We’ve gathered a list of the best crypto exchanges in Canada. The importance of selecting a reputable crypto exchange is not underestimated regarding safety and efficient trading.
The latest regulatory changes have strengthened the importance of ensuring compliance with strong security measures by exchanges.
This guide explores leading exchanges so that you can make informed choices as this environment develops.
Coinbase - Best Crypto Exchange in Canada for 2024
- Trade 240+ cryptos
- Deposit with debit card or bank transfer
- Registered with FINTRAC
Best crypto exchanges in Canada at a glance
Our curated list encompasses a variety of Canadian-friendly crypto exchanges catering to diverse investor needs. Here’s a quick introduction to each platform:
- Coinbase: A leading cryptocurrency exchange known for its user-friendly platform and extensive coin offerings. Popular for both beginners and experienced traders.
- Kraken: A cryptocurrency platform known for its robust trading features, margin trading options, and focus on security. Popular among experienced traders seeking advanced functionalities.
- Bitbuy: A domestic exchange focusing on Canadian users, providing a secure and compliant platform for buying, selling, and trading cryptocurrencies.
- Coinberry: A user-friendly exchange designed for quick and easy cryptocurrency purchases, known for its low fees, strong security measures, and a growing selection of coins.
- Netcoins: Canadian exchange emphasizing security and regulatory compliance. Offers a range of cryptocurrencies and trading options, focusing on customer protection.
- NDAX: A comprehensive platform providing access to a diverse range of crypto assets. Known for its robust trading tools and focus on the Canadian market.
- ShakePay: A mobile-first exchange specializing in Bitcoin and Ethereum. Offers instant deposits, low fees, and a user-friendly app for on-the-go trading.
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- 1. Coinbase: Best for beginners due to its user-friendly interface and wide coin selection
- Coinbase overview
- Pros
- Cons
- 2. Kraken: Best for advanced traders seeking deep liquidity and trading tools
- Kraken overview
- Pros
- Cons
- 3. Bitbuy: Best for Canadian users with fast deposits, withdrawals, and strong security
- Bitbuy overview
- Pros
- Cons
- 4. Coinberry: Best for a simple, low-fee crypto buying and selling experience
- Coinberry overview
- Pros
- Cons
- 5. Netcoins: Best for those prioritizing low fees and a wide range of supported cryptocurrencies
- Netcoins overview
- Pros
- Cons
- 6. NDAX: Best for security-conscious Canadians with robust compliance and insurance
- NDAX overview
- Pros
- Cons
- 7. ShakePay: Best for those seeking instant crypto purchases and a rewards program
- ShakePay overview
- Pros
- Cons
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- 1. Coinbase: Best for beginners due to its user-friendly interface and wide coin selection
- Coinbase overview
- Pros
- Cons
- 2. Kraken: Best for advanced traders seeking deep liquidity and trading tools
- Kraken overview
- Pros
- Cons
- 3. Bitbuy: Best for Canadian users with fast deposits, withdrawals, and strong security
- Bitbuy overview
- Pros
- Cons
- 4. Coinberry: Best for a simple, low-fee crypto buying and selling experience
- Coinberry overview
- Pros
- Cons
- 5. Netcoins: Best for those prioritizing low fees and a wide range of supported cryptocurrencies
- Netcoins overview
- Pros
- Cons
- 6. NDAX: Best for security-conscious Canadians with robust compliance and insurance
- NDAX overview
- Pros
- Cons
- 7. ShakePay: Best for those seeking instant crypto purchases and a rewards program
- ShakePay overview
- Pros
- Cons
- Show Full Guide
The best crypto exchanges in Canada
We are reviewing the best crypto exchange for Canadians to consider in 2024. Below is a detailed list of the exchanges you may choose from.
1. Coinbase: Best for beginners due to its user-friendly interface and wide coin selection
Coinbase Canada is a leading cryptocurrency exchange platform operating in the Canadian market. Its subsidiary has gained prominence as part of the global cryptocurrency giant’s expansion efforts.
