6 Best Crypto Exchanges In Canada For Beginners (Jul 2022)

June 6, 2022
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When it comes to choosing the best Canadian crypto exchanges for beginners, you have a tough task ahead of yourself: there’s a myriad of options currently available, each with its own set of different features and benefits that need to be considered. As a long-time crypto investor, I constantly keep up with the latest and greatest exchanges and make my recommendations below based on years of deep research and personal experience.

In particular, I’d recommend using crypto exchanges like CoinSmart, Bitbuy, or Newton, as their simple-to-use and intuitive interfaces make these platforms perfect for beginners to learn how trading crypto assets works. Additionally, they offer plenty of features and some of the lowest fees in the Canadian market, so you can’t go wrong trading with these platforms.

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What Are The Best Crypto Exchanges In Canada For Beginners?

#1 Bitbuy

Bitbuy is the best Canadian crypto exchange: it has processed more than $4 billion in trades across 350,000+ Canadian users. It supports 17 cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar, EOS, Aave, Chainlink, Polkadot, Dogecoin, Polygon, Cardano, SushiSwap, Uniswap, Solana, Decentraland, and USDC.

Bitbuy 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 make trades for just 0.10%, while Express Trade users are charged just 0.20%.

As of December 1, 2021, Bitbuy is also the first Registered Marketplace and Investment Dealer among cryptocurrency exchanges in Canada, as recognized by the Ontario Securities Commission (OSC). This means that the OSC has recognized Bitbuy as a highly safe and secure exchange that 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, click here to get your Bitbuy signup bonus today.

Features

  • The lowest trading fees in Canada (0.10 – 0.20%).
  • Easy to use for both beginners and 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.

Pricing

  • 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

A signup bonus is available whenever you deposit at least $250 using this link.

Best For

Beginner crypto investors looking for top-level security and fast verification, deposits and withdrawals.

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Trusted by 400,000+ Canadians.

#2 CoinSmart

$50 Signup Bonus

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

$50 offer ending soon.

★★★★★

Rated 4.8/5

CoinSmart is a great second option for Canadians seeking a reliable, trustworthy and beginner-friendly crypto trading platform.

Like Bitbuy, CoinSmart’s trading fees are also low, just 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, its 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 CoinSmart signup bonus upon funding your account, which you can then 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 is 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.

Pricing

  • Account Opening: Free.
  • Trading Fees: 0.2%.
  • INTERAC Deposit: 0%.
  • Bank Wire Deposit: 0%.
  • Bank Wire Withdrawal: 1%.
  • EFT Withdrawal: 1%.

Signup Bonus

A signup bonus is available whenever you sign up using this link and use our promo code (YOREOYSTER).

Best For

Beginner crypto investors looking to trade with low trading fees.

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Offer ends soon.

#3 Newton

Newton is a cryptocurrency exchange located in Toronto, Canada. It was established in 2018 and offers a simple to use and beautifully designed user interface, as well as a considerably big array of supported cryptocurrencies to choose from.

There are additional characteristics that distinguish this crypto exchange from the competition: for example, it has zero trading fees, third-party custody, immediate account verification, and competitive spreads that benefit cryptocurrency day traders. They also provide frequent offline site backups, cutting-edge data storage software for digital assets, and direct bank integration.

Features

  • Very easy to use.
  • Zero trading fees.
  • Third-party custody.
  • Competitive spreads.
  • Highly-rated mobile app.
  • A wide array of supported cryptocurrencies (70+).
  • Immediate account verification.

Cost

  • Trading fees: None.
  • Bid-ask spread: From 0.5% to 0.7%.

Signup Bonus

$25 free when you sign up using this link.

Best For

Beginner crypto investors that are interested in an exchange that allows them to trade rare/uncommon altcoins with no trading fees.

#4 Coinberry

Coinberry is a Canadian crypto exchange that supports 20+ cryptocurrencies (including XRP) 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 a decent exchange.

One of the features Coinberry users appreciate 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 exchange in Canada to offer this functionality.

Features

  • Supports 20+ cryptocurrencies (including XRP).
  • 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 is provided by Gemini.

Cost

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

Best For

Beginner investors looking to get their feet wet with crypto dollar-cost averaging.

#5 Coinbase

coinbase canada review

Coinbase is an American cryptocurrency exchange that was originally founded in 2012. It’s based in San Francisco, and it’s one of the oldest cryptocurrency exchanges in the world. It’s also the second-largest crypto exchange in the world, the first being Binance.

It was designed to be one of the easiest places to buy, sell, and trade cryptocurrency, and it serves retail investors, businesses, and institutions alike. Originally, it only supported Bitcoin, but it now supports a wider array of digital assets.

Features

  • Supports 100+ cryptocurrencies.
  • Coinbase Pro, the premium service of the platform.
  • Coinbase Earn, a bundle of learning resources and tools ideal for beginners.
  • Coinbase Wallet app that allows you to store your cryptocurrencies safely.
  • 98% cold storage policy to keep your funds secure.
  • Insurance for hacked funds.

