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
9.5Excellent Coinbase	9.5Excellent	288	1		Buy your first crypto and get $10 in BTC with code BTCCA10. Canadian users only. T&Cs apply.	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. Coinbase offers a user-friendly platform and highly-rated mobile app. Similar to Bybit, Coinbase offers the option to earn crypto rewards by watching learning videos and completing quizzes. Pros & cons Pros Easy signup process Trade BTC, ETH, ADA, SOL, DOT, LTC and 280+ more 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
9.5Excellent Kraken	9.5Excellent	379	7		Earn rewards by holding USDC on Kraken. All Kraken users earn 1.75%, while Kraken+ members earn 4.25%. Rewards accrue automatically based on your USDC balance. T&Cs apply.	Go to site Capital at risk More info Compare product selection Compare	loading	Why we like it 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 & cons Pros Established in 2011 Great Finder Score Trade hundreds of cryptos Easy to use 24/7 customer support Cons Low user ratings on Trustpilot Lower fees elsewhere Some complaints about poor customer service
KOHO
8.2Great KOHO Crypto Exclusive	8.2Great	14	1		Finder exclusive: New users get $40 using code FINDER4026. T&Cs apply.	Go to site Capital at risk More info Compare product selection Compare	loading	Why we like it While KOHO is most widely known for its high-interest savings plans, it has expanded its offerings to include crypto trading. Backed by Ndax, KOHO now allows users to buy and sell BTC, ETH, XRP, DOGE and 15+ more cryptocurrencies. You can buy crypto using funds directly from your KOHO account, eliminating the need to shuffle funds around for each trade. Pros & cons Pros Transparent fee structure with no hidden spreads Crypto assets are held in cold storage and regulated custodial arrangements Held crypto may be insured Earn interest on your CAD balance through KOHO's standard plan Set up scheduled crypto purchases and price alerts Cons KOHO plans come with a monthly or annual fee Limited number of coins to purchase Trades can cost 0.5% to 1.5% Supports fewer cryptos compared to Bybit
Paybis
7.9Great Paybis	7.9Great	83	50		Compare product selection Compare	loading	Why we like it 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 BTC, ETH, XRP, ADA, DOGE and 70+ more 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 & cons Pros User-friendly mobile and web experience Long-standing platform 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
VirgoCX
8.2Great VirgoCX	8.2Great	45	2		Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.	Compare product selection Compare	loading	Why we like it 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 & cons Pros Canada-based platform Free deposits and withdrawals Multilingual support Trade over 60 cryptos User-friendly platform Easy for new traders Cons Other exchanges provide access to a wider range of cryptos Spreads of 0.95%-1.6% Fees when you pay with a debit or credit card

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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 0.40%, 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

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