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10 best crypto exchanges in Canada

Find the best crypto exchange, trading platform or app available for Canadian residents.

Coinbase Digital Currency Exchange

Coinbase Digital Currency Exchange logo
  • Buy, sell and trade 256 cryptos.
  • Quick crypto withdrawals.
  • Instant buy with CAD & advanced trading options.
Go to site

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, you’ll need to determine what and how you plan on using a crypto exchange for. 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 that each crypto platform offers. For instance, you may use one crypto trading platform because of the range of coins offered, and 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 11 best crypto exchanges in Canada.

Finder’s best crypto exchanges and trading platforms in Canada March 2024

  • Coinbase – Best crypto exchange for beginners
  • Kraken – Highly commended advanced trading crypto exchange
  • Paybis – Best platform for self-custody
  • Bitbuy – Best platform for asset protection options
  • VirgoCX – Best exchange for automated trading
  • NDAX – Best crypto exchange for customer support
  • Crypto.com – Best overall crypto exchange and app in Canada
  • Gemini – Best value crypto exchange in Canada
  • Wealthsimple – Best homegrown Canadian platform
  • Netcoins – Best crypto broker

1. Coinbase: Best crypto exchange for beginners

Coinbase Digital Currency Exchange

★★★★★
Finder score
257
Supported cryptos
23
Fiat currencies

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. Coinbase Digital Currency Exchange markets interface

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
Fees and deposit methods Debit card,PayPal
Deposit fees Wire transfer: US$10
Cryptocurrency: Free
ACH: Free
Withdrawal fees Wire transfer: US$25
Cryptocurrency: Price varies depending on the asset
ACH: Free
Trading fees Maker fee: 0.00-0.4%
Taker fee: 0.05-0.6%

2. Kraken: Highly commended advanced trading crypto exchange

Kraken Cryptocurrency Exchange

★★★★★
Finder score
223
Supported cryptos
8
Fiat currencies

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. Kraken Cryptocurrency Exchange markets interface

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%

3. Paybis: Best platform for self-custody

Paybis Cryptocurrency Exchange

★★★★★
Finder score
86
Supported cryptos
60
Fiat currencies
49
States supported (incl. CA, FL, TX)

Paybis is a P2P crypto exchange on which you can trade 86 different crypto assets.

To receive the crypto you purchase on Paybis, you have to connect your account to a non-custodial crypto wallet, because Paybis doesn't custody the crypto assets that you purchase via the platform for you.

This makes Paybis a great option for those who don't mind accepting the responsibility of managing the crypto they purchase.

However, please note that if you are a frequent trader, Paybis might not be the best platform for you. The combination of commission and processing fees that it charges can total between 4.5% and 6.99%. Paybis Cryptocurrency Exchange markets interface

Pros
  • Enables direct exchanges with buyers and sellers in over 180 countries
  • Allows you to self-custody your digital assets upon purchasing them
  • Supports a range of payment methods
  • Easy registration process
  • Registered with FINTRAC
Cons
  • Must first learn how to set up and use a non-custodial wallet
  • High commission and processing fees
Fees and deposit methods Bank transfer,Credit card,Debit card,Neteller
Deposit fees Bank transfer: 0.99%
Debit / credit card: 2.49%
Neteller: 2.95%
Skrill: 4.95%
Processing fee (additional to other fees): 4.5% - 6.99%
Withdrawal fees Bank transfer: 0.99%
Debit / credit card: 2.49%
Neteller: 2.95%
Skrill: 4.95%
Processing fee (additional to other fees): 4.5% - 6.99%
Trading fees N/A
AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC
  • AL
  • AK
  • AZ
  • AR
  • CA
  • CO
  • CT
  • DE
  • FL
  • GA
  • ID
  • IL
  • IN
  • IA
  • KS
  • KY
  • LA
  • ME
  • MD
  • MA
  • MI
  • MN
  • MS
  • MO
  • MT
  • NE
  • NV
  • NH
  • NJ
  • NM
  • NC
  • ND
  • OH
  • OK
  • OR
  • PA
  • RI
  • SC
  • SD
  • TN
  • TX
  • UT
  • VT
  • VA
  • WA
  • WV
  • WI
  • WY
  • DC

4. Bitbuy – Best platform for asset protection options

Bitbuy Digital Currency Exchange

★★★★★
Finder score
39
Supported cryptos
1
Fiat currency
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. Bitbuy Digital Currency Exchange markets interface

