7 Best Crypto Exchanges in Canada

As a Canadian cryptocurrency trader, you have many options for buying/selling coins in Canada. Many cryptocurrency exchanges operate in the country, but it can be difficult for a new user to select and identify a suitable crypto exchange. We have compared 7 best crypto exchanges in Canada in terms of overall value, fees, and security features for your benefit. 

We list what we believe to be the best crypto exchange for each category. Read on to find out more. 

Let’s dive right in. 

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7 Best Crypto Exchanges in Canada – Reviews (Updated April 2022)

1. Bitbuy

(Canada’s Best Exchange overall)

BitBuy is one of the largest Canadian cryptocurrency exchanges in trading volume. Founded in 2016, it has a healthy customer base of 375,000 users. It’s registered with FINTRAC under the Virtual Asset Service Provider category. 

BitBuy offers dual services in the form of BitBuy Express (for beginner users with basic trading functionality) or Bitbuy Pro Trade (for advanced users with trading charts and automated tools).

BitBuy has low trading fees ranging from 0.1%-0.2% and low spreads (0.3%). It supports the Canadian dollar (CAD), but fiat deposits and withdrawals will have a charge of 0.5%-1.5%. 

Moreover, as a Canadian trader, you can be assured of high-level security as 95% of funds are stored in cold storage, and BitBuy also offers excellent customer support.

2. Binance

Runner up 

Binance is the largest cryptocurrency exchange in the world. It offers support for the Canadian dollar and many additional features such as futures trading, margin trading, and loans on cryptocurrency assets. 

Holders of the native coin, BNB, also get access to passive income in interest and airdrops. The Binance exchange also allows users to participate in ICO’s through its launchpad platform. 

Canadian users can also stake their idle cryptocurrency assets or participate in yield farming through Binance. As it is a bigger platform, Binance offers additional features that may not be available on some other sites. 

3. Virgo CX

Lowest trading fees 

Virgo CX has been in operation since 2018 and offers the most competitive trading rates. It allows Canadian users to deposit CAD instantly through wire transfer or Interac e-transfers. 

The most significant advantage of trading on Virgo CX is that it charges zero trading fees and takes a commission from spreads. Deposits up to $3000 CAD are free, and withdrawals will have a charge of 0.75%. 

Vigro Cx is best for frequent Canadian traders, and you can save a significant amount on fees. 

4. Kucoin

Best for Altcoin trading 

KuCoin operates in many countries around the world. It offers a large selection of cryptocurrency tokens and supports deposits in CAD for Canadian users through Simplex and Banca. 

As a Canadian user, if you trade a lot of different altcoins, KuCoin could be a good bet because of the large number of tokens offered by the exchange (600+). 

Additionally, you can get attractive discounts by holding KSC tokens. Additional services such as staking and access to new coins through the native Spotlight launchpad are also available on KuCoin. Trading fees can range from 0.1%-0.01%, depending on the number of KCS tokens the user holds. 

5. Crypto.com

Best exchange for crypto insurance

Crypto.com supports direct CAD deposits and allows Canadian users to conduct crypto transactions up to $1,000,000 in a month. Credit and debit card purchases may attract additional fees ranging from 2.99% to 3.99% in Canada. 

The platform offers more than 200 tokens for trading and is highly secure, offering two-factor authentication, cold storage, and a crypto insurance facility. 

Crypto.com stores assets through Ledger Vault and provides crypto insurance up to US $750M through a partnership with Llyod Syndicate. Crypto.com could be a good choice if you are concerned about security as your funds will be safe and insured.

6. Coinberry

Low deposit and trading fees

Coinberry was founded in 2017 and offered only 18 tokens for trading. However, it is registered with FINTRAC, Canada, and offers crypto insurance. 

The exchange does not charge any deposit or withdrawal fees for CAD. Spread on the platform is a bit high at 2.5%. 

Coinberry Autopilot facility allows automated purchases daily, weekly, and monthly and can be a good tool for dollar cost averaging. Coinberry Pay will enable businesses to accept cryptocurrencies as a form of payment. 

7. Coinbase

Best for beginners

Coinbase is an American cryptocurrency exchange that also provides services in Canada. It is a highly secure platform and allows storing of private keys through cloud backing and biometric authentication on your device. 

ACH transfers are free, but other fiat deposits such as bank transfers and credit card fees range from 1.49%-3.99%. 

Coinbase is a good platform, but it is directed more toward advanced users and charges a premium for the world-class security features.

Virgo Cx is the best Canadian exchange if you want to save on trading fees. It is one of the best cryptocurrency exchanges for frequent traders, and all profits earned are yours. 

To purchase Bitcoin in Canada, you will need to register an account on an exchange like BitBuy. Follow the steps below to start trading in a few minutes.

Step 1: Head over to the official site and click on the signup button—register by submitting a username, password, and email address. 

Step 2: Verify the account by submitting scanned copies of your driving license, passport, and/or utility bill. This measure is required as part of the Know Your Customer (KYC) procedure and helps to keep the site safe for all users. 

Step 3: Once the account is verified, you can proceed to deposit funds. Select a suitable method such as bank transfer and deposit CAD into your newly opened account.

Step 4. Head over to the exchange or buy/sell tab and select Bitcoin. Enter the number of coins you wish to purchase or enter the account in CAD you want to spend. Click on the buy button to complete your purchase. That’s it! It is that simple. 

BitBuy is fast becoming one of the most trusted exchanges in Canada because of its low trading fees, dual platforms for both beginner and advanced users, and offers high security in the form of fund storage in cold wallets. 

What payment methods options are available on Canadian crypto exchanges? 

