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Every day new cryptocurrencies appear, and cryptocurrency exchangers follow them. How not get confused in all the variety and not get caught by scammers?..
This is Alex, an expert on blockchain and everything associated with it. In this article, we’ve ranked the best cryptocurrency exchanges for Canada based on factors such as ease of use, fees, trading features, cryptocurrencies available, and technical support.
- Top Cryptocurrency Exchanges Canada
- Canada Cryptocurrency Exchange Reviews in 2021
- MyBTC Exchange
- What to Know About Canada Cryptocurrency Exchanges in 2021
- The Best Bitcoin Exchanges
- The Most Popular Cryptocurrency Exchanges
- Cryptocurrency Exchange With Lowest Fees
- The Best Cryptocurrency Exchange App
- The Best Cryptocurrency Trading Platforms
- Cryptocurrency Exchanges That Don’t Require ID
- The Safest Cryptocurrency Exchanges
- The Largest Cryptocurrency Exchanges
- The Best Decentralized Cryptocurrency Exchanges
- The Best Cryptocurrency Exchange for Altcoins
- Cryptocurrency Exchanges That Let You Pay With Cash
- Best Cryptocurrency Exchange For Beginners
- What’s next?
Top Cryptocurrency Exchanges Canada
Based on indicators written above and comparing dozens of cryptocurrency exchange services, we’ve highlighted the 11 best cryptocurrency exchanges for Canada:
Below is detailed information on each crypto exchange so that you can more fully evaluate all the information provided on each exchange and make an informed decision. Luckily, you have some great options from which to choose the one best suited for your cryptocurrency exchange in Canada.
Canada Cryptocurrency Exchange Reviews in 2021
Bitbuy is a Toronto-based Canadian exchange that offers people of all skill levels the ability to buy, sell and trade popular cryptocurrencies. It is highly trusted. Key features of Bitbuy:
- Ability to work for beginners and professionals alike: has a system for experienced traders.
- Fast funding options from instant to two days, which means you can get your funds faster.
- Provides a wallet for customers.
- Low fees.
Coinberry is a Canadian exchange that started relatively recently. Main features:
- Customers can buy and sell bitcoins and ethers using Interac e-Transfers, bank transfers, SWIFT, and credit/debit cards.
- Coinberry charges no deposit or withdrawal fees; the industry average is 0.5%.
- Coinberry is registered with FINTRAC and is considered a well-protected crypto exchange.
Binance is a Chinese exchange for trading bitcoin cryptocurrency and other digital assets. It began its work in early 2017. In 2 years of its existence, it has gained enormous popularity among users. Now Binance is among the top 3 exchanges by daily trading volume. The main advantages are:
- Large list of traded altcoins
- Low commissions
- ICO Launchpad
- High liquidity and high trading volumes
Since Binance does not support fiat deposits, it becomes impossible for newbies to buy cryptocurrency for the first time. First you will need to buy a cryptocurrency such as Bitcoin or Etherium with fiat on another exchange, and then you can send a deposit to Binance and exchange it for other coins.
A cryptocurrency exchange founded by Canadians for Canadians. Has a very user-friendly and intuitive website, but the trading platform may seem a bit complicated for beginners, so, more suitable for experienced traders. The main advantage is also excellent customer support, which is available 24 hours a day. You can get in touch via the website, e-mail and phone.
It supports trading the following currencies: Bitcoin, Ethereum, Litcoin, Ripple, BCH, EOS and XLM. The exchange is registered with FINTRAC as a money services company (MSB), so it is considered quite safe to invest in.
It is a Toronto-based Canadian digital currency exchange that entered the cryptocurrency scene in July 2018. Despite its relative newness, CoinSmart has come a long way in its pursuit of easier and more accessible trading, building its reputation on strong customer support and a set of customizable tools and interfaces that simplify entry into the world of cryptocurrency trading. Main features:
- Designed for both entry-level and professional users.
