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Best Canadian Crypto Exchange

While Crypto currency was considered a fringe investment only a few years ago, it is now undoubtedly a mainstream investment strategy. Getting started in cryptocurrency exchange is intimidating but you can make everything much easier by choosing the right exchange.

Crypto exchanges are like traditional stock exchanges. On an exchange you can buy or sell different cryptocurrencies to make a profit, invest in different arenas, and diversify your holdings, but not every exchange is worthy of your time and investment.

Best Canadian Crypto Exchange

If you’re in Canada, you’ll need the right Canadian crypto exchange whose reputation and tools can help take your dollar the farthest. We’ve put together a list of the best Canadian Crypto exchanges, how they rank in different factors, and how to start investing now. The crypto train left the station years ago but there’s plenty of time to get on board with these great exchanges.

Factors in Choosing the Best Canadian Crypto Exchange

We can’t tell you something is the best and hope you trust us. Revoupon used a series of criteria to help separate the best exchanges from ones not worth your time. These criteria include:

  • Fees and Rates – It’s pointless to trade cryptocurrency if you’re bogged down with fees, rates, and different charges.

  • Security – Security and privacy is critical when investing in cryptocurrency. Only exchanges with a demonstrable commitment to security and privacy are chosen.

  • Ease of Use – How easy is it to use the platform? Can rookies easily navigate and make smart decisions?

  • Reputation – Because cryptocurrency is largely unregulated the market is full of scammers. You’ll need to use an exchange with a great reputation.

  • Regulations – Whom if anyone regulates the platform? Crypto was born as an anti-regulation investment but trust us – some regulation is a good thing. All listed exchanges are legal to use in Canada.

  • What is Offered – How many currencies are offered? You want the opportunity to invest in more than one currency.

Revoupon’s Best Candian Crypto Exchanges

Best Overall Exchange – Bitbuy

Bitbuy – Bitbuy is built for both inexperienced and veteran investors with Express Trade and Pro Trade, available to all users.  With more than 25 of the most popular cryptocurrencies, fair fees, and an easy-to-use interface, Bitbuy is our favorite Canadian cryptocurrency exchange.

Bitbuy Pros and Cons

There’s a host of reasons to love Bitbuy. It features several cryptocurrencies, can be used for large trades, offers an excellent offline vault, is fully regulated, and contains several features for both first-time and seasoned traders. You can only use Bitbuy in Canada and an e-transfer fee of 1.5% is a bit steep but there aren’t many cons for Bitbuy.

Criteria making Bitbuy a great Crypto exchange:
  • Fees and Rates – Low trading fees (0.1%-0.2%)

  • Security – 99% of Crypto is kept secure in Cold Storage

  • Ease of Use – Can accept Canadian dollar fiat deposits from any Canadian bank.

  • Reputation – Device and 2FA Authentication via Google Authenticator and Authy. Comprehensive custody via BitGo – to our knowledge, the only cryptocurrency exchange to offer such insurance.

  • Regulations – Registered as an MSB with FINTRAC + Regulated as Crypto marketplace by the OSC. They’re listed on the Toronto Stock Exchange (TSX) as of June 22, 2022. Bitbuy also undergoes yearly public proof-of-reserve audits.

  • What is Offered – Over 25 cryptocurrencies to trade

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Crypto.com – Most Well-Rounded International Exchange, Most Options

Crypto.com has established itself as one of the most popular global exchanges thanks to its versatility and range of options. You can trade over 100 different cryptocurrencies, trade in options and futures, stake your coins, and utilize high leverage levels for a big payday.

Crypto.com Pros and Cons

There aren’t too many downsides to Crypto.com except for a 2.99% Visa and Mastercard deposit fee and the lack of some transfer methods for Canadian users. If you’re looking for a well-rounded exchange that lets you tap into several types of coins and investing methods, Crypto.com should be high on your list.

Criteria making Crypto.com a great Crypto exchange:
  • Fees and Rates – Trading fees are volume-based: get more discounts as your trading volume increases

  • Security – 100% of user cryptocurrencies are held offline in cold storage

  • Ease of Use – Buy and sell using bank transfers or your credit/debit card

  • Reputation – The world’s fastest and most secure crypto exchange

  • Regulations – Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA)

  • What is Offered – Buy Bitcoin and 250+ cryptocurrencies with 20+ fiat currencies

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NDAX – Best Exchange for Learning About Cryptocurrency

NDAX – If you want to know exactly what you’re investing in, NDAX is the exchange for you. NDAX hosts tons of resources including the history and overview of individual cryptocurrencies. NDAX is also versatile with free deposits, no withdrawal minimum or maximums, and plenty of cryptocurrency options.

NDAX Pros and Cons

NDAX is one of the best exchanges if you don’t want to be inundated with fees. The low fee structure gives you much more freedom to buy, sell, and withdrawal money from your wallet. Whitelisting your address adds an extra layer of protection for investing in a wide range of coins. NDAX does not accept credit or debit cards and can only trade in Canadian dollars.

