Best Crypto Exchanges In Canada (Feb 2024) $50 Bonus

January 21, 2024
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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 how every Canadian exchange is changing, and I make my recommendations below based on years of deep research and personal experience.

The best crypto exchange in Canada is Kraken, both for its high level of security and for its extremely low fees. Kraken charges 10-20x less than other Canadian exchanges, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada, I can't recommend Kraken highly enough.

Here’s something you may not realize: the cryptocurrency exchange you choose matters. Your choice will impact how profitable your crypto trades are, how easily you can buy and sell cryptocurrency, 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 cryptocurrency exchange that's easy to use and offers low trading commissions, 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.

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

Why you should trust me

  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
    My team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.

What Is The Best Crypto Exchange In Canada?

1. Kraken – Best In Canada & Lowest Fees

Best In Canada
Kraken

Total Fees: ~0.16%
Security: Best in class
Customer Support: Excellent

By far the lowest fees in Canada.

★★★★★

Rated 4.9/5

Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.

For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.

Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.

If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.

Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.

Features

  • Extremely low trading commissions (0.16%)
  • Extremely low spreads (0.0003%)
  • Trade 100+ cryptocurrencies
  • Stake 100+ cryptocurrencies
  • Simple, intuitive user interface
  • Kraken Crypto Watch allows you to keep track of the crypto market
  • NFT trading inside the Kraken app
  • 24/7 customer support via phone, email and live chat
  • Plenty of free educational resources available to users
  • 95% cold storage policy
  • Regulated by FINTRAC

Cost

  • Trading Fees: 0.16% (spot trades cost 0.26%)
  • Spreads: 0.0003%
  • Fiat Deposit Fee: 0%
  • Fiat Withdrawal Fee: $10 CAD

Best For

Canadian cryptocurrency investors looking to trade with the industry's lowest fees.

2. Bitbuy – $50 Signup Bonus

Strong Security
Bitbuy

Trading fees: 2% (High)
Security: 99% cold storage
Signup bonus: $50

Higher fees, strong security.

★★★★

Rated 4.2/5

Bitbuy is a decent backup option for Canadians in need of a crypto exchange.

Bitbuy user accounts are verified instantly, but its customer support has degraded over time, and trading fees are quite high at 2%, more than 10x that of Kraken.

To date, Bitbuy has processed more than $4 billion in trades across its 450,000+ Canadian users. It's a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it's a highly safe and secure exchange that offers deep liquidity on all order sizes.

I've personally used Bitbuy for over a year, so I've seen them change their platform over time. For example, Bitbuy recently removed its fees on deposits, making the overall trading experience less expensive for users. However, they increased their trading fees to 2% around the same time, negating most or all of those cost savings.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected exchange that offers great customer service and a slick mobile app, open a Bitbuy account today.

Features

  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • Customer support via live chat and email
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 99% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 2%
  • INTERAC Deposits: Free
  • INTERAC Withdrawals: 1.5%
  • Bank Wire Deposit: Free
  • Bank Wire Withdrawal: 1.5%
  • Credit Card Transactions: 6.25%

Signup Bonus

$50 bonus when you deposit $250 using the link below

Best For

Investors looking for a smooth trading experience (though be aware of high fees).

3. VirgoCX – $20 Signup Bonus

Solid Option
VirgoCX

Total Fees: ~3.2%
Security: 95% cold storage
Signup bonus: $20

Solid bonus + easy to use.

★★★★

Rated 4.0/5

VirgoCX doesn't charge any trading fees, deposit fees or withdrawal fees—yet its extremely high spreads make it one of the more expensive crypto exchanges in Canada. Those spreads are generally around 3.2%, which means you pay 20x the fees as you would trading with Kraken, which is absurd.

Aside from the high fees, though, VirgoCX is a great exchange. Its trading platform and mobile app are intuitive and easy to use (even for beginners), it supports 50+ cryptocurrencies, and it offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX covers the first $6 in mining fees on crypto withdrawals, which means you generally won't pay anything to withdraw crypto. For security, VirgoCX maintains a 95% cold storage policy and requires 2-factor authentication on all accounts.

As a new VirgoCX user, you'll receive a $20 bonus upon funding your account with $100 or more.

If working with an easy to use platform is important to you, VirgoCX is a solid choice.

Features

  • Supports 50+ cryptocurrencies
  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • 24/7 support available via live chat and email
  • User-friendly for both beginners and more advanced traders
  • 95% cold storage policy
  • Regulated by FINTRAC

Cost

  • Trading Fees: 0%
  • Spreads: 2% – 3.5%
  • Fiat Deposit Fee: 0%
  • Fiat Withdrawal Fee: 0%

Signup Bonus

$20 when you deposit $100

Best For

Crypto investors who choose not to sign up with Kraken.