- Smart Guarantee feature is designed to eliminate long wait times for deposits, withdrawals and account verification.
- SmartTrade supports direct trading between any coin and CAD.
- Allows users to save on conversion and transfer costs by bypassing Canadian dollar (CAD) conversion fees charged by banks.
- A simple trading interface combined with 24/7 customer support.
- Corporate and bank-level security, cold wallet storage and support for faster tax reporting.
Offers more convenience for Canadian users, with deposit and withdrawal methods for Canadian citizens, including online wire transfer, bank transfer and wire transfer.
KuCoin is a Hong Kong-based cryptocurrency exchange launched in September 2017. The project team strives to create a trading platform that stands out from competitors by its focus on the user. The exchange offers a profitable bonus program, as well as 24-hour and prompt support. Features of KuCoin:
- Secure storage: KuCoin wallet includes several levels of encryption, offline storage, escrow service and undergoes regular bank checks.
- Fast exchange and withdrawal
- Stable service: KuCoin uses an “advanced multi-tiered and multi-cluster architecture” bank-level, based on three data centers capable of performing multiple tasks simultaneously
- High-performance engine
- Support: KuCoin offers 24/7 support on Telegram, WeChat and other platforms
- KuCoin supports many cryptocurrency markets
- Mobile applications: KuCoin exchange can also be accessed through mobile applications for Android and iOS.
Kraken is an online cryptocurrency exchange, whose large trading volume confirms the fact that the site is quite popular online. The company began offering cryptocurrency exchange on July 28, 2011. The Kraken exchange supports more than 150 pairs. The exchange is known for:
- A large number of currency pairs
- Margin trading: traders can use the leverage, which will increase their income from trading cryptocurrency
- The developers offer to trade through iOS app
- Not so long ago it became possible to set dark orders
The limited selection of digital assets and the need for verification may discourage some traders.
Coinbase is the largest U.S. exchange whose main characteristics include:
- Very high trading fees.
- Suitable for beginners: an easy way for beginners to get bitcoins.
- High liquidity and purchase limits.
- Despite its wide popularity and quality security, Coinbase is notorious for its poor tech support.
Residents of Canada can use Coinbase to buy bitcoins with a debit card. The fee is 3.99% per purchase and your bitcoins are delivered instantly. But purchases made with a bank transfer can take up to 5 days.
Another exchange that is only focused on Canadian cryptocurrency exchange. The main plus and the main disadvantage, paradoxically, is that the exchange currently offers only Bitcoin.
The locality of this exchange makes it more secure, however, increases the pricing policy. The fee for a BTC order is over $100, but fees range from 4.75% to 9.75% for a CAD deposit.
Bittrex is a cryptocurrency exchange that was founded in 2014. Bittrex provides the opportunity to work with hundreds of asset pairs and also provides reliable storage of funds – almost all digital assets are in cold storage. Security is high, but it is unlikely to remain incognito, as the platform requires a detailed verification of personal data: photos of documents and other identifying information. The main advantages of the exchange:
- Number of currency pairs.
- Convenient tools for trading.
- The appearance of the site is very harmonious, all elements are in their places and there are no questions to manage them.
- High security level.
- Suitable for day traders and those who like to make long-term investments.
At the same time, slow tech support and complicated registration and verification are the main disadvantages of the platform.
Bitcoin exchanger Coinmama is based in Israel. The platform was first launched in 2013, and their website states that it provides the ability to purchase cryptocurrency quickly and securely from anywhere in the world. In fact, it operates in almost every country in the world, but U.S. residents can only use their services in 43 states. The main characteristics of the platform are:
- Traditional payment methods (exchangers do not allow you to use fiat currency)
- Get instant coins to your wallet
- Easy to use platform
- High security level
- Great technical support
- High commission
No exchanger can be perfect, but Coinmama leaves quite a nice impression.
