Top 5 Coinbase Alternatives for Crypto Trading in Canada (2024)

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

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.

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

Best Coinbase Alternatives in Canada

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

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 40 cryptocurrencies on Bitbuy, including Bitcoin, Ethereum, EOS, Aave, Bitcoin Cash, Uniswap, Polkadot, Solana, Chainlink, Litecoin, Sushiswap, and more.

Trading fees on Bitbuy are up to 2%, depending on your trading levels. Fiat deposits are free.

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

Rating

visit bitbuy Read review

Wealthsimple Crypto

Wealthsimple Crypto is a regulated crypto trading platform that 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 immediately.

Wealthsimple supports 50+ cryptocurrencies, including Bitcoin, Ethereum, Balancer, Fantom, Uma, Uniswap, Polygon, Cardano, Yearn.Finance, and more.

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

You can access the Wealthsimple platform via a 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.

CoinSmart (now Bitbuy)

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 you can start trading immediately.

You can trade several 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.

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

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.

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 2.20%. 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 mobile and web accessibility.

Here’s a detailed Newton vs Coinbase comparison.

Shakepay

Shakepay is a top Canadian crypto exchange that allows 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, or 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.

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 the following:

• 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 straightforward to use, it has its drawbacks.

• 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.

Related: Coinbase Referral Code.