9 Best Crypto Apps and Trading Platforms in Canada Oct 2022

The best crypto trading apps and platforms in Canada make it easy to buy and sell cryptocurrency online from the comfort of your home.

Are you looking to trade cryptocurrencies like Bitcoin in Canada? This article covers some of the best cryptocurrency trading apps and platforms you can use.

The best crypto apps were chosen based on their overall value and top features, including supported coins, trading tools, trading fees, security measures, company reputation, and welcome offers.

Top Crypto Apps in Canada for 2022

The top-5 crypto apps are:

PlatformBest forCoins offeredLearn more
CoinsmartOverall best crypto app and exchangeSeveral coinsGet started
Wealthsimple CryptoBeginners (and for stock trading)50+ coinsGet started
ShakepayBeginners2 coinsGet started
NetcoinsBeginners30+ coinsGet started
NewtonBeginners70+ coinsGet started

Best Cryptocurrency Trading Platforms in Canada

There are several ways to buy and sell cryptocurrencies in Canada. You can trade on a cryptocurrency exchange or make purchases using a cryptocurrency broker.

There are also Bitcoin or cryptocurrency ATMs where you can get coins or exchange them for cash.

Below, I have listed the best crypto trading platforms and apps in Canada.

1. Coinsmart – Overall Best Crypto App in Canada

Coinsmart is the best cryptocurrency app and one of the cheapest crypto exchanges in Canada. It was founded in 2018 and is based out of Toronto.

It offers access to several popular cryptocurrencies and multiple ways to find your account, including using credit cards.

Coins offered: Bitcoin, Ethereum, Litecoin, Avalanche, Bitcoin Cash, EOS, NEO, Stellar, Cardano, Tether, Uniswap, Polygon, Solana, Chainlink, Shiba Inu, Polkadot, and more.

Funding options: Interac e-transfer, wire, bank draft, credit card, debit card, EFT, existing crypto holdings. Multiple fiats are supported, including Canadian Dollars, U.S. dollars, and Euros.

Fees: 0.20% to buy coins using fiat. Bank wires and bank draft deposits are free.

Interac e-transfer deposits are free when your deposit is $2000+ (otherwise 1.5%); 1% fee on ETF withdrawals and wires. Fees vary for direct cryptocurrency withdrawals.

Promotion: Get a $50 welcome bonus when you open an account and deposit at least $200.

Security and regulation: 95% of the coins on this exchange are kept in cold storage wallets, and the site uses bank-level security to protect your account, plus two-factor authentication.

The Coinsmart interface is intuitive for beginner traders, and accounts are typically verified within minutes. It ranks as the best crypto exchange in Canada on this list.

OPEN A COINSMART ACCOUNT + $50 BONUS

2. Wealthsimple Crypto – Top Crypto App For Beginners

Wealthsimple Crypto is a regulated cryptocurrency platform in Canada. It is owned by Wealthsimple, Canada’s largest robo-advisor, and is available on iPhones, Android devices, and through a web interface.

It is one of the best crypto apps for beginners.

Coins offered: Bitcoin, Ethereum, Chainlink, Polkadot, Uniswap, Dogecoin, Polygon, Litecoin, Filecoin, Fantom, and so many others (50+ coins).

Funding options: Bank transfer (CAD), debit card, and crypto deposits.

Fees: Spread on ‘bid’ and ‘ask’ prices (1.5-2%); no fees to deposit or withdraw funds.

Promotion: Get a $25 welcome bonus when you sign up and deposit at least $150.

Security and regulation: Your coins are held by Gemini Trust Company LLC, a regulated crypto exchange that has $200 million in insurance coverage.

Wealthsimple Digital Assets Inc. is a virtual currency dealer money services business authorized by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

This platform does not charge fees for depositing or withdrawing funds. Based on its clean and simple, user-friendly interface, we consider it to be one of the best cryptocurrency apps for beginners.

OPEN A WEALTHSIMPLE CRYPTO ACCOUNT

3. Shakepay – Good Crypto App for BTC and ETH

Shakepay is one of the oldest places to buy crypto in Canada. It also has crypto trading apps you can download for both Android and iOS devices.

As of this writing, over 900,000 Canadians have used the platform to trade more than $6 billion in digital assets.

Coins offered: Bitcoin and Ethereum.

Funding options: Interac e-Transfer, wire transfer, and crypto deposits

Fees: Trading fees are embedded in the price spread and range between 1-3%, fiat and crypto deposits and withdrawals are free.

Promotion: Get a $30 bonus when you open an account and trade $100 worth of BTC or ETH.

