11 Best Crypto Exchange Canada (Reviews Updated)
Are you looking for a crypto exchange in Canada?
If so, then look no further!
In this blog post I will be sharing with you some of the top exchanges that are located in Canada. Whether you're a Canadian citizen or just visiting from elsewhere, these three cryptocurrency exchanges should have what you're looking for.
Based on our research, here are the 11 best cryptocurrency exchanges for Canada:
- Bitbuy – Best Overall Crypto Exchange in Canada
- Coinberry - Great Canadian Bitcoin Exchange
- NDAX - Great Advanced Trading Platform
- Binance – Best Global Cryptocurrency Exchange
- Coinsmart
- MyBTC
- Kraken
- Coinbase
- Shakepay
- Bittrex
- Newton
Canada Cryptocurrency Exchange Reviews
1. Bitbuy 
Bitbuy is the most established cryptocurrency exchange in Canada, and has some features that none of its competitors do. It has separate systems for basic traders (Express Trade) and more experienced traders (Pro Trade), making it perfect for beginners who just want to hop on board.
You can buy and sell cryptocurrencies on Bitbuy. It is easy to use because they have a good design. You can go in-depth and track prices, too.
The site is very transparent. You can find the fees in the bottom of their site. They are below industry-average, which is nice if you live in Canada because people love it there. There are also OTC trading and an API for more complicated trading if that's what you need.
A company called Bitbuy is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). They have a customer service that is really good. They also have an app that will make it super easy to trade.
Pros
- Instant verification is available for new clients.
- The trading platform is easy to use. It works on a computer and on your phone.
- The deposit process takes a short amount of time.
- 95% cold storage policy
- You can get insurance for your Bitcoin balance through Knox Custody.
- We have a program where customers can get a discount if they tell their friends about us.
Cons
- The store only accepts one kind of money, CAD.
- This is only for people who live in Canada.
- There are only 7 types of coins.
2. Coinberry 
Coinberry is a Canadian exchange that has great features like the ability to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar and Ripple. You can use Interac eTransfers or credit cards to buy these coins.
Coinberry is free! It doesn't charge any fees on deposits or withdrawals. The only fee is the trading fee, which is only 0.5%. This makes it an affordable marketplace for Canadian traders.
Coinberry is a platform that will let you sell your cryptocurrency and make money in CAD. They have also launched something called Coinberry Pay. People who want to buy things can pay with this new thing, too!
Coinberry is a company in Canada that is registered by FINTAC, the main financial regulator. It offers CDIC insured segregated banking which means that it never mixes company with customer funds.
Pros
- Zero funding or withdrawal fees
- Registered with FINTRAC
- Low trading fees
Cons
- This website only supports Canadian clients.
- Confirming that money is wired can take a long time.
3. NDAX 
The trading platform is one of the best parts of NDAX. It's fast and just works! So, if you're a serious trader, then NDAX is a good choice.
NDAX really cares about traders. You can trade Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS and many others. We like that they listen to trader feedback and are adding Tether and Chainlink because Canadians need to be able to trade those too.
To deposit money, you can use Interac e-transfer, Wire Transfer, or Bank Draft/Certified Cheque. To withdraw money, you can make a cryptocurrency transfer, direct bank deposit (EFT), or wire transfer. You can also make payments with your card. If you need to trade more than $40,000 worth
If you have any questions, please contact them. They can be reached by live chat on their website, by sending an email to the support department, or through phone support. NDAX is registered with FINTRAC as a Money Service Business (MSB).
Pros
- Competitively low trading fees at 0.20%
- There is no charge to make a deposit.
- You can get instant verification if you are a new client.
- Processing time for deposits and withdrawals is quick.
- 24/7 customer support
- Has a good selection of coins (11 types).
- Has a referral program
- Advanced order types include stop order, stop limit order, trailing stop order, etc.
Cons
- This money is only for Canadian dollars.
- This is for people in Canada.
4. Binance 
Binance is a popular exchange in the world because it's good for experienced users. It has a lot of features that beginner users will not know how to use. Binance is at the bottom of our list because it's not recommended for beginners.
Binance has pairings for all the major cryptocurrencies and also a lot of other coins too. They offer this to Australians, which most Canadian exchanges do not. They support a lot of currencies including CADs.
Binance is a platform with low fees. It charges just 0.1% per transaction and offers a 50% discount for people who have their own token. That is great!
Binance is really safe. They use a vault called SAFU (short for Secure Asset Fund for Users) to store money from the fees that people pay when they trade. If you day trade or margin trade, then try Binance out!
