Looking to buy cryptocurrency in Canada? This guide covers the best Canadian crypto exchanges you can use.
Investing in crypto is more than just jumping on any platform and exchanging your CAD fiat for digital currencies.
You want to consider the security, trading fees, liquidity, coin selection, customer support, and ease of use of the platform before committing to it.
After careful vetting, I summarize my top picks for the best crypto exchanges in Canada, including Wealthsimple Crypto, CoinSmart, NDAX, Bitbuy, Newton, and Binance.
My top recommendation for a low-cost and regulated crypto exchange is CoinSmart ($50 Free BTC offer).
Best Canadian Crypto Exchanges in 2023
| Crypto Exchange | Coin Selection | Fees | Best For |
| CoinSmart | Several popular coins | 0.20% trading fee; 0% on some deposits/variable withdrawals | Beginners and experienced traders, multiple fiats, advanced trading tools |
| Wealthsimple Crypto | 50+ | Up to 2%; free fiat deposits/withdrawals | Beginner and experienced traders (can also trade stocks & ETFs) |
| VirgoCX | 60+ | Up to 2.50% fee; free fiat deposits/withdrawals | Beginner traders |
| Newton | 60+ | Up to 2%; free fiat deposits/withdrawals | Beginner traders |
1. CoinSmart
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $200
CoinSmart is one of the best crypto exchanges for buying crypto in Canada. Founded in 2018 in Toronto, CoinSmart is now publicly traded on the NEO Exchange under the ticker ‘SMRT.’
The platform supports several digital assets, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, USDC, Stellar, Cardano, Chainlink, Shiba Inu, Uniswap, Dogecoin, Solana, Avalanche, Polygon, and EOS.
CoinSmart is also available in several European countries and the U.S.
Funding: Users can fund their accounts using Interac e-Transfer, bank wire, bank draft, credit and debit cards, and SEPA.
Trading fees: 0.20% trading fees. Other fees when you deposit fiat or withdraw fiat and cryptocurrency.
Security: Registered with FINTRAC as a Money Service Business (MSB) in Canada and as a restricted dealer with Ontario Securities Commission (OSC). In the U.S., it is registered with FINCEN. CoinSmart recently joined TRUST, a group of crypto companies that have joined a universal standard to address anti-money laundering regulations.
Accounts in CoinSmart have assets protected using cold storage and 2-Factor Authentication (2FA).
Highlights:
- Has a mobile app for iOS and Android devices
- Competitive low trading fees
- Suitable for beginners and advanced crypto traders
- Instant verifications and same-day deposits
- 24/7 live support
Sign up bonus: Get a $50 BTC bonus when you deposit at least $200 in your new account.
2. Wealthsimple Crypto
Wealthsimple Crypto prides itself on being Canada’s first regulated crypto trading platform. It is also the best crypto platform to begin investing as a newbie or if you want to trade stocks and ETFs in addition to crypto.
It supports 50+ coins, including Ox, 1inch, Aave, Bitcoin, Cosmos, Curve, Doge, Litecoin, Ren, Shiba Inu, Polygon, Polkadot, and several others. And for stocks, you get access to the Wealthsimple Trade platform.
Funding: You can add fiat via bank transfer, debit card, and crypto deposits from an external wallet.
Trading fees: Up to a 2% fee per transaction; however, deposits and withdrawals are free. Stock and ETF trading is commission-free (both buy and sell).
Security: Wealthsimple Crypto is a regulated platform. It uses Gemini to keep assets in cold storage and partners with Coincover to keep your coins safe. Users can also set up 2FA to prevent unauthorized access to their accounts.
Sign-up bonus: Get a $25 cash bonus after depositing at least $150 in your account within 30 days of registration.
Highlights:
- It has a versatile mobile app for iOS and Android devices
- Competitive trading fees with free deposits and withdrawals
- Offers staking for some coins
- Quick verifications and same-day deposits
- Responsive support
3. VirgoCX
VirgoCX is a cryptocurrency exchange founded in 2018. It offers 60+ coins and can also be used to access the following services:
- NFT brokerage services
- OTC
- Foreign exchange
Funding: Interac e-Transfers, wire transfers, and crypto deposits.
VirgoCX is one of a few Canadian crypto exchanges to support multiple currencies (CAD and USD).
Trading fees: 0.50% to 2.50% trading fee; fiat withdrawals and deposits are free.
Security: VirgoCX is registered as a Money Service Business with FINTRAC. As per its website, it utilizes several security measures and policies to protect users’ accounts.
Sign up bonus: Get a $20 bonus when you trade $100 worth of crypto assets ($5 after KYC and an extra $15 after trading $100 or more). Learn more in this VirgoCX review.
4. Newton Canada
Newton Crypto Exchange ranks as one of the best crypto brokerages in Canada with 60+ coins, including hard-to-find ones like AXS, OMG, ZEC, FTM, SHIB, GRT, SAND, CHZ, and UMA.
