Our team has extensively reviewed dozens of cryptocurrency exchanges and apps to find the best crypto app 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 2025
Here’s a quick glance at the best crypto exchanges in Canada:
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Coinbase is one of the largest crypto exchanges in the world by trading volume. Deposit funds for free via Interac e-Transfer, and instantly purchase crypto via debit. The standard version of Coinbase is easy to use, and its mobile app is highly rated. Earn crypto rewards by watching learning videos and completing quizzes.
Why it's one of the best
Trading resources. Coinbase offers features like recurring buys and limit orders, along with price charts and developer documentation with Coinbase Advanced.
Well established. Coinbase is one of the biggest crypto exchanges in the world with over $404 billion of assets on its platform, $439 billion quarterly trading volume and availability in over 100 countries.
Good for beginners and experts. Signing up is easy, there are many learning resources available and traders who are ready to level up can access volume discounts and advanced tools.
Pros
Easy signup process
Trade 280+ cryptos
Free e-transfer deposits
Instant withdrawals to most banks
Discounted volume pricing with Coinbase Advanced
Registered with the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC)
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 and hundreds of crypto assets. You can stake assets, and customer support is available 24/7.
Why it's one of the best
Advanced research tools. Kraken Pro comes with flexible filters, real-time market data and a customizable interface, and you can use it at no extra cost on desktop and mobile devices.
Multiple order types. Kraken amplifies strategic trading with support for market and limit orders, including stop loss, take profit, stop loss limit, take profit limit, iceberg and trailing stop orders.
Kraken OTC. Good for executing trades of $100,000 or more, Kraken's over-the-counter platform offers access to deeply liquid markets, personalized support and fast trading and settlement.
Pros
Over 270 crypto assets and even more trading pairs
User-friendly app for beginners and experts
Kraken Pro offers advanced charting tools and asset staking
24/7 customer support
Filed for pre-registration with the Ontario Securities Commission
Cons
Fees can be high (but high-volume traders get discounts)
No margin or futures trading in Canada
Pro account verification can take days
NFT marketplace shut down in 2024
Deposit methods
Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer, Apple Pay, Google Pay
Deposit fees
Interac e-Transfer: 0.5% Apple Pay/Google Pay: variable Crypto: Free for most cryptos Wire transfers: $0-$3 Canada Post cash/debit: $1.25+0.25%
Uphold boasts a selection of cryptocurrencies, precious metals and fiat currencies for its users to trade. These features have expanded it beyond a simple crypto exchange where users can trade between digital assets. The platform can be used for payment services, trading, taxes and much more. However, with this increased trading flexibility, Uphold does tend to charge higher fees than simpler crypto trading platforms.
Why it's one of the best
Fast deposits. Instantly deposit funds to your account via debit or credit.
Many digital assets. Uphold gives you access to a wide range of cryptos, including less-popular coins.
One-step trading. Easily trade between supported cryptos in just a single step.
Pros
Expansive list of digital assets
Available in 184+ countries worldwide
Instant debit/credit deposits
Diversify your crypto holdings with Uphold Baskets
Cons
Limited customer service
Certain services, such as the debit card, are limited to geographical availability
High fees
Crypto-only withdrawals in Canada
Deposit methods
Credit card, Debit card, Apple Pay, Google Pay
Deposit fees
Fiat: 3.99%
Withdrawal fees
Crypto: $0.99
Trading fees
Trades under $500: $0.99 (plus spreads)
Best crypto trading platform for self custody: Paybis
Use code Finder25 to get a 25% discount on all commission for 1 transaction. T&Cs apply.
Paybis is a P2P crypto exchange on which you can buy over 75 different crypto assets and sell around 8 popular cryptos, including bitcoin, Ethereum and Dogecoin. It conveniently supports many fiat currencies and accepts payment via debit, credit, Google Pay, Apple Pay, AstroPay and SWIFT wire transfers. This platform is great for those who prefer to manage their own crypto, as you'll need a non-custodial wallet.
Why it's one of the best
Easy transfers to external wallets. Paybis makes it easy to protect your digital assets by transferring to a secure, self-custodial wallet.
Widespread availability. You can use Paybis to buy crypto in more than 180 countries (but note that some features like Paybis custodial wallets are unavailable in Canada).
