Navigating the world of cryptocurrency trading begins with choosing the right platform. The ideal exchange should align with your investment goals, experience level, and the specific features you value most. For Canadian investors, this means considering both domestic platforms that offer seamless CAD transactions and international exchanges that might provide access to a wider range of digital assets.
To simplify your search, we've analyzed the key players in the Canadian market. This guide provides a clear overview of top-tier exchanges, highlighting their strengths, fee structures, and unique offerings to help you make an informed decision.
Top Canadian Crypto Exchanges at a Glance
The following table provides a quick comparison of leading crypto exchanges available to Canadian users, including the number of supported coins, minimum investment requirements, and current sign-up incentives.
| Exchange | Supported Coins | Minimum Investment | Sign-Up Bonus |
|---|---|---|---|
| Bitbuy | 53+ | $50 | $20 |
| Wealthsimple Crypto | 60+ | None | $25 |
| Newton | 70+ | None | $25 |
| NDAX | 32+ | None | $25 |
| Shakepay | 2 | $5 | $5 |
| Netcoins | 30+ | $10 | $25 |
| CoinSmart | 16 | $100 | $20 |
| Coinsquare | 40+ | $20 | N/A |
| Binance | 600+ | $10 | Up to $100 |
| Crypto.com | 250+ | $1 | $25 |
| Coinbase | 200+ | $25 | €10 |
| Kraken | 200+ | $10 | N/A |
This list includes a mix of domestic Canadian platforms and globally recognized foreign exchanges that accept users from Canada.
Leading Domestic Crypto Exchanges in Canada
For traders who prioritize using Canadian dollars (CAD) and prefer platforms headquartered within the country, these domestic exchanges are excellent starting points.
Newton
Founded in 2018, Newton has quickly become a favorite for its user-friendly approach and extensive coin selection.
- Supported Cryptocurrencies: 70+
- Funding Methods: Interac e-Transfer, wire transfer, bank account
- Fees: No fees for deposits, withdrawals, or trading. Revenue is generated through a small spread (approximately 0.70%) on quoted prices.
- Sign-Up Bonus: $25 bonus after trading at least $100.
- Regulation: Regulated by FINTRAC.
Newton stands out for its commitment to a fee-free structure and one of the largest collections of altcoins available on a Canadian platform. It's an ideal choice for beginners and those looking to diversify their portfolio without the burden of transaction fees.
New users can claim a $25 bonus by meeting a minimal trading requirement. 👉 Explore this platform's current offer
Bitbuy
A Toronto-based exchange operating since 2016, Bitbuy is known for its security and transparency.
- Supported Cryptocurrencies: 53+
- Funding Methods: Interac e-Transfer, wire transfer
- Fees: No deposit fees. Withdrawal fees are 1.50% for Interac e-Transfer and bank wires. Trading fees range from 0% to 1.5%.
- Sign-Up Bonus: $20 bonus after an initial deposit of $250.
- Regulation: Regulated by FINTRAC.
While Bitbuy charges withdrawal fees, its trading fees and spreads are highly competitive, often making it one of the most cost-effective platforms for active traders in Canada. It boasts a strong reputation, with over $4 billion traded on its platform.
Wealthsimple Crypto
As part of the larger Wealthsimple financial ecosystem, this platform offers a simple and integrated experience for new investors.
- Supported Cryptocurrencies: 60+
- Funding Methods: Bank account
- Fees: No deposit, withdrawal, or trading fees. An operations fee of about 1.50% is included in the spread.
- Sign-Up Bonus: $25 after an initial deposit of $150.
- Regulation: Regulated by FINTRAC and the Ontario Securities Commission (OSC).
Wealthsimple Crypto is perfect for beginners due to its intuitive interface, strong regulatory backing, and the ability to start trading with just $1. It simplifies the process of buying and selling major cryptocurrencies.
NDAX (National Digital Asset Exchange)
NDAX offers a robust trading experience with advanced features for more seasoned investors.
- Supported Cryptocurrencies: 32+
- Funding Methods: Interac e-Transfer, wire transfer
- Fees: No deposit fees. A flat C$4.99 fee for CAD withdrawals. Trading fees are a low 0.20%.
- Sign-Up Bonus: $25 upon depositing a minimum of $100.
- Regulation: Regulated by FINTRAC.
A key advantage of NDAX is its staking feature, allowing users to earn an average APR of up to 12% on supported coins. Its low, predictable trading fees make it attractive for high-volume traders.
Shakepay
Focusing exclusively on Bitcoin and Ethereum, Shakepay offers a streamlined experience.
- Supported Cryptocurrencies: 2 (BTC, ETH)
- Funding Methods: Interac e-Transfer, wire transfer
- Fees: No fees for deposits, withdrawals, or trading. A spread of up to 1.25% is applied.
- Sign-Up Bonus: $5 after trading at least $100.
- Regulation: Regulated by FINTRAC and the AMF (Autorité des marchés financiers).
Shakepay's simplicity is its greatest asset. It also offers a crypto prepaid card that earns users Bitcoin cashback on everyday purchases, making it a great tool for both spending and investing.
Top Foreign Crypto Exchanges Accessible in Canada
International exchanges often provide access to a much wider array of cryptocurrencies and more advanced trading tools, though funding them with CAD can require an extra step.
