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    Best Cryptocurrency Exchanges In Canada For 2022

    Updated: Sep 25th, 2022
    Kevin Groves
    Kevin Groves
    Best Cryptocurrency Exchanges In Canada For 2022

    In Canada, there are many reputable crypto exchanges available for residents to purchase digital assets. It can be a difficult task for beginners to find an exchange that's the right fit with so many options. We have reviewed 100+ crypto platforms and will list our top-rated cryptocurrency exchanges in Canada so you can make an informed decision. 

    Best Crypto Exchanges In Canada 2022

    These are the best Canadian exchanges for 2022.

    1. Binance (best overall crypto exchange in Canada)
    2. Coinbase (best crypto exchange in Canada for beginners)
    3. BitBuy (best local Canadian cryptocurrency exchange)
    4. Kraken (best crypto exchange for CAD bank transfers) 
    5. Gemini (best crypto exchange for security)
    6. Crypto.com (best exchange in Canada for mobile app)
    7. CEX.IO (best for credit card)
    8. NDAX (best for low spreads)
    9. VirgoCX (best for no trading fee)
    10. MyBTC (best for Bitcoin only)

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

    Top Crypto Exchanges Canada: 2022 Reviews

    1. Binance - Best Overall Crypto Exchange In Canada

    Binance is the largest crypto exchange in the world for buying, trading and selling digital currencies. In terms of trading volume and liquidity, Binance is ranked #1 which allows the platform to offer competitive spreads and low trading fees to swap coins. The exchange supports residents in Canada to buy, trade and sell more than 600 cryptocurrencies. Binance has recently announced Canadians can use the exchange to deposit and withdraw USD to local banks in Canada using SWIFT Transfers.

    Binance does not support bank transfer or Interac e-Transfer using CAD from a local bank account. This may be a limitation for individuals that want to buy Bitcoin or crypto with CAD, however, there are plenty of features and benefits on the platform once funds have arrived or transferred from another provider. Moreover, Binance is giving up to $50 for free when using a referral code for Binance.

    binance websitebinance website

    Binance is well-known for its massive list of supported trading pairs and markets. There are more than 1,664 trading pairs across 391 supported coins that can be bought and sold on the exchange at the time of writing. The abundance of markets combined with deep liquidity separates Binance from its competitors. Moreover, Binance Futures which supports the derivatives market supports 198 trading pairs and has a staggering 40 billion in trading volume at the time of writing. This is nearly double its closest competitor and the reason why Binance is one of the best margin platforms for crypto.

    The advantage of Binance compared to other cryptocurrency exchanges is the abundance of features offered. For instance, Binance Earn enables existing customers to earn passive rewards for more than 100 cryptos. Seasoned investors can stake their tokens through DeFi staking or locked staking. More frugal investors who are looking for safer investment options can choose Binance savings, where they can earn interest on crypto through a fixed or flexible savings account. For example, Canadians can buy USDC and hold the tokens within Binance to earn approximately 2.79% APY as shown in the screenshot below.

    Binance Earn for USDC saving accountBinance Earn for USDC saving account

    Binance offers one of the lowest trading fees between 0% and 0.1% to trade Bitcoin to other altcoins or stablecoins. There are even fee discounts available to those that trade high volumes each month. Moreover, Binance introduced zero-fee crypto trading on a number of Bitcoin pairs. Following the removal of trading fees on Binance.US, the international Binance platform cut its trading fees on July 8, 2022. Trading fees have been removed across 13 stablecoins and fiat combinations. For Bitcoin-only investors, Binance is the cheapest crypto exchange in Canada.

    For other trading pairs, the default trading rate is still very competitive. There are even fee rebates and discounts for holding BNB tokens or using our referral link for a 20% discount on trading fees. To learn more about the features and fees, read our full Binance review.

