8 Best Crypto Exchanges In Canada (Jan 2022)

January 18, 2022
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Best Crypto Exchanges Canada

Choosing the best crypto exchange in Canada isn’t easy, given how many options are out there and all of the different features each of them offers. As a long-time crypto investor myself, I constantly keep up with the latest and greatest exchanges, and make my recommendations below based on years of deep research and personal experience.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, I can’t recommend CoinSmart highly enough.

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Here’s something you may not realize: the cryptocurrency exchange you choose matters. Your choice will impact how profitable your trades are, how easily you can buy and sell coins, and in some cases, whether you get your money back at all.

I’m not exaggerating here. Hundreds of thousands of Canadians lost tens of millions of dollars in the QuadrigaCX scam of 2019, and to date, none of those funds have been returned. That’s why platform security and trustworthiness is my #1 criteria for my selections below.

So if you’re looking for a safe, secure Canadian crypto exchange that’s easy to use, you’ve come to the right place. I’ve been investing in crypto for over 9 years now, and I make tweaks to the list below almost every day.

Here’s a quick look at my top three crypto exchanges in Canada:

Best Overall

Supports: 13 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

Trusted by 200,000+ Canadians.

Best For Beginners

Supports: 15 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

Rated 4.6/5 in the App Store.

Best For Altcoins

Supports: 100+ cryptocurrencies
Security: 95% cold storage
Trading fees: 0.4%

Trade with 10x leverage.

Now let’s take a deeper dive into all of our top selections.

What Is The Best Crypto Exchange In Canada?

1. CoinSmart

CoinSmart: best crypto exchange Canada

CoinSmart is, without a doubt, the best crypto exchange in Canada in 2022.

For starters, CoinSmart’s trading fees are an incredibly low 0.20%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), which means they’re a highly secure exchange. They also maintain a 95% cold storage policy, which keeps your crypto extra safe across all circumstances.

I’ve personally used CoinSmart for more than a year now and have had nothing but excellent experiences with them. I’ve tried out many of the other cryptocurrency exchanges on this list, too, and I’m confident that CoinSmart is the best place to buy crypto in Canada.

Features

  • Extremely low trading fees (0.20%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 13 cryptocurrencies
  • Registered Marketplace by the OSC
  • Trade all altcoins directly
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.20%

Signup Bonus

$20 bonus when you sign up using this link

Best For

Investors looking to trade with extremely low trading fees.

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2. Bitbuy

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It supports 15 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

You can fund your Bitbuy account directly from your bank account via INTERAC e-transfer or bank wire, with all account deposits and withdrawals executed quickly. Pro Trade users can trade for just 0.10%, while Express Trade users are charged 0.20%.

Bitbuy is a Registered Marketplace and Investment Dealer, as recognized by the Ontario Securities Commission (OSC). This means that the OSC has recognized Bitbuy as a highly safe and secure exchange, and that it offers deep liquidity for all order sizes.

If you’re looking for a highly-respected exchange that offers altcoin trading, great customer service, and a slick mobile app, Bitbuy is for you.

Features

  • Extremely low trading fees (0.10% – 0.20%)
  • Easy to use for both beginners and advanced traders
  • Supports 15 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Express Trading Fees: 0.20%
  • Pro Trading Fees: 0.10% to 0.20%
  • INTERAC Deposits/Withdrawals: 1.50%
  • Bank Wire Deposit Fee: 0.50%
  • Bank Wire Withdrawal Fee: 1.00%

Signup Bonus

$20 when you deposit $250 using this link

Best For

Investors looking for top-level security and instant account verification.

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Free account, instant verification

3. Crypto.com

Crypto.com: best crypto exchange Canada

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either CoinSmart or Bitbuy instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

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Extremely secure, 10x leverage

4. Coinberry

Coinberry supports 18 cryptocurrencies and charges zero fees on CAD deposits and withdrawals. Users can instantly deposit money via credit card and INTERAC e-transfers, and while Coinberry hasn’t reached the mass appeal of the likes of CoinSmart, it’s still an excellent, highly secure exchange.

One of the features Coinberry users love most is Coinberry Autopilot, which allows users to purchase cryptocurrencies automatically through the time-tested investing strategy known as dollar cost averaging. Dollar cost averaging is one of the most best-performing investing strategies on the planet, and Coinberry is the only exchange in Canada to offer this functionality.

