Data suggests that over 3.2 percent of Canada’s total population, roughly 1.2 million people, own digital assets in one form or another! Interestingly, the numbers seem to be ever-increasing as the industry continues to be crowded with new investors trying to scale their fortune.
Unfortunately, it’s not that easy! Starting your journey in the crypto industry is all about finding a good crypto exchange, as you can’t simply trade your digital assets over other platforms. Adding to it, these exchanges serve as a one-stop destination for adding security to your invested tokens. All of these factors make it imperative that you register yourself with the best Canadian crypto exchange.
Since Canadians have access to numerous crypto exchanges, it can be tough to whittle down the herd among hundreds of possible exchanges and register yourself with any one of them. However, being a crypto trader, we understand your quest for the best cryptocurrency exchange in Canada. Therefore, to help you better, this guide helps you through the different aspects of choosing the best place to buy crypto in Canada.
In the following sections, we’ll be walking through the tips to select the best exchange and a list of different factors involved in the process. So, let’s get started!
Choosing the Best Cryptocurrency Exchange for You
Thanks to the latest events of the recent 2017 boom, the crypto industry has been a great magnet for investors and traders of all types. However, while beginners want to make the most of their crypto strategies in the markets, they fail to realize that you can’t simply get started with crypto from anywhere.
Like stocks, crypto transactions are carried over dedicated exchanges or ‘crypto exchanges,’ which are the platforms that make all the difference in your trading journey.
Why? Because different exchanges have their fee structure, functionalities, and limitations, making it difficult for beginner investors to find the best crypto trading platform in Canada.
However, what if we told you that finding a dedicated crypto exchange to match your trading needs can be shortlisted using a few factors? Yes, it’s possible! So let’s check out some of the factors to keep in mind while choosing the best crypto exchange for you:
No single crypto exchange can cater to the needs of every user! So before you sign up for an account, double-check the platform and its available features in your area. Binance, for instance, is a global exchange used by many Canadians.
However, the platform limits its users from linking their crypto platforms to Canadian bank accounts. The platform is also selectively available in the region as Binance is not accessible to citizens in Ontario.
If you’re not careful with the fee structure of a given platform, it’ll cut your profits. Therefore, before registering with an exchange, ensure that you’re aware of any deposit or withdrawal fees that you might attract. Once done, also account for the trading costs and the calculations.
Some exchanges impose a flat fee regardless of the trade amount, while others can charge you up to a percentage of the trade. Some websites claim to offer free trading; however, this is not true. Instead, the commission will be included in the spread, the difference between purchase and sale prices.
When looking for the best place to buy crypto in Canada, you can’t simply miss out on the user experience. Customer reviews will allow you to distinguish between reputable and less reputable crypto exchanges. They’ll also point out flaws and perks that aren’t readily apparent on the website.
A platform with favorable client evaluations is more likely to provide a positive experience. Reviews also indicate the authenticity of a website.
Accessibility and Coin Selection
If you want to trade specific digital assets, ensure that your chosen platform supports them. Not all exchanges provide the same coin option. It’s critical to sign up with a platform that simplifies buying cryptos.
Besides, you should also check to see whether the funding alternatives are suitable for you. For example, only a few exchanges accept debit or credit cards. In case your exchange does, it also becomes a necessity to check whether or not your credit card and bank permit crypto transactions. Remember, some crypto exchanges also come with the provision to connect your bank account for quicker financing directly, while others only accept eTransfers or bank transfers. Additionally, you can fund your account with cash using Canada Post at several exchanges.
If you wish to secure your crypto in your private wallet, you need to ensure that your selected exchange allows the same! Many platforms limit their users from moving the crypto funds to other platforms. Besides, some platforms enable you to transfer all of your coins, while others just allow you to transfer some currencies.
Additionally, it is also wise to understand if your exchange is custodial or not. Custodial exchanges do not enable you to keep your crypto, while the non-custodial platforms require you to store your crypto or provide you the option of storing on or off-platform.
