Bybit exchange alternatives in Canada

Bybit is one of the world’s largest crypto exchanges, offering a platform and a highly rated mobile app where users can buy and sell hundreds of cryptocurrencies. So, if you’re looking to get started in the world of crypto, you might be wondering, “Can Canadians use Bybit?”

Is Bybit available in Canada?

No. While Bybit was previously available in Canada, in May 2023, the exchange announced that it was withdrawing from the Canadian market. Bybit cited regulatory developments as the reason for its withdrawal.

Bybit alternatives in Canada

While Bybit isn’t an option for Canadians, there are several popular Bybit alternatives to choose from. Check out the five exchanges below if you want to start buying and selling crypto.

Finder Score	Cryptocurrencies	Fiat currencies	FINTRAC registered
Coinbase
9.7Excellent Coinbase Finder Award	9.7Excellent	288	1		Go to site Capital at risk More info Compare product selection Compare	loading	Why we like it Coinbase is one of the largest crypto exchanges in the world by trading volume. You can deposit funds for free via Interac e-Transfer, and instantly purchase crypto via debit. It offers a user-friendly platform and highly-rated mobile app. Coinbase also offers the option to earn crypto rewards by watching learning videos and completing quizzes. Pros & cons 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 Ontario Securities Commission (OSC) Cons Only hold CAD in Canadian accounts No credit card purchases in Canada No margin, futures or options trading in Canada
Kraken
8.8Great Kraken	8.8Great	381	7		Go to site Capital at risk More info Compare product selection Compare	loading	Why we like it Kraken is a well-known name in the crypto world, having been first established in 2011. This global platform lets you trade over 300 cryptocurrencies, offering a simple trading platform for crypto beginners as well as Kraken Pro for advanced traders. There's also a user-friendly mobile app available if you want to trade from your smartphone. Pros & cons Pros One of the world's oldest crypto exchanges Access a wide range of cryptos 24/7 customer support Good for beginners as well as advanced traders Cons Low Trustpilot user ratings You'll find lower fees on other platforms
Paybis
7.7Great Paybis	7.7Great	83	50		Go to site Capital at risk More info Compare product selection Compare	loading	Why we like it If you're searching for a platform that makes it quick and easy to buy crypto as a newbie, Paybis is worth a closer look. This global exchange offers a simple user interface that allows you to buy crypto with fiat currency, and you can also buy via a highly rated mobile app. With 24/7 support available, help is at hand if you have any questions. Pros & cons Pros Beginner friendly Supports a wide range of deposit methods Quick and easy to use Multiple payment options available Cons You can only sell a limited range of cryptos Other platforms have lower fees Paybis Wallet is not available in Canada
VirgoCX
7.3Great VirgoCX	7.3Great	45	2		Compare product selection Compare	loading	Why we like it Founded in 2018, VirgoCX is a Canadian crypto trading platform based in Toronto. This user-friendly platform offers free cash deposits and withdrawals and is designed to offer a quick and easy crypto buying experience for users. There are over 85 cryptos to trade on VirgoCX, and the platform is authorized to do business with Canadians by the CSA. Pros & cons Pros Canadian crypto exchange User-friendly platform Free deposits and withdrawals Multilingual support Cons Spreads of 0.95% to 1.60% Watch out for fees for credit and debit card deposits Not as many cryptocurrencies as some other platforms

loading

What is the Bybit exchange platform?

Bybit is a crypto exchange headquartered in Dubai. Founded in 2018, it offers the following features to users in over 180 countries.

Trade over 700 cryptocurrencies

Bybit users can trade over 700 cryptocurrencies through the exchange, including bitcoin, ethereum and a wide range of other popular cryptos. Spot trading is available along with a one-click buy feature, while margin, futures and options trading are supported too. Other Bybit features include P2P trading, a copy trading feature, a trading bot to automate your trades and AI-driven data analysis.