Features

  • Supports 18 cryptocurrencies
  • Instant account verification
  • Auto-purchase functionality (dollar cost averaging)
  • Live, helpful customer support
  • Excellent mobile app (rated 4.5/5 on the App Store)
  • Cold storage provided by Gemini

Cost

  • Deposit and withdrawal fees: 0%.
  • Spread: From 0% to 2.5%.

Best For

Investors looking to buy cryptocurrencies through dollar cost averaging.

5. Coinsquare

Coinsquare

Coinsquare was one of the first Canadian crypto exchanges. It supports 10 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Dogecoin, Ripple, Ethereum Classic, Stellar, and Bitcoin SV), and offers competitive trading fees ranging from 0.1% to 0.4%.

Deposits via INTERAC e-transfer and wire transfer are free, but withdrawals cost a steep 2%, which can add up to hundreds or even thousands of dollars on larger withdrawals. For that reason alone, I suggest you choose an exchange with free withdrawals (like CoinSmart or Bitbuy) instead.

Features

  • Supports 10 cryptocurrencies
  • Low trading fees (0.1% – 0.4%)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Quick Trade: 0.20% for Bitcoin trades, 0.40% for trades of other coins
  • Bit Markets: 0.1% for liquidity trades, 0.2% for trades that remove liquidity

Best For

Investors looking for reasonable trading fees.

6. LocalBitcoins

LocalBitcoins: best crypto exchanges

LocalBitcoins takes a different approach than most of the others on this list: rather than trading with the broader market, you actually buy and sell with individual traders. It’s earned a loyal user base for its overall ease of use, and it’s one of the oldest cryptocurrency marketplaces around today.

The main reason I like LocalBitcoins, though, is for its low barrier to entry. Since you’re trading with other people, not with LocalBitcoins itself, it’s easy to get your account verified and start making trades.

LocalBitcoins users do need to proceed with caution, though; it’s possible to get scammed by other users on the site, especially when selling Bitcoin for cash. One common scam, for example, is a buyer who pays you via PayPal and then files a PayPal dispute once they’ve received your Bitcoin. Other payment methods (eg. INTERAC transfer and bank wires) are much more secure, but still, be careful. If it seems too good to be true on LocalBitcoins, it probably is.

Features

  • Easy to use
  • Very easy to start trading
  • Low transaction fees
  • Deposit Canadian dollars via bank transfer, INTERAC, Moneygram, Wise, PayPal, ATM deposit, and more
  • Helpful customer support

Fees

  • Trading fees: 0.00006 BTC (~$4 CAD) flat fee per transaction
  • Depositing funds: Free
  • Withdrawing funds: Free

Best For

Investors looking to buy and sell Bitcoin quickly and easily.

7. MogoCrypto

MogoCrypto

MogoCrypto is a relatively new cryptocurrency exchange that belongs to Mogo Inc., a Canadian fintech conglomerate that’s traded on the NASDAQ and the Toronto Stock Exchange. MogoCrypto only allows users to buy and sell Bitcoin, not any other cryptocurrencies.

CAD deposits take as little as 30 minutes to process, and all deposits are free up to $1,000,000. MogoCrypto pays 0.5% cashback in Bitcoin on all trades in months when you trade $10,000 or more.

In addition to MogoCrypto, Mogo offers other products like free credit scores, personal loans, mortgages, and more.

Features

  • 0.5% cashback if you trade more than $10,000 in a month
  • 95% cold storage policy keeps your crypto extra secure
  • Free tax statements designed for easy tax filing

Cost

  • Trading Fees: 1%

Best For

New investors looking for a starting point in cryptocurrencies.

8. Netcoins

Netcoins is a beginner-friendly exchange that supports 9 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Ripple, QCAD, USDC, and Stellar) and charges trading fees of 0.5%. Depositing and withdrawing fiat is free, and they allow users to set limit orders to buy and sell coins when they hit a certain price level.

Features

  • Supports 9 cryptocurrencies
  • One-click trading for beginners
  • Free deposits and fiat withdrawals
  • Owned by a publicly traded company (BIGG Digital Assets), which lends legitimacy and fiscal oversight

Cost

  • Trading Fees: 0.50%
  • Deposit and withdrawal fees: Free

Best For

Beginners looking for a user-friendly cryptocurrency exchange.