    2. Coinbase - Best Canadian Crypto Exchange For Beginners

    Coinbase is one of the largest cryptocurrency exchanges in the world that is well-known for providing a simple, reliable and easy-to-use platform that is suited for beginners. The crypto exchange is used by over 30 million individuals and institutions worldwide and supports investors located in Canada to buy digital assets such as Bitcoin to Ethereum XRP, Litecoin, Bitcoin Cash and many others.

    coinbase canadacoinbase canada

    The deposit fees using a debit card are 3.99% which is a high cost of entry for new investors that wants to buy crypto with CAD. Intermediate users and traders can use the Coinbase Pro trading platform has high liquidity and is equipped with the best charting software for crypto and risk management tools that will benefit professional and experienced traders. The fees are very competitive at 0.5% per trade. 

    coinbase canada payment optionscoinbase canada payment options

    Residents in Canada can instantly purchase crypto using a debit card and withdraw funds via PayPal. Similar to Binance, the exchange does not allow bank transfers using a local Canadian bank account. However, Coinbase is best known for its simplicity, ease of use and bank-like security measures to ensure customer funds and personal information are kept safe at all times. To date, there have been no reported hacks and funds stored online are covered by an insurance policy. For more information, read this Coinbase review.

    3. Bitbuy - Best Local Crypto Exchange In Canada

    Bitbuy is a locally owned and operated cryptocurrency exchange that was established in 2016 and is regulated by FINTRAC, an entity of the Federal Government of Canada. The platform offers a reliable, convenient and secure way to buy Bitcoin and other cryptocurrencies and was ranked amongst the 2020's fastest-growing companies in Canada.

    bitbuy websitebitbuy website

    Further to new Canadian regulations, assets held within Bitbuy’s cold storage have been transferred to BitGo Trust Company which is a leading qualified custodian that are purpose-built for storing digital assets. All assets held in custody with BitGo are covered by a comprehensive insurance policy, giving customers can have peace of mind when using Bitbuy.

    Bitbuy is available to customers that reside in Canada only. The exchange is limited to deposits in Canadian dollar (CAD) deposits coming from Canadian banks and/or financial institutions. The exchange does not support payments in US Dollars, Euros or British Pounds.

    bitbuy fund with CADbitbuy fund with CAD

    Bitbuy supports two payment options for its customers located in Canada to deposit CAD to the exchange to use for buying, trading or selling cryptocurrencies. The CAD deposit options include a bank account transfer and Interac e-Transfers which are near-instant.

    For large investments, using a bank or wire transfer is the best way to buy cryptocurrencies with CAD. Customers that are looking to make a smaller and same-day purchase can use Interac e-Transfers which has a minimum spend is $50 up to $10,000. Overall, investors looking for a reliable and trusted cryptocurrency website, BitBuy is an excellent choice. Read this review on BitBuy for more information on its deposit methods, fees, features and security.

    4. Kraken - Best Canadian Exchange For CAD Bank Transfers

    Kraken is a Bitcoin and cryptocurrency exchange that was founded in 2011 that is recommended for trading. The platform is a top 5 exchange based on traffic, liquidity and spot trading volume at the time of writing. Kraken Exchange has over 70 crypto pairs to buy, trade and sell with new assets added frequently. Users can trade crypto and traditional markets such as Forex pairs like the EUR/USD. Since its inception in the market, Kraken has become a leading exchange with a high reputation for ease of use, safety and competitive pricing.

    kraken websitekraken website

    Compared to Binance and Coinbase, there are more options to deposit CAD to Kraken that includes wire transfers, cash at a local Canada Post or SWIFT for internationals. The best method for Canadians to deposit funds is using a local wire transfer which has no fees and takes between 1 and 5 business days to process. A faster method is using cash which takes 30-60 minutes to complete. However, will attract a 1.25 CAD + 0.25% surcharge for convenience.

    There are some restrictions on the supported cryptocurrencies for residents within Canada to be aware of. Certain assets cannot be deposited, held or traded on Kraken for users in Canada such as EWT, GRT, ANKR, BNT ENJ, FLOW, GHST, LPT, MATIC, MKR, RARI, REN, SAND, SUSHI or ZRX.

    kraken CAD deposit feeskraken CAD deposit fees

    One of the perks of trading with Kraken is the accessibility to deep liquidity and stable pricing. While the trading volumes are not as high compared to Binance or Coinbase, Kraken supports 151 cryptocurrencies that can be bought, traded and sold against over 500 markets. The high trading volumes and advanced trading tools make Kraken an ideal crypto day trading platform for retail and institutional investors in Canada.

