Cryptocurrencies have become extremely popular all over the world. While most news regarding the topic still comes out of the US, crypto trading or regulation-related discussions are happening everywhere else as well. With that in mind, this article will help you find the best crypto exchange Canada has to offer.
Our list includes two types of platforms: Canadian crypto exchanges and exchange services based outside the country that still offer their services to residents of Canada. Before diving in, it's worth clarifying Canada's stance on all things crypto.
Canadian Crypto Regulations: Is Crypto Legal or Banned?
Before exploring the best crypto exchange Canada options, the most important fact to establish is whether crypto is legal in the country in general.
Well, yes—very much so, actually!
While rules and regulations prevent even the best Canadian crypto exchanges from offering decentralized trading capabilities, the country is actually a leader in crypto-related laws. Cryptocurrencies have been officially taxed in Canada since 2013—long before many other countries even acknowledged their existence!
Despite being a spearhead in crypto-related matters, Canada has always remained cautious regarding the topic. Many people question whether cryptocurrency is legal in Canada simply because there are still many scams happening in the industry to this day.
To avoid these scams, it's important that you use only the best crypto exchanges in Canada. This includes both platforms that have established themselves within Canada itself and others that offer Canadian citizens the ability to trade on them.
A huge portion of the best crypto exchanges in Canada are among the best exchange platforms to use for all of your crypto trading, regardless of where you're based. This is because, due to Canadian laws, the top KYC-enforcing exchanges can operate within the country without many hurdles.
Best Crypto Exchange Canada: Evaluation Criteria
There are no features specific to a Canadian crypto exchange that wouldn't be expected from an exchange located anywhere else. If Canada had different crypto laws, exchanges failing to comply would likely be banned from operating in the country. However, if you're not looking for a decentralized way to trade and are willing to pass all mandatory KYC verification checks, the list of possibilities becomes much broader.
Security should be at the top of your priority list—this goes without saying. Nothing is more important when trading crypto than how secure and reliable the exchange is. All of the best crypto exchanges in Canada should possess the toughest security features.
Next, consider coin and token variety. Whether you're a DCA-type person or someone aspiring to become a successful day trader, you'll probably want an exchange that allows you to trade multiple different token pairs. While you might only be interested in Bitcoin or Ethereum initially, your interests may broaden over time—it's more convenient to purchase all of your favorite altcoins on the same platform!
Don't forget to check the fees of any Canadian crypto exchange you're considering. Some platforms offer decent fee models, while others are more expensive. Fees can significantly impact your potential profits, so this topic is definitely worth addressing.
Finally, consider whether the exchange supports credit card and bank transfer payments and how beginner-friendly it is overall.
Top Canadian Crypto Exchanges
Kraken: A Wide Range of Supported Cryptocurrencies
Kraken is a US-based cryptocurrency exchange often listed among the best exchanges overall since it's supported in many countries worldwide. With Canada being one of these countries, Kraken automatically becomes one of the best crypto exchanges in Canada for several reasons.
Kraken supports over 150 different crypto coins and assets—a huge number compared to many other exchanges operating in Canada. This includes all main cryptocurrencies and a wide array of different tokens, making Kraken a contender for the best cryptocurrency exchange in Canada for traders who want to keep their options open.
Kraken is considered by many to be a beginner-friendly gateway into crypto trading. The exchange has both a desktop interface and a handy mobile app where you can access your wallet and participate in trades. Both interfaces are intuitive and simple to navigate.
Kraken complies with all regulations set by the Canadian government. The platform enforces strict KYC checks for all customers, ensuring you're not breaking any laws. Fees range from 0% to 0.26% per transaction, which is quite competitive.
The main downside is that you won't be able to trade some specific crypto tokens in Canada or use certain services otherwise available on the exchange. While the limits aren't too harsh, if you want to trade tokens like SUSHI, this won't be possible.
