7 Best Crypto Exchanges In Canada (Sep 2022) + $50 Signup Bonus
Choosing the best crypto exchange in Canada is difficult, given the number of available options and the variety of features each one offers. As a long-time crypto investor myself, I am continually up-to-date on the newest and best exchanges, and my recommendations below are based on years of intensive research and personal experience.
Due to its high level of security and user-friendliness, CoinSmart is the platform of choice among savvy Canadian cryptocurrency investors. CoinSmart also boasts exceptionally low trading costs, so if you’re searching for a safe and inexpensive way to buy and sell cryptocurrency in Canada, I cannot suggest it enough.
You may not realise it, but your choice of bitcoin exchange is significant. Your decision will affect the profitability of your trades, the ease with which you can purchase and sell coins, and in some situations, whether you receive any money back at all.
Here, I am not exaggerating. To far, none of the tens of millions of dollars lost by hundreds of thousands of Canadians in the QuadrigaCX fraud of 2019 have been restored. Therefore, platform security and reliability is my number one criterion for the picks listed below.
If you’re looking for a safe, secure, user-friendly, and commission-friendly Canadian cryptocurrency exchange, you’ve come to the right spot. I’ve been investing in cryptocurrencies for over nine years, and I modify the list below nearly every day.
Why you should believe us
Experienced
I purchased my first cryptocurrency (Bitcoin) in 2013, Ethereum in 2017, and have maintained active accounts on at least five exchanges since 2018.
Unbiased
All of my choices are backed by several data points, such as crypto thought leaders, security experts, and TrustPilot reviews.
Extensive Research
My team and I spent more than 100 hours researching exchanges before selecting our best choices, and we update them nearly every day as the sector evolves.
1. CoinSmart – $50 New Account Bonus
Without a doubt, CoinSmart is the greatest crypto platform in Canada in 2022.
CoinSmart has the lowest trading costs in Canada, at 0.2 percent. It supports 16 cryptocurrencies, promptly verifies accounts, boasts competent customer care representatives, and has a gorgeous, highly-rated interface.
CoinSmart is a highly secure exchange due to their designation as a Registered Marketplace by the Ontario Securities Commission (OSC), registration as a Money Services Business with FINTRAC, and membership in the anti-money laundering association TRUST. They maintain a cold storage policy of 95%, and being a publicly traded corporation, their financials are audited at least once each year by a third-party organisation.
You will receive a $50 bonus upon filling your CoinSmart account as a new user, which you may use to purchase Bitcoin, Ethereum, or any of the other 16 supported assets. CoinSmart is a good option if you’re looking for a highly safe and trusted cryptocurrency exchange platform.
Features
• Extremely low transaction costs (0.2%)
• Customer service is available 24/7 via live chat and email
• Immediate account confirmation
• Supports sixteen digital currencies
• Market Place Registered by the OSC
• Deposits and withdrawals on the spot
• User-friendly for novice and experienced traders
• The 95% cold storage policy safeguards your cryptocurrency
Cost
• Free account opening
• Transaction Costs: 0.2%
• INTERAC Deposit: 0%
• Bank Wire Deposit: 0%
• Wire Transfer Withdrawal: 1%
• EFT Withdrawal: 1%
Welcome Bonus
$50 sign-up bonus when you use this link and the coupon code YOREOYSTER.
Best For
Investors interested in trading with minimal transaction costs.
2. Bitbuy – $50 Signup Bonus
Bitbuy is an excellent alternative for Canadians looking for a reliable and trustworthy cryptocurrency exchange.
Similar to CoinSmart, Bitbuy’s trading costs range from 0% to 1.5%, depending on the amount you exchange. Their customer service is available 24/7, and user accounts are validated immediately.
To far, Bitbuy has completed over $4 billion in transactions for its over 400,000 Canadian customers. It is a Registered Marketplace and Investment Dealer as recognised by the Ontario Securities Commission (OSC), indicating that it is a highly safe and secure exchange that provides extensive liquidity on all order sizes.
Since I’ve used Bitbuy for over a year, I’ve witnessed their platform undergo steady development. For instance, Bitbuy has just eliminated its fees on deposits and withdrawals, making the whole trading experience for customers considerably more affordable. Previously, these fees were Bitbuy’s biggest negative, but today I can confidently call it the greatest crypto exchange in Canada.
