Crypto exchange fees eat into your profits and are one of the most important factors to consider when considering buying cryptocurrency in Canada.
Say you want to buy $1,000 worth of Bitcoin on Binance vs Coinbase with a market order. You’ll pay a fee of 0.6% on Coinbase ($6) and 0.1% on Binance ($1). That’s a difference of $5 for choosing a cheaper crypto exchange.
Choosing a low-fee crypto exchange can save you a ton of money, especially if you are an active cryptocurrency trader making several trades daily. It’s even better if you can find a no-fee crypto exchange.
This crypto exchange list covers the best Canadian crypto companies with affordable crypto exchange fees and the factors you should consider when choosing a cheap crypto exchange.
Best Cheapest Crypto Exchanges With Low Fees
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
VirgoCX
Get a $20 bonus when you deposit $100
Great crypto broker for newbies
0.50% to 2.50% trading fee
Trade several popular coins
Wealthsimple Crypto
Trade several cryptocurrencies
Excellent trading platform
1.5% to 2% trading fee
Get a $25 bonus when you deposit $200+
Netcoins
Trade several popular coins
Excellent crypto broker for newbies
Charges trading fees + undisclosed spread in prices
Top 10 Cheapest Crypto Exchanges Ranked
1. Bitbuy
Launched in 2016, Bitbuy is the best crypto exchange in Canada, serving more than 450,000 Canadians.
It offers about 40 popular cryptocurrencies, and you can start trading with as little as $50. Fiat and crypto deposits are free, and you can fund your Bitbuy wallet via bank wire, Interact e-Transfer, or crypto deposit from an external wallet.
Bitbuy also offers crypto staking of ETH, SOL, ADA, ATOM, DOT, and MATIC, with rewards of up to 10%.
Supported coins: Bitbuy supports multiple coins, including Bitcoin, Ethereum, Cardano, Ripple, Uniswap, Polygon, Polkadot, Solana, Chainlink, Stellar Lumens, Decentraland, and many others.
Fees: Bitbuy trading fees range between 0%-2% depending on your 90-day trading volume. Deposits are free, but both wire and Interac withdrawals have a 1.5% withdrawal fee.
Minimum deposit: $50
Bonus: Get a $50 cash bonus if your intial deposit is $250 or more.
| Pros of Bitbuy | Cons of Bitbuy |
| +Offers free fiat and crypto deposits +Earn staking rewards up to 10% +An OTC desk to fill large orders of $20,000 or more +90% cold storage of assets and insurance +Offers simple and advanced trading interfaces | -Charges 1.5% fiat withdrawal fee |
2. VirgoCX
VirgoCX is a top 10 crypto exchange in our list that makes crypto trading for Canadians safe, easy, and affordable.
The crypto platform supports 60+ cryptocurrencies and offers several fiat deposit and withdrawal methods, including Interact e-Transfer, wire transfer, Bill Payment, and credit/debit card.
VirgoCX offers free cash deposits and withdrawals, making it a cheap crypto exchange for users looking to slash their trading costs.
Supported coins: VirgoCX supports 60+ crypto coins and tokens, including BTC, ETH, MANA, SAND, ATOM, KNC, MKR, OCEON, LTC, XLM, etc
Fees: Though VirgoCX charges no extra trading fees, it’s not a no-fee crypto exchange. It applies bid-ask spread fees that range from 0.5%-2.5% depending on the asset tier you’re trading. Debit/credit card deposits also incur a high fee of 2.99% and 3.99%
Bonus: Get a $20 bonus if you verify your identity and fund your account with $100 or more.
| Pro of VirgoCX | Cons of VirgoCX |
| +Free cash deposits and withdrawals. +Wider crypto selection +Advanced charting and trading tools +Multiple accounting fund methods | -High bid-ask spreads -High fees for credit/debit card deposits |
3. Wealthsimple Crypto
Wealthsimple Crypto is a no-fee crypto exchange that offers commission-free trading of 50+ coins and charges no extra deposit or withdrawal fee for both fiat and crypto.
There’s also a Wealthsimple Crypto staking feature, which allows you to stake Ethereum, Solana, and Cardano and earn rewards of up to 4.6% APY on your idle crypto assets.
