6 “Best” Canadian Exchanges to Buy Bitcoin in Canada 2023


We considered only the most reputable exchanges specifically for Canadian users. They are not legal tender and have not been recognized by the central bank as an official currency for the country. However, it is not against the law to trade cryptocurrencies or use them as a method of payment wherever they are accepted in Canada.

It has the best crypto app in Canada based on a well-rated iOS and Android app as well as Shakepay’s customer support team that responds quickly. Currently, Shakepay only allows purchases of Bitcoin and Ethereum, but we still think it is one of the best exchanges to buy Bitcoin in Canada with low trading fees. If they do, make sure your credit card company or bank allows crypto transactions. Some exchanges allow you to connect your bank account directly for easier funding, with others only offering eTransfer or bank wires.

cryptocurrency broker canada

KuCoin is a Hong Kong-based cryptocurrency exchange that’s been around since 2017. Currently, it is not regulated by any Canadian authority, and as such, runs the risk of getting banned in some or all Canadian jurisdictions. Also, while a great platform in general, it is geared towards more advanced traders and is not particularly beginner friendly. You can manage your account and make trades anytime, anywhere through the Coinsquare mobile app.

How to Buy Bitcoin in Canada

What’s best for you depends on your own investing strategy, budget and financial goals. Coinbase secures about 98% of digital assets under management offline in cold storage. It also has institutional insurance on assets in hot storage to cover loss due to a hack or security breach. Although the platform is open to Canadians, transactions must still be made in U.S. dollars.

More experienced traders can utilize the Advance Trading screen, which provides access to a live order book and allows for more sophisticated order types such as limit and stop loss orders. Rebranded as Bitbuy in 2016, the platform still makes good on its original mission all these years later and is one of the most popular platforms in Canada. Of any broker, according to the StockBrokers.com 2022 online broker review. While it is not based in Canada, Crypto.com is available to residents of Canada who can also apply for their Crypto Visa card. This platform is best suited for beginners as it lacks advanced charting tools. While not the cheapest, Wealthsimple Crypto is the best crypto platform to begin investing as a newbie.

That said, no crypto exchange is 100% safe, and you should consider holding your assets in self-custody. I consider CoinSmart and Wealthsimple Crypto to be the best crypto trading platforms for beginners. It has the largest selection of coins of any of the platforms in my ranking of crypto exchanges in Canada, with 650+ coins and tokens. You want to consider the security, trading fees, liquidity, coin selection, customer support, and ease of use of the platform before committing to it. With the increase in the value of Bitcoin in Canada, several institutions have taken up Bitcoin as their payment mode for goods and services on online platforms.

Coinsmart – Overall Best Crypto App in Canada

Picking the best platform to buy crypto in Canada for your specific needs may be a difficult and time-consuming process. Most reputable platforms have registered themselves under FINTRAC’s authority and their Money Services Business license can be found on their website. If you need high-touch support you can communicate with them through email, phone call, text or Facebook messenger https://forex-reviews.org/ as they have one of the best customer service. A few years ago, you could only purchase Bitcoin from MyBTC but now you can also sell them. Fiat funds are stored at major Canadian banks and CDIC insured. The Visa® Bitvo Cash Card allows customers to spend directly from their Bitvo account anywhere Visa® is accepted or to take out cash at over 2 million ATMs globally.

You can trade crypto with anybody—no fees, no centralized exchange, and no mediator. So, the question becomes whether you should work with a cryptocurrency broker. Yes, it is legal to purchase cryptocurrency in Canada, and many people do so.

  • Uphold is certainly the best crypto exchange for multi-asset trading.
  • However, they are not as user-friendly as centralized exchanges and are not ideal for beginners.
  • If the broker lies in its ads about its services or makes unrealistic predictions in its promotions, it is engaging in questionable marketing.
  • Since users are restricted using credit cards to purchase crypto coins, they used the internet to build turfs that served as their gateway to trading cryptocurrencies.

Lending involves loaning out your cryptocurrency to other users or businesses who pay you a fee for doing so. Staking involves locking up your assets to help them secure a blockchain network. If you’re a beginner at crypto trading, look cryptocurrency broker canada for a platform with a straightforward user interface that’s easy to understand. You can pay with traditional payment methods like a credit or debit card or you can pay with Bitcoin , Ether , Dogecoin or Crypto.com’s native Cronos token.

Instead of trading fees, Bitvo uses a spread, which is the difference between the sell price and purchase price. The spread ranges from 0.5-1% depending on what coin you’re trading. There are a few different crypto exchanges that are popular in Canada, and each one has its own fee structure.

The term “exchange” may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users. KuCoin supports almost 400 different cryptocurrencies and allows you to transfer-in your holdings from other wallets for free. However, there are fees to fund your account with CAD and to cash out or transfer your holdings off-platform. Fees are reduced if you hold a certain amount of KuCoin’s native token . Trading fees begin at 0.09%, vary by your trading level and 30-trade volume, and are also reduced if you hold and pay with KCS.