    The platform is suited for experienced crypto investors to make quick fiat deposits and withdrawals, visualize portfolio performance, track all digital assets in a single location and access a stable trading platform. It is an excellent choice to buy crypto with CAD and trade for other altcoins using the Kraken Pro platform. For more information, read this Kraken review that dissects its features, pros and cons.

    5. Gemini - Best Canadian Crypto Exchange For Security

    Gemini is a regulated cryptocurrency exchange in Canada that was founded by the Winklevoss twins. The exchange has focussed on simplicity and ease of use, making it an appealing way for Canadians to discover popular coins and DeFi tokens through an intuitive and elegant web interface or mobile application. Gemini provides a secure place for individuals, traders and institutions to buy, sell, and store digital currencies and also earn interest. Notable features include an advanced trading platform, custody service, secure wallet, mobile trading app and off-exchange crypto trades.

    gemini canadagemini canada

    Gemini customers in Canada can seamlessly transfer funds into the Gemini Exchange to buy and sell crypto using Canadian Dollars. The most popular method is to deposit funds using a bank transfer or wire transfer which has zero fees. Customers can also buy crypto assets on Gemini using a debit card transaction which incurs a 3.49% fee on the total amount, which is slightly cheaper than Coinbase.

    Overall, Gemini is recommended for Canadians due to its support for local bank transfers with zero fees and the beginner-friendly user interface on its desktop and mobile apps. In fact, Gemini features one of the best apps to securely and easily buy and sell crypto. To learn more about Gemini and why we picked it, read this Gemini review next.

    gemini CAD deposit feesgemini CAD deposit fees

    6. Crypto.com - Best Exchange In Canada For Mobile App

    With over 10 million customers worldwide, Crypto.com Exchange and Crypto.com App are premium cryptocurrency services that are ideal for beginners and experienced investors to purchase crypto using Canadian dollars and trade on their advanced trading platform. The platform can be used to buy, sell, trade, spend, store, earn, loan cash and even pay bills with crypto. 

    The Crypto.com App offers very good deals for new and existing cryptocurrency investors such as:

    • 90 days of zero-fee crypto trading for new users
    • Up to 50% trading fee reduction on all trades for existing users of the Exchange
    • 2% bonus deposit interest rate for deposits made in the first 30 days
    • Send crypto to Crypto.com App users instantly without fees
    • Buy Bitcoin with 0% credit card fees

    There is the option to buy crypto assets using a credit card for Canadians, however, the current banks are not crypto-friendly and have been reports of the transaction being blocked. An alternative is to use a debit card on the Crypto.com app or use e-transfer through a local bank account that supports Autodeposit. For a list of Canadian banks that support Autodeposit, read our full Crypto.com review that lists the available deposit methods and fiat currencies.

    crypto.com exchangecrypto.com exchange

    7. CEX.IO - Best Option in Canada For Credit Card Purchases

    CEX.IO is a popular crypto exchange to buy Bitcoins instantly using its website or mobile app. CEX.IO is considered to be one of the best crypto exchanges to buy Bitcoin, Dash, XRP, Stella and others with Canadian dollars. The exchange supports a wide variety of deposit methods including credit cards, debit cards, bank transfers, Skrill and more. For Canadians, the best method to deposit CAD is using a VISA or Mastercard. CEX.IO is also one of the few crypto exchanges in the world that lets customers sell coins and instantly withdraw fiat profits to a VISA or Mastercard or CEX.IO balance. 

    CEX.IO CanadaCEX.IO Canada

    In terms of trading fees, CEX.IO uses a maker and taker model to determine the appropriate fee to charge users on the exchange. The fees start from 0.25% and 0.16% respectively and reduce with higher trading volumes over a 30-day period. For credit or debit card purchases using a VISA or Mastercard, a fee of 2.99% applies to deposits and up to 3% + $5 to withdraw money back to the bank card.

    Overall, CEX.IO is a solid exchange available for Canadians to use that is simple to use and has lower card fees compared to Coinbase. The beginner-friendly desktop and mobile application make CEX.IO suitable for individuals with all levels of experience. A detailed overview of CEX.IO and its benefits can be found in our full review.

