Every year, our team extensively reviews more than 25 cryptocurrency exchanges and apps to find the best crypto trading platform in Canada. We look at factors like user experience, fees, payment methods, supported coins and more. Here are our top picks for the best crypto exchange in Canada.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Best crypto exchanges in Canada 2024
Best overall crypto exchange in Canada: Crypto.com
Crypto.com is an excellent platform for both new and experienced crypto investors and is the winner of the 2023 Finder Award for Best Cryptocurrency Exchange Overall.
The exchange supports over 350 crypto assets which can be traded instantly and for relatively low rates, which is why it also won the 2023 Finder Award for Altcoins and the 2023 Finder Award for Instant Purchases.
The exchange also won the 2023 Finder Award for Advanced Trading because of its desktop exchange which offers a more professional experience with charting tools, advanced order types and lower fees.
With an NFT marketplace and a debit card that lets you make purchases with crypto, Crypto.com is a well-deserved recipient of the 2023 Finder Award for Extra Features.
Pros
Wide selection of cryptos
Staking and lending
Non-custodial DeFi wallet
Crypto.com debit card for everyday purchases
Streamlined NFTs purchases
Pre-registered with the Ontario Securities Commission
Cons
Higher fees on the app than on desktop
Limited NFT collections compared to larger marketplaces like OpenSea
Deposit methods
Bank transfer,Credit card,Cryptocurrency,Debit card
Deposit fees
$0
Withdrawal fees
$1.99 per withdrawal ($0 for Prime members)
Trading fees
Spreads: 0.01% – 0.08% Taker fees: 0.05% – 0.075% Maker fees: 0.06% – 0.075% (0% for Prime members trading more than US$10 million)
Founded in 2011, Kraken has been leading the way in the digital currency space. But it really shines for advanced traders.
Kraken Pro gives traders access to advanced charting tools, a highly-customizable interface, hundreds of crypto assets and trading pairs as well as support for margin trading. You can also stake your assets to earn a yield.
If you run into any issues, Kraken's customer support is available 24/7.
Pros
Over 200 crypto assets and even more trading pairs
Kraken Pro offers advanced charting tools, asset staking and margin
Crypto futures contracts
24/7 customer support
Cons
Verification can take days
CAD, USD and EUR are the only accepted fiat currencies
Deposit methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Apple Pay,Google Pay,SWIFT
Deposit fees
Credit and debit card - Fees vary ($10 minimum deposit) Apple Pay or Google Pay - Fees vary ($10 minimum deposit) Crypto - Free
Withdrawal fees
Interact e-transfer - 10 CAD EFT - 0.25% Crypto - Fees vary depending on coin or token
Paybis is a P2P crypto exchange on which you can buy over 85 different crypto assets. Paybis doesn't offer crypto wallets in Canada, so you'll have to connect your own non-custodial wallet.
That's why this platform is a great option for those who don't mind the responsibility of managing their crypto.
Support for many fiat currencies and six deposit methods makes Paybis a convenient platform. Note that you can only sell around 10 popular cryptos, including Bitcoin, Ethereum, Tether, Solana, Dogecoin and USDC.
Pros
Direct exchanges with buyers and sellers in around 180 countries
Allows self-custody for digital assets
Supports many payment methods
Easy registration process
Cons
User must buy and learn how to use private wallets
Unclear fee structure and high fees for fiat transactions
Can only sell around 10 cryptos
Deposit methods
Bank transfer,Credit card,Debit card,Neteller,Skrill,Apple Pay
Deposit fees
Bank transfer: 0.99% Debit / credit card: 2.49% Neteller: 2.95% Skrill: 4.95% Processing fee (additional to other fees): 4.5% - 6.99%
Withdrawal fees
Bank transfer: 0.99% Debit / credit card: 2.49% Neteller: 2.95% Skrill: 4.95% Processing fee (additional to other fees): 4.5% - 6.99%
Trading fees
N/A
4. Bitbuy: Best crypto platform for asset protection options
Limited time only: Free $40* when you sign up and fund your Bitbuy account. T&Cs apply.
Bitbuy caught our eye as the top pick for asset protection because the exchange is regulated, keeps over 95% of its digital assets in cold storage and offers users extra optional security layers for their accounts.