Pros
- There are more than 50 different cryptocurrencies.
- With low trading fees, you can trade crypto easily.
- Users can trade over 350 crypto coins, including the exchange's own coin. These are called Binance Coin.
Cons
- The product is not available in seven U.S. states.
- Less cryptocurrency-to-cryptocurrency currency pairs than Binance.
5. Coinsmart 
Coinsmart is a Canadian company that offers an exchange for cryptocurrencies. You can buy crypto with CAD and they have a system called SmartTrade that is easy to use for beginners.
These are like other exchanges on this list. They're also regulated and compliant as an MSB under FINTRAC. Some ways to pay for trades are Interac eTransfer, bank draft, wire transfer, and credit/debit card. You can also trade instantly if you want to.
CoinSmart has a team that is always available around the clock. This team is very helpful. The exchange makes it easy to use by designing the dashboard so you can find things quickly and easily.
Pros
- It takes very little time to sign up and verify your account.
- The interface is easy to use.
- We can deposit your money the same day.
- This crypto is safe. It is backed by a Canadian bank.
- 24/7 client support and tax assistance
Cons
- This is not available in the United States.
- There are not many crypto assets.
6. MyBTC.ca 
MyBTC.ca is a Canadian crypto exchange but they only offer Bitcoin. One good thing about MyBTC.ca is that you can buy Bitcoin with Flexepin vouchers, and it also supports other ways to fund your account like bank transfer, credit/debit card, Interac e-transfer, and cash deposit at Canada Post.
MyBTC.ca has a lot of drawbacks with only Bitcoin and high fees. You can get cheaper prices using the wire (4.75%), but you need to buy at least 5,000 CAD worth of Bitcoin.
MyBTC is a Canadian exchange that offers high fees. They are higher than other exchanges in Canada, but it might be worth it because they support CAD payments, and are close to where you live.
Pros
- Buy bitcoin in seconds with CAD.
- This service is for beginners.
- We have customer support 24/7.
- Transparent fee structure
Cons
- Bitcoin-only service
- No trading or selling options
- This service is for people who live in Canada.
- Mandatory KYC means that you show your ID.
7. Kraken 
Kraken is an exchange that people trade with. It has been around since 2011 and was available for trading in 2013. People like Kraken because it is easy to use, offers a lot of different types of crypto coins, and has high security.
If you are Canadian, you can fund your account on Kraken. To do that, go to the Funding section of their website. This is where they have an advantage over other options because Canadians cannot deposit funds with Interac e-transfers, credit/debit cards, or PayPal.
Instead, you need to use either Etana Custody, In-Person cash/debit via Canada Post, or via Credit Union Atlantic (wire), payments that incur higher fees or higher wait times and are all in all impractical for Canadian traders.
If you are looking for something like margin trading or futures, Kraken is the best place to go. They have a lot of different services and they are one of the best in that area.
Pros
- The account has very high security. It is safe to use. You need two factors of authentication on your account login.
- You will be charged a small fee on deposit or withdrawal.
- This trading platform has a sleek design and lots of customizations for you.
- A lot of cryptocurrencies and pairs you can trade
- Proof of reserves audit
- The company is popular with experienced traders. They provide excellent services.
- Staking services, OTC, Margin, Indices, Futures, Dark Pool, Account management, Cryptowatch
Cons
- This is not easy for beginners.
- Intermediate and pro level account users have a slow verification process.
- The website may be slow sometimes.
- No credit/debit card deposits
8. Coinbase 
Coinbase is the number-one Bitcoin and cryptocurrency exchange in the US. Coinbase has a long history and an excellent record with almost no security breaches. There have been only some minor issues that were solved quickly and successfully.
Coinbase is a company that helps you buy and sell Bitcoin and crypto assets. It only offers the most popular ones (Bitcoin, ETH, BCH, and LTC). Coinbase also makes sure there's always enough liquidity. You can also convert one cryptocurrency like Bitcoin into another like ETH.
You can trade a variety of Bitcoin and cryptocurrencies on Coinbase Pro. If you like Coinbase's service and want more, then go to Coinbase Pro!
Coinbase has a fee that is sometimes over 1%. Credit card purchases are 3.99%. Canadian traders can only buy and sell their money with Bitcoin if they use debit cards or PayPal.
Coinbase has a safe wallet, but we always suggest not leaving your coins on foreign exchanges. We recommend using a hardware wallet instead.
Pros
- There are many choices of altcoins.
- The users interface is very simple.
- Very high liquidity
Cons
- When you use Coinbase Pro, the fees are high.