As a Canadian user, you have diverse options to deposit and withdraw CAD on cryptocurrency exchanges. Most platforms accept bank transfers, credit/debit cards, and third-party payment processors such as Simplex, Interac e-transfers, and Banca. 

Binance offers trading in more than 350 coins. It allows access to direct coin swaps and provides many additional features, including launchpad services and coin staking. 

Yes. You should select an exchange best suited for your needs. A frequent trader should carefully consider trading fees, spreads, and other charges. 

Some platforms may also charge for fiat deposits and withdrawals. 

BitBuy offers different accounts depending on whether you are a new or advanced user and offers cold storage for your crypto assets, making it a highly secure platform. 

Bitcoin, the pioneering cryptocurrency, remains the most popular asset and is frequently traded in Canada. Many altcoins such as Ethereum, Cardano, and Shiba Inu are also becoming popular with the Canadian trading community. 

How do you get verified on a crypto exchange in Canada? 

To get verified, you will need to comply with the KYC requirements. Submission of identity and address documents will be required. Documents such as driving license, passport, and utility bills are all acceptable for verification. 

BitBuy offers separate accounts for both new and advanced users. Additionally, it has low trading fees and is a safe platform because it stores client assets in cold wallets. In terms of overall value, it is one of the best crypto exchanges currently in Canada.

QuadrigaCX (now defunct) cryptocurrency exchange made headlines when its founder was found dead. After a court-appointed committee began investigating, it was found that the founder had siphoned funds from users on QuadrigaCX exchange to other platforms and used the assets to fund his luxurious lifestyle. 

Many Canadian traders lost millions of dollars, and it has become a long and endless legal fight. That is why we emphasise security, and you should ideally select a platform that offers cold custody or crypto insurance. All platforms recommended above provide world-class protection for your crypto assets so you can trade with ease and peace of mind.

Bitbuy because of its spread (usually around 0.3%) and competitive trading fees (0.1%-0.2%). There are no hidden charges on the platform, and it is a native site registered in Canada.

Who do we recommend for the lowest crypto fees in Canada?

Virgo Cx is the best Canadian exchange if you want to save on trading fees. It is one of the best cryptocurrency exchanges for frequent traders, and all profits earned are yours. 

How to buy Bitcoin on a crypto exchange in Canada?

To purchase Bitcoin in Canada, you will need to register an account on an exchange like BitBuy. Follow the steps below to start trading in a few minutes.

Step 1: Head over to the official site and click on the signup button—register by submitting a username, password, and email address. 

Step 2: Verify the account by submitting scanned copies of your driving license, passport, and/or utility bill. This measure is required as part of the Know Your Customer (KYC) procedure and helps to keep the site safe for all users. 

Step 3: Once the account is verified, you can proceed to deposit funds. Select a suitable method such as bank transfer and deposit CAD into your newly opened account.

Step 4. Head over to the exchange or buy/sell tab and select Bitcoin. Enter the number of coins you wish to purchase or enter the account in CAD you want to spend. Click on the buy button to complete your purchase. That’s it! It is that simple.  

What is the most trusted crypto exchange in Canada? 

BitBuy is fast becoming one of the most trusted exchanges in Canada because of its low trading fees, dual platforms for both beginner and advanced users, and offers high security in the form of fund storage in cold wallets. 

What payment methods options are available on Canadian crypto exchanges? 

As a Canadian user, you have diverse options to deposit and withdraw CAD on cryptocurrency exchanges. Most platforms accept bank transfers, credit/debit cards, and third-party payment processors such as Simplex, Interac e-transfers, and Banca. 

Which Canadian crypto exchange offers the most coins? 

Binance offers trading in more than 350 coins. It allows access to direct coin swaps and provides many additional features, including launchpad services and coin staking. 

Does it matter which Canadian crypto exchange I use?

Yes. You should select an exchange best suited for your needs. A frequent trader should carefully consider trading fees, spreads, and other charges. 

Some platforms may also charge for fiat deposits and withdrawals. 

BitBuy offers different accounts depending on whether you are a new or advanced user and offers cold storage for your crypto assets, making it a highly secure platform. 

What are the most popular tokens to trade in Canada? 

Bitcoin, the pioneering cryptocurrency, remains the most popular asset and is frequently traded in Canada. Many altcoins such as Ethereum, Cardano, and Shiba Inu are also becoming popular with the Canadian trading community. 

How do you get verified on a crypto exchange in Canada? 

To get verified, you will need to comply with the KYC requirements. Submission of identity and address documents will be required. Documents such as driving license, passport, and utility bills are all acceptable for verification. 

Why do we recommend Bitbuy as the best crypto exchange in Canada?

BitBuy offers separate accounts for both new and advanced users. Additionally, it has low trading fees and is a safe platform because it stores client assets in cold wallets. In terms of overall value, it is one of the best crypto exchanges currently in Canada. 

Canadian Crypto scam

QuadrigaCX (now defunct) cryptocurrency exchange made headlines when its founder was found dead. After a court-appointed committee began investigating, it was found that the founder had siphoned funds from users on QuadrigaCX exchange to other platforms and used the assets to fund his luxurious lifestyle. 

Many Canadian traders lost millions of dollars, and it has become a long and endless legal fight. That is why we emphasise security, and you should ideally select a platform that offers cold custody or crypto insurance. All platforms recommended above provide world-class protection for your crypto assets so you can trade with ease and peace of mind. 

Which exchange is best for day trading in Canada?

Bitbuy because of its spread (usually around 0.3%) and competitive trading fees (0.1%-0.2%). There are no hidden charges on the platform, and it is a native site registered in Canada. 

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