9 Best Crypto Trading Apps and Platforms in Canada Jul 2022

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by Enoch Omololu

Updated

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

If you followed the meteoric rise of Bitcoin last year, you are not alone.

Bitcoin had one of its most successful runs on record, hitting a high note of $68,789.63 USD and posting a return exceeding 100%.

While the world of cryptocurrencies is still largely shrouded in mystery and legitimate skepticism, it appears the tide is turning.

Everyday investors, as well as institutional investors, are beginning to add Bitcoin and alternative coins to their investment portfolios.

That’s not to say that the long-term investment value of crypto is now certain. We have seen big drops in crypto values over the last couple of months.

Are you looking to buy and sell cryptocurrencies like Bitcoin in Canada? We cover some of the best cryptocurrency trading apps and platforms you can use.

Top Cryptocurrency Apps in Canada 2022

PlatformBest forCoins offeredLearn more
CoinsmartOverall best crypto exchangeSeveral coinsGet started
NetcoinsBeginners20+ coinsGet started
NDAXBeginners and experts30+ coinsGet started
BitbuyLive order book15+ coinsGet started
NewtonBeginners70+ coinsGet started
Wealthsimple CryptoBeginners40+ coinsGet started

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 the trading of 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.

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 buy and sell coins or exchange them for cash.

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

1. Coinsmart

Coinsmart is the best cryptocurrency app and crypto exchange 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, bank wire, bank draft, credit card, debit card, EFT.

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

Interac e-transfer deposits are free when your deposit is $2000+ (otherwise 1.5%); 1% fee on ETF withdrawal and bank wire. 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.

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. Netcoins

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 several more.

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 $60 bonus when you trade crypto worth $100 or more.

Security and regulation: Netcoins is a registered Money Service Business with FINTRAC and it is also regulated and registered with the Canadian Securities Adminstrators and British Columbia Securities Commission.

OPEN A NETCOINS ACCOUNT

3. Shakepay

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 worth of 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. 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 you will find 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 direct bank deposit or ETF. Fees vary for digital currency withdrawals.

Promotion: Get a $10 welcome bonus after opening your account and funding it.

Security and regulation: NDAX is a registered Money Service Business 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

5. Wealthsimple Crypto

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 trading apps for beginners.

Coins offered: Bitcoin, Ethereum, Chainlink, Polkadot, Uniswap, Dogecoin, Polygon, Litecoin, Filecoin, Fantom, and 32 others.

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

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

Promotion: Get a welcome bonus when you sign up and trade $150 worth of crypto.

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).

The Wealthsimple Crypto 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

6. Newton

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 transfer, and crypto deposits.

Fees: Pay a price spread on buy and sell 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 a Money Service Business with FINTRAC. Most crypto is held offline.

OPEN A NEWTON ACCOUNT

7. BitBuy

Bitbuy is a top-rated cryptocurrency 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, Android and also has a nice-looking web interface.

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

Funding options: Interac e-Transfer and bank wire.

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 $40 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

8. Coinberry

Coinberry is one of the best crypto trading brokerages for beginners to buy cryptocurrency. It supports 18 coins and the company is backed by a financial institution bond.

Coins offered: Bitcoin, Ethereum, Litecoin, Curve, Synthetix, Polkadot, Yearn Finance, Balancer, and more.

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

9. Binance

Binance is the largest cryptocurrency exchange 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, cryptocurrency, 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 up to 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 top cryptocurrency apps in Canada are:

What to Look For in a Cryptocurrency App

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

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.

Make sure the platform has reasonable measures in place 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 put that into consideration 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 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.

Best Cryptocurrency Apps in Canada FAQ

What is the best app to buy cryptocurrency in Canada?

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

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.

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 crypto app is best in Canada?

The best crypto app in Canada is CoinSmart. It offers low trading fees, access to multiple fiat deposits, top security, and advanced trading tools.

What is the most widely used cryptocurrency?

Bitcoin has the highest market capitalization at $407 billion as of this update. It was also the most expensive at 1BTC = $19,380.75 USD.

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 buy and sell cryptocurrencies or use them as a method of payment wherever they are accepted in Canada.

Can Canadians use Binance?

Yes. Canadians living outside of Ontario can currently use Binance to trade 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 Trading Apps and Platforms in Canada Jul 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.

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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.

6 thoughts on “9 Best Crypto Trading Apps and Platforms in Canada Jul 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.

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