Canadian Cryptocurrency Exchanges I Don’t Recommend

Interestingly, some of the most well-known Canadian crypto exchanges are among the worst out there. Serious investors are running away from them, and even if you’ve got a smaller amount of money on the table, I strongly suggest steering clear of these platforms: 

  1. Wealthsimple Crypto: Wealthsimple Crypto may seem promising at the outset, but when you dig a little deeper, it’s clear that they’re offering a subpar exchange. Spreads generally sit in the range of 2% on the buy side and the sell side, which means buying and selling 1 BTC would cost you over $3,000 CAD just in spread (at current prices). Also, Wealthsimple Crypto users don’t hold actual crypto but rather a derivative of it (a.k.a. “not your keys, not your coins”), so you can’t transfer your crypto to an external crypto wallet. Stay away.
  2. Kraken: Kraken is based in the US, which means Canadian users must comply with the strict regulations of the IRS. It’s difficult to use for first-time buyers, and requires several levels of ID verification, which removes any hopes of privacy and takes days to get verified. I personally know several people who have had their Kraken accounts shut down for no reason, and it took them months to get their money back. Plus, Kraken only accepts funds via wire transfer, which cost $25-$50 each and take 3-5 business days to process. As a result, I can’t recommend Kraken.
  3. Coinbase: Coinbase is a popular exchange due to its strong branding and heavy marketing campaigns over the past 10 or so years, though it has high deposit fees (4% on debit & credit cards) and conversion fees (2%), which eat away at your trading profits. Coinbase has also flip-flopped between operating and not operating in Canada, which suggests that it may pull out of the country again at a moment’s notice. As a former Coinbase user who has had several poor experiences with them, I can’t recommend Coinbase for Canadians.

What To Look For In The Best Crypto Exchanges In Canada

The most important factors to consider when searching for the best crypto exchanges in Canada are:

Fees: How much does it cost to buy and sell? If trading fees are steep, your profits will be negatively affected.

User interface: New crypto traders should avoid trading platforms that are exceedingly difficult to use. While these exchanges provide additional freedom, that could be intimidating if you’re new to cryptocurrency.

Deposit & withdrawal options: Check to see whether the exchange offers funding alternatives that are suitable for your requirements. A combination of bank transfer, Interac e-transfer, and crypto deposits is ideal. Also, see if there are any costs associated with each option, since those fees will lower your profits, too.

Regulation: Check whether they are licensed to operate, as well as the types of asset protection available. While none of Canada’s crypto exchanges currently provides CIPF (Canadian Investor Protection Fund) security, make sure they are authorized and have the required coverage.

Account security: You’ll want to be able to move your coins off of the exchange and into a secure crypto wallet for maximum protection. Confirm that the exchange uses cold storage to protect users’ coins and find out what their policies are when it comes to privacy, account security, insurance.

Advanced trading tools: Charting tools, various order types, a live order book, an OTC desk, and other features may all be required by experienced crypto traders. If you’re new to crypto trading, though, these probably will not be important to you.

Customer support: Do they offer 24/7 customer support? Is it easy for consumers to contact customer service and get answers?

Supported coins: With 10,000+ cryptocurrencies in existence, the more of them that your exchange supports, the better.

Best Crypto Exchanges In Canada FAQs

What’s the best way to buy crypto in Canada?

The best way to buy crypto in Canada is to use one of our three recommended cryptocurrency exchanges: CoinSmart, Bitbuy, or Crypto.com. Each app has its own unique features and benefits, so it’s a good idea to read our reviews above before deciding which trading platform is right for you.

What is the best Bitcoin trading platform in Canada?

The best platform to buy Bitcoin in Canada is CoinSmart, both for its bank-level security and its extremely low fees. CoinSmart supports 13 cryptocurrencies, processes deposits and withdrawals instantly, and verifies accounts in 2 minutes or less.

If you’re looking to buy Bitcoin and other cryptocurrencies in Canada, CoinSmart is the best cryptocurrency exchange out there.

What is the best Canadian crypto exchange?

