it if you are a small time trader. For example, less than $30K.
For big traders, as i tend to be, who trade in $100K or more, Canadian fees imposed by these brokers tend to add up. For example trading on Newton @ 0.70% means $700 for a $100K buy/sell..OUCH! I personally feel Kraken or other (real) exchange, which are unfortunately USA-based, are far cheaper if one is investing that much. For example, depending how much you invest, on Kraken, fees can go from 0.16% (market maker) to 0%. But their issues tend to be deposits/withdraws. They charge fees on everything which is annoying but with trades that high those fees are trivial.
There is also the issue of crypto deposits and withdraws. NDAX is crazy expensive to withdraw crypto (1%). That is where they get you.
So at the end of the day, the best “exchange” depends on what a person’s goals are and how much they plan to invest. For me, NDAX and Kraken tend to fit best due to my high amounts, but if i was investing small (under $30K) then Newton or NDAX might be better..BUT, if i plan to withdraw crypto then NDAX would be worse than Newton. So many variables.
Anyway, good article. Cheers.