Additionally, Bitbuy vault users can rest easy knowing the platform is insured through BitGo, an institutional custodian for digital assets.
One of the oldest Bitcoin exchanges in Canada, Bitbuy is approved by the Ontario Securities Commission (OSC).
Pros
99% of assets stored in cold storage
Uses BitGo to protect and insure the funds it holds
Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.
VirgoCX lets you trade over 75 cryptos, and you can instantly fund your account via Interac e-Transfer. Over 80% of the platform's digital assets are held in cold storage with Coinbase Custody.
With VirgoCX, you can set up recurring purchases and supports grid trading, making it easy to trade automatically and take advantage of dollar cost averaging (DCA). Get up to 90% off VirgoCX's spreads through the platform's tiered rewards program.
Pros
Recurring buys help you dollar-cost average (DCA) into owning digital assets
Grid feature allows you to automate purchasing crypto when it falls below a certain price
Quickly fund your account via Interac e-transfer
Discounted spreads with the tiered rewards program
Registered with the OSC
Cons
Trading spreads can reach 2.5%
$3,000 limit for transferring out via e-transfer, debit or credit
Deposit methods
Credit card,Cryptocurrency,Debit card,Interac e-Transfer,Wire transfer
NDAX prioritizes security and customer service. Not only can you reach NDAX anytime day or night via phone, but the exchange has real humans on standby, ready to live chat or respond to emails.
Impressively, NDAX is the first Canadian crypto platform to receive SOC2 Type II certification, which is based on a high standard of Trust Service Criteria established by the American Institute of Certified Public Accountants (AICPA).
The majority of the platform's digital assets are held in tightly guarded cold storage provided by Ledger Vault. Additionally, Customer fiat deposits are held in a separate, Canadian Crown-owned financial institution.
Pros
24/7 customer support via phone and live chat
Crypto and fiat currencies are highly safeguarded
Low 0.2% trading fee
Fast ID verification
Great tools for advanced crypto traders
No min/max for Interac e-transfers deposits and withdrawals
Cons
Only supports CAD fiat currency
Fees for EFTs and Interac e-transfer withdrawals
You can trade more cryptos with some competitor exchanges
Coinbase won the 2023 Finder Award for Best for Beginners and is the largest publicly traded crypto exchange in the world. The simplified version of Coinbase lets you transfer fiat from your bank account and instantly purchase digital assets in a few simple steps.
Trading fees are a bit higher for the simplified version of Coinbase compared to the advanced version. But if you're new to crypto, the convenience might be worth the cost.
With Coinbase Learning Rewards, you can earn crypto by watching informational videos about digital assets and networks and answer questions about what you learned.
Pros
Trade 200+ digital assets
Free e-transfer deposits. Instant withdrawals to most banks
Easy signup process
Discounted volume pricing with Advanced Trade
Earn crypto by learning about it
Registered with the Ontario Securities Commission and securities regulators in all provinces/territories
Cons
Higher fees for Coinbase simplified than Advanced Trade
Gemini won the 2023 Finder Award for Best Value because it offers low fees for mobile instant trades under $250 CAD, discounts for active traders and a slew of features for both newbies and experienced customers.
Trade over 70 cryptos and over 300 crypto pairs. Choose between a simplified or advanced interface. Set up recurring buys and price alerts to ease into the crypto market with less financial unpredictability.
Gemini safeguards the platform by requiring two-factor authentication for all accounts and remaining SOC 1 Type 2 and SOC 2 Type 2 compliant. Most assets are held in cold storage, and hot wallet assets are fully insured.
Pros
Supports 70+ cryptos and 300+ trading pairs
$1.49-$4.99 for mobile instant trades under $250 CAD (then 1.49%)
Discounted fees for active traders (0%-0.2%)
Advanced trading tools available
Set up recurring buys and price alerts
Majority of assets are in cold storage. Hot wallet assets are fully insured.
