Data suggests that over 3.2% of Canada’s total population (roughly 1.2 million people) own digital assets in one form or another! These numbers continue to grow as new investors enter the crypto market. However, starting your journey requires finding a reliable crypto exchange—a critical step since you can't trade digital assets on arbitrary platforms.
This guide will help you navigate the best cryptocurrency exchanges in Canada, covering selection tips, key factors, and top platform reviews.
How to Choose the Best Cryptocurrency Exchange
Selecting the right exchange hinges on several factors:
1. Your Location
Not all exchanges serve every region. For example, Binance restricts Ontario residents and blocks Canadian bank account linkages. Always verify platform availability in your area.
2. Fees
Exchanges charge varying fees:
- Trading fees: Flat rates or percentage-based (e.g., 0.1–1.5% per trade).
- Deposit/withdrawal fees: Interac e-Transfers may cost 1.5%, while debit cards can levy 6%.
Avoid "free trading" claims—commissions are often hidden in spreads.
3. Customer Reviews
User feedback reveals reliability, security, and hidden perks. Platforms with positive reviews typically offer better experiences.
4. Coin Selection & Accessibility
Ensure your preferred coins (e.g., BTC, ETH, DeFi tokens) are supported. Also, check funding options:
- Debit/credit cards
- Bank transfers
- Crypto deposits
5. Custody Options
Non-custodial exchanges let you store crypto in private wallets. Custodial platforms hold assets for you—less secure but more convenient.
6. Security
Prioritize exchanges with:
- Cold storage (offline funds)
- Two-factor authentication (2FA)
- Insurance against hacks
Top Crypto Exchanges in Canada
1. BitBuy
- Regulated: By Ontario Securities Commission.
- Fees: 0.2% trading fee; 1.5% for Interac e-Transfers.
- Pros: Low minimum deposit ($50), 15+ cryptos.
- Cons: Limited coin selection.
2. Binance
- Global but unregulated.
- Fees: 0.1% maker-taker fee.
- Pros: Hundreds of coins, advanced tools.
- Cons: No Canadian regulatory backing.
3. Crypto.com
- Coins: 250+ cryptos.
- Fees: 0.4% for BTC buys; 2.99% for card deposits.
- Pros: Crypto savings accounts (14.5% APY).
- Cons: Beginner-focused; lacks advanced features.
4. Kraken
- Leverage: 1:5 (spot), 1:50 (futures).
- Fees: 0.26% per slide.
- Pros: 65+ cryptos, 24/7 support.
- Cons: No native wallet.
5. Gemini
- Coins: 75+.
- Fees: 1.5% for trades <$200.
- Pros: GUSD stablecoin, 8.5% APY savings.
- Cons: High small-trade fees.
6. CoinSmart
- Fees: 1.5% (bank transfers); 6% (cards).
- Pros: Simple UI, 16 cryptos.
- Cons: Limited coin options.
Is Cryptocurrency Legal in Canada?
Yes, but it’s not legal tender. Stores can accept crypto voluntarily, but taxes must be paid in CAD. Crypto lacks federal insurance, increasing risk.
Conclusion
Crypto.com stands out for its versatility, but always research exchanges based on your needs. Consider fees, security, and coin variety before committing.
👉 Explore top crypto exchanges
FAQs
1. Is crypto taxable in Canada?
Yes—under the Income Tax Act. Capital gains from crypto must be reported.
2. How are crypto exchanges regulated?
Exchanges must comply with securities laws. Some (like BitBuy) are provincially regulated.
3. What’s the easiest way to buy crypto?
Exchanges simplify purchases via bank transfers, cards, or crypto deposits.