Security and regulation: Shakepay is registered as an MSB by FINTRAC and Revenu Quebec, and the majority of coins on the platform are held offline.

OPEN A SHAKEPAY ACCOUNT

4. Netcoins – Crypto App Platform by a Listed Company

Netcoins is a crypto brokerage platform owned by BIGG Digital Assets, a public company listed on the CSE.

This crypto trading platform and app is registered with FINTRAC and offers several coins, including many metaverse coins, stablecoins, and more.

Coins offered: Bitcoin, Ethereum, Decentraland, SushiSwap, Yearn.Finance, Enjin Coin, Curve, Fantom, Aave, The Sandbox, and others.

Funding options: Interac e-Transfers, bank wire, and crypto deposits.

Fees: Up to 0.50% trading fee; withdrawals and deposits are free; fees vary for crypto withdrawals.

Promotions: Get a $25 bonus when you trade crypto worth $100 or more.

Security and regulation: Netcoins is a registered Money Service Business (MSB) with FINTRAC, and it is also regulated and registered with the Canadian Securities Administrators and British Columbia Securities Commission.

OPEN A NETCOINS ACCOUNT

5. Newton – Top Crypto App for Altcoins

The Newton crypto trading platform supports several coins. It was established in 2018 and is a beginner-friendly platform (no advanced charting tools).

Coins offered: Bitcoin, Ethereum, Cardano, Solana, Ripple, Polygon, Ox, Enjin Coin, Dash, Balancer, Ren, Tezos, Dai, and 47 others.

Funding options: Interac e-Transfers, wire transfers, and crypto deposits.

Fees: Pay a price spread on transactions (up to 0.70%), free fiat deposits and withdrawals, no markup fees for crypto withdrawals.

Promotion: Get a $25 bonus when you trade your first $100 worth of crypto.

Security and regulation: Newton is registered as an MSB with FINTRAC. Most crypto is held offline.

OPEN A NEWTON ACCOUNT

6. Coinberry

Coinberry is a good crypto trading brokerage for beginners looking to buy cryptocurrency. It supports 30+ coins, and the company is backed by a financial institution bond.

Coins offered: Bitcoin, Ethereum, Litecoin, Curve, Synthetix, Polkadot, Yearn Finance, Balancer, and other crypto assets.

Funding options: Interac e-Transfer and wire transfer.

Fees: Trading fees are included in the price spread and can be up to 2.50%; fiat withdrawals and deposits are free.

Promotion: Get a $30 bonus when you open an account and trade at least $50 worth of assets.

Security and regulation: Coinberry is an MSB with FINTRAC and the OSC. Digital assets on the platform are protected by Gemini Trust Company LLC.

OPEN A COINBERRY ACCOUNT

7. NDAX

NDAX (National Digital Asset Exchange) is a Canadian cryptocurrency exchange operating out of Calgary. It offers a good number of CAD to crypto pairs and is available on smartphones and computers.

This platform is easy to join (instant ID verification) and has one of the lowest fees in Canada.

Coins: Bitcoin, Ethereum, XRP, Litecoin, EOS, Dogecoin, USDT, LINK, Stellar, Cardano, Uniswap, Matic, Compound, The Graph, and many others.

Funding options: Interac e-transfer, Bank draft, certified cheque, and wire transfer.

Fee: 0.20% to buy and sell crypto. No fees when you deposit funds. $25 CAD when you withdraw fiat using a direct bank deposit or ETF. Fees vary for withdrawals.

Security and regulation: NDAX is a registered MSB under FINTRAC. It holds 95-98% of digital assets in cold storage, and 2FA is mandatory for all accounts.

In addition to regular crypto trading, NDAX offers a premium service for larger traders via NDAX wealth.

OPEN A NDAX ACCOUNT

8. BitBuy

Bitbuy is a Canadian crypto trading platform operating out of Toronto. It was founded in 2016 and offers a wide array of coins to choose from.

This crypto exchange caters to both beginners and advanced traders looking for additional features. It is available on iOS and Android and also has a nice-looking web interface.

Coins offered: Bitcoin, Ethereum, Litecoin, EOS, Aave, Chainlink, Stellar, and others.

Funding options: Interac e-Transfer, bank wire, and digital currencies.

Fees: 0.20% for Express Trade; 0.10% – 0.20% for Pro Trade. A 1.50% fee applies to Interac e-transfer CAD deposits and withdrawals; a 0.50% fee applies to bank wire CAD deposits, and a 1.00% fee for bank wire CAD withdrawals.

Fees vary for digital currency withdrawals.

Promotion: Get a $20 sign-up bonus when you make an initial deposit of at least $250 in your new account.