24/7 customer support
Cons
CAD and USD are the only fiat currencies supported in Canada
Complex fee structure
Deposit methods
Bank transfer (ACH),Debit card,PayPal,Wire transfer,Apple Pay,Google Pay
Deposit fees
Cryptocurrency : None Wire Transfer: None ACH: None. Bank may charge transfer fee Debit Card Transfer: 3.49% of total amount PayPal: 2.50%
Withdrawal fees
Cryptocurrency: None (for 10 withdrawals and below per month) Others: None (for 10 withdrawals and below per month)
Trading fees
Web Order Transaction Fees (USD) ≤ $10.00: $0.99 > $10.00 - $25.00: $1.49 > $25.00 - $50.00: $1.99 > $50.00 - $200.00: $2.99 > $200.00: 1.49% of your web order value ActiveTrader: Taker fee - 0.03-0.4% Maker fee - 0-0.2%
9. Wealthsimple: Best Canada-based crypto platform
Wealthsimple won the 2023 Finder Award for Best Canadian Platform, because of its long and reputable track record, the broad range of coins it supports and the level of security it provides.
Launched in 2014, Wealthsimple is Canada's first regulated crypto trading platform. The institution is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).
Trade over 60 coins with no account minimums, low fees ranging from 0.5%-2% and insurance coverage on your crypto assets. Earn up to 12% annually by staking (the yield varies based on the coin). Customer support is available by chat, email and phone.
Pros
Canada's first regulated crypto trading platform
Offers a separate platform for trading stocks & ETFs
Majority of coins are held offline in cold storage. Hot wallet assets are insured.
Schedule your purchases with limit buy orders
Start with as little as $1
Cons
Higher fees than some competitors
Only supports CAD and USD accounts
Lacks advanced trading features
Deposit methods
Cryptocurrency,Interac e-Transfer,Wire transfer,Linked bank account,Bank transfer (EFT),Online wallet,Debit/credit cards
Netcoins is our pick for the best crypto broker in Canada. Buy and sell 45+ cryptos like you would on any crypto platform. Enjoy free fiat e-transfers and simple 0.5% pricing for all trades (plus conversion spreads).
As a broker, Netcoins acts as an intermediary in the transaction. This is unlike crypto exchanges, which act as marketplaces for buyers and sellers to transact. Netcoins follows high security standards for protecting customer holdings. It's easy to create an account and get started.
Fiat deposits are held in a trust account with a regulated Canadian financial institution—separate from the funds that Netcoins uses for business expenses. Most digital assets are held in cold storage and insured up to $250 million USD. Plus, hot wallet deposits are fully insured against loss and theft.
Pros
Flat 0.5% trade fee (plus spreads)
Trade between $10 and $10 million
Supports limit orders and price alerts
Free e-transfer and crypto deposits. Free ACH withdrawals.
Live chat, email and phone support
Cons
Fee for bank wire deposits under $3,000 CAD
Limited selection of digital assets compared to some exchanges
Deposit methods
Cryptocurrency,Interac e-Transfer,Bank Wire
Deposit fees
Interac e-Transfers: None Cryptocurrency: None Bank Wire: None for deposits over $3,000 CAD or $2,000 USD; $30 CAD or $20 - $25 USD for less
Withdrawal fees
Interac e-Transfers: None Cryptocurrency: Varies Bank Wire: Free for withdrawals over $25,000 CAD or $6,000 USD; $50 CAD or $75 USD for less
Trading fees
0.5%
Our selection of best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards but is updated by our editorial team throughout the year to reflect changes in the market.
The platforms we've picked are those we've evaluated to be the best for certain product features or categories – you can read more in our full methodology. If we show a "Promoted" pick, it's been chosen from among our commercial partners and is based on factors that include special features or offers and the commission we receive.
Keep in mind that these picks are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks.
Why you can trust Finder's crypto experts
We're free
Our comparison tables are completely free to use. We link you directly to the platform's secure sign-up page and we'll never ask you for personal details. Better still, we regularly have exclusive offers that you won't find anywhere else.
We're experts
We've researched and rated dozens of exchanges as part of our
Finder Crypto Trading Platform Awards. We've published hundreds of guides and our in-house experts are regularly called upon for commentary in Nasdaq and The Street.
We're independent
Unlike other crypto media, we're not owned by an exchange or investment firm. Our opinions are our own and we put our readers first to help you find the crypto trading product that's right for you.