Supports debit and credit payments. Pay for crypto via debit or credit with low transaction minimums of around $5 USD.
Pros
Operates globally and supports many widely traded cryptos
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 8 cryptos
Deposit methods
Credit card, Debit card, Apple Pay, Google Pay, SWIFT, AstroPay
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
$5 USD minimum per transaction
Best crypto platform for investment features: Bitget
Sign up and receive a 6,200 USDT newcomer's gift package.
Bitget is a global cryptocurrency exchange that offers a comprehensive range of products and services including staking, NFTs, Web3 support, copy trading and educational resources. Trade 800+ coins with competitively low trading fees, plus use multiple payment methods and enjoy free deposits and an instant buy option. These features make it a convenient choice for those looking to access a large variety of coins with competitive fees and easy buy options.
Why it's one of the best
Supports many digital assets. Access 870+ cryptos and pay in 45 fiat currencies.
Centralized and P2P trading. Invest via Bitget's centralized marketplace, or trade directly with other investors via the platform's peer-to-peer marketplace.
Crypto card. This invitation-only spending card lets you pay for real-world purchases using USD converted from your crypto balance.
Pros
Follow trades of more than 180,000 traders
Buy/sell NFTs and trade tokens via Bitget Wallet
Supports crypto staking across popular cryptos like SOL and ETH
Centralized and P2P marketplace
Bitget Card available for VIP customers
Cons
Not yet regulated with the Canadian Securities Administrators (CSA)
Deposit methods
Bank transfer, Credit card, Cryptocurrency, Debit card
VirgoCX lets you trade over 75 cryptos and instantly fund your account via e-Transfer. You can set up recurring purchases, and VirgoCX supports grid trading, making it easy to trade automatically and implement dollar cost averaging (DCA). Get up to 90% off VirgoCX's spreads through the platform's tiered rewards program.
Why it's one of the best
Grid trading. VirgoCX offers grid trading, which allows you to automate buy or sell orders at different price levels and executes the order when the price hits that level
Free to move your money on and off the platform. Deposits are free via Interac e-Transfer, wire transfer, and bill payments, while withdrawals by Interac e-Transfer and wire transfer are also free.
High volume trade liquidity. Institutional investors who trade large volumes of digital assets (over $50,000 CAD) can enjoy 24/7 liquidity with VirgoCX's OTC desk and personalized service via chat brokers.
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 above 1.5%
$3,000 minimum for transferring out via e-transfer
Deposit methods
Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer
Crypto.com is an excellent platform for both new and experienced crypto investors. It offers an NFT marketplace, a debit card for making fiat purchases with crypto and support for over 350 crypto assets, which can be traded instantly and for relatively low rates. The desktop exchange offers charting tools, advanced order types and lower fees.
Why it's one of the best
Low trade fees. Maker and taker fees range from 0% to 0.5%, and you can get discounts for locking up the platform's native cryptocurrency, Cronos (CRO).
Free CAD deposits. You won't pay any extra fees to top up your account with CAD via Interac e-Transfer.
Diverse features. Not just a crypto trading platform, you can also buy NFTs, spend with the Crypto.com debit card and borrow funds using your crypto as collateral.
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: 0.10% - 0.50% Maker fees: 0.065% - 0.25% (0% for Prime members trading more than US$10 million)
Bitbuy caught our eye as a top pick for beginners because the exchange is regulated, keeps over 90% of its digital assets in cold storage and offers users extra optional security layers for their accounts. The platform is insured through BitGo, and Bitbuy is the first registered crypto marketplace in Canada.
Why it's one of the best
Free deposits and withdrawals. It's free to deposit via Interac e-Transfer or wire transfer. Wire transfer deposits are also free.
Regulated in Canada. Bitbuy was the first crypto exchange to become registered with the Canadian Securities Administrators (CSA). It's also registered with the Ontario Securities Commission (OSC).
Streamlined interface. Bitbuy's interface is easy to navigate, and its mobile app (available for Android and iOS) gets solid user ratings.
Pros
Free deposits, free withdrawals via Interac e-Transfer
90% of assets held in cold storage
Digital and cash assets are insured
Registered with FINTRAC, approved by the OSC and CSA
Netcoins is our pick for the best crypto broker in Canada. As a broker, it acts as an intermediary in transactions, unlike exchanges, which act as marketplaces for buyers and sellers to transact among themselves. Enjoy free fiat e-Transfers and simple 0.5% pricing for all trades (plus conversion spreads). Creating an account and getting started is easy.
