Crypto scams and legit trading platforms

Crypto scams are far too common. To ensure that you don’t become a victim, we’ve put together this guide to legit crypto exchanges in Canada. We’ve also included some key information about common crypto scams and how to spot the red flags that could indicate a scam. Keep reading for tips on how to stay safe when trading cryptocurrency.

Which crypto platforms are legit?

If you want to buy cryptocurrency, you need to trade on a reputable crypto exchange that is properly regulated and authorized to operate in Canada—like from the Canadian Investment Regulatory Organization (CIRO) and the Canadian Securities Administrators (CSA).

Check the table below for details of legit crypto platforms in Canada.

Crypto platform	Key Features	How it’s legit	Get started
	Trade over 200 cryptocurrencies Supports Interac e-Transfer, electronic funds transfer and PayPal Buy crypto directly with a credit or debit card Also supports staking and crypto lending	Registered as a Restricted Dealer in all provinces and territories by the CSA Registered with FINTRAC as a Money Services Business	Go to site
	Trade over 370 cryptocurrencies Supports e-Transfer deposits Supports staking 24/7 support	Registered as a Restricted Dealer with the OSC and the securities regulators in all provinces and territories Registered with FINTRAC as a Money Services Business	Go to site
	Buy over 75 cryptocurrencies Sell 10 cryptocurrencies Buy crypto with credit card, debit card, Revolut Pay or bank transfer 24/7 online support	Registered with FINTRAC as a Money Services Business 4/5 stars based on over 29,000 Trustpilot reviews	Go to site
	Trade over 60 cryptocurrencies Accepts crypto, wire and e-Transfer deposits Supports staking Advanced trading tools	Registered as a Restricted Dealer with the Ontario Securities Commission (OSC) and CSA Registered with FINTRAC as a Money Services Business Member of the CIRO Member of the Canadian Investor Protection Fund (CIPF)	Go to site
	Buy BTC and ETH instantly Accepts e-Transfers, wire transfers, credit cards, debit cards and Flexepon vouchers Non-custodial exchange	Registered with FINTRAC as a Money Services Business 4.8/5 stars based on over 260 Trustpilot reviews	Go to site
	Trade over 60 cryptocurrencies and over 3,000 trading pairs Founded in 2014 Supports staking	Registered as a CIRO Investment Dealer and Marketplace Member Member of the CIPF Registered with FINTRAC as a Money Services Business	Read review
	Trade over 400 cryptocurrencies Accepts bank transfers, credit cards, debit cards and crypto deposits Supports staking Highly rated mobile app	Registered with the OSC and the CSA as a Restricted Dealer Registered with FINTRAC as a Money Services Business	Read review
	Trade over 60 cryptocurrencies Accepts crypto, wire and e-Transfer deposits Supports staking Advanced order types	Registered investment dealer under securities legislation in all provinces and territories of Canada Member of the CIRO Member of the CIPF Registered with FINTRAC and Revenue Québec as a Money Services Business	Read review
	Trade over 60 cryptocurrencies Instantly buy and sell crypto Accepts crypto, wire and e-Transfer deposits Supports staking	Registered with the British Columbia Securities Commission and the securities authorities in all Canadian provinces and territories Registered with FINTRAC as a Money Services Business	Read review
	Trade around 100 cryptocurrencies Accepts crypto, wire and e-Transfer deposits Highly rated mobile app Supports staking	Registered as a restricted dealer with the OSC and the securities regulatory authorities in all provinces and territories Registered with FINTRAC as a Money Services Business 4.1/5 stars based on over 1,000 Trustpilot reviews	Read review
	Buy and sell Bitcoin and Ethereum Commission-free trading Earn Bitcoin rewards Highly rated mobile app	Member of CIRO Registered as an Investment Dealer in all Canadian provinces and territories Registered as a Money Services Business with FINTRAC	Read review
	Trade over 90 cryptocurrencies Free deposits and withdrawals Fund your account via e-Transfer, debit card or credit card	Registered as a restricted dealer with the CSA Registered as a Money Services Business with FINTRAC	Read review
	Trade over 100 cryptocurrencies Instant deposits No deposit or withdrawal fees Supports staking	Member of the CIRO Registered as a Money Services Business with FINTRAC Operates under time-limited relief from the CSA	Read review

Dive deeper: Check out our guide to the best crypto exchanges in Canada

Are other crypto platforms legitimate and which are fake?