We're here to help
We're a team of crypto nerds with extensive experience in investing, trading and decentralised finance but we also remember how it feels to be a beginner. We give you first-hand reviews of what it's like to use these products – without jargon.
Best crypto exchanges in Ontario
With major international crypto exchanges like Binance no longer operating in Canada, you'll need to find an exchange that's been approved to operate in the province.
Some of the OSC-registered local trading platforms include the following:
If you're an Ontario resident and prefer to use an international exchange, you can still use platforms like Coinbase, Crypto.com and Kraken.
It's important to note that some features on international exchanges (like futures trading on Kraken) may be disabled for Ontarians.
How to choose the best crypto exchange in Canada
It's important to research a wide range of crypto platforms and compare the pros and cons of each option. The best crypto exchange for you depends on what you're looking for, so consider the following:
If you're a crypto novice, getting started buying and selling coins and tokens can be complicated and confusing. On the other hand, experienced traders may want a platform with special features such as advanced charting and order types, plus the option to trade on margin.
If you're a beginner at crypto trading, look for a platform with a straightforward user interface that's easy to understand.
Can you deposit funds into your account via bank transfer, credit card and/or PayPal? The more payment options an exchange has, the more convenient it generally is to use. Make sure your exchange has deposit and withdrawal options that work for you. Remember to check the fees associated with different methods.
First, consider the type of trades you want to place. Some exchanges offer these trading options:
Fiat-to-crypto
Crypto-to-crypto
Both fiat-to-crypto and crypto-to-crypto
For example, if you want to buy BTC with Canadian dollars, you'll need to find a platform that allows you to buy coins via bank transfer or card. Alternatively, if you want to exchange your BTC or ETH holdings for another cryptocurrency, you'll want a platform that offers direct crypto-to-crypto trades.
Consider which currencies you want to trade and which platforms list those currencies in one or more trading pairs:
Cryptocurrencies. There are thousands of different cryptocurrencies in existence, so don't expect to find them all listed on any single platform. Major cryptocurrencies such as BTC, ETH, XRP and others in the top 20 coins by market capitalisation are listed on an extensive range of exchanges. However, rarer altcoins may be much harder to find.
Fiat currencies. If you want to buy crypto with Canadian dollars, check which currencies the platform accepts.
You can find an overview of the crypto assets and fiat currencies that each exchange supports in the table. Read the full review for a more detailed analysis.
From depositing to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform? Consider your payment method, the currencies you want to use and any discounts you may be entitled to when completing these calculations. For instance, fees for credit card purchases are usually higher than for a bank transfer.
You can find detailed information on fees for each exchange by clicking on the "View details" text in the table.
Are there any limits on the amount you can deposit into your account or the amount of cryptocurrency you can buy or sell per transaction or per day? This question typically only applies to what some colloquially call "crypto whales" or people who make transactions ranging in value from hundreds of thousands to millions of Canadian dollars.
Most exchanges that require the Know Your Customer (KYC) process allow you to deposit and withdraw tens of thousands of Canadian dollars per day. This is more than most average traders deposit and withdraw on a daily basis.
How can you access your trading account? Certain platforms only allow you to trade through a web browser, but some have mobile apps. If trading on the go is important to you, it's worth reading up on whether or not the exchange has a mobile app and how easy it is to use.
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.
Before using any exchange to generate yield, make sure you understand the risks involved, what type of earning the exchange offers and whether it's appropriate for your needs.
The price of a digital asset is determined by whatever people are willing to pay for it.
Most brokers or instant buy services charge a fee as part of the service it provides. This means you will pay anywhere from a fraction of a percent to a few percent more than the going rate of the asset when you make the purchase.
If you purchase your asset in the spot market, you can set the price that you want to pay and then wait for your order to be filled. For example, if you are willing to pay US$21,000 for 1 BTC, then you can set a limit order to buy BTC at that price in hopes that someone is willing to sell it to you at that price.
The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there's a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.
One of the biggest benefits of trading on larger crypto exchanges is they get enough orders to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.
You can check websites such as CoinGecko or CoinMarketCap to get a better idea of an exchange's level of liquidity.
Most centralised crypto exchanges these days require you to complete a KYC or identity verification process.