- You do not control the keys to your money
- Binance does not have as many different types of coins as other exchanges.
9. Shakepay 
This is not an exchange, but it is a way to buy Bitcoin and Ethereum. The fees are reasonable and the support team responds quickly.
You can use Shakepay to buy Bitcoin and/or Ethereum. All you need to do is download the app, sign up for an account, and either make an e-Transfer or wire transfer. You will only have to wait 10 minutes for your money to be processed!
It is helpful to buy some crypto or Bitcoin. They do not have other coins like Litecoin and Ripple or a more complicated trading platform.
Pros
- It's very fast - You can quickly make a deposit on your bank account by sending an e-transfer. I have done 21 transactions and only for 1 of them, I had to call RBC and resend the transaction.
- You will not have to pay money to use this. The only fee is the spread. This means that if you buy something, it will cost more than if you sell it.
- Support was always available to answer any of our questions. They responded in under 24 hours every time, and were very helpful. However they are only available on weekdays.
- To get started with the service, you need to come up with as little as $5.
- You can get free Bitcoin if you refer friends and they also sign up. You can shake your phone every day for more.
- Offer free crypto withdrawals.
Cons
- Crypto is not the cheapest. You get charged from 1% to 2.5% when buying or selling crypto or Bitcoin. This is not unreasonable, but I found 5 crypto exchanges that are cheaper in Canada.
- There are only two cryptocurrencies that support Bitcoin and Ethereum. This is not an issue for some people.
- Limited features - no watchlists, news, or research. It's very simple now.
10. Bittrex 
Bittrex is a large platform with many coins. That is why people use it.
However, some people are criticizing the Bittrex exchange because it allows experienced traders (known as whales) to manipulate the price of coins by getting novices to buy them. On the other hand, if you are looking for a new or less popular coin there is a high chance that Bittrex has it for trading.
Bittrex accepts payments by bank transfer, a debit card, and a wire transfer. Bittrex does not accept credit cards.
We recommend that you don't put your coins on crypto exchanges, especially if they are not safe. One good thing about Bittrex is that it has a security feature to make sure no one can trade suspiciously.
Pros
- Fully regulated and legally compliant in the United States.
- This is very secure. Two-factor authentication (2FA) will make it even more safe. Its have never been hacked before.
- You don't need to give your personal information when you sign up for this website.
- The verification process for crypto exchanges is faster than other crypto exchanges.
- You can take up to $3,000 out of this account every day.
- Easy to calculate trading fees.
- The site supports over 250 cryptocurrencies.
- You can buy it in most countries.
Cons
- This app does not support the deposit or withdrawal of money.The site does not support margin trading and lending.
- Wait times high because of low liquidity.
- Slow customer support.
11. Newton 
Newton is a new Canadian cryptocurrency exchange. It was made by experts in 2018. They created the Newton platform to help other exchanges that are struggling with making trading more accessible for Canadians.
Knowing that security and compliance are important, Newton registered with FINTRAC after it started. Now the platform complies with AML and CFT regulations and asks customers to verify their identities before they can trade. This is good for local traders and crypto investors.
Newton is a website that you can use to buy and sell cryptocurrencies. You can also store them in Newton's secure digital wallet. You can buy and sell Bitcoin, Ethereum, Litecoin, Ripple, Monero, Tether, Bitcoin Cash, Stellar Lumens and USD Coin with Canadian dollars.
This platform is very good. There are no extra trading fees. When you trade, the person who has to pay more will be on your side. You can trade 500 CAD per day for free and it will go up if you trade more and more.
Pros
- Super Low Fees! Newton has some of the lowest fees in Canada. The total purchase fee for Bitcoin is roughly 0.69%.
- Mobile and Web App - They have a good design for the users interface and they are updating it often.
- Newton has the most cryptocurrencies for Canadian people. It has 15.
Cons
- Verifications: Newton recently has been very slow to open and verify your account.
- Support is often not available and does not respond in a timely manner. Support usually only responds on Mondays, Tuesdays, Wednesdays, and Fridays from 9:00 AM to 5:00 PM.
- Newton has some features, but not many. It is minimal and it doesn't have features such as automatic deposits or limit orders.
International Crypto Exchanges in the UK, Australia and USA.
Is it Safe to Store Cryptocurrency on an Exchange?
Cryptocurrency can be stored in digital wallets. You might already have a wallet from the place you signed up for, but if not, you will need to set one up before buying.
It is not recommended to store your cryptocurrency on the exchange. The exchange controls your wallet and this means that you will not have control of it. Your cryptocurrency will also be at a higher risk of being targeted by hackers.
