Are you looking to buy Bitcoin in Canada? Below, we cover some of the best trading apps and crypto exchanges for buying Bitcoin.
Bitcoin trading is top-of-mind for many people today. One could say that the cryptocurrency is a distraction from time-tested investment strategies, or you could posit that the current hype about Bitcoin and other tokens underpins a once-in-a-lifetime opportunity.
Whatever your stance is, it appears that digital currencies are here to stay.
Bitcoin trading sites make it easy for everyday investors to convert fiat currencies (e.g. Canadian dollars) to a cryptocurrency of their choice.
They provide access to a crypto exchange where buyers, sellers, and the information available determine price action.
After reviewing several crypto exchanges offering Bitcoin in Canada, our top choice is Bitbuy ($50 welcome offer).
Best Bitcoin Trading Apps and Platforms in Canada
Five of the best Bitcoin platforms below are based in Canada, and two are international.
1. Bitbuy
Bitbuy was founded in 2016 and has its headquarters in Toronto. It is approved by the Ontario Securities Commission and the Canadian Securities Administrators as the first Canadian registered marketplace for crypto assets.
You can use its trading platform to buy and sell Bitcoin, Stellar, Litecoin, Ethereum, Chainlink, Aave, Bitcoin Cash, and several more (40+).
Bitbuy offers an Express Trade platform for beginners who want to make one-click trades, as well as a Pro Trade platform for experienced traders.
To fund your account, you can use Interac e-Transfer or bank wire.
Fees: 0% to 2% trading fee; crypto withdrawal fees vary; fiat deposit is free.
Promotion: New clients get a $50 bonus after verifying their identity (KYC) and making a first deposit of $250 or more.
Bitbuy Crypto Exchange
Get a $50 bonus if your initial deposit exceeds $250
Trade approx. 40 coins
Great for new & advanced traders
0% to 2% trading fee
2. VirgoCX
VirgoCX is a Bitcoin trading platform founded in 2018. It supports over 60 cryptocurrencies and has an app for both Android and iOS devices.
VirgoCX also offers an OTC service for institutional buyers and sellers.
To fund your account, you can send fiat through Interac e-Transfer, bill payment, and wire transfer. Crypto deposits are also supported.
Fees: 0.50% to 2.50%, depending on the asset you are buying or selling. This fee is embedded in the price spread.
Promotion: New clients get a $5 bonus after verifying their identity (KYC). An additional $15 bonus is paid when you deposit at least $100 in your account ($20 total bonus).
VirgoCX
Get a $20 bonus when you deposit $100
Great crypto broker for newbies
0.50% to 2.50% trading fee
Trade several popular coins
3. Wealthsimple Crypto
Wealthsimple Crypto is a Bitcoin trading platform for beginners. If you feel overwhelmed by all the various options, order books, order types, and streaming data that a cryptocurrency exchange offers, Wealthsimple Crypto may work for you.
This trading app and platform are available on desktop, iOS, and Android devices.
It supports trading in Bitcoin, Ethereum, Dogecoin, Uniswap, Bitcoin Cash, Litecoin, Basic Attention Token, Aave, Chainlink, Compound, Kyber Network, Maker, Synthetix, Yearn.Finance, Curve, Balancer, and several others.
While you can’t move your coins to an external wallet after purchasing them on Wealthsimple Crypto, they are held in cold storage by Gemini Trust, which is a regulated custodian.
Fees: 1.5% to 2% trading fee. Deposits and withdrawals are free.
Promotion: New clients get a $25 cash bonus after funding with $200 or more.
You can learn more about what it offers in this review.
4. CoinSmart
CoinSmart is one of the best cryptocurrency exchanges in Canada. It is based in Toronto and is one of the few platforms that allow you to buy Bitcoin using a credit card (this platform is now owned by WonderFi and part of Bitbuy).
It offers trading in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, EOS, NEO, Stellar, Cardano, Uniswap, Shiba Inu, Polkadot, Solana, Avalanche, and several others.
Clients can fund their accounts using Interac e-Transfer, bank wire, bank draft, credit card, debit card, and SEPA. This platform is available in multiple countries in Europe as well.
Fees: 0.20% trading fees; 0% for bank wire and draft deposits; free Interac e-Transfers (from $2,000). Crypto withdrawal fees vary.
CoinSmart offers instant verification, making it easy to start trading on the platform. You earn a $50 cash bonus when you join and deposit $250.
5. Binance
Binance is one of the largest cryptocurrency exchanges in the world, with support for more than 300 coins. It has its own coin referred to as BNB.
Account funding options on Binance include bank SWIFT, credit/debit cards, several cryptocurrencies, and third-party payment platforms.
Fees: Trading fees vary according to your “trading fee level” which is determined by your activity on the platform. The fee at the entry-level tier is 0.10%.
Promotion: New clients get a 20% lifetime discount on fees.
Note that Binance is leaving Canada later this year.
6. Coinberry
Coinberry is a digital currency trading platform that was founded in 2017. You can use it to buy and sell Bitcoin, Ethereum, Litecoin, Ripple, Stellar, Bitcoin Cash, and several other coins in Canada. It is now part of Bitbuy.
Account funding options for this site include Interac e-Transfer and wire transfer.