Newton is available via the web, and you can also download its mobile apps.
Funding: Interac e-Transfer, bank wire, and crypto deposits.
Trading fees: While Newton does not charge a commission for depositing or withdrawing fiat and crypto, you pay a price spread of up to 2.00% on buy and sell trades.
Security: Most coins are kept offline using institutional-grade cold storage. As per its website, Newton is PIPEDA-compliant and is registered with FINTRAC.
Sign-up bonus: Get a $25 bonus when you trade at least $100 worth of crypto.
This platform is best suited for beginners as it lacks advanced charting tools.
5. Binance Canada
The world’s largest cryptocurrency trading platform is also available to Canadians (excluding residents of Ontario).
It has the largest selection of coins of any of the platforms in my ranking of crypto exchanges in Canada, with 650+ coins and tokens.
More experienced crypto traders can also use Binance to access derivates trading and staking.
Funding: Multiple currencies are supported; fund using credit/debit cards, bank transfers, and crypto deposits.
Trading fees: 0.02% to 0.10% for spot trading.
Sign-up bonus: Get a 20% lifetime discount on fees when you pay using BNB, plus a 20% fee discount using our referral link. If you meet the eligibility requirements, Binance also offers up to a $100 welcome bonus.
Security: Uses various security strategies to protect your account, including cold storage and 2FA. Learn more in this detailed Binance review.
6. Coinberry
Coinberry was founded in 2017 and is based in Toronto. It supports 15+ coins, including BTC, ETH, LTC, DOGE, XLM, LINK, BAT, and more.
Funding: Interac e-Transfer and wire transfer.
Trading fees: Up to 2.50% price spread per transaction; fiat deposits and withdrawals are free.
Security: Coinberry is registered as an MSB with FINTRAC in Canada. It keeps most coins in cold storage via Gemini Trust Company LLC, a regulated custodian. Accounts are also protected using 2FA.
Sign-up bonus: Get a $30 bonus when you trade crypto worth at least $50.
Note that you can only withdraw specific coins on Coinberry (BTC, LTC, XRP, and ETH). Others can only be withdrawn as fiat.
7. Bitbuy
Bitbuy is one of the oldest bitcoin exchanges in Canada. Since its founding in 2016, the platform has been used by hundreds of thousands of Canadians to trade over $4 billion in digital assets.
As of this writing, Bitbuy supports several coins, including Ethereum, Bitcoin, Stellar, EOS, Bitcoin Cash, AAVE, Chainlink, Litecoin, and more.
Funding: You can fund your account using Interac e-Transfer, bank wire, and crypto deposits.
Trading fees: Up to 1.50% trading fee; Up to 1.50% fee on fiat withdrawals; crypto withdrawal fees vary.
Security: Bitbuy is a registered MSB with FINTRAC and keeps 99% of crypto assets in cold storage. It also implements 2FA to protect your account.
8. NDAX
No list of the best crypto exchanges in Canada is complete without mentioning NDAX.
NDAX supports 30+ coins, including Bitcoin, Ether, Litecoin, EOS, Dogecoin, Cardano, Shiba Inu, The Graph, Compound, MATIC, USDC, Polkadot, and several others.
It is available on all devices, including mobile phones, where its iOS and Android apps work well.
Funding: NDAX users can add Canadian dollars using Interac e-Transfer, wire transfer, and bank draft. Crypto deposits are also supported.
Trading fees: 0.20% for both buy and sell trades. Fiat and crypto deposits are free; a flat fee applies to fiat and crypto withdrawals.
Security: NDAX is registered with FINTRAC as an MSB in Canada. It keeps users’ fiat at a “Canadian Crown-owned financial institution” and uses cold storage and 2FA to protect your account.
9. Crypto.com Canada
Crypto.com was founded in 2016 and has over 10 million users worldwide.
While it is not based in Canada, Crypto.com is available to residents of Canada who can also apply for their Crypto Visa card.
It supports 150+ coins and offers staking rewards, DeFi, NFTs, and more.
Funding: Bank transfer, debit card, credit card, and crypto deposits.
Trading fees: Up to 0.50% depending on your account tier.
Security: 100% of users’ cryptocurrencies are stored offline in cold storage. Fiat is held at regulated banks, and transactions are protected by multi-factor authentication.
Sign-up bonus: Get a $25 CRO bonus when you stake enough Crypto.com Coin for one of its Visa cards.
Learn more in this detailed review of Crypto.com.
Top Crypto Exchanges in Canada
In addition to the list of the best crypto exchanges in Canada above, you can also take a look at the following ones:
10. Netcoins: Support 30+ digital currencies and has a 0.50% trading fee. Get a $25 bonus after trading $100 worth of cryptocurrency. Read review.
11. Shakepay: This long-standing crypto platform supports Bitcoin and Ethereum trading. Variable fees. Get a $5 bonus or read review.
12. Coinbase: Supports almost 100 popular coins. Traded on the Nasdaq exchange under the ‘COIN’ ticker. High trading fees. Read review.