But some exchanges still let you deposit crypto and trade crypto-to-crypto without completing the KYC process.
The said exchanges may not be properly regulated, so please proceed with caution if you choose to use these, especially if they are located offshore.
Keep in mind that these exchanges may limit the amount of crypto you can withdraw from the exchange on a daily basis.
For exchanges that require the KYC process, verification requirements vary. You will likely need to provide some or all of the following:
Your name
Your email address and phone number
Your address
Proof of ID
Proof of address
A photo of yourself holding a signed declaration
If you need to provide a wide range of personal information, it's important to be sure you're dealing with a trusted exchange.
It's also a good idea to research how long you can expect the verification process to take. For some exchanges, it can take up to 2–3 business days while others are near-instant.
Finally, be aware that some exchanges require you to complete additional verification tasks to unlock full account features and permit higher transaction limits.
What is the difference between a brokerage and an exchange? How long will it take for your transaction to be completed? Is one better than the other?
Broker. Brokers buy and sell cryptocurrency to you. They typically charge a convenience fee for this, which may be hidden as a spread or markup on the going market rate.
The advantage of using a broker is your transactions should be instant. When you purchase crypto using either the fiat you've deposited into your account or with a credit card, that crypto should be available to you right away.
The same goes for when you decide to sell your crypto for fiat. You sell the broker your crypto in exchange for fiat and the fiat should instantly register in your account.
Exchange. An exchange has a spot market, which is where users come to place buy and sell orders on the open market. Doing so allows you to set a specific price for an asset. For instance, if you think the price of Bitcoin will go down from US$23,000 to US$21,000, you can set an order for US$21,000 and wait for it to be filled. Likewise, you can set an order to sell your assets for a higher price than what is being offered.
Exchanges may also offer brokerage services.
Most exchanges allow you to withdraw crypto to your own wallet. This is sometimes not the case with brokers.
Whether you use an exchange or broker will come down to your own needs and whether you plan to trade regularly or make a few one-off purchases now and then.
Security is a crucial factor to consider when choosing a crypto exchange.
There have been more than a handful of cases in which exchanges have been hacked in crypto's history, so do your research on what security measures are in place to protect your funds.
Questions you should ask include the following:
Is the exchange ld and regulated by the proper authorities?
Is 2-factor authentication (2FA) – a code sent to your phone each time you log in – supported?
What percentage of customer funds are stored offline or in cold storage? Cold storage refers to storing the private keys to digital assets somewhere offline to greatly reduce the ability for hackers to access the assets.
What level of verification is required to open an account?
Have you checked the exchange's trust score on CoinGecko or CER?
As of June 2021, all cryptocurrency exchanges in Canada are required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), whose goal is to prevent money laundering and the financing of terrorist activities.
And all properly licensed crypto exchanges in Canada are now legally recognized as money service businesses (MSB).
Such exchanges require that their users complete the Know Your Customer (KYC) process.
It's best to use a regulated exchange because then the owners of the exchange are accountable to the appropriate authorities, which means you are less likely to be defrauded.
This is a crucial but often overlooked factor when comparing crypto exchanges. If you ever have a problem with an individual transaction or with your account, how will you access a platform's customer support team?
You'll need to consider the following:
Is customer support available through email, phone and/or live chat?
Is support available 24/7 or only during specific hours?
How quickly does the support team respond to inquiries?
Is support offered in a language you are comfortable speaking?
Does the exchange have a reputation as a secure and reliable platform? Finder has reviewed a number of crypto exchanges to craft a list of the best crypto exchanges in Canada.
In efforts to assess the soundness and reliability of crypto exchanges, we look at whether or not exchanges are properly regulated, how they secure the private keys to the crypto they hold and the level of customer support they provide, among other factors.
You can also read our dedicated review for each exchange or see what other users think of the platform using a third-party service like Trustpilot.
Using FINTRAC-registered exchanges to buy cryptocurrency
There are plenty of places to buy crypto, including platforms founded here in Canada or based in locations all around the world. Exchanges headquartered locally are required to register with FINTRAC and comply with requirements that don't apply to global platforms. Depending on your goals, this may have some benefits or drawbacks.
