10 Best Crypto Exchanges in Canada | Finder Canada (2024)

Every year, our team extensively reviews more than 25 cryptocurrency exchanges and apps to find the best crypto trading platform in Canada. We look at factors like user experience, fees, payment methods, supported coins and more. Here are our top picks for the best crypto exchange in Canada.

This is not an endorsem*nt of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Best crypto exchanges in Canada 2024

• • Best overall crypto exchange in Canada: Crypto.com
  • Recommended for advanced traders: Kraken
  • Best crypto exchange for self custody: Paybis
  • Best crypto platform for asset protection options: Bitbuy
  • Best crypto exchange for automated trading: VirgoCX
  • Best crypto exchange for simple, straightforward fees: Ndax
  • Best crypto exchange for beginners: Coinbase
  • Best value crypto exchange in Canada: Gemini
  • Best Canada-based crypto platform: Wealthsimple
  • Best crypto broker in Canada: Netcoins

1. Crypto.com: Overall winner for the best crypto exchange in Canada

Read review

Crypto.com App

★★★★★

Finder score

370+
Supported cryptos

31
Fiat currencies

• Why we chose it

Crypto.com is an excellent platform for both new and experienced crypto investors and is the winner of the 2023 Finder Award for Best Cryptocurrency Exchange Overall.

The exchange supports over 350 crypto assets which can be traded instantly and for relatively low rates, which is why it also won the 2023 Finder Award for Altcoins and the 2023 Finder Award for Instant Purchases.

The exchange also won the 2023 Finder Award for Advanced Trading because of its desktop exchange which offers a more professional experience with charting tools, advanced order types and lower fees.

With an NFT marketplace and a debit card that lets you make purchases with crypto, Crypto.com is a well-deserved recipient of the 2023 Finder Award for Extra Features.

Pros

• Wide selection of cryptos
• Staking and lending
• Non-custodial DeFi wallet
• Crypto.com debit card for everyday purchases
• Streamlined NFTs purchases
• Pre-registered with the Ontario Securities Commission

Cons

• Higher fees on the app than on desktop
• Limited NFT collections compared to larger marketplaces like OpenSea

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card
Deposit fees	$0
Withdrawal fees	$1.99 per withdrawal ($0 for Prime members)
Trading fees	Spreads: 0.01% – 0.08% Taker fees: 0.05% – 0.075% Maker fees: 0.06% – 0.075% (0% for Prime members trading more than US$10 million)
Advanced Trading Features	Yes

2. Kraken: Recommended for advanced traders

Go to siteRead review

Kraken

★★★★★

Finder score

200+
Supported cryptos

7
Fiat currencies

• Why we chose it

Founded in 2011, Kraken has been leading the way in the digital currency space. But it really shines for advanced traders.

Kraken Pro gives traders access to advanced charting tools, a highly-customizable interface and hundreds of crypto assets. You can also stake your assets to earn a yield.

If you run into any issues, Kraken's customer support is available 24/7.

Pros

• Over 200 crypto assets and even more trading pairs
• User-friendly app for beginners and experts
• Kraken Pro offers advanced charting tools and asset staking
• 24/7 customer support
• Filed for pre-registration with the Ontario Securities Commission

Cons

• Fees can be high (but there are discounts for high-volume trades)
• No margin or futures trading in Canada
• Pro account verification can take days

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay
Deposit fees	Interac e-transfer: 0.5% Apple Pay/Google Pay: Free Crypto: Free for most cryptos Wire transfers: $0-$3 Canada Post cash/debit: $5.20+0.25%
Withdrawal fees	Interact e-transfer: $10 CAD EFT: 0.35% Wire: $0-$35 Crypto: Fees vary
Trading fees	Maker (Pro account): 0.00%-0.25% Taker (Pro account): 0.10%-0.40%

3. Paybis: Best crypto exchange for self custody

Go to site

Paybis Cryptocurrency Exchange

★★★★★

Finder score

80+
Supported cryptos

60
Fiat currencies

• Why we chose it

Use code Finder25 to get a 25% discount on all commission for 1 transaction. T&Cs apply.

Paybis is a P2P crypto exchange on which you can buy over 85 different crypto assets. Paybis doesn't offer crypto wallets in Canada, so you'll have to connect your own non-custodial wallet.