The best part about CoinField is the huge number of crypto coins they offer as well as low fees compared to the most crypto exchanges available for Canadians. I personally love their low fees, fast buy/sell/withdrawal process, and really great support. Indeed, there are some Canadian cryptocurrency exchanges with slightly lower fees, but you might wait 2-7 days to verify your account, not to mention, customer support takes too long to reply. When I use services related to my financial assets, fast and helpful customer support is a MUST have, and Coinsmart has 24/7 live chat, email, and even phone support . Before signing up to the exchange, first, confirm if there are deposit and withdrawal fees to fund your account. Some exchanges charge a flat fee no matter the size of the trade, others charge a percentage.

Our opinions are our own and we put our readers first to help you find the crypto trading platform that’s right for you. It supports over 50 crypto coins and tokens, which is one of the broadest selections of digital assets for a Canada-based crypto broker. Established in 2014, Wealthsimple is Canada’s first-ever regulated crypto trading platform. The brokerage is regulated by the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund . This isn’t an exhaustive list of all the cryptocurrency exchanges or platforms out there.

IQ Option – Lowest Minimum Deposit ($

For crypto mining to be effective, power is needed and a lot of it. It is due to this that many companies have focused on building their companies in Quebec. This is a renewable energy source in the form of hydropower which is vital to sustaining mining.

cryptocurrency broker canada

Bitvo is a premium cryptocurrency exchange in Canada with zero-fee trading and superior customer service. Centralised exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering breaches.

Security You Can Trust

For instance, fees for credit card purchases are usually higher than for a bank transfer. Binance is the most popular cryptocurrency exchange platform in the world and is available to Canadian users. However, it is banned in Ontario which means it cannot be accessed by users who live there. Binance has robust features, an extensive list of cryptocurrencies to trade, and low fees. Coinbase offers over 100 different cryptocurrencies and Canadian users can easily buy crypto with CAD by debit card and sell it with PayPal. The fees are pricey and vary by the size of the trade, payment method, and whether trades are through the base account or Coinbase pro.

This can be accomplished by scanning and uploading one of your several personal documents. In this section we go over Coinberry, one of the best and newest exchanges to open in Canada. The bank of Canada has attempted to adopt a blockchain technology within their banking system, but this was put on hold in March 2017.

Finder’s Bull Bitcoin review gives you a breakdown on the Canadian exchange, including information on its fees and features. Frank Corva is a cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He taught writing and entertainment business courses in Japan and worked with UNICEF in Nambia before returning to the States to teach at universities in New York City.

Your account will be secure with mandatory two-factor authentication, and should you need help, their support team is available via email, phone and live chat. I’ve been trading crypto for over 7 years and got burned by scam artists in the past. The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice. Always consult a licensed financial expert before making any decisions based on the information you read on this blog. If you want to do day trading in Canada, we recommend using Binance.

The detail is that the published draft saw the exchange of Cryptocurrency and its services as a Money Service Business . Any entity or firm under the MSB category were required to report all of its transactions that topped CAD 10,000 . In 2017, however, 8% of the investors said they used Bitcoin as it was a new technology to venture on while 10% of investors said they used Bitcoin for remittances and purchases. Interestingly, more than half of the investors, or 58% of them used Bitcoin as a form of investment. This massive change could be attributed to Bitcoin’s growing value in the markets. Limit orders allow you to purchase or sell a cryptocurrency at a set limit price.

This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Dr Matthew Shillito, law lecturer at University of Liverpool, believes it will be some time before we see centralised exchanges disappear. Dr Iwa Salami, co-director for the Centre of FinTech at the University of East London, believes that exchanges that aren’t transparent are doing a great disservice to their customers. A cryptocurrency platform where Canadians can simply use their CAD to buy BTC through a variety of deposit methods.

I always get a fast response, and I’m so pleased with the services I’m receiving from Newton. If you have any additional questions about Bitbuy.ca leave a comment in the section below. Of course, they also have email support, so you can shoot them a question any time and they’ll answer within 24 hours.

Everybody can sign up and start trading Bitcoin or other crypto coins. This is the easiest and probably the simplest way to invest in cryptocurrency. Trading Bitcoin, Ethereum, Ripple, Litecoin or BitcoinCash is now easier than ever. There are many cryptocurrency brokers that have these cryptocurrencies on their platform.

Newton Crypto Exchange ranks as one of the best crypto brokerages in Canada with 60+ coins, including hard-to-find ones like AXS, OMG, ZEC, FTM, SHIB, GRT, SAND, CHZ, and UMA. It supports 15+ coins, including BTC, ETH, LTC, DOGE, XLM, LINK, BAT, and more. More experienced crypto traders can also use Binance to access derivates trading and staking. I’ve been dollar-cost averaging into crypto for three years now and I’ve tried a lot of exchanges. I have to say that I use this one almost solely now because their customer service is unbelievably great compared to the rest.




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