Pros
Canada-based exchanges must comply with FINTRAC's Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy crypto with CAD.
Exchanges in Canada typically support local payment methods.
You may be able to access local customer support.
Subject to local laws.
Cons
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
CAD-to-crypto prices are sometimes slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Canadian dollars.
Some features are simply not available on FINTRAC-registered exchanges. For example, margin trading, DeFi features and some altcoins.
Compare more crypto trading platforms and apps in Canada
Use the table to compare crypto exchanges and platforms on fees, range of cryptos, deposit methods and more. Once you've found the right fit, select Go to site to get started.
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How to use a cryptocurrency exchange
For the sake of our example, let's assume that you have $500 that you want to use to buy Bitcoin (BTC).
Register for an account on the platform and provide any personal details and proof of ID required.
Navigate your way to the "Buy" screen.
Select BTC as the cryptocurrency you want to buy.
Select your payment currency, which in this case is CAD, and specify the amount you want to spend as $500.
Select your payment method, such as a credit card payment or bank transfer.
Enter your payment details, such as your account number if sending a bank transfer or your card number and CVV if paying by credit card.
Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
If you're happy to proceed, click "Buy BTC".
Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address that you nominate.
How to pay for your cryptocurrency in Canada
Crypto exchanges in Canada support a range of deposit methods, including the following:
Neteller, Skrill and other online payment services
Interac e-Transfers
Apple Pay and Google Pay
Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.
The different types of cryptocurrency exchanges
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.
Cryptocurrency brokers (suited to beginners). Buy directly from cryptocurrency dealers for simple and quick purchases. Many beginners use brokers for their first purchase. A broker will facilitate an instant purchase of the digital asset of your choosing and will not offer spot trading.
Cryptocurrency trading platforms (suited to beginner/intermediate users). Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional features like margin trading. Many exchanges now offer brokerage services to be more beginner-friendly.
Cryptocurrency derivatives platforms (suited to advanced users). These trading platforms don't sell cryptocurrency outright. Instead, they let certain users trade cryptocurrency derivatives in regions where this restricted-access feature is available. They're for advanced traders who want high speed, high leverage and deeply liquid platforms with a full range of features.
Risks of using a crypto exchange
Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than
in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.
Lack of consumer protection. While crypto exchanges are increasingly regulated in Canada and may be registered with FINTRAC, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
Proof of reserves. Since the widely publicised collapse of FTX, many traders and investors have demanded centralised exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 CAD available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and FINTRAC stipulations and typically increase as you provide additional KYC information.
Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
Asset delistings. 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 (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.
Is it safe to store your cryptocurrency on an exchange?
Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet that lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired.
However, once you have purchased what you consider to be a sizable amount of digital assets, you may want to consider transferring the private keys to those assets to a self-custodial wallet.
This is because the exchange controls the private key to your wallet, which means you don't have total control of your funds. And with exchanges sometimes falling victim to hackers, there is some degree of risk involved with leaving the private keys to your crypto in the hands of a centralised exchange.
We polled 56 specialists in the fintech industry to get their opinion on what the future looks like for centralised crypto exchanges and what the demise of FTX means for the crypto industry.
The vast majority of our panellists (83.93%) don't think the collapse of FTX was the beginning of the end for crypto, while 8.93% think it was and 7.14% are unsure.
However, because of the FTX collapse, more than half of our panellists (58.49%) believe that crypto exchanges should be regulated just as much as other financial trading platforms.
22.64% believe that crypto exchanges should be regulated, but less so than other financial trading platforms. 15.09% don't believe that crypto exchanges should be regulated to the same degree.
Over one-third of our panellists (35.19%) believe all crypto exchanges will be regulated as traditional financial institutions by 2030. A further 22.22% believe this will happen by 2025 and another 14.81% think it will happen by 2024.
In the future, the majority of our panellists (86.79%) feel that crypto exchanges should be required to disclose both their proof of reserves (PoR) and records of their liabilities.
42.31% think that more crypto exchanges will face bankruptcy as a result of a reduction in their customer base. 15.38% believe this will play out over the next 5 years while a quarter (26.92%) think it'll happen within the year.