That's why this platform is a great option for those who don't mind the responsibility of managing their crypto.

Support for many fiat currencies and six deposit methods makes Paybis a convenient platform. Note that you can only sell around 10 popular cryptos, including Bitcoin, Ethereum, Tether, Solana, Dogecoin and USDC.

Pros

• Direct exchanges with buyers and sellers in around 180 countries
• Allows self-custody for digital assets
• Supports many payment methods
• Easy registration process

Cons

• User must buy and learn how to use private wallets
• Unclear fee structure and high fees for fiat transactions
• Can only sell around 10 cryptos

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%
Trading fees	N/A

4. Bitbuy: Best crypto platform for asset protection options

Go to siteRead review

Bitbuy Digital Currency Exchange

★★★★★

Finder score

50+
Supported cryptos

1
Fiat currency

• Why we chose it

Limited time only: Free $40* when you sign up and fund your Bitbuy account. T&Cs apply.

Bitbuy caught our eye as a top pick for asset protection because the exchange is regulated, keeps over 90% of its digital assets in cold storage and offers users extra optional security layers for their accounts.

Additionally, Bitbuy vault users can rest easy knowing the platform is insured through BitGo, an institutional custodian for digital assets.

Bitbuy is the first registered crypto marketplace in Canada, having gained approval from both the Ontario Securities Commission (OSC) & Canadian Securities Administrators (CSA).

Pros

• Free deposits, free withdrawals via Interac e-Transfer
• 90% of assets held in cold storage
• Digital and cash assets are insured
• Registered with FINTRAC, approved by the OSC and CSA

Cons

• Only supports CAD fiat currency
• No margin trading

Deposit methods	Cryptocurrency, Interac e-Transfer, Wire transfer
Deposit fees	Crypto: 0% (network fees apply) Interac e-Transfer: 0% Wire transfer: 0%
Withdrawal fees	Crypto: varies Interac e-Transfer: 0% Bank deposit: 1.5% Wire transfer: 1.5%
Trading fees	Bitbuy Trade: 0.5%-2% spread Bitbuy Pro: 0%-0.5% maker & taker fee

5. VirgoCX: Best crypto exchange for automated trading

Go to siteRead review

VirgoCX Cryptocurrency Exchange

★★★★★

Finder score

70+
Supported cryptos

2
Fiat currencies

• Why we chose it

Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.

VirgoCX lets you trade over 75 cryptos, and you can instantly fund your account via Interac e-Transfer. Over 80% of the platform's digital assets are held in cold storage with Coinbase Custody.

With VirgoCX, you can set up recurring purchases and supports grid trading, making it easy to trade automatically and take advantage of dollar cost averaging (DCA). Get up to 90% off VirgoCX's spreads through the platform's tiered rewards program.

Pros

• Recurring buys help you dollar-cost average (DCA) into owning digital assets
• Grid feature allows you to automate purchasing crypto when it falls below a certain price
• Quickly fund your account via Interac e-transfer
• Discounted spreads with the tiered rewards program
• Registered with the OSC

Cons

• Trading spreads can reach 2.5%
• $3,000 limit for transferring out via e-transfer, debit or credit

See Also

7 Best Exchanges To Buy Bitcoin in Canada (2024)Coinbase vs Bitbuy: Features, Fees & More (2024)8 Best Crypto Exchanges in Canada for 2024 | CoinCodex

Deposit methods	Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer
Deposit fees	Interac e-transfer: $0 Wire transfer: $0 Bill payment: $0 Debit card: 2.99%-5.99% Credit card: 3.99%-6.99% Crypto: variable (plus network fees)
Withdrawal fees	Interac e-transfer: $0 Wire transfer: $0 Crypto: variable (plus network fees)
Trading fees	Maker: N/A Taker: N/A

6. Ndax: Best crypto exchange for simple, straightforward fees

Read review

Ndax Cryptocurrency Trading Platform

★★★★★

Finder score

40+
Supported cryptos

1
Fiat currency

• Why we chose it

Ndax makes crypto trading in Canada easy with a single, flat fee for buying and selling and low or no fees for making deposits and withdrawals.

Security is a priority, as Ndax is the first Canadian crypto platform to receive SOC2 Type II certification, which is based on a high standard of Trust Service Criteria established by the American Institute of Certified Public Accountants (AICPA). Additionally, Ndax has pre-registered with the Canadian Securities Administrators (CSA).

