Best Bitcoin Brokers in Canada for 2024 - TOP 5

TU Expert Review for the best Bitcoin Brokers in Canada

Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.

His opinion as for the best Bitcoin Brokers in Canada is posted below.

Eightcap - TU Expert Review

Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects. In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable. But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities. Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.

MEXC - TU Expert Review

The MXC exchange has been in business for over three years. During that time, there were no high-profile scandals with the cryptocurrency exchange related to the security of clients' funds. The company offers services of a crypto exchange, P2P exchange, and cold storage of cryptocurrencies in proprietary e-wallets. The platform offers clients over 400 trading pairs with 127 cryptocurrencies, but these are not the only opportunities for traders. Also, users can work with cryptocurrency ETFs and derivatives, so the choice of assets and trading instruments here can be considered excellent. The commission policy on MXC.com is not very profitable. First, we are talking about a fairly high commission per trade, which is 0.2%. In addition, there are fees for withdrawing funds. Passive income opportunities are a nice bonus for clients. The company charges profit for holding (storage of cryptocurrencies) and staking (temporary freezing of digital assets in the wallet).

FTMO - TU Expert Review

FTMO is a managing prop firm operating on the principle of a prop company. To receive money under management, a potential trader must successfully complete a two-stage active trading test. At each stage, requirements are set for the maximum allowable daily loss, total loss, and target profit level. The prop firm’s conditions are relatively loyal, but still, they can be difficult to successfully navigate. Regardless of the chosen testing package, the limits are 10% of the total loss. For comparison: other prop companies have allowable drawdowns of 15-20%. Despite the strict requirements for the test period, FTMO has a relatively low test cost beginning at €155. By comparison, in most companies in this sector, the entrance fee for passing the test is from €400-500. Another advantage is the availability of standard MT4/MT5 platforms and mobile app. Most other prop companies have their own or adapted platforms, while FTMO has standard platforms. This allows you to work with any custom indicators and advisors previously honed in the MetaTrader tester. My impression of FTMO remains positive. But after studying the conditions, it is clear that without trading experience, it makes no sense to try your hand at the test. Testing conditions are favorable for those who have worked previously with a demo account and are good at risk management. However, you can also gain experience on the company’s platform itself. There is a free version of the test that fully corresponds to the paid test.

AMarkets - TU Expert Review

AMarkets is one of those brokers that make earning convenient and comfortable. First of all, I’d like to highlight its high order execution speed and narrow spread on STP accounts: up to 0.1 second and from 1.3 pips respectively. These are very competitive indicators for orders that are directly transferred to liquidity providers. The company is positioned as a platform for algorithmic trading and PAMM investing, which is why the narrow spread and nearly instant order execution are the broker’s key advantages. AMarkets will be more suitable for those, who already have trading experience or are serious about getting the result. The minimum deposit is USD 100, which rules out those who came to Forex by accident, expecting quick and easy returns. The company is primarily interested in those who want to learn to make money, and AMarkets is prepared to give such traders everything for a successful start. The website features a very strong analytical base, signal providing services, and robots with descriptions of settings. There is a free VPS service for a separate category of clients. AMarkets has been a partner of Traders Union for several years, ranked among the top brokers in the TU rating thanks to its reliability, attractive trading conditions and positive reviews of traders.

InstaForex - TU Expert Review

The InstaForex Team is professional and reliable. I highly recommend this service. They offer optimal trading conditions that are suitable for both novice and professional traders. Clients can work with various types of accounts, use a minimum order of 0.01 lots and more than over 2,500 Forex trading instruments. InstaForex has been working with the Traders Union for many years. We analyzed thousands of customer reviews which were overall positive. Many customers were particularly impressed with their excellent customer service. One such customer said “Its experts are doing everything to solve the financial and technical problems encountered by users as soon as possible”. The user-friendly interface of the website allows you to quickly find and analyze relevant information on both active and passive trading. InstaForex always cares about its customers - it provides favorable conditions for trading, as well as Customer support in an expeditious manner. It is these features that gives it a high rating of reliable Forex brokers of the Traders Union.