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9 Best Crypto Exchanges in Canada [2021]

by Regiena Regunathan -

There has been growing interest in the value and use of cryptocurrencies across the globe. Many people are researching ways to buy cryptocurrencies, and doing so via a crypto exchange is the most convenient option.

The same scenario is true in Canada. Before looking into the best Canadian cryptocurrency exchanges, let’s look at the legal standing of cryptocurrencies in Canada. 

Is Buying Cryptocurrencies Legal In Canada?

Cryptocurrencies are not considered legal tender in Canada. According to the Currency Act in Canada, legal tender is defined as bills issued under the authority of the Bank of Canada and coins issued under the laws of the Royal Canadian Mint Act.

Digital coins are not backed up by important jurisdictions like the Bank of Canada or by the government. 

However, with that being said, it is legal to buy, sell, or hold cryptocurrencies in Canada. If a user chooses to trade in any one of the platforms mentioned below, it is fine as long as they can bear the risk. 

To buy cryptocurrencies, a simple visit to any one of the exchanges below will suffice.  

Top Crypto Exchanges In Canada

1. Coinsquare

Coinsquare aims to use blockchain technology to build a managed financial platform for the entire world. It is one of the largest cryptocurrency exchanges in Canada and is the go-to option for many Canadians.

The company launched a mining venture arm and a capital markets section, both targeting high-net-worth individuals and institutions. 

The coins offered on this exchange are:

  • BTC

  • ETH

  • ETC

  • BAB

  • BSV

  • LTC

  • Doge 

  • XLM

  • Dash

  • XRP

Coinsmart allows funds to be deposited via Interac e-transfer, bank wire, Bitcoin, or Ethereum and are usually processed in one day. In terms of withdrawals, there are two available options, either through a wire or a bank transfer. 

Features:

  • Convenient trading through the app

  • Fees: 0.1%-0.2% (Bit Markets), 0.2%-0.4% (Quick Trade)

  • Intelligently designed interface

  • Registered with FINTRAC

2. Wealthsimple Crypto

What started as a robo-advisor, Wealthsimple introduced a cryptocurrency exchange facility in August 2020 and now allows for over 18 coins for users to trade. It is believed to be one of the finest bitcoin applications for beginners because of its neat and simple user-friendly layout.

Funding options are only available in Canadian dollars at the moment via bank transfer.

All coins are held by Gemini Trust Company LLC with $200 million insurance coverage.

Features:

  • Trade made easy with the app

  • No minimum deposits required for account opening

  • No deposit and withdrawal fees within your Crypto account

  • Fees: 1.5%-2%

  • Vast educational resources

3. Coinbase

Founded in 2012, Coinbase is another site where Canadians can exchange cryptocurrencies. Being one of the largest cryptocurrency exchanges in the US, Coinbase has comprehensive security features, a variety of coins, and a low minimum trade amount.

Deposits can be made through Paypal and debit cards. There is a library of educational material for traders to refer to for additional knowledge.

Features:

  • Selection of over 25 digital coins

  • User-friendly interface

  • High liquidity

  • Suitable for beginners and advanced traders

  • Customer support assistance is available via call or email. 

4. Bitvo

Regulated and managed by banking and security professionals, Bitvo is one of the leading cryptocurrencies exchanges in Canada. Founded by a team of ex-financial experts, they’ve incorporated an interesting feature on this site - the Same-Day Guarantee service.

Bitvo guarantees these four items:

  • On-the-spot account registration

  • 24/7 customer support

  • Funding processed on the same day

  • Withdrawals processed on the same day

Partnered with Pateno Payments Inc, Bitvo has introduced the Bitvo Cash Card, where users can use the card with any merchant across the globe that accepts a Visa or Plus.

Features:

  • Deposits can be made via Interac e-transfer, wire transfer, or Canada Post Load

  • Zero trading fees

  • 1% withdrawal fee 

5. Kraken

Kraken’s wide selection of cryptocurrency, outstanding security, and affordable trading costs makes it an excellent alternative for new and experienced cryptocurrency traders.

