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7 Best Coinbase Alternatives for Crypto Trading in Canada (2023)

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

Coinbase is the second-largest crypto exchange behind Binance. It’s available in over 100 countries worldwide 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 immediately.

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.

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 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.

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 $50 bonus when you deposit $200

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.

Wealthsimple Crypto

wealthsimple logo

Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $200+

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.

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

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.

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 600 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.

Binance

binance

Trade hundreds of popular coins

Best for advanced crypto trading tools

Up to 0.10% trading fee

Get a 20% lifetime trading fee discount

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 on Bitbuy are up to 1.50% depending on your trading levels. learn more here.

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.

Here’s an NDAX vs CoinSmart comparison.

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.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 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.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their 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, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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