Coinbase Canada excels at bridging the gap between traditional finance and the cryptocurrency world.
Its seamless fiat-to-crypto conversion process makes it accessible to many users, from those looking to invest a small amount to more substantial investors. This ease of entry is a key factor in its popularity.
Coinbase overview
Coinbase Canada is a cornerstone in the Canadian cryptocurrency landscape. It acts as a secure and user-friendly gateway for investors of all experience levels.
Its intuitive platform empowers newcomers to navigate the world of digital assets confidently, with clear menus, straightforward buying and selling processes, and a wealth of educational resources that break down complex concepts into easily digestible pieces.
Coinbase Canada’s commitment to user education extends beyond written materials. It offers video tutorials and webinars that delve deeper into specific cryptocurrencies, trading strategies, and overall market trends. Seasoned traders, on the other hand, will find a respectable selection of cryptocurrencies to add diversity to their portfolios.
While Coinbase Canada might not boast the most extensive library of digital assets compared to some exchanges, it prioritizes offering established and reputable cryptocurrencies through its listings, fostering a sense of security for investors.
However, it’s important to note that fee structures might be steeper than some competitors, so cost-conscious traders may want to explore other options.
Coinbase Canada became a Restricted Dealer in April 2024, making it the largest registered cryptocurrency exchange in the country.
Number of Cryptocurrencies | 250+ |
Payment Methods | Bank transfer, Debit card (No Credit Card or PayPal) |
Trading Fees | Maker: 0% and 0.40%, Taker: 0.05% – 0.60% |
Customer Service Options | Primarily online resources and email support |
Regulations | FINTRAC |
KYC Required | Yes |
Pros
- Regulatory compliance: Strong adherence to Canadian financial regulations.
- Fiat-to-crypto convenience: Seamless conversion between Canadian dollars and cryptocurrencies.
- Educational resources: Coinbase Earn offers rewards for learning about different cryptocurrencies, helping users to get educated while earning.
- Staking rewards: Earn rewards by staking certain cryptocurrencies directly on the platform.
- Advanced trading features: Coinbase Pro offers more advanced trading features and lower fees for experienced traders.
Cons
- Limited insurance coverage: Fiat currency used for crypto coin purchases is not protected by the Canada Deposit Insurance Corporation (CDIC) or Canadian Investor Protection Fund (CIPF).
- Limited advanced features: The main Coinbase platform lacks some advanced trading features, which are only available on Coinbase Pro.
- Complex fee structure: The fee structure can be complex and confusing, especially for new users.
2. Kraken: Best for advanced traders seeking deep liquidity and trading tools
Kraken is a top pick for advanced traders due to its robust trading platform, deep liquidity, and wide range of cryptocurrencies.
It is a seasoned cryptocurrency exchange with a strong foothold in Canada. Renowned for its robust trading platform and deep liquidity, it caters to novice and experienced traders.
Offering a wide array of cryptocurrencies and advanced trading tools, Kraken prioritizes security and regulatory compliance.
Kraken overview
Kraken, a veteran in the cryptocurrency exchange scene, has established a powerful presence in Canada.
Renowned for its innovative listings, robust trading platform, and deep liquidity pools, Kraken is a haven for seasoned traders who can leverage an arsenal of advanced features for in-depth market analysis and strategic execution.
From charting tools that unveil hidden trends and identify potential entry and exit points to technical indicators that forecast future price movements and gauge market sentiment, Kraken empowers traders to make informed decisions and confidently navigate market volatility.
This extensive toolkit doesn’t stop there. Order types catering to various trading strategies, margin trading for experienced users seeking to amplify returns (with limitations for Canadian residents), and real-time market data keep traders at the forefront of the ever-evolving crypto landscape.
However, it’s important to acknowledge that the platform’s interface, geared towards advanced users, might be daunting for beginners who are just starting their crypto journey.