Supported Coins: Wealthsimple Crypto supports 50+ digital coins, including Bitcoin, Ethereum, Cardano, Solana, Celo, LINK, CHZ, COMP, COTI, CRV, DAI, MANA, DYDX, DOGE, etc
Fees: Though Wealthsimple doesn’t levy any extra fees, it applies a bid-ask spread of 1.5%-2% to cover transaction costs, pay liquidity providers, and pay its custody partners.
Bonus: Fund your account with $150 or more to get a $25 cash bonus.
| Pros of Wealthsimple Crypto | Cons of Wealthsimple Crypto |
| +Commission-free trading +No extra deposit or withdrawal fees +$200M cold storage insurance coverage +Coincover insurance for coins stored in hot wallets. +Staking rewards of up to 4.6% | -High bid-ask spreads of up to 2% -Wire transfers may take up to 10 days -No advanced charting and trading tools |
4. Netcoins
Owned by BIGG Digital Asses, Netcoins is a relatively cheap crypto exchange operating in Canada and 18 US states.
About 37 crypto coins are listed on Netcoins, which you can start trading with as little as $10. Netcoins is also offering ETH staking to allow you to earn passive income on your idle Ethereum tokens.
Netcoins doesn’t charge deposit or withdrawal fees, making it one of the lowest-fee crypto exchanges in Canada.
Supported Coins: Netcoins supports about 37 cryptocurrencies, including BTC, ETH, Ripple, ADA, DOGE, DOT, SOL, LTC, MATIC, etc
Fees: Netcoins charges a flat trading fee of 0.5% on buy/sell orders. Fiat deposits and withdrawals are free, but you’ll incur fees for bank wire deposits below $3000 CAD or $2000 USD, and withdrawals of $25,000 CAD or $6,000 USD.
Minimum investment: As little as $10
Bonus: Get $25 if you buy $50 worth of crypto
| Pros of Netcoins | Cons of Netcoins |
| +Free fiat deposits and withdrawals +Automated KYC verification process +Multiple account funding methods +A simple interface +A mobile app for iOS and Android to trade and transact on the go +Offers a crypto card | -Wire transfers below a certain amount incur fees -No advanced charting tools -Limited trading and earning options |
5. Kraken
Kraken is a cheap crypto exchange in Canada and 190+ other countries. It has been in operation since 2011 and has amassed a large user base of 9M+.
Kraken offers a wide crypto selection of coins, which you can start trading with as little as $10. Users can do spot trading, margin trading with up to 5X leverage, and access over 70+ multi-collateral crypto futures contracts.
This platform also offers crypto staking of 12+ digital coins, allowing users to earn up to 24% in rewards on their idle crypto assets, and an NFT marketplace to buy/sell NFTs.
Cryptocurrencies supported: Multiple coins, including BTC, SOL, DOT, DOGE, UNI, LTC, COMP, Zcash, MANA, MATIC, etc
Minimum Deposit: As little as $10
Fees: Maker fees: 0.16%. Taker fees: 0.26%
| Pros of Kraken | Cons of Kraken |
| +Long operation history: since 2011 +Wide crypto selection +Offers spot, margin, and futures trading +24/7 live chat and phone support +crypto staking +NFT marketplace | -Limited account funding options -Kraken Pro may be overwhelming to newbies |
6. Coinbase
When you think of how to buy cryptocurrency in Canada, Coinbase is one of the best crypto exchanges that come to mind.
Coinbase is available in 100+ countries, including Canada, and offers 250+ cryptocurrencies, crypto staking with up to 10% APY, and crypto loans using Bitcoin as collateral.
Though you’ll face high fees when using Coinbase, you can slash your trading costs by upgrading to Coinbase Advanced Trade, an advanced trading interface that offers advanced trading tools.
Supported coins: Coinbase supports 250+ cryptocurrencies, including Bitcoin, Ethereum, XRP, BNB, Solana, Cardano, DOGE, MATIC, AVAX, etc.