Why it's one of the best
Straightforward fees. Forget about confusing fee tiers with a flat 0.5% fee (plus spreads) on all trades. Deposits and Interac e-Transfer withdrawals are free.
Netcoins Prepaid Mastercard. Load funds onto your card by converting crypto into CAD or transferring from a bank account. Make real-world purchases and earn bitcoin rewards.
Regulated in Canada. Netcoins is registered with the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC), so it's subject to regulatory oversight.
Pros
Flat 0.5% trade fee (plus spreads)
Free e-Transfer deposits and withdrawals. Free crypto deposits.
Prepaid Mastercard with 1% BTC rewards for fiat purchases
Live chat, phone and email support
Cons
Limited number of cryptos
Fees for some bank wire transfers
No margin trading and you can only stake ATOM, ETH and SOL
Deposit methods
Cryptocurrency, Interac e-Transfer, Bank Wire
Deposit fees
Interac e-Transfer: Free (bank wires under $3,000 CAD are free) Crypto: Free
Withdrawal fees
Interac e-Transfer: Free Crypto: Varies Bank wire: Free for withdrawals over $25,000 CAD, otherwise $50 CAD
Wealthsimple is the platform of choice for many Canadians, with trading minimums as low as $1, low fees ranging from 0.5%-2% and support for over 65 coins. Plus, you can also trade stocks and ETFs in the Wealthsimple app. Customer support is available by chat, email and phone.
Why it's one of the best
One app for stocks, ETFs and crypto. Wealthsimple lets you buy and sell traditional and digital assets in a single app.
Easy-to-use mobile app. Available for Android and iOS, the Wealthsimple mobile app is... well... simple, with a clean interface and beginner-friendly features.
Regulated in Canada. Toronto-based Wealthsimple is registered with the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC).
Pros
No deposit or withdrawal fees
Beginner-friendly platform
Canada's first regulated crypto trading platform
Also trade stocks and ETFs in the Wealthsimple app
Start with as little as $1
Cons
Higher fees than some competitors
CAD is the only supported fiat currency
No futures, options or margin trading for crypto
Deposit methods
Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer, Linked bank account, Bank transfer (EFT), Online wallet
Deposit fees
None
Withdrawal fees
None
Trading fees
0.5%-2%
Best crypto platform for user experience: Newton Crypto
Newton is a homegrown Canadian crypto trading platform that lets you buy and sell over 70+ cryptocurrencies. With low or no fees for deposits and withdrawals, the exchange can be a solid option for newer crypto traders as well as those looking for a good user experience.
Why it's one of the best
High user ratings. The Newton mobile app is highly rated on the Google Play Store and Apple App Store. Newton also gets mostly positive reviews on Trustpilot.
Web and mobile trading. Trade via web browser or on Android or iOS devices. Use TradingView-powered charting tools, transact quickly thanks to direct bank integrations and get help via in-app chat.
Crypto tax reporting. Newton syncs with Koinly, making it easy to gather your crypto investment details come tax time.
Pros
Free Interac e-Transfer deposits and withdrawals
Advanced charting with TradingView
Crypto tax reporting via Koinly
Cons
Only supports CAD fiat currency
No margin trading and limited advanced features
Only stake ETH and SOL
Deposit methods
Cryptocurrency, Interac e-Transfer, Wire transfer
Deposit fees
Interac e-Transfer: $0 wire transfer (>$10,000): $0 wire transfer (≤$10,000): $35
Changelly aggregates and suggests the best rates on its website, letting you knowledgeably and conveniently exchange over 900 cryptos. While it supports over 85 fiat currencies, you'll need to choose between a number of supported third-party services to purchase crypto like MoonPay, Simplex and Banxa.
Why it's one of the best
Supports a huge range of fiat and cryptocurrencies. Changelly blows away the competition for the number of supported cryptos. You can access 900+ cryptos and pay in 85+ fiat currencies.
(Almost) no trade limits. Changelly doesn't restrict the amount you can trade, but a minimum may apply in some cases.
