Summary: The safest way to purchase Bitcoin and other cryptocurrencies in Canada is through an exchange that is regulated by the Canadian Securities Administrators (CSA). This process provides investors with the convenience to utilise bank transfers, Interac e-Transfer, credit cards, debit cards and other methods to deposit Canadian dollars (CAD) and securely purchase, hold, and trade digital currencies within a supervised framework.
To guide you on your journey, our team has reviewed and ranked the top 5 trading platforms in Canada, based on our evaluation criteria. Here are the top options available:
Best Regulated Crypto Exchange in Canada
Following an exhaustive review of over 15 cryptocurrency exchanges, we have pinpointed the foremost platforms for Canadian investors. Our methodology takes into account vital factors like adherence to Canadian Securities Administrators (CSA) regulations, the range of digital currencies on offer, the user experience, Canadian dollar deposit methods, transaction fees, and other elements to present an accurate appraisal of these platforms.
Positioned at the forefront of Canada's cryptocurrency market, Kraken has cemented itself as an all-in-one exchange catering to over 9 million clients across 190 countries, with an impressive $207 billion in quarterly trading volume. With just a minimum investment of $10, Canadians can access over 200 cryptocurrencies, including major and emerging assets like Bitcoin, Ethereum, Polkadot, and Axie Infinity Shards.
Kraken is committed to a user-friendly experience, enabling easy crypto purchases through mobile apps available on both App Store and Google Play. Its staking services are a stand out feature, providing clients the opportunity to earn up to 24% in rewards annually. Flexible and bonded staking options are available for a wide range of assets, and over $100 million in rewards have been earned by clients. In addition to this, Kraken's professional trading environment, Kraken Pro, offers low spreads, deep liquidity, and high rate limits, complete with an app for on-the-go trading.
- Fees: 0.01% Maker Order and 0.02% Taker Orders.
- Available Assets: 200+ spot markets and 100+ markets available with margin.
- Deposit Methods: Interac e-Transfer, Canada Post (Cash), debit card, credit card, bank transfer and more.
- Available Leverage: Up to 5x Margin with very high margin allowance.
Excelling as a standout cryptocurrency exchange in Canada, Bitbuy claims a prominent position as the second-best platform following its meticulous alignment with the regulatory requirements laid out by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Ontario Securities Commission. The platform facilitates access to over 29 top-performing crypto assets, managing to keep transaction fees competitive within the industry.
In addition to these features, Bitbuy presents valuable opportunities for cryptocurrency staking, offering an appealing annual percentage yield (APY) of up to 6.51%. While not taking the top spot, Bitbuy's blend of strict regulatory adherence, accessibility to various cryptocurrencies, affordability through reasonable transaction fees, and engaging investment opportunities ensure it maintains a distinguished presence as a leading cryptocurrency exchange in the Canadian market.
- Fees: Free CAD deposits and variable fees that average at 1%.
- Supported Assets: 25 cryptocurrencies.
- Regulation & Licensing: Registered with the Ontario Securities Commission, Canadian Securities Administrators and FINTRAC as a money services business.
- CAD Deposit Methods: Wire Transfer, Credit Card, Debit Card & Interac e-transfer.
Operating as a global multi-asset brokerage platform, Uphold confidently establishes itself as the third-leading exchange in Canada. Uphold enables trading across five asset classes that include crypto, stocks, commodities, fiat currencies, and environmental assets. It carries the unique merit of being among the handful of exchanges worldwide that provide audited proof-of-reserves, guaranteeing a 1:1 backing of customer assets.
In addition, Uphold offers staking options on 23 different tokens, yielding up to a 25% annual percentage yield. However, it's crucial to point out that Uphold does not support direct CAD bank deposits, restricting users to transactions via debit and credit cards.
- Fees: Free deposits on all methods except card, which is subject to a 2.49% fee. Crypto trading fees vary between 0.8% - 1.2%.
- Supported Assets: 210 cryptocurrencies, 40 shares, 4 precious metals and 27 fiat currencies.
- Regulation & Licensing: Regulated and Licensed in Canada.