For a limited time, Bitbuy will reward Yore Oyster readers who deposit $250 or more with a $50 incentive. Open a Bitbuy account today if you’re looking for a reputable exchange with the lowest fees in Canada, good customer service, and a sleek mobile app.
Features
• Low trading commissions (0-1.5%
• User-friendly for both novice and advanced traders
• Supports over 25 digital currencies
• Superior customer service via chat and email
• Highly effective mobile application (4.6/5 on the App Store)
• A 99% cold storage policy safeguards your digital assets
Cost
• Free account opening
• Transaction Fees: 0.01%
Free INTERAC deposits and withdrawals
• Bank Wire Deposit: Free
• Wire Transfer Withdrawal: 1%
Welcome Bonus
$50 bonus with a $250 deposit with this link.
Best For
Investors in search of the lowest fees and greatest overall trading experience.
3. VirgoCX
VirgoCX, based in Toronto, is another of the greatest Canadian cryptocurrency exchanges. It provides more than 50 cryptocurrencies, making it one of the exchanges with the most options on this list.
The trading platform and mobile app of VirgoCX are intuitive and simple to use, even for novices. It offers round-the-clock customer service via live chat and email, as well as a comprehensive FAQ section on its website.
VirgoCX does not charge any fees for fiat deposits or withdrawals, and it pays the first $6 in mining fees for ERC20 withdrawals. It requires two-factor authentication on all accounts and adheres to a cold storage policy of 95% to ensure the safety of your funds at all times.
Features
• Supports over 50 digital currencies
• Free deposits and withdrawals in fiat
• Free deposits and withdrawals for the vast majority of cryptocurrencies
• 24/7 support available via live chat and email
• User-friendly for novice and advanced traders alike
• The 95% cold storage policy safeguards your cryptocurrency
Cost
• Free account opening
• Free Cash Deposits
• Free Cash Withdrawals
• Free Crypto Deposits
• Withdrawals are free for all major cryptocurrencies
• Trade spreads are approximately 1%
Welcome Bonus
$30 when you add $100 or more to your account via this link.
Best For
Investors want to acquire altcoins before the rest of the market.
Crypto.com is a big worldwide player that provides Canadian crypto investors with a mature, reliable exchange. It supports more than one hundred cryptocurrencies, making it an excellent choice for those who wish to invest in undiscovered altcoins before the masses.
Crypto.com offers services that are exclusive among Canadian cryptocurrency exchanges. Users can trade options and futures contracts, earn interest by staking their coins, and trade with up to 10x leverage when they have a high degree of confidence in a certain cryptocurrency.
Additionally, Crypto.com has invested a substantial amount of money in its platform security, making dealing with them incredibly secure. The lightning-fast exchange (prices are updated dozens of times per second) provides day traders an advantage over the rest of the market.
Overall, Crypto.com is a reliable cryptocurrency exchange for traders seeking to profit from brand-new cryptocurrencies. If you’re only interested in purchasing more popular coins like Bitcoin and Ethereum, I recommend Bitbuy or CoinSmart instead.
Features
• Average trading fees (0.4%)
• Supports over 100 digital currencies
• Permits up to tenfold leverage
• Trade crypto derivatives (futures and options contracts)
• Earn daily interest on your coins by staking them.
• Purchase newly-listed coins at discounts of up to 50%
• Free deposits from all cryptocurrencies
Cost
• Free account opening
• Transaction Costs: 0.4%
Best For
Investors seeking to acquire altcoins and other new crypto assets prior to their widespread adoption.
Coinberry
Coinberry supports eighteen cryptocurrencies and does not charge any fees for Canadian dollar deposits and withdrawals. Users can rapidly deposit funds using credit cards and INTERAC e-transfers, and while Coinberry is not as popular as CoinSmart, it is still a superb and extremely secure exchange.
Coinberry Autopilot, which allows users to purchase cryptocurrencies automatically using the time-tested investment approach known as dollar cost averaging, is one of the most popular services among Coinberry users. Dollar cost averaging is one of the world’s most profitable investment methods, and Coinberry is the only cryptocurrency exchange in Canada that offer this functionality.