    8. NDAX - Best Cryptocurrency Exchange In Canada With Low Spreads

    NDAX.IO, otherwise known as the National Digital Asset Exchange, is a local cryptocurrency trading exchange based in the province of Alberta. The exchange allows residents within Canada to buy, trade and sell 13 cryptos such as Bitcoin, Ethereum, Dogecoin and others. NDAX.IO has been designed for beginners with its easy-to-use platform and offers a variety of features such as same-day CAD deposit and withdrawals, low trading fees, a mobile trading app, OTC desk and includes a crypto portfolio tracker to manage crypto assets.

    The Canadian crypto exchange supports 13 digital currencies that can be bought and sold using Canadian Dollars or US Dollars. The available assets include BTC, ETH, LTC, ADA, XRP, BCH, UNI, DOGE, USDT, LINK, DOT, XLM and EOS. Each currency can be traded against CAD or USDT.

    ndax canada websitendax canada website

    NDAX is one of the safest cryptocurrency exchanges in Canada and has partnered with Ledger Vault, an institutional-grade digital asset security solution to bring the highest level of protection. Customer's assets are stored in world-class multi-signature cold storage wallets or Canadian Crown-owned bank in segregated accounts. Since its launch, NDAX has never been hacked or compromised, unlike other Canadian exchanges that have been hacked in the past.

    Overall, NDAX is a good crypto exchange for residents in Canada to convert CAD into digital currencies. Zero CAD deposit or withdrawal fees and low trading fees of 0.2% are a few reasons for NDAX being rated as a top crypto exchange in Canada. To learn more about the benefits and limitations of NDAX, read our full review.

    9. Virgo CX - Best Canadian Platform With No Fees

    VirgoCX is a safe and affordable crypto exchange in Canada that offers a unique point of difference in the market. Individuals can trade digital currencies with zero trading fees and without CAD deposit & withdrawal charges. The exchange is designed for beginners that have lowered the barrier to entry with a simple user experience and reduced fees.

    VirgoCX is slightly different from other Canadian crypto exchanges by offering an easy-to-use trading platform with TradingView charts and an OTC desk for high network individuals. Although the charting experience is basic, traders are equipped with the necessary order types and tools to place trades and monitor positions. A benefit of VirgoCX being a broker is the selection of crypto assets compared to other crypto exchanges in Canada. There are 37 different cryptocurrencies that can be traded against CAD. However, for USD-denominated trading, individuals can only trade against Bitcoin and Tether.

    VirgoCX websiteVirgoCX website

    The crypto exchange is popular for its zero trading fee platform on buy and sell transactions. VirgoCX does not use a flat or tiered fee structure. Instead, it applies a spread fee on the bid and ask price at a premium to the market through its liquidity partners to cover its operating costs. In our review on VirgoCX, we assessed the spread for Bitcoin to be approximately 0.9% which is competitive in the market compared to exchanges that use the traditional trading fee model. Therefore, it is by no means the free crypto trading platform that it alludes to being.

    However, the benefit of incorporating trading fees within the spread (including certain crypto withdrawal network fees) is that it keeps it simple for beginners. Overall, VirgoCX is a reasonable crypto exchange for Canadians but its trading user interface and mobile app were lacking and could be improved. For a full list of the advantages and disadvantages, read our Virgo CX review.

    10. MyBTC - Best Canadian Exchange To Buy Bitcoin Only

    MyBTC is a well-established Canadian cryptocurrency exchange that was launched in 2016. The exchange offers a safe and easy way to purchase Bitcoin using a variety of common payment methods available such as credit/debit cards, Interac E-transfer, bank wire and Flexipin cash vouchers. The crypto exchange is non-custodial by design that allows a secure transfer of BTC directly to the user's wallet.

