7 Best Canada Cryptocurrency Exchange Reviews – 2022
Looking for the best platform to buy crypto in Canada? Look no further!
In this blog post, we will be reviewing seven of the best Canada cryptocurrency exchanges. Each exchange has its own unique set of features, so it is important to do your research before deciding which one is right for you.
We will cover everything from security features to the number of cryptocurrencies available on each exchange.
So, whether you are a seasoned crypto investor or just starting out, read on to find the best Canada cryptocurrency exchange for you!
Bitbuy is our number one choice as the best place to buy and sell cryptocurrency online in Canada.
The online platform was founded in 2013 as InstaBT, with a mission to provide safe, easy and quick access to Bitcoin. It was also the first regulated cryptocurrency marketplace in all of Canada.
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.
Bitbuy delivers on quick and comprehensive customer support and in addition to their comprehensive support guide and ticketing system, they provide a toll-free number for users to call into in order to speak directly to a customer support agent.
The sign-up and verification process is also very easy and typically takes only a couple minutes to complete.
Bitbuy follows Canadian KYC regulations, and has an automated verification system implemented. Just enter some basic information about yourself in order to be verified.
The site has a sleek and easy to use design and is optimized for mobile browsers for easy trading on the go.
What we love about BitBuy is that it caters to all types of users; basic traders and seasoned traders. And has created a separate system for the both of them.
Basic traders use ‘Express Trade’ system and experienced traders use ‘Pro Trade’ to make crypto to crypto trades, use limit orders, and see the live order book.
Bitbuy also offers an OTC desk for customers looking to make large transactions at a great price. Turnaround times are lightning quick, as Interac deposits are near instant and withdrawals are processed within hours.
Crypto deposits and withdrawals wait-times are minimal as well, most of them are almost instant but requires different number of confirmations, depending on the coin.
- Easy to use
- Great customer service
- Low fees
- Good spot prices
- Consistent feature upgrades
- Strong banking relationships
- Faster transactions
- Instant Verification
- No margin trading
- No credit card payments
Bitvo is second on our list as it is the most feature-rich platform in the Canadian landscape.
Established in 2018, Bitvo is a cryptocurrency exchange that facilitates buying, selling and trading cryptocurrencies through its best-in-class website and mobile applications.
Bitvo offers 11 different cryptocurrencies, including Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, Dash, Ethereum Classic and QCAD, Canada’s first stable coin designed for the mass market.
Bitvo differentiates itself by making transacting in cryptocurrencies easier than anyone else and offering proprietary features such as the Bitvo Same Day Guarantee, the Bitvo Cash Card and technical analysis tools.
Traders new to the space can take advantage of Bitvo’s quick buys and sells at market rates.
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.
Bitvo also offers an OTC desk, putting you in touch with live traders to execute larger orders.
The Bitvo Same Day Guarantee means instant account registration, deposits and withdrawals processed the same day as received and live customer support 24/7/365.
Bitvo guarantees all of this or it offers to refund your fees. And speaking of fees, Bitvo offers some of the lowest in the industry with free deposits on every method, zero trade fees and a low 1% withdrawal fee.
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.
Additionally, Bitvo is managed and owned by a group of competent, transparent and qualified individuals comprised of seasoned financial markets and payment processing professionals.
Finally, Bitvo makes security a top priority. The company has never lost customer funds.
Fiat funds are stored at major Canadian banks and CDIC insured.
Cryptocurrencies are stored in cold storage that is located in an offsite, third party financial institution and only accessible via multiple signatures.
- Fast and reliable transactions
- Great customer support through phone, online chat or email
- Bitvo Cash Card – spend directly from your account
- Web and mobile applications available
- Lowest fees in the industry
- Large inventory of 8 different coins
- No margin trading, yet
Coinsmart is the best cryptocurrency exchange, founded in 2018, located in Toronto.
This exchange offers more advanced features than other exchanges. It supports 16 cryptocurrencies on its platform and its the best option for traders who are seeking low prices to trade.
It offers direct CAD currency pairs for all major currencies and an OTC desk for bigger purchases. They also provide a unique feature called SmartTrade for novice crypto traders who want to move from one coin to the next without using complicated transactions.
They, like the majority of the exchanges on this list, are regulated and compliant as an MSB under FINTRAC. The funding options include Interac eTransfer, bank draft, wire transfer, and credit/debit card.
Funding options include Interac e-transfer, bank wire, bank draft, credit card, debit card, and EFT. There is a 0.2% fee to purchase coins using fiat money.
Bank wire and bank draft deposits are free of charge. Interac e-transfer deposits are free if your deposit is $2000 or more (otherwise 1.5%). ETF withdrawals and bank wire incur a 1% cost. Fees vary for direct cryptocurrency withdrawals.
This exchange keeps 95% of all the coins on the exchange are kept in a cold storage wallet, also known as a hardware wallet. It means that your coins are kept in secure offline wallets and the site is guarded by bank-level security to protect your account.
CoinSmart has a local and efficient customer support team that is working round the clock to assist the users to ensure a seamless user experience.
So if you’re looking for a smart and creative way to trade cryptocurrencies in Canada, Coinsmart is the way to go!
- Competitive pricing schedule
- Great customer support and tax assistance
- instant verification
- single-day deposits
- Bank wire and draft deposits are Free
- Bank-level security
- Cash withdrawals can take up to 5 business days
- Limited amount of supported coins
- Withdrawal fee
Coinberry is a Toronto based cryptocurrency trading platform – a great Canadian exchange with premium features and services.
The platform supports popular cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, and Ripple for purchase via Interac eTransfers, credit cards, and wire transfers.
The great thing about this platform is that deposits and withdrawals are free!
You may send money using an Interac e-Transfer, bank transfer, or a credit card payment.
Another option is to invest in your account via cryptocurrencies, but only two are accessible (Bitcoin and Ethereum). Ripple and Litecoin have been added to the withdrawal list, bringing the total number of available cryptos to six.
Despite free deposits and withdrawals, it charges just 0.5% trading fee, making it one of the most inexpensive marketplace for Canadian traders.
Coinberry has further expanded its offering by creating a platform that allows users to trade assets in the cryptocurrency market as well as fiat currencies.
Traders may now place their crypto orders on the market and profit in real money. The platform also offers merchants and individuals who wish to accept bitcoin payments a payment processing service called Coinberry Pay.
Coinberry is one of the few local exchanges that are registered by FINTAC, Canada’s main financial regulator. It fully complies with its regulatory framework and AML policies which means you can rest assured about your money being safe while trading on this platform!
Not only do they offer CDIC insured segregated banking but also use cold storage for all users’ funds to guarantee their security too
- No fees for cash deposits and withdrawals.
- Easy-to-use interface offering one-click trades.
- Gemini LLC’s Lloyd insurance and storage protection
- Supports only a few coins
VirgoCX , a registered MSB, is founded in 2018 and a newly emerged popular fiat to crypto exchange based out of Toronto Canada.
It has a few key features that makes it become one of our top recommendations as its trading platform and mobile application offer intuitive user experience and seamless navigation for all sorts of users, especially beginners.
VirgoCX currently offers a Zero trading fee & Zero deposit fee and with Zero withdrawal fee on all the major coins. The fee schedule seems to be one of the lowest providers in the country to this date.
VirgoCX also enables customers to purchase small to medium amounts of cryptocurrency at no price slippage. VirgoCX has most top coins trading pairs and all of them seem to have competitive pricing.
It has an automatic KYC verification process which only needs some basic information to be inputted. Users typically get verified fairly quickly.
It has multiple payment methods such as E-Transfer and wire transfer, allowing customers to fund accounts or withdraw funds as quickly as within 30 mins.
It has a strong banking relationship with a couple of reputable banking partners within Canada (CDIC insured) so users don’t have to worry about the delay in fiat processing.
With VirgoCX OTC desk, customers can trade all major coins with amounts more than 30K CAD.
Traders get same-day settlement and large volumes can be filled with competitive pricing. OTC desk coverage is pretty extensive to accommodate weekday and weekend needs.
- Zero trading & deposit fee
- Competitive coins pricing
- Easy to use and quick to verify
- Partnership with Ledger- insurance covered wallet technology
- Fast deposits and withdrawals
- 24/7 customer support
- No margin trading
- No Credit Card/Debit Card processing yet
NDAX, or the National Digital Asset Exchange, is based out of Calgary, Alberta. It allows customers to invest in and trade more than 13 cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, etc.
The platform is easy to use and offers a variety of features, such as instant deposit and withdrawals in Canadian dollars, low trading fees, a mobile app, an ATM and plenty other tools to track and manage a cryptocurrency portfolio.
NDAX.io also offers a number of other benefits, such as 24/7 customer support, a user-friendly interface and a wide range of payment options.
NDAX is one of the most secure cryptocurrency exchanges in Canada. It charges one of the lowest fee, 0.2% for buying and selling cryptocurrencies.
To provide the greatest level of security, the platform has joined forces with Ledger Vault, a well-known leader in digital asset security and customer assets are kept in cold storage vaults. NDAX has never been hacked or compromised since it began operations, unlike other sites that have been subject to various security breaches.
NDAX is also a member of the Blockchain Association of Canada, which is a not-for-profit organization that is dedicated to helping educate and advance the blockchain ecosystem in Canada.
- Instant ID verification
- Lowest fees in canada
- Unique Altcoin/CAD pairs
- Compliance with Canadian banking regulations
- Insurance protection for assets in hot and cold storage
- Low volume
- Poor customer service
- No margin trading
MyBTC.ca is a simplified Canadian platform that comes in at number 7 on our list. It’s an easy to use site, and offers a variety of funding methods that include Interac e-Transfer, Flexepin, Bank Wire, Credit Card, and Cash or Debit Card at Canada Post.
While there are no costs for deposits or withdrawals on the exchange, Credit Card, Cash or Debit Card and Flexepin vouchers charge a hefty 9.75% fee each! Bank wire is the only cheapest way to buy Bitcoin on MyBTC with a charge of 4.75%.
These fees are far greater than those charged by other Canadian exchanges. So, why are we ranking them on our list? Because it is one of the safest platforms out there to trade bitcoin and has one of the best customer services.
A few years ago, you could only purchase Bitcoin from MyBTC but now you can also sell them.
One great feature of the MyBTC platform is the ability for its users to buy and send directly to a wallet address, without having to wait to withdraw it from an exchange and/or pay withdrawal fees.
If you wish to execute your order, you will need to complete KYC to use the service. However, KYC is lightning quick on MyBTC.ca, with verifications typically being processed within an hour but the same day at the latest.
With two forms of KYC verification, you can choose between submitting your identity requirements to their verification team for internal review, or you can complete it in-person at Canada Post.
If you choose the In-house method, you will be prompted to submit a close-up of your government-issued photo ID and a selfie of yourself holding your ID via their secure and encrypted file upload tool.
For those of you that are more privacy-oriented, and don’t mind leaving your seat at home, you can request to complete KYC verification at any of the 6,000+ Canada Post locations nationwide. You will need to bring your government-issued photo ID, proof of residence document and display the unique barcode, emailed to you by MyBTC.ca, for the clerk to scan.
Tip: While you are at Canada Post you can also fund your MyBTC.ca account using the Cash or Debit option. For more information you checkout the funding option here.
If you need high-touch support you can communicate with them through email, phone call, text or Facebook messenger as they have one of the best customer service.
- An easy option for small purchases
- Instant funding options available
- Excellent customer support
- Quick KYC & account funding
- ID Veriffication
- Higher than average fees
- Only Supports Bitcoin
- Verfication can take time
One bonus recommendation is BullBitCoin.
Its not an exchange but a non-custodial Bitcoin exchange and payment service. On this platform, you are buying Bitcoin directly to your own Bitcoin wallet using available funding methods. And the best part is that it has no fee for any type of withdrawal or deposit except for when you pay bills with Bitcoins.
Unlike on other exchanges, your Bitcoin remain safe and secure within your cold storage/hardware wallet.
Want to learn more about hardware wallets? Check out the best hardware wallets in 2022.
What Makes An Exchange The Best?
There are several things to consider while choosing the right cryptocurrency exchange. Here are some factors you should take into consideration before selecting one:
Customer support is a key component of any platform you use to buy or sell cryptocurrencies. This new world can be overwhelming, so it’s important that your experience goes smoothly from start to finish!
A top-notch customer service team will help guide newcomers into their first transactions painlessly with minimal fuss and error.
Canadian Banking Relationships
In a world where banks are trying to get in on the crypto game, there’s one thing that you should know about Canada: regulations and KYC/ AML laws are at an all-time high.
This makes it difficult for international exchanges like Binance or Coinbase – who both have headquarters here but operate mostly as US companies–to do business with Canadian users without partnering up first (or moving operations across the border).
Fortunately, though we’ve got some homegrown cryptocurrency firms ready who have established banking relationships locally and have no problem accepting your Canadian dollar deposits.
Funding your account with Canadian dollars will always be the smart move. There are plenty of options available, including cash or credit card payments; however, beware of the fees associated with each method as credit card transactions can be charged up to 10% fees!
If you want to avoid any extra costs associated with funding methods on exchanges then make sure the funding method you want to use is supported on your exchange.
Most reputable platforms have registered themselves under FINTRAC’s authority and their Money Services Business license can be found on their website.
If you are just looking to buy a small amount of digital currency, advanced trading features may not be of much importance to you. If you are looking to sell, trade between currencies, or margin trade, you’ll want to research what features each exchange can provide.
Exchanges are constantly upgrading their platforms, so make sure you have the latest information straight from the source. Most of this information is available on an exchange’s support page or FAQ section.
Pricing and Fees
There is a wide spectrum of fee structures and spot pricing on Canadian cryptocurrency exchanges, and there are many things to consider when comparing them.
Some exchanges will charge a flat transaction fee, that can be as high as 6%, while others charge claim they charge zero fees but will add an additional spread on the price the customer pays.
To compare fees, it’s best to check out information on each exchanges site.
To compare pricing, CBIX.ca is a great tool that shows a number of Canadian options.
Picking the best platform to buy crypto in Canada for your specific needs may be a difficult and time-consuming process.
One important factor is the fees charged by the exchange. You’ll also want to consider the trading features offered by the exchange and make sure that it supports the digital currencies you’re interested in buying or selling.
Another thing to keep in mind is the level of customer support offered by the exchange. Make sure that you can easily get in touch with someone if you have any questions or problems.
Finally, be sure to check out the security features of the exchange to make sure that your funds are safe and the verification processes are seamless.
Remember that you are not limited to using only one cryptocurrency exchange, we have sifted out 7 best crypto exchanges in Canada so you can have options to hop from one exchange to another.
Take this opportunity to learn more about the technology behind cryptocurrencies and crypto exchanges.
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