With the Binance Cryptocurrency Exchange banned or non-operational for Ontario users, many other exchanges are approved or allowed by the Ontario Securities Commission (OSC).
This guide covers the best crypto exchanges in Ontario for 2023, including CoinSmart, Wealthsimple Crypto, and Bitbuy.
Best Crypto Exchange in Ontario
| Crypto Exchange | Coins Offered | Trading Fees | Best For |
| Bitbuy | 40+ | 0.00% to 2% trading fee | Beginners and experienced crypto traders |
Based on my review of several crypto trading platforms, the overall best crypto exchange for Ontario users is Bitbuy.
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
Choosing the right crypto exchange is important if you want to buy cryptocurrency in Canada.
The right crypto exchange offers a robust selection of good coins, has low fees, and a solid security infrastructure to ensure your crypto assets are protected.
Crypto Exchanges Allowed in Ontario
In addition to CoinSmart, you can also use any of the others on this list without issues. They are allowed to operate by the OSC in Ontario.
1. Bitbuy
Bitbuy is the best crypto exchange in Ontario, Canada, in 2023. It also operates in all the other provinces and territories.
The Ontario-based crypto exchange has been around since 2016 and has been used for trading more than $5 billion worth of crypto assets. It was recently acquired by WonderFi, the same company that owns CoinSmart, Coinsquare, and Coinberry.
Bitbuy supports several coins and is approved by the OSC as a registered marketplace.
You can fund your account using Interac e-Transfer, bank wire, debit card, bill payment, and crypto.
Fees: Trading fees range from 0% to 2%, depending on your trading volume and account tier. Fiat deposits are free, and crypto withdrawal fees vary.
Security: Most of your crypto on Bitbuy is held in cold storage, and it conducts routine financial audits using trusted third parties.
Sign-up bonus: Get a $50 bonus when your first deposit is at least $250 or more.
2. Netcoins
Netcoins is a Canadian crypto brokerage available in Ontario.
You can use the platform to buy Bitcoin and many other cryptocurrencies like Ethereum, Litecoin, Stellar, Avalanche, USDC, Bitcoin Cash, and several others.
Netcoins is owned by BIGG Digital Assets, a publicly-traded company.
To fund your account, the options are Interac e-Transfer, bank wire, and online bill payment. Both CAD and USD fiat are also supported.
Fees: 0.5% trading fee; free cash withdrawals, and crypto withdrawal fees vary.
Security: Uses 2FA to protect your account.
Sign-up bonus: Get a $25 bonus when you trade $100 worth of crypto.
3. Wealthsimple Crypto
Wealthsimple Crypto is one of the top cryptocurrency trading platforms in Ontario.
This crypto brokerage is great for beginners, giving them access to a regulated crypto app and 50+ coins.
You can set limit orders, transfer some assets to and from your Wealthsimple Crypto wallet, and also trade stocks using Wealthsimple Trade.
The funding methods include Canadian dollars (electronic funds transfer) and some crypto assets.
Fees: The trading fee on Wealthsimple Crypto is all-inclusive at 2%. You don’t pay fees to deposit or withdraw.
Security: Crypto is held by Gemini Trust Company LLC, a crypto custodian that has $200 million in insurance. They also use Coincover to protect your coins from theft.
Sign-up bonus: Get a $25 cash bonus when you open an account and deposit at least $200 within the first 30 days.
4. Newton
Newton is an excellent crypto trading platform for beginners in Ontario and elsewhere in Canada.
It supports 70+ coins, making it one of the best crypto trading platforms to find rare altcoins and several stablecoins.
To fund your Newton account, you can choose from Interac e-Transfers, wire transfers, and bank drafts. Crypto deposits are also supported.
Fees: The trading fee is included in the price spread and is up to 2%. Fiat withdrawals are free.
Security: Most crypto assets are held offline with daily off-site backups and institutional-grade storage.
Sign-up bonus: Get a $25 bonus when you trade $100 worth of crypto.
5. Shakepay
Shakepay has been offering Bitcoin and Ethereum trading to Ontario residents since 2015.
The platform has been used by more than 900,000 Canadians to trade over $6 billion in digital currencies.
It also recently raised $44 million in series A funding from top investors, including box 1, QED Investors, Broadhaven, and Golden Ventures.
You can fund your account within minutes of joining using Interac e-Transfer, wire transfer, and crypto deposits (BTC and ETH only).
Fees: The trading fee on Shakepay is included in the price spread and ranges from 1% to 3%. There are no fees to withdraw or deposit funds or crypto.
Security: Like the others on this list, Shakepay keeps most of its crypto assets in cold wallets (offline) and is backed by an insurance policy.
Sign-up bonus: Get a $5 bonus when you sign up and trade $100 worth of crypto.
6. CoinSmart
CoinSmart is one of the best crypto exchanges in Ontario.
It was recently acquired by WonderFi and is not currently accepting new sign-ups. If you’re looking for the best crypto experience in Canada, we recommend Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi.
Its trading fees are also some of the lowest at 0.20%, and you can fund your account using Interac e-Transfer, bank wire, bank draft, credit and debit cards, and crypto.
Signing up is easy, with instant verification for most users and the ability to trade within minutes of funding your account.
