These improvements further enhance Bitbuy’s position as a reliable, feature-rich cryptocurrency exchange for Canadian users. A Centralized Exchange, also known as CEX, are crypto exchange platforms that act as a brokerage service between the trader and the coins. These platforms are typically regulated and provide services similar to standard stock trading platforms.
- Although continually updated, the information here may differ from what appears on the providers’ sites.
- In terms of trading fees, CEX.IO uses a maker-and-taker model to determine the appropriate fee to charge users on the exchange.
- Crypto.com provides a very good selection of cryptocurrencies, with more than 250 available.
- However, it can often be riskier compared to other types of platforms, plus more expensive.
I use NDAX for cashing out crypto to my Canadian bank account because of their low fees and excellent, fast service. These alternatives may appeal to traders who seek more advanced features, access to spot markets, or a more visually oriented trading interface. Below is a rundown of top crypto trading platforms in Canada that you can use to execute your day trading cryptocurrency strategy. VirgoCX is one of the top cryptocurrency trading platforms in Ontario.
Top 3 Canadian Crypto Exchanges Fees
This spread, which is the difference between the buying and selling prices, can significantly impact the cost of transactions, making trading fees on the higher side. It is a public company, fully regulated in the US, ensuring transparency with its shareholders. Being registered as a Money Services Business with FinCEN adds to its credibility. Moreover, Coinbase ensures the safety of assets by holding 98% of bitcoin and other cryptocurrencies in cold storage, with wallets and private keys securely encrypted. However, Coinbase has historically struggled with customer support.
Bitbuy
OTC services are available to Canadians through a number of exchanges and OTC brokers. In this article we’ve outlined some of the best OTC crypto brokers in Canada. You should be careful about which exchanges you use in Ontario as some are not authorized to provide trading services in the province or Canada, and you could lose your crypto assets or funds.
Processing times
- Plus you’ll earn 3.83% APY3 on your investment with an interest-like incentive coupon.
- The payment methods available include wire transfers, cash at a local Canada Post, or SWIFT for internationals.
- They offer competitive prices, especially for those who trade in large volumes.
- If you are a newcomer to crypto, you will want a user-friendly interface that is simple to use, while more experienced traders usually prefer a platform that offers more advanced tools and features.
It’s perfect for people who only want to buy Bitcoin because that’s all they offer. Compare to Bitbuy, it offers over 800+ cryptocurrency coins, so it’s the perfect choice for people who like to invest in altcoins. Security is a significant focus for Bitbuy and this why they rated as a #1 crypto exchange in Canada on our list. It was voted as the most important factor for Canadian users when selecting crypto exchange. Binance has the most versatile crypto app with features that allow you to buy crypto, join pools, stake for interest, and trade derivatives.
With the latest updates, NDAX now supports USD deposits, broadening its accessibility to include both Canadian and U.S. dollars. While it has discontinued accepting bank drafts, it has introduced more versatile withdrawal options, including Interac withdrawals for just $1.50. This improvement ensures that fiat withdrawals are not confined to the previous $4.99 Bank EFT fee.
How much money do you need to buy crypto?
Kraken also offers crypto staking of 12+ crypto assets and the Kraken Pro mobile app with advanced trading tools to trade on the go. Wealthsimple is the made in Canada self-directed trading platform that has branched out into banking and, since 2020, crypto. It’s here because it’s perfect for the day-trading stock investor who wants to try crypto for the first time and it caters to Canadians exclusively. There are no account or trading minimums; your cryptocurrency is held by a third-party custodian and is insured against theft.
Exchanging crypto for goods and services, therefore, is considered a gain or loss and is taxed accordingly. Earlier, we covered how platforms that intend to service Canadians must register with the regulators of Canadian provinces and territories. It is best to ask yourself what your goals with crypto are, and then you can figure out what type of services you require. To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device in Excel, CSV, and PDF formats.
List of Top Crypto Trading Platforms in Canada
Others include VirgoCX, Crypto.com, Wealthsimple Crypto, Kraken, Coinbase, etc. The aforementioned exchanges were chosen based on a number of different factors. These include their dominance in Canadian markets and popularity amongst users, alongside their supported payment methods, fees, and supported cryptocurrencies. These factors comprise the trading platforms’ abilities to support Canadian users. For any Canadian crypto investor, a large coin selection is impressive, but it’s not necessary if you plan to trade just the most established cryptocurrencies, such as bitcoin and ethereum. Here are some important parameters to consider when comparing different crypto exchanges, platforms or apps.
It offers free fiat deposits, and crypto trading fees range from 0.00% to 2%. Canada is a mature crypto market with a strong licensing and regulatory framework in place. To help you trade with the best brokers, we reviewed hundreds of brokers and compared them in areas like regulation, available cryptocurrency broker canada crypto assets, customer support, and trading platforms. However, the benefit of incorporating trading fees within the spread (including certain crypto withdrawal network fees) is that it keeps it simple for users.
Invest globally in stocks, options, futures, currencies and bonds from a single unified platform. Fund your account in multiple currencies and trade assets denominated in multiple currencies. There is little to no regulation of this trading field, and cryptocurrency is not backed by the government. It doesn’t go through a bank, nor will the SEC reimburse you if you lose all your money. Crypto-related cybercrime ranges from mishandling private information to hackers raiding and depleting users’ cryptocurrency accounts.