Best Bitcoin Exchanges in Canada for April 2024

Canadian Bitcoin exchanges enable you to buy and sell Bitcoin and other cryptocurrencies in Canada.  But, with over 600 crypto exchanges out there, choosing the best crypto trading app may be challenging.

This article covers the best Bitcoin exchanges in Canada so that you can choose a popular Bitcoin exchange that fits your crypto needs.

Best Bitcoin Exchanges of 2024 Ranked

1. CoinSmart (now Bitbuy)

Launched in 2018, CoinSmart (now a part of WonderFi – Bitbuy) is our top pick for the best Canadian Bitcoin exchanges for users looking to trade or invest in a curated selection of popular digital currencies. 

The Toronto-based exchange offers a limited selection of 16 crypto coins, including BTC, ETH, LTC, XLM, SHIB, MATIC, LINK, DOGE, and more, at competitive fees of 0.2% and 0.3%

CoinSmart Features

• Instant account verification and same-day deposits
• Competitive fees
• Supports CAD, USD, and EUR as fiat
• Has on OTC desk to fill block trades of $25,000 and above
• Customer support via live chat, AI chatbot, and a comprehensive FAQ

Pros of CoinSmart	Cons of CoinSmart
+Faster fiat deposits +An easy-to-use web interface and crypto app +Free deposits for bank wire and interact e-Transfer of $2,000+	-Only around 40 popular coins -Bank wire and Electronic Funds Transfer withdrawals take up to 5 days -1.5% fee on Interact e-Transfer deposits below $2,000 -1% withdrawal fees

Why we choose it: CoinSmart offers top security via cold storage, 2FA, and crypto custody with Bitgo and Fireblocks. Again, CoinSmart is a FINTRACT-registered MSB regulated by the OSC as a restricted crypto dealer.

Its generous signup bonus of $50 if you deposit $200 or more is also a big plus.

2. Netcoins

Netcoins is a Canadian crypto trading platform that offers Bitcoin and 35+ other digital currencies, and free fiat deposits/withdrawals.

You can start trading Bitcoin with as little as $10 at flat fees of 0.5% on buy/sell orders.

Netcoins features

• Automated, instant account verification process
• Netcoins mobile app to fund, trade, and withdraw on the go
• Offers ETH staking
• Customer support via phone, live chat, and email

Pros of Netcoins	Cons of Netcoins
+A simple platform for beginners +A mobile crypto app to trade and transact on the go +Free deposits and withdrawals for fiat +Offers a prepaid crypto card	– Bank wire transfers below a certain limit incur fees +No advanced charting or trading tools +Limited trading and staking options

Why we choose it: Netcoins’ free deposits and withdrawals make it an attractive platform for buying crypto with CAD, and its low minimum investment of $10 is a plus for smaller investors.

Plus, you get a $25 cash bonus if you trade $50 worth of crypto.

3. VirgoCX

VirgoCX is a popular Bitcoin exchange in Canada that offers free fiat deposits and withdrawals and charges no extra trading fees.

The platform offers a wider selection of 60+ digital coins and multiple ways to fund your VirgoCX wallet with fiat, including Interac e-Transfer, wire transfer, Bill Payment, and credit/debit card crypto buys.

To make money, VirgoCX applies hidden bid-ask spreads of 0.5%-2.5%, which can get quite expensive depending on the asset tier you trade.

Virgo CX features

• Advanced charting and Tradingview tools
• A FINTRAC-registered MSB regulated by CSA as a restricted dealer
• PIPEDA compliant
• Cold storage secured by Coinbase Custody
• 1 million CAD crime insurance coverage

Pros of VirgoCX	Cons of VirgoCX
+Free fiat deposits/withdrawals +Multiple ways to fund your wallet +Offer a wider selection of 60+ cryptocurrencies	-Expensive bid-ask spreads -Limited trading options -Doesn’t offer crypto staking -Debit/credit card charges of 2.99% and 3.99%

Why we chose it: VirgoCX offers an advanced trading platform, which is great for seasoned Canadian crypto investors. Though its bid-asks spread are quite high, the platform levies no extra trading fees or deposit/withdrawal fees, which is a plus.