Deposits can be made through wire transfer and Etana Custody. Staking is offered on Kraken, where users can interest from their cryptocurrency deposits. The reward is then paid a couple of times a week in the currencies deposited.  

This exchange has five fee schedules where the maker-taker model is implemented on four of these schedules:

Features:

  • Exhaustive security approach

  • Versatile interface

  • Affordable fees

  • 24/7 customer support

6. Crypto.com

With over 10 million users, it is safe to say that Crypto.com is a favorite cryptocurrency exchange for Canadians. Users can trade, buy, sell, hold, pay bills, earn cash, and even loan cash with this site. 

Funding options are via debit card and online transfer. This site is a good fit for investors of all experience levels. Among the services offered in this ecosystem are :

  • Crypto Earn

  • Crypto Credit Card

  • Crypto Exchange

  • Crypto DeFi Swap

Features:

  • Over 100 cryptocurrencies available for exchange

  • Earn high interest on crypto holdings 

  • Easy-to-use interface, an all-in-one cryptocurrency site

  • Fees vary based on the user’s level, ranging from 0.09% - 0.4%

7. BitBuy Canada

Founded in 2013, Bitbuy offers the opportunity to trade for both beginners and advanced users. This site is legally registered with the Financial Transactions and Report Analysis Centre of Canada (FINTRAC), and there are nine coins available for exchange on this site:

  • Bitcoin

  • Ether

  • Litecoin

  • Ripple

  • Bitcoin Cash

  • EOS

  • AAVE

Albeit a limited selection of coins, traders can trade the coins via the Pro Trade and Express Trade option on the site. Users can make a deposit via Interac e-transfer or wire transfer. Charges vary depending on the platform used. 

Features :

  • User-friendly platform

  • Fees: 1.5% for Interac e-Transfer and 0.5% for wire transfer. 

  • Maker-taker model used for trading facility

  • OTC orders for a large deposit

  • Offers 1:1 BTC insurance

8. Coinsmart

Coinsmart aims to make cryptocurrency available for all Canadians irrespective of their experience. This exchange makes trading simple with its reliable 24/7 customer service, transparent trading interface, and online learning facilities. 

Deposits can be made via debit or credit card, bank wire, and e-transfer. There are currently ten different cryptocurrencies available for trade on this site.

Coinsmart has a Smart Guarantee feature that allows:

  • All deposits reach the account on the same day it is transferred

  • Five business days to process all Fiat withdrawals

  • Same-day account verification 

Features:

  • Easy interface

  • Fees: 1.5% for deposits below CAD $1999, 0% for deposits above CAD $2000

  • 24/7 customer support

  • Same-day fund deposits

9. Gemini

 

Having featured in publications like Wall Street Journal and The New York Times, Gemini is one of the leading cryptocurrency exchange platforms globally. 

There are three key elements to this site:

  • Gemini Exchange

  • Gemini Earn

  • Gemini Credit Card (upcoming feature)

Gemini exchange is where users can buy, sell, and hold over 40 variations of cryptocurrencies. With Gemini earn, users can earn up to 7.4% compounded interest on their cryptocurrency deposits. Users have the freedom to move their earnings into the trading account at their convenience.

Gemini credit card allows users to earn rewards in terms of cryptocurrency every time they swipe the card. 

Features:

  • Simple and advanced interface available to suit different classes of investors

  • Learning hub 

  • Fees vary depending on the schedule chosen

  • OTC peer-to-peer crypto lending

  • Customer service is available via email

Wrapping It Up

Whether you are a new trader or a seasoned one, there is a way for you to trade cryptocurrencies in Canada. Finding a safe cryptocurrency exchange can get complicated, but there is something for every trader out there. Take what fits and discard what doesn’t. Happy trading!

Regiena Regunathan

Regiena Regunathan

Regiena is a banker, an avid reader, and part-time freelance writer, currently exploring the realm of blockchain technologies.

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