Top Crypto Trading Platform in Canada
Selecting the top cryptocurrency trading platforms in Canada requires in-depth analysis. We've assessed over 16 exchanges extensively. Our internal review strategy emphasizes factors like regulatory adherence to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), range of tradable assets, user-friendly platforms, CAD deposit options, transaction fees, among other features. The following list provides a comprehensive overview of the five leading crypto exchanges within the Canadian digital asset ecosystem.
1. Bitbuy
Steering the cryptocurrency sector in Canada, Bitbuy distinguishes itself as the top exchange, primarily because of its stringent adherence to the regulatory guidelines established by both FINTRAC and the Ontario Securities Commission. The platform offers over 25 of the top crypto assets at industry leading fees and also presents the lucrative opportunity of cryptocurrency staking with an enticing up to 6.51% APY. With an unrivalled blend of rigorous regulatory compliance, accessibility, cost-effectiveness, and appealing investment opportunities, Bitbuy emerges as the paramount cryptocurrency exchange in Canada.
- 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
Established in 2018 by Justin Hartzman, Coinsmart earns its place as the second-best cryptocurrency exchange in Canada. This platform outshines others with its unmatched variety of CAD deposit methods and the unique feature of accepting deposits in CAD, USD, and EUR. Investors on Coinsmart have access to a wide selection of 16 different cryptocurrencies, and the platform is poised to introduce staking options for a range of tokens in the near future. What further bolsters Coinsmart's rank is its status as the exchange with the lowest fees across the entire Canadian crypto marketplace.
- 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
Serving as a worldwide multi-asset brokerage platform, Uphold secures its place as the third-best exchange in Canada. Uphold facilitates trading across five asset classes, encompassing crypto, stocks, commodities, fiat currencies, and environmental assets. It holds the distinction of being among the few exchanges globally providing audited proof-of-reserves, ensuring a 1:1 backing of customer funds. Uphold also extends staking options on 23 different tokens, offering up to a 25% APY. However, it's important to note that Uphold doesn't support direct CAD bank deposits, limiting users to debit and credit card transactions.
- 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: Credit/Debit Card, Google Pay & Apple Pay.
4. Bybit
As the fourth leading crypto exchange in Canada, Bybit has carved its niche for its unique non-KYC (identity verification) feature, permitting deposits, withdrawals, and trades without the standard verification process. It's particularly favored by derivatives and futures traders due to its offering of an impressive 100x leverage. Moreover, it presents staking, lending, and borrowing services for an extensive selection of over 400 tokens. Owing to these strengths, Bybit is globally esteemed as one of the most superior 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: 350+ 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.
5. Binance
Capping off the list of top five exchanges in Canada, Binance stands out with its high-security standards and worldwide usage, boasting over 120 million users globally. It provides traders with a diverse range of trading options, encompassing spot, margin, derivatives, options, and futures markets. Plus, Binance users can stake, borrow, lend, and earn with a vast selection of over 350 assets. While not leading in Canada, its widespread recognition and comprehensive offerings make Binance a significant player in the cryptocurrency exchange realm. Please note that Binance is only available to users in Canada via a VPN.
- 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.
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.
Bottom Line
For Canadians interested in entering the cryptocurrency market, our top five exchange picks are Bitbuy, Coinsmart, Uphold, Bybit, and Binance. These platforms offer a range of payment options for depositing CAD and provide a regulated, secure environment for buying, staking, and trading digital assets.
Whether you're interested in a diverse range of assets, low fees, high-security standards, or derivative trading options, each platform offers unique strengths to cater to different trading needs. Ensure you choose a FINTRAC-registered platform and follow the proper steps to protect your investments when buying cryptocurrency in Canada.
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