Also, there’s an attractive $20 bonus if you complete KYC verification and deposit $100 or more.

4. Wealthsimple Crypto

Wealthsimple Crypto is a top Canadian Bitcoin exchange great for beginners and long-term investors looking to invest in Bitcoin, stocks, and ETFs on the same platform.

This crypto trading platform offers commission-free trading of Bitcoin and 50+ other digital coins and charges no extra deposit/withdrawal fees. 

You only incur an in-built bid-ask spread fee of 1.5%-2%, which can get quite expensive if you trade regularly.

Wealthsimple Crypto features

• Offers commission-free trading
• Trade crypto, stocks, and ETFs on the same platform
• Stake ETH, ADA, and SOL  and earn up to 4.5% APY
• Limit orders to buy at your preferred price
• Top security via cold storage and over $200M in insurance
• Instant deposits up to $50,000
• In-app crypto news and price alerts

Wealthsimple Crypto Pros	Wealthsimple Crypto cons
+All-in-one pricing: No extra trading, deposit, or withdrawal fees +Cold storage insurance of $200M+ +Coincaver insurance for funds in hot wallets +Earn staking rewards up to 4.5%	-A simple platform with no advanced trading tools -Expensive bid-ask spreads

Why we chose it: Wealthsimple Crypto is among the best crypto trading apps in Canada because it allows you to diversify your investment portfolio with crypto while also investing in stocks and ETFs. 

Though spread fees run up to 2%, they may be worth it as you won’t deal with any extra trading or deposit/withdrawal costs.

If you create a Wealthsimple Crypto account and deposit $150+, you get a $25 cash bonus.

5. Shakepay

Shakepay is a top crypto trading app best for Canadians looking to invest in Bitcoin and Ethereum. This crypto trading platform offers commission-free trading and doesn’t charge any extra deposit/withdrawal fees for fiat and crypto.

If you choose Shakepay as your best crypto exchange for day trading, you’ll be joining 1M+ Canadians who have traded over 9B+ in digital currency on the platform.

Shakepay features

• Instant account setup and verification
• commission-free trading of BTC and ETH
• Intuitive web interface and the Shakepay mobile app to trade on the go
• Shakepay crypto card to spend funds and earn 1% in free Bitcoin

• Top security via 2FA, cold storage, insurance, data encryption, address whitelisting, etc.
• FINTRAC and Revenu Quebec licensed MSB

Shakepay pros	Shakepay cons
+Charges no extra trading fees +Free deposits and withdrawals +An intuitive, beginner-friendly web interface and mobile app +A simple platform to trade BTC & ETH	-Only offers BTC and ETH -Applies undisclosed bid-ask spread on buy/sell orders -A basic interface with no advanced charting or trading tools

Why we chose it: Shakepay made it to our list due to its simple, intuitive web interface and mobile app, making Bitcoin and Ethereum accessible to Canadians on desktop and mobile. 

Though Shakepay doesn’t disclose its bid-ask spreads, it offers commission-free trading with no deposit/withdrawal fees, making it attractive to users looking to slash their trading costs.

Related: CoinSmart vs Shakepay

6. Kraken

Operating in 190+ countries, Kraken is among the largest Bitcoin exchanges. It offers Bitcoin and several other cryptocurrencies.

This popular Bitcoin exchange is trusted by 9M+ users due to its robust security and different trading options, including spot & margin trading, gas-free NFTs, crypto futures, and crypto staking of 12+ digital assets.