The majority of the platform's digital assets are held in tightly guarded cold storage provided by Ledger Vault. Cold and hot wallet assets are covered by millions of dollars worth of insurance.

Pros

• Low 0.2% fee to buy and sell crypto
• No deposit fees, only $1.50 per Interac e-Transfer withdrawal
• Easy signup and instant ID verification
• Support via live chat, phone, email and support ticket
• Crypto and fiat currencies are highly safeguarded
• No min/max for deposits

Cons

• Limited cryptos supported
• Only supports CAD fiat currency
• Flat $4.99 fee for wire transfer withdrawals
• No margin, futures or options trading

Deposit methods	Cryptocurrency, Interac e-Transfer, Wire transfer
Deposit fees	Interac e-Transfer: $0 Wire: $0 Crypto: $0
Withdrawal fees	Interac e-Transfer: $1.50 Wire: $4.99 Crypto: Varies (free instant transfers between Ndax accounts)
Trading fees	0.2% to buy or sell crypto

7. Coinbase: Best crypto exchange for beginners

Read review

Coinbase

★★★★★

Finder score

240+
Supported cryptos

1
Fiat currency

• Why we chose it

Coinbase is one of the largest crypto exchanges in world by trading volume. In Canada, you can deposit funds into your account for free via Interac e-Transfer and instantly purchase crypto via debit.

The standard version of the platform is easy to use, and its mobile app is highly rated. Plus, you can earn crypto rewards by watching educational videos and completing quizes. Volume trading discounts are available with the Coinbase Advanced platform.

Pros

• Easy signup process
• Trade 240+ cryptos
• Free e-transfer deposits. Instant withdrawals to most banks.
• Discounted volume pricing with Advanced Trade
• Registered with the Canadian Securities Administrators (CSA)

Cons

• Only hold CAD in Canadian accounts
• No credit card purchases in Canada
• No margin, futures or options trading in Canada

Deposit methods	Debit card, Electronic Funds Transfer, Interac e-Transfer, PayPal
Deposit fees	Interac e-Transfer: free Transfers from another Coinbase account: free EFT: variable
Withdrawal fees	Interac e-Transfer / EFT / PayPal: variable Transfers to another Coinbase account: free
Trading fees	Maker fee: 0.00%-0.6% Taker fee: 0.05%-1.2%

8. Gemini: Best value crypto exchange in Canada

Read review

Gemini Cryptocurrency Exchange

★★★★★

Finder score

80+
Supported cryptos

7
Fiat currencies

• Why we chose it

Gemini won the 2023 Finder Award for Best Value because it offers low fees for mobile instant trades under $250 CAD, discounts for active traders and a slew of features for both newbies and experienced customers.

Trade over 70 cryptos and over 300 crypto pairs. Choose between a simplified or advanced interface. Set up recurring buys and price alerts to ease into the crypto market with less financial unpredictability.

Gemini safeguards the platform by requiring two-factor authentication for all accounts and remaining SOC 1 Type 2 and SOC 2 Type 2 compliant. Most assets are held in cold storage, and hot wallet assets are fully insured.

Pros

• Supports 70+ cryptos and 300+ trading pairs
• $1.49-$4.99 for mobile instant trades under $250 CAD (then 1.49%)
• Discounted fees for active traders (0%-0.2%)
• Advanced trading tools available
• Set up recurring buys and price alerts
• Majority of assets are in cold storage. Hot wallet assets are fully insured.
• 24/7 customer support

Cons

• CAD and USD are the only fiat currencies supported in Canada
• Complex fee structure

Deposit methods	Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay, Google Pay
Deposit fees	Cryptocurrency : None Wire Transfer: None ACH: None. Bank may charge transfer fee Debit Card Transfer: 3.49% of total amount PayPal: 2.50%
Withdrawal fees	Cryptocurrency: None (for 10 withdrawals and below per month) Others: None (for 10 withdrawals and below per month)
Trading fees	Web Order Transaction Fees (USD) ≤ $10.00: $0.99 > $10.00 - $25.00: $1.49 > $25.00 - $50.00: $1.99 > $50.00 - $200.00: $2.99 > $200.00: 1.49% of your web order value ActiveTrader: Taker fee - 0.03-0.4% Maker fee - 0-0.2%

9. Wealthsimple: Best Canada-based crypto platform

Read review

Wealthsimple Crypto

★★★★★

Finder score

60+
Supported cryptos

2
Fiat currencies

• Why we chose it

Wealthsimple won the 2023 Finder Award for Best Canadian Platform, because of its long and reputable track record, the broad range of coins it supports and the level of security it provides.