- CAD Deposit Methods: Credit/Debit Card, Google Pay & Apple Pay.
As the fourth leading cryptocurrency exchange in Canada, Bybit is celebrated for its expansive collection of 770+ crypto assets, derivatives trading features, advanced trading tools, and assorted order types. It offers a user-friendly interface, instant transactions, competitive fees, and free CAD deposits via Interac e-Transfer and bank transfer.
Bybit rightfully holds its reputation as the go-to choice for derivatives and futures trading, courtesy of its substantial liquidity and outstanding leverage provision of up to 25x. It further supports staking services and crypto loans, giving its users a platform to lend, borrow, and yield returns. Propelled by innovation and an unwavering commitment to user satisfaction, Bybit consistently solidifies its stance as a key participant in Canada's cryptocurrency sector.
- Fees: Deposits and withdrawals are free and there are 0.1% fees on spot markets and the maker/taker rebate is 0.01%/0.06%.
- Supported Assets: 350+ cryptocurrencies.
- Regulation & Licensing: Not regulated in Canada, but is available to Canadian investors.
- CAD Deposit Methods: Interac e-transfer, Credit Card & Debit Card.
Rounding out the top five exchanges in Canada, Binance sets itself apart with its stringent security measures and global reach, boasting a user base of over 120 million worldwide. The platform grants traders a wide array of trading alternatives, including spot, margin, derivatives, options, and futures markets.
Moreover, Binance users have the opportunity to stake, borrow, lend, and earn with an extensive selection of more than 350 assets. Even though it doesn't hold a leading position in Canada, its global recognition and comprehensive offerings make Binance a substantial contender in the realm of cryptocurrency exchanges. It's important to note, however, that Binance is accessible to users in Canada only via a Virtual Private Network (VPN).
- Fees: CAD deposit fees vary (average 1%) and 0.1% transaction fees for spot trades.
- Supported Assets: 350+ cryptocurrencies.
- Regulation & Licensing: Regulated by the CySEC.
- CAD Deposit Methods: Credit/Debit Card, Simplex & Banxa.
Is Crypto Legal in Canada?
Ye, the use of cryptocurrencies in Canada, including buying, selling, and holding, is legal. The Canadian government has established regulations for cryptocurrency exchanges operating in the country, which include registration and reporting requirements to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These requirements are in place to prevent money laundering, terrorism financing and other illegal activities.
Exchanges operating in Canada are required to comply with FINTRAC regulations and register as a Money Service Business (MSB). This involves implementing and maintaining strict anti-money laundering (AML) and know-your-customer (KYC) policies and procedures. The exchange must also keep detailed records of all transactions and report suspicious or large transactions to FINTRAC.
How to Buy Bitcoin and Crypto in Canada
If you're keen to delve into the cryptocurrency realm in Canada, follow this straightforward and detailed guide to help you get started:
- Choose a regulated platform: Select exchanges that comply with regulatory bodies like FINTRAC and the Ontario Securities Commission.
- Set up and verify your account: Register using your email, create a secure password, and complete the Know Your Customer (KYC) process by providing the required identification and proof of residence.
- Fund your account with CAD: You can deposit funds into your account through methods such as Interac E-Transfer, bank transfers, or debit/credit cards.
- Buy cryptocurrency: Choose the specific digital currency and the amount in CAD or crypto, then validate the transaction.
- Protect your investments: For added security, transfer your digital assets to a private wallet.
By adhering to these steps and choosing a trusted, regulated exchange, you can securely and legally acquire cryptocurrencies in Canada.
In conclusion, when venturing into cryptocurrency trading in Canada, it's crucial to consider key factors such as adherence to Canadian regulations, ease of use, variety of available assets, deposit methods, fees, and additional features like staking services. Our top picks based on these factors include Kraken, Bitbuy, Uphold, Bybit, and Binance. However, regardless of your choice, the first step is always to ensure the platform is regulated and adheres to FINTRAC and the Ontario Securities Commission guidelines. Our guide should serve as a handy resource to help you make an informed decision, secure your investment and successfully navigate the world of cryptocurrencies in Canada.