Criteria making NDAX a great Crypto exchange:
  • Fees and Rates – NDAX charges a fee of 0.2% for buying and selling cryptocurrency

  • Security – First Canadian Crypto platform to receive SOC2 type II certification

  • Ease of Use – Simple, easy, and secure platform to buy and sell Bitcoin, Ethereum and dozens of other digital assets instantly

  • Reputation –Intuitive platform with advanced features and trading tools

  • Regulations – FINTRAC Registered: M18632135

  • What is Offered – NDAX was built to simplify cryptocurrency trading to quickly buy and sell 30+ digital assets

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Shakepay – Easiest for Beginners

Shakepay is designed for those dipping their toes into cryptocurrency market. Shakepay simplifies the process with only two available cryptocurrencies and a beginner-friendly website and app.

Shakepay Pros and Cons

It’s best to think of Shakepay as Cryptocurrency 101. You get free despots and withdrawals, plenty of resources, and no commissions on transactions. If you want to try out cryptocurrency but want a good beginner lesson than Shakepay’s simplicity and limited options are perfect. Experienced traders or those wanting to invest in a variety of cryptocurrencies will need something beefier than Shakepay.

Criteria making Shakepay a great Crypto exchange:
  • Fees and Rates – Cash in and cash out with no fees, instantly.

  • SecurityAll accounts are secured by 2FA. By default, SMS-based 2FA is enabled.

  • Ease of Use – Buy bitcoin in minutes with Interac e-Transfer®. Cash out to your bank account instantly.

  • Reputation – Less of an exchange, and more of a broker – Shakepay has a popular mobile app on the App Store and Google Play with review ratings of 4.5/5 and 4.6/5

  • RegulationsShakepay is registered as a Money Service Business in Canada

  • What is Offered – Bitcoin and Ethereum are the only 2 coins available

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Wealthsimple – One of Canada’s Safest Exchanges

Trading in currencies can be risky if you get in with a bad player but Wealthsimple is fully covered by Canadian financial regulations. Canadian financial protections and a unique hacking insurance make Wealthsimple one of the safest exchanges in the Canadian market.

Wealthsimple Pros and Cons

Wealthsimple’s highest ranking factor is in regulations and security but it’s also an easy to use and versatile exchange. You can easily transfer funds to and from different investment accounts and try out different currencies, but high trading fees may limit your transactions. Wealthsimple’s Coincover insures your investment but doesn’t allow users to move their currency into a private wallet.

Criteria making Wealthsimple a great Crypto exchange:
  • Fees and Rates – Pay 0.5% Management Fee

  • Security – 256-bit SSL/TLS certificate encrypts all information transmitted between your device and their web servers

  • Ease of Use – No paperwork and no account minimums

  • Reputation – Used by more than 3 million Canadians

  • RegulationsRegulated by Canadian IIROC or the UK FCA

  • What is Offered – 53 different cryptocurrencies

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Other Great Canadian Cryptocurrency Exchanges

Coinsmart

Coinsmart is loaded with cryptocurrency choices and resources to help you navigate the different platforms. Like Bitbuy, Coinsmart is used by both experienced and rookie traders.

Coinsmart Pros and Cons

Coinsmart offers several great features including 24/7 support, multiple national currencies like the Euro and American dollar, and the ability to trade altcoins without having to trade Ethereum or Bitcoin first. First-time crypto investors will love the Learn and Earn which lets users receive credits while learning about the exchange. If you move your money frequently, Coinsmart’s heavy usage of fees can drag you down.

Criteria making Coinsmart a great Crypto exchange:
  • Fees and Rates – 0.20% for single trade** 0.30% for double trade

  • Security – FINTRAC registered Money Service Business

  • Ease of Use – Designed for beginners but built for experts

  • Reputation – In November 2021 CoinSmart went public

  • Regulations – Publicly traded and fully regulated company in Canada, as well as the Frankfurt exchange

  • What is Offered – Supports 16 different coins

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Newton

Newton bills itself as Canada’s first ‘no fee’ cryptocurrency. This rule applies to both fiat deposits and withdrawals and Crypto withdrawals and trades. If you like to trade and move money frequently, Newton is an excellent exchange.

Newton Pros and Cons

Newton’s primary draw is the lack of fees. You can buy and sell freely without being dragged down or move money into different accounts without being penalized. A combination of no fee structure and over 30 cryptocurrencies make this the best exchange for a high umber of transactions. Newton is a new company with no pro tools available and no live support.

Criteria making Newton a great Crypto exchange:
  • Fees and Rates – Does not charge trading, deposit, or withdrawal fees.

  • Security – Daily off-site backups with institutional-grade storage

  • Ease of Use – iOS, Android, and Web

  • Reputation – A Crypto exchange, that currently has never been hacked (June 23, 2022)

  • What is Offered – Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, USD Coin, and 60+ other coins

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Coinberry

Coinberry is an excellent exchange if you’re getting started and know you only want to deal in Canadian dollars. Because Coinberry is Canada-dedicated they feature zero withdrawal fees and zero deposit fees.

Coinberry Pros and Cons

On top of free deposits and withdrawals you can transfer with no exchange fees and only need to pay 0.02% for Litecoin withdrawal. Coinberry’s online platform and accompanying App are highly rated, intuitive, and great for beginners. Coinberry’s major flaw are the trade fees which can go as high as 2.5% compared to the traditional 0.2-0.5% on most exchanges.