Features
• Supports 18 digital assets
• Immediate account confirmation
• Automatic purchase capability (dollar cost averaging)
• Live, accommodating client service
• Outstanding mobile app (4.5/5 on the App Store)
Gemini offers cold storage space.
Cost
• There are no deposit or withdrawal fees.
• Spread: between 0% and 2.5%
Best For
Dollar-cost-averaging investors that wish to purchase cryptocurrencies.
Newton
Newton supports more than seventy-five cryptocurrencies and has an iPhone and Android app that has received positive reviews. Newton does not impose any trading fees, and its spreads are normally between 0.2% and 0.7%, depending on the coin you’re trading.
Consequently, the higher spreads of Newton make it more expensive than CoinSmart and Bitbuy. Still, Newton is a respectable cryptocurrency exchange with a well-trained customer service crew, giving it a viable alternative for Canadian crypto traders.
Features
• Zero trading fees
• Reasonable spreads (often between 0.2% and 0.7%).
• There are no deposit or withdrawal costs
• Highly rated mobile application (4.6/5 on iPhone and 4.4/5 on Android)
• Supports over 75 digital currencies
Cost
• Free account opening
• No trading fees charged
• Free cash deposits and withdrawals
• Free Crypto Deposits
• Cryptocurrency Withdrawals are free (transaction costs up to $5).
• Bid-ask spreads: between 0.2 and 0.7
Welcome Bonus
Free $25 when you sign up through this link.
Best For
Investors in cryptocurrencies who are interested in trading a range of altcoins.
Satstreet.
If you conduct transactions between $25,000 and $10 million or more, you should utilise Satstreet. Satstreet is unlike the other exchanges on this list; it provides high-net-worth investors and corporations with a personalised trading experience. They take a very individualised approach to crypto-investing, concentrating their efforts on providing superior service to a specific segment of the Canadian market.
Satstreet’s vast liquidity enables them to offer fixed prices on large orders with no slippage. On the majority of Canadian exchanges, it is practically impossible to place a $100,000 buy order, but Satstreet processes transactions of this amount (and greater) every day.
Clients of Satstreet have the option of taking custody immediately following a transaction, gaining access to an account with a qualified custodian, utilising their proprietary custody solution, or opting for a multi-sig collaborative security setup involving multiple hardware wallets and co-signers. Satstreet also provides video verification for withdrawals and whitelisted wallet addresses, ensuring that only you can withdraw funds.
Satstreet provides a degree of customer support that no other exchange can match, with account managers available anytime they are required. If you are willing to invest at least $25,000, Satstreet is for you.
Features
• Very low fees on big order volumes
• Very deep liquidity to prevent price slippage
• Supports Bitcoin and Ethereum, and gives accredited investors in Canada access to the largest assortment of crypto assets
• Dedicated account managers offer superior assistance
• Expertise in security and tailored security configurations
• Rapid financial settlement (USD & CAD)
Cost
• Transaction Fees: Roughly 1%
• No extra costs
Best For
Low costs and VIP treatment for orders exceeding $25,000
Canadian Cryptocurrency Exchanges That I Do Not Advocate
Some of the most well-known Canadian cryptocurrency exchanges are among the worst in the industry. Even if you have a modest amount of money on the table, I strongly advise you to avoid these platforms, as serious investors are fleeing from them.
Wealthsimple Crypto: At first glance, Wealthsimple Crypto may look intriguing, but with more investigation, you’ll learn that they’re a substandard exchange. Spreads run between 2%, thus purchasing and selling 1 BTC at present rates would cost you over $1,000 CAD. In addition, Wealthsimple’s infamously sluggish response times make working with them aggravating. Stay away.
Shakepay: Shakepay appears to be a good service at first glance, however their prices are horrible. Spreads on Shakepay are typically between 2.5% and 3%, which is roughly four times more expensive than trading with CoinSmart or Bitbuy. Shakepay was formerly a prominent cryptocurrency exchange in Canada, but it has been eclipsed by superior, less priced alternatives.
