Best Crypto Exchanges For Day Trading in Canada in 2023

Cryptocurrencies are highly volatile assets capable of producing substantial price swings daily. Though risky, it presents a golden opportunity to day traders who take advantage of such short-term price fluctuations to profit from the market.

But before you jump, you should have a working day trading strategy and find a Bitcoin trading platform that offers the best tools for day trading.

6 Best Crypto Exchanges For Canadian Day Traders

Below is a rundown of top crypto trading platforms in Canada that you can use to execute your day trading cryptocurrency strategy.

1. Bitbuy

Bitbuy is a top, regulated crypto trading platform in Canada that offers 40+ popular crypto coins, which you can start day trading with as little as $50.

Beginners can buy, sell, and trade crypto on Bitbuy Express, which offers a basic, simple interface. 

If you’re an experienced trader, you can execute your day trading cryptocurrency strategy on Bitbuy Pro, which offers advanced charting, limit & market orders, technical indicators, and more.

For high-volume traders, Bitbuy offers Bitbuy Private Wealth, an OTC desk to fill block trades of $20k-$1M+.

The Bitbuy mobile app mirrors most of the functionality of the web platform to enable you to manage your day trading positions on the go.

Security-wise, Bitbuy supports 2FA, 90% cold storage of assets backed with comprehensive insurance, and it’s a FINTRAC-registered MSB approved by the OSC and the CSA.

Bitbuy Day Trading Fees

Bitbuy fees stand at 2% on Bitbuy Express and between 0.1%-2% on Bitbuy Pro based on your 90-day trading volume. Deposits are free via Interac, bank wire, and debit card, but a fee of 1.5% applies for withdrawals.

2. VirgoCX

VirgoCX is one of the best cryptocurrency websites in Canada offering some of the best cryptos for day trading. The platform offers a wide selection of 60+ hot coins, including popular Metaverse, NFT & web3 coins.

It offers a web platform with advanced charting and Tradingview tools to enable users to carry out in-depth market analysis and execute their day trading cryptocurrency strategies.

There’s also the VirgoCX mobile app, which enables users to fund their accounts, buy crypto with debit/credit cards, and trade on the go.

Top of VirgoCX day trading features are recurring buy and grid trading, which enable you to buy crypto at different price levels to minimize trading costs.

If you’re a large volume trader, VirgoCX offers VirgoCX Wealth, an OTC service to fill block trades of $50k or more.

VirgoCX security features include 2FA, cold storage with Coinbase custody, insurance coverage, and partnerships with reliable banking and payment partners to ensure a secure transfer of funds.

VirgoCX Day Trading Fees

VirgoCX trading fees range from 0.5%-2.5% depending on the asset tier you are trading. Debit/Credit card crypto purchases attract the highest fees, ranging from 2.99%-6.99%.

The platform doesn’t levy any extra deposit/withdrawal fees, so you can enjoy free funds transfer via Interac, bank wire, and Bill Payment.

3. Wealthsimple Crypto

Wealthsimple Crypto is one of the best crypto apps in Canada that offers an easy-to-use interface to enable Canadians to trade 50+ cryptocurrencies.

The app is basic and simple as it doesn’t offer advanced charting or powerful trading features and tools. Thus, Wealthsimple Crypto works well for crypto beginners and buy-and-hold investors.

Attractive day trading features on Wealthsimple Crypto include limit orders to buy/sell crypto at preferred prices, in-app crypto news and alerts, free deposits/withdrawals, and the ability to transfer assets to and from your wallet.

Wealthsimple Crypto also offers crypto staking of ETH, ADA, and SOL to earn staking rewards of up to 4.5% p.a. on your idle coins.

In terms of security, Wealthsimple Crypto is a registered restricted dealer by CSA. It employs industry-standard security measures to protect users’ assets, including offline cold storage of assets, over $500 million in insurance coverage for assets in both cold and hot wallets, 2FA, etc.

Wealthsimple Crypto Fees

Wealthsimple Crypto levies in-built bid-ask speeds of 1.5%-2% on buy and sell orders. These can get quite expensive if you trade often. The good thing is that you won’t pay any extra fees on withdrawals.

Related: Wealthsimple Crypto overview.

4. Kraken

Kraken is a U.S.-based cryptocurrency exchange platform operating in 190+ countries and is one of the best day trading crypto platforms in Canada offering 200+ cryptocurrencies.

Kraken offers several crypto trading services, including spot trading, Kraken margin trading, crypto staking, futures trading, gas-free NFT trading, and an OTC desk to fill block trades of $100k-$1M.

Beginners can use the basic Kraken interface to buy/sell Bitcoin, while seasoned traders are better served by Kraken Pro, an advanced trading interface that offers advanced charting tools, leverage trading, multiple order types, and a highly customizable interface.

There’s also the Kraken Pro mobile app that supports all the advanced trading and staking features of the Kraken exchange to trade and manage your wallet on the go.

High-volume traders can take advantage of the Kraken OTC desk, which enables you to place block trades of $100k-$1m.

Kraken Day Trading Fees

Kraken fees are some of the lowest in Canada. The platform uses a maker-taker fee schedule and fees decrease based on your 30-day trading volume.

Maker fees start at 0.16%, while taker fees start at 0.26% and decrease as your trading volume increases from $50k-$500M+

5. Coinbase

Coinbase is a top crypto trading platform for day trading cryptocurrencies in Canada. The U.S.-based exchange offers more than 240+ crypto coins for day trading.

Crypto beginners in Canada can easily and quickly buy/sell crypto on the basic Coinbase Simple platform using Interac e-Transfer, PayPal, or debit card.

