Looking for the best crypto exchanges in Canada? With the rising popularity of digital currencies, it’s essential to choose the right platform for buying, selling, and trading crypto. Here are the 15 best crypto exchanges in Canada for 2024, selected based on their features, fees, security, and user experience.
Cryptocurrency adoption has grown significantly across Canada and with it, the number of exchanges available for Canadian traders. Whether you’re new to crypto or a professional investor, selecting the right platform ensures a smooth trading journey. This blog post will cover everything you need to know, from understanding crypto exchanges to choosing the best ones for Canadian crypto traders in 2024.
Table of Contents
What are Crypto Exchanges and How They Work?
A cryptocurrency exchange is a platform that allows users to buy, sell, and trade digital assets like Bitcoin, Ethereum, and other altcoins. These platforms act as intermediaries between buyers and sellers, providing a secure environment for trading cryptocurrencies.
Exchanges can be centralized (CEX) or decentralized (DEX). Centralized exchanges are typically easier for beginners and provide more liquidity, while decentralized ones allow users to trade directly, giving them more control over their assets. Most exchanges support funding through various payment methods, including bank transfers, credit cards, or even crypto deposits.
Different Types of Crypto Exchanges
When choosing a best crypto exchange in Canada, it’s essential to know the different types available:
- Centralized Exchanges (CEX): These are traditional platforms where the exchange holds your assets and facilitates the trade. They offer high liquidity, advanced trading tools, and are beginner-friendly (e.g., Bitbuy, Kraken, Coinbase).
- Decentralized Exchanges (DEX): These platforms allow peer-to-peer trading without intermediaries, offering more control and privacy but typically lower liquidity (e.g., Uniswap, PancakeSwap).
- Hybrid Exchanges: Some exchanges offer a mix of centralized and decentralized features, allowing users to choose between convenience and autonomy (e.g., KuCoin).
What to Consider When Choosing the Best Crypto Exchanges in Canada?
When selecting the best crypto exchange for your needs in Canada, consider these key factors:
- Security: Ensure the exchange uses strong security protocols like two-factor authentication (2FA), cold storage, and insurance for assets.
- Fees: Check for trading fees (maker and taker), withdrawal fees, and deposit fees. Some exchanges, like Newton or Shakepay, offer no-fee trading but may have wider spreads.
- User Experience: Beginners may prefer simpler interfaces (e.g., Wealthsimple Crypto or Shakepay), while experienced traders might opt for exchanges with advanced features and tools (e.g., Kraken, Binance).
- Supported Cryptocurrencies: If you’re looking to diversify, check whether the platform supports a wide range of coins (e.g., com, Binance).
- Regulatory Compliance: Make sure the exchange is compliant with Canadian regulations, like Bitbuy and NDAX, which are registered and offer high asset protection.
List of 15 Best Crypto Exchanges in Canada 2024
 1. Kraken
Kraken is one of the most established and reliable platforms, offering a wide range of over 150 cryptocurrencies. It boasts advanced trading tools for experienced users and has high liquidity, making it ideal for serious traders. Kraken supports CAD deposits and withdrawals through bank transfers or Canada Post. However, some assets may not be supported for Canadian residents.
- Pros: High liquidity, advanced tools, multiple payment options
- Cons: Limited support for some cryptocurrencies in Canada
- Trading fees: 0.16% maker, 0.26% taker
2. Bitbuy
A Canadian-based platform, Bitbuy is registered with Canadian regulators, offering a secure way to trade Bitcoin and other major cryptocurrencies. With a focus on security, Bitbuy keeps 90% of its digital assets in cold storage and offers insurance through BitGo.
- Pros: Secure, insured, regulated in Canada
- Cons: Higher fees compared to global platforms
- Trading fees: 0%-0.5% on Pro Trade; 2% spread on Express Trade
3. Uphold
Uphold is known for its easy-to-use interface and support for over 60 cryptocurrencies. It also allows users to trade stocks, precious metals, and foreign currencies.
- Pros: Multi-asset platform, easy to use
- Cons: Slightly higher fees for some transactions
- Trading fees: 0% for market-making, variable for other services
4. Bybit
Bybit is perfect for those looking for advanced trading features such as leverage and derivatives. Although new to the Canadian market, it’s rapidly gaining popularity due to its robust trading engine.
- Pros: Advanced trading tools, supports derivatives
- Cons: Complex for beginners
- Trading fees: 0.1% maker, 0.075% taker
5. Shakepay
Shakepay is a simple platform designed specifically for Canadians who want to quickly buy Bitcoin and Ethereum. It supports instant funding through Interac e-Transfer.
- Pros: Quick and easy for beginners, no fees on deposits or withdrawals
- Cons: Limited to Bitcoin and Ethereum
- Trading fees: Spread included in the buy/sell price
6. Newton
Newton offers zero-fee trading (with the cost built into spreads) and access to over 70 cryptocurrencies. It’s an ideal choice for traders looking for a cost-efficient platform.
- Pros: Zero-fee trading, broad asset selection
- Cons: Customer support can be slow
- Trading fees: Spread-based
7. NDAX (National Digital Asset Exchange)
NDAX stands out for its transparent flat fees and strong security measures, including SOC2 Type II certification. It’s a great choice for traders who want a straightforward fee structure.
- Pros: Flat fees, SOC2 Type II certification, insured
- Cons: Limited to CAD as the only fiat currency
- Trading fees: 0.2% on trades
8. Wealthsimple Crypto
This Canadian financial giant offers a simple way for Canadians to invest in cryptocurrencies alongside traditional assets like stocks and ETFs. Wealthsimple provides a secure and easy-to-use mobile app.
- Pros: Easy integration with other Wealthsimple services
- Cons: Limited selection of cryptocurrencies
- Trading fees: Spread-based
9. Coinsmart
Coinsmart offers features like advanced charting and multiple fiat currencies for deposits. It’s designed for both beginners and experienced traders alike.
- Pros: Advanced trading tools, multiple fiat options
- Cons: Fees slightly higher than some competitors
- Trading fees: 0.2% on trades
10. Coinbase
Coinbase is one of the largest and most well-known cryptocurrency platforms in the world. It offers a user-friendly interface and a large selection of cryptocurrencies but has higher fees compared to others on this list.
- Pros: Trusted, large selection of coins, user-friendly
- Cons: Higher fees than competitors
- Trading fees: 1.49% per trade
11. Binance
Binance is the largest exchange by trading volume globally, and it offers a wide range of cryptocurrencies and low fees. However, its availability in Canada is currently limited due to regulatory concerns.
- Pros: Low fees, massive selection of assets
- Cons: Regulatory concerns in Canada
- Trading fees: 0.1% on trades
12. Coinberry
Coinberry is a Canadian exchange that offers no deposit or withdrawal fees, with a focus on security and compliance. It’s perfect for beginners looking for a simple, straightforward platform.
- Pros: No fees on deposits/withdrawals, regulated in Canada
- Cons: Limited range of coins
- Trading fees: Spread-based
13. Crypto.com
Crypto.com offers a full suite of crypto services, from trading to crypto-backed debit cards. It’s great for those looking for additional crypto features beyond just trading.
- Pros: Crypto debit cards, advanced features
- Cons: Can be complex for beginners
- Trading fees: 0.1%-0.16% maker/taker
14. Gemini
Gemini is known for its strong security measures and is ideal for those who prioritize safety. It’s a well-regulated platform but comes with slightly higher fees.
- Pros: Strong security, regulated
- Cons: Higher fees
- Trading fees: 0.35%-1.49%
15. KuCoin
KuCoin is a global exchange that offers a vast array of cryptocurrencies, and it’s popular for its low fees and advanced trading tools.
- Pros: Low fees, wide asset selection
- Cons: Not fully regulated in Canada
- Trading fees: 0.1% maker/taker
Conclusion
Overall in this blog post, we have discussed Best Crypto Exchanges in Canada. With many crypto exchanges available in Canada, choosing the best one comes down to your specific needs—whether it’s low fees, security, or access to a wide range of cryptocurrencies. Platforms like Bitbuy and Kraken are excellent for their security and local compliance, while Binance and KuCoin offer broader asset selections for seasoned traders.