Fees: Coinbase Advanced Trade uses a maker-taker fee schedule. Maker fees range from 0%-0.4%, while taker fees range from 0.05%-0.6%
Minimum investment: as little as $2.
| Pros of Coinbase | Cons of Coinbase |
| +An old, established crypto exchange +Wide selection of cryptocurrencies +Offers crypto staking and crypto loans +Easy to use interface, hence great for beginners +To security | -High fees when using Coinbase’s simple interface -Poor customer service -Relatively high trading fees than most other exchanges |
7. CoinSmart (now Bitbuy)
Founded in 2018, CoinSmart is among the top Canadian crypto companies operating in Canada and 35+ other countries. The Toronto-based exchange is reputed as a safe and secure crypto exchange that supports 16 popular cryptocurrencies.
Soon, users will be able to stake crypto on CoinSmart, including ETH, SOL, MATIC, and DOT, and earn staking rewards of between 4%-12%.
Cryptocurrencies supported: BTC, ETH, LTC, BCH, XLM, EOS, DOT, DOGE, MATIC, SOL, USDC, SHIB, ADA, UNI, LINK, AVAX.
Trading Fees: 0.2% for single trades and 0.3% for double trades
Deposit/withdrawal fees: 0%-1.5% depending on the funding method and amount, and 6.75% when funding with credit/debit cards
Bonus: Get a $50 bonus when you deposit a minimum of $250.
| Pros of CoinSmart | Cons Of CoinSmart |
| +Instant account verification and same-day deposits +Offers simple and advanced trading interfaces +Top security via 2FA, cold storage, and Bitgo & Fireblocks custody +Excellent customer support via live chat, AI Chatbot, and a comprehensive FAQ +An OTC desk to fill large orders of $25,000 or more | -Limited crypto selection -Fiat withdrawals take up to 5 days |
8. Crypto.com
Founded in 2016, Crypto.com is among the lowest-fee crypto exchanges in our crypto exchange list.
The Singapore-based exchange is trusted by more than 80M users in 100+ countries and offers many crypto trading options, including spot & margin trading, crypto derivatives, perpetual contracts, and an OTC desk to fill block trades at competitive prices.
As one of the best crypto exchanges out there, Crypto.com supports over 250+ cryptocurrencies, 20+ fiat currencies, and 21+ staking assets to earn passive rewards to the tune of 12.5% p.a.
It also has its own token, CRO, which you can hold to unlock fee discounts & rebates and enjoy an extra 2% p.a staking rewards.
Supported coins: Crypto.com supports 250+ cryptocurrencies and more than 20 fiat currencies
Fees: Crypto.com is a cheap crypto exchange as it offers some of the lowest fees in the industry. Maker fees range from 0%-0.075%, while taker fees range from 0.05%-0.075%. CRO holders enjoy fee discounts and rebates.
| Pros of Crypto.com | Cons of Crypto.com |
| +Low fees, fee discounts, and fee rebates +Supports many crypto coins and fiat currencies +Security compliance and comprehensive insurance coverage +Crypto bots to automate your trading activities +Advanced charting and trading tools Offers a free tax calculation and preparation tool +Crypto.com Pay to send and receive crypto payments +NFT marketplace to trade NFTs +Crypto card to spend your money and earn up to 5% back | -Maybe overwhelming for beginners -Customer service needs improvement -Complex fee discount & rebate framework |
9. KuCoin
Kucoin no longer operates in Canada.
Also known as the “people’s exchange,” KuCoin is a one-stop crypto hub that offers all manner of crypto services, including spot & margin trading, P2P, trading bot, crypto derivatives, DeFi wallet, leveraged tokens, and NFT marketplace.
It also offers crypto staking via its Earn program, with many different ways to invest your idle crypto assets to earn rewards, and the KuCard to spend your crypto and earn cashback.
Supported coins: KuCoin offers a wide crypto list of 700+ coins and is a great place to find hidden crypto gems that have the potential to explode into future market leaders.
Fees: KuCoin is one of the lowest-fee crypto exchanges out there. Maker fees range from -0.005%-0.1%, while taker fees range from 0.025%-0.1% based on your KCS stake and 30-day trading volume. Fee discounts of 20% apply if you pay transaction fees using KCS, the platform’s native token.
Bonus: Create an account and complete tasks to get up to 3,200 USDT in rewards
| Pros of KuCoin | Cons of KuCoin |
| +Low fees, fee discounts, and fee rebates +A one-stop crypto hub +A wide crypto list and many trading options +Many ways to stake and earn passive rewards +Crypto card to spend and earn cashback | -Not available in Ontario -Many features may be confusing for beginners -Customer support complaints -Poor user reviews showing problems with deposits, withdrawals, and market manipulation |
10. Binance
Binance no longer operates in Canada.
