7 Best Coinbase Alternatives for Cryptocurrency Trading in Canada (2022)

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by Enoch Omololu

Updated

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Coinbase is the second-largest crypto exchange behind Binance. It’s available in over 100 countries around the world and boasts over 68 million verified users.

Coinbase exchange went public last year and is listed on the Nasdaq exchange under the ticker COIN.

The platform offers a simple signup process, and once you create and verify your account, you can fund your account via bank transfer, crypto deposit, or debit/credit card and start trading right away.

Coinbase offers both simple and advanced trading interfaces, making it one of the best places to buy crypto in Canada and beyond, for both beginners and advanced traders.

However, there is a catch. Coinbase features a complex fee structure. For smaller crypto purchases below $200, you get hit with high fees between $0.99 to $2.99, and up to 3.99% for crypto purchases above $200 depending on the payment method.

Throw into the mix trading fees of $0.5%, spreads, and withdrawal fees, and the platform can quickly become expensive to use.

That is why many crypto traders in Canada want to find Coinbase alternatives to slash trading fees and maximize ROI on their crypto assets.

This article covers the best Coinbase alternatives in Canada so that you can choose the one that fits your trading needs.

Best Coinbase Alternatives in Canada

Below is a rundown of the best Coinbase alternatives in Canada, cryptocurrencies supported, trading fees, and funding options.

CoinSmart

CoinSmart Canada is a Toronto-based cryptocurrency exchange founded in 2018 and it is one of the best places to buy crypto in Canada. It is a great Coinbase alternative.

Simply sign up following KYC and AML rules, and your account will be verified almost instantly.

Once in, the platform offers various funding options to deposit funds and purchase crypto, including Interac e-Transfer, Bank Draft, Bank Wire, and credit/debit cards. You can also fund your account with any of the supported cryptos. 

Funds are deposited in your account the same day they are received so that you can start trading immediately.

You can trade about 16 cryptocurrencies on CoinSmart, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, Stellar Lumens, Tether, EOS, Ripple, and others.

Trading fees stand at 0.2% per trade, and you can trade altcoins directly, which helps minimize fees.

And once you’ve made a fortune on the platform, you can withdraw your earnings via Bank Wire or electronic money transfer at a minimum withdrawal fee of $15 or 1% of the amount.

Other top benefits include 95% cold storage to keep your crypto assets secure, and excellent customer support via phone, live chat, and email.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $30 bonus when you deposit $100

NDAX

Based in Calgary, the National Digital Asset Exchange (NDAX) is a Canadian crypto exchange that was founded in 2017 and launched in 2018. 

The platform offers a simple registration process, competitive trading fees, and advanced charting tools, making it among the best crypto trading platforms in Canada for both new and advanced traders.

After signing up, you’ll get Instant ID verification, after which you can fund your account via wire transfers, Interac e-Transfer, Certified Cheque, and Bank Draft at no extra fees. 

NDAX supports 30+ cryptocurrencies, including Ethereum, Bitcoin, The Graph, LINK, Compound, Shiba Inu, Cardano, Dogecoin, USDT, Litecoin XRP, EOS, Matic, Stellar, and more.

Trading fees stand at 0.2% per trade. There’s a $25 flat fiat withdrawal fee, while crypto withdrawal fees vary by the crypto token.

Other benefits include 2FA, 95-98% cold storage, and Premium service via NDAX wealth for larger trades.

NDAX Crypto Exchange

ndax

Trade 30+ popular coins

Access to one-click trades and advanced tools

0.20% trading fee

$10 bonus when you deposit $100

Newton

Newton was established in 2018 and is one of the best places to buy crypto in Canada for beginners as it doesn’t offer advanced charting tools.

You can set up your account in minutes and transfer the funds into your wallet via wire transfer, Interac e-Transfer, and crypto deposits to start trading right away.

Newton supports 70+ cryptocurrencies, including Bitcoin, Ethereum, Solana, Cardano, MANA, GALA, Ripple, Polygon, AMP, Terra, Hedera, Tezos, Dai, Dash, Balancer, OX, Harmony, Enjin Coin, Zcash, dYdX, and more.

Trading fees go up to 0.70%. The good part is that Newton doesn’t charge deposit/withdrawal fees.

Other benefits include cold storage, competitive spreads, instant verification, high liquidity, no commission fees, and both mobile and web accessibility.

Newton

newtonlogo

Trade 70+ popular coins

Excellent crypto broker for newbies

Up to 0.70% trading fee

Get a $25 bonus when you trade $100

Bitbuy

Bitbuy Canada was established in 2016 and is among the most secure, trusted, and best Coinbase alternatives.

It has been recognized by the OSC as the first Registered Marketplace and Investment Dealer among Canadian crypto exchanges. 

Today, Bitbuy boasts over $4 billion in trades processed from over 350,000+ verified Canadian users, making it one of the best crypto trading platforms in Canada for both Pro and beginner traders.

Accounts are verified instantly, and users can fund their wallets via bank wire transfer or Interac e-transfer to start trading.

You can trade about 15 cryptocurrencies on Bitbuy including Bitcoin, Ethereum, EOS, Aave, Bitcoin Cash, Uniswap, Polkadot, Solana, Chainlink, Litecoin, Sushiswap, and more.