Finder surveyed 56 fintech specialists in January 2023. Panellists are able to answer as many or as few questions as they like, meaning the number of responses received varies by question. Panellists may own some cryptocurrencies.
Meet the panel
Bottom line
Not all crypto exchanges are created equal and not all crypto buyers and sellers have the same trading needs. The best exchange or platform for one person might not necessarily be the right choice for someone else, so it's essential to do your own research.
Read our reviews of some of the most popular cryptocurrency exchanges in Canada and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.
FAQs
The most secure exchanges are those that are registered with major financial regulatory bodies in Canada and protect assets with multiple layers of security. Some of these agencies include the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Ontario Securities Commission (OSC).
Another sign that an exchange is legitimate is if it holds a Money Service Business (MSB) licence.
The safest exchanges should also offer 2-factor authentication (2FA) for their users, keep the majority of assets in cold storage as well as have an insurance fund for the digital assets they hold on their balance sheet.
Keep in mind that all centralized cryptocurrency exchanges are vulnerable to hacking and exploits, so consider using a hardware wallet for added security.
Trading and managing your crypto investments on the go is a must for many users, which is why most of the platforms we've listed above provide mobile apps for their users.We found that NDAX, Bitbuy, Wealthsimple and Netcoins are all solid options for Canadians.While each of these apps comes with varying levels of intuitiveness and features, the best mobile app for trading cryptos will ultimately come down to your needs, trading style and personal preference.
Exchanges in several countries are subject to anti-money laundering and counter-terrorism financing (AML/CTF) regulations. In order to comply with these regulations, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as "know your customer" or KYC.
Crypto exchange Binance announced earlier this year it will exit the Canadian marketplace due to a challenging regulatory environment. For investors, finding a good alternative to Binance in Canada depends on your needs and goals. However, one of the best crypto platform options is Kraken. As an alternative to Binance, Kraken has a substantial choice of tradable assets and Kraken's trading and withdrawal fees are lower than what investors paid using Binance.
As one of the best crypto exchanges in Canada, NDAX is very safe to use. NDAX offers some of the highest security standards in the Canadian FinTech industry. Part of this crypto platform's security standards is to hold the majority of digital assets offline in cold storage. This cold storage is protected by multi-signature technology — crypto security that is provided by Ledger Vault, the global leader in security and infrastructure solutions for cryptocurrencies.
The best platform to trade cryptocurrency in Canada depends on your investment goals and needs. For advanced trading tools and the opportunity to stake, check out Kraken. For the best customer support, check out NDAX. For the best crypto exchange security, check out Bitbuy. For more suggestions, check out the 10 best crypto exchanges in Canada.
There are several ways to buy and sell cryptocurrencies in Canada. Investors can trade on a cryptocurrency exchange or make a purchase using a cryptocurrency broker. For more, read Finder's guide on how to trade in cryptocurrency in Canada.
To evaluate our 2024 picks for the best crypto exchanges in Canada, we compared trading platforms on a range of criteria, including the following:
Supported assets. Does the platform offer a good breadth of coins, tokens and NFTs?
Payment methods. What account funding options are available? Does the exchange accept bank transfers, credit and debit cards or crypto-only transfers?
Fees. What trading fees, withdrawal fees and other miscellaneous charges are levied by the exchange, and are these rates comparable with competitor exchanges?
User experience. Is the platform simple to use for both beginners and advanced crypto traders?
Platform features. What tools, charts and functionalities are available on the exchange? Is there support for advanced trading features such as derivatives or hedging?
Security. What measures are taken by the exchange to protect its customers' assets and prevent theft or loss? Are additional security features in place, including 2-factor authentication (2FA), cold storage of assets, regular audits and insurance coverage?
Regulator registration. Is the platform registered with the Financial Transactions and Reports Analysis Centre?
Customer support. How do existing users rate the exchange's customer support? Does the exchange offer various methods of contact, such as email, instant chat, phone or social media?
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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 also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets.
Canadian cryptocurrency exchange NDAX allows you to trade Bitcoin, Ethereum and other major digital currencies with Canadian dollars. Find out more about the platform’s fees and features in this comprehensive review.
Your guide to Canadian-based bitcoin buying service MyBTC.ca, including its fees and features and any other pros and cons new users should be aware of.
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