Launched in 2014, Wealthsimple is Canada's first regulated crypto trading platform. The institution is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).

Trade over 60 coins with no account minimums, low fees ranging from 0.5%-2% and insurance coverage on your crypto assets. Earn up to 12% annually by staking (the yield varies based on the coin). Customer support is available by chat, email and phone.

Pros

• Canada's first regulated crypto trading platform
• Offers a separate platform for trading stocks & ETFs
• Majority of coins are held offline in cold storage. Hot wallet assets are insured.
• Schedule your purchases with limit buy orders
• Start with as little as $1

Cons

• Higher fees than some competitors
• Only supports CAD and USD accounts
• Lacks advanced trading features

Deposit methods	Cryptocurrency, Interac e-Transfer, Wire transfer, Linked bank account, Bank transfer (EFT), Online wallet, Debit/credit cards
Deposit fees	None
Withdrawal fees	None
Trading fees	0.5-2%

10. Netcoins: Best crypto broker in Canada

Read review

Netcoins Trading Platform

★★★★★

Finder score

30+
Supported cryptos

2
Fiat currencies

• Why we chose it

Netcoins is our pick for the best crypto broker in Canada. Buy and sell 45+ cryptos like you would on any crypto platform. Enjoy free fiat e-transfers and simple 0.5% pricing for all trades (plus conversion spreads).

As a broker, Netcoins acts as an intermediary in the transaction. This is unlike crypto exchanges, which act as marketplaces for buyers and sellers to transact. Netcoins follows high security standards for protecting customer holdings. It's easy to create an account and get started.

Fiat deposits are held in a trust account with a regulated Canadian financial institution—separate from the funds that Netcoins uses for business expenses. Most digital assets are held in cold storage and insured up to $250 million USD. Plus, hot wallet deposits are fully insured against loss and theft.

Pros

• Flat 0.5% trade fee (plus spreads)
• Trade between $10 and $10 million
• Supports limit orders and price alerts
• Free e-transfer and crypto deposits. Free ACH withdrawals.
• Live chat, email and phone support

Cons

• Fee for bank wire deposits under $3,000 CAD
• Limited selection of digital assets compared to some exchanges

Deposit methods	Cryptocurrency, Interac e-Transfer, Bank Wire
Deposit fees	Interac e-Transfers: None Cryptocurrency: None Bank Wire: None for deposits over $3,000 CAD or $2,000 USD; $30 CAD or $20 - $25 USD for less
Withdrawal fees	Interac e-Transfers: None Cryptocurrency: Varies Bank Wire: Free for withdrawals over $25,000 CAD or $6,000 USD; $50 CAD or $75 USD for less
Trading fees	0.5%

Why you can trust Finder's crypto experts

How to choose the best crypto exchange in Canada

It's important to research a wide range of crypto platforms and compare the pros and cons of each option. The best crypto exchange for you depends on what you're looking for, so consider the following:

• If you're a crypto novice, getting started buying and selling coins and tokens can be complicated and confusing. On the other hand, experienced traders may want a platform with special features such as advanced charting and order types, plus the option to trade on margin.

  If you're a beginner at crypto trading, look for a platform with a straightforward user interface that's easy to understand.

• Can you deposit funds into your account via bank transfer, debit card and/or PayPal? The more payment options an exchange has, the more convenient it generally is to use. Make sure your exchange has deposit and withdrawal options that work for you. Remember to check the fees associated with different methods.

• First, consider the type of trades you want to place. Some exchanges offer these trading options:

  • Fiat-to-crypto
  • Crypto-to-crypto
  • Both fiat-to-crypto and crypto-to-crypto

  For example, if you want to buy BTC with Canadian dollars, you'll need to find a platform that allows you to buy coins via bank transfer or card. Alternatively, if you want to exchange your BTC or ETH holdings for another cryptocurrency, you'll want a platform that offers direct crypto-to-crypto trades.