    A benefit of MyBTC is the simple and easy-to-use interface that will suit all types of individuals with various levels of investing knowledge. The website shows each payment method and its transaction speed, daily limits and verification requirements. The customer can choose a suitable payment method by comparing the options to begin the process to obtain Bitcoin. 

    mybtc websitemybtc website

    MyBTC.CA also has an excellent track record for providing high-quality and responsive customer service. According to Trustpilot, the exchange has an overall star rating of 4.7/5 based on 199 customer reviews. This is the advantage of using MyBTC which is a smaller exchange in Canada compared to the large global options in this list.

    Overall, the process to create an account, completing ID verification and purchasing Bitcoin directly using a hardware wallet is one of the best features. There are also great options to pay for Bitcoin such as Interac e-Transfers, bank wires and credit cards. However, the payment fees are higher than other crypto exchanges in the market which is a major drawback. For a full assessment of the fees, read this MyBTC review.

    Crypto Exchanges In Canada Comparisons

    This comparison guide provides an overview of the most popular crypto exchanges in Canada to buy, trade and sell Bitcoin and other altcoins. Our assessment is based on thorough research into the crypto exchanges features, trading pairs, payment options, supported currencies, trading fees, customer support and security methods.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Binance

    Binance

    600+0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit BinanceBinance Review
    Coinbase Logo

    Coinbase

    250+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    $5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
    BitBuyBitBuy

    BitBuy

    190.2%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    $20 bonus for deposits greater than $250Visit BitBuyBitBuy Review
    Kraken

    Kraken

    1950.16% / 0.26%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit KrakenKraken Review
    gemini exchange

    Gemini

    26+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit GeminiGemini Review
    crypto.com

    Crypto.com Exchange

    90+0.4%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.5/5
    StarStarStarStarEmpty Star
    $10 when stake > 1000 CRO tokensVisit Crypto.com...Crypto.com Exchange Review
    cex.io logo

    CEX.IO

    100+0.25% / 0.15%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.2/5
    StarStarStarStarEmpty Star
    None available at this timeVisit CEX.IOCEX.IO Review
    NDAX logoNDAX logo

    NDAX

    130.2%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4/5
    StarStarStarStarEmpty Star
    None available at this timeVisit NDAXNDAX Review
    VirgoCX logoVirgoCX logo

    VirgoCX

    37Included in spread
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4/5
    StarStarStarStarEmpty Star
    None available at this timeVisit VirgoCXVirgoCX Review
    MyBTC logoMyBTC logo

    MyBTC

    BitcoinIncluded in deposit fee
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    3.7/5
    StarStarStarEmpty StarEmpty Star
    None available at this timeVisit MyBTCMyBTC Review

    How We Picked The Best Canadian Crypto Exchanges

    With so many cryptocurrency exchanges to use, it can be a challenging task for beginners. We have individually researched each exchange listed above and rated the performance against the following criteria. For more information on the categories assessed when comparing the best exchanges, read our full exchange review methodology process.

    • Trusted and regulated. Using a FINTRAC-regulated crypto exchange is the safest option to buy and sell crypto in Canada. A global crypto exchange that supports customers from Canada and is regulated within the USA is also a good option. The US enforces some of the world's highest standards of financial laws and regulations that govern the digital currency industry.
    • Ease of use. The overall user experience and ease of use are important considerations for beginners that have limited experience using a crypto exchange, broker or trading platform. New investors looking to convert fiat currency to cryptocurrencies are better suited to using a simple and quick user interface on a desktop or a mobile app. We assess the user-friendliness of the desktop and mobile applications.
    • Deposit methods. The availability of local supported payment methods to fund an account should be at the forefront of new investors in Canada. Our rating checks the deposit methods available for residents in Canada using Canadian Dollars. For example, one of the quickest and most accessible deposit options is using a credit card linked to a local bank.
    • CAD withdrawal methods. Not all crypto exchanges allow the withdrawal of CAD to a bank account. This is an important feature for investors that will eventually cash out of their investment to a personal bank account.
    • Supported crypto. Bitcoin is widely available on the vast majority of digital currency platforms. However, there are thousands of other altcoins and tokens that have become popular. Our rating takes into consideration the number of cryptocurrency assets available and the trading pairs against cryptos and fiat currencies.
    • Wallet security. The risk of online scams, fraud and theft is a major concern in the blockchain community, particular when using a centralized crypto exchange. Our scoring system assesses the platform's security features to ensure the safety and protection of funds stored by the exchange. Common security measures include cold wallet storage, multi-signature withdrawal process and Two-Factor Authentication (2FA).
    • Fees. There are several different fee structures to be aware of when using a crypto exchange. There are fees to deposit CAD using a variety of deposit methods, withdraw funds and trade between assets. Exchanges also charge spread fee which is often a 'hidden cost' and not fully disclosed. Our review takes into consideration all fees associated with depositing, buying, trading, selling and withdrawing on a crypto exchange.
    • Customer support. Explore the website of the crypto exchange to find out what communication methods are available to support users that need troubleshooting advice or assistance on the exchange. Most crypto exchanges will provide comprehensive FAQ's and How-To-Guides which are useful for beginners to get started with crypto.
    • Reviews. Search for online crypto exchange reviews, forum comments and posts on social media is a great way to see what experience other investors and traders have had with the selected crypto exchanges.

