Can I legally purchase crypto in Canada?
Yes, in Canada, it is legal to buy cryptocurrencies like Bitcoin and Ethereum. This is because the country has established clear regulations for crypto trading, which are outlined in its Cryptocurrency Act.
Under this act, Canadian crypto exchanges must adhere to strict security and anti-money laundering (AML) requirements. They must also be registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), a government agency that monitors financial activities for signs of money laundering or terrorist financing.
Additionally, Canadians who wish to trade crypto must provide certain personal information when buying or selling on an exchange platform. This ensures that the exchange follows all applicable laws governing financial transactions in Canada and helps prevent fraud or other illegal activities.
Overall, Canada's regulatory framework for crypto trading is robust and ensures the security and legitimacy of all transactions. As a result, it is legal to buy cryptocurrencies in Canada, making it a great place to invest in this exciting new asset class.
Best Cryptocurrency Exchange for Canadians
Below we have provided a high-level overview of the five Best Crypto Exchanges in Canada to help Canadian investors find the best digital-asset trading platform for them.
1. Bitbuy - Best Overall Exchange in Canada
Bitbuy is a Canadian native cryptocurrency exchange that was founded in 2016 with the goal of providing secure, fast, and easy-to-use trading services for individuals and businesses in Canada. With a user-friendly interface and 24/7 support available, Bitbuy makes buying and selling cryptocurrencies simple and straightforward. It also offers cryptocurrency staking with APY up to 6.51%.
- Fees: Free deposits via crypto, Interac e-transfer and wire transfer, card deposits are 6.25%. All withdrawals are subject to a 1.5% fee. Trading fees vary between 0% - 1.5% depending on your monthly trading volume.
- Supported Assets: 25 cryptocurrencies.
- Regulation & Licensing: Registered by the Ontario Securities Commission, Canadian Securities Administrators and FINTRAC as a money services business.
- Customer Support Options: Email or online ticketing system.
- CAD Deposit Methods: Wire Transfer, Credit Card, Debit Card & Interac e-transfer.
2. Coinsmart - Best Canadian Crypto Exchange
Coinsmart is a Canadian cryptocurrency exchange that was founded in 2018 by Justin Hartzman. It offers the most types of CAD deposit methods out of any platform and accepts deposits via CAD, USD, and EUR. On Coinsmart, users can invest in 16 different cryptocurrencies and will soon be able to stake a variety of tokens. Additionally, Coinsmart offers the lowest fees out of any Canadian cryptocurrency exchange.
- Fees: Free deposits for Interac & Bank Wire Transfers, but card deposits can charge up to 6%. There is a 1% fee on all withdrawals. Trading fees are 0.2% for single trades and 0.3% for double trades.
- Supported Assets: 16 cryptocurrencies.
- Regulation & Licensing: Registered with the Ontario Securities Commission.
- Customer Support Options: 24/7 customer support via live chat and email.
- CAD Deposit Methods: Interac, SEPA, Wire Transfers & E-transfers.
3. Uphold - Best Multi-Asset Exchange
Uphold is a global multi-asset brokerage platform exchange that offers trading in five asset classes including crypto, stocks, commodities, fiat currencies and environmental assets. It is also one of the only exchanges globally with audited proof-of-reserves that shows customer funds are always backed 1:1. In addition to trading crypto, Uphold also offers staking on 23 different tokens with APY up to 25%.
- 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.
- Customer Support Options: 24/7 support via live chat and email.
- CAD Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
If you would like to learn more about this exchange, you can visit our detailed Uphold Review.
4. Bybit - Best Crypto Derivatives/Futures Exchange
Bybit is a crypto exchange that doesn't require KYC (identity verification) to deposit, withdraw or make trades through its platform. It is a popular platform for derivatives/futures trading as it offers up to 100x leverage. Additionally, it offers crypto staking, lending and borrowing services for over 400 tokens. Bybit is widely regarded to be one of the best global trading platforms in the world.
- 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: 400+ cryptocurrencies.
- Regulation & Licensing: Not regulated by any government authority (hence no KYC requirements).
- Customer Support Options: 24/7 support via live chat, email, ticketing system & phone.
- CAD Deposit Methods: Interac e-transfer, Credit Card & Debit Card.
If you would like to learn more about this exchange, you can visit our detailed Bybit Review.
5. Binance - Best Alternative Crypto Exchange
Binance is a popular cryptocurrency exchange that is known for its high level of security and has become one of the most widely used exchanges in the world, with over 120 million users globally. It offers users a wide variety of trading types, including spot, margin, derivatives, options and futures markets. Additionally, users can stake, borrow, lend and earn on over 350 assets.
- Fees: Deposit & withdrawal fees vary depending on your method and are between 0.5% - 1.8%. Spot trading is 0.1% and the derivatives maker/taker rebate is 0.02%/0.04%.
- Supported Assets: 350+ cryptocurrencies.
- Regulation & Licensing: Regulated by the CySEC.
- Customer Support Options: 24/7 support via live chat, email & online ticketing system.
- CAD Deposit Methods: Credit/Debit Card, Simplex & Banxa.
If you would like to learn more about this exchange, you can visit our detailed Binance Review.
Bitbuy is one of the best-known cryptocurrency exchanges in Canada. Their platform is simple and easy to use, with intuitive navigation and a wide range of features that make it the go-to solution for traders of all experience levels. Whether you're new to cryptocurrency trading or a seasoned pro, Bitbuy has everything you need to succeed in the fast-paced world of crypto.
It is also the only cryptocurrency exchange in Canada that is regulated by both the Ontario Securities Commission and Canadian Securities Administrator. Furthermore, it has never been subject to a cyber attack or hacking incident since its inception in 2016. With Bitbuy, you can rest assured that your investments are in good hands and they will always have your best interests at heart.