How to Choose a Bitcoin Beginner Exchange:
First, you need to find a good exchange for you. You can do that by researching the different exchanges and seeing what they have to offer. Look at their pros and cons and then see which one is best for your situation.
When comparing cryptocurrency exchanges, remember these factors
User-Friendliness for a Novice and Trading Tools
If you are not very experienced with cryptocurrency, you should use a platform that has a simple and easy interface for users . If you have more experience, then you might want to use a platform that has better features like advanced features.
Payment Methods
You can use many ways to put money into your account. You can pay with a credit card, debit card, or bank transfer. PayPal is also a way to put money in your account. Check that all of these ways are available and you know how much it will cost per transaction.
Type of Trading
You can trade on the exchange. You can trade for one of these options:
- Fiat to crypto trading
- Cryptocurrency to crypto trading
- Both of these
In order to buy ETH with CAD, you will need to find a place where you can buy coins with your bank account or debit card. If you want to trade your ETH for Bitcoin, then a cryptocurrency-to-cryptocurrency exchange is the best option.
Selection of Cryptocurrencies
Not all of the different cryptocurrencies will be on every platform. You can pick the ones you want to trade and find an exchange that lists them in one or more trading pairs.
Cryptocurrencies are electronic money. There are thousands of them. They will not be listed everywhere. You can find the most popular ones, like ETH, Bitcoin and XRP on many canada exchanges, but you might have more trouble finding other types of cryptocurrencies that are not so popular if you want to trade those.
If you want to buy cryptocurrency with a fiat currency such as CAD, make sure that the exchange accepts it.
Fees
When you trade money on an exchange, it can cost you fees. There are different kinds of fees based on the currencies and whether or not you have a discount. The fee is different if you pay with money or with something else.
Limits
Check with your bank, or whoever you use to buy and sell money. See if they have any limits on how much you can buy or sell each day. There may be a minimum amount to withdraw as well.
Ease of Access
You need to find out how you can trade on your account. The majority of platforms let you do this through a web browser, but if you want to trade on the go, it is best if the platform offers mobile trading either through a web browser or an app.
Discounts and Loyalty Programs
Some Canada exchanges will offer discounts if you pay for your cryptocurrency with the exchange's native currency or if you trade a lot. You may also get discount on those cryptocurrency exchanges in Canada if you are part of an event or an exclusive offer.
Exchange Rates
When you buy cryptocurrency, there is no official price. But the price is based on how much people are willing to pay. So it’s important to compare prices across different exchanges.
Liquidity
If the cryptocurrency exchange platform has a high market volume, then you will be able to trade coins quickly and easily. This is usually true for larger exchanges for Canada. If there is a low market volume, then it will be hard to make trades because there won't be many buyers or sellers.
Account Verification
Some exchanges in Canada will let you trade without giving your name. But most of them need to know who you are. This is because the law says that they have to do things like make sure people don't use their money for bad things and stop terrorists from getting money.
You will need to give personal information such as your name, address, email, contact number and proof of ID. Check the exchange’s reputation before providing this information to make sure they are trusted. You should also know how long it takes for an cryptocurrency exchange platform to verify you (how long it will take).
Processing Times
Find out how soon you can expect account withdrawals to be processed and how long transactions take to be processed. The sooner your account is in, the sooner you can trade.
Security Features
Cryptocurrencies are often targets for hackers. You will want to do research into what security measures are in place so that they can't steal your money.
Two-factor authentication is used when you want to use a password. You have two passwords: one that you know and one that is sent to your phone. This way, if someone guesses your password, they still can't get into your account.
Regulation
Although authorities are starting to catch up with exchanges in the cryptocurrency industry, there is still not much regulation. Regulations will depend on where the exchange is located. So you need to learn more about the platform and whether it's in your own country.
All cryptocurrency exchanges in Canada need to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) and follow the anti-money laundering laws set out by the government. Some countries may not be allowed to use some exchanges in Canada. So check the details before you sign up for an exchange.
Customer Service
Customer service and support is important. You want to know if you can reach customer service anytime or only at certain times. It's also important that the website has a lot of information for frequently asked questions from customers
Wow, BitBuy comes first, but I haven't even heard of this crypto exchange. Has anyone ever used it?
Hey! I have used this crypto exchanger and I can say that it is quite reliable and also it has pros and cons. You can also read a good article on BitBuy here. I also advise you to look at other articles on this site. It sometimes helps to make the right choice and decide on the best exchanger, wallet or platform.