Kraken is a San-Francisco-based crypto exchange with 9 million+ users in more than 190 countries, including Canada. It allows users to trade a wide selection of 100+ cryptocurrencies starting with as little as $10.
The Kraken exchange offers multiple trading options, including spot trading, margin trading, crypto futures & indices, and an OTC crypto desk to allow institutions and high-net-worth individuals to fill large orders.
It also supports staking with multiple crypto assets, and holders can earn up to 23% in rewards.
The crypto trading platform offers an Instant Buy feature, and the Kraken Pro platform accommodates beginners and seasoned traders. Instant Buy fees can run high, ranging from 0.5% to 3.75%, depending on the funding method you use.
Fees are lower on Kraken Pro and vary based on your 30-day trading volume. Maker fees range from 0.02%-0.16%, while taker fees range from 0.12%-0.26%.
To learn more about Kraken Canada, read this full Kraken review. In this post, I cover crypto apps like Kraken, most of which are based in Canada.
While Kraken is one of the places you can buy crypto in Canada, it is not the only game in town.
You can opt for any of the Kraken alternatives below that support the coins and trading features you want.
CoinSmart is among the best Canadian crypto exchanges and my top pick among Kraken alternatives.
The Toronto-based exchange allows users to trade 15+ popular cryptocurrencies with flat fees of 0.2% and 0.3%. Fiat deposit/withdrawal fees range from 0%-1.5%, depending on the transfer method used.
CoinSmart top features include instant account verification, multiple account funding methods with a same-day deposit guarantee, an OTC desk to fill large orders, and basic/advanced trading interfaces to accommodate newbies and pro traders.
Promotion: Sign up for a CoinSmart account via our exclusive referral link and deposit $200 or more to get a $50 cash bonus.
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $250
2. Wealthsimple Crypto
Launched in 2020, Wealthsimple Crypto is a top crypto brokerage in Canada that offers one of the best crypto trading apps for beginners.
The platform allows users to trade 50+ cryptocurrencies commission-free, with no extra deposit/withdrawal fees, starting with as little as $1.
The only fee your account charges is a 1.5%-2% operations fee per transaction, which is applied as a bid-ask spread on buy and sell orders.
Promotion: If you sign up for a Wealthsimple Crypto account and deposit, you get a $25 cash bonus.
VirgoCX is a commission-free crypto exchange that allows Canadians to trade with tight spreads and no extra deposit/withdrawal fees.
That makes it a top Kraken alternative and one of the best places to buy crypto in Canada. It supports 60+ crypto coins, which users can buy with CAD or USD via Interac e-transfer, wire transfers, and bill payment.
The platform offers basic/advanced trading features, recurring buys, an OTC desk to fill large orders, and an NFT brokerage service to buy and collect trendy NFTs.
Promotion: If you open a VirgoCX account via this referral link, complete KYC verification, and fund your wallet with $100+, you get a $20 cash bonus.
Netcoins is among the best crypto trading platforms in Canada for beginners. The Vancouver-based crypto brokerage offers a simple dashboard with only buy/sell features and limit orders.
You can fund your account with CAD or USD via Interac e-transfer or bank wire, and instantly buy 25+ cryptocurrencies starting with as little as $10.
Netcoins charges a flat fee of 0.5% on all trades.
Netcoins also offers a prepaid Netcoins Pay Visa card so that you can spend your crypto easily and earn 1% in crypto rewards.
Promotion: If you sign up for a Netcoins account via our referral link and trade $100, you get a $25 cash bonus.
Newton is a Toronto-based exchange and is one of the best crypto trading platforms in Canada for beginners looking to access a comprehensive crypto list.
The exchanges offer commission-free trading of several cryptocurrencies with no extra deposit/withdrawal fees.
Though you won’t pay any extra fees on the platform, you may incur in-build bid-ask spreads on buy and sale orders, which may run as high as 1%.
Promotion: Sign up for a Newton account here and trade $100 or more to get a $25 cash bonus.
Shakepay is one of the best crypto trading platforms for crypto beginners looking to buy Bitcoin and Ethereum.
The Montreal-based crypto brokerage offers instant account verification and a beginner-friendly dashboard to allow Canadians to buy BTC and ETH within minutes.
Shakepay offers commission-free trading and doesn’t charge deposit/withdrawal fees. To make money, Shakepay applies an in-built bid-ask spread of 1%-3%.
Shakepay also offers a crypto visa card, which earns you 1% in free Bitcoin on purchases.
Promotion: If you sign up for a Shakepay account and buy $100 worth of BTC or ETH, you get a $10 sign-up bonus.
Coinberry is a top Kraken alternative for beginners that offers commission-free trading with no extra CAD deposit/withdrawal fees.
It was launched in 2017 and offers a simple web interface and the Coinberry crypto trading app to allow crypto beginners to access and trade 35+ cryptocurrencies.
Instead of levying extra fees, Coinberry applies a bid-ask spread that may range from 0%-2.5% at any given time.
The NDAX exchange is based in Calgary and is one of the best places to buy crypto in Canada with flat fees.
The platform supports 30+ cryptocurrencies and features a flat fee structure of 0.2% on all trades. DNAX offers free deposits via Interac e-transfer, bank wire, and bank draft, but there is a flat withdrawal fee of $4.99 CAD.
NDAX also offers crypto staking and an NDAX Wealth OTC desk to fill large orders.
Binance is leaving Canada in 2023.
The world’s largest exchange supports 600+ crypto coins and over 50+ fiat currencies. It offers multiple trading interfaces and trading options to cater to all types of users, including spot trading, margin trading, crypto derivatives & futures, and P2P trading.
Other crypto services include crypto staking, crypto loans, Binance Pay to send/receive crypto payments, the Binance NFT marketplace, and more. There’s also Binance Earn, which offers multiple ways to grow your crypto.
Binance fees are among the lowest in the crypto industry, starting at 0.1% and below.
Promotion: Get a 20% lifetime discount on trading fees.
- Trading fees: You’ll come out ahead if you settle for a fee-free exchange or one that offers fewer/lower fees than Kraken.
- Security: Look for a mix of security features like cold storage, insurance, third-party custody, 2FA, data encryption, whitelisting devices, anti-phishing codes, withdrawal address management, and more.
- Coins supported: Make sure the crypto exchanges offer the coins you want to invest in.
- Trading features and tools: A basic, user-friendly interface to buy crypto with a single click is suitable for beginners. Seasoned traders are better off with an exchange that offers advanced trading features/charting tools.
- Trading options: For newbies, the Instant Buy feature may be enough, but for seasoned traders, options like margin trading, crypto futures/derivatives, leveraged tokens, and P2P trading are necessary.
- Crypto trading apps: Make sure the exchange offers a mobile app to help you trade and monitor your portfolio on the go.
- Transfer methods: It’s even better if the exchange offers a same-day deposit guarantee and faster withdrawal settlements.
Pros and Cons of Kraken Crypto Exchange
A wide crypto selection of 100+ coins
Beginner-friendly, Instant Buy feature
An OTC desk to fill large orders
Advanced trading options, features, and charting tools on Kraken Pro
Crypto staking to earn interest on idle assets
High fees on the Instant Buy platform
Limited customer support
Crypto Exchanges Like Kraken: Conclusion
There you have it! The above are the top Kraken alternatives in Canada that you can join to begin or take your crypto journey to the next level.
Sift them based on the criteria described above and choose the one that fits your crypto experience and investing goals.
Related: Best Canadian Crypto Exchanges.
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.