    Types Of Canadian Crypto Exchanges

    There are different types of cryptocurrency exchanges to select from in Canada which can depend on the users level of experience with investing and trading financial markets. We have outlined the basic types below for each category of investor.

    Cryptocurrency Broker

    Brokers do not maintain their own order books and aggregate prices from the largest exchanges in the world to offer the best rates and prices. The platforms are highly suited to beginners that want to buy Bitcoin and cryptocurrency in a simple and easy manner. The platform will comprise of a simple buy and sell order window for users to enter in the amount of crypto to buy using local currency. 

    Cryptocurrency CFD Provider

    Other brokers such as Plus500 (CFD service. Your capital is at risk) provide an alternate way for investors to buy cryptocurrency and index funds. These platforms allow traders to speculate on the direction of the price without purchasing the real asset. A Contract For Difference (CFD) follows the price of the asset and can be traded in both directions (e.g. long or short) and with leverage.

    Traders can use a CFD provider to practice crypto trading on a demo platform or prefer to earn profits in local fiat currency while still participating in the cryptocurrency market.

    Cryptocurrency Trading Exchange

    Cryptocurrency trading exchanges such as Coinbase Pro and Binance offer modern and feature-rich platforms with advanced charting packages to allow intermediate to experienced traders to buy, trade and sell crypto for other coins. These types of altcoin platforms are suited to traders that are looking to diversify their portfolios and trade between altcoins.

    Trading exchanges feature highly intuitive user interfaces with charting features and tools such as technical indicators, drawing tools and chart patterns to allow traders to analyze the price action and identify trading opportunities.

    binance advanced tradingbinance advanced trading

    Futures & Derivatives Cryptocurrency Exchanges

    Derivative exchanges such as Bybit and FTX are recommended for experienced traders only that have an understanding of how to use leverage trading, how and when to use maker and taker orders and have sound risk management principles. Using leveraged positions is risky and traders can potentially lose more than what they deposited into an account. Advanced traders can use leverage up to 100:1 on positions to long or short the market and take advantage of small price movements to grow a trading account very quickly, however, comes with increased risk.

    List of Best Crypto Exchanges For Canada

    Best Crypto Exchange With Low Fees

    When looking for the cheapest cryptocurrency exchanges within Canada, it is important to consider the trading fee and also spread. One of the lowest fee cryptocurrency exchanges is Binance with fees between 0% to 0.1%. There are even zero fees for trading 13 Bitcoin pairs at the time of writing making it one of the lowest fee crypto trading platforms in the market.

    Best Crypto Exchange For Beginners

    BitBuy is one of the best websites for buying and selling crypto for beginners using the Express Feature. Individuals can use the clean, intuitive, easy-to-navigate platform which is fully responsive for mobile devices that includes all the trading features available on the desktop version of the site. Runner up for the most user-friendly crypto trading platform is Coinbase.

    bitbuy express tradebitbuy express trade

    Best Crypto Exchange To Buy Bitcoin

    Based on our reviews, Kraken is the best cryptocurrency exchange to buy Bitcoin in Canada as it directly supports local deposit methods using Canadian Dollars. The benefit of using Kraken is access to its advanced trading exchange for individuals to convert Bitcoin into other altcoins such as Ethereum without having to transfer the funds off the exchange.

