7 Best Crypto Exchanges & Apps In Canada (May 2022)

May 15, 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 extremely low trading fees, 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 cryptocurrency 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 picks for the best Canadian crypto exchanges:

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.9/5

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

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.
My top pick →

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

What Is The Best Crypto Exchange In Canada?

1. CoinSmart

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

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

For starters, CoinSmart’s trading fees are an incredibly low 0.2%. 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), and as a publicly-traded company, their financials are audited by a third-party firm at least once per year. They also maintain a 95% cold storage policy, which ensures your crypto is kept extra safe and secure across all circumstances.

As a new CoinSmart user, you’ll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you’re looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • 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: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking for low fees and the best overall trading experience.

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Offer ends May 19.

2. Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Bitbuy is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like CoinSmart, Bitbuy’s trading fees are just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 350,000+ 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 for all order sizes.

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 Canadian crypto exchange that offers altcoin trading, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1% – 0.2%)
  • Easy to use for both beginners and more advanced traders
  • Supports 17 cryptocurrencies
  • Excellent customer support
  • 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: 0.1% to 0.2%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking to trade with extremely low trading fees.

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Free account, instant verification

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

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 crypto 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 Bitbuy or CoinSmart 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. VirgoCX

Best For Fringe Coins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

Based in Toronto, VirgoCX is another one of the best Canadian crypto exchanges. Its users appreciate that it offers 50+ cryptocurrencies, one of the widest selections of any exchange on this list. 

VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts, and maintains a 95% cold storage policy to keep your assets safe at all times.

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 keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Cash Deposits: Free
  • Cash Withdrawals: Free
  • Crypto Deposits: Free
  • Crypto Withdrawals: Free for all major coins
  • Spreads on trades: Around 1%

Signup Bonus

$30 when you fund your account with $100 or more using this link.

Best For

Investors looking to buy altcoins before everyone else.

CLAIM MY $30 BONUS
Free account, instant verification

5. Coinberry

Coinberry supports 18 cryptocurrencies and charges zero fees on CAD deposits and withdrawals. Users can instantly deposit money via credit cards and INTERAC e-transfers, and while Coinberry hasn’t reached the mass appeal of the likes of Bitbuy, 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 best-performing investing strategies on the planet, and Coinberry is the only crypto 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.

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 e-transfer, bank wire and credit cards) may be 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 e-transfer, Moneygram, Wise, PayPal, ATM deposit, and more
  • Helpful customer support

Cost

  • 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. Satstreet

If you’re trading between $25,000 and $10+ million, you should be using Satstreet. Satstreet is not like the other exchanges on this list: it’s a white-glove trading experience for high-net-worth investors and corporations. They take a highly personalized approach to crypto investing, focusing their efforts on offering excellent service to a specific segment of the Canadian market.

Satstreet has extremely deep liquidity that allows it to offer fixed prices on large orders with zero slippage. Placing a $100,000 buy order is nearly impossible on most Canadian exchanges, but Satstreet handles orders that size (and much larger) every day. 

Satstreet clients can choose to take custody immediately after a transaction,  get access to an account with a qualified custodian, leverage their proprietary custody solution, or choose a multi-sig collaborative security setup involving multiple hardware wallets and co-signers. Satstreet also offers video verification on withdrawals and whitelisted wallet addresses, both of which ensure that only you can withdraw your funds. 

With dedicated account managers available whenever you need them, Satstreet offers a level of customer service no other exchange can match. If you’re ready to invest $25,000 or more, Satstreet is for you. 

Features

  • Very low fees on large order volumes
  • Very deep liquidity to prevent price slippage
  • Supports Bitcoin, Ethereum, and allows access to the widest selection of digital assets for accredited investors in Canada
  • Dedicated account managers provide top-notch support
  • Deep security expertise & customized security setups
  • Quick banking settlement (USD & CAD)

Cost

  • Trading Fees: Around 1%
  • No other fees

Best For

Low fees and VIP treatment on large orders ($25,000 and up).

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 sit in the range of 2%, which means buying and selling 1 BTC would cost you over $3,000 CAD 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. 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 CoinSmart or Bitbuy. Shakepay was a popular crypto exchange in Canada for a while, but it’s long been overtaken by better, less expensive options.
  3. 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% 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.
  4. Kraken: Like Coinbase, Kraken is also based in the US, which means Canadian users must comply with the strict regulations of the IRS. For most Canadians, it’s much simpler to keep your tax burden within Canada, and as a result, I don’t recommend Kraken.

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 high, your profits will be negatively impacted.
  • 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 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 top two recommended cryptocurrency exchanges: CoinSmart or Bitbuy. Both apps 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 CoinSmart, both for its bank-level security and its extremely low fees. CoinSmart supports 16 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. CoinSmart has a 95% cold storage policy, low fees overall, and a well-rated mobile app that Canadians love.

Which crypto exchange has the lowest fees in Canada?

The crypto exchanges in Canada with the lowest fees are Bitbuy and CoinSmart. Their trading fees for regular users are just 0.2% (0.1% for Bitbuy Pro users), 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 one of VirgoCX, Crypto.com or Newton. VirgoCX allows users to trade altcoins directly (rather than exchanging through a stablecoin like Bitcoin), which minimizes fees, while Newton supports 75+ coins, and is regularly adding more of the altcoins most Canadians are looking for. Crypto.com offers 100+ coins, the most of any exchange operating in Canada.

Which Bitcoin wallet is the best in Canada?

The best Bitcoin wallet in Canada is ZenGo, thanks to its bank-level security, free signup and usage, and easy-to-use mobile app. It can hold 70+ different crypto assets at a given time, and it works seamlessly with exchanges like Bitbuy and CoinSmart.

What is the safest crypto wallet in Canada?

The safest crypto wallet in Canada is also ZenGo, due to the unique way it protects your account using facial scanning technology, your fingerprint, and two independent mathematical secret shares. No one else (including hackers) can gain access to your ZenGo wallet, and even if your phone is lost or stolen, you never have to worry about losing your coins.

What is the safest crypto exchange in Canada?

The safest cryptocurrency exchange in Canada is Bitbuy, a Money Service Business registered with FINTRAC. 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 spreads of any exchange in Canada, and are known for being a reputable, trustworthy crypto exchange.

What’s the best crypto exchange in Ontario?

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

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 CoinSmart followed by Bitbuy. Both are ideal for beginners because they verify most accounts instantly, have easy-to-use crypto trading platforms, and great customer support in case you need any help along the way.

What’s the best crypto app Canada?

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

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

The best crypto exchange for day trading in Canada is Bitbuy, since it has extremely low fees (just 0.1% – 0.2%), tight spreads (generally around 0.3%), and its prices update multiple times per second, giving day traders an upper hand over the rest of the market.

Is Bitbuy legal in Canada?

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

What crypto exchanges are legal in Canada?

The crypto exchanges that operate legally in Canada include CoinSmart, Bitbuy, VirgoCX, Crypto.com, and everyone else on this list. I have not included any crypto platforms that don’t operate legally in Canada, since they may get shut down like Binance did in Ontario.

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, 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 our #1-rated crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend CoinSmart highly enough.

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Offer ends May 19.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5