Criteria making Coinberry a great Crypto exchange:
  • Fees and Rates – Fees are based on a price spread and can vary from 0% and 2.5%

  • Security – Utilizes dark web scanning and account takeover prevention

  • Ease of Use – iOS and Android App

  • Reputation – Powered the first Bitcoin payment of property taxes for the Town of Innisfil (2019)

  • RegulationsOSC & FINTRAC registered, and PIPEDA-compliant

  • What is Offered – 29+ crypto coins from Bitcoin & ETH (from NFT marketplaces to the metaverse and gaming, and blockchain protocols)

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Binance

Binance is one of the world’s most popular exchanges, so users have access to even the most obscure cryptocurrencies and platforms. Because of its worldwide popularity Binance offers almost limitless exchanges and the ability to use debit or credit cards for purchase.

Binance Pros and Cons

Binance has an established reputation, offers a variety of crypto services, accepts dozens of currencies, and offers over 350 different coins. If you’re a jetsetter Binance is the best option for you. Binance has one major drawback for Canadians as it’s unavailable in Ontario. If you’re in any other province and want to take your trading to the next level, Binance can get you there.

Criteria making Binance a great Crypto exchange:
  • Fees and Rates – Conversion are free, however they have a spread above market price

  • Security – (SAFU) secure asset fund for users to protect their investment

  • Ease of Use – iOS, Android, Linux, API

  • Reputation – The world’s largest Crypto exchange by volume

  • Regulations – Stores 10% of all trading fees in a SAFU to protect a share of user funds

  • What is Offered – Over 600 Cryptocurrencies available

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Gemini

If it exists, you can trade it on Gemini. Gemini is a versatile exchange offering trading on 75 different cryptocurrencies and a host of extra benefits like crypto rewards.

Gemini Pros and Cons

Whether you’re a first-time trader or stepping up your game, Gemini gives you tons of trading options but a low minimum of order amounts as well as peer-to-peer trading. With Gemini Earn you can get more than 7% annual interest on your current Crypto holdings. Gemini can be a little tricky for new users and fees can be high but if you take advantage of the rewards, it’s worth it for most users.

Criteria making Gemini a great Crypto exchange:
  • Fees and Rates – 1.49% to 3.49% depending on the trade amount

  • Security – Hardware security keys allow for a more secure 2FA

  • Ease of Use – Galaxy, Google, and Apple Store

  • Reputation – Founded by Cameron and Tyler Winklevoss in 2015

  • What is Offered – Supports over 70 cryptocurrencies, including BTC, ETH and LINK

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VirgoCX

VirgoCX is a Canadian-based with systems and fees designed around Canadian users. This framework lets VirgoCX offer many types of deposits and withdrawals free of charge.

VirgoCX Pros and Cons

VirgoCX is a well-rounded currency for Canadian users that saves you tons on fees. VirgoCX charges no fees in account opening, cash deposits and withdrawals, or crypto deposits and withdrawals. With support on over 50 cryptocurrencies and 24/7 live support there’s plenty to like about VirgoCX.

Criteria making VirgoCX a great Crypto exchange:
  • Fees and Rates – Applies a price spread of up to 0.50%

  • SecurityFIAT assets are held within our trusted banking partner in Canada

  • Ease of Use –  Google Play, Android, and iOS

  • Reputation1 million CAD crime insurance coverage for cryptocurrencies held in custody

  • RegulationsFINTRAC Registered MSB # M19955733

  • What is Offered – Supports over 60 cryptocurrencies, including BTC, ETH, APE and ADA

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Mogo Crypto

If you’re ready to make cryptocurrency a part of your daily life you’re ready for Mogo Crypto. Mogo Crypto lets you earn 2% in bitcoin rewards through your daily purchases. Every time you buy groceries or get gas and use the Mogo card, you’re earning bitcoin.

Mogo Crypto Pros and Cons

Mogo is great for bitcoin newcomers and offers a simple interface to help you buy and sell. Mogo was also Canada’s first carbon neutral exchange with a larger carbon offset than its mining emissions. Mogo might be too simple for some investors as it only allows for sales of Bitcoin and comes with a heavy 1% transaction fee.

Criteria making Mogo Crypto a great Crypto exchange:
  • Fees and Rates – Buying and selling – 1% of the CAD value of Crypto being bought or sold

  • Security – Stores 95% of Crypto assets in cold storage

  • Ease of Use –  Account creation in about 3 minutes

  • Reputation – Mogo offsets more CO2 than the emissions created from the mining one bitcoin

  • Regulations – The only company that is both FINTRAC regulated and publicly traded on the TSX and NASDAQ

  • What is Offered – At the moment (June 23, 2022), Mogo only allows investing in Bitcion (BTC)

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Getting the Most from Canadian Cryptocurrencies

Canada hosts several cryptocurrency exchanges that are safe, easy to use, and can add a whole new layer of investment to your life. Don’t get left in the dust while everyone else profits, check out these great exchanges and start trading cryptocurrency today.