Cryptocurrencies | 260+ |
Payment options | Bank account Transfer, Debit Card, Credit Card (Not available in all regions) |
Trading Fees | Kraken Pro: Maker fees start as low as 025%, taker fees start at 0.40%. Instant Buy: 0.9% for stablecoins, 1.5% other cryptos |
Customer Service Options | 24/7 Support via Email and Live Chat. |
Regulations | FINTRAC (Registered) |
KYC Required | Yes |
Pros
- Deep liquidity: Offers large trading volumes, ensuring smooth order execution.
- Advanced trading tools: Catering to experienced traders with in-depth analysis.
- OTC trading for high-volume Traders: Personalized service for large transactions with competitive pricing.
- Transparency with proof-of-reserves audits: Regular audits ensure crypto holdings are fully backed.
- NFT Marketplace with zero gas fees: Trade NFTs cost-effectively with zero gas fees.
Cons
- Higher instant buy fees: Instant Buy fees tend to be higher than other exchanges.
- Limited futures trading options: Fewer futures contracts compared to competitors.
- Steep learning curve: Interface might be overwhelming for beginners
3. Bitbuy: Best for Canadian users with fast deposits, withdrawals, and strong security
Bitbuy is the top pick for Canadian crypto newcomers due to its user-friendly platform, strong security, and seamless integration with Canadian banking.
Bitbuy is a leading Canadian cryptocurrency exchange platform renowned for its user-friendly interface, robust security measures, and focus on Canadian investors.
Since its launch in 2016, it has grown significantly, becoming Canada’s first approved cryptocurrency marketplace in November 2021 and amassing over 375,000 users and $4.4 billion in transaction volume.
Bitbuy overview
Bitbuy stands out as a reliable and accessible crypto exchange tailored for Canadians. Its clean interface and straightforward navigation make newcomers to digital currencies easy.
Bitbuy has established itself as a reliable and trusted cryptocurrency exchange in Canada, making it a solid platform for Canadian investors looking to enter the crypto market.
The platform is committed to user experience, as evident in its recent improvements. For instance, they added a real-time news feed to keep users informed, a “top gainers and dippers” feature to help identify trading opportunities, and implemented various performance enhancements for a smoother overall experience.
However, if you require a wider selection of cryptocurrencies or advanced trading features, you might consider exploring other options.
Cryptocurrencies | 20+ |
Payment options | Interac e-Transfer, Wire transfer (CAD only) |
Trading fees | Express Trade: 0.5% – 2% spread Pro Trade: Lower spreads (variable) |
Customer service | Email, Live chat (limited hours) |
Regulation | Registered with FINTRAC |
KYC required? | Yes |
Pros
- Canadian-centric: Tailored for Canadian users with seamless banking integration.
- Regulatory compliance: Adheres to Canadian financial regulations.
- Strong brand reputation: Established as a trusted platform in the Canadian market.
- Dedicated support for institutional investors: Provides dedicated assistance for larger investments and unique needs.
Cons
- High spreads: Spreads are often wider than those offered by competing platforms.
- Lack of transparency: Users have expressed frustration with the lack of transparency regarding fee calculations.
4. Coinberry: Best for a simple, low-fee crypto buying and selling experience
Coinberry offers a localized experience tailored to the needs of domestic crypto investors. Its user-friendly interface and seamless navigation contribute to a positive overall user experience.
It is a prominent Canadian cryptocurrency exchange platform established in 2017. It has positioned itself as user-friendly, particularly for those new to the world of cryptocurrencies.
Coinberry overview
Coinberry is a welcoming entry point for individuals new to the cryptocurrency landscape. Its core strength lies in simplifying the often complex world of digital assets. The platform’s intuitive interface and clear, concise information make it accessible to users without prior crypto experience.
Rather than overwhelming newcomers with an array of advanced trading tools and cryptic jargon, Coinberry focuses on the fundamentals of buying, selling, and holding cryptocurrencies.
This beginner-centric approach is evident in Coinberry’s educational resources, which are designed to equip users with the knowledge necessary to make informed decisions.