Mobile app

Users can make trades via Bybit’s online platform or by downloading the Android or iOS mobile app. As of the time of writing, the app has average ratings of 4.7/5 based on more than 35,000 reviews on Apple’s App Store and over 1.2 million reviews on Google Play.

Bybit fees

Trading fees on Bybit vary depending on your account tier, which is determined by your asset balance or your trading volume over the last 30 days. Maker and taker fees on crypto pairs start at 0.10%, but they can drop as low as 0.005% and 0.015% respectively for Pro 6 customers (as of January 2025).

Meanwhile, Kraken users can access taker fees of 0.1%-0.4% (Pro account), but high-volume traders get discounted fees.

Bybit Card

The Bybit Card is a virtual Mastercard debit card that can be used to spend cryptocurrency anywhere Mastercard is accepted. Only available in select countries, it comes with no annual fee, supports six cryptocurrencies and has its own loyalty rewards program.

Bybit Earn and crypto loans

Users can access a host of staking opportunities through Bybit Earn to gather passive income from their crypto holdings. High loan-to-value crypto loans are also available through the platform.

Is Bybit legal in Canada?

No, you can’t use Bybit in Canada. Bybit lists Canada as an excluded jurisdiction.

The platform attracted unwanted attention from regulators when previously operating in Canada. In 2022, the Ontario Securities Commission imposed a fine of almost $2.5 million on Bybit for selling unregistered securities.

Why did Bybit leave Canada?

In May 2023, Bybit announced that it was exiting the Canadian market. The platform said it had made the difficult decision to pause the availability of its products and services in Canada “in light of recent regulatory development.”

The announcement came soon after the world’s largest crypto exchange, Binance, announced that it was also withdrawing from the Canadian market due to tightening regulations.

Does Bybit work in Canada?

As of May 31, 2023, Bybit is no longer accepting new account applications from residents of Canada. As a result, Canadians cannot make any deposits to Bybit, buy crypto or increase any existing positions.

Bybit advised Canadian customers to “wind down and manage their positions” by September 30, 2023. After that time, any open positions in any margin products and derivative contracts were to be liquidated and the funds made available for customers to withdraw.

List of Bybit restricted countries

Bybit does not offer its products and services in the following jurisdictions:

In which countries does the Bybit exchange operate?

Bybit is available to users in over 190 countries. The platform is available in countries like:

• Argentina
• Australia
• Belgium
• Brazil
• Germany
• Italy
• New Zealand
• Sweden
• Taiwan
• United Arab Emirates

Bottom line

Bybit isn’t available in Canada, but there are several other reputable exchanges you can use instead. Once you know which key features you want in a platform, compare the best crypto exchanges to find the right site to start trading.

Frequently asked questions about Bybit

• What organizations regulate crypto in Canada?

  The Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are the two main bodies that regulate cryptocurrency in Canada. Money services businesses that deal in cryptocurrencies must register with FINTRAC, report certain transactions and carry out Know Your Customer (KYC) verification of clients.

  The CSA issues guidance about cryptocurrency regulation in Canada, and provincial securities regulators such as the Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF) in Quebec ensure that crypto exchanges comply with CSA requirements.

• Is it illegal to use a VPN for Bybit?

  There may be legal consequences if you use a VPN to trade cryptocurrency in your jurisdiction. Canada is listed as an excluded jurisdiction in Bybit's Terms of Use, so you should search for an exchange that is legally permitted to serve Canadian customers.

• Should I store my cryptocurrency on an exchange or in my own wallet?

  Storing your crypto holdings in your exchange wallet is an easy and convenient option, but it comes with a level of risk. Not only could your holdings be at risk if the exchange is hacked, you won't have control over your private keys with an exchange-custodied wallet. That's why it's usually a good idea to withdraw your crypto to a wallet for which you hold the private keys. Learn more in our guide on the best crypto wallets.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

Tim's expertise

Tim has written 509 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Stock Trading
• Cryptocurrency