10 Best Crypto Exchanges in Canada 2024
Best Crypto Exchange in Canada in 2024 - Coinbase
This article will detail the eleven best crypto exchanges in Canada for 2023. The experts at Traders Union compiled this list based on certain criteria, including Canadian regulatory compliance, commission fees, acceptance of Canadian users, selection of coins, ease of use, and many other factors. We'll also explore the legality of cryptocurrency in Canada, how to choose the best crypto exchange, where to store your crypto, and whether or not crypto is a good investment. In addition to these, we'll also explore different places in Canada where one can use crypto and how to make purchases using Bitcoin. Let's start by breaking down our review of the eleven top cryptocurrency exchanges for Canadian traders in 2023.
Start trading cryptocurrencies right now with Binance!
Best Canadian Crypto Exchange
Our experts at Traders Union compiled this list of top-notch Canadian-friendly cryptocurrency brokers by examining different key factors. A few of these factors include whether or not a broker accepts Canadian currency, whether or not they accept Canadian clients or users, commission fees, trading and non-trading fees, compliance with Canadian regulatory laws (specifically with the Canadian Securities Administrators or CSA, the Investment Industry Regulatory Organization of Canada or IIROC, and the Financial Transactions and Reports Analysis Centre of Canada or FINTRAC), variety and volume of coins available, trading features, and many more. Our top picks for the best Canadian crypto exchanges include Coinbase, Binance, Gemini, Kraken, Paxful, Crypto.com, BitMex, Huobi Global, Cex.io, and CryptoHopper.
Learn More How To Sell Bitcoin in CanadaCanadian Crypto Exchanges Comparison
| Broker | Best For | Fees | CAD supported | Number of Coins |
|---|---|---|---|---|
Overall use |
0.50% per trade, 3.99% for credit card purchases, 1.49% for wallet or bank purchases |
Yes |
119 |
|
Altcoin Trading |
0.1% for crypto trades under 50 BTC per month, fees decrease with BNB investments |
Yes |
398 |
|
Modern and robust interface |
0.50% per trade, fixed fee for trades under $200, 1.49% for trades over $200, 3.49% for card purchases |
Yes |
68 |
|
Tons of product variety |
0.9% for stablecoins, 0-0.26% for trades, 3.75% + €0.25 for credit card purchases, 1.7% + $0.10 for bank processing |
Yes |
98 |
|
Easy-to-use interface and trading platform |
1% for crypto transfers |
Yes |
3 |
|
Perfect for all levels of experience in crypto |
Trading fees vary by volume, free deposits, withdrawal fees vary |
Yes |
137 |
|
Excellent high liquidity |
0.01% maker fee and 0.05% taker fee |
No |
9 |
|
Offers multiple trading platforms |
Average taker fee of 0.063% |
No |
355 |
|
Excellent ease of use and variety for beginner traders |
0.0005 BTC for withdrawals, 0.25% taker and 0.16% maker fees |
Yes |
104 |
|
Perfect for bots and automated algorithmic trading |
$19 to $99 per month to use |
Yes, depending on your exchange of choice |
75 |
Coinbase - Best Overall Crypto Exchange in Canada
Coinbace exchange
Coinbase is a crypto exchange and broker that services customers in Canada. This crypto exchange also accepts Canadian Dollars as currency on the platform. Coinbase is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Coinbase for crypto trading, including 0.50% per trade, 3.99% for credit card purchases, 1.49% for wallet or bank purchases. Coinbase offers 119 different crypto coins. Currently, Coinbase offers a mobile and web application.
There are a few pros to using Coinbase for crypto, such as access to over one hundred cryptocurrencies and a relatively low minimum to start funding.
There are also some downsides as well, including high fees.
Coinbase Pros and Cons
👍 Pros
• Over 100 cryptocurrencies are available.
• Tons of promotions are offered regularly.
• Low account minimums.
• Crypto is actually ensured.
👎 Cons
• Higher fees than many other exchanges.