LocalBitcoins: Since LocalBitcoins users buy and sell with individual traders (rather than with a larger marketplace), it’s very easy to be scammed by other users on the site, particularly when selling Bitcoin for cash. An example of a frequent fraud is a buyer who pays you by PayPal and then files a PayPal dispute after receiving your Bitcoin. Other payment options (such as INTERAC e-transfer, bank wire, and credit cards) may be more secure, but you should still exercise caution. If something on LocalBitcoins looks too good to be true, it generally is.
Coinbase is a well-known cryptocurrency exchange due to its strong branding and extensive marketing campaigns over the past decade or so; however, its high deposit fees (4 percent on debit and credit cards) and conversion fees (2 percent) will eat into your trading profits. Coinbase has vacillated between operating and not operating in Canada, indicating that it may withdraw from the country at any moment. As a former Coinbase user who has had multiple negative interactions with the company, I cannot recommend it to Canadians.
5. Kraken: Similar to Coinbase, Kraken is based in the United States, meaning Canadian users must comply with IRS regulations. It is much easier for most Canadians to keep their tax burden within Canada, so I do not recommend Kraken.
6. NDAX: One of the major disadvantages of trading with NDAX is that you cannot trade directly between two cryptocurrencies: if you hold Bitcoin and wish to exchange it for Ethereum, you must first convert Bitcoin to Canadian dollars (CAD) and then convert CAD to Ethereum, which incurs double the fees.
What to Look for at Canada’s Leading Cryptocurrency Exchanges
When searching for the finest crypto exchanges in Canada, the most crucial aspects to consider are as follows:
• Fees: How much do buying and selling cost? If trading costs are excessive, your profits will suffer.
• User interface: Beginner traders should avoid crypto trading platforms with a cumbersome user interface. This could be scary if you are new to bitcoin, despite the fact that these exchanges offer more freedom.
• Deposit & Withdrawal Options: Determine whether the exchange offers deposit and withdrawal options that meet your needs. Ideal deposit methods include bank transfer, Interac e-transfer, and cryptocurrency. Also, determine if there are any costs associated with each alternative, as these expenses will reduce your profits.
• Regulation: Verify whether they have a valid operating licence and the sorts of asset protection they offer. Despite the fact that none of Canada’s crypto exchanges presently offer CIPF (Canadian Investor Protection Fund) security, verify that they are licenced and have the necessary insurance.
• Account security: For ultimate protection, you should be able to take your coins off of the exchange and into a secure crypto wallet. Confirm that the exchange uses cold storage to safeguard users’ coins, and inquire about their privacy, account security, and insurance policies.
Charting tools, numerous order types, a live order book, an OTC desk, and other facilities may be required by experienced cryptocurrency traders. However, if you are new to crypto trading, these will likely not be relevant to you.
• Customer assistance: Do they give service around-the-clock? Is it simple for customers to reach and receive assistance from customer service?
• Supported coins: With over 10,000 cryptocurrencies in circulation, the greater the number of cryptocurrencies supported by an exchange, the better.
Canada’s Top Cryptocurrency Exchanges FAQs
How is crypto best acquired in Canada?
Using one of our top two suggested Canadian cryptocurrency exchanges, CoinSmart or Bitbuy, is the optimal method for purchasing cryptocurrencies. Before determining whether trading platform is best for you, it’s a good idea to read our reviews of both applications, as they each have their own distinct benefits and features.
What is Canada’s premier Bitcoin trading platform?
CoinSmart is the greatest Bitcoin trading platform in Canada due to its bank-level security and exceptionally low costs. It supports over a dozen cryptocurrencies, processes quick deposits and withdrawals, and verifies accounts in less than two minutes.
If you want to purchase Bitcoin and other cryptocurrencies in Canada, the best cryptocurrency exchange is CoinSmart.
What is Canada’s best cryptocurrency exit ramp?
The best way to withdraw cryptocurrency in Canada is through Bitbuy, since selling cryptocurrency with Bitbuy costs only 0.1% to 0.2%, and transferring the resulting money back into your bank account costs only 1% by wire transfer. Bitbuy is an excellent way to cash out your cryptocurrency in Canada, as its fees are far lower than those of other exchanges.
What is Canada’s cheapest cryptocurrency exchange?