13. Kraken: This U.S.-based exchange supports several coins; however, trading fees are on the high side. Read review.
14. Coinsquare: Founded in 2014 and supports several coins. Its trading fees are not as competitive. Read review.
15. Gemini: This is a regulated crypto site based in the U.S. and is also available in Canada. Its fee structure is not as competitive as the others I have listed.
16. KuCoin: One of the largest exchanges in the world with millions of users. Fees up to 0.1% depending on your account tier.
17. MogoCrypto: Supports only Bitcoin and does not allow transfers to external wallets. Read review.
Methodology:
To choose the best crypto exchanges in Canada, Savvy New Canadians rates 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.
How To Trade Cryptocurrency in Canada
Want to buy and sell crypto? You will need to first open a cryptocurrency exchange account.
After verifying your identity, fund your new account with Canadian dollars (fiat) or transfer your existing coins from an external wallet or crypto exchange. Some of the best crypto trading platforms accept multiple fiat currencies.
These new funds or coins you have deposited are what you use to purchase the cryptocurrency assets of your choice.
Like any standard exchange or brokerage account, place ‘buy’ trades to acquire new tokens or ‘sell’ trades to dispose of them.
While the default strategy is to leave your crypto assets in your exchange account wallet, it is recommended that you transfer your assets offline when they become significant.
Offline cold storage wallets like Ledger Nano X and Trezor are readily available.
Some other strategies for trading cryptocurrencies include buying them at a crypto ATM or directly from someone else using a P2P crypto service.
What to Look For in the Best Crypto Exchanges in Canada
When looking for the best crypto exchanges in Canada, you should carefully consider these factors:
Trading fees: How much does each transaction cost? If the trading fees are high, it could dampen your overall returns.
User-friendliness: Beginners should avoid advanced trading platforms that are littered with charts and options. While these exchanges offer more flexibility, the options can be overwhelming if you are just learning about crypto.
Funding options: Make sure the exchange supports funding options that best suit your needs. For example, a mix of bank transfer, Interac e-Transfer, and crypto deposits is best. Also, check whether there are fees for each of the funding options.
Regulation: While no crypto exchange in Canada currently offers CIPF (Canadian Investor Protection Fund) protection, check whether they are licensed to operate, and the types of asset protection available.
Security: For maximum security of your assets, you want to be able to move them offline into a hardware wallet like Ledger. Confirm that the exchange uses cold storage to protect users’ coins and find out what they have for privacy protection, account security, insurance, and more.
Trading tools: Experienced crypto traders may need access to charting tools, various order types, live order book, OTC desk, and more.
Customer support: Is 24/7 customer service provided? Is it clear on the website how to contact support and when they are available to provide live responses?
Coins selections: With over 21,000 coins in the crypto universe, the more a platform supports, the better it may be if you dabble in multiple assets.
Is Cryptocurrency Legal in Canada?
Cryptocurrency exchanges can operate legally in Canada, and you can trade crypto without breaking the law.
That said, cryptocurrencies are not legal tender in Canada. Here’s the government’s take on them.
While you can currently make purchases using crypto, there is no direction on how future government regulation may impact the industry.
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $200
Best Crypto Exchange Canada FAQs
The best crypto exchange in Canada for beginners is Wealthsimple Crypto. It has an intuitive user interface, a lengthy selection of coins, and supports multiple securities. For advanced traders, the best crypto exchange in Canada is CoinSmart.
The cheapest crypto exchange in Canada is NDAX. It has a 0.20% trading fee; free fiat and crypto deposits and fiat withdrawals only cost $4.99 (flat fee). Wealthsimple Crypto’s fees are also competitive (no deposit or withdrawal fees).
I consider CoinSmart and Wealthsimple Crypto the best crypto trading platforms for beginners.
Binance has the most versatile crypto app with features that allow you to buy crypto, join pools, stake for interest, and trade derivatives. However, it is not available in Ontario. For a Canadian exchange that has no regulatory bans, consider CoinSmart.
Binance is the best crypto exchange for day trading crypto in Canada, with its live order book and extensive trading tools. CoinSmart, Bitbuy, and NDAX are also very good.
The best crypto exchange in Ontario is CoinSmart. It is registered as a restricted dealer with the Ontario Securities Commission and a money service business with FINTRAC.
One of the safest crypto exchanges in Canada is CoinSmart. Others include Wealthsimple Crypto and Bitbuy. These crypto exchanges keep most of their coin holdings in cold storage to protect them from hackers. That said, no crypto exchange is 100% safe, and you should consider holding your assets in self-custody.
Yes, Bitbuy is a legal crypto exchange in Canada. All the cryptocurrency exchanges listed in this post can offer services legally in Canada.
Related
- Best Bitcoin Wallets
- Best Apps To Buy Bitcoin
- Best Crypto Stocks in Canada
- Bitcoin Guide for Beginners
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.
