9 Best Crypto Exchanges & Apps In Canada (Nov 2021)

November 28, 2021
Blog
Best Crypto Exchanges Canada" alt="" />

ELEVATE YOUR BUSINESS TRAVEL

With more specialty services, preferential treatment and travel amenities. Plus, earn up to 100,000 bonus points.* That's $1,000 in statement credits you can reinvest into your business.*

*Conditions Apply.

Choosing the best crypto exchange in Canada 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 latest and greatest exchanges in Canada, and I make my recommendations based on those 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.

The first thing to know about choosing a cryptocurrency exchange is that the exchange you choose matters. The choice you make will impact how profitable your trades are, how easily you can buy and sell crypto assets, 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.

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 nearly 10 years now, so you’re in good hands.

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 2021. If you haven’t heard of them, that’s because they’ve been pouring money into improving their trading experience, not marketing. Still, if you ask any experienced Canadian crypto trader, they’ll tell you the same thing: CoinSmart is the best in the business.

Trading with CoinSmart costs just 0.20%, the lowest trading fees of any exchange in Canada. They offer excellent customer support via phone, live chat and email, and user accounts are verified instantly.

Most exchanges require users to trade every altcoin first with a stablecoin (eg. Chainklink with Bitcoin, and then Bitcoin with Shiba Inu), but CoinSmart allows users to trade altcoins directly (eg. Chainlink with Shiba Inu), minimizing fees and boosting your profits. And you’re buying real crypto with CoinSmart, which means you can move it on and off the exchange whenever you want.

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 exchanges on this list, so I’m confident that CoinSmart is the best place to buy crypto in Canada.

Features

  • Lowest trading fees in the industry (just 0.20% per trade)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 13 cryptocurrencies
  • 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

  • Trading Fees: 0.20%

Signup Bonus

$20 bonus when you sign up using this link

Best For

Investors looking to trade stablecoins or altcoins with the industry’s lowest fees.

2. Crypto.com

Crypto.com: best crypto exchange Canada

Crypto.com is a major global player as far as exchanges go, and it’s recently been having a major impact on the Canadian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com also offers some unique features that no other Canadian 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 has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Features

  • 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
  • Reasonable trading fees (0.4% per trade)
  • Free deposits from all cryptocurrencies

Cost

  • Trading Fees: 0.4%

Signup Bonus

$10 of CRO when you stake $1,000 of CRO using this link

Best For

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

3. Bitbuy

While CoinSmart is undoubtedly the best crypto app in Canada and Crypto.com takes second place, Bitbuy is a great third option. It supports 9 cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Stellar, EOS, Aave, and Chainlink), 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.

Just like CoinSmart, Bitbuy verifies accounts instantly. Bitbuy is also gearing up to add 6 new coins in late November: Polkadot, Dogecoin, Polygon, Cardano, SushiSwap and Solana.

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

Features

  • Very low trading fees
  • Easy to use for both beginners and advanced traders
  • Supports 9 cryptocurrencies (with 6 more coming in late November)
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • 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 at least $250 using this link

Best For

Investors looking for top-level security and fast verification, deposits and withdrawals.

4. Coinberry

Coinberry supports 20+ cryptocurrencies and charges no fees on CAD deposits or withdrawals. Users can deposit CAD through credit card purchases, bank transfers, and INTERAC e-Transfer.

One of their best features is Coinberry Autopilot, which allows users to purchase cryptocurrencies automatically through a time-tested investing strategy called dollar cost averaging. Dollar cost averaging has been shown countless times to outperform other methods of buying and selling assets, and Coinberry is unique in offering this functionality to its users.

While Coinberry hasn’t reached the mass appeal of the likes of CoinSmart, it’s still a reasonable, highly secure exchange.

Features

  • Supports 20+ cryptocurrencies
  • Instant account verification
  • Auto-purchase functionality (dollar cost averaging)
  • Cold storage provided by Gemini

Cost

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

Signup Bonus

$20 when you trade at least $50 using this link

Best For

Investors looking to buy cryptocurrencies through dollar cost averaging.

5. 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.

6. 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 an enormous 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 low trading fees.

7. MogoCrypto

MogoCrypto

MogoCrypto is a relatively new crypto 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 crypto exchange.

9. NDAX

NDAX: best crypto exchanges

The National Digital Asset Exchange (NDAX) supports 20+ cryptocurrencies, including altcoins like Cardano, Shiba Inu, Fantom, The Graph, and Compound. It has competitive trading fees and a simple registration process, making it a decent choice for new crypto traders.

NDAX’s advanced charting tools also allow more seasoned traders to place advanced order types.