When figuring out the best cryptocurrency exchange in Canada, you can’t simply overlook the security aspect of your chosen platform. After all, the crypto industry has been a target of several crypto hackers and scams. To minimize the risk, examine how the exchange protects user information. Additionally, since these exchanges acquire several of your personal and bank details, you might want to look for exchanges that are honest and open about data management with their users.
Before you sign up with an exchange, confirm how the exchange safeguards assets in their care if you wish to secure your funds with the platform. For example, do they have cold storage offsite? Do they have digital asset insurance coverage in place? What precautions do they take to protect their user accounts?
Top Crypto Trading Platforms In Canada
When you venture into your search to find the best crypto exchange in Canada, you’ll come across hundreds of platforms sharing a similar feature. All of this makes it nearly impossible to curate a list of the top exchanges.
We understand the significance of signing up with a reliable crypto exchange. Therefore, to help you better, we have listed a few crypto trading platforms in Canada to help you get started. Let’s look at their detailed review:
First on our list of the best cryptocurrency exchanges in Canada is BitBuy. The crypto broker stands out with its slew of features that make it a go-to option for new and experienced users. With its regulations backed by the Ontario Securities Commission and FINTRAC, the platform has established itself as a safe place to start your crypto investments.
The platform charges a commission of 0.20% per transaction in terms of the fee structure. So, for instance, if you trade $50, you’ll be paying a fee of $0.10. Besides, the Interac e-Transfer fee is around 1.5% of the total deposit cost. However, it should be noted that the fee will be charged on both ends, and you’ll be charged 1.5% even while taking out the money.
Talking of the funding methods, Canadian users can use conventional Interac e-Transfer for executing their crypto calls. You can get started over the platform with a minimum investment deposit of $50. On the other hand, if you want to access wire transfers, you’ll have to deposit a minimal $20,000.
The platform charges a commission of 0.20% per transaction in terms of the fee structure. For instance, if you trade $50, you’ll be paying a fee of $0.10. Besides, the Interac e-Transfer fee is around 1.5% of the total deposit cost. However, it should be noted that the fee will be charged on both ends, and you’ll be charged 1.5% even while taking out the money.
On the flip side, the platform might be limiting for some users as it is currently limited to only 15 crypto tokens. Therefore, users who want to invest more tokens in their portfolio might want to look for other options.
|Number of Cryptos||Fee Structure||Fee to Buy Bitcoin||Minimum Deposit
|75||Fixed or make/taker fees||1.5%||0
Next, we have Binance, one of the most popular crypto exchanges in Canada and the rest of the world. What makes the platform unique are the numerous features and functionality present over the platform. Adding to it, the platform is easy to get started with and comes with several internal security features such as 2FA (two-factor authentication) and SAFU (Safe Asset Fund for Users), a reserve to cover for loss of funds.
The platform provides its users access to multiple charting indicators, drawing tools, and other real-time data, which TradingView sources. In addition, users have access to hundreds of crypto spreads over thousands of markets, providing the users with every chance to diversify their portfolios.
The platform has you covered with options to leverage future or tokens functionality to make the most of your strategy for advanced users. What’s more? Users can also access their crypto savings account to invest and store a wide selection of supported tokens.
In terms of fees, Binance follows a maker-taker fee structure to provide users with a low trading fee. The platform operates around a fee structure of 0.10% per slide. For instance, the fee is just $0.05 for every $50 traded. Additionally, users can fund their accounts using multiple options like debit, credit card, bank account transfer, or even the option to deposit using a direct digital asset. But it should be noted the fee might vary depending on the chosen funding method.
On the flip side, it should be noted that Binance is an unregulated body and is not backed by any Canadian authority or any regulatory body across the world. Besides, the fact that it has been hacked in the past makes it a risky platform to get started.
|Number of Cryptos||Fee Structure||Fee to Buy Bitcoin||Minimum Deposit
|16||Rigid commission structure||1.5% for trades under $20,000||$100
Third, on our list of the best crypto trading platform in Canada, we have Crypto.com, a reliable platform that has successfully impacted the crypto industry over the last few years. The simple UI of the platform, paired with beginner and advanced features of the platform, makes it a reliable option for both investors and traders.