Binance - Best Crypto Exchange in Canada for Low Fees
Binance is a cryptocurrency exchange that offers services to customers in Canada. This crypto exchange also accepts Canadian Dollars as currency on the platform. Binance is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Binance for crypto trading, including 0.1% for crypto trades under 50 BTC per month, and fees decrease with Binance Coin (BNB) investments. Binance offers 398 different crypto coins. Currently, Binance offers a mobile and web application.
There are a few pros to using Binance for crypto, such as fast fiat deposits and withdrawals.
There are also some downsides as well, including a difficult user interface that can be hard for beginners to use.
Binance Pros and Cons
👍 Pros
• Fast fiat deposits and withdrawals.
• Low to no fees.
• Great security.
• High-volume trading available.
👎 Cons
• Limited work in Canada
Gemini - Best Crypto Exchange in Canada for Modern Interface
Gemini exchange
Gemini is a crypto platform that services Canadian customers and residents of Canada. This crypto exchange also accepts Canadian Dollars as currency on the platform. Gemini is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Gemini for crypto trading, including 0.50% per trade, fixed fee for trades under $200, 1.49% for trades over $200, and 3.49% for card purchases. Gemini offers 68 different crypto coins. Currently, Gemini offers a mobile and web application.
There are a few pros to using Gemini for crypto, such as ease of use and a great interface.
There are also some downsides as well, including a kind of complex and high pricing structure.
Gemini Pros and Cons
👍 Pros
• Very easy to use.
• User-friendly interface that works for beginner crypto traders.
• Available across Canada.
👎 Cons
• Difficult and pricey structure of fees.
Kraken - Best Crypto Exchange in Canada for Product Variety
Kraken exchange
Kraken is a crypto exchange platform that services crypto traders in Canada. This crypto exchange also accepts Canadian Dollars as currency on the platform. Kraken is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Kraken for crypto trading, including 0.9% for stablecoins, 0-0.26% for trades, 3.75% + €0.25 for credit card purchases, and 1.7% + $0.10 for bank processing. Kraken offers 98 different crypto coins. Currently, Kraken offers a mobile and web application.
There are a few pros to using Kraken for crypto, such as great accessibility for active day traders and tons of product variety.
There are also some downsides as well, including a relatively small pool of altcoins.
Kraken Pros and Cons
👍 Pros
👎 Cons
• Despite having great product variety, their altcoins have some left to be desire.
Paxful - Best Crypto Exchange in Canada for Ease of Use
Paxful exchange
Paxful is a crypto broker and exchange platform that offers services to customers in Canada. This crypto exchange also accepts Canadian Dollars as currency on the platform. Paxful is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Paxful for crypto trading, including 1% for crypto transfers. Paxful offers 3 different crypto coins. Currently, Paxful offers a mobile and web application.
There are a few pros to using Paxful for crypto, such as ease of use for beginner traders with no experience and a great range of payment options.
There are also some downsides as well, including high fees.
Paxful Pros and Cons
👍 Pros
• Easy to use.
• Perfect for newbies.
• Supports CAD and has other payment options.
• Live chat during trades.
👎 Cons
• High fees.
• Very limited crypto variety.
Crypto.com - Best Crypto Exchange in Canada for All Experience Levels
Crypto.com exchange
Crypto.com is a crypto exchange that services customers in Canada. This crypto exchange also accepts Canadian Dollars as currency on the platform. Crypto.com is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Crypto.com for crypto trading, which includes mostly trading fees that vary by volume. Crypto.com offers 137 different crypto coins. Currently, Crypto.com offers a mobile and web application.
There are a few pros to using Crypto.com for crypto, such as excellent opportunities for trading fee discounts and margin trading.
There are also some downsides as well, including high fees for low-volume traders.
Crypto.com Pros and Cons
👍 Pros
• CRO investors can get discounts and benefits.
• Margin trading available.
• Secure and safe.
• Fairly user-friendly.
👎 Cons
• High fees for low-volume traders could be a roadblock for newbies.
BitMex - Best Crypto Exchange in Canada for High Liquidity
BitMex exchange
BitMex is a cryptocurrency trading exchange that works with customers in Canada. This crypto exchange unfortunately does not accept Canadian Dollars as currency on the platform. BitMex is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using BitMex for crypto trading, including a 0.01% maker fee and 0.05% taker fee. BitMex offers 9 different crypto coins. Currently, BitMex offers a mobile and web application.