The best cryptocurrency exchange in Canada is CoinSmart, followed by Bitbuy and Crypto.com. CoinSmart has a 95% cold storage policy, low trading fees, and a well-rated mobile app that Canadians love.

Which crypto exchange has the lowest fees in Canada?

CoinSmart and Bitbuy both offer the lowest fees of all the crypto exchanges in Canada. Their trading fees for regular users are just 0.2%, and they don’t charge any hidden fees on things like fiat deposits, either.

What’s the best altcoin exchange in Canada?

The best altcoin exchange in Canada is either CoinSmart or Crypto.com. CoinSmart allows users to trade altcoins directly (rather than exchanging through a stablecoin like Bitcoin), which minimizes fees, while Crypto.com supports 100+ coins, and is regularly adding more of the altcoins most Canadians are looking for.

Which Bitcoin wallet is the best in Canada?

The best Bitcoin wallet in Canada is the Ledger Nano X, thanks to its bank-level security, staking capabilities, and support for 1,800+ cryptocurrencies and digital assets. It can hold up to 100 different types of crypto assets at a given time, and it works seamlessly with exchanges like CoinSmart and Bitbuy.

What is the safest crypto wallet in Canada?

The safest crypto wallet in Canada is a tie between the Ledger Nano X and the Ledger Nano S. Both are cold storage wallets that keep your coins completely offline and safe, and while the Nano X has a larger storage capacity, both wallets are exactly the same from a security standpoint.

What is the safest crypto exchange in Canada?

The safest cryptocurrency exchange in Canada is CoinSmart. They have bank-level security protocols, hold your coins offline in a cold storage wallet, and let you move your coins on or off of the exchange at any time. On top of that, they have the lowest trading fees of any exchange in Canada, and are widely known as the best overall crypto exchange in Canada.

What’s the best crypto exchange in Ontario?

The best cryptocurrency platform in Ontario is CoinSmart for its user-friendly interface and extremely low trading fees. Other great crypto apps operating in Ontario include Bitbuy and Crypto.com, all of which offer excellent customer support and highly secure storage protocols to keep your crypto safe.

Is cryptocurrency legal in Canada?

Crypto exchanges can operate lawfully in Canada, and you can buy, sell and use crypto without breaking the law. However, cryptocurrency is not currently considered legal tender in Canada, and the Canadian government shows no indication of accepting it as such any time soon.

What crypto exchange is best for beginners in Canada?

In my opinion, CoinSmart is the best crypto exchange for beginners in Canada, followed by Bitbuy.

What is the best crypto app in Canada?

The best app for exchanging crypto in Canada is CoinSmart. Its app is rated 4.6/5 on the App Store, and Canadians love it for its ease of use, strong security, and low trading fees.

What is the best crypto exchange for day trading in Canada?

Crypto.com is the best cryptocurrency exchange for day trading in Canada, since its coin prices update dozens of times per second, giving day traders an upper hand over the rest of the market.

Is Bitbuy legal in Canada?

Yes, Bitbuy operates legally as a cryptocurrency exchange in Canada. All of the other recommended cryptocurrency exchanges in this post operate legally in Canada, too.

Can the CRA track cryptocurrency?

Whether the CRA can track your cryptocurrency activity or not depends on how much you’ve done to obscure it. For example, if you buy Bitcoin from an exchange and sell it from the same exchange 12 months later, that will be quite easy for the CRA to track; if you send it through multiple anonymous wallets and then sell it from a different exchange, though, that will be much harder for them to track.

Keep in mind that all transactions above $10,000 must be recorded and submitted to the CRA by the exchanges, though transactions under that amount do not. Hiding your cryptocurrency from the CRA is not recommended, but if you’re buying and selling less than $10,000 at a time, it’s still quite difficult for them to monitor taxpayers’ crypto activities.

In Summary

Choosing the best Canadian cryptocurrency exchange is far from straightforward, given how many are out there and all of the different features each of them offers. As a long-time crypto aficionado myself, I’ve spent years keeping up with the best crypto exchanges, so I’m confident in recommending the ones I personally use.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. If you’re looking for a secure, cost-effective way to buy and sell crypto, I can’t recommend CoinSmart highly enough.

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The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Bitbuy

  • Supports 15 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more

#3 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO