6 Best Crypto Exchanges in Canada

Cryptocurrencies are taxed as commodities in Canada, which means that you will need to pay either capital gains tax or income tax when you sell digital assets for a profit. When owning crypto, it is essential they are safely stored. Your privacy and security are important, so whichever token you are deciding to buy, store them in a safe wallet.

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These could range from tutorial videos to helpful materials to guide users on how to use the crypto exchange and how to trade and invest in Bitcoin. The cryptocurrency exchange list for a secure and safe crypto trading environment is long, and there is not one that ticks all the boxes. Canadian users can select many options to secure their assets and make trading easy through the desktop platform or the app.

Trading Platforms

The Canadian crypto exchanges are usually between a Centralized Exchange and a Decentralized Exchange . The latter is ideal for Bitcoin investors who are particular about cutting down on transaction fees, as well as maintaining anonymity when trading or investing in Bitcoin. Trading platforms are the most popular type of platform for buying and selling cryptocurrencies.

You can get in touch with a Coinsmart representative via email, phone, and live chat. The team at WealthRocket.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions. We offer +40 currencies and over 820 trading pairs so that you can balance your portfolio with ease. While investors can access Coinbase, certain coins may not be available in different jurisdictions. Missing few features, but overall pretty good for just buying crypto.

You are also free to buy and sell digital currency on open exchanges. As noted earlier, all you need to use digital currencies is a wallet. You can store the wallet yourself or can have a wallet provider manage the currency for you. If you are a crypto trader in Canada, you will always be on the lookout for the best crypto exchange Canada has to offer.

Quick Look: Best Crypto Exchanges in Canada

Always maintain full control of your tokens until they are traded. Easy-to-use design to buy or sell your tokens in under a minute. Shareable over-the-counter trades without the risk of third-party escrows. Swap any token with a customized price, quantity, and counterparty. The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.

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Verification documents including driver’s license and passport will need to be uploaded. Most exchanges will ask for a selfie to check for a face match with the documents submitted for verifying a person’s identity. The steps below will get the ropes for crypto exchange though each exchange may show slight variations. We hope you’ll be thrilled to know we’ve partnered up with Koinly, a simple and easy-to-use cryptocurrency tax tool, to make your calculations simpler.

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. Newton supports 75+ cryptocurrencies and has an easy-to-use mobile app that’s well-reviewed on both iPhone and Android. Newton doesn’t charge any trading fees, and its spreads are reasonable, generally around 0.2% – 0.7% depending on the coin you’re trading.

Sell your Bitcoin at your chosen rate, and get paid in one of numerous payment methods. Your Bitcoin is held in our secure escrow until the trade is completed successfully. Our user feedback system enables you to identify trusted and experienced peers to trade with. Get a life-time free Bitcoin wallet maintained by BitGo, the leading provider of secure Bitcoin wallets. Established in 2018, Bybit is a cryptocurrency derivatives platform that supports both inverse and linear perpetual contracts.

Our Methodology for Finding the Best Exchanges

You can download the Coinbase app from Google Play Store or the iOS app store and start using it to buy and sell cryptocurrencies and earn free crypto assets. Coinbase also runs a widely popular wallet service and Card service. Select the crypto you want to purchase, place an order and the trading platform will find a match for your buy order. However, crypto brokers have a limited basket of currencies to select from and they do not trade in every cryptocurrency unlike crypto exchanges, which offer more choices.

OTC Desk Access to deep liquidity and dedicated 1-on-1 service for trades over $30,000. I regularly buy crypto and not only does NDAX have the XRP/CAD pairing, but I can send interac email money transfers… Based in Calgary, AB where I live, and backed by a Canadian Bank, why bother transferring your funds through third parties to get it to binance and others. Share NDAX with friends and earn cash to put towards trades.

Will IRS come after me for crypto?

There's a question about “virtual currency” on the front page of your tax return, making it clear you need to disclose crypto activity. If you don't report transactions and face an IRS audit, you may be hit with interest, penalties or even criminal charges.

It also works as secure storage for all your crypto and NFTs. Coinsquare is Canada’s first crypto trading platform registered as an IIROC Investment dealer and marketplace member. Ledger, on the other hand, offers a cold storage unit to store your crypto. The https://broker-review.org/ Nano Ledger X is an excellent alternative if you are looking for a hardware wallet, now offering Bluetooth connectivity to access your assets on your phone. The government is trying to ensure exchange platforms stay within the country’s regulatory structure.

Yes, it is legal to buy, sell, trade, and own cryptocurrency in Canada. The currency that you have purchased will be deposited into your exchange wallet once your transaction has been processed. With hundreds of different exchanges to consider, what are the steps involved in finding the best one to suit your needs?

Steps to buy cryptocurrency in Canada using a crypto exchange

While specific to Canada, a few platforms for the Canadian market maintain their focus on Canadian citizens as their clientele. These popular platforms offer various Canada-specific features that further strengthen their user filtration. To buy cryptocurrency, open an account with a crypto exchange or an online brokerage that allows crypto trading. In addition, you’ll need a crypto wallet to hold your cryptocurrency, although your exchange may provide one.

To date, Bitbuy has processed more than $4 billion in trades across its 400,000+ Canadian users. If you are a crypto trader in Canada, you can choose from any of these five exchanges. But the one that you will go with must support the currencies you want to trade and the payment method you are the most comfortable with. We have already provided the names of the supported currencies of these exchanges. Based out of Montreal, Canada, Shakepay enables its users to exchange Bitcoin in minutes with Interac e-transfers.

Does Canada has a Bitcoin ATM?

The chart shows number of bitcoin machines installed by top operators in Canada. Top 10 operators run 2248 crypto ATMs (87.8%). There are 48 other operators, who run 312 Crypto ATMs (12.2%). If you use our charts or data from them on your website or elsewhere, a link to the source page is required.

Bitbuy Canada was founded in 2016 and has its headquarters in Toronto. It offers features that are tailored to fit Canada-specific needs, from verification methods to compliance with federal regulation and security rules. The exchange supports a limited selection of digital assets, i.e. only eight cryptocurrencies, including Bitcoin , Ether , Stellar and XRP. The best Bitcoin trading platform in Canada is VirgoCX, both for its bank-level security and its extremely low fees. It supports more than a dozen cryptocurrencies, processes deposits and withdrawals instantly, and verifies accounts in 2 minutes or less.

Coinbase Canada

This lets you find a profitable investor, and automatically copy all of their exact trades, as soon as they make them. However, while Kraken is available in Canada, certain traders are not allowed. For example, Canadian crypto users cannot trade Ethereum tokens that have been staked for Ethereum 2.0.

  • Consider using independent and trusted review sites to confirm the legitimacy of the Bitcoin exchange you want to use.
  • While this number may be small, the platform does this to ensure that the users don’t trade many assets that may not have lots of use cases.NDAX supports Bitcoin and many other cryptocurrencies.
  • To ensure utmost safety for its users’ funds, VirgoCX leverages 2FA and SSL protocols as well as cold-storage protection by Ledger Vault.
  • I have had past experience with 2 other crypto currency exchanges that talked good customer service but NDAX was the o…
  • Trading fee discounts are available for users who hold high balances in CRO.

KuCoin has grown into a top cryptocurrency exchange that can boast of serving every one out of four crypto holders worldwide. Buy and sell 200 cryptocurrencies with low fees worldwide. As one of the top cryptocurrency exchanges, KuCoin supports a wide variety of crypto assets. In addition to the bonuses and discounts, it charges a 0.1% fee per trade and even small fees for futures trading. Buy crypto with top fiat currencies, including USD, EUR, CNY, GBP, CAD, AUD, and many more. Crypto.com is one of the fastest-growing and best Canadian crypto exchanges that offers an extensive list of tradable assets at the lowest trading fees.

Other options include bank wire, credit card, and Flexepin Voucher. Another option is Bitcoin can purchased at any Canada Post using cash or debit cards. This is a crypto exchange launched in the United States. The crypto platform has since become one of the best crypto exchanges for Canadians who are looking to invest in Bitcoin.

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Similar to the previous platform, Coinberry is also based out of Canada. The crypto trading platform offers truly attractive features and services. Deposits and withdrawals are free of cost and are based on CAD. The largest Canadian crypto exchange offers instant wire transfers , while higher amounts can take a few business days. Coinberry aims to keep all financial transactions transparent and to maintain its reputation as a secure platform. The ever-growing cryptocurrency marketplace and the rising awareness about digital assets among people have given various experts a reason to start their exchanges.

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