    Best Crypto Exchange To Buy Ethereum

    Based on our reviews, Kraken is the better exchange to buy Ethereum in Canada. Kraken support CAD deposits with zero fees, deep liquidity to offer lower spreads on its trading pairs and the ability to swap Ethereum to other digital assets. There are also no fees to cash out of Ethereum to CAD and withdraw to a bank account.

    Best Crypto Exchange To Buy Altcoins

    Binance is the world's largest cryptocurrency exchange in the world with over 600 coins to buy/sell and trade in Canada against fiat currencies and stablecoins. Binance exchange has become a popular destination for crypto traders and enthusiasts of all skill levels to start trading on the exchange due to its high liquidity on altcoin pairs, low trading fees and advanced trading engine. 

    Best Crypto Exchange For Safety

    The Gemini platform is one of the safest cryptocurrency exchanges to buy and sell digital assets. The digital asset exchange features institutional-grade measures to protect its user's information and funds stored on the platform. Security features include cold wallet storage, multi-signature withdrawal process, Two Factor Authentication, encryption, whitelisting addresses and brute force login protection.

    gemini accreditationgemini accreditation

    Best Crypto Trading App

    Crypto.com is widely known for having the best crypto app in the industry. The app can be used to create an account, deposit funds, buy and sell crypto and withdraw funds. The Crypto.com app has a fully responsive interface where users can manage their portfolio, send crypto to other users and make instant payments in crypto.

    Cryptocurrency Exchanges That Allow Cash Deposit

    Kraken allows individuals in Canada to buy cryptocurrency using a cash deposit at a local news agency. The fees are 1.25 CAD and 0.25% of the total amount, which is slightly higher than a wire transfer using a local bank. The benefit of a cash deposit is the processing time which takes between 30 minutes and 1 hour to complete. There is a minimum deposit amount of 20 CAD using a cash payment.

    Cryptocurrency Exchanges That Don't Require ID

    Individuals that convert fiat currency (e.g. Canadian Dollars) into cryptocurrency (e.g. Bitcoin) using an online exchange generally need to submit identification documents. This is mandated by the anti-money laundering and counter-terrorism financing (AML/CTF) regulator. There are some exceptions to the rule such as P2P crypto websites like Paxful. These platforms allow users to buy and sell directly with each other that don't always require ID depending on the method of payment. 

    Frequently Asked Questions

    Based on our research, Binance has the cheapest fees to trade crypto to crypto with fees between 0% and 0.1% that reduces depending on the trading volume over a 30-day period. The trading fee can be further reduced by up to 25% through the Binance Referral and Rewards Program. However, the exchange does not offer a direct option to deposit Canadian Dollars and convert to Bitcoin. Individuals will need to use another exchange in Canada to convert CAD into crypto before trading on Binance.

    Kraken offers very low fees based on a maker and taker fee structure that start from 0.16% and 0.26% respectively and reduce with increased trading volume. Individuals can directly deposit CAD to Kraken using a domestic wire transfer with no fees and is a cost-effective option for beginners.

    Coinbase is a reputable and popular cryptocurrency exchange that is available for individuals in Canada to buy and sell crypto. The exchange is recommended for beginners due to its ease of use and security of funds held in their custody. The options for residents in Canada to deposit CAD is limited to a debit card only which has a fee of 3.99%. There is no option to use a bank transfer or withdraw Canadian Dollars to a bank account.

    Banks in Canada do not accept crypto transactions or provide custody services to store customer's cryptocurrency assets. There are reports of the Royal Bank of Canada, TD Bank and Scotiabank blocking credit card crypto purchases. However, the banks appear to allow CAD transfers using e-Interac and debit cards.

    Conclusion

    To conclude our article on the best cryptocurrency exchanges in Canada, it is recommended to stick with the popular and reputable exchange that supports Canadian residents. Equally as important, the exchange should accept CAD to avoid foreign conversion fees and be regulated by the authority FINTRAC. In short, our pick for the best Canadian crypto exchange is Binance which is best suited to beginners and experienced investors and traders alike.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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