• Consider which currencies you want to trade and which platforms list those currencies in one or more trading pairs:

  • Cryptocurrencies. There are thousands of different cryptocurrencies in existence, so don't expect to find them all listed on any single platform. Major cryptocurrencies such as BTC, ETH, XRP and others in the top 20 coins by market capitalisation are listed on an extensive range of exchanges. However, rarer altcoins may be much harder to find.
  • Fiat currencies. If you want to buy crypto with Canadian dollars, check which currencies the platform accepts.

  You can find an overview of the crypto assets and fiat currencies that each exchange supports in the table. Read the full review for a more detailed analysis.

• From depositing to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform? Consider your payment method, the currencies you want to use and any discounts you may be entitled to when completing these calculations. For instance, fees for credit card purchases are usually higher than for a bank transfer.

  You can find detailed information on fees for each exchange by clicking on the "View details" text in the table.

• Are there any limits on the amount you can deposit into your account or the amount of cryptocurrency you can buy or sell per transaction or per day? This question typically only applies to what some colloquially call "crypto whales" or people who make transactions ranging in value from hundreds of thousands to millions of Canadian dollars.

  Most exchanges that require the Know Your Customer (KYC) process allow you to deposit and withdraw tens of thousands of Canadian dollars per day. This is more than most average traders deposit and withdraw on a daily basis.

• How can you access your trading account? Certain platforms only allow you to trade through a web browser, but some have mobile apps. If trading on the go is important to you, it's worth reading up on whether or not the exchange has a mobile app and how easy it is to use.

• If you are looking to earn a yield on your cryptocurrency, you can do so through exchanges that offer earning options. Certain exchanges allow you to either lend or stake your cryptocurrency as a means to earn a yield on it.

  Lending involves loaning out your cryptocurrency to other users or businesses who pay you a fee for doing so. Staking involves locking up your assets to help them secure a blockchain network.

  Before using any exchange to generate yield, make sure you understand the risks involved, what type of earning the exchange offers and whether it's appropriate for your needs.

• The price of a digital asset is determined by whatever people are willing to pay for it.

  Most brokers or instant buy services charge a fee as part of the service it provides. This means you will pay anywhere from a fraction of a percent to a few percent more than the going rate of the asset when you make the purchase.

  If you purchase your asset in the spot market, you can set the price that you want to pay and then wait for your order to be filled. For example, if you are willing to pay US$21,000 for 1 BTC, then you can set a limit order to buy BTC at that price in hopes that someone is willing to sell it to you at that price.

• The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there's a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.

  One of the biggest benefits of trading on larger crypto exchanges is they get enough orders to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.

  You can check websites such as CoinGecko or CoinMarketCap to get a better idea of an exchange's level of liquidity.

• Most centralised crypto exchanges these days require you to complete a KYC or identity verification process.

  But some exchanges still let you deposit crypto and trade crypto-to-crypto without completing the KYC process.

  The said exchanges may not be properly regulated, so please proceed with caution if you choose to use these, especially if they are located offshore.

  Keep in mind that these exchanges may limit the amount of crypto you can withdraw from the exchange on a daily basis.

  For exchanges that require the KYC process, verification requirements vary. You will likely need to provide some or all of the following:

  • Your name
  • Your email address and phone number
  • Your address
  • Proof of ID
  • Proof of address
  • A photo of yourself holding a signed declaration

  If you need to provide a wide range of personal information, it's important to be sure you're dealing with a trusted exchange.

  It's also a good idea to research how long you can expect the verification process to take. For some exchanges, it can take up to 2–3 business days while others are near-instant.

  Finally, be aware that some exchanges require you to complete additional verification tasks to unlock full account features and permit higher transaction limits.

• What is the difference between a brokerage and an exchange? How long will it take for your transaction to be completed? Is one better than the other?

  Broker. Brokers buy and sell cryptocurrency to you. They typically charge a convenience fee for this, which may be hidden as a spread or markup on the going market rate.

  The advantage of using a broker is your transactions should be instant. When you purchase crypto using either the fiat you've deposited into your account or with a card, that crypto should be available to you right away.

  The same goes for when you decide to sell your crypto for fiat. You sell the broker your crypto in exchange for fiat and the fiat should instantly register in your account.