There are a few pros to using BitMex for crypto, such as a great variety of trading pairs and free deposits.
There are also some downsides as well, including a lack of fiat compatibility.
BitMex Pros and Cons
👍 Pros
• Tons of trading pairs of crypto are available.
• Available worldwide with few exceptions.
• Free deposits.
• Great educational materials and support.
👎 Cons
• Does not accept CAD, or any fiat currency for that matter.
• Few altcoins are available.
Huobi Global - Best Crypto Exchange in Canada for Multiple Trading Platforms
Huobi Global exchange
Huobi Global is an international crypto broker that provides access to crypto to customers in Canada. This crypto exchange does not accept Canadian Dollars as currency on the platform, or any other fiat currency. Huobi Global is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Huobi Global for crypto trading, including an average taker fee of 0.063%. Huobi Global offers 355 different crypto coins. Currently, Huobi Global offers a mobile, desktop, and web application.
There are a few pros to using Huobi Global for crypto, such as a user-friendly dashboard and hundreds of crypto assets available.
There are also some downsides as well, including a lack of fiat currency like CAD.
Huobi Global Pros and Cons
👍 Pros
• Very nice and user-friendly dashboard.
• Hundreds of crypto coins are available.
• Offers a variety of trading platforms.
• Leverage and margin trading are available.
👎 Cons
• No support for CAD or any fiat currency.
• Account registration can sometimes be a pain.
Cex.io - Best Crypto Exchange in Canada for Beginners
Cex.io exchange
Cex.io is a crypto exchange that services customers in Canada. This crypto exchange also accepts Canadian Dollars as currency on the platform. Cex.io is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using Cex.io for crypto trading, including 0.0005 BTC for withdrawals, plus 0.25% taker and 0.16% maker fees. Cex.io offers 104 different crypto coins. Currently, Cex.io offers a mobile and web application.
There are a few pros to using Cex.io for crypto, such as a decent crypto offering and quite low fees.
There are also some downsides as well, including a higher token volume over coins.
Cex.io Pros and Cons
👍 Pros
• Great variety of crypto assets.
• Very low fees.
• Offers services for institutions and day traders.
• Great customer support.
👎 Cons
• More tokens than coins are offered.
CryptoHopper - Best Crypto Exchange in Canada for Automated Algorithmic Trading
CryptoHopper exchange
CryptoHopper is technically a crypto exchange that services customers in Canada, but it is also an automated algorithmic trading bot creator and management platform. This crypto exchange also accepts Canadian Dollars as currency on the platform. CryptoHopper is compliant with Canadian cryptocurrency and financial regulations. There are some fees associated with using CryptoHopper for crypto trading, which basically come down to the platform’s pricing model of $19 to $99 per month to use the software. CryptoHopper offers 75 different crypto coins, though the coins you can access depend on the crypto exchange you use with CryptoHopper. Currently, CryptoHopper offers a mobile and web application.
There are a few pros to using CryptoHopper for crypto, such as easy configuration and great educational tools.
There are also some downsides as well, including its SaaS pricing model that might not suit some traders.
CryptoHopper Pros and Cons
👍 Pros
• Easy setup and configuration for non-developers.
• Great educational materials.
• Great support for coins and exchanges.
• Tons of different features that don’t overwhelm.
👎 Cons
• SaaS pricing model may not suit everyone.
• Signals will cost extra.
Is Cryptocurrency Legal in Canada?
Cryptocurrency is completely legal in Canada. However, it is worth noting that crypto is not a complete alternative to the Canadian dollar and digital currencies such as Bitcoin are not considered legal or official tender in the country of Canada. There are a few different banks based in Canada that will allow cryptocurrency purchases, as well as different organizations and businesses that accept crypto payments both online and in physical stores.
How to Choose the Best Crypto Exchange in Canada?
We would recommend choosing any of the crypto exchanges we’ve mentioned in this guide. However, if our list does not provide enough variety, there are a few different steps you can take to choose the best crypto exchange in Canada.