• Is Bitget legit?

  Bitget is registered with FINTRAC as a Money Services Business. However, it is not listed as a crypto trading platform authorized to do business by the Canadian Securities Administrators. Regulatory authorities in provinces such as Alberta and Saskatchewan have also previously published investor alerts about Bitget for operating in those provinces without being registered to do so. Learn more about Bitget in our full guide here.

• Is Binance legit?

  Binance is the world’s largest crypto exchange. However, the exchange announced in May 2023 that it would be withdrawing from the Canadian market. Canada is now listed as a prohibited country in Binance’s Terms of Use. Learn more in our guide to Binance alternatives in Canada.

• Is Bitrue legit?

  Bitrue is not registered with FINTRAC, and is not listed as a crypto trading platform authorized to do business with Canadians by the Canadian Securities Administrators. Bitrue is also not Better Business Bureau accredited, and it has an average rating of 1.4/5 from over 360 Trustpilot reviews. We recommend steering clear of this platform.

• Is Bybit legit?

  Bybit was founded in 2018 and is headquartered in Dubai. It previously operated in Canada, and received a fine of almost $2.5 million from the Ontario Securities Commission for selling unregistered securities. Bybit announced that it would withdraw from the Canadian market in May 2023, and the Bybit website now lists Canada as an Excluded Jurisdiction.

  Must read: Guide to Bybit alternatives in Canada

• Is Catalyx legit?

  No. CatalX CTS Ltd, the company behind Catalyx, is listed as a banned crypto trading platform by the Canadian Securities Administrators. Do not use this platform.

• Is Changelly legit?

  Changelly is not listed as a crypto trading platform authorized to do business with Canadians by the Canadian Securities Administrators. The UK’s Financial Conduct Authority has also issued a warning about Changelly, alerting investors to the fact that Changelly is not authorised by the FCA and may be targeting people in the UK. We recommend steering clear.

• Is CoinEx legit?

  No. CoinEx is listed as a banned crypto trading platform by the Canadian Securities Administrators. Do not use this platform.

• Is Gate.io legit?

  Gate.io is a crypto exchange where users can trade thousands of cryptocurrencies, but it’s no longer available in Canada. The platform withdrew from the Canadian market in 2022, and Canada is now listed as a restricted location in Gate.io’s user agreement.

  Must read: Guide to Gate.io alternatives in Canada

• Is KuCoin legit?

  KuCoin is a Seychelles-based crypto exchange that is listed as a banned crypto trading platform by the Canadian Securities Administrators. Do not use this platform. In June 2022, the Ontario Securities Commission found that KuCoin had failed to comply with Ontario Securities slugging the platform with a $2 million fine and a permanent market participation ban. This ban was then reciprocated in other provinces/territories.

  Must read: Guide to KuCoin alternatives in Canada

• Is LiquiTrade legit?

  No. LiquiTrade is listed as a banned crypto trading platform by the Canadian Securities Administrators. Do not use this platform.

• Is MEXC legit?

  MEXC is not listed as a crypto trading platform authorized to do business with Canadians by the Canadian Securities Administrators. This exchange has also been the subject of investor warnings from securities regulators in BC, Quebec and Nova Scotia, while its user agreement lists Canada as a prohibited country. Find out more in our guide to MEXC alternatives in Canada.

  Must read: Guide to MEXC alternatives in Canada

• Is OKX legit?

  Launched in 2017, OKX allows users to trade over 300 cryptocurrencies. However, the exchange is no longer available in Canada, following its announcement in March 2023 that it was withdrawing from the Canadian market. The platform now lists Canada as a restricted country.

  Must read: Guide to OKX alternatives in Canada

• Is Poloniex legit?

  No. Poloniex is listed as a banned crypto trading platform by the Canadian Securities Administrators. Do not use this platform.

• Is Uphold legit?

  While Uphold previously offered trading services to Canadian residents, as of June 2025, it no longer supports accounts in Canada. The platform has withdrawn its application for registration in certain Canadian jurisdictions and no longer offers registrable services to Canadian residents.

• Is XT.COM EXCHANGE legit?

  No. XT.COM EXCHANGE is listed as a banned crypto trading platform by the Canadian Securities Administrators. Do not use this platform.

10 common crypto scams

Cryptocurrency has long been a popular target for scammers. Keep reading for the details of 10 common crypto scams and what you can do to protect yourself against them.

1. Phishing

Phishing is when scammers trick you into handing over your login details. This is most commonly done by sending you an email that looks like it has come from your crypto exchange or hot wallet provider. The email contains a link to a site that might look like your legit exchange or wallet, but which is actually a scam.

If you enter your login details on this scam site, you’ve just handed over the info the scammers need to log in to your real account and steal your crypto.

2. Fake exchanges and wallets

Scammers set up fake crypto exchanges to steal money from unsuspecting investors. These exchanges often look very professional and convincing, and they may offer added incentives like crypto welcome bonuses or very low trading commissions to entice you to create an account and deposit funds. Once you’ve done so, they can steal your funds outright, or they might charge high withdrawal fees that make it difficult for you to access your funds.

Fake crypto wallets are a thing too. If you download and install a fake wallet on your phone or PC, scammers could steal your login details and private keys. For tips on choosing a legit wallet, check out our guide to the best crypto wallets.

3. Crypto blackmail scams

Crypto can also feature in blackmail and extortion scams. A common method is to send out an unsolicited email, with the sender claiming that they have hacked into your computer. They allege that they’ve recorded footage from your webcam of you doing something embarrassing or incriminating, or perhaps that they’ve found compromising information in your browsing history.

Then comes the threat: unless you send them a certain amount of Bitcoin or some other crypto, they’ll share it with all your social media contacts or go to the police.

It’s just a lie, of course, but the aim is to scare as many people as possible into handing over their coins or tokens.

4. Ponzi schemes

Ponzi schemes are investment scams that promise unrealistically high returns. They work by convincing people to invest in their scheme, then delivering attractive “returns”—but those returns are actually money deposited by new investors.

The initial investors, now convinced that the scheme is completely legit, invest more of their money and encourage others to do the same. Eventually, however, the pyramid collapses when the person or people behind the scam disappear with the money, or when they can’t attract enough new investors to keep providing payouts.

5. Rug pulls

A rug pull occurs when crypto developers launch a new project, generate lots of hype to attract funds from investors and drive up the price of the crypto, then abandon the project and disappear with the funds.

Rug pulls are a common threat in the world of DeFi. A project might promise high returns for crypto investors through yield farming, enticing them to deposit their funds into a smart contract, but then the developers steal everyone’s deposits.

6. Pump and dump schemes

Cryptocurrencies are notorious for their price volatility, and pump and dump schemes aim to take advantage of this feature. Here’s how it works.

A group of people pick an altcoin with a small market cap and buy up big, driving up the price of that coin. This creates FOMO, which in turn attracts a whole lot of other buyers, increasing the price even further. The people behind the scam then sell off all their holdings, profiting from the coin’s significant rise.

So if a previously unheard of coin all of a sudden experiences a rapid price rise for no obvious reason, look past the hype and do your own thorough research to decide whether it’s worth buying.

7. Malware

The complicated nature of cryptocurrency ensures that malware remains a significant threat for crypto investors. These malicious but sophisticated programs pose a number of risks such as:

• Encrypting your data so that you can’t access it, then demanding a ransom paid in crypto.
• Using your computer to mine cryptocurrency without your approval.
• Accessing online wallets and stealing your funds.
• Hijacking your computer’s clipboard to replace your own crypto address with the address of a scammer.

Of course, the way to protect yourself against malware is to implement sensible online security measures. Don’t download any apps or programs unless you’re sure they’re legit, don’t open suspicious email attachments and keep your antivirus software up to date.

8. Romance scams

Dating apps and websites are another common target for crypto scammers. They use these platforms to trick people into trusting them and believing that they have a real relationship. But then comes the con job: they have a relative who has fallen ill and they need you to send them crypto to pay for treatment. In other cases, they might pressure you to invest in a crypto investment scheme that offers astronomical returns.

This sort of scam is sometimes known as “pig butchering,” and once the scammers have your money, you’ll never see it again.

9. Impersonation scams

Spend any amount of time browsing social media and you might come across celebrity impersonation scams. These feature fake celebrity endorsements for crypto projects or crypto investment scams, using fake news articles and videos to make it seem like there’s a legit A-lister behind the project.

Impersonation scams can also take other forms. In one variation, the impersonator may claim to be from the CRA and claim that you have unpaid taxes. To avoid legal action, you must pay them an amount of crypto that they specify.

But once you deposit any funds, don’t expect to get them back.

10. Mining scams

Cloud mining services are designed to let you mine cryptocurrencies without investing in the expensive equipment required to do so. But while there are legit cloud mining companies, there are also plenty of scams. These scam platforms commonly offer returns that sound too good to be true, charge high fees and are sometimes simply pyramid schemes.

Be very wary before dealing with any provider that claims to offer cloud mining services.

Related: How to earn free crypto

Signs of a crypto scam

Stay vigilant for these red flags that could indicate a crypto scam:

• The promise of unrealistic or guaranteed returns. Watch out for investment schemes that claim to offer very high returns. If the promised returns sound too good to be true, they probably are.
• Unregistered platforms. Research any crypto exchange’s bona fides to make sure it’s regulated in Canada by authorities such as the Canadian Investment Regulatory Organization, the Canadian Securities Administrators and FINTRAC. If an exchange isn’t properly regulated and registered, walk away.
• Unsolicited offers. If you’re contacted out of the blue by someone with a crypto investment opportunity or someone with any variation on the “Nigerian prince” scheme, chances are it’s a scam.
• High-pressure sales tactics. If you’re being pressured into downloading an app that doesn’t seem quite right, paying someone with crypto or investing in any sort of scheme—especially through social media—walk away.
• Fake apps and websites. Beware apps that aren’t available in the official App Store or Google Play store. Also watch out for websites that aren’t secure (that don’t start with https), that are riddled with spelling and grammar mistakes, or with a URL that’s slightly different to the web address of a legit crypto exchange.

How to avoid crypto scams

These simple tips will go a long way towards keeping you safe from crypto scams:

• Be wary of unsolicited contact. Be on high alert if someone you don’t know contacts you with an investment offer.
• Research before buying. Thoroughly research any crypto project before investing to make sure it’s legit. Research the team behind the project, the use cases for the coin or token, and whether it’s widely available on legit crypto exchanges.
• Update antivirus software. Keep your computer’s antivirus software updated to ensure that you’re protected against malware.
• Use legit exchanges and wallets. Double-check URLs to make sure you only visit legit platforms, and check to see if an exchange is properly regulated in Canada before using. You should also only ever download apps from official stores like Apple’s App Store and Google Play. Even then, make sure to research exchanges and wallets carefully before downloading any apps, handing over any personal information or depositing any crypto.
• Keep your private keys private. Never share your private keys with anyone, no matter what they may tell you to try to get you to hand them over.
• Stay safe and secure online. You can also keep yourself safe by following a range of general security measures. That means setting up multi-factor authentication, never opening suspicious attachments and avoiding public wi-fi networks.
• Use a cold wallet. Hot wallets are connected to the internet, which exposes them to a range of online threats. A cold wallet stores crypto offline and is generally seen as a much more secure way to hold your funds.