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Coinbase: Ideal for Beginners
Coinbase is a well-known cryptocurrency exchange platform worldwide. While not supported in all countries, Canadians can use it without issues.
Coinbase is primarily known for its simplicity. It's one of the easiest-to-use exchanges—you can have absolutely zero experience with crypto trading and face no issues while using the platform.
Coinbase is highly respected within the industry for its security features and the variety of cryptos supported. While exchanges like Binance offer a broader range of coins and tokens, Coinbase still has a decent variety of crypto assets, including traditional cryptocurrencies, stablecoins, and specific tokens.
The platform offers fiat currency support, allowing you to easily fund your fiat wallet with a credit or debit card or via bank transfer. This is convenient and beginner-friendly.
The main negatives are that Coinbase doesn't support many niche coins and charges relatively high fees (1.49% to 3.99% for trades and crypto acquisitions). However, these fees are mitigated by the level of service and reliability the exchange provides.
Bitbuy: The Best Canadian Cryptocurrency Exchange
If you're looking specifically for a Canadian crypto exchange, Bitbuy should be your go-to option. The exchange is only available to Canadians with a Canadian phone number.
Bitbuy is a reliable and noteworthy platform with strong security features for both your crypto wallet and personal information. The platform is constantly audited and follows all regulations enforced within Canada.
Being Canada-based allows Bitbuy to comply with all Canadian regulations and update their service model whenever new laws are passed. This ensures users are using an official, legitimate crypto exchange.
Bitbuy has a functional mobile app for trading on the go, is simple to use even for beginners, and offers fiat currency support. The only downside is that it only supports nine crypto assets, including Ethereum, Bitcoin, and some less-known assets like AAVE or EOS.
For those needing a Canadian crypto exchange, Bitbuy is certainly your best bet due to its Canadian base and comprehensive features.
Coinmama: Simple to Use, Non-Custodial
Coinmama might not be as well-known as major crypto exchanges, but it offers many beneficial features to its users.
The platform is oriented toward both beginner and advanced traders. While you can keep things simple, you may also choose to use some advanced features. Canadians should be able to trade cryptos on Coinmama without many issues or restrictions.
The main limitation is that Coinmama supports only around 10 different cryptocurrencies—a pretty small number that might be problematic if you're looking beyond main crypto assets. Additionally, you can't perform crypto-to-crypto trades; you can only purchase crypto with fiat money.
A significant advantage is that Coinmama is a non-custodial exchange, meaning it has no built-in wallet service. Instead, it requires users to use their own wallet, resembling a decentralized way of trading and enhancing security.
Fees are relatively high—up to 3.81% for buying crypto and up to 3.90% for selling your coins. However, if you want to use a non-custodial exchange in Canada, Coinmama remains one of the better options.
CEX.IO: A Very Beginner-Friendly Cryptocurrency Exchange
CEX.IO is an excellent exchange option for anyone in Canada. The platform allows Canadians to trade cryptos hassle-free and comes with various great perks.
The most obvious perk is ease of use. CEX.IO is very beginner-friendly with a straightforward user interface for trading cryptos, accessing your wallet, and withdrawing funds. The exchange also offers advanced functionality in a separate section of the website or app.
CEX.IO has both a desktop version and a perfectly-optimized mobile app for trading on the go. The exchange is considered very reliable with essential security features like two-factor authentication and email notifications.
Fees range from 0% to 0.25%, placing CEX.IO among the best exchange platforms regarding transaction costs. The main complaint some users have is the limited number of coins available for trading, which might be problematic if you need very niche tokens.
Overall, CEX.IO is an amazing exchange platform definitely worth checking out for anyone looking for the best crypto exchange Canada has to offer.
Crypto.com: The All-In-One Crypto Exchange
Crypto.com is a prominent player in the cryptocurrency world, offering a comprehensive suite of financial services centered around digital assets. Founded in 2016, the platform has grown rapidly, boasting over 100 million users by mid-2024.