Kraken
One of the oldest and most reputable global exchanges, Kraken is a powerhouse for professional traders.
- Supported Cryptocurrencies: 200+
- Funding Methods: Wire transfer, various fiat channels, crypto assets
- Fees: Variable deposit and withdrawal fees. Trading fees range from 0.9% to 1.5%.
- Sign-Up Bonus: None, but offers a referral program.
- Regulation: Regulated globally, including by the FSRA.
Kraken is renowned for its security, advanced trading features like margin and futures trading, and staking opportunities. It's a top choice for experienced traders seeking depth and liquidity.
Crypto.com
This Singapore-based platform has grown into a comprehensive crypto ecosystem with a wide range of products.
- Supported Cryptocurrencies: 250+
- Funding Methods: Bank transfer, credit/debit card
- Fees: Free deposits. Variable withdrawal and trading fees.
- Sign-Up Bonus: $25 welcome bonus.
- Regulation: Compliant with various global regulations.
Beyond trading, Crypto.com offers a popular cashback Visa card, competitive earn programs for staking, and even non-fungible token (NFT) support. Its all-in-one approach appeals to users looking to deeply integrate crypto into their financial lives.
Coinbase
A US-based giant, Coinbase is known for its ease of use and strong security measures.
- Supported Cryptocurrencies: 200+
- Funding Methods: Bank account, debit card, PayPal, Apple Pay, Google Pay
- Fees: Variable fees depending on the transaction method and size.
- Sign-Up Bonus: €10 bonus upon account verification.
- Regulation: Regulated by the NYSDFS (New York State Department of Financial Services).
A major benefit for Coinbase users is that U.S. dollar holdings are FDIC-insured up to $250,000. Its educational platform, Coinbase Learn, also helps newcomers understand the market while earning small amounts of crypto.
Understanding Crypto Exchanges
A cryptocurrency exchange is a digital marketplace where you can buy, sell, and trade digital currencies. These platforms provide the liquidity and trading pairs necessary to enter the crypto market.
The process typically involves:
- Creating an account and completing identity verification (KYC).
- Depositing fiat currency (like CAD) or other cryptocurrencies into your exchange wallet.
- Placing buy or sell orders on the platform's trading engine.
Exchanges generate revenue through various fees, including trading fees (a percentage of the trade value), withdrawal fees, and sometimes deposit fees. Many also incorporate a "spread," which is the difference between the buying and selling price of an asset.
How to Select the Right Exchange for You
With numerous options available, consider these factors to find your best fit:
- Fee Structure: Scrutinize all potential costs—deposit, trading, and withdrawal fees. The cheapest platform overall depends on your trading volume and habits.
- Supported Assets: Ensure the exchange lists the cryptocurrencies you want to trade now and might be interested in later.
- Payment Methods: Look for platforms that support Interac e-Transfer for easy CAD funding if you're based in Canada.
- Security and Regulation: Prioritize exchanges that are regulated by authorities like FINTRAC and employ robust security practices, such as two-factor authentication (2FA) and cold storage for funds.
- Ease of Use: The interface should match your experience level. Beginners should look for simple buy/sell interfaces, while advanced traders will need charting tools and order types.
- Customer Support: Reliable and accessible customer service is crucial for resolving issues quickly.
Frequently Asked Questions
Is cryptocurrency legal in Canada?
Yes, buying, selling, and holding cryptocurrency is perfectly legal in Canada. However, it is not considered legal tender, meaning you cannot pay taxes or debts with it as you would with Canadian dollars.
Do I have to pay taxes on crypto profits in Canada?
Yes. The Canada Revenue Agency (CRA) treats cryptocurrency as a commodity. This means any profits from selling or trading crypto are subject to capital gains tax. It's important to keep accurate records of all your transactions.
What is the safest way to fund a foreign exchange?
A common strategy is to use a Canadian exchange to purchase a stablecoin (like USDT or USDC) using CAD via Interac e-Transfer. You can then withdraw this stablecoin to your private wallet and deposit it into your chosen foreign exchange. This often avoids expensive international wire transfer fees. 👉 Learn more about efficient funding strategies
Which exchange is best for beginners in Canada?
Wealthsimple Crypto and Shakepay are excellent for beginners due to their simple interfaces, low minimum investments, and integration with easy funding methods like Interac e-Transfer.
Can I use Binance in Canada?
As of now, Binance has restricted its services for Canadian users. It is always important to check the latest regulatory status of any international exchange before signing up.
What is the difference between a spread and a trading fee?
A trading fee is a separate commission charged on a transaction. A spread is the built-in difference between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask). Some exchanges use only a spread, some use only trading fees, and many use a combination of both.
Final Thoughts
The Canadian cryptocurrency landscape offers a diverse range of exchanges to suit every type of investor, from the complete novice to the professional trader. Domestic platforms provide ease of use and seamless CAD transactions, while international exchanges offer unparalleled asset selection and advanced features.
Your choice should ultimately be guided by your individual investment strategy, technical proficiency, and the specific coins you wish to trade. By carefully evaluating the fees, security, and services of each platform, you can find the ideal exchange to begin or continue your crypto journey in Canada.