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.
Kraken is one of the oldest names in the crypto exchange world, having been around since 2011. The platform is user-friendly enough for beginners but has charting tools and advanced order types to suit more experienced traders. If you need any help with your account or transactions, 24/7 support is available.
Pros
Established in 2011
Great Finder Score
Trade hundreds of cryptos
Easy to use
Cons
Low user ratings on Trustpilot
Lower fees elsewhere
Some complaints about poor customer service
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%
Use code Finder25 to get a 25% discount on all commission for 1 transaction. T&Cs apply.
Like Bybit, Paybis is another crypto exchange with a global presence, serving over 180 countries around the world. This beginner-friendly platform lets you buy over 85 cryptocurrencies, making it easy to turn your CAD into crypto. There's a mobile app available too, and you can access 24/7 support if you have any questions.
Pros
Good user ratings on Trustpilot
Easy to use for beginners
24/7 live support
Global platform
Cons
You can only sell a limited range of coins and tokens
Higher fees than some other platforms
Experienced traders may prefer an exchange with more advanced features
Deposit methods
Bank transfer, Credit card, Debit card, Neteller, Skrill, Apple Pay
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%
Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.
VirgoCX is a Toronto-based crypto exchange where you can buy and sell dozens of cryptocurrencies. This easy-to-use platform features a streamlined interface and supports a variety of payment methods, providing a simple introduction to the world of crypto. If you want to trade on the go, there's a mobile app available too.
Pros
Canadian exchange
Trade over 60 cryptos
User-friendly platform
Easy for new traders
Cons
Other exchanges provide access to a wider range of cryptos
Spreads of up to 1.60%
Fees when you pay with debit or credit card
Deposit methods
Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer
Uphold is a multi-asset trading platform where you can trade cryptocurrencies, fiat currencies and precious metals. There are over 300 cryptocurrencies to choose from, multiple deposit methods are supported and there are staking opportunities too. For added peace of mind, Uphold also provides real-time details on its assets and liabilities.
Sign up and receive a 6,200 USDT newcomer's gift package.
Like Bybit, Bitget provides access to a huge range of cryptocurrencies—over 800, in fact. It also offers spot, margin and futures trading, plus a copy trading feature if you want to follow the market moves of top traders. Bitget Earn provides ways of earning extra income from your crypto holdings, and Bitget also has a popular app for trading on the go.
Pros
Buy over 800 cryptocurrencies
Supports copy trading
Staking available
Competitive fees
Cons
Mixed reviews on Trustpilot
Some customer support complaints
Deposit methods
Bank transfer, Credit card, Cryptocurrency, Debit card
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).
That’s quite similar to Bitget, where taker fees also fall around 0.03%-0.10% and VIP members can access fee discounts. 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.
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:
Canada
United States
The Chinese Mainland
Hong Kong
Singapore
France
United Kingdom
North Korea
Cuba
Iran
Uzbekistan
Russian-controlled regions of Ukraine (currently including the Crimea, Donetsk and Luhansk regions)
Sevastopol
Sudan
Syria
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
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.
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.
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.
Tim Falk is a freelance writer for Finder. Over the course of his 15-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
Gemini is no longer available in Canada. Learn more about the platform and compare alternatives.
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