4. Newton – $25 Signup Bonus

Reasonable Fees
Newton

Total Fees: ~2%
Security: 95% cold storage
Signup bonus: $25

Sleek & 75+ coins.

★★★★

Rated 4.0/5

Newton stands out from other Canadian crypto exchanges through the excellent design of its website and mobile apps. It supports 75+ cryptocurrencies, including some that other Canadian exchanges don't offer, so alongside Kraken, Newton may be a good fit for altcoin investors.

However, Newton's spreads are high, with total fees of around 2-3%. Like VirgoCX, this makes Newton less appealing than Kraken, which charges significantly less than both of them.

Newton requires you to directly link a bank account to deposit money into your account, which helps reduce the risk of fraud, but may also rub some users the wrong way. It maintains a 95% cold storage policy and offers customer support daily from 9am – midnight EST via email and in-app chat.

Overall, Newton is a solid pick for investors looking to trade altcoins inside a well-designed app.

Features

  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • Well-rated mobile app (4.6/5 on iPhone, 4.4/5 on Android)
  • Supports 75+ cryptocurrencies
  • 95% cold storage policy
  • Regulated by FINTRAC

Cost

  • Trading Fees: 0%
  • Spreads: 2% – 3%
  • Fiat Deposit Fee: 0%
  • Fiat Withdrawal Fee: 0%

Signup Bonus

$25 signup bonus

Best For

Crypto investors interested in trading a wide variety of altcoins.

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. Coinberry: In my experience with Coinberry, they seem to have some internal issues that make working with them difficult. I've had to reach out to their team many times just to get simple issues solved, which is a big red flag for me.
  2. Wealthsimple Crypto: Wealthsimple Crypto may seem promising at the outset, but when you dig a little deeper, you'll discover that they’re a subpar exchange. Spreads sit in the range of 2%, which means buying and selling 1 BTC would cost you over $1,000 CAD at current prices. Also, Wealthsimple is notorious for its slow response times, which makes dealing with them frustrating. Stay away.
  3. Shakepay: Shakepay seems good on the surface, but they're terrible when it comes to one thing: fees. Spreads on Shakepay tend to be around 2.5%—3%, which means you're paying about 4x more than you would trading with someone like Kraken or Bitbuy. Shakepay was a popular crypto exchange in Canada for a while, but it's long been overtaken by better, less expensive options.
  4. Coinbase: Coinbase is a well-known crypto exchange due to its strong branding and heavy marketing campaigns over the past 10 or so years, though it has high deposit fees (4% when paying with a credit card or debit card) 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.
  5. NDAX: One of the major drawbacks of trading with NDAX is that you can't trade between two cryptocurrencies directly: if you're holding Bitcoin and want to exchange it for Ethereum, you need to go Bitcoin -> CAD and then CAD -> Ethereum, which costs double the amount in fees.
  6. Bybit: Bybit users frequently complain that they're unable to withdraw their funds while Bybit customer support completely ignores their requests for help. This is a huge red flag in a crypto exchange, and certainly not something you want to deal with. I suggest you steer clear.
  7. Binance: Binance once operated in Canada, but it announced in May 2023 that it was leaving the country permanently.

How We Chose The Best Crypto Exchanges In Canada

There are several important factors to consider when choosing a safe, trustworthy crypto exchange in Canada. Here are the criteria we used when making our selections:

  • Fees: Many people only look at trading commissions when thinking about fees, but it's important to look at spreads, deposit fees and withdrawal fees as well. We've incorporated all of these into our evaluation to give you a holistic view of how much it costs to trade with a given exchange.
  • User interface: New traders should avoid crypto 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 crypto asset protection available. While no crypto exchanges in Canada currently provide CIPF (Canadian Investor Protection Fund) security, the exchange you use should be registered with FINTRAC at the very least.
  • 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, and 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 cryptocurrencies: With 10,000+ digital assets in existence, the more of them a given 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 top two recommended cryptocurrency exchanges: Kraken or Bitbuy. Both have their 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 Bitcoin trading platform in Canada is Kraken, both for its bank-level security and its extremely low fees. It supports 100+ cryptocurrencies, processes deposits and withdrawals instantly, and verifies accounts in 2 minutes or less.

If you're looking to buy Bitcoin in Canada (or other cryptocurrencies), Kraken is the best cryptocurrency exchange out there.

What is the best Canadian crypto exchange?

The best cryptocurrency exchange in Canada is Kraken. Kraken keeps more than 95% of its users' funds in cold storage, has extremely low trading fees, and offers a well-rated mobile app that Canadians love.

What's the best crypto off-ramp in Canada?