Kraken features

• A FINTRAC-registered MSB in Canada
• Supports CAD, USD, and EUR as fiat
• Multiple funding options: wire transfer, Etana Custody, e-transfer, ACH transfer, credit card, crypto deposits
• Crypto staking
• Access 65+ crypto futures contracts
• Trade NFT with zero gas fees
• Advanced Kraken Pro crypto app to trade on the go

Kraken pros	Kraken cons
+Low fees +An old, established exchange launched in 2011 +Many trading options +Stake and earn +Gas-free NFT trading +To security standards	-Kraken Pro’s advanced features can be overwhelming to beginners

Why we choose it: Kraken is an old, established Bitcoin exchange that charges low fees and offers many crypto trading options. It also has top security via 2FA, SSL encryption, 95% cold storage in secure cages under 24/7 surveillance, Yubikey & Google Authenticator support, etc. 

7. Bitcoin Well

Bitcoin Well is an established Bitcoin ATM company based in Edmonton and has been in operation since 2013.

It’s a top Canadian Bitcoin exchange that allows users to buy/sell Bitcoin with cash through its network of 280+ Bitcoin ATMs across Canada. It also offers web-based BTC trades via Interac e-transfer, wire transfer, and Visa Debit.

Bitcoin Well ATM fees range between 9%-15% depending on ATM location, while online transactions have a flat fee of 0.5%

Bitcoin Well features

• The first publicly-traded Bitcoin ATM company in the world (TSXV: BTCW)
• FINTRAC and Revenu Quebec registered company
• Uses a non-custodial model, giving you full control of your coins
• An ATM locator to find Bitcoin Well ATMs near you
• Offers Bitcoin ATMs, local OTC services, and online BTC trades

Bitcoin Well Pros	Bitcoin Well Cons
+A wide network of 280+ ATMs +Trade Bitcoin with simple Buy/Sell buttons +Purchased Bitcoin is sent directly to your wallets +Doesn’t hold users’ funds, giving it a regulatory edge	-ATM fees of up to 15% are quite high -Offers only Bitcoin -No ATMs in some parts

Why we chose it: Bitcoin Well is a popular Bitcoin exchange because it enables Canadians to access Bitcoin with the same convenience as they have with regular banking services. It has also been around since 2013, hence has somehow survived the test of time.

8. Coinbase

Coinbase is one of the best US Bitcoin exchanges operating in Canada and 100+ other countries and offers Bitcoin and 250+ other cryptocurrencies.

The popular Bitcoin exchange has been in operation since 2012 and is great for beginners and experienced, high-volume traders.

That said, Coinbase fees run higher than average. Orders of $10-$200 on Coinbase Simple incur flat fees of between $0.99-$2.99, while orders above $200 attract a 1.49% fee.

Maker fees on Coinbase Advanced range from 0%-0.4%, while taker fees start at 0.6% and decrease to 0.05% as your trading volume increases from $10k-400M+

Coinbase features

• Offers crypto staking, crypto futures, NFTs, crypto loans, and a crypto card
• A self-custody wallet to give users full control over their private keys.
• Fund your Canadian Coinbase wallet via PayPal, Interac e-Transfer, or a debit card
• Top security via 2FA, address whitelisting, up to $250K FDIC insurance for USD balance, etc
• Simple and advanced interfaces to accommodate beginner and experienced users

Coinbase Pros	Coinbase cons
+A wide crypto selection +Beginner-friendly interface +A crypto card to spend your Bitcoin and earn crypto rewards. +Access to crypto-backed loans +Top security +FDIC insurance for USD balances	-Complex fee structure -High fees for low-volume traders -Still undergoing the registration process in Canada

Why we chose it: Coinbase made it to our list of the best Canadian Bitcoin exchanges because of its long-standing operation history (since 2012) and industry-leading security features to protect user funds.

If you sign up and trade $100 worth of crypto, you get a $10 cash bonus in Bitcoin

Related: Wealthsimple Crypto vs Coinbase

9. Crypto.com

Launched in 2016, Crypto.com is one of the largest Bitcoin exchanges operating in 100+ countries, including Canada. It is also among the best crypto exchange for day trading because of its low fees.

The Singapore-based exchange also has its own token, CRO, which users can hold to unlock fee discounts, fee rebates, and earn extra staking rewards.