The world’s largest cryptocurrency platform is reputed as a cheap crypto exchange that offers a wide selection of crypto coins and tokens, many crypto trading options, and a myriad of ways to stake and earn crypto rewards.
Beginners can easily buy crypto on Binance using a debit/credit card or a bank deposit, while experienced traders can use its advanced features to do spot & margin trading, trade crypto derivatives, leveraged tokens, NFTs, and stake idle crypto assets to earn rewards.
Supported coins: Binance supports more than 350+ coins and 50+ fiat currencies
Fees: Binance crypto exchange fees are some of the lowest in the industry. Maker fees range from 0.012%-0.1%, while taker fees range from 0.024%-0.1%. You get a 25% fee discount if you pay trading fees using the platform’s native token, BNB.
Minimum investment: $10
| Pros of Binance | Cons of Binance |
| +Low fee and fee discounts +A one-stop crypto hub +Wide crypto selection +May ways to stake and earn passive rewards +Many trading options | -Regulatory issues -Complex exchange for beginners -Binance is leaving Canada this year |
How To Choose The Cheapest Crypto Exchanges in Canada
There’re several factors you should consider when choosing the lowest-fee crypto exchange in Canada, including:
- Fiat transfer/withdrawal options
- Supported cryptocurrencies
- Transaction fees and other fees charged
- A simple vs complex exchange, depending on your experience
- Regulatory compliance and security
- Quality educational resources
- Trading volume to ensure liquidity
- User reviews
- Responsive customer support
- Availability in your region
Types of Crypto Exchanges in Canada
Basically, there are two main types of crypto exchanges: centralized (CEX) and decentralized (DEX) crypto exchanges. Centralized exchanges, like Coinbase, are easy to use but pose more risk.
Decentralized exchanges, like Uniswap, are complex to use but give you full control of your crypto assets.
You may also come across hybrid exchanges that offer a CEX and DEX on the same platform to improve liquidity and security and give choices to their customers.
Crypto Exchange Fees
You’ll incur different types of crypto exchange fees when trading on the best crypto exchanges in Canada and beyond. They include:
- Maker fees: You pay a lower maker fee if you buy/sell crypto with a limit order that’s not filled immediately.
- Taker fees: You pay a higher taker fee if you buy/sell crypto with a market order that’s filled immediately.
- Deposit fee: Fee charged when converting fiat to crypto
- Withdrawal fee: Fee charged when liquidating a crypto asset into fiat currency
- Spreads fees: Most no-fee crypto exchanges apply a hidden bid-ask spread on buy and sell orders, but charge no extra trading, deposit, or withdrawal fees.
- Volume-based fees: You pay a higher or lower fee based on your trading volume within a certain period.
Methodology
We considered several factors when ranking our crypto exchange list above, including local vs global availability, coins offered, crypto exchange fees, regulatory compliance, user reviews, customer support, ease of use, etc. The content presented in this article is for educational purposes only. Depending on your crypto knowledge and trading experience, investing in crypto via the crypto exchanges above may not be right for your circumstances.
FAQs
CoinSmart, Crypto.com, KuCoin, Kraken, and Binance are the best crypto exchanges with the lowest fees. You can also opt for no-fee crypto platforms like Wealthsimple Crypto and VirgoCX that apply a bid-ask spread on trades but charge no extra trading, deposit, or withdrawal fees.
Binance is one of the crypto exchanges leaving Canada this year due to new rules Canadian regulators are implementing. Others include OKX, Blockchain.com, and Deribit.
Many crypto platforms in our crypto exchange list have cheaper fees than Coinbase. For instance, CoinSmart, Binance, KuCoin, Crypto.com, and Kraken all have cheaper fees than Coinbase.
Since Binance is leaving Canada this year, Canadians will need to find the best Binance alternatives. CoinSmart, Kraken, Bitbuy, and Crypto.com are some of the best Binance alternatives.
CoinSmart is the best alternative to Coinbase in Canada due to its low fees and top security. Others include crypto.com, Binance, Kraken, KuCoin, etc.
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.
