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Best Bitcoin Crypto Exchanges in Canada for 2024 ($50 Bonus)

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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

bitbuylogo

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

virgocx logo

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.

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.

Bitcoin Explained

Bitcoin is the most popular cryptocurrency globally and the most successful one based on its market capitalization. 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

What is the best place to buy Bitcoin in Canada?

One of the best places to buy Bitcoin is Bitbuy. This crypto exchange has low fees and is registered to offer crypto trading services in Canada.

How do I trade Bitcoin in Canada?

You can open an account on a crypto exchange like Bitbuy or use a Bitcoin broker like Wealthsimple Crypto. After funding your account, place an order to buy Bitcoin.

Which app is best for cryptocurrency in Canada?

The best cryptocurrency app for trading cryptocurrency in Canada as a beginner or experienced trader is Bitbuy. It is available on all devices and has low transaction costs.

Is Bitcoin legal in Canada?

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.

Can I make money trading Bitcoin?

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.

How much money do you need to start trading Bitcoin?

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:

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.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Top registered and regulated crypto trading platform for Canadians.

$50 instant cash reward when your initial deposit is at least $250 or more.

Access over 45 popular coins and altcoins and staking to earn interest.

Competitive low trading fees for crypto and free deposits.

Get access to advanced trading tools.

Access nearly 80 crypto assets with one-click trading + $20 bonus

Instant deposit with e-Transfer and supports CAD and USD.

$20 bonus when you verify your account and deposit at least $100.

Offers over 80 crypto assets.

0.50% to 2% trading fees; free fiat deposits and withdrawals.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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