Pros
  • 99% of assets stored in cold storage
  • Uses BitGo to protect and insure the funds it holds
  • Enables 2FA protection
  • Registered with FINTRAC and the OSC
Cons
  • Only supports 23 digital assets
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%

5. VirgoCX: Best exchange for automated trading

VirgoCX Cryptocurrency Exchange

★★★★★
Finder score
68
Supported cryptos
2
Fiat currencies
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. VirgoCX Cryptocurrency Exchange markets interface

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
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
Taker: N/A

6. NDAX: Best crypto exchange for customer support

NDAX Cryptocurrency Trading Platform

★★★★★
Finder score
37
Supported cryptos
1
Fiat currency
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. NDAX Cryptocurrency Trading Platform markets interface

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
Fees and deposit methods Cryptocurrency,Interac e-Transfer,Wire transfer,Bank draft
Deposit fees Interac e-Transfer: Free
Wire Transfer: Free
Bank Draft: Free
Cryptocurrency: Free
Withdrawal fees Wire Transfer: Free
Bank Direct: $4.99
Cryptocurrency: Fees vary
Trading fees 0.2% for buying and selling cryptocurrency

7. Crypto.com: Best overall crypto exchange and app Canada

Crypto.com App

★★★★★
Finder score
271
Supported cryptos
31
Fiat currencies

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. Crypto.com App markets interface

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
Deposit fees None
Withdrawal fees Cryptocurrency: Fees vary
Trading fees Maker - 0-0.075%
Taker - 0.026%-0.0750%

8. Gemini: Best value crypto exchange in Canada

Gemini Cryptocurrency Exchange

★★★★★
Finder score
85
Supported cryptos
8
Fiat currencies

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. Gemini Cryptocurrency Exchange markets interface

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%

9. Wealthsimple: Best homegrown Canadian crypto platform

Wealthsimple Crypto

Wealthsimple Crypto

★★★★★
Finder score
65
Supported cryptos
2
Fiat currencies

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. Wealthsimple Crypto markets interface

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
Deposit fees None
Withdrawal fees None
Trading fees 0.5-2%

10. Netcoins: Best crypto broker

Netcoins Trading Platform

Netcoins Trading Platform

★★★★★
Finder score
37
Supported cryptos
2
Fiat currencies

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. Netcoins Trading Platform markets interface

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 - $25 USD for less
Withdrawal fees Interac e-Transfers: None
Cryptocurrency: Varies
Bank Wire: Free for withdrawals over $25,000 CAD or $6,000 USD; $50 CAD or $75 USD for less
Trading fees 0.5%

More investors looking for the best crypto exchange in Canada

According to results from the Finder: Consumer Sentiment Survey Q1 (CSTQ1), approximately 1 in 5 Canadians invested or traded 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 Survey 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.

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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:

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.
1 - 10 of 14
Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer Link
Finder Award
Coinbase Digital Currency Exchange
Debit card, PayPal
USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN

257
cryptocurrencies

Capital at risk

View details
Kraken Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT
USD, EUR, CAD, AUD, GBP, CHF, JPY

223
cryptocurrencies

Certain trading features are limited or unavailable to residents of Ontario and Quebec.

Capital at risk

View details
Paybis Cryptocurrency Exchange
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Debit card, Neteller
GBP,CLP,MXN,TRY,AUD,CZK,NOK,DKK,PLN,SEK,ZAR,HUF,ILS,AED,INR,MYR,SGD,MAD,RON,VND,KWD,PHP,DOP,PEN,GEL,CRC,AZN,IDR,DZD,SAR,THB,TND,XAF,CAD,BT,CHF,HKD,EGP,KRW,NGN,UAH,JPY,BRL,COP,RUB,NZD,ALL,ZRS,BYN,HRK,UYU,TWD,BGN,KZT,MDL,QAR,UZS,JOD,BHD,NAD

86
cryptocurrencies

Capital at risk

View details
Coinmama Cryptocurrency Marketplace
Credit card, Debit card, Apple Pay, Google Pay
USD, EUR, AUD, CAD, GBP, JPY

16
cryptocurrencies

Capital at risk

View details
Bitbuy Digital Currency Exchange
OFFER
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

39
cryptocurrencies

Limited time only: Free $40* when you sign up and fund your Bitbuy account. T&Cs apply.

Capital at risk

View details
VirgoCX Cryptocurrency Exchange
OFFER
VirgoCX Cryptocurrency Exchange
Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer
CAD, USD

68
cryptocurrencies

Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.