Also, new users get a $50 bonus via our exclusive referral offer (Bitbuy).
Need customer support? CoinSmart provides email and live chat support 24/7.
Fees: 0.20% fiat-crypto trading fee; bank draft and bank wire deposits (0%), Interac e-Transfer (0% on deposits over $2,000; 1.5% otherwise).
Security: The majority of your digital assets are held in cold storage with multi-signature access, rigorous security checks, and other risk controls in place.
7. Coinberry
This newly revamped crypto brokerage supports 29+ coins and takes only a few minutes to get started.
Coinberry accounts can be funded using Interac e-Transfer and wire transfer. Note that only a few cryptos can be withdrawn using this platform.
Fees: The trading fee is included in the price and is up to 2.5%. There are no fees to deposit or withdraw fiat.
Security: Coinberry keeps most of your cryptocurrencies offline in hardware wallets (cold storage).
8. Crypto.com
Crypto.com is one of the largest crypto exchanges in the world and a top Binance competitor.
It supports 250+ crypto assets and also offers a crypto credit card you can use for payments wherever Visa is accepted.
This platform is available in Ontario and multiple countries.
If you want to stake crypto in Canada, this is offered by Crypto.com, NDAX, and a few other platforms.
You can fund your account using a debit card, Interac e-Transfer, and crypto.
Fee: 0.04% to 0.40% trading fee; withdrawal fees vary.
Security: Crypto.com holds 100% of customers’ crypto in cold storage, and fiat is held by regulated banks.
9. NDAX
NDAX is an excellent crypto exchange for beginners and experienced investors alike. It is legal in Ontario and all other Canadian provinces and territories.
New users are verified instantly, and they can fund their accounts using Interac e-Transfer, wire transfer, bank draft, and crypto deposits.
NDAX supports 30+ crypto coins, including all the popular ones.
Fees: 0.20% trading fees; free fiat deposits; a low $4.99 flat fee when you withdraw fiat; crypto withdrawal fees vary.
Security: Most digital currency assets are held offline in cold storage, and multi-signature approvals are required to transfer funds out of cold storage.
Other Ontario Crypto Exchanges
Two other crypto exchanges you can use in Ontario are:
10. Coinbase
Coinbase is a U.S.-based cryptocurrency exchange that’s also legit in Ontario and other Canadian provinces.
It supports 100+ coins and is the largest crypto platform after Binance.
Fees: Up to 1.50% trading fee; variable fees for deposits and withdrawals.
Learn more in this review.
11. MogoCrypto
*MogoCrypto is no longer available, and new clients are being redirected to Coinsquare.
MogoCrypto supports bitcoin trading and is a legal Ontario crypto platform. This platform is part of Mogo Financial, a financial technology company that also offers a stock trading app (MogoTrade), a prepaid credit card, and free access to credit scores.
Learn more in this review.
Methodology:
To choose the best crypto exchanges in Ontario, Savvy New Canadians ranks them 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, you should carefully compare their features, pros and cons. Visit the company’s websites using the links to read their current terms and conditions before applying.
What To Look For in The Best Crypto Exchanges in Ontario
When choosing the best exchanges in Ontario, you should consider the following:
Fees: Look for competitive fees that won’t dampen your investment returns.
Platforms: Having access to both a web interface and mobile app means you can place trades while on the go. All the Ontario exchanges listed above offer crypto trading apps.
Trading tools: Depending on your experience, you may want access to advanced trading tools.
Regulation: Is the company regulated by Canadian authorities such as FINTRAC and/or the OSC?
Funding: A platform that supports quick funding methods such as Interac e-Transfers is great. Also, check whether it allows you to deposit and withdraw crypto.
Security: What is the platform’s policy regarding cold storage? Check whether third-party audits are done and that withdrawals by staff require multi-signature approvals.
Crypto offered: What coins are supported by the platform? Confirm that it offers the coins you want to buy and sell. You can also use different crypto exchanges for different coins.
Funding options: The best crypto exchanges allow you to deposit funds using multiple payment methods, such as Interac e-Transfer, wire, electronic funds transfer, crypto assets, debit cards, and others.
Reputation: Read user reviews online to get a sense of a company’s reputation and the steps it takes to resolve user complaints.
Best Ontario Crypto Exchange FAQs
The top crypto exchange in Ontario is Bitbuy. Other legal exchanges in Ontario include Wealthsimple Crypto, Newton, and NDAX.
You can buy cryptocurrency in Ontario using a legit crypto exchange like Bitbuy or a crypto brokerage like Newton or Wealthsimple Crypto.
Yes, Ontario residents are not allowed to use Binance after it suspended its operations in the province.
Yes, cryptocurrency trading is legal in Ontario and all of Canada.
My top choice for a crypto trading platform in Ontario is Bitbuy.
No. You should be careful about which exchanges you use in Ontario as some are not authorized to provide trading services in the province or Canada, and you could lose your crypto assets or funds.
The best crypto wallets for securing your cryptocurrency in Ontario include Ledger Nano X and Ledger Nano S.
Related:
- Best Crypto Exchanges in Canada
- Top Bitcoin Trading Apps
- How To Buy Crypto ETFs
- Best Crypto Wallets
- Is Kucoin Legal in Ontario?
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.