Bitbuy is the lowest cryptocurrency exchange in Canada, charging just 0.1% for trades on their advanced platform, Bitbuy Pro (it’s free! ), and 0.2% for rapid trades. Bitbuy has lately eliminated its deposit and withdrawal fees, making it an all-around inexpensive exchange.
What is the best exchange for altcoins in Canada?
One of VirgoCX, Crypto.com, or Newton is the finest altcoin exchange in Canada. VirgoCX enables users to trade altcoins directly (rather than dealing through a stablecoin like Bitcoin), hence minimising fees, whilst Newton supports 75+ coins and is continuously adding more of the altcoins most Canadians are seeking. Crypto.com provides more than 100 coins, more than any other Canadian exchange.
Which Bitcoin wallet in Canada is the best?
CoinSmart is the greatest Bitcoin wallet in Canada due to its bank-level security, free signup and usage, and user-friendly mobile app. Saving your crypto with CoinSmart is safer and more cost-effective than storing it with a software or hardware wallet, as starting an account with CoinSmart is free and–unlike software and hardware wallets–any crypto assets you store with them are insured in the event of a loss.
What is Canada’s most secure cryptocurrency wallet?
CoinSmart is the most secure cryptocurrency wallet in Canada due to the innovative way it protects your account with facial scanning technology, your fingerprint, and other security measures. Even if your phone is lost or stolen, CoinSmart’s industry-leading security ensures you will never lose your coins.
What is Canada’s most secure cryptocurrency exchange?
The most secure cryptocurrency exchange in Canada is CoinSmart, a FINTRAC-registered Money Service Business. They employ bank-level security mechanisms, store your currencies offline in a cold storage wallet, and allow you can transfer your coins on and off the exchange at any moment. In addition, they feature some of the lowest fees and spreads of any crypto exchange in Canada, and they have a reputation for being a respectable, trustworthy exchange.
Which cryptocurrency exchange in Ontario is the best?
CoinSmart is the top cryptocurrency exchange in Ontario due to its user-friendly design and low fees. Other outstanding crypto apps operating in Ontario include Bitbuy, VirgoCX, and Crypto.com, all of which provide excellent customer service and highly secure storage procedures to keep your cryptocurrency safe.
What is the greatest cryptocurrency exchange in Canada?
CoinSmart is the best cryptocurrency exchange in Canada. CoinSmart stores more than 95% of its users’ assets in cold storage, has extremely low trading fees, and provides Canadians with a highly rated mobile app.
What is Canada’s best cryptocurrency exit ramp?
The best way to withdraw cryptocurrency in Canada is through Bitbuy, since selling cryptocurrency with Bitbuy costs only 0.1% to 0.2%, and transferring the resulting money back into your bank account costs only 1% by wire transfer. Bitbuy is an excellent way to cash out your cryptocurrency in Canada, as its fees are far lower than those of other exchanges.
What is Canada’s cheapest cryptocurrency exchange?
Bitbuy is the lowest cryptocurrency exchange in Canada, charging just 0.1% for trades on their advanced platform, Bitbuy Pro (it’s free! ), and 0.2% for rapid trades. Bitbuy has lately eliminated its deposit and withdrawal fees, making it an all-around inexpensive exchange.
What is the best exchange for altcoins in Canada?
One of VirgoCX, Crypto.com, or Newton is the finest altcoin exchange in Canada. VirgoCX enables users to trade altcoins directly (rather than dealing through a stablecoin like Bitcoin), hence minimising fees, whilst Newton supports 75+ coins and is continuously adding more of the altcoins most Canadians are seeking. Crypto.com provides more than 100 coins, more than any other Canadian exchange.
Which Bitcoin wallet in Canada is the best?
CoinSmart is the greatest Bitcoin wallet in Canada due to its bank-level security, free signup and usage, and user-friendly mobile app. Saving your crypto with CoinSmart is safer and more cost-effective than storing it with a software or hardware wallet, as starting an account with CoinSmart is free and–unlike software and hardware wallets–any crypto assets you store with them are insured in the event of a loss.
What is Canada’s most secure cryptocurrency wallet?