Experienced traders are well serviced by the Coinbase Advanced Trade platform, which offers advanced charting, powerful Tradingvew tools, multiple order types, order book visibility, and APIs to enable them to execute their day trading cryptocurrency strategy.

There’s also the Coinbase mobile app, which mirrors the functionality of the Coinbase web platform to enable users to trade and manage their positions on the go.

Coinbase also offers NFT trading, crypto staking, a crypto card, a web3 wallet to access and interact with dApps, and the self-hosted Coinbase Wallet app to give you full control over your private keys.

Security-wise, Coinbase is reputed for its robust security features, including mandatory 2FA, 98% cold storage of assets, address whitelisting, crime insurance, and custody of USD balances in FDIC-insured banks.

Coinbase Fees

The basic Coinbase Simple platform levies flat fees of $0.99-$2.99 for orders of $10-$200, and a percentage fee of 1.49% for orders above $200. On top of that, a spread of 0.5% is applied to buy/sell orders.

Trading fees are lower on Coinbase Advanced Trade, which uses a volume-based maker-taker fee schedule. Maker fees start at 0.4%, while taker fees start at 0.6% and decrease as your 30-day trading volume increases from $10k-$400M+

You can also discover some Coinbase alternatives here.

6. Crypto.com

Crypto.com is a top Bitcoin trading platform that offers 250+ cryptocurrencies for day trading. 

Various ways to trade crypto on the platform include spot trading, margin trading with up to 5x leverage, perpetual & futures crypto contracts, and an OTC desk to fill block trades of $50k and above.

The Crypto.com exchange is packed with powerful trading features and tools to enable day traders to execute their day-trading cryptocurrency strategies. They include advanced charting, deep order book liquidity, fast execution, multiple order types, crypto bots to automate trading, and powerful Tradingview tools.

The Crypto.com mobile app is equally powerful, enabling you to buy, sell, trade, stake, and manage your crypto wallet on the go.

The platform also offers several other crypto services, including crypto staking, an NFT marketplace, a crypto card, and a non-custodial DeFi wallet to access DeFi services.

Secruity-wise, Crypto.com uses MFA, cold storage, address whitelisting, etc. Assets on the platform are held and backed 1:1, and fiat balances are held in regulated custodian bank accounts. 

Crypto.com has also earned various certifications for security, privacy, and compliance.

Crypto.com Fees

Crypto.com charges some of the lowest fees in Canada. Trading fees start at 0.075% and decrease based on your 30-day trading volume.

If you hold and use the CRO token to pay fees, you score fee discounts and rebates based on your CRO stake.

Check out our crypto.com full review.

Is Binance Day Trading Available in Canada

Though Binance is one of the best cryptocurrency websites reputed for its low fees, Binance Day Trading is not available in Canada. OKX and Bybit are other day trading crypto platforms unavailable in Canada.

These cryptocurrency exchange platforms left or plan to exit the Canadian market due to tougher rules and guidelines issued by the CAS to enhance investor protection.

What is Crypto Day Trading?

Crypto day trading is a short-term trading strategy where traders buy and sell cryptocurrencies the same day to profit from everyday price fluctuations.

How To Get Started With Crypto Day Trading

To get started with crypto day trading, you’ll first need to create an account with a cryptocurrency exchange, like Bitbuy, and fund your wallet with fiat.

Then, conduct technical analysis to identify entry and exit points to execute your day trading cryptocurrency strategy.

Crypto Day Trading Strategies

There are several day trading strategies that you can practice and use to trade cryptocurrencies, including:

• Scalping: Open and close position in a few seconds to a few minutes

• Arbitrage Trading: Buy crypto in one exchange and sell it for a profit in another

• Range Trading: Buy and sell crypto within a certain price range

• Support & Resistance: Buy at a support level and sell at resistance

• Moving average: Buy/sell at the cross of moving averages

• Sentiment trading: Trade crypto following social media hype, breaking news, etc

• Fibonacci: Use Fibonacci retracements and extensions to determine entry and exit points.

How To Pick a Crypto Exchange for Day Trading

As you’re looking to profit from short-term price moves, you should be careful to choose a crypto exchange that has the stability and liquidity you need. Top factors to consider when choosing a crypto exchange for day trading include:

• Trading volume

• Order book liquidity

• Supported cryptos and trading pairs

• Trading fees charged

• Available risk management order types

• A stable and secure trading platform

• Mobile app to trade and manage positions on the go

Benefits of Crypto Day Trading

The top benefit of crypto day trading is that you can make significant profits quickly if the market moves in your favour. That’s because cryptocurrencies are highly volatile and can produce big price moves in a few minutes to hours.

Risks of Crypto-Day Trading

Of course, cryptocurrencies are risky, and your money can get wiped out within minutes if the price moves against you. So, there’s no guarantee that you’ll make a profit.

Unless you learn technical analysis, master a trading strategy, and exercise discipline, which takes time and effort, it is likely that you’ll almost always lose money, as most traders do.

Best Crypto Day Trading Platforms’ Fees Compared

Exchange	Fees	Supported coins
Bitbuy	0.1%-2%	40+
VirgoCX	0.5%-2.5%	60+
Kraken	0.16%-0.26%	200+
Coinbase	0.4%-0.6%	240+
Wealthsimple Crypto	1.5%-2%	50+
Crypto.com	0.075%	250+

Methodology

We considered several factors in choosing Canada’s best day trading crypto platforms. They include supported coins, trading fees, trading volume & liquidity, security, charting tools, advanced trading features, available order types, regulatory compliance, and platform availability in Canada.

This article is for educational purposes only, and our content shouldn’t be taken as financial advice.

FAQs

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.