  Exchange. An exchange has a spot market, which is where users come to place buy and sell orders on the open market. Doing so allows you to set a specific price for an asset. For instance, if you think the price of Bitcoin will go down from US$23,000 to US$21,000, you can set an order for US$21,000 and wait for it to be filled. Likewise, you can set an order to sell your assets for a higher price than what is being offered.

  Exchanges may also offer brokerage services.

  Most exchanges allow you to withdraw crypto to your own wallet. This is sometimes not the case with brokers.

  Whether you use an exchange or broker will come down to your own needs and whether you plan to trade regularly or make a few one-off purchases now and then.

• Security is a crucial factor to consider when choosing a crypto exchange.

  There have been more than a handful of cases in which exchanges have been hacked in crypto's history, so do your research on what security measures are in place to protect your funds.

  Questions you should ask include the following:

  • Is the exchange ld and regulated by the proper authorities?
  • Is 2-factor authentication (2FA) – a code sent to your phone each time you log in – supported?
  • What percentage of customer funds are stored offline or in cold storage? Cold storage refers to storing the private keys to digital assets somewhere offline to greatly reduce the ability for hackers to access the assets.
  • What level of verification is required to open an account?
  • Have you checked the exchange's trust score on CoinGecko or CER?

• The Canadian Securities Administrators (CSA) is the primary body that regulates cryptocurrency in Canada.

  As of June 2021, all cryptocurrency exchanges in Canada are required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), whose goal is to prevent money laundering and the financing of terrorist activities.

  And all properly licensed crypto exchanges in Canada are now legally recognized as money service businesses (MSB).

  Such exchanges require that their users complete the Know Your Customer (KYC) process.

  It's best to use a regulated exchange because then the owners of the exchange are accountable to the appropriate authorities, which means you are less likely to be defrauded.

• This is a crucial but often overlooked factor when comparing crypto exchanges. If you ever have a problem with an individual transaction or with your account, how will you access a platform's customer support team?

  You'll need to consider the following:

  • Is customer support available through email, phone and/or live chat?
  • Is support available 24/7 or only during specific hours?
  • How quickly does the support team respond to inquiries?
  • Is support offered in a language you are comfortable speaking?

• Does the exchange have a reputation as a secure and reliable platform? Finder has reviewed a number of crypto exchanges to craft a list of the best crypto exchanges in Canada.

  In efforts to assess the soundness and reliability of crypto exchanges, we look at whether or not exchanges are properly regulated, how they secure the private keys to the crypto they hold and the level of customer support they provide, among other factors.

  You can also read our dedicated review for each exchange or see what other users think of the platform using a third-party service like Trustpilot.

Compare more crypto trading platforms and apps in Canada

Use the table to compare crypto exchanges and platforms on fees, range of cryptos, deposit methods and more. Once you've found the right fit, select Go to site to get started.

How to use a cryptocurrency exchange

For the sake of our example, let's assume that you have $500 that you want to use to buy Bitcoin (BTC).

1. Compare cryptocurrency exchanges to find one that offers the right service for you.
2. Register for an account on the platform and provide any personal details and proof of ID required.
3. Navigate your way to the "Buy" screen.
4. Select BTC as the cryptocurrency you want to buy.
5. Select your payment currency, which in this case is CAD, and specify the amount you want to spend as $500.
6. Select your payment method, such as a debit card payment or bank transfer.
7. Enter your payment details, such as your account number if sending a bank transfer or your card number and CVV if paying by card.
8. Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
9. If you're happy to proceed, click "Buy BTC".
10. Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address that you nominate.

How to pay for your cryptocurrency in Canada

Crypto exchanges in Canada support a range of deposit methods, including the following:

• Credit and debit cards
• Bank and wire transfers
• Cryptocurrency transfers
• Peer-to-peer (P2P) payments
• Neteller, Skrill and other online payment services
• Interac e-Transfers
• Apple Pay and Google Pay

Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.

The different types of cryptocurrency exchanges

The term "exchange" may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users.

• Cryptocurrency brokers. Buy directly from cryptocurrency dealers for simple and quick purchases. A broker will facilitate an instant purchase of the digital asset of your choosing and will not offer spot trading.
• Cryptocurrency trading platforms (suited to beginner/intermediate users). Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional features like margin trading. Many exchanges now offer brokerage services to be more beginner-friendly.
• Cryptocurrency derivatives platforms (suited to advanced users and not available in some countries). These trading platforms don't sell cryptocurrency outright. Instead, they let certain users trade cryptocurrency derivatives in regions where this restricted-access feature is available. They're for advanced traders who want high speed, high leverage and deeply liquid platforms with a full range of features.