CoinSmart is the most secure cryptocurrency wallet in Canada due to the innovative way it protects your account with facial scanning technology, your fingerprint, and other security measures. Even if your phone is lost or stolen, CoinSmart’s industry-leading security ensures you will never lose your coins.
What is Canada’s most secure cryptocurrency exchange?
The most secure cryptocurrency exchange in Canada is CoinSmart, a FINTRAC-registered Money Service Business. They employ bank-level security mechanisms, store your currencies offline in a cold storage wallet, and allow you can transfer your coins on and off the exchange at any moment. In addition, they feature some of the lowest fees and spreads of any crypto exchange in Canada, and they have a reputation for being a respectable, trustworthy exchange.
Which cryptocurrency exchange in Ontario is the best?
CoinSmart is the top cryptocurrency exchange in Ontario due to its user-friendly design and low fees. Other outstanding crypto apps operating in Ontario include Bitbuy, VirgoCX, and Crypto.com, all of which provide excellent customer service and highly secure storage procedures to keep your cryptocurrency safe.
Which cryptocurrency exchanges are permitted in Ontario?
Every exchange on this list, including CoinSmart, Bitbuy, and VirgoCX, operates lawfully in Ontario. The fact that every platform on this list adheres to all Canadian and Ontario-specific requirements (as outlined by the Ontario Securities Commission and other regulatory organisations) suggests that they will continue to operate in Ontario and the rest of Canada for a long time.
Are digital currencies legal in Canada?
Yes, cryptocurrencies are legal in Canada, and you can legally buy, sell, and use them. However, cryptocurrencies are not officially recognised as legal cash in Canada, and the government shows no signs of embracing them as such in the near future.
What is the best cryptocurrency exchange for beginners in Canada?
CoinSmart is the finest cryptocurrency exchange for novices in Canada. It is good for newbies because it promptly verifies the majority of accounts, has an easy-to-use crypto trading platform, and provides excellent customer service should you require assistance along the road.
What is Canada’s top crypto application?
Bitbuy is the greatest cryptocurrency app in Canada. The Bitbuy app has a 4.6/5 rating on the App Store, and Canadians adore it due to its user-friendliness, robust security, and affordable costs.
What is the best cryptocurrency exchange in Canada for day trading?
Bitbuy is the finest cryptocurrency exchange in Canada for day trading due to its incredibly cheap fees (only 0.1%), tight spreads (usually around 0.3%), and prices that update numerous times per second, providing day traders an advantage over the rest of the market.
Is Bitbuy legal in Canada?
Yes, Bitbuy is authorised to operate in Canada. All of the other bitcoin exchanges recommended in this article function lawfully in Canada.
Which cryptocurrency exchanges are permitted in Canada?
The legal Canadian crypto exchanges include CoinSmart, Bitbuy, VirgoCX, Crypto.com, and everyone else on this list. I have not included any cryptocurrency exchanges that operate illegally in Canada, as they could be shut down like Binance was in Ontario.
Can the IRS monitor cryptocurrencies?
Yes, the CRA can trace bitcoin exchanges and transactions; whether it can track your specific activity depends on how well you’ve concealed it. For instance, if you purchase Bitcoin from a cryptocurrency exchange and sell it back to the same exchange 12 months later, the CRA will be able to easily track your transaction. However, if you send Bitcoin through multiple anonymous wallets and then sell it on a different exchange, it will be much more difficult for the CRA to track your transaction.
Keep in mind that any transactions exceeding $10,000 must be recorded and reported to the CRA by exchanges, however transactions below this threshold are not need to be reported. It’s not advised to hide your cryptocurrencies from the CRA, but if you’re buying and selling less than $10,000 at a time, it’s tough for them to track your crypto transactions.
Summary
Given the number of available options and the variety of services provided by each, selecting the best Canadian cryptocurrency exchange is anything but simple. As a longtime crypto enthusiast, I’ve spent years researching the top crypto exchanges, and I’m confident in recommending the ones I use.
Due to its high level of security, user-friendliness, and minimal trading costs, CoinSmart is the top-rated cryptocurrency trading platform in our opinion. If you are intent on buying and trading cryptocurrency in Canada, I cannot suggest CoinSmart enough.