With over 100+ cryptos supported in over 250+ markets, the platform provides every option to its users to diversify their portfolios. Users can get started with large and small projects like BTC, ETH, LTC, & Dogecoin. Users also can invest in DeFi coins where they can deal with several tokens like Maker and VeChain to Decentraland Compound, Stratis, and Polygon.
Besides, the intuitive web application and crypto wallet with tight security features also add to the overall appeal to its users. Additionally, Crypto.com also ensures the safety of its users by storing 100% of its funds in cold storage, adding to the authenticity of the platform.
Talking of the trading fee structure, it is generally a mix of multiple factors which users need to consider. Some of these factors depend on the users, whether they’re market makers or takers or hold any of the platform’s native CRO tokens. The platform charges 0.4% for buying BTC or any other digital assets with such a structure in mind.
The deposit fee will also vary, depending on the selected payment method. Users also can fund their accounts via debit or credit card. However, doing so, they’ll attract a transaction fee of 2.99% per transaction.
Interestingly, that’s not all! The Crypto.com platform allows its users to invest or trade in crypto more than just. In addition, they can access crypto interest accounts using the platform, allowing them to generate an average APY of 14.5% (depending on the crypto asset and the lock-up term).
On the flip side, the platform is slightly limiting for advanced users as it has more functions primarily focused on beginners.[table “46” not found /]
When looking for the best crypto exchanges in Canada, you cannot simply miss out on adding Kraken to the list. The platform that initially started as a crypto exchange exclusive to European investors has come a long way in offering services to clients from US and Canada. Launched in 2013, Kraken stands out as an exchange with reliable features for both beginner & advance traders alike.
The platform stands out as a unique offering due to its list of offerings from the educational standpoint of beginner crypto investors. They can make the most of their strategies using the advanced study materials while staying in constant touch with global customer support, which is available 24*7*365.
Advanced users can also utilize the 1:5 leverage provided by margin accounts on spot trades in the case of advanced users. This allows the users to amplify their $50 stake to $250 in case of different cryptos. Moreover, users can also get into futures and crypto derivatives, utilizing a 1:50 leverage.
Talking of the fee structure that it brings along, users need to pay a commission of 0.26% per slide as per the maker and taker policy of the platform. However, this also allows users to make way for reduced commission rates by increasing their trade shares. Talking of asset deliveries, users can get started with over 65+ cryptos at a minimum deposit of just $10.
Finally, moving to the account safety of the users, the platform claims to keep over 95% of its platform’s crypto deposit over offline cold storage. On the flip side, the platform fails to offer a native wallet to the users, adding to their conversion fee and taxes.[table “47” not found /]
Gemini is one of the best place to buy crypto in Canada! The comprehensive crypto management platform and exchange provide users with a clean and intuitive UI, making the most of their trades at every level.
Users can get started with diversifying their portfolio with over 75+ different coins, making it a great opportunity for beginner investors to invest in alt and stablecoins. However, that’s not all! For the users who like to invest in a specific platform, tokens can go with the GUSD (Gemini Dollar). This exchange-backed stablecoin presents its value to be equal to 1 USD. This way, people can easily send GUSD globally.
The platform is open to instant buy and spot trading modules for beginners and advanced users, moving to its trading fee. The spot trading is placed competitively, attracting a 1.5% fee if the trade’s value is worth $200. On the contrary, the spot trade revolves around a maker and taker of liquidity, with the fee being 0.40% when accepting liquidity and 0.20% when making liquidity. Another option to tackle the fee is to access Gemini’s ActiveTrader trading platform, which allows users to set up their limits and stop orders with a lower fee.