While this simplicity might limit the platform’s appeal to seasoned traders seeking advanced features, it undoubtedly benefits those taking their first steps in the crypto market.
By prioritizing ease of use and security, Coinberry has established itself as a reliable platform for Canadian investors looking to explore the world of digital currencies.
While Coinberry’s focus on simplicity is commendable, it’s essential to note that the platform’s offerings may be relatively limited compared to more comprehensive exchanges. For instance, the range of supported cryptocurrencies might not be as extensive, and advanced trading tools are notably absent.
Cryptocurrencies | 25+ |
Payment options | Canadian dollars (CAD) deposits and withdrawals via Interac e-Transfer and wire transfers |
Trading fees | Varies by transaction type |
Customer service | Email and live chat support |
Regulation | Registered with the Ontario Securities Commission (OSC) and FINTRAC |
KYC required? | Yes |
Pros
- User-friendly interface: Beginner-friendly platform with a simple interface.
- Coinberry Pay available: Merchants, charities, municipalities, and individuals can now accept Bitcoin with this payment processing solution.
- Canadian focus: Tailored for Canadian users with CAD deposits and withdrawals.
Cons
- Unfavorable exchange rates: Coinberry often provides less than optimal cryptocurrency-to-fiat exchange rates.
- Poor customer support: Users frequently report difficulties in reaching Coinberry’s support team.
5. Netcoins: Best for those prioritizing low fees and a wide range of supported cryptocurrencies
Netcoins offers a seamless user experience catering to novice and experienced investors. Its straightforward platform and essential features make cryptocurrency trading accessible to many users.
Netcoins was established in 2014. While it initially operated as a virtual Bitcoin ATM provider, it has since expanded its services and become a complete cryptocurrency exchange.
Netcoins overview
Designed primarily for beginners, the platform offers a straightforward on-ramp into the world of digital assets. Its intuitive interface and clear layout make buying, selling, and holding cryptocurrencies accessible to many users.
While Netcoins excels in providing a secure and simple trading environment, it might fall short for experienced traders seeking advanced features, such as margin trading or a vast array of trading pairs.
Netcoins’ commitment to regulatory compliance is evident through its registration with the British Columbia Securities Commission (BCSC).
This adherence to industry standards instills confidence in users regarding the platform’s security measures and operational transparency.
However, it’s essential to note that the platform’s primary focus on simplicity might limit its appeal to those seeking sophisticated trading tools or a deep liquidity pool.
Cryptocurrencies | 35+ |
Payment options | Interac e-transfer, Bank wire, Cryptocurrency deposits |
Trading fees | 0.5% (Trading fees) |
Customer service | Email and Phone support |
Regulation | FINTRAC, Canadian Securities Administrators (CSA, BCSC |
KYC required? | Yes |
Pros
- User-friendly interface: Beginner-friendly
platform with a simple interface. - Swift KYC Verification: The platform’s Know Your Customer (KYC) process is efficient and hassle-free.
- Rapid Interac e-Transfers: Users can swiftly transfer funds to their Netcoins account via Interac.
Cons
- Steep withdrawal fees: Transferring cryptocurrencies to external platforms incurs excessive charges.
- Limited market liquidity: Lower trading volume compared to larger exchanges.
6. NDAX: Best for security-conscious Canadians with robust compliance and insurance
NDAX impressed us with its combination of factors catering to the Canadian crypto market.
First, its reliable performance ensures a smooth trading experience, minimizing disruptions and missed opportunities.
Second, NDAX offers competitive pricing structures, including low trading fees, to help Canadian users maximize their returns.
NDAX is a prominent cryptocurrency exchange positioned as a user-friendly platform; it has carved a niche by offering a comprehensive suite of services tailored to novice and experienced crypto investors.
NDAX overview
It’s not hard to see why NDAX is considered one of social media’s most favored crypto exchange platforms.
NDAX’s intuitive interface and clear design make buying, selling, and trading cryptocurrencies easy, while informative resources and helpful customer support empower users to make informed investment decisions.