Features

  • Supports 20+ cryptocurrencies
  • Easy registration process
  • Wide range of resources to help beginner traders
  • Offers easy-to-use tools to aid you during trading
  • Offers advanced charting tools for more experienced traders

Cost

  • Trading Fees: 0.20%.

Signup Bonus

$10 when you deposit at least $100 using this link

Best For

Experienced traders seeking strong charting capabilities.

Canadian Cryptocurrency Exchanges I Don’t Recommend

Interestingly, some of the most well-known crypto exchanges in Canada 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.

Best Crypto Exchanges In Canada FAQs

What is the best platform to buy Bitcoin 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 exchange out there.

Which crypto exchange has the lowest fees in Canada?

CoinSmart has the lowest fees of all the crypto exchanges in Canada. Its trading fees are just 0.2%, and it doesn’t charge any fees on fiat deposits, either.

Bitbuy and NDAX also have low trading fees, but if you’re looking for the absolute lowest, CoinSmart is the way to go.

How do I buy Dogecoin in Canada?

To buy Dogecoin (DOGE) in Canada, I recommend using one of the following exchanges: CoinSmart, Bitbuy, or Crypto.com. These are currently our three top-rated exchanges in Canada, and each of them allows you to buy and sell Dogecoin with relatively low fees.

For more information, read our full post on buying Dogecoin in Canada.

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 crypto 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.

Does Shakepay report to the CRA?

Yes, Shakepay is required by law to report large transactions to the CRA. Shakepay is a licensed Money Service Business (MSB) by FINTRAC and the AMF, which means it needs to keep a record of any transactions above $10,000 CAD, and report those to the CRA at the end of the fiscal year.

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.

How do I buy XRP in Canada in 2021?

To buy Ripple (XRP) in Canada in 2021, I recommend using one of the following exchanges: CoinSmart, Bitbuy, or Crypto.com. These are currently our three top-rated exchanges in Canada, and each of them allows you to buy and sell Ripple with relatively low fees.

How do I transfer money from Bitcoin to my bank account in Canada?

To transfer money from Bitcoin to your Canadian bank account, you’ll just need to sell your Bitcoin for CAD on an exchange, and then withdraw that CAD to your bank account using an INTERAC e-transfer or wire transfer. Our recommended exchange CoinSmart makes the process quick and easy, processing CAD withdrawals immediately and with zero fees.

Can Binance withdraw to my bank account?

No, Binance cannot withdraw direct to Canadian bank accounts, and pretty soon it may not be able to operate in Canada at all (Binance is already banned in Ontario). If you’re looking for an exchange that can withdraw funds back into your Canadian bank account, I recommend CoinSmart, which executes withdrawals immediately and for free.

Why is Binance banned in Canada?

Binance isn’t totally banned in Canada, though it has been banned in Ontario for not adhering to regulations set by the Ontario Securities Commission. If you’re looking for a crypto exchange legally operating in Canada and following all Canadian laws, we recommend Toronto-based CoinSmart.

Which is safer: Kraken or Coinbase?

Kraken and Coinbase are both safe exchanges, though that doesn’t mean they’re good exchanges. As I mentioned above, I don’t recommend either of them: Kraken is expensive and unreliable, and Coinbase has already pulled out of Canada multiple times, leaving Canadian investors scrambling to reclaim their crypto and cash.

If you’re looking for a secure exchange with low fees and a great reputation among Canadian crypto investors, I recommend either CoinSmart or Bitbuy. Both employ extremely strict security protocols and hold your coins offline in a cold storage wallet, so even if they got hacked, your coins would be completely safe and untouchable by anyone but you.

What can I use instead of Coinbase?

Instead of Coinbase, I recommend you use CoinSmart, Bitbuy or Crypto.com. All of them have great customer support and low fees, plus they keep their crypto in cold storage, ensuring it’s always safe and secure.

Is Coinbase Pro cheaper than Coinbase?

Yes, Coinbase Pro is significantly cheaper than Coinbase, since Coinbase charges a 0.50% spread plus a 2.99% or $2.99 flat fee (whichever is larger), while Coinbase Pro only charges a maker/taker fee of 0.50% or less. This means you pay 7x more in fees with Coinbase than you do with Coinbase Pro (3.49% vs. 0.50%).

Instead of Coinbase, I recommend using CoinSmart, Bitbuy or Crypto.com. All of them charge even lower fees than Coinbase Pro (from 0.20% – 0.40%), and they keep their crypto in cold storage wallets, safeguarding it from being stolen or hacked.

In Summary

Choosing the best Canadian crypto 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.

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 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

#3 Bitbuy

  • Supports 9 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

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