What to Know About Canada Cryptocurrency Exchanges in 2021
Cryptocurrency is a rather new and complicated phenomenon for a wide audience, which is why scammers so often operate in this sphere, and unreliable and poorly protected exchanges get hacked and go bankrupt. Our project aims to give as much information as possible on all existing crypto exchanges and cryptocurrencies and to give our expert opinion to prevent all the unpleasant situations that may arise for lack of information.
The Best Bitcoin Exchanges
Bitcoin is a very common cryptocurrency and can be bought, sold and exchanged on almost any exchange. However, it is best to spend some time researching a wide range of platforms, comparing the pros and cons of each option. The local exchanges should be considered first, as they provide the ability to pay in your native currency, i.e. Canadian dollar (CAD).
Based on all of the above, we can say that the best Bitcoin cryptocurrency exchange in Canada is Bitbuy, because it is a local exchange, very easy to use, has both advanced level and for the beginner. Offers Canadians the ability to fund their CAD account via bank transfer, Interac e-Transfer or Interac e-Transfer Express. Founded in 2013 and regulated by Canada, Bitbuy is very trusted.
But don’t think that this is the only platform where you can buy BTC. Coinberry and NDAX are also worth looking into.
The Most Popular Cryptocurrency Exchanges
There are many cryptocurrency exchanges in the digital assets market, and choosing the right one is a non-trivial task: you need to analyze the technical capabilities of the platform, study its history and compare the working conditions with other platforms. The popularity of a cryptocurrency exchange is characterized, as a rule, by increased trading volumes.
One of the most popular exchanges is Binance, which leads in the number of unique users 6,186,162 per month, as well as in trading volume per day. Binance offers 764 currency pairs for trading.
The second would be HBTC. It stands out with a large daily trading volume, but the number of unique users per month is small – 187,234. On the exchange you can choose from 150 currency pairs.
And it is worth paying attention to Bitbuy, because it is the crypto exchange that operates only in Canada, which indicates its good technical support and focus on the Canadian trader.
Cryptocurrency Exchange With Lowest Fees
If Binance were a Canadian exchange, it would be in first place, as it is one of the most popular exchanges in the world. You will pay a flat fee of 0.1% per trade.
If you’re new and planning to buy your first cryptocurrency with CAD, Coinberry offers both low trading fees of 0.5% and zero deposit and withdrawal fees.
Bitbuy also charges a reasonable fee, ranging from 0.16 to 0.75%, adjusted according to your trading volume.
Finally, Newton is another Canadian exchange that is commission-free and earns only a small spread between supply and demand.
The Best Cryptocurrency Exchange App
Now cryptocurrencies have become so accessible that they can literally be traded from a smartphone. Most often these are products of leading trading platforms, while others are third-party applications and API platforms that are able to connect to multiple exchanges. However, before choosing an exchange/application, you should thoroughly research them to make sure they meet your needs.
Coinbase is one of the most popular cryptocurrency trading platforms in the world. The app allows you to not only trade cryptocurrency, but also to follow the news of this world. Perhaps, they will help you to orient yourself better.
Binance is the largest cryptocurrency marketplace. Users can easily buy and sell cryptocurrency on this platform. The app also has a recurring purchase option, allowing users to see how often they buy cryptocurrency.
KuCoin trading platform is designed for beginners in cryptocurrency trading. Trading on KuCoin is available through a mobile app compatible with Android and iOS. Users of the app access the wallet, buy, sell, deposit and withdraw cryptocurrency funds. The app has a very user-friendly interface.
Blockfolio, Bitcoin Checker, Earn.comare the best third-party apps that help you exchange, buy and sell cryptocurrency.
All of the above applications are the most popular in the world. This can be seen by the number of reviews on Google Play and downloads.