Risks of using a crypto exchange

• Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
• Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.
• Lack of consumer protection. While crypto exchanges are increasingly regulated in Canada and may be registered with FINTRAC, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
• Proof of reserves. Since the widely publicised collapse of FTX, many traders and investors have demanded centralised exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
• Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 CAD available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and FINTRAC stipulations and typically increase as you provide additional KYC information.
• Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
• Asset delistings. Centralised exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.

Bottom line

Not all crypto exchanges are created equal and not all crypto buyers and sellers have the same trading needs. The best exchange or platform for one person might not necessarily be the right choice for someone else, so it's essential to do your own research.

Read our reviews of some of the most popular cryptocurrency exchanges in Canada and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.

Frequently asked questions

• The most secure exchanges are those that are registered with major financial regulatory bodies in Canada and protect assets with multiple layers of security. Some of these agencies include the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Ontario Securities Commission (OSC).

  Another sign that an exchange is legitimate is if it holds a Money Service Business (MSB) licence.

  The safest exchanges should also offer 2-factor authentication (2FA) for their users, keep the majority of assets in cold storage as well as have an insurance fund for the digital assets they hold on their balance sheet.

  Keep in mind that all centralized cryptocurrency exchanges are vulnerable to hacking and exploits, so consider using a hardware wallet for added security.

• By trading volume, some of the largest crypto exchanges that serve Canadians include Binance, Coinbase and Kraken.

  Keep in mind that Binance isn't registered to operate in Ontario.

• Trading and managing your crypto investments on the go is a must for many users, which is why most of the platforms we've listed above provide mobile apps for their users.We found that NDAX, Bitbuy, Wealthsimple and Netcoins are all solid options for Canadians.While each of these apps comes with varying levels of intuitiveness and features, the best mobile app for trading cryptos will ultimately come down to your needs, trading style and personal preference.

• Exchanges in several countries are subject to anti-money laundering and counter-terrorism financing (AML/CTF) regulations. In order to comply with these regulations, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as "know your customer" or KYC.

• Crypto exchange Binance announced earlier this year it will exit the Canadian marketplace due to a challenging regulatory environment. For investors, finding a good alternative to Binance in Canada depends on your needs and goals. However, one of the best crypto platform options is Kraken. As an alternative to Binance, Kraken has a substantial choice of tradable assets and Kraken's trading and withdrawal fees are lower than what investors paid using Binance.

• As one of the best crypto exchanges in Canada, NDAX is very safe to use. NDAX offers some of the highest security standards in the Canadian FinTech industry. Part of this crypto platform's security standards is to hold the majority of digital assets offline in cold storage. This cold storage is protected by multi-signature technology — crypto security that is provided by Ledger Vault, the global leader in security and infrastructure solutions for cryptocurrencies.

• The best platform to trade cryptocurrency in Canada depends on your investment goals and needs. For advanced trading tools and the opportunity to stake, check out Kraken. For the best customer support, check out NDAX. For the best crypto exchange security, check out Bitbuy. For more suggestions, check out the 10 best crypto exchanges in Canada.

• If you want to know which crypto exchange is registered in Canada, check out the Canadian Securities Administrator's up-to-date list of all registered and regulated crypto exchanges.

• There are several ways to buy and sell cryptocurrencies in Canada. Investors can trade on a cryptocurrency exchange or make a purchase using a cryptocurrency broker. For more, read Finder's guide on how to trade in cryptocurrency in Canada.

• • Binance vs Coinbase
  • Bitbuy vs Wealthsimple
  • Coinbase vs Wealthsimple
  • NDAX vs Bitbuy
  • Bitbuy vs Binance

Finder's crypto exchange reviews

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circ*mstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

To make sure you get accurate and helpful information, this guide has been edited by Joselle Delos Reyes as part of our fact-checking process.

Written by

Frank Corva

Writer

Frank Corva is business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. See full bio

Co-written by

Stacie Hurst

Associate editor

Stacie Hurst is an editor at Finder, specializing in a wide range of topics including loans, banking products, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio