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10 best crypto exchanges in Canada for 2023
To find the best crypto trading platform or app for low fees, beginners, or by trading features we examined more than two dozen crypto exchanges. Here are the 10 best crypto exchanges currently in the Canadian market.
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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.
To find the best crypto trading platform, first determine what you plan on using a crypto exchange for and how do you plan to use that exchange? Depending on your needs you may end up with more than one crypto trading platform or app. Crypto investors often use multiple exchanges in order to maximize the benefits of each crypto app and take advantage of the different areas of specialization with each crypto platform. For instance, you may use one crypto trading platform because of the range of coins offered, but use another crypto app because of its advanced trading or staking features. Other factors to consider are fees, the level of support (which is better for beginners), along with more in-depth research features that may benefit more seasoned crypto traders.
To help, every year we conduct an extensive review of crypto exchanges, trading platforms and apps available in Canada. We evaluate more than 25 platforms and assess a variety of factors, such as user experience, transaction fees, additional costs, available payment methods, selection of coins and more. The result is a list of the 10 best crypto exchanges in Canada.
Finder’s best crypto exchanges and trading platforms in Canada 2023
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.
Kraken has been leading the way in the digital currency space since it was founded back in 2011.
For 12 years, it's served crypto investors of all tiers well, but the strength of this crypto exchange really shines when used by advanced traders.
Kraken Pro – Kraken's advanced trading interface – gives traders access to advanced charting tools, a highly-customizable interface, hundreds of crypto assets and trading pairs as well as margin for leveraged trades.
Kraken Pro also enables you to stake your assets to earn a yield on them.
Plus, if you run into any snags while using any of Kraken's advanced features, you can contact Kraken's 24/7 customer support.
Pros
Supports over 200 crypto assets and even more trading pairs
Kraken Pro offers advanced charting tools, asset staking and margin
Offers crypto futures contracts
24/7 customer support
Registered with FINTRAC
Cons
Verification process can take days
Margin trading isn't available to some residents in Ontario and Alberta
Fees and 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
Trading fees
Maker: 0.00-0.16% Taker: 0.04-0.26%
2. NDAX: Best crypto exchange for customer support
Get a $15 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX won our best for customer support award, because, unlike most crypto exchanges in Canada, you can contact NDAX day or night over the phone if you need support.
Not only can you reach NDAX anytime via phone, but the exchange has team members on standby, ready to live chat with you or respond to your emails.
While it's rare to find a crypto exchange that's so willing to help, it's hardly surprising that NDAX is the crypto platform that stands out for this feature given its focus on providing security and assistance to its customers, including taking steps to prioritize being properly licensed and regulated and for outstanding security and compliance when it comes to customers' funds.
NDAX is registered with FINTRAC and as an MSB, and it keeps the fiat on its balance sheet in a national Canadian bank. It also stores the private keys to its crypto holdings in a multi-signature vault wallet built by Ledger – an industry leader in digital asset security.
Pros
24/7 customer support via phone and live chat
Provides email support
Properly licensed and regulated
Provides safe keeping for customers' funds – both crypto and fiat
Low trading fees (0.2%)
Registered with FINTRAC
Cons
No staking or earning features
CAD$25 fiat withdrawal fee via bank or wire transfer
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 properly regulated, keeps the majority of private keys to the digital assets it holds in cold storage and gives you the option to add extra security to your account.
As one of the oldest Bitcoin exchanges in Canada, Bitbuy is registered with FINTRAC and as an MSB and is approved by the Ontario Securities Commission (OSC).
The exchange keeps 99% of its digital assets in cold storage.
Bitbuy users who opt to store their holdings in the exchange's vault can rest easy knowing that Bitbuy has a comprehensive insurance policy through BitGo, an institutional custodian for digital assets.
To secure your Bitbuy account, Bitbuy also encourages you to set up 2-factor authentication.
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 has two particular features that can help you automate your trading: a recurring buy feature and a grid trading feature.
Both of these features help to effectively dollar-cost average (DCA) your crypto investing, especially while prices in crypto markets are low.
Using the recurring buy feature, you can choose the amount (in Canadian currency) and the frequency of your purchases as well as the crypto asset(s) of your choosing.
To supplement recurring buys, you can use VirgoCX's grid trading feature. This feature enables you to automatically purchase crypto assets when they drop below a certain price level. For example, you can program your VirgoCX account to buy a specified amount of Bitcoin (BTC) any time the coin's price drops below CAD$20,000.
Pros
The recurring buy feature to help you dollar-cost average (DCA) into digital assets
The grid feature allows you to automate purchases of cryptos you want to invest in once they drop below a certain price point
Registered with FINTRAC and the OSC
Cons
Spread fees can be as high as 2.5%
Fees and deposit methods
Cryptocurrency,Debit card,Interac e-Transfer,Wire transfer
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 250 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.
You can lend your crypto for a yield through the app or use the platform's DeFi wallet to stake your crypto via a decentralized app (dApp). There is a Crypto.com debit card to spend the crypto of your choosing when making daily purchases.
For these reasons — plus the fact that Crypto.com has a well-developed NFT marketplace — the exchange won the 2023 Finder Award for Extra Features.
Pros
Offers a wide selection of crypto assets
Enables users to earn a yield by either staking or lending their assets
Provides users with a non-custodial DeFi wallet
The Crypto.com debit card enables users to spend their crypto assets
Streamlines the process of buying NFTs
Registered with FINTRAC and pre-registered with the OSC
Cons
Fees on the app may be higher than on the desktop exchange
Limited number of NFT collections featured on site compared to a larger NFT marketplace such as OpenSea
Fees and deposit methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Google Pay
Gemini won the 2023 Finder Award for Best Value because it provides great value to both crypto newbies and experienced crypto enthusiasts alike.
The exchange gives all users access to over 100 crypto assets.
For those new to crypto, you can use the exchange's desktop version that offers a simplified interface, or use the Gemini app to make instant purchases of any of the more than 100 assets traded on the platform.
The convenience of making such purchases comes at a bit of a premium, as the fees for purchasing crypto via Gemini's simplified interface are higher than when you use Gemini's ActiveTrader interface – its advanced trading platform. By using ActiveTrader, your trading fees can drop as low as 0%, depending on how much you trade.
If you're new to crypto, you might not mind paying the premium to avoid the hassle of learning how to place buy and sell orders via the ActiveTrader platform. But if you're a crypto vet, you might want to take advantage of the lower trading fees on ActiveTrader.
Pros
Offers access to over 100 crypto assets
Low maker and taker fees when you use the ActiveTrader interface
No fees for transferring fiat or crypto to the platform, except for when you use debit or credit cards
Registered with FINTRAC
Cons
Higher trading fees when you use the simplified exchange interface or the mobile app
User withdrawals are still halted for the now defunct Gemini Earn program
Fees and 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%
Coinbase won the 2023 Finder Award for Best for Beginners and for good reason. In its more than 10 year history, Coinbase made a name for itself as being a safe and easy platform for crypto newbies to make their first investments in digital assets.
The simplified version of the exchange enables users to transfer fiat from their bank account and then make an instant purchase of a digital asset of their choosing with as little as $1.00 in a few easy steps.
Granted, trading fees are a bit higher when you use the simplified version of Coinbase — as opposed to using the advanced trader interface — but if you are new to crypto, you might be happy to pay for this convenience.
The best part is that Coinbase customers don't need to use their own fiat to learn how to trade — and earn — cryptocurrency. Using the Coinbase 'Learning rewards' section, customers can watch informational videos about digital assets and their networks and then answer questions about what you learned, with a reward of earning crypto.
Pros
Offers over 100 crypto assets
Makes the process of buying crypto quick and easy
CAD$1 minimum transaction amount
'Learning rewards' section enables you to earn crypto by learning about it
Registered with FINTRAC
Cons
Transaction fees using the simplified Coinbase interface are high
Wealthsimple won the 2023 Finder Award for Best Canadian Platform – or best crypto platform founded in Canada – because of its long and reputable track record, the broad range of coins it supports and the level of security it provides.
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 (IIROC) and the Canadian Investor Protection Fund (CIPF).
It supports over 50 crypto coins and tokens, which is one of the broadest selections of digital assets for a Canada-based crypto broker.
To protect the digital assets it holds, Wealthsimple partnered with Gemini, an established crypto custodian with $200 million in insurance coverage for the digital assets on its balance sheet, to hold the private keys to Wealthsimple's coins in cold storage.
Wealthsimple also offers a suite of automated or in-person portfolio management tools which is great for any investor looking for a bit of extra help in their investment journey.
Pros
Long track record (Canada's first regulated crypto trading platform)
Partners with Gemini, a regulated and insured crypto custodian
Regulated by IIROC and registered with FINTRAC and the OSC
Offers 2-factor authentication (2FA)
Deposits and withdrawals are free
Cons
Higher fees than brokerages that only support crypto
Advanced trading charts aren't available
Fees and deposit methods
Cryptocurrency,Interac e-Transfer,Wire transfer,Linked bank account,Bank transfer (EFT),Online wallet,Debit/credit cards
Netcoins earned the best crypto broker award because it makes investing in crypto easy for beginners.
Founded in 2014, Netcoins is considered one of the oldest crypto brokerages in Canada. Netcoins offers clients a quick and straightforward process for creating an account. With just a few clicks, you can purchase over 30 different digital assets using a simple, uers-friendly interface. This quick, easy proces makes it easy for newcomers to dip their toes into the crypto waters.
It's quick and straightforward to create an account on Netcoins. And with just a few clicks, you can purchase over 30 different digital assets.
Netcoins is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and as a Money Service Business (MSB). It's also a subsidiary of BIGG Digital Assets, a publicly traded company in Canada.
You can deposit fiat currencies (CAD and USD) and crypto assets on Netcoins and withdraw funds for free using Interac e-Transfers.
Pros
Long, reputable track record
Allows for fiat and crypto deposits
Flat broker fee of 0.5%
Registered with FINTRAC the OSC
24/7 customer service
Cons
Limited selection of digital assets relative to global exchanges
No charting tools available
Fees and 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 to $25 USD for less
Withdrawal fees
Interac e-Transfers: None Cryptocurrency: Varies Bank Wire: None for withdrawals over $25,000 CAD or $6,000 USD; $30 CAD or $75 USD for less
Note: Bybit is not available in Ontario and Quebec.
While Bybit is often recognized as a crypto derivatives platform, it also offers spot trading for over 270 crypto assets. Even better is that Bybit's trading fees are low whether you trade spot or derivative products.
However, Bybit isn't necessarily an ideal exchange for newbies. It's best for experienced crypto traders who know how to trade, comfortable with up to 100x leverage, and understand the inherent price volatility of altcoins.
While newbies may want to consider another crypto exchange platform, traders looking to step up your crypto trading game should seriously consider Bybit. The platform lets you practice trading derivatives on Bybit's risk-free testnet service before trading with real money.
Pros
Supports 270+ cryptocurrencies
Low trading fees (0-0.1%)
Offers up to 100x leverage on margin trades
Practice derivatives trading on risk-free testnet service
Registered with FINTRAC
Cons
Not available in Quebec or Ontario
Long crypto withdrawal times (30-60 min.)
Fees and deposit methods
Credit card,Cryptocurrency,Debit card,P2P
Deposit fees
Fees vary
Withdrawal fees
Fees vary
Trading fees
Marker: 0.01% - 0.10% Trader: 0.06% - 0.10%
More investors looking for the best crypto exchange in Canada
According to results from the Finder: Consumer Sentiment Tracker Q1 (CSTQ1), approximately 1 in 5 Canadians invest or trade in cryptocurrency in 2023.
Given the volatility of crypto, investor confidence also seems to ebb and flow. On average, just over 1 in 5 investors (21%) considered Q1 2023 a “good time to invest in cryptocurrency,” according to results from CSTQ1. This confidence dropped slightly in Q2 2023, with an average of 18% of investors, who thought it was a “good time to invest in cryptocurrency,” according to Finder: Consumer Sentiment Tracker Q2 (CSTQ2).
In general, younger investors and men were more likely to trade in cryptocurrency. According to CSTQ1 results, 26% of Gen Z investors trade crypto, compared to 21% of millennial investors, 19% of Gen X investors and 6% of Baby Boomers . On average, 23% of men hold crypto, compared to 15% of women.
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.
It's difficult to find one exchange with all the coins and features you want. I spread my trading around several exchanges to make sure I'm getting exactly what I need, while also diversifying my risk should the exchange get hacked or shut down. To further reduce risk I use one registered locally so it's subject to local laws and regulations.
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.
By trading volume, some of the largest crypto exchanges that serve Canadians include Binance, Coinbase and Kraken.
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.
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 11 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 2023 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.
The results of the Finder: Consumer Sentiment Tracker Q1 (CSTQ1) were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.
The results of the Finder: Consumer Sentiment Tracker Q2 (CSTQ2) were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, 19 out of 20 times.
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.
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