The best way to withdraw crypto in Canada is with VirgoCX or Newton, since neither of those exchanges charge anything to withdraw fiat currency back into your bank account. If you want to withdraw your money in US dollars, Euros or another currency, though, Kraken is a better choice.

What's the cheapest crypto exchange in Canada?

The cheapest crypto exchange in Canada is Kraken by far. Kraken only charges trading fees of 0.16% (0.26% on spot trades), and those fees go as low as 0% if you have a high enough trading volume. Kraken's spreads are also incredibly low (often a miniscule 0.0003% on Bitcoin), making it an extremely cost-effective exchange.

What’s the best altcoin exchange in Canada?

The best altcoin exchange in Canada is either Kraken or Newton. Kraken supports 100+ digital assets (including its very own NFT library), while Newton supports 75+ cryptocurrencies. Both are regularly adding more of the altcoins Canadians are looking for.

Which Bitcoin wallet is the best in Canada?

The best Bitcoin wallet in Canada is Kraken, thanks to its bank-level security, free signup and usage, and easy-to-use mobile app. Storing your crypto with Kraken is both safer and more cost-effective than storing it with traditional software or hardware wallets, since opening an account with Kraken is free and–unlike other hardware and software wallets—any crypto assets you store with them are kept safe, even if anything goes wrong.

What is the safest crypto wallet in Canada?

The safest crypto wallet in Canada is also Kraken, due to the unique way it protects your account using facial scanning technology, your fingerprint, and other security measures. No one else (including hackers) can gain access to a Kraken wallet, and even if your phone is lost or stolen, their industry-leading security means you never have to worry about losing your coins.

What is the safest crypto exchange in Canada?

The safest cryptocurrency exchange in Canada is Kraken. Kraken has bank-level security protocols, holds your coins offline in cold storage, and lets you move your coins on or off of their platform at any time. Kraken also has a team of security experts monitoring its systems 24/7 to catch any unusual behaviour in real time.

What’s the best crypto exchange in Ontario?

The best crypto exchange in Ontario is Kraken for its user-friendly interface and very reasonable fees. Other great crypto apps operating in Ontario include Bitbuy and VirgoCX, both of which offer good customer support and highly secure storage protocols to keep your crypto safe.

What crypto exchanges are legal in Ontario?

Every exchange on this list operates legally in Ontario, including Kraken, Bitbuy, and VirgoCX. All of the platforms on this list also follow all Canadian and Ontario-specific regulations (as set out by the Ontario Securities Commission and other regulatory bodies), which suggests they'll be able to operate in Ontario and the rest of Canada for a long time to come.

Is cryptocurrency legal in Canada?

Yes, cryptocurrency is legal 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?

The best crypto exchange for beginners in Canada is Kraken. It's ideal for beginners because it verifies accounts instantly, has an easy-to-use crypto trading platform and charges the lowest fees of any crypto exchange in Canada.

What's the best crypto app in Canada?

The best crypto app in Canada is either Kraken or ZenGo. Both apps are rated 4.6/5 or higher on the App Store and Google Play Store, and users love them because they're so easy to use.

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

The best crypto exchange for day trading in Canada is Kraken since it charges the lowest trading fees of any exchange in Canada. Day trading requires tight spreads and low (or no) trading commissions, making Kraken the perfect choice for Canadian crypto day traders.

Is Bitbuy legal in Canada?

Yes, Bitbuy operates legally in Canada, and is a registered Money Services Business regulated by FINTRAC. All of the other recommended cryptocurrency exchanges in this post operate legally in Canada as well.

What crypto exchanges are legal in Canada?

The crypto exchanges that operate legally in Canada include Kraken, Bitbuy, VirgoCX, and every other exchange on this list. I haven't included any crypto platforms that don't operate legally in Canada, since they may need to leave the country abruptly (as Binance recently did).

Can the CRA track cryptocurrency?

Yes, the CRA can track cryptocurrency trades and transactions, though whether or not it can track your specific activity depends on how much you've done to obscure it. For example, if you buy Bitcoin from a crypto exchange and sell it from the same exchange 12 months later, your activity is quite easy for the CRA to track; if you send it through multiple anonymous wallets and then sell it from a different exchange, though, it's much harder for them to track.

Keep in mind that all transactions above $10,000 must be recorded and submitted to the CRA by any exchange, 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 Canadian taxpayers' crypto activities.

In Summary

After dozens of hours of research digging into every aspect of the best crypto exchanges in Canada, I'm confident in recommending an exchange that will help you trade securely without breaking the bank.

The best crypto exchange in Canada is Kraken, both for its high level of security and for its extremely low fees. Kraken charges 10-20x less than other Canadian exchanges, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada, I can't recommend Kraken highly enough.

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