Besides the features available over the Gemini exchange, users can access the platform’s interest account, an integrated wallet with the GUSD stablecoin, and a credit card for your crypto rewards. The crypto savings account accumulates up to 8.5% with no such necessary lock-in periods in terms of the APY. In addition, credit cards can earn you a 3% reward on your everyday transactions.
On the flip side, the platform has a relatively high fee for instant purchases made under $200.[table “48” not found /]
Last on our list, we have the Canadian crypto exchange CoinSmart. The platform is relatively easy to get started and has many features, simplifying operations for beginner users. They have access to features like basic tracking of portfolios and simple graphical visualizations to initiate trade. Besides, you can get started with your crypto journey in minutes over the CoinSmart platform.
Users of the platform have access to 16 top cryptos, including BTC, ETH, Polygon, Shiba Inu, and Avalanche, to get started. For the users who want to diversify their folios beyond crypto, they also have the option to get started with stablecoins like USD Coin.
The fee structure at CoinSmart is flexible as the value depends on your deposit method. Users can access debit cards, credit cards, SEPA, Interac e-transfer, or bank transfers to get started. However, the fee is the least when you fund your account via bank transfer at 1.5% for purchases beyond $1,999. The debit and credit cards, on the other hand, attract a fee of 6%. Interestingly, with CoinSmart, you can also fund your account using any specific crypto wallet.
To get started, users need to invest a minimum sum of $100. Moreover, once you’ve made your purchase over the platform, you also can transfer your crypto funds from CoinSmart to any other wallet.
On the flip side, the limited crypto offerings and high fees on debit and credit cards might be a turn down for some users.[table “49” not found /]
Is Cryptocurrency Legal in Canada?
While cryptocurrency is legal to use in the country, it’s not a legal tender in Canada. The government has allowed the use of cryptos, allowing both physical and online stores to accept them if they chose to. However, when paying your taxes, you can’t do that using these digital assets. That’s because the Canadian government only realizes the CAD (Canadian Dollar) as the official legal tender of the country.
Knowing this difference is crucial for multiple reasons! To begin with, financial institutions are not involved in managing cryptos. Therefore, besides being regulated, cryptos aren’t supported by the central authority. As a result, you’re limited to the types of crypto transactions in the country.
This fact also discloses that the legal tender comes with fewer protection terms since there is no provincial or federal insurance on cryptos. If a merchant is okay with accepting digital assets, it’s entirely at their discretion.
Best Crypto Exchange Platform In Canada – Conclusion
When looking for the best cryptocurrency exchange in Canada, you’ll come across several exchanges claiming to be the most trusted. However, even after having all options in one place, you might be confused. Here, you might need an expert opinion on selecting one exchange.
In our research, we conclude Crypto.com to be a reliable exchange for both new and advanced users alike. The platform carries multiple features which allow investors to try and execute every level of strategy they want to. The platform also offers multiple options beyond trading, making it useful for low-risk appetite beginners.
However, since there’s no one fit for all, we recommend you to carry on your prospective research before signing up with any one of the Canadian crypto platforms. All the best!
1. Is crypto taxable in Canada?
Yes, the Canadian taxation rules apply to digital transactions, including cryptos. They’re accounted for under the Income Tax Act, where the goods and services purchased using digital currency come under a mandatory inclusion of the seller’s income. The taxes also include HST/GST to the fair market value. If you fail to report your income from such digital transactions, it might also be counted as illegal.
2. How are the crypto exchanges regulated in Canada?
While the rules and regulations concerning cryptos are still being worked out, Canada has recognized the rising popularity of digital currency. It has issued official recommendations to clarify the situation. Certain crypto transactions, for example, must be disclosed in tax filings. Additionally, it should be noted that the government counts cryptos by securities rules in the country.
3. What are the different ways to buy crypto in Canada?
Depending on your needs and goals, there are several options for purchasing crypto in Canada. However, when choosing one option, using a crypto exchange is your best choice if you’re searching for the simplest and easiest method to get started with crypto. Lastly, it should be noted that you must pick which strategy is best for you.
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.