The Best Crypto Exchange in Canada: Investor’s Guide

If you’re looking for the best crypto exchange in Canada, you’ve come to the right place. This article will examine some of the best options available to Canadian investors. We will recommend those we find to be secure, offer a diverse range of digital assets for purchase, and have the lowest exchange fees.

We’ll also look at some of the most popular exchanges and compare their features so you can figure out which one is best for you. Whether you’re new to the crypto market or a seasoned investor looking for a new platform, keep reading for our top recommendations.

Top Crypto Exchanges in Canada

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Bitbuy

Best for Canadian traders

  • Low fees
  • Easy access to the crypto market
  • Android and iOS apps

Crypto.com

Best for paying with crypto

  • Prepaid crypto Visa card
  • Hundreds of cryptocurrencies
  • An NFT market

CoinSmart

Best for security

  • Registered with FINTRAC and OSC
  • Partnered with Fireblocks and Bitgo
  • Low fees

VirgoCX

Best for institutional investors

  • Secure and fully regulated
  • Lowest fees
  • Variety of cryptocurrencies

Coinbase

Best for earning interest

  • Established crypto exchange
  • Available worldwide
  • Lending platform

Review of Canadian Crypto Exchanges

Now that you’ve seen our top picks for exchanges in Canada, let’s take a closer look at each one to help you decide which one is right for you. We will evaluate them based on the cryptocurrencies they support, transaction fees, payment methods, and ease of use.

Bitbuy

star 9.5

Best for Canadian traders

  • No. of supported cryptocurrencies: 25
  • Payment methods: Interac, wire transfer
  • Mobile app: iOS, Android
  • Accepted currencies: CAD
  • Minimum deposit: $50
  • Maximum withdrawal: $500,000

If you are looking for a true Canadian cryptocurrency exchange, look no further. Bitbuy, founded in 2016, is a dependable and, most importantly, secure option for your crypto assets. The platform has over 400,000 users, with more than $4 billion traded.

Supported Currencies

On Bitbuy, you can buy and sell Bitcoin, Ether, and 23 other well-established altcoins such as Bitcoin Cash, Litecoin, Dogecoin, Solana, and Eos. Most cryptocurrencies are paired with either CAD or BTC.

Payment Methods

As a crypto broker for Canada, Bitbuy accepts Interac and bank wire transfers only. Remember that you’ll have to verify your account and, per Canadian regulations, complete your risk and financial profile before you start trading.

Fees

Bitbuy is transparent regarding its fees. They are some of the lowest in the industry, easily making this online platform the best place to buy crypto in Canada. Any transaction you make on the exchange is subject to a flat 0.5% fee. However, fees are even lower if you use Bitbuy’s Pro Trade option or an API client. Maker and taker fees are 0.1% and 0.2%, respectively.

The most expensive fees are for depositing or withdrawing money from your account: You’ll pay 1.5% on both your deposit and withdrawal if you use Interac e-Transfer, while wire transfers come with a 0.5% deposit fee and a 1% withdrawal fee.

When it comes to trading with crypto in Canada, no fees are charged on depositing and withdrawing cryptocurrencies.

Security

Any assets you purchase and store on Bitbuy are safe because 99% of their value is held in cold storage. Furthermore, Bitbuy is a FINTRAC registered business, and the assets of its users are covered by an insurance policy.

User Experience

Bitbuy has great mobile applications for both iOS and Android, and also has an API if you want to integrate it with your software. To learn more about this platform, check out our in-depth Bitbuy review.


Pros

  • + Low fees
  • + Easy access to the crypto market
  • + Android and iOS apps

Cons

  • Only for Canadian residents

Crypto.com

star 9

Best for paying with crypto

  • No. of supported cryptocurrencies: 250+
  • Payment methods: Interac, wire transfer
  • Mobile app: iOS, Android
  • Accepted currencies: CAD, USD, EUR, GBP, AUD, BRL
  • Minimum deposit: $20
  • Maximum withdrawal: $25,000 per day

Crypto.com is one of the most renowned cryptocurrency platforms in Canada. Since 2016, the exchange has served more than 50 million users, and it’s currently available in 90 countries.

Supported Currencies

Crypto.com supports more than 250 cryptocurrencies, making it a go-to place if you want to invest in coins that aren’t as widely available. It has trading pairs with USDT and USDC stablecoins, BTC, and CRO (Cronos), the platform’s native token.

Payment Methods

You can use Interac and wire transfers without any fees to make a deposit and start investing. There are some limits on how much you can withdraw, deposit, and how much balance you can have in your fiat wallet. Minimum withdrawals are $100 with a daily limit of $25,000 and a monthly limit of $775,000.

Fees

In Canada, this crypto exchange has the same fees as other users on the platform, and they directly depend on how much CRO you are staking and your monthly trading volume. Maker and taker fees start at 0.4% at the most basic level, and they can be as low as 0.04% for users with the highest trading volumes.

Security

Besides having more than $750 million (USD) in insurance coverage, Crypto.com has comprehensive security measures that ensure the safety of your assets. Cryptocurrencies owned by users are held in cold storage, while fiat currency is held by highly regulated custodian banks, which are FDIC-insured. In Canada, Crypto.com is registered with FINTRAC as a money-transferring entity dealing in virtual currencies.

User Experience

For Canada, this cryptocurrency exchange platform offers other opportunities and features that most exchanges don’t have. You can trade on margin and with derivatives, earn interest, and even trade with NFTs.

Crypto.com also has its own Visa card, which you can use to pay with crypto directly, earn CRO rewards, and enjoy many other benefits. The exchange also has a mobile app for iOS and Android smartphones.


Pros

  • + Prepaid crypto Visa card
  • + Hundreds of cryptocurrencies
  • + An NFT market

Cons

  • Difficult to earn low fees

CoinSmart

star 9

Best for security

  • No. of supported cryptocurrencies: 16
  • Payment methods: Interac, wire transfer, credit and debit cards
  • Mobile app: iOS, Android
  • Accepted currencies: CAD, USD, EUR
  • Minimum deposit: $100
  • Maximum withdrawal: $5,000,000

CoinSmart is a cryptocurrency exchange from Canada currently expanding to other markets such as South America and Australia, while it’s already operating in Europe.

Supported Currencies

The exchange supports a limited number of cryptocurrencies, but all the major projects that should interest you are available. Bitcoin, Ethereum, Litecoin, Dogecoin, Polkadot, and Cardano are just some cryptocurrency projects that you can find on CoinSmart’s platform.

Payment Methods

Canadians can choose from Interac, bank wire, debit and credit cards when making a deposit. For withdrawals, there are only bank wire and electronic funds transfer available. Processing wire transfers takes between three and five business days before they are directly deposited into your account.

Fees

This crypto platform for Canada has a 0.2% trading fee if you are directly purchasing crypto with CAD, while trading between BTC and any other currency is subject to a 0.3% fee.

The highest deposit fees, up to 6%, are charged for payments made with credit cards. Keep in mind that withdrawing crypto from this exchange is subject to fixed fees that vary for each currency.

CoinSmart has one of the lowest withdrawal limits of $50 and a 1% transaction fee. However, the minimum withdrawal fee is $15, meaning that you will be charged 1% only if you withdraw $1,500 or more.

Security

This Canadian-based crypto exchange is registered with the Ontario Securities Commission (OSC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada and the Financial Crimes Enforcement Network (FinCEN) in the US. It’s also licensed in Estonia as a Digital Assets & Wallet Provider.

CoinSmart uses cold storage and implements 2FA and other security measures to ensure the safety of its users’ funds. As such, Coinsmart cooperates with renowned institutional digital custody firms like Fireblocks and Bitgo.

User Experience

This crypto exchange from Canada isn’t an exception when it comes to easy access to the market. CoinSmart mobile apps are developed for Android and iOS, making it easy for you to start trading on the go.


Pros

  • + Registered with FINTRAC and OSC
  • + Partnered with Fireblocks and Bitgo
  • + Low fees

Cons

  • Limited number of assets

VirgoCX

star 8.5

Best for institutional investors

  • No. of supported cryptocurrencies: 67
  • Payment methods: Interac, wire transfer, credit and debit cards
  • Mobile app: iOS, Android
  • Accepted currencies: CAD, USD
  • Minimum deposit: No set limit
  • Maximum withdrawal: Unlimited

VirgoCX is a Canadian crypto exchange focused on making cryptocurrencies easily accessible. VirgoCX was founded in 2018, and it’s a secure and licensed platform where you can safely trade and invest.

Supported Currencies

You have plenty of trading options on VirgoCX as it has more than 60 cryptocurrencies on its platform. All cryptocurrencies are directly paired for trade with CAD, while you can also buy BTC, ETH, USDC, ADA, and SOL with USD.

In addition to its crypto exchange, VirgoCX also has an NFT trading market. Currently, it has a small collection, but as the market continues to grow, we’re sure that the people who trade crypto in Canada will become more interested.

VirgoCX Wealth is perfect for institutional investors as it has access to trading pools with high liquidity, making it easier for Canadian institutions, investment funds, and trading companies to participate.

Payment Methods

You can deposit and withdraw funds on this exchange with Interac and through wire transfer. There are no deposit and withdrawal fees. However, there are maximum withdrawal and deposit limits on Interac of up to $10,000 per day. With wire transfers, you don’t have such limitations.

Fees

Trading fees on VirgoCX are anywhere between 0.4% and 0.95% of the bid and ask prices you set up. With this crypto trading platform for Canada, you also don’t have to pay for the withdrawal of most assets to your personal wallet.

Security

VirgoCX takes user security and privacy seriously. The exchange is compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA). Your fiat currency is held with a trusted Canadian banking partner, while crypto assets are held with Coinbase Custody, an offline storage custodian.

The company is FINTRAC registered and approved by the CSA as a restricted dealer of crypto assets. Furthermore, it is also insured and undertakes regular audits and system checks.

User Experience

Buying cryptocurrency in Canada with this exchange is convenient, especially since you can do it through a VirgoCX mobile app you can download through Google Play or the App Store.


Pros

  • + Secure and fully regulated
  • + Lowest fees
  • + Variety of cryptocurrencies

Cons

  • Country restrictions

Coinbase

star 8

Best for earning interest

  • No. of supported cryptocurrencies: Nearly 200
  • Payment methods: PayPal, debit card, Interac, EFT
  • Mobile app: iOS, Android
  • Accepted currencies: CAD, USD, EUR
  • Minimum deposit: N/A
  • Maximum withdrawal: $500,000 per day

Established in 2012, well before most crypto exchanges in Canada, Coinbase is a giant in the industry. This cryptocurrency exchange is also present in Canada, and it’s getting close to 100 million users and operating in more than 100 countries. It’s now a publicly-traded company and one of the more easily recognizable brands.

Supported Currencies

Coinbase supports more than 190 cryptocurrencies, including Bitcoin, Ether, EOS, Litecoin, Solana, Uniswap, Dogecoin, and Ethereum Classic. You can trade these assets on both Coinbase and Coinbase Pro.

Payment Methods

This crypto exchange for Canada has debit cards and PayPal as payment options in addition to Interac and ETF. By default, Coinbase users have a withdrawal limit of $500,000 (USD) per day, whether in fiat or cryptocurrency. The same applies to Canadians.

Since Coinbase is available in multiple jurisdictions, it must comply with local regulations. However, this creates an issue of finding relevant information for Canadian users and finding accurate and transparent information.

Fees

Coinbase has trading fees that vary depending on your pricing tier, which depends on how much you’ve traded in a 30-day period. Users in the first pricing tier will be charged 0.60% taker and 0.40% maker fees.

Coinbase can also be the lowest-fee crypto exchange for Canada-based institutional investors. The highest pricing tiers are reserved for users with a trading volume higher than $300 million (USD) to be eligible for 0% maker fees, while those with more than $500 million (USD) get the lowest 0.05% taker fee.

Security

Coinbase stores 98% of user assets in highly supervised and guarded cold storage, making them inaccessible to malicious parties. Furthermore, these assets are covered by an extensive insurance policy in case something unpredictable occurs.

The Coinbase Vault and Address Book are additional security tools provided by the company in addition to insisting that its users add multi-factor authentication to their accounts.

User Experience

Coinbase is available through its web portal or mobile applications for Apple and Android smartphones.


Pros

  • + Established crypto exchange
  • + Available worldwide
  • + Lending platform

Cons

  • Lack of transparency

Finding the Best Canadian Crypto Exchange: An Investor’s Guide

Nobody ever said becoming a successful cryptocurrency investor would be easy, and finding the best platform is just one more challenge. However, you can find an exchange that meets your requirements and enables you to participate in this exciting new investment opportunity with a little research and consideration.

Here, we’ll explain what to look for in an exchange and why we chose to include these particular ones on our list.

Bitcoin and Cryptocurrency Regulations in Canada

Cryptocurrency and Bitcoin exchanges in Canada are regulated as MSBs, or money service businesses. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is in charge of these financial entities.