While NDAX may not boast the most advanced trading features compared to some of its competitors, it delivers a straightforward and reliable trading experience for newcomers and seasoned investors.
NDAX’s commitment to regulatory compliance goes beyond simply following the rules. The exchange actively works to stay ahead of evolving regulations in the Canadian crypto market, providing users with a safe and trustworthy trading experience.
This commitment is particularly appealing to risk-averse investors who prioritize security and stability.
Cryptocurrencies | 40 |
Payment Methods | Primarily supports Canadian dollars (CAD) through Interac e-Transfer, EFT, and wire transfers. |
Trading Fees | 0.2% (Trading fees) |
Customer Service | Email, phone, and live chat. |
Regulation | FINTRAC and Revenue Québec |
KYC Required | Yes |
Pros
- Excellent customer support: Provides helpful and responsive customer service.
- Competitive pricing: Offers fair spreads on cryptocurrency trading.
- Diverse cryptocurrency selection: Has a broader range of cryptocurrencies and consistently expands its offerings.
Cons
- Spread issues: Users have reported inconsistencies in spot spread prices.
- Trading interface challenges: Some users have experienced issues with the trading interface.
7. ShakePay: Best for those seeking instant crypto purchases and a rewards program
ShakePay shines as an excellent entry point for newcomers to the crypto world. Its user-friendly interface and straightforward approach make it an ideal platform to start your crypto journey.
ShakePay is a Canadian cryptocurrency exchange platform that has gained significant traction for its user-friendly interface and focus on security.
Founded in 2015, the platform has grown to serve over 1.3 million Canadians, offering a range of cryptocurrencies for buying, selling, and trading.
ShakePay overview
ShakePay is a Canadian cryptocurrency exchange that has established itself by prioritizing simplicity and accessibility. Designed for beginners, the platform offers a clean, intuitive layout that effortlessly guides users through the crypto buying and selling process.
One of ShakePay’s standout features is its Shake and Earn program, which allows users to accumulate small amounts of Bitcoin by simply shaking their phones. This gamified approach to crypto investing is a fun way to introduce newcomers to digital currencies and even pay with Bitcoin.
ShakePay is great for beginners, but advanced traders may miss some desired features. Other platforms may provide more advanced tools and options for those exploring crypto trading more deeply.
As one of Canada’s earliest and most established cryptocurrency platforms, ShakePay has played a pivotal role in increasing crypto adoption.
Cryptocurrencies | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) |
Payment options | Interac e-Transfer, Debit card purchases |
Trading fees | 1.25% on BTC-to-CAD, CAD-to-BTC |
Customer service | Email, Live chat (limited hours) |
Regulation | FINTRAC and Revenue Québec |
KYC required? | Yes |
Pros
- Rapid Bitcoin purchases: ShakePay offers swift and efficient Bitcoin buying options for Canadian residents.
- Innovative earning method: The Shake and Earn feature provides a unique way to accumulate Bitcoin through a gamified experience.
Cons
- High transaction fees: ShakePay’s trading fees, particularly the spread, can be relatively high compared to other platforms.
- Potential for misinterpretation: The platform’s referral program has qualities similar to a Ponzi scheme, as it rewards participants for recruiting new users.