Security and regulation:  Bitbuy is a regulated Money Service Business with FINTRAC. It is also the first registered marketplace and investment dealer in Canada after recently receiving approval from the Ontario Securities Commission (OSC).

It uses 2FA encryption and has a 95% cold storage security policy.

OPEN A BITBUY ACCOUNT

9. Binance

Binance is one of the best cryptocurrency exchanges in the world. It offers trading in hundreds of cryptocurrencies and has millions of users worldwide.

You can access its mobile app on the App Store and Google Play. Binance also has platforms you can install on Windows, macOS, and Linux.

Coins offered: More than 350 coins.

Funding options: Bank transfer, credit card, debit card, digital currencies, and several others.

Fees: 0.1% on crypto trades for entry-level membership (lower at higher levels). Deposit and withdrawal fees vary depending on the coin.

Promotion: Get a 20% discount on fees when you open an account using our referral link.

Security and regulation: Binance keeps most of its coins in cold storage. Binance.US is separate from Binance; however, it is unclear whether either company is registered with a regulatory authority.

*Note that Binance is not available to residents of Ontario.

OPEN A BINANCE ACCOUNT

Other crypto apps and Canadian exchanges are:

What to Look For in the Best Crypto Apps

The best crypto trading app for you will vary based on your needs. In general, you should look out for:

Security: Hackers are always trying to steal coins from cryptocurrency exchanges. Since it is a loosely regulated industry and things are decentralized, it can be hard to track stolen coins. Ensure the platform has reasonable measures to protect your account, including 2-factor authentication and SSL. Also, a majority of the coin holdings should be in cold storage wallets.

Coins offered: The two most traded coins are Bitcoin and Ethereum. If you plan to also trade lesser-known altcoins, you should consider that when choosing a crypto trading platform.

Trading fees: What you pay for fees impacts your long-term returns. Some platforms charge a spread on the buy and sell prices. Others charge a flat percentage fee. Some levy a fee when you deposit or withdraw funds, while others don’t. Compare transaction fees across exchanges and platforms to save on costs.

Mobile app: If you plan on trading while on the go, you should find a platform that offers a versatile mobile app.

Regulation: Unlike these stock trading platforms in Canada, cryptocurrency platforms are not secured or regulated by the Canadian Investor Protection Fund (CIPF). That said, the ones listed above are regulated by FINTRAC as MSBs.

Reviews: Read user reviews online to get a sense of the crypto app’s reliability and issues customers are facing. There is a lot you can learn from complaints online and how these are being resolved.

Location: Is the crypto app available at your location? For example, Binance is not available in Ontario. It is best to sign up with a crypto platform that’s registered or allowed to operate where you reside.

Coin custody: As the saying goes, “not your private keys, not your bitcoin.” The best crypto trading platform will allow you to move your assets offline to a wallet of your choice.

Trading tools: Are you looking to day trade crypto? Then you may need access to advanced trading tools, charting, and indicators. Some crypto apps are designed for beginners and have basic tools, while others cater to both beginners and experienced traders and offer more trading tools.

How To Use a Crypto App in Canada

To purchase cryptocurrency, you will need a crypto trading account at a Canadian crypto exchange. A good starting point is CoinSmart, the overall top crypto app in Canada based on our selection.

Follow these steps to get started:

Step 1: Open a Crypto account

Visit CoinSmart to open an account. You receive a $50 bonus if you deposit at least $200.

coinsmart signup page-img-bcac

Step 2: Verify your details

After providing your basic information (full name, date of birth, mailing address and phone number), you will need to verify your identity online. The process is usually instant; however, in some cases, you may need to upload documents for manual verification.

These KYC requirements are necessary for the company to abide by the Ontario Securities Commission rules and regulations.

Step 3: Fund your account

You can fund your new account using Interac e-Transfer, wire transfer, debit card, credit card, crypto coins, and more. Multiple fiat currencies are supported, including CAD, USD, and EUR.

Electronic fund transfers and Interac e-Transfers take 1-60 minutes, while wire transfers can take up to 5 business days.

Step 4: Trade Crypto

After funding your account, you can buy and sell cryptocurrency using the CoinSmart crypto app. The platform currently supports 16 popular coins, including BTC, ETH, SOL, ADA, DOT, and many others.

coinsmart coins-img

What is Cryptocurrency?

A cryptocurrency is a digital currency that is acceptable between various parties as a means of exchange, and it is secured using cryptography.

Cryptocurrencies operate on a blockchain and are decentralized, which means they are not tied to any country’s central bank.