Capital at risk

View details
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency, Debit card, Wire transfer, Apple Pay
USD, GBP, EUR, CAD, MXN, HKD, RUB, NZD, SGD, JPY

391
cryptocurrencies

Capital at risk

View details
NDAX Cryptocurrency Trading Platform
OFFER
NDAX Cryptocurrency Trading Platform
Cryptocurrency, Interac e-Transfer, Wire transfer, Bank draft
CAD

37
cryptocurrencies

Get a $15 bonus when you open an account and deposit at least CAD$100. T&Cs apply.

Capital at risk

View details
MyBTC.ca Cryptocurrency Exchange
MyBTC.ca Cryptocurrency Exchange
Cash, Credit card, Debit card, Flexepin, Interac e-Transfer, Bank Wire
CAD

2
cryptocurrencies

Capital at risk

View details
Finder Award
OFFER
Gemini Cryptocurrency Exchange
Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay, Google Pay
USD, AUD, CAD, EUR, GBP, SGD, HKD, COP

85
cryptocurrencies

Capital at risk

View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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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).

  1. Compare cryptocurrency exchanges to find one that offers the right service for you.
  2. Register for an account on the platform and provide any personal details and proof of ID required.
  3. Navigate your way to the "Buy" screen.
  4. Select BTC as the cryptocurrency you want to buy.
  5. Select your payment currency, which in this case is CAD, and specify the amount you want to spend as $500.
  6. Select your payment method, such as a credit card payment or bank transfer.
  7. 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.
  8. Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
  9. If you're happy to proceed, click "Buy BTC".
  10. 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:

  • Peer-to-peer (P2P) payments
  • Neteller, Skrill and other online payment services
  • Interac e-Transfers
  • Apple Pay and Google Pay

Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.

The different types of cryptocurrency exchanges

The term "exchange" may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users.

  • Cryptocurrency brokers (suited to beginners). Buy directly from cryptocurrency dealers for simple and quick purchases. Many beginners use brokers for their first purchase. A broker will facilitate an instant purchase of the digital asset of your choosing and will not offer spot trading.
  • Cryptocurrency trading platforms (suited to beginner/intermediate users). Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional features like margin trading. Many exchanges now offer brokerage services to be more beginner-friendly.
  • Cryptocurrency derivatives platforms (suited to advanced users). These trading platforms don't sell cryptocurrency outright. Instead, they let certain users trade cryptocurrency derivatives in regions where this restricted-access feature is available. They're for advanced traders who want high speed, high leverage and deeply liquid platforms with a full range of features.

Risks of using a crypto exchange

  • Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
  • Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.
  • Lack of consumer protection. While crypto exchanges are increasingly regulated in Canada and may be registered with FINTRAC, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
  • Proof of reserves. Since the widely publicised collapse of FTX, many traders and investors have demanded centralised exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
  • Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 CAD available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and FINTRAC stipulations and typically increase as you provide additional KYC information.
  • Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
  • Asset delistings. Centralised exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.

Is it safe to store your cryptocurrency on an exchange?

Securely store your crypto:

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

2023 crypto exchange industry predictions report

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.

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

Methodology

To evaluate our 2024 picks for the best crypto exchanges in Canada, we compared trading platforms on a range of criteria, including the following:

  • Supported assets. Does the platform offer a good breadth of coins, tokens and NFTs?
  • Payment methods. What account funding options are available? Does the exchange accept bank transfers, credit and debit cards or crypto-only transfers?
  • Fees. What trading fees, withdrawal fees and other miscellaneous charges are levied by the exchange, and are these rates comparable with competitor exchanges?
  • User experience. Is the platform simple to use for both beginners and advanced crypto traders?
  • Platform features. What tools, charts and functionalities are available on the exchange? Is there support for advanced trading features such as derivatives or hedging?
  • Security. What measures are taken by the exchange to protect its customers' assets and prevent theft or loss? Are additional security features in place, including 2-factor authentication (2FA), cold storage of assets, regular audits and insurance coverage?
  • Regulator registration. Is the platform registered with the Financial Transactions and Reports Analysis Centre?
  • Customer support. How do existing users rate the exchange's customer support? Does the exchange offer various methods of contact, such as email, instant chat, phone or social media?
Read our full trading platform rating methodology

Finder's crypto exchange reviews

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.

Survey Methodology – Finder: Consumer Sentiment Survey Q1 2023

The results of the Finder: Consumer Sentiment Survey 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.

Survey Methodology – Finder: Consumer Sentiment Survey Q2 2023

The results of the Finder: Consumer Sentiment Survey 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.

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