The Best Cryptocurrency Trading Platforms
If you just don’t have time to research, we’re going to discuss some of the most popular cryptocurrency trading platforms in 2021.
eToro is the best cryptocurrency trading app for beginners. eToro has been a pioneer in cryptocurrency trading since the early days of Bitcoin. Today, they offer wallet trading as well as exchange services for crypto investors. The site is also regulated by the FCA, CySEC and ASIC.
EightCap is a trading platform with over 200+ assets without commission. You can trade over 200 financial instruments on this popular platform.
Capital.com is an FCA regulated online broker that offers many financial instruments as well as zero commissions and ultra-low spreads.
EuropeFX is a specialized forex broker. However, the platform also supports CFDs on stocks, indices, cryptocurrencies and commodities.
Cryptocurrency Exchanges That Don’t Require ID
Cryptocurrency exchanges differ from each other by many parameters, one of which is the presence or absence of verification, identity confirmation. Some users prefer to remain anonymous, others just want to start trading as quickly as possible, without wasting time waiting for confirmation from the exchange administration.
Below is a list of cryptocurrency exchanges, where you can still trade freely without verification, as long as you do not exceed certain limits.
Bitmex does not require verification, full functionality is available without it, proof of identity may be required only in individual cases. For example, if you want to reset two-factor authentication. There are no restrictions for unverified users to withdraw, deposit or trade.
At Binance, verification is not required, the daily limit for unverified users is 2BTC. There is no account verification on Bybit, all functions and limits are open to any registered user.
The Safest Cryptocurrency Exchanges
Group-IB company, working in the field of information security, together with the CryptoIns platform conducted a study on the security of cryptocurrency exchanges.
The researchers considered exchanges according to the following criteria: reliability of storage of personal data and private keys, the degree of technical protection, adherence to AML (anti-money laundering) and the presence of KYC procedures. As a result, each exchange was assigned a degree of insurance premium.
In the first, most reliable group fell Kraken, Bitbuy and NDAX. This exchange offers users an insurance premium of 1.25%. American crypto exchanges Bittrex and Coinbase were in the second group.
Bitfinex, Binance, BitMEX, Bithumb, LocalBitcoins, MyEtherWallet and Poloniex fell into the 3rd group. They were assigned an insurance premium of 1.9%.
Yobit turned out to be the most insecure exchange. Bitstamp, Zaif, TopBTC and Bit-Z were not included in the rating at all.
The Largest Cryptocurrency Exchanges
The most reliable exchanges are those with the highest cash turnover. The financial turnover of a trading exchange indicates its scale, success and influence on the cryptocurrency market. The daily trading volume is the most important indicator, clearly reflecting the degree of popularity and demand for the exchange among traders.
The results from the calculations show that Binance is the number one crypto exchange by trading volume with $2,461,776,458 per 24-hr. In second place was Bybit with $1,159,581,863 in 24 hours.
To be in the top by trading volume means to have a larger number of active users who make large transactions with various cryptocurrencies (both the top ones by capitalization, and new young currencies) on a daily basis.
The Best Decentralized Cryptocurrency Exchanges
Decentralized cryptocurrency exchanges (DEX) are distinguished by the fact that they lack centralized management by one or more people. It is a platform that decentralizes the basic functions of an exchange, including trading/exchanging assets, order matching, and deposit placement.
By decentralization in this case we mean the absence of a master controlling node or server. All nodes, or nodes, form a distributed network, eliminating the need for intermediaries and enabling trading via smart contracts. This helps reduce the costs inherent in centralized exchanges and increases the speed of all processes.
Uniswap is a fully decentralized protocol for exchanging tokens that run on the Ethereum network. Those who provide liquidity to the Uniswap pool receive a commission for every transaction made on the platform.
KyberSwap is a decentralized exchange for the Kyber protocol, the leading liquidity protocol in DeFi today. KNC’s own $ KNC tokens are used to manage KyberSwap DEX, as well as to pay commissions to liquidity providers.
Binance DEX is a “two-chain” system from the Binance Chain blockchain. Its launch was announced in April 2019 and is a decentralized alternative to the main centralized Binance exchange.