What to do if you’ve been scammed

If you’re a victim of a crypto fraud, report it to the Canadian Anti-Fraud Centre. The centre provides steps you can follow to minimize the damage and protect yourself against future fraud. These include:

• Gather any evidence you have about the scam, such as emails or receipts.
• If necessary, contact your bank to place flags on your accounts.
• Change your banking passwords and other crypto account passwords.
• Report the incident to the Equifax and TransUnion credit bureaus.
• Contact the police and file a report.

If you have a complaint about a crypto trading platform, make sure to contact the securities regulator in your province or territory.

And if you’ve been the victim of a scam, watch out for recovery fraud. There are scammers out there who will promise that they can recover your lost crypto, but only once you pay them an upfront fee. Don’t fall into the trap of being fooled twice.

Biggest crypto scams in recent history

Throughout the relatively short history of crypto, there have been plenty of headline-making scams.

Most recently, in October 2025, the US Department of Justice seized $15 billion worth of Bitcoin from a Cambodia-based “pig butchering” operation. In a press release, the US Attorney’s Office said that people had been held against their will and forced to work on cryptocurrency investment fraud schemes. They used messaging apps and social media to trick people into investing their crypto for high returns, but the money was then stolen from victims and laundered.

Back in 2021, a different scam took advantage of the popularity of the Netflix show Squid Game. Squid Coin was promoted as a “play-to-earn” cryptocurrency for an upcoming online game inspired by the South Korean show. But the coin’s developers executed a classic “rug pull” scam, making off with an estimated US$3.38 million of investor funds.

And then there was the case of BitConnect, which from 2016 to 2018 was marketed as a crypto investment and lending platform. The people behind the platform claimed that BitConnect’s proprietary trading bot could take advantage of market volatility to deliver guaranteed high returns to investors. But it was all a Ponzi scheme, with the scammers making off with some US$2.4 billion.

Bottom line

While there are plenty of legit crypto platforms in Canada, the threat of crypto scams is ever present. Use your common sense and sensible security measures to protect yourself against scams, and research crypto platforms carefully to make sure they’re legit before you hand over any of your money or personal information.

Frequently asked questions about crypto scams

• Where can I find a list of banned crypto exchanges in Canada?

  You can find a list of banned trading platforms on the Canadian Securities Administrators website.

• Where do I report crypto scams?

  Canadians should report crypto scams to the Canadian Anti-Fraud Centre online at reportcyberandfraud.canada.ca or by phone at 1-888-495-8501. You can also report the scam to your provincial or territorial securities commission. Victims of fraud should also file a report with their local police station.

• What is the best crypto to buy right now?

  You'll need to thoroughly research any crypto project before deciding if it's worth buying a particular coin or token. Look at factors such as the use cases for the token, its supply and demand, the team behind the project, and the cryptocurrency's roadmap and whitepaper. Learn more in our guide to the best cryptos to buy right now.

• How can I verify if a crypto exchange is legitimate?

  To verify that a crypto exchange is legit, check whether it's registered with and regulated by legitimate Canadian regulatory bodies like the Canadian Securities Administrators, the Canadian Investment Regulatory Organization and FINTRAC. You can also read reviews on independent websites like Trustpilot to see whether other users recommend the platform, and check what security measures the exchange has in place to protect your funds.

• What is the safest way to store cryptocurrency?

  A hardware (or cold) wallet is generally considered to be the safest way to hold crypto. These wallets store your private keys offline, providing protection against online threats like hacking. Hot wallets are connected to the internet, and while they're more convenient for transactions, they're not as secure.