Trading fees stand at 0.1% for Pro Trade users, and 0.20% for Express Trade users.

Other top benefits include deep liquidity for all order sizes, great customer reps, a well-rated mobile app, and 99% cold storage to keep your crypto holding secure.

Bitbuy

bitbuylogo

Trade 15+ coins

Great for new & advanced traders

0.10% to 0.20% trading fee

Get $40 bonus after initial deposit of $250+

Wealthsimple Crypto

Wealthsimple Crypto is a regulated crypto exchange that has been in the cryptocurrency exchange game since 2019 and ranks as one of the best crypto exchange apps for users looking to trade crypto and stocks in one place.

Once you’ve signed up, you can fund your account via Bank transfer or crypto deposits and start trading right away.

Wealthsimple supports about 42 cryptocurrencies, including Bitcoin, Ethereum, Balancer, Fantom, Uma, Uniswap, Polygon, Cardano, Yearn.Finance, and more.

Trading fees stand at 1.5% to 2%. Though the fees are somehow high, you’ll be pleased to learn that Wealthsimple doesn’t charge fiat deposit/withdrawal fees.

So far, Wealthisimple holds your keys, and you may not be able to transfer your coins to an external crypto wallet.

However, there are developments to give investors full control of their private keys in the future. The platform has also launched its own Bitcoin and Etherum wallet.

You can access the Wealthsimple platform via web browser, or via their dedicated mobile apps for Android and iOS.

Other benefits include custodial coverage by Gemini Trust, Coincover coverage to keep your coins safe from theft, and 2FA account protection.

Wealthsimple Crypto

wealthsimple logo

Trade 40+ cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $100 bonus when you trade $300

Shakepay

Shakepay is the best Canadian crypto exchange focused on allowing users to buy and sell Bitcoin and Ethereum commission-free at competitive market prices directly from a phone or desktop. 

The platform is licensed by Quebec and FINTRAC as a Money Service Business to operate throughout all Canadian provinces.

To date, Shakepay boasts over 800,000+ Canadian users, with over $5B+ in digital assets bought and sold. It only takes about 10 minutes to sign up and buy crypto via Interac e-Transfer, wire transfer. 

Your funds are always accessible, and you can deposit and withdraw funds instantly with no fees.

Other benefits include the Shakepay Visa card to spend your Bitcoin and Ethereum holdings hassle-free and earn 1% cash back, and responsive customer support to resolve your issues each day of the week.

Learn more about Shakepay in this review.

Shakepay

ShakepayLogo

Trade Bitcoin & Ethereum fast

Works for new & advanced traders

1-3% trading fee, free withdrawals

Get a $30 bonus when you trade $100

Binance

Founded in 2017, Binance is the world’s largest crypto exchange that offers faster crypto transactions at low-cost, hence a top Coinbase alternative in Canada (not available in Ontario).

Once you sign up and verify your account, you can deposit funds using bank transfer, credit/debit cards, cryptocurrency, SWIFT, and more. 

It offers both beginner and advanced crypto trading platforms to accommodate both new and pro traders.

Binance supports over 350 cryptocurrencies and is reputed as a low-cost exchange. Trading fees start at 0.1% and decrease to 0% based on your account level and 30-day trading volume.

Deposit and withdrawal fees range from 0-3.5% depending on the method used.

Binance also offers one of the best crypto trading apps for both Android and iOS, and a Binance Card for users to spend their crypto hassle-free.

Learn more about Binance in this detailed review.

What To Look For in a Coinbase Alternative (Canadian Cryptocurrency Exchange)

The best crypto trading apps will vary based on your investment needs. Common features to look for include:

  • Security: To keep your crypto holdings secure, choose crypto exchanges that offer cold storage, 2FA, SSL, and data encryption.
  • Trading fees:  Trading fees eat into your profits and can seriously reduce your long-term gains. Compare trading fees and choose low-cost exchanges to maximize returns.
  • Coins offered: Before you sign up, make sure the exchange offers the coins you want to invest in.
  • Mobile app: Don’t underestimate the need to track your trading position on the go. Thus, choose a platform that offers an intuitive and easy-to-use mobile app.

Benefits of Coinbase Canada

  • Coinbase Canada has many advantages, including:
  • Users can buy and sell over 100+ crypto assets
  • Many educational resources to learn and earn free crypto
  • Start trading with as little as $2
  • Coinbase app to trade and manage your portfolio on the go.
  • Coinbase Card to spend your crypto assets and earn 4% crypto rewards 
  • Both beginner and advanced user interfaces accommodate all traders.

Downsides of Coinbase Canada

While Coinbase is convenient and simple to use, it has its share of drawbacks, including.

  • A convoluted fee structure that results in high trading and transaction fees
  • Beginners may have to face high fees, especially for small trades below $200, until they graduate to using Coinbase Pro.

Coinbase Alternatives: Conclusion

While Coinbase is a great place to buy crypto, fees can quickly skyrocket. But it isn’t the only game in town.

If it doesn’t work for you, you can opt-in for any of the above alternative Canadian crypto exchanges to slash trading fees and maximize your long-term crypto gains.

Related: Coinbase Referral Code.

7 Best Coinbase Alternatives for Cryptocurrency Trading in Canada (2022)

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $30 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.

$30 instant bonus when you deposit $100.

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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