Crypto.com provides a user-friendly app for buying, selling, and trading around 400 cryptocurrencies, including Bitcoin, Ethereum, and many altcoins. Beyond exchange services, it offers a non-custodial DeFi wallet, an NFT marketplace, and a direct payment service for cryptocurrency transactions.
One of Crypto.com's most recognizable features is its Visa card, which allows users to earn cashback in CRO, the platform's native token. The card comes in various tiers with different rewards and perks.
Security is a priority for Crypto.com. The platform holds all customer assets in institutional-grade reserve accounts on a 1:1 basis. Accounts are protected by advanced security measures including Passkeys, HSMs, FIDO2, and MFA methods.
Crypto.com is the first cryptocurrency company with ISO 22301:2019, ISO/IEC 27701:2019, ISO/IEC 27001:2022, and PCI DSS v4.0 Level 1 Service Provider compliance. It also runs an active bug bounty program on HackerOne.
BYDFi: User-Friendly Trading for All
BYDFi is a cryptocurrency exchange platform that aims to provide a user-friendly experience for both novice and experienced traders. While relatively new, BYDFi focuses on offering diverse trading options.
Key features include spot trading, derivatives trading, copy trading, a mobile app, educational resources, and trading bots. The platform supports more than 400 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
BYDFi offers competitive trading fees with a flat maker/taker rate of 0.1% on its spot trading platform. The exchange is available in the US, Canada, and 150 other countries.
Security measures include Amazon Web Services, multi-factor authentication, hardware verification, and SHA512 with 512-bit encryption. Users can also enable two-factor authentication (2FA) using Google Authenticator and SMS.
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Frequently Asked Questions
Is cryptocurrency legal in Canada?
Yes, cryptocurrency is completely legal in Canada. The country has been at the forefront of crypto regulation, with cryptocurrencies officially taxed since 2013. Canadian crypto exchanges must comply with specific regulations, but residents can freely trade and invest in digital assets.
What should I look for in a Canadian crypto exchange?
When choosing a crypto exchange in Canada, consider security features, supported cryptocurrencies, fee structure, payment methods (especially CAD support), user experience, and regulatory compliance. The best exchanges offer strong security measures, competitive fees, and a user-friendly interface.
Do I need to verify my identity on Canadian crypto exchanges?
Yes, most reputable crypto exchanges in Canada require identity verification through KYC (Know Your Customer) procedures. This is mandatory for regulatory compliance and helps prevent fraud and money laundering. The verification process typically involves providing government-issued ID and proof of address.
Can I use international crypto exchanges in Canada?
Many international crypto exchanges serve Canadian customers, but availability depends on each platform's specific policies and compliance with Canadian regulations. Some international exchanges may have restrictions on certain services or tokens for Canadian users.
What are the tax implications of crypto trading in Canada?
In Canada, cryptocurrencies are treated as commodities for tax purposes. This means you must report capital gains or losses from crypto trading on your tax return. The Canada Revenue Agency (CRA) requires detailed records of all cryptocurrency transactions.
How do I deposit Canadian dollars to crypto exchanges?
Most Canadian crypto exchanges support CAD deposits through bank transfers, Interac e-Transfer, or wire transfers. Some international exchanges may also support CAD deposits through third-party payment processors. Processing times and fees vary between platforms.
Conclusion
This concludes our list of the best Canadian crypto exchanges, including both Canada-based platforms and international exchanges serving Canadian residents.
All seven platforms discussed offer amazing functionality, multiple coin support, advanced trading features, and top-tier security. Each exchange has unique features, and your choice might ultimately depend on these specific aspects.
All exchanges discussed are legal in Canada. While crypto regulations continue to evolve, these platforms comply with current Canadian laws. If you reside in Canada and want to start trading cryptocurrencies, there are no better options than those listed above.
Remember that if you're going to start trading cryptos, you'll also need a reliable cryptocurrency wallet. Consider exploring hardware wallet options for enhanced security.