Fees: Up to 2.50% trading fees; free fiat deposits and withdrawals; digital currency withdrawal fees vary.
Coinberry has a mobile app for iPhones and Android devices. Similar to Wealthsimple Crypto, it also uses Gemini for crypto storage. Learn more in this review.
7. National Digital Asset Exchange (NDAX)
NDAX is a Canada-based digital currency exchange based in Calgary. It has a well-rated iOS app, and its web interface can be used for one-click trades (beginners) or complex strategies if you are an experienced investor.
NDAX can be used to buy and sell Bitcoin, Ethereum, Ripple, Bitcoin Cash, Dogecoin, Cardano, EOS, Stellar, Polkadot, Litecoin, Aave, Uniswap, Chainlink, Tether, and other coins.
To fund your account, you can choose Interac e-Transfer, Wire transfer, and bank draft.
Fees: 0.20% trading fee (one of the lowest); deposits are free; fiat withdrawals cost $4.99, and crypto withdrawal fees vary.
NDAX has one of the most competitive crypto trading fees in Canada. You can read our NDAX breakdown for more details.
8. Coinsquare
Coinsquare is another Bitcoin trading site based in Toronto. It was founded in 2014.
You can use Coinsquare to buy and sell Bitcoin, Bitcoin Cash, Bitcoin Cash SV, Dogecoin, Ripple, Litecoin, Ethereum, Dash, Ethereum Classic, and Stellar.
Account funding options for this platform include Interac e-Transfer and Wire transfer.
Fees: Up to 0.40% trading fees; fiat deposits are free, and withdrawals cost up to 2%.
Coinsquare also has a mobile trading platform for one-click trades.
Methodology:
To choose the best crypto apps in Canada, Savvy New Canadians assesses cryptocurrency exchanges and apps based on their coin offerings, trading and transaction fees, ease of use, access to advanced trading tools, user interface, company reputation, security measures, funding options, and other features. While these crypto trading platforms are some of the top ones on the market, they may not be right for you. Visit the company’s websites using the links to read their current terms and conditions before applying.
What is Bitcoin?
Bitcoin is the most popular cryptocurrency globally and the most successful one based on its market capitalization – $564 billion as of this update.
This digital currency was invented in 2008 by Satoshi Nakamoto, and its mining started in 2009.
The main idea behind this cryptocurrency is “decentralization” and the ability to conduct transactions and make payments without the interference of governments and Central Banks.
Bitcoin is mined by using specialized computers to solve complex algorithms and process transactions (blocks) on the blockchain.
You can easily purchase Bitcoin on a crypto exchange from anywhere in the world, and depending on the exchange you are using, you can fund your account with various fiat money (e.g. CAD, USD, EUR, and GBP).
Most Bitcoin trading sites based in Canada only accept the Canadian dollar.
After purchasing Bitcoin and other tokens, you can hold them in the web wallet provided by the cryptocurrency exchange.
However, this is not very safe. A better option is to withdraw your coins to a hardware wallet (or cold wallet).
Is Bitcoin Trading Safe?
Bitcoin is a speculative asset. Its value/price can swing sharply up or down, and often these volatile price swings are for no apparent reason.
This means you can lose all your money if you buy when the price is high and sell when it is low.
You could also lose your Bitcoin investment to cyber attacks or hacks.
One way to protect your Bitcoin investment is to move your holdings to an offline wallet that is not connected to the internet. This is also referred to as keeping your coins in a “cold” wallet.
That said, the risks do not disappear even when you go offline, as you could still end up misplacing your cold wallet.
Cryptocurrency investments are not insured by government-authorized institutions such as the Canadian Investor Protection Fund (CIPF).
While some Bitcoin trading platforms carry insurance (e.g. via Gemini), it’s unclear whether the insurance coverage will hold up in the event of a large-scale cryptocurrency theft (hack) or bankruptcy.
Finally, governments worldwide view Bitcoin with a certain wariness that could lead to regulatory clampdowns in the future.
Bitcoin Trading Apps in Canada FAQs
The best place to buy Bitcoin is Bitbuy or CoinSmart. These crypto exchanges have low fees, accept multiple fiats, and are registered to offer crypto trading services in Canada.
You can open an account on a crypto exchange like CoinSmart or use a Bitcoin broker like Wealthsimple Crypto. After funding your account, simply place an order to buy Bitcoin.
The best cryptocurrency app for trading cryptocurrency in Canada as a beginner or experienced trader is CoinSmart. It is available on all devices and has low transaction costs.
Bitcoin is not considered to be legal tender in Canada. That said, it is not illegal to buy and sell Bitcoin, and you can also use it for payments wherever it is accepted.
You can make money if you buy Bitcoin at a lower price than what you sell it for. Bitcoin trading involves speculating on its future price, and you can make or lose money.
Many Bitcoin trading sites do not have a minimum balance requirement. However, if you plan on taking advantage of their new client bonuses, you may be required to deposit anywhere from $100 to $250.
Related:
- Best Crypto Exchanges in Canada
- A Beginner’s Guide To Bitcoin
- How To Buy Cardano in Canada
- A Beginner’s Guide To Bitcoin Cash
- Best Ethereum Wallets in Canada
- Best Cardano Wallets
- Qtrade vs Wealthsimple
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.