Non-custodial platform. Changelly doesn't offer hot wallets and never stores your deposits. To transact on the platform, you'll need your own wallet.
Pros
Over 900+ supported coins 85+ fiat currencies
Flexible payment methods
Volume discounts with a PRO account (fees as low as 0%)
Integrates with many crypto wallets
Cons
To purchase crypto with fiat currency, you'll need a third-party service
Must know how to use a non-custodial wallet
Not registered with a Canadian securities regulator, unlike some competitors
Deposit methods
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay
Deposit fees
Fiat: 1%–7% Cryptocurrency: free with PRO account
Withdrawal fees
Varies
Trading fees
Crypto-to-crypto: 0.25% Fiat-to-crypto: starts at 4% Crypto-to-fiat: starts at 3.95%
Methodology: How we choose the best cryptocurrency exchanges
Finder’s investments experts reviewed 18+ exchanges available on the market to narrow down the best exchanges for buying, selling and trading cryptocurrency.
We analyzed each platform based on 33 key metrics we collected directly from exchanges and assessed each provider’s performance based on six different categories, weighing each metric based on the expertise and insights of Finder’s investment experts. We then scored and ranked each provider depending on how it performed in each category.
See how we weigh the overall rating
Fees
Supported currencies
Account types & products
Tools, resources & features
Safety & security
User experience & support
20%
20%
20%
15%
15%
10%
We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.
Crypto-to-crypto: 0.25% Fiat-to-crypto: starts at 4% Crypto-to-fiat: starts at 3.95%
Key takeaways
The only way to buy and sell crypto in Canada is through a crypto exchange platform.
The best crypto exchange in Canada is Coinbase, but other exchanges like Kraken and Uphold offer stand-out features too.
When choosing a crypto exchange, consider factors like the risks of trading crypto, the platform’s features and if it’s following regulatory guidelines.
What is a crypto exchange?
A crypto exchange is a platform that lets you buy and sell cryptocurrencies, similar to buying and selling stocks on a stock exchange. Crypto exchanges are different to crypto brokers in that exchanges provide a place for buyers and sellers to transact with each other, while brokers transact directly with customers.
Most crypto exchanges charge a fee per transaction, which can be a flat fee, a percentage of the trade volume or a markup on the conversion rate applied to the transaction.
Types of crypto exchanges
There are two types of crypto exchanges in Canada — Centralized Exchanges and Decentralized Exchanges. Let’s dive deeper into what these two types of exchanges are and what they mean for how you trade crypto.
What are Centralized Exchanges?
A Centralized Exchange, also known as CEX, are crypto exchange platforms that act as a brokerage service between the trader and the coins. These platforms are typically regulated and provide services similar to standard stock trading platforms.
Centralized Exchange platforms were founded when crypto trading started becoming more common and the complexity of the original trading method made the process out of reach for most people. Thus, user-friendly CEX platforms were born.
Like stock trading platforms, centralized crypto exchange platforms will take a small fee for each trade in exchange for customers using their platform. Unlike Decentralized Exchanges, a Centralized Exchange will allow you to trade fiat money for crypto.
Most of the crypto exchange platforms you come across will be Centralized Exchanges. CEXs are also better suited for beginner crypto traders.
What are Decentralized Exchanges?
A Decentralized Exchange (or DEX) enable peer-to-peer crypto exchanges, completely removing the need for any third-party brokerage service. DEX transactions are completed directly on the blockchain and are based on smart contracts.
Because these exchanges are often peer-to-peer and typically open-sourced, they are less user-friendly than CEXs. Since you and the person you are trading with are completing all aspects of the exchange process yourselves, there is a higher probability for catastrophic errors (like sending crypto to the wrong wallet).
Unlike Centralized Exchanges, a Decentralized Exchange will only allow you to trade crypto for crypto, and does not support fiat currency.
How to choose the best crypto exchange in Canada
The best crypto trading platform depends on what you’re looking for, so consider the following:
Trading tools
The best crypto apps have user friendly interfaces with clearly laid out tools and features for beginners and advanced investors alike. Experienced traders may want advanced charting tools, many order types, margin trading and other special features. Some exchanges let you earn by lending or staking crypto.
Payment methods
Can you deposit funds into your account via bank transfer, debit, credit or a crypto wallet? The more payment options an exchange has, the better. Make sure to check the fees for your preferred method.
Cryptocurrency & fiat currency selection
There are thousands of cryptos, and it’s tough to find a platform that lists every one. Most exchanges support major cryptos like BTC, ETH and SOL, but rare altcoins may be much harder to find. The best crypto exchanges in Canada let you deposit CAD, but support for other fiat currencies varies.
Fees
From depositing to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform? Most brokers or instant buy services charge a service fee that adds less than 1% up to several percentage points above the going rate of an asset.
Some of the best crypto apps on our list like Crypto.com, Kraken and VirgoCX let you set the price you want to pay and then wait for your order to be filled when that price is reached.
Limits
Are there any limits on the amount you can deposit, buy or sell per transaction or per day? This question typically only applies to “crypto whales” or people who make transactions ranging from hundreds of thousands to millions of dollars. You might be able to raise your transaction limits by providing additional personal information as part of the exchange’s Know Your Customer (KYC) process.
Mobile and desktop apps
How can you access your trading account? Certain platforms only allow you to trade through a web browser, while other offer mobile apps for buying and selling on the go. Look for a crypto app with a smooth, user-friendly design and high ratings from other customers.
Liquidity
If there’s a high level of liquidity—or if the exchange has a high trading volume—then trades should be completed quickly and easily. But low liquidity can lead to substantial price fluctuations. The benefit of trading on large crypto exchanges is that there are enough orders to match buyers and sellers without difficulty. Check liquidity on websites like CoinGecko or CoinMarketCap.
Security features
Security is a crucial factor to consider when choosing a crypto exchange. Ask the following:
Is the exchange licensed to operate in your province or territory?
Is multi-factor authentication (2FA) supported?
What percentage of assets are stored offline in cold storage to reduce the possibility of theft?
What level of verification is required to open an account?
Customer support
Is customer support available through email, phone and/or live chat? Can you get help 24/7 or only during specific hours? Customer reviews on sites like Trustpilot and the Better Business Bureau can give you an idea of how responsive an exchange is when issues arise.
Our expert says
"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."
What payment methods do crypto exchanges in Canada accept?
Deposit methods vary between platforms, but Canadian crypto exchanges may accept:
Interac e-Transfers
Bank and wire transfers
Credit and debit cards
Cryptocurrency transfers
Peer-to-peer (P2P) payments
Neteller, Skrill and other online payment services
Apple Pay and Google Pay
If you’re hoping to buy crypto using PayPal in Canada, your options are limited to only a couple of exchange platforms (Paybis or Coinbase) that accept PayPal as a payment method. Read our full guide to buying crypto with PayPal to learn more.
How are crypto exchange platforms regulated in Canada?
All cryptocurrency exchanges in Canada must register as money service businesses (MSBs) with a regulatory body in Canada, typically the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and follow regulations designed to prevent money laundering and terrorist financing.
Many of the best crypto apps and exchanges in Canada have gone even further and pursued registration with provincial securities regulators, like the Ontario Securities Commission (OSC) and/or the Canadian Securities Administrators (CSA).
Exchange platform
CSA Registered
OSC Registered
FINTRAC Registered
Bitbuy
✓
✓
✓
Coinbase Canada
✓
✓
✓
Coinsquare
✗
✗
✓
Hibit
✓
✓
✓
Netcoins
✓
✗
✓
Newton Crypto
✓
✓
✓
Shakepay
✗
✗
✓
CoinSmart
✗
✓
✓
VirgoCX
✓
✗
✓
Wealthsimple Investments
✓
✓
✓
Uphold
✗
✗
✓
Kraken
✗
✗
✓
Paybis
✗
✗
✓
Bitget
✗
✗
✓
MyBTC.ca Cryptocurrency Exchange
✗
✗
✓
Changelly Crypto-to-Crypto Exchange
✗
✗
✗
Crypto.com
✗
✓
✓
Which global crypto exchanges aren’t available in Canada?
There are over 535 crypto exchange platforms in the world. That said, the majority of these exchanges are not available in Canada. Some of these exchanges have not been approved by Canadian regulatory bodies, while others have not yet attempted to enter the Canadian market.
