Unless you've been living under a rock, you've likely witnessed the dramatic rise (and fall) of cryptocurrency values in recent years. The market once surpassed a staggering $3 trillion valuation and remains a hot topic in financial news.
Cryptocurrency exchanges serve as gateways for buying, selling, and trading digital assets like Bitcoin, Ethereum, and altcoins. These platforms allow investors to convert fiat currencies (CAD/USD) into crypto and vice versa. This comprehensive guide evaluates Canada's top crypto exchanges, highlighting their unique features, fees, and security measures to help you make an informed choice.
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Bitbuy: Best Overall Canadian Crypto Exchange
Why It Stands Out:
Bitbuy earns our top spot for its blend of user-friendly interfaces, robust security, and competitive pricing. As one of Canada's most established exchanges, it caters to both beginners and advanced traders.
Key Features:
- 25+ Cryptocurrencies: Including BTC, ETH, LTC, XRP, and XLM.
- Low Trading Fees: 0.10%–0.20% for Pro Trade; 0.10%–0.30% for Express Trade.
- Security: FINTRAC-registered, 95% cold storage, and mandatory 2FA.
- Mobile App: iOS and Android compatibility for trading on the go.
Ideal For: Investors seeking a balanced mix of affordability, security, and asset variety.
Coinsmart: Instant Credit Card Purchases
Why It Stands Out:
Coinsmart simplifies funding with instant credit/debit card transfers (6% fee) and supports 16 cryptocurrencies.
Key Features:
- Fast Funding: Interac e-Transfer, wire transfers, and card payments.
- Fees: 0.20% trading fee; 1.5% deposit fee for EFTs.
- Cold Storage: 95% of assets secured offline.
Ideal For: Traders prioritizing quick deposits and diverse funding options.
Newton: Zero Trading Fees
Why It Stands Out:
Newton attracts users with no trading, deposit, or withdrawal fees, though it earns via spreads (0.20%–0.70%).
Key Features:
- 60+ Cryptocurrencies: Broad selection including DeFi tokens.
- Free Transfers: No hidden costs for funding or cashing out.
- User Experience: Intuitive mobile app.
Ideal For: Cost-conscious traders comfortable with variable spreads.
Wealthsimple Crypto: Beginner-Friendly Platform
Why It Stands Out:
Wealthsimple’s robo-advisor heritage makes it ideal for crypto newbies, despite higher fees (1.5%–2%).
Key Features:
- 50+ Coins: Expanded from just BTC/ETH in 2020.
- Simplicity: No minimums; easy CAD funding via Interac.
- Insurance: $200M cold storage coverage via Gemini.
Ideal For: First-time investors wanting a seamless, regulated experience.
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Coinsquare: Altcoin Specialists
Why It Stands Out:
Coinsquare offers rare altcoins like BSV and DASH, appealing to niche traders.
Key Features:
- 10+ Cryptocurrencies: Including XLM and ETC.
- QuickTrade: Instant swaps (0.2%–4% fees).
- Security: 95% cold storage and daily backups.
Ideal For: Traders seeking obscure coins and advanced swap options.
Shakepay: Earn Free Bitcoin
Why It Stands Out:
Shakepay’s “Shake” feature rewards users with daily Bitcoin for minimal effort.
Key Features:
- BTC/ETH Only: Streamlined for simplicity.
- No Fees: Revenue from spreads.
- Instant e-Transfers: Fund your account in minutes.
Ideal For: Small-scale traders and Bitcoin enthusiasts.
Other Notable Exchanges
| Platform | Highlights | Drawbacks |
|---|---|---|
| Netcoins | Limit orders; multi-currency support | No mobile app |
| NDAX | 0.20% trading fee; 11 coins | Geared toward experts |
| Binance | 350+ coins; global liquidity | Not available in Ontario |
FAQ Section
1. Is cryptocurrency taxed in Canada?
Yes. Crypto is treated as a taxable asset. Capital gains apply when selling or trading. Learn more about crypto taxes.
2. Can I hold crypto in a TFSA?
No. Only crypto-based ETFs qualify for TFSAs. Direct holdings are not permitted.
3. Which crypto is best for long-term investing?
All cryptocurrencies are speculative. Focus on projects with strong fundamentals (e.g., Bitcoin, Ethereum) and invest only what you can afford to lose.
4. Are decentralized exchanges safer?
DEXs reduce counterparty risk but require more technical knowledge. Centralized exchanges offer easier usability.
5. What’s the cheapest way to buy crypto in Canada?
Exchanges like Newton (no fees) or Bitbuy (low fees) offer cost-effective options.
6. Is Canada crypto-friendly?
Yes. Canada hosts numerous regulated exchanges and Bitcoin ATMs, fostering a supportive crypto ecosystem.
Final Verdict
Bitbuy emerges as Canada’s best overall crypto exchange due to its security, variety, and balanced fee structure. Whether you’re a novice or a pro, prioritize platforms with strong regulatory compliance and transparent pricing.
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Remember: Cryptocurrencies are volatile—invest wisely and diversify your portfolio.