Crypto exchanges compared
Exchange | No. of Cryptos | Funding | Trading Fees | Support | Regulation | KYC |
---|---|---|---|---|---|---|
Coinbase | 250+ | Debit/Credit cards, bank transfers, wire transfers | Maker: 0% and 0.40%, Taker: 0.05% – 0.60% | Live chat, email, phone | FINTRAC | Yes |
Kraken | 260+ | Bank transfers, wire transfers, crypto deposits | Kraken Pro: Maker 0.25%, taker 0.40%. Instant Buy: 0.9% stablecoins, 1.5% others. | Email, ticket system | FINTRAC | Yes |
Bitbuy | 20+ | Debit cards, bank transfers, Interac e-Transfer | Express Trade: 0.5% – 2% spread Pro Trade: Lower spreads (variable) | Live chat, email | FINTRAC, MSB | Yes |
Coinberry | 25+ | Debit cards, Interac e-Transfer | Varies by transaction type | Email, live chat | FINTRAC | Yes |
Netcoins | 35+ | Bank transfers, wire transfers, Interac e-Transfer | 0.5% (Trading fees) | Email, phone | FINTRAC, MSB | Yes |
NDAX | 40 | Debit cards, bank transfers, Interac e-Transfer | 0.2% (Trading fees) | Live chat, email, phone | FINTRAC, MSB | Yes |
ShakePay | 3 | Debit cards, Interac e-Transfer | 1.25% | Email, in-app support | FINTRAC | Yes |
Writer’s note:
- Trading fees vary significantly based on transaction type, volume, and other factors. Also, cryptocurrency regulations and fees can change rapidly.
- Payment methods: Some exchanges offer additional payment options or have specific limitations for particular methods.
What should you consider when choosing a cryptocurrency exchange?
Here are some important factors you should remember when choosing a crypto trading platform:
- Your investment goals: Different platforms cater to different trading volumes and styles, so there should not be a one-size-fits-all approach here. Are you seeking low fees, high liquidity, fast order execution, or accessible customer support?
- Supported cryptocurrencies: What coins are available for purchase or sale on the platform?
- Trading fees: These fees differ from one exchange to another. If you trade often, you may want a market that offers competitive rates.
- Security measures: Look for exchanges with high-security standards, such as two-factor authentication or cold storage options, which offer maximum protection against loss or theft due to hacking or other vulnerabilities.
- Customer support: Does it have customer service that could address problems if any arise?
- Ease of use: Looking at the user interface, would it be considered beginner-friendly? i.e., is the user interface easy to understand and navigate?
Our Methodology
Our rating system was designed to identify the best cryptocurrency exchanges in Canada based on factors important to Canadian crypto investors. Here are some of the factors we looked at:
- Regulation and security (20%): We emphasize platforms registered with bodies such as FINTRAC and the Canadian Securities Administrators (CSA). We also look at security measures such as two-factor authentication, cold storage for crypto assets, and a history of preventing hacks.
- Trading fees (20%): We consider fees for buying, selling, or trading cryptocurrencies. These include maker-taker and spread fees and other deposits or withdrawal charges. Our approach is to prefer transparent fee structures with competitive rates.
- Supported cryptocurrencies (15%): This process evaluates the choices available to investors who want to engage in trading activities. These range from popular choices like Bitcoin and Ethereum to newer altcoins.
- Ease of use (15%): This criterion examines how easily users can interact with the platform’s user interface and user experience (UI/UX). Factors such as intuitive design, simple navigation menus, mobile app availability, and ease of use for beginners contribute to this evaluation.
- Customer support (15%): We assess the quality and accessibility of customer support provided by each exchange. This includes response times, the variety of support channels available, such as live chat, phone, or email, and how helpful these support staff are generally.
- Additional features (15%): An exchange might have included other features to make it more attractive, in addition to a user-friendly interface. Examples include educational resources, staking rewards, referral programs, or useful integrations.
How we rate and review projects on our best crypto exchange in Canada list:
Each criterion is assigned a weightage based on its importance.
Data gathering involves official exchange websites, user reviews, and independent research.
We score each exchange on a scale for each criterion.
A final score is obtained by taking a weighted average of individual scores.
We also provide a detailed review of the strengths, weaknesses, and different investor profiles best suited to each platform.
FAQs
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References
- Is Kraken licensed or regulated?
- Guide to Crypto Tax in Canada (2024 CRA Rules)
- Ontario’s registered crypto asset trading platforms
- Crypto Trading Platforms Authorized to Do Business with Canadians
- Coinbase becomes first international crypto exchange registered in Canada
- WonderFi’s Bitbuy Announces Acquisition of Bitstamp’s Canadian Clients