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Best Bitbuy Alternatives For Crypto Trading in Canada (2024)

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Bitbuy is one of the best crypto exchanges in Canada, with approval by the Ontario Securities Commission and a live order book that makes it possible to buy and sell at great prices.

It has several competitors, including the likes of CoinSmart, Shakepay, Newton, and Wealthsimple Crypto.

Read on to learn about the best Bitbuy alternatives in Canada, their top features, fees, and more.

Best Bitbuy Alternatives in Canada

Sites like Bitbuy in Canada are either classified as crypto exchanges or crypto brokerages.

Beginners can benefit from the simplicity of a crypto brokerage with one-click trades, free fiat deposits, and withdrawals.

If you want access to streaming data, technical analysis, and advanced trading tools, a full-fledged crypto exchange works better.

1. CoinSmart (now part of Bitbuy)

CoinSmart is one of the best crypto exchanges in Canada. It is an excellent Bitbuy alternative and offers:

  • Multiple funding methods: Interac, wire transfer, credit cards, SEPA, and cryptocurrencies
  • Instant account verification
  • Same day deposits
  • 24/7 customer support
  • iOS and Android mobile apps
  • Multiple fiat currencies: CAD, USD, and EUR
  • Low trading fees

The company is publicly traded on the Canadian NEO Exchange under the ticker – SMRT. The trading fee for fiat to crypto trades is 0.20%, and most deposits are free.

Bonus: Get a $50 bonus when you open an account and deposit $250.

CoinSmart Crypto Exchange (now Bitbuy)

coinsmart logo

Top crypto exchange in Canada (now Bitbuy)

Great for new & advanced traders

Competitive trading fees

Get a $50 bonus when you deposit $250

2. Wealthsimple Crypto

Looking for a site like Bitbuy for beginners? Try Wealthsimple Crypto.

This platform is operated by Canada’s largest robo-advisor, and you can use it to trade 50+ coins.

For security, Wealthsimple Crypto keeps your coins at Gemini Trust Company, and it also uses Coincover to prevent theft.

The trading fee on this platform is up to 2%; however, fiat deposits and withdrawals are free.

Bonus: Get a $25 cash bonus when you fund/trade with $200 or more within 30 days of account opening.

3. Newton

Newton is a top cryptocurrency app and a good Bitbuy alternative if you want to invest in altcoins.

You can use it to buy and sell multiple coins at competitive prices.

While it has no fees for fiat deposits and withdrawals, trading fees are included in the price and can be up to 2.20%.

Bonus: Get a $25 bonus when you trade $100+ worth of crypto.

Newton

newtonlogo

Trade several popular coins

Excellent crypto broker for newbies

Up to 2.20% trading fee

Get a $25 bonus when you trade $100

4. Shakepay

Shakepay is a crypto brokerage based in Montreal. It was founded in 2015 and has been used to place more than $6 billion worth of crypto trades.

Shakepay only supports Bitcoin and Ethereum and is licensed as a Money Service Business in all Canadian provinces and territories.

The trading fees on this platform range from 1% to 3%; fiat deposits and withdrawals are free.

Bonus: Get a $5 bonus after trading $100 worth of Bitcoin or Ethereum.

Shakepay

ShakepayLogo

Trade Bitcoin & Ethereum fast

Works for new & advanced traders

1-3% trading fee, free withdrawals

Get a $5 bonus when you trade $100

Bitbuy Alternatives For Crypto Trading in Canada

What To Look For in a Bitbuy Alternative

When choosing a cryptocurrency trading platform in Canada, you should check how it compares based on these features:

Fees: Low trading fees can improve your investment returns over time.

Coins supported: The crypto exchange should list the coins you plan to buy.

Security: It should take adequate steps to protect your digital assets and personal information, such as 2-factor authentication, cold storage, and insurance.

Mobile apps: They should be available on all devices, including iPhones and Android devices.

Customer service: Access to customer support can come in handy if you need assistance with a trade or something else.

Pros of Bitbuy

  • Registered marketplace for crypto assets
  • Competitive trading fees
  • 24/7 customer service
  • OTC desk and APY available

Cons of Bitbuy

  • Less competitive fees when depositing or withdrawing fiat (up to 1.50%)
  • Limited coin selection (only 15 types)
  • Only Canadian dollar fiat

Bitbuy Alternatives: Conclusion

Bitbuy is a great place to buy and sell crypto in Canada.

If you want lower deposit and withdrawal fees, plus gain access to multiple fiats, the top Bitbuy alternative is CoinSmart.

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.

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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.

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