17 Best Crypto Exchanges in Canada for July 2022

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by Enoch Omololu

Updated

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Looking to buy cryptocurrency in Canada? In this guide, I cover 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.

Read on to learn about my top picks for the best crypto exchanges in Canada including CoinSmart, NDAX, Bitbuy, Newton, and Binance.

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 into it. 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.

Best Canadian Crypto Exchanges in 2022

Crypto ExchangeCoin SelectionFeesBest For
CoinSmartSeveral popular coins0.20% trading fee; 0% on some deposits/variable withdrawalsBeginners and experienced traders
VirgoCX50+0.50% fee; free fiat deposits/withdrawalsLive order book
Newton60+Up to 0.70%; free fiat deposits/withdrawalsBeginner traders
Wealthsimple Crypto50+Up to 2%; free fiat deposits/withdrawalsBeginner traders

1. CoinSmart

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 may apply to fiat and cryptocurrency withdrawals.

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.

Visit CoinSmart ($50 Bonus)

2. VirgoCX

Screenshot of the VirgoCX canada exchange

VirgoCX is a cryptocurrency exchange founded in 2018. It offers 40+ 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% trading fee; Up to 0.50% fee for fiat withdrawal; fiat 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 $30 bonus when you trade $100 worth of crypto assets. Learn more in this VirgoCX review.

3. NDAX

A screenshot of the NDAX crypto exchange

No list of the best crypto exchanges in Canada is complete without mentioning NDAX.

This top crypto trading platform has one of the lowest fees for cost-conscious crypto enthusiasts.

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 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.

Highlights:

  • One of the lowest fees in Canada
  • Versatile mobile apps
  • Instant ID verification
  • 24/7 live customer support

Sign-up bonus: Get a $10 bonus after depositing at least $100.

Visit NDAX

4. Newton Canada

A screenshot of the Newton crypto exchange

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 commission for depositing or withdrawing fiat and crypto, you pay a price spread up to 0.70% on buy and sell trades.

Security: A majority of 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.

Visit Newton

5. Wealthsimple Crypto

Wealthsimple-Crypto

Wealthsimple Crypto prides itself on being Canada’s first regulated crypto trading platform.

While not the cheapest, Wealthsimple Crypto is the best crypto platform to begin investing as a newbie.

It supports 50+ coins including Ox, 1inch, Aave, Bitcoin, Cosmos, Curve, Doge, Litecoin, Ren, Shiba Inu, Polygon, Polkadot, and several others.

Funding: You can add fiat Electronic Funds Transfer. More recently, it introduced Wealthsimple Crypto Wallets which enable users to transfer BTC and ETH from other wallets into Wealthsimple.

Trading fees: Up to 2% fee per transaction; deposits and withdrawals are free.

Security: Wealthsimple Crypto is a regulated platform. It uses Gemini to keep assets in cold storage and has a partnership 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 trading at least $150 worth of crypto within 30 days of account opening.

Visit Wealthsimple Crypto

6. Coinberry

Screenshot of Coinberry crypto website

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.

Visit Coinberry

7. Bitbuy

A screenshot of the Bitbuy crypto exchange website

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: 0.10% to 0.20% on Bitbuy Pro Trade; 0.20% fee on Express Trade; Up to 1.50% fee on fiat deposits and 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.

Sign-up bonus: Get a $40 bonus when you make an initial deposit of $250 or more.

Visit Bitbuy

8. Binance Canada

Screenshot of the Binance exchange in 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 350+ 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 card, bank transfer, and crypto deposits.

Trading fees: 0.02% to 0.10% for spot trading. Get a 20% lifetime discount on fees when you pay using BNB.

Security: Uses various security strategies to protect your account including cold storage and 2FA. Learn more in this detailed Binance review.

Visit Binance

9. Crypto.com Canada

Screenshot from the Crypto.com exchange website

Crypto.com was founded in 2016 and has over 10 million users around the world.

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 also 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.

Visit 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. Shakepay: This long-standing crypto platform supports Bitcoin and Ethereum trading. Variable fees. Get a $30 bonus or read review.

11. Netcoins: Support 20+ digital currencies and has a 0.50% trading fee. Get a $60 bonus after trading $100 worth of cryptocurrency. Read review.

12. Coinbase: Supports almost 100 popular coins. Traded on the Nasdaq exchange under the ‘COIN’ ticker. High trading fees. Read review.

13. MogoCrypto: Supports only Bitcoin and does not allow transfers to external wallets. Read review.

14. Kraken: This U.S.-based exchange supports several coins, however, trading fees are on the high side. Read review.

15. Coinsquare: Founded in 2014 and supports 10+ coins. Its trading fees are not as competitive. Read review.

16. Gemini: This is a regulated crypto site that is based in the U.S. and is also available in Canada. Its fee structure is not as competitive as the others I have listed.

17. KuCoin: One of the largest exchanges in the world with millions of users. Fees up to 0.1% depending on your account tier.

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 14,000 coins in the crypto universe, the more coins a platform supports, the better it may be if you plan to 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

coinsmart logo

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

What is the best Canadian cryptocurrency exchange?

The best crypto exchange in Canada is CoinSmart. It has low fees, a good selection of coins, and supports more than one fiat currency.

What crypto exchange has the lowest fees in Canada?

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). CoinSmart’s fees are also very competitive.

What crypto exchange is best for beginners in Canada?

I consider Wealthsimple Crypto and Newton to be the best crypto trading platforms for beginners.

What is the best crypto exchange app in Canada?

Binance has the most versatile crypto app with features that allow you to buy crypto, join pools, stake for interest, and trade derivatives. For a Canadian exchange that has no regulatory bans, consider CoinSmart.

What is the best crypto exchange for day trading?

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.

Is Bitbuy legal in Canada?

Yes, Bitbuy is a legal crypto exchange in Canada. All the cryptocurrency exchanges listed in this post can offer services legally in Canada.

Related

17 Best Crypto Exchanges in Canada for July 2022

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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