Canada is quite a crypto-friendly country and does not restrict the development of the industry in the country. The Canadian Securities Administrator(CSA) has even established the CSA Regulatory Sandbox to stimulate crypto businesses in the country.
As a result, many crypto firms based in Canada have come up in the past few years. The country also has an ever-growing network of Bitcoin ATMs. This shows that Canada has a lot to offer to crypto businesses and crypto traders.
To help you learn more about the crypto exchanges available in Canada, we have compiled this list of the best cryptocurrency exchanges in Canada.
7 Best Crypto Exchanges in Canada
Bitbuy
Bitbuy is a Canadian cryptocurrency exchange founded in 2013 as Instabit and rebranded as Bitbuy in 2016. It is a platform that caters specifically to Canadian traders. It is suitable for both new traders looking for a simple crypto exchange and advanced traders on the search for sophisticated tools and charts.
Bitbuy offers a decent range of about 100 cryptocurrencies that you can buy or sell at a 2% fee on the Express Trade platform. The Pro Trade version, however, uses the maker-taker system for determining trading fees.
Bitbuy also offers staking services wherein you can stake various assets and earn good interest on them. Additionally, it also provides personalized OTC services with a dedicated account manager. Bitbuy also has a solid mobile app with which you can trade on the go.
Features
✔️Over 100 cryptocurrencies available
✔️Home-grown cryptocurrency exchange
✔️Two versions- Express Trade and Pro Trade
✔️Personalized OTC services available
Pros and Cons
✅Easy to use platform ❌Buy and sell fees are high
✅Caters to Canadian traders
✅Earning opportunities
✅Mobile app available
Trading Fees
Trading fees for Bitbuy
Customer Reviews
Bitbuy has good customer service
Funds may be held on Bitbuy
Why We Picked It
Bitbuy is a licensed, regulated and an overall reliable trading platform. It caters specifically to Canadian traders and has a beginner-friendly user interface. Bitbuy also offers earning opportunities for users and provides OTC services. It has a mobile app that can be used on both Android and iOS devices.
Newton
Newton is also a Canadian cryptocurrency exchange that was founded in 2018. It was established with the aim of making cryptocurrency accessible to everyone and improving the trading experience in Canada.
The platform offers 60+ cryptocurrencies for buying, selling, trading and holding. Further, Newton also supports limit orders and market orders. There are also charting tools available to help you analyze data and make informed trading decisions.
Additionally, Newton provides OTC services and also offers assets for staking.
Features
✔️Home-grown cryptocurrency exchange
✔️60+ cryptocurrencies available
✔️Market and limit orders supported
✔️Charges spread on trades
Pros and Cons
✅Beginner-friendly platform ❌Tedious verification process
✅Caters to Canadian traders
✅Spreads are low
✅Earning opportunities
Trading Fees
Trading fees for Newton
Customer Reviews
Newton offers good customer service
E-transfers may be delayed on Newton
Why We Picked It
Newton is a Canadian cryptocurrency exchange with low spreads and a beginner-friendly UI. It supports market orders, limit orders and OTC services and offers many staking opportunities. The platform also offers charts and other tools so that you can make an informed decision.
Coinbase
Coinbase is one of the simplest crypto exchanges out there. It is very easy to buy and sell cryptocurrency here. You just have to sign up and get your KYC verified to get started with Coinbase.
If you want to learn more about cryptocurrency, Coinbase has you covered on that front too. You can hop over to the Learn section whenever you want to increase your crypto knowledge and maybe even win some crypto rewards in return.
On the fee front, fees on the Coinbase Basic platform depend on various dynamic factors such as market conditions, order size and payment method. The Coinbase Pro platform, meanwhile, follows the maker-taker system.
For institutional investors, Coinbase offers several solutions such as access to 350+ different pairs for trading and dedicated execution consultancy services.
Features
✔️Over 250 cryptocurrencies available
✔️Second-largest cryptocurrency exchange
✔️Two versions- Basic and Pro
✔️Consultancy services for institutional investors
Pros and Cons
✅Publicly traded company ❌Costly trades on basic version
✅Mandatory KYC verification ❌Customer service not up-to-the-mark
✅Low fees on Coinbase Pro
✅Learn to Earn feature
Trading Fees
Trading fees for Coinbase
Customer Reviews
Coinbase offers a seamless trading experience
There can be problems on Coinbase such as high network fees
Why We Picked It
Coinbase has a decent crypto collection and is an overall reliable crypto exchange. It is one of the most beginner-friendly platforms and also has a mobile app with all the functionalities of the web version. Further, Coinbase offers advanced tools and charts for professional traders and consultancy services for institutional investors.
Kraken
Kraken is a platform that has been in the crypto business for more than a decade and is still going strong. Here, you get a decent collection of over 200 cryptocurrencies for trading at dynamic prices. It also offers several opportunities for staking assets where you can earn as much as 24% annual rewards on your assets.
Kraken has low spreads that help you lower your average cost per trade and the platform’s high liquidity means you can conveniently execute large volume trades at stable prices. Spot, margin and futures trading are supported on Kraken and it also features cryptocurrency indices and OTC services.
If you would like to widen your knowledge of cryptocurrency and stay up-to-date with the latest happenings in the crypto world, look no further than Kraken. For this purpose, it maintains a blog where you can catch up on the latest happenings, individual crypto guides, videos and a dedicated cryptocurrency podcast.
Features
✔️More than 200 cryptocurrencies available
✔️Two versions- Basic and Pro
✔️Spot, margin and futures trading supported
✔️Cryptocurrency indices available
Pros and Cons
✅Satisfactory crypto collection ❌Costly trades on basic version
✅KYC verification mandatory ❌Limited services available in Canada
✅Asset staking opportunities
✅High liquidity
✅Extensive learning resources
Trading Fees
Trading fees for Kraken Instant Buy
Trading fees for Kraken Pro
Customer Reviews
Kraken’s customer service is helpful
Users find their accounts closed on Kraken
Why We Picked It
Kraken is an old, established and stable cryptocurrency exchange. It has high-liquidity and low spreads and executing high-volume trades is a breeze on it. Kraken offers many services including crypto indices and staking services. The platform also has extensive resources for learning about cryptocurrency.
Bybit
Bybit has become one of the most popular cryptocurrency exchanges despite being a relatively new entrant in the industry. It mainly focuses on derivatives trading though it does support margin and spot trading. The platform primarily has two types of contracts- USDT Perpetual and inverse futures.
Bybit also has a One-Click Buy feature that enables traders to buy the cryptocurrency of their choice with a single click. For this, you can use your debit card, credit card or bank transfer. Bybit also supports P2P trading for people who prefer directly trading crypto with each other.
Here, users are put into VIP levels and different levels are charged trading fees as per the maker-taker system.
Besides that, the exchange offers users a Bybit card that can be used to make cryptocurrency payments at several locations with your cryptocurrency directly from your Bybit account.
Features
✔️Concentrates on derivatives trading
✔️270+ spot assets available
✔️One-Click Buy feature
✔️P2P trading available
Pros and Cons
✅Beginner-friendly interface ❌Trading data not verified
✅Multi-lingual exchange ❌Fails to communicate risk of derivatives
✅Testnet site for demo trading trading
✅Advanced trading features
available
Trading Fees
Trading fees for Bybit
Customer Reviews
Bybit has a good range of trading pairs and an excellent UI
User accounts are sometimes locked on Bybit
Why We Picked It
Bybit has products and tools suitable for both beginners and advanced traders. It has low trading fees and the VIP program provides several perks and benefits to users. Bybit also helps in the development of a global crypto community by offering its services in multiple languages.
Crypto.com
Crypto.com is a mobile app-based platform for trading cryptocurrencies. Here, you can choose and trade from a great collection of 250+ cryptocurrencies and even exchange one cryptocurrency for another.
Traders often find Crypto.com enticing because of its high staking rewards. The platform offers, for example, as much as 6.5% p.a. rewards for staking USDC. It supports crypto lending and does not impose any obligations for payback deadlines for crypto-collateralized loans.
Crypto.com takes platform security very seriously and for this, it uses Multi-Signature Technologies and Hardware Security Modules(HSMs) to provide a safe trading experience. It keeps the users’ crypto assets in cold storage and also has ISO 27001, 27701 and 22301 certifications.
Features
✔️More than 250 cryptocurrencies available
✔️Focuses on crypto trading via mobile app
✔️Native token is known as CRO
✔️Crypto-collaterized loans available
✔️Prepaid Visa Card for merchant payments
Pros and Cons
✅Good selection of coins ❌High fees for non-CRO holders
✅Lower fees for CRO stakers ❌Limited educational resources
✅High staking returns ❌Poor customer service
✅Proof-of-Reserves is verifiable
Trading Fees
Crypto.com fee details
Customer Reviews
Crypto.com app has many exciting features
Users can have difficulty withdrawing funds on Crypto.com
Why We Picked It
Crypto.com is a platform that has moulded itself as per the needs and trends of the times. The exchange is committed to providing a seamless and world-class trading experience on mobile phones. The Crypto.com app has a lot of features and the exchange has reasonable fees. It supports cryptocurrency loans, has a native wallet and some good staking opportunities.
Uphold
Uphold is not really a cryptocurrency exchange but more of a multi-asset trading platform. This means that here, you can trade not only cryptocurrencies but also fiat currencies like USD and precious metals like gold and silver. Beyond that, you can also do cross-asset trading on Uphold i.e. say, trading Bitcoin for gold.
Unlike proper crypto exchanges, Uphold does not charge fees. Instead, it charges a spread every time you trade on the platform and the prices are locked pre-trade. On Uphold, you can also earn some decent rewards with its asset staking services.
Uphold also features a “Cryptionary” which is perfect for people who want to learn more about cryptocurrency and cryptocurrency trading. The platform secures accounts with 2FA and audits and penetration tests are also regularly conducted on Uphold.
Features
✔️Cryptocurrency, fiat currency and precious metals available
✔️250+ cryptocurrencies for trading
✔️Regular audits, penetration tests and bug bounties for security
Pros and Cons
✅Satisfactory coin collection ❌Trades can be expensive
✅Minimum deposit requirements ❌Charges deposit and
are low withdrawal fees
✅Cross-asset trading
Trading Fees
Uphold platform fees explained
Customer Reviews
Uphold is an easily navigable platform
Withdrawals are sometimes difficult on Uphold
Why We Picked It
Uphold’s crypto collection is comparable to any major crypto exchange. Here, you get the added advantage of cross-asset trading i.e. you can trade assets of one type for another. Security is paramount on Uphold and it conducts regular audits and penetration tests for the same.
4 Best Decentralized Exchanges in Canada
UniSwap
Ethereum-based DeFi project UniSwap is one of the most famous platforms for direct crypto trading. Launched in 2018, it is the thing that started the DeFi wave in the 2020s. This is, for the large part, because UniSwap is one of the most accessible decentralized exchanges especially because such projects are known for being too difficult for the average trader.
Everything is automated on UniSwap- from the creation of liquidity pools to the swapping of tokens. This system is known as Automated Market Maker(AMM) and it eliminates the need for intermediaries and helps to reduce the risk of manipulation on the platform.
Therefore, to use UniSwap, all you need to have is a crypto wallet and some funds in it. You don’t need to submit any information to the platform.
Features
✔️Created on the Ethereum network
✔️Employs the AMM protocol
✔️Native token is known as UNI
✔️Governed collectively by UNI holders
Pros and Cons
✅Get access to ERC-20 tokens ❌Coins are not vetted before listing
✅Ensures users’ privacy
✅Easy-to-navigate platform
✅Active bug bounty program
Trading Fees
Pool fees tiers for UniSwap exchange
Customer Reviews
UniSwap is an accessible DeFi platform even for the average trader
There is no system to review customer complaints on UniSwap
Why We Picked It
UniSwap is an established and popular decentralized cryptocurrency exchange. It has automated almost every process with AMM to reduce the possibility of price manipulation. You can instantly start trading the ERC-20 tokens available on UniSwap by connecting your crypto wallet.
PancakeSwap
PancakeSwap is also a decentralized exchange launched in the DeFi golden year of 2020. It has since gone on to become one of the most successful DeFi projects. This ‘cutesy’ platform has a lot of products to offer to different demographics of crypto traders.
PancakeSwap uses the BNB Chain which means that it generally does not encounter problems like slowed-down transactions and high gas fees. Here, there are several BEP-20 tokens but only a limited number of ERC-20 tokens available for trading. It also has a StableSwap feature that can help you reduce slippage and improve efficiency while swapping stablecoins.
Features
✔️Created on the BNB Chain network
✔️Four-tiered trading fee system
✔️Native utility token is known as CAKE
✔️CAKE holders govern the network
Pros and Cons
✅Non-custodial exchange ❌Bitcoin is not available
✅Access to many BEP-20 tokens ❌Issue of persistent scams
✅Efficient stable pair trades with
StableSwap
✅Staking in yield farms
Trading Fees
Trading fees for PancakeSwap exchange
Customer Reviews
Tokens are available at reasonable fees on PancakeSwap
Problem of scams and low-quality coins on PancakeSwap
Why We Picked It
You can swap a wide variety of BEP-20 tokens on PancakeSwap without encountering gas fee-related problems. You can stake tokens like CAKE in pools to earn passive income. Traders are often attracted to PancakeSwap because it makes trading fun for them.
Curve Finance
The cryptocurrency exchange Curve Finance’s strength is its stability. It specializes in stablecoin trading and is, hence, considered to be a stable platform among a sea of unpredictable decentralized exchanges.
Curve Finance is the go-to place if you want to invest in stablecoins for the long-term. This platform utilizes the Automated Market Maker protocol which is a collection of smart contracts to facilitate trading on the platform.
These smart contracts use algorithms to put out the price of the assets in a liquidity pool. Curve Finance has a native token that is known as CRV. This token is crucial for the platform as CRV holders are responsible for voting on proposals related to the platform.
Features
✔️Built on the Ethereum network
✔️Employs Automated Market Maker
✔️Provides liquidity for stablecoins
✔️Native token CRV
Pros and Cons
✅Low-risk exchange ❌Not suitable for beginners
✅Compatible with multiple
blockchains
✅Community governance by
CRV holders
Trading Fees
Trading fees for Curve Finance
Why We Picked It
Curve Finance is quite stable as far as decentralized exchanges go. Here, assets in a liquidity pool are essentially priced by the algorithm. Price manipulation is minimal on Curve Finance and you can earn a good sum in the short and long term via its liquidity pools.
dYdX
dYdX is a decentralized exchange primarily meant for perpetual trading. However, it still supports spot and margin trading and has some good offers for users. dYdX’s strength lies in the fact that there are no gas fees on the platform. Plus, trades here are instantly executed and confirmed within hours.
dYdX has a multi-tier fee system and uses the maker-taker model. The fee on here ranges from 0.005% to 0.020% for makers and 0.025% to 0.050% for takers.
dYdX can be used with major Web3 wallets like MetaMask, Trust Wallet, and Coinbase Wallet. It has very competitive borrowing rates and you can earn good interest here on your deposited assets here.
Features
✔️Platform primarily for perpetuals trading
✔️Native token is called DYDX token
✔️Facilitates crypto lending and borrowing
✔️Compatible with several Web3 wallets
Pros and Cons
✅Low to zero trading fees ❌Steep learning curve
✅Withdrawals are quick ❌Limited number of pairs
✅Mobile-friendly platform ❌Interest rates can greatly vary
✅No gas fee for perpetuals trading
Trading Fees
Trading on dYdX is free upto a certain extent
Why We Picked It
dYdX is a good choice for crypto traders who have prior experience with DeFi platforms. Low-volume trades are not charged any fees here. It also has some crypto lending options that you can check out.
Does Canada Allow Crypto?
Canada has pretty well-defined rules for cryptocurrency. As it considers cryptocurrencies to be securities, they are regulated as per the various security laws in the country. Interestingly, these laws have been enacted on a provincial level and not the federal level.
However, the provisions of these laws tend to be consistent across various Canadian provinces and have nearly similar requirements for cryptocurrency exchanges and related businesses.
Therefore, cryptocurrency exchanges operating in Canada have to register with the respective securities regulator and comply with all the disclosure obligations.
In addition, they also have to reveal the third-party sources they are dependent on, properly communicate the risks associated with their crypto assets and comply with the requisite cryptocurrency accounting and auditing standards.
Canada treats entities dealing in digital currencies as money service businesses(MSBs) as per the Proceeds of Crime Money Laundering and Terrorist Financing Act(PCMLTA). This means that such entities have to maintain the same level of recordkeeping, registration formalities and suspicious transaction reporting as MSBs dealing in fiat currencies.
Canada taxes cryptocurrencies the same way it taxes commodities like gold or silver. If a cryptocurrency is bought for investment, the acquisition cost is used for calculating income tax during its sale. A cryptocurrency acquired via mining or in exchange for some service would be, however, considered a barter.
Further, the value earned on the sale of a cryptocurrency is considered capital gains for an individual and as business income for firms that deal in them.
Conclusion
Canada is one of the most crypto-friendly countries and has clear-cut rules and regulations for entities providing cryptocurrency-related services. Therefore, the crypto business has been blooming in the country and many cryptocurrency exchanges have come up in the past few years.
While Canada has some robust measures in place to prevent theft and fraud, you should not forget that cryptocurrencies are inherently risky and volatile assets. Hence, any investment in them should be made only after thorough research and with caution.