The most popular cryptocurrency is Bitcoin, followed by Ethereum. In their wake have followed thousands of alternative cryptocurrencies (alt-coins), including Ripple (XRP), Tether (USDT), Litecoin (LTC), Cardano (ADA), and Binance Coin.

The hype for trading cryptocurrency is high; however, you should tread with caution as cryptocurrencies have no intrinsic value other than the faith placed in them by users.

The bottom line is that you can lose 100% of your money… or you could make a fortune.

Methodology
To choose the best crypto apps in Canada, the Savvy New Canadians team assesses cryptocurrency exchanges and apps based on their coin offerings, trading and transaction fees, ease of use, access to advanced trading tools, user interface, company reputation, security measures, funding options, and other features. While these crypto trading platforms are some of the top ones on the market, they may not be right for you. Always do your own research and make informed financial decisions.

Best Crypto Apps in Canada FAQ

What is the best app to buy cryptocurrency in Canada?

CoinSmart is the best crypto exchange in Canada. It is easy to understand for those who are just beginning to invest in crypto, and it offers great tools to advanced traders. The platform also has very low trading fees.

What is the best crypto app in Canada?

The best Canadian crypto exchange for crypto traders is CoinSmart. It offers low trading fees, access to multiple fiat deposits, top security, and advanced trading tools.

What is the best crypto wallet in Canada?

The top crypto wallets in Canada are the Ledger Nano X and Ledger Nano S hardware wallets.

What is the best way to get crypto in Canada?

The easiest way to get crypto in Canada is to buy your coins using a Canadian crypto exchange or brokerage app. While you can also get crypto from crypto ATMs, the fees are usually higher.

What is the safest cryptocurrency?

Bitcoin is the most established crypto coin, and it has been adopted by some merchants as a means of payment. That said, all cryptocurrencies are a risky bet, and you can lose all your money.

Is cryptocurrency legal in Canada?

They are not legal tender and have not been recognized by the central bank as an official currency for the country. However, it is not against the law to trade cryptocurrencies or use them as a method of payment wherever they are accepted in Canada. The Canadian government has several rules in place for cryptocurrencies and other alternative investments.

What is the most widely used cryptocurrency?

Bitcoin has the highest market capitalization at $367 billion as of this update. It was also the most expensive at 1BTC = $19,234 USD.

Can Canadians use Binance?

Yes. Canadian crypto investors outside Ontario can use Binance to buy and sell cryptocurrencies.

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.

9 Best Crypto Apps and Trading Platforms in Canada Oct 2022

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.

Retirement 101 eBook - 3D

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.

8 thoughts on “9 Best Crypto Apps and Trading Platforms in Canada Oct 2022”

  1. Thanks for the info. I’m currently looking at Binance but am curious, what is the process like for withdrawing funds back to our bank? Possible? TIA

    • @Rob: I think it is easier to withdraw crypto from Binance than it is to withdraw fiat. So, you could transfer your crypto assets into an external wallet and sell your holdings at a Canada-based exchange where it may be easier to withdraw CAD. You could potentially also swap your crypto on Binance for BUSD and withdraw the USD to a US dollar bank account using SWIFT.

  2. Enoch,
    I think I’ve been bitten by a Cryptofraud company called Metexxa. I’ve given them 320.00 USD but the Financial planner keeps asking for more $ in the neighbourhood of $10,000-$20,000.00. USD Have you ever heard of Mettexxa or Frank ElCosta as Cryptocurrency traders in the Canadian Market?
    Thank you.

    • @Donna: I haven’t heard of this company before, but it sounds like a scam. I would advise you to avoid sending them money immediately. There are many similar scams out there.

  3. Hello Enoch,

    I just finished a book on bitcoin investing and they recommend investors store their coins on a special external drive and not on the exchange. This ensures your crypto is always safe and you are responsible for it. I looked at some of your recommended exchanges to buy like Coinsmart. It says this “Security and regulation: 95% of the coins on this exchange are kept in cold storage wallets and the site uses bank-level security to protect your account.” Does this mean any coins purchased cannot be stored personally and only on that exchange?

    • @Phil: Good question. An exchange like CoinSmart also allows you to move your crypto assets “offline” to a hardware wallet like Ledger or Trezor. What they mean by keeping your coins in cold storage wallets is that they are also taking precautions to protect your assets by keeping them off the internet…similar to what you do when you move your coins off the exchange. Regardless of their security precautions, you should consider getting your own personal hardware wallet if you intend to invest a significant amount in crypto. It may end u being safer that way.

  4. Im using crypto .com . Is this legal in canada ?

    • @Dang: As of today, Crypto.com is legal to use in Canada.

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