Ask yourself the following questions when evaluating a Canadian crypto exchange:
-
Does the crypto exchange accept Canadian customers?
-
Is the crypto exchange compliant with Canadian regulatory authorities such as the Canadian Securities Administrators or CSA, the Investment Industry Regulatory Organization of Canada or IIROC, and the Financial Transactions and Reports Analysis Centre of Canada or FINTRAC? For example the VirgoCX crypto exchange is officially registered under the MSB license number (FINTRAC) M19955733.
-
Does the crypto exchange support the Canadian dollar as a base currency?
-
What are the methods of deposit and withdrawal?
-
What are the choice of assets and the number of available altcoins?
-
What are the commission fees, trading fees, and non-trading fees like?
-
Is the platform easy to use?
-
Are there many positive reviews of the platform outside of reviews on the actual platform website?
With these questions in mind, you should be able to find the right Canadian crypto exchange that suits your needs.
Where to Store Crypto in Canada?
There are two different ways to store cryptocurrency, whether you live in Canada or anywhere else in the world. You have the option of a hot wallet or cold wallet. A hot wallet could be seen as a “live” wallet. Hot wallets are often offered by crypto exchanges and can be quickly and easily accessed for the purpose of trading. However, hot wallets are at a higher risk for fraud and potential hacking.
In general, we would recommend storing your crypto in a cold wallet instead. A cold wallet is an offline storage option that keeps your crypto offline and securely protected in cold storage. If you plan on buying and holding crypto for a few years or longer, a cold wallet is the best and safest choice. Still, if you want instant payments, desire trading capabilities, and plan to engage in day trading with crypto, a hot wallet might be a more convenient choice.
Do I pay crypto taxes in Canada?Where Can I Use Crypto in Canada?
There are a few options available. First, it’s completely legal to purchase and sell crypto in the country of Canada. While Bitcoin is not technically legal tender in Canada, it can still be used to purchase different products and services via merchant websites or in-store shops in different parts of Canada. In general, it is usually much easier to buy products and services via online shops with Bitcoin instead of in person. Just as well, there are over 870 Bitcoin ATMs currently available in Canada that allow conversions, withdrawals, and Bitcoin purchases. It’s worth noting that one will need to pay a fee, mainly for conversions, to use these ATM kiosks.
Is Crypto a Good Investment?
We would say that cryptocurrency can be a good investment. However, it’s worth noting that crypto is quite volatile and offers a lot of risk that some investors may not be interested in. We recommend conducting a risk assessment to see just how much capital you are able to risk before purchasing cryptocurrency.
Can I Buy Something with Bitcoin?
Absolutely. To start, choose a good Bitcoin wallet. For Canadians, we recommend Mycelium, Trezor, Coinbase, or Exodus. Load your wallet. From there, find a vendor that accepts crypto. In order to purchase something from a vendor with Bitcoin, you have two different options. The first is to send Bitcoin to a specific public address owned by the merchant via your wallet. Alternatively, you can scan a Bitcoin QR code provided by the vendor or merchant.
There are many Canadian stores that accept Bitcoin. A few of them include Zynga, Domino’s Pizza, Fancy.com, Euro Pacific, PSP Mollie, Shopify, MovieTickets.com, and WebJet.
Summary
Crypto exchanges are a great medium for buying, selling, and trading cryptocurrencies like Bitcoin. However, many exchanges are designed for U.S. residents specifically. There are many investors and crypto enthusiasts in Canada who would love to be a part of the crypto wave but are unsure of which exchange or broker they should work with. Luckily, it doesn't have to be so difficult. There are plenty of top-notch exchanges out there for Canadian citizens.
Our top picks for the best crypto exchanges in Canada for 2023 include Coinbase, Binance, Gemini, Kraken, Paxful, Crypto.com, BitMex, Huobi Global, Cex.io, and CryptoHopper. However, we'd have to say that Coinbase is our top pick for Canadian crypto traders. We based our list on a number of different factors, such as acceptance of Canadian users, acceptance of CAD as a base currency, legality and regulatory compliance in Canada