Interestingly, some of the biggest crypto exchanges globally do not operate in Canada. For example, Binance, which is the biggest crypto exchange platform in the world by trade volume, left the Canadian market in 2023 due to regulatory restrictions.
These other popular global crypto exchange platforms are also unavailable in Canada:
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the exchange - simple.
Let’s say that you want to buy Bitcoin (BTC). On a typical exchange, you will need to follow a process like the one outlined below to get started trading crypto:
Choose the best crypto exchange for your needs, considering features like fees, security and supported currencies.
Open an account by providing personal details, your address, financial information and ID. You will have to upload verification documents to complete KYC, a process where the crypto platform will confirm your identity and risk profile.
Login to your account and navigate to the Buy screen.
Select the crypto you want to buy, enter the amount and choose your payment method.
Review the details of your transaction, including fees, and submit the order.
Once the transaction has processed, your cryptocurrency will be deposited into the crypto wallet linked to your account.
What are Canadians looking for in the best crypto exchange platforms?
In our latest Finder: Consumer Sentiment Survey January 2025, we asked Canadians what features are most important to them when deciding between the best crypto exchange platforms.
Interestingly, 27.27% of Canadians said that security measures were one of their top priorities, which indicates that security is more important for traders compared to factors like coin offerings and trading features.
Beyond that, the next two features that matter most to Canadians are fee structure (22.18%) and ensuring that the crypto platform has a user friendly interface (18.68%).
Risks of using a crypto exchange
Cybersecurity breaches. Security breaches and targeted phishing scams can be a major concern for exchanges and customers.
Not your keys. Ever heard the phrase “not your keys, not your crypto”? Storing your crypto on an exchange instead of using your own non-custodial wallet relinquishes some control over your assets. Some might say this is contradictory to the decentralized philosophy of crypto.
Lack of consumer protection. While crypto exchanges are increasingly held accountable in Canada and may be registered with local securities regulators, many consumer protections like mandatory insurance are still lacking.
Proof of reserves. Since the widely publicized collapse of FTX, many traders and investors have demanded that centralized 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 best practices are not yet clear.
Limits. While looking for the best crypto trading platform, you might notice that some have transaction, deposit and withdrawal limits. Limits vary and often increase if you provide additional information for security purposes.
Frozen accounts. If suspicious activity is detected, crypto exchange accounts can be frozen without warning. If your account is frozen, you can’t remove funds until the exchange approves or denies your request. For this reason, consider holding no more than a trading balance in your account.
Asset delistings. Centralized exchanges can delist a cryptocurrency any time for reasons like poor asset performance, security concerns or anti-money laundering (AML) breaches. When an asset is delisted, you’ll be notified and forced to sell or transfer it
Bottom line
Choosing the best crypto exchange platform can help ensure you have access to the range of coins and trading features you need. It also helps to make sure you’re getting the most competitive fee structure for your crypto trading plans so you’re not paying more than necessary.
Frequently asked questions about the best crypto exchange platforms
The best crypto app for mobile trading ultimately comes down to your needs, trading style and personal preference. But we've found that Coinbase, Kraken, Uphold, Bitget and Paybis all offer solid mobile apps for trading crypto in Canada.
Crypto exchange platforms that are registered or pre-registered by the Ontario Securities Commission (OSC) include:
A crypto exchange is a market on which buyers and sellers transact with each other, whereas a crypto broker transacts with customers directly. The advantage of using a broker is that transactions should be instant, which means your account updates immediately after buying or selling.
While a crypto exchange may offer brokerage services, you can also set asset prices. For instance, if you think bitcoin will go down by $10,000, you can set an order for that new lower amount and wait for it to be filled. Likewise, you can set an order to sell your assets above the market price.
To comply with anti-money laundering and counter-terrorism financing regulations, exchanges must gather specific details about their customers. That's why you might be asked to provide proof of ID as part of a process typically referred to as "Know Your Customer" or KYC.
The most secure exchanges are registered with major financial regulatory bodies in Canada like FINTRAC, the CSA and the OSC (Ontario). The safest exchanges should also protect accounts with multiple layers of protection, including 2-factor authentication (2FA), holding most assets in cold storage and having insurance for digital assets.
Keep in mind that all centralized cryptocurrency exchanges are vulnerable to hacking and exploits, so consider using a hardware wallet for added security.
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 business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the 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. See full bio
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
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