Crypto.com features

• Supports 250+ cryptocurrencies and 20+ fiat currencies
• Offers spot & margin trading, crypto futures, and perpetual contracts
• Over 21+ staking coins
• An OTC desk to fill block trades 
• An NFT marketplace
• Free tax preparation tools
• A crypto card to spend and earn up to 5% cash back
• Send and receive crypto payments with Crypto.com Pay

Crypto.com pros	Crypto.com cons
+A wide crypto selection +Low fees +Earn staking rewards up to 12.5% +Many trading options	-Confusing fee discounts and rebates structure -An advanced platform that may be overwhelming for beginners

Why we chose it: Crypto.com is a popular Bitcoin exchange in our list due to its low fees, many crypto trading options, and several staking assets. It also offers free tax preparation tools and a crypto card with a high cash-back reward of up to 5%.

What is a Bitcoin (Crypto) Exchange?

A Bitcoin exchange is an online platform, ATM, or mobile app that enables you to buy and sell Bitcoin. The best Bitcoin exchanges offer Bitcoin and other cryptocurrencies so that you can choose the coins you want to trade or invest in.

How To Choose a Bitcoin Exchange in Canada

You should consider several factors when choosing the best Canadian Bitcoin exchanges. The top ones include:

• Availability in your region
• Supported cryptocurrencies
• Account funding/withdrawal methods
• Trading fees and deposit/withdrawal fee charged
• User reviews to establish credibility and trustworthiness
• Security features and regulatory compliance

How To Open a Bitcoin Exchange Account

Below is a step-by-step guide on how to open a Bitcoin exchange account in Canada.

Step 1:  Choose an exchange

Choose one of the exchanges in our list and click through to get to the home page.

Step 2: Sign up

Click the Sign-Up or Register button and enter your email and password to begin the registration process.

Step 3: Verify your identity

Most Canadian Bitcoin exchanges, like CoinSmart, offer automated KYC verification by running an identity check with the credit bureaus.

Step 4: Upload identification documents

If automatic verification fails, provide a photo of your government-issued ID, passport, or driver’s license, and a selfie photo of yourself to get verified manually.

Step 5: Fund your account

Once your account is set up, deposit CAD or USD into your wallet via any of the supported transfer methods.

Step 6: Start trading

With money in your wallet, browse the exchange’s crypto offerings and buy bitcoin or any other coins of your choice.

Bitcoin Exchange vs Bitcoin Wallet

A Bitcoin exchange is a platform where you buy/sell Bitcoin and other cryptocurrencies, while a Bitcoin Wallet is your blockchain account that holds or stores your purchased Bitcoin and other cryptocurrencies.

Types of Bitcoin Exchanges in Canada

There are three types of Bitcoin Exchanges in Canada, namely:

Centralized exchanges

Your crypto is stored in the exchange’s custodial wallet. You don’t have full control of your crypto keys.

Decentralized exchanges

They facilitate crypto trades. You can buy your coins and send them into your external, non-custodial wallet, where you have full control of your private keys.

Hybrid crypto exchanges

They offer both custodial and non-custodial Bitcoin wallets.

Bitcoin Exchange Fees

Basically, there are two types of Bitcoin exchange fees that you’ll incur when trading Bitcoin on popular Bitcoin exchanges, including:

Trading fees

These are transaction fees charged by your Bitcoin trading platform on buy/sell orders. They may be flat fees, volume-based maker-taker fees, or all-in-one bid-ask spreads.

Deposit/Withdrawal fees

These are fees charged by your exchange when converting fiat to crypto or crypto to fiat. You may also incur transaction costs when sending Bitcoin and other cryptocurrencies through different crypto networks.

Methodology

In our choice of best Bitcoin exchanges, we considered several factors, including availability in Canada, registration and compliance with Canadian Authorities’ crypto guidelines, operation history, Bitcoin exchanges fees charged, user reviews, user interface’s ease of use, etc.

The information is this article is for educational purposes only, and we don’t direct or advise people to invest in crypto or use particular cryptocurrencies. Depending on your financial situation, and crypto trading knowledge and experience, the crypto trading platforms in our list may or may not fit your circumstances.

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.