All exchanges are required to register with FINTRAC and adhere to its regulations. These requirements include identifying customers accurately, maintaining transaction records, and reporting suspicious transactions. Moreover, exchanges must implement safeguards to protect customer data and prevent money laundering.

These regulations may appear burdensome, but they ensure that Bitcoin and other cryptocurrencies are used safely and responsibly. As a result, Canadians can be confident that their crypto investments are protected by law.

The Selection of Cryptocurrencies

Most cryptocurrency exchanges in Canada that we reviewed have a selection of popular coins that are stable and established projects.

However, the number of cryptocurrencies available remains one of the most important factors to consider. When it comes to trading, a large selection gives users more options and flexibility. For example, a user interested in purchasing BTC may also wish to purchase Ethereum, Litecoin, or any number of emerging altcoins.

If an exchange only offers a limited selection of cryptocurrencies, the user may be forced to make multiple trades on several platforms to acquire the desired coins. Multiple fees can make this time-consuming, inconvenient, and costly.

Crypto exchanges for Canadians with a large selection of coins make it easier for users to find all their investments in one place. A wide range of cryptocurrencies can also contribute to a more liquid market by increasing the frequency with which users trade.

Trading, Deposit, and Withdrawal Fees

It is important to understand the costs involved in each financial transaction on cryptocurrency exchanges.

Almost all exchanges impose a trading fee. This is a fee for each trade you make between fiat currencies and cryptocurrencies or between different cryptos. The amount varies depending on the exchange, but it is usually a percentage of the total value of the trade.

Exchanges may also charge deposit and withdrawal fees, typically calculated as a percentage or a flat rate based on the amount deposited or withdrawn.

A few crypto exchanges in Canada don’t charge any fees at all. In these cases, the exchange will profit by charging higher prices for the coins you are buying and selling.

Shopping With Cryptocurrencies

Currently, shopping online with cryptocurrencies isn’t as convenient as it could potentially be. Canadian shoppers are no strangers to making online purchases, especially considering that Amazon.ca accounted for 72% of all eCommerce transactions in 2020.

However, certain cryptocurrency exchanges in Canada, such as Crypto.com and Coinbase, have begun to offer cryptocurrency debit cards, allowing users to spend their assets with any merchant accepting a Visa or Mastercard.

These cryptocurrency debit cards offer a number of advantages, including no foreign transaction fees, cash back rewards, and the ability to easily track spending. Furthermore, they provide a convenient way to shop with cryptocurrencies without having to first convert them to fiat, as the card issuer does on the backend.

Online Bitcoin Casinos

While getting crypto in Canada from an exchange to your wallet and using it for day-to-day purchases is hard, there are places where using Bitcoin and other cryptocurrencies is advantageous. Those places are online casinos that accept BTC and other cryptocurrencies.

The benefit of using crypto is two-fold. Most online casinos offer larger bonuses for Bitcoin. This can be in the form of free spins, deposit match bonuses, or cashback rewards. Second, when using Bitcoin there are no fees charged by the casino on deposits or withdrawals, and transactions are processed much faster than traditional methods like credit cards or bank transfers.

Final Thoughts on Canadian Exchanges and the Crypto Market

With regulation and many Canada-based companies such as Bitbuy, CoinSmart, and VirgoCX, the cryptocurrency market has a safe and promising future in Canada. The industry is growing, and with that, so is the number of exchanges and services available to Canadian retail and institutional investors.

While cryptocurrencies are no longer a nascent industry, given their ongoing adoption and acceptance, the market is still influenced by speculation and volatility. That is why it is critical to have easy access to services such as exchanges that can assist you in making informed decisions toward financial independence.


FAQ

What is the safest crypto exchange in Canada?

CoinSmart is the safest exchange in Canada. It is a regulated platform registered with FINTRAC, uses cold storage to protect user funds, and cooperates with BitGo and Fireblocks, which are renowned for their security measures.

Is there a Canadian crypto exchange?

Yes, multiple exchanges are based in Canada. These include Bitbuy, CoinSmart, VirgoCX, Coinsquare, and NDAX.

Which exchange is best for cryptocurrency in Canada?

According to our review, Bitbuy is the best crypto exchange in Canada. Founded in 2016, it’s a Canadian-owned and operated exchange with headquarters in Toronto. It allows for easy and fast trading with a user-friendly interface and is one of the most popular exchanges in the country.

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