Pricing

  • Bank transfer fee: 1.49%.
  • Debit or credit card fee: 3.99%.
  • Coinbase USD Wallet fee: 1.49%.
  • Credit transaction fee: 2%.
  • ACH transfer fee: Free.
  • Bid-ask spread: 0.5% (Can vary).

Best For

Crypto investors looking for learning resources on crypto and a wide array of supported cryptocurrencies.

#6 Netcoins

Netcoins is a beginner-friendly exchange that was founded in 2014, and it has to be one of the most beginner-friendly Canadian crypto exchanges currently available. It supports 9 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Ripple, QCAD, USDC, and Stellar) and charges trading fees of 0.5%, which is a somewhat high fee.

Depositing and withdrawing fiat currencies is free with Netcoins, however, and the platform also allows users to set limit orders to buy and sell crypto 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.
  • Allows users to set limit orders and market orders.

Pricing

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

Best For

Beginner crypto investors looking for the simplest crypto exchange they can use.

What Is Cryptocurrency Exchange In Canada For Beginners?

A cryptocurrency exchange is a platform that will allow you to buy and sell cryptocurrencies for fiat currencies (such as CAD or USD). In some cases, you’ll also be able to trade these digital assets between themselves without the need of converting them into a fiat currency first, and occasionally, some crypto exchanges offer additional services beyond the buying, selling, and trading of cryptocurrency (for example, some crypto exchanges offer more tools for advanced analysis).

However, when it comes to cryptocurrency exchanges in Canada for beginners, you’ll find a simpler and more limited user interface for both the desktop platform and mobile app, which makes it ideal for anyone who’s just getting started with crypto investing to understand the very basics of buying and selling crypto.

Benefits Of Crypto Exchanges In Canada For Beginners

There are a few major benefits of using a crypto exchange for beginners in Canada: 

  • Intuitive user interface: These exchanges want to avoid overwhelming their users with advanced features and advanced charting tools that they won’t understand. So, when using crypto exchanges for beginners, you can expect to see a beautifully designed and minimalistic user interface that you’ll know how to use with a single glance.
  • Intuitive mobile app: Thankfully, the ease of use of the desktop platform also translates very well to the mobile app of a crypto exchange for beginners. This means that you’ll always have a convenient way to trade crypto on the go at your disposal.
  • More educational resources available: Crypto exchanges for beginners also tend to have plenty of educational resources on different cryptocurrencies and crypto trading in general. This is a great way for you to grow as a crypto investor, and it’s also a great knowledge base to have if you ever decide to move on to more complex crypto exchange platforms in the future.
  • Convenient extra features: Most crypto exchanges for beginners don’t just offer simplicity in their crypto purchases and sales. Some also offer extra features that will make your life easier and are just as easy to use as the rest of the platform, such as integrating crypto wallets for you to effortlessly store your cryptocurrency.

In Summary

When it comes to choosing the best cryptocurrency exchange in Canada for beginners, you have a tough task ahead of yourself: there’s a myriad of options currently available, each with its own set of different features and benefits that need to be considered. 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.

In particular, I’d recommend using crypto exchanges like CoinSmart, Bitbuy, or Newton, as their simple-to-use and intuitive interfaces make these platforms perfect for beginners to learn how crypto trading works. Additionally, they offer plenty of features and some of the lowest fees in the Canadian market, so you can’t go wrong trading with these platforms.

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Trusted by 400,000+ Canadians.

Best Crypto Exchange In Canada For Beginners Canada FAQs

How Much Does A Crypto Exchange In Canada For Beginners Cost?

The price of using a crypto exchange for beginners in Canada can vary wildly from platform to platform. Some crypto exchanges offer commission-free trading, while other crypto exchange platforms can have fees as high as 5% per trade/deposit/withdrawal.

What Is The Cheapest Crypto Exchange In Canada For Beginners?

The cheapest Crypto Exchange In Canada For Beginners is Newton. It will allow you to buy, sell, and trade cryptocurrencies without charging you any fees.

What Is The Best Free Crypto Exchange In Canada For Beginners?

The best free Crypto Exchange In Canada For Beginners is Newton. It’s a commission-free trading crypto exchange, which means that you’ll be able to conduct transactions without incurring any fees.

Is A Crypto Exchange In Canada For Beginners Worth It?

Yes, a crypto exchange for beginners is worth it because it will allow you to learn how to trade cryptocurrencies. It will also allow you to better understand how to use some complex features that other exchanges offer over time.

Are Crypto Exchanges In Canada For Beginners Safe?

Yes, a crypto exchange in Canada is safe because it employs many security features to keep your funds safe. For example, most exchanges store your cryptocurrencies in cold storage (offline storage that cannot be accessed by hackers), and they also allow you to set up 2-factor authentication to further enhance your account’s protection.

Are Crypto Exchanges In Canada For Beginners Legit? 

Yes, most crypto exchanges in Canada for beginners are legit because they have been registered as Money Services Businesses (MSBs) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The Best Crypto Exchanges In Canada

Best Overall

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

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

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

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

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

Low spreads, great platform.

★★★★

Rated 4.5/5