AirSwap is a decentralized Ethereum-based trading network that allows users to exchange tokens from one node to another. The lack of intermediaries means that AirSwap does not charge a commission – one of the advantages of decentralization – although it does use third-party escrow.
The Best Cryptocurrency Exchange for Altcoins
The altcoin market is extremely popular among experienced traders who enjoy the thrill that comes from speculating on a lesser-known coin price. These coins have a low market cap and are almost worthless to begin with, but if enough attention is drawn to them, it will raise their price and they will turn into a profitable investment.
If this kind of trading appeals to you, our advice is to look for a well-established exchange with large trading volumes and high liquidity. That way, you will not have to worry about a possible sudden drop in the price of altcoin, because such an exchange takes the necessary precautions to prevent or effectively solve such scenarios.
Kucoin is known for its impressive range of cryptocurrencies (over 200 altcoins) and extremely competitive prices (starting at 0.1%). They also offer a rewarding loyalty scheme that allows traders to earn their own cryptocurrency.
It is also worth taking a closer look at Binance, one of the largest cryptocurrency exchanges in the world. The platform lists over 1,000 altcoins that can be traded against BTC, ETH, USDT and BNB, the exchange’s native token. In addition, Binance provides its clients with many advanced trading tools, order books, and depth and price charts.
Cryptocurrency Exchanges That Let You Pay With Cash
Cryptocurrencies are a completely digital asset, and until a few years ago it was impossible to buy them with cash. However, nothing is permanent in the world except change itself. So what do you do if you want to buy bitcoin or other altcoins with cash?
The easiest way is to find a Bitcoin ATM in your area using a website like Coin ATM Radar, which has an intuitive interactive map.
Unlike decentralized exchanges that anonymously pick up buyer and seller orders and fully automate transactions, there are some peer-to-peer (P2P) exchanges that provide a more direct connection between users.
The Binance P2P platform does not charge any transaction fees, unlike other similar services. On such a platform, you can find a buyer or seller in your city. If the offer suits your price, you only need to make an appointment for the transaction.An important and key point is to make the transaction on the platform.That is, even though the actual transfer of money will be done in person when you meet, the cryptocurrency transaction must be done on the platform, using an escrow service.
Also, exchanges like Bitit offer another option to buy Bitcoin using a prepaid voucher (like Flexepin or Neosurf). But there will be an additional 8% fee for these types of purchases.
Best Cryptocurrency Exchange For Beginners
Binance is objectively one of the best options for beginning traders. Having analyzed thematic forums, one can see that it is advised to beginners in 90% of cases. It offers plenty of opportunities for active and passive income, great number of trading options – different types of terminals, futures, leverage, p2p platforms, OTC trading for large volumes, plenty of supported currency pairs. Beginners are advised to check the help section frequently, where all aspects and sections are described in great detail. The exchange offers users their own coin.
Currency is one of the easiest platforms to master; there is a lot of text material on trading strategies, tricks, risk mitigation, cryptocurrencies and tokens. Notably, there is demo trading, where you can practice in real market conditions, without investing a penny, until you are confident in your abilities. The interface is completely identical to the real one, but virtual currency is used in trading. Depositing from a bank card is possible, and the minimum threshold is only $10. However, verification is required in order to work.
Choosing the best cryptocurrency exchange is not a simple comparison of unchanging metrics. To determine the best crypto exchange for you, you need to start from your needs. Cryptocurrency is the currency of the future, which is why it is already worth to understand all the processes that are associated with it. In our cryptocurrency guide you will find all the answers to the questions you have about this relatively new trend.
If you’re interested in markets other than Canada, you can check out our full guide to the best cryptocurrency exchanges in the UK, the best Australia cryptocurrency exchanges, the best New Zealand cryptocurrency exchanges and the best cryptocurrency exchanges in the US.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.