Kraken Cryptocurrency Exchange
- Buy, sell and trade 185+ cryptos
- Low fees for active traders
- Advanced trading interface
Kraken Cryptocurrency Exchange
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.
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.
|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%
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.
|Fees and deposit methods||Cryptocurrency,Interac e-Transfer,Wire transfer,Bank draft|
|Deposit fees||Interac e-Transfer: Free
Wire Transfer: Free
Bank Draft: Free
|Withdrawal fees||Wire Transfer: Free
Bank Direct: $4.99
Cryptocurrency: Fees vary
|Trading fees||0.2% for buying and selling cryptocurrency|
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.
|Fees and deposit methods||Cryptocurrency,Interac e-Transfer,Wire transfer|
|Deposit fees||Cryptocurrency: free; blockchain network fees apply
Interac e-transfer: free
Wire transfer: free
|Withdrawal fees||Cryptocurrency: varies depending on digital asset; blockchain network fees apply
Interac e-transfer: 1.5%
Wire transfer: 1.5%
|Trading fees||Maker (Spread fee): 0.00-2%
Taker (Spread fee): 0.10-2%
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.
|Fees and deposit methods||Cryptocurrency,Debit card,Interac e-Transfer,Wire transfer|
|Deposit fees||Cryptocurrency - Varies depending on cryptocurrency (blockchain network fees still apply)
Interac e-transfer: free
Wire transfer: free
Credit card: 3.99%
Debit card: 2.99%
|Withdrawal fees||Cryptocurrency - Varies depending on cryptocurrency (blockchain network fees still apply)
Interac e-transfer: free
Wire transfer: free
|Trading fees||Maker: N/A
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.
|Fees and deposit methods||Bank transfer,Credit card,Cryptocurrency,Debit card,Google Pay|
|Withdrawal fees||Cryptocurrency: Fees vary|
|Trading fees||Maker - 0-0.075%
Taker - 0-0.066%
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.
|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
|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
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.
|Fees and deposit methods||Debit card,PayPal|
|Deposit fees||Wire transfer: US$10
|Withdrawal fees||Wire transfer: US$25
Cryptocurrency: Price varies depending on the asset
|Trading fees||Maker fee: 0.00-0.4%
Taker fee: 0.05-0.6%
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.
|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.
|Fees and deposit methods||Cryptocurrency,Interac e-Transfer,Bank Wire|
|Deposit fees||Interac e-Transfers: 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
Bank Wire: None for withdrawals over $25,000 CAD or $6,000 USD; $30 CAD or $75 USD for less
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.
|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%
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.
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:
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.
For the sake of our example, let's assume that you have $500 that you want to use to buy Bitcoin (BTC).
Crypto exchanges in Canada support a range of deposit methods, including the following:
Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.
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 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.Learn more about cryptocurrency wallets
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.
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.
To evaluate our 2023 picks for the best crypto exchanges in Canada, we compared trading platforms on a range of criteria, including the following:
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.
Find out how major crypto exchanges and brokers fared in 2023’s Crypto Trading Platform Awards.
Learn about Shakepay, a Canadian crypto exchange. Finder’s Shakepay review has fees, features, supported cryptos and more.
Read our review of VirgoCX, a Canadian cryptocurrency exchange that’s appealing to new users and experienced traders alike.
Learn more about Wealthsimple Crypto, Canada’s first ever regulated crypto platform in our hands-on review.
Canadian cryptocurrency exchange NDAX allows you to trade Bitcoin, Ethereum and other major digital currencies with Canadian dollars. Find out more about the platform’s fees and features in this comprehensive review.
Your guide to Canadian-based bitcoin buying service MyBTC.ca, including its fees and features and any other pros and cons new users should be aware of.
Find out more about the services Bitbuy offers Canadian cryptocurrency traders in our detailed review.
Find out how Coinsquare works, what its fees are and why you may want to consider other exchanges.
With head offices in New York, Gemini is a regulated digital currency exchange offering trading and storage services for your Bitcoin and Ethereum tokens.
Changelly is a popular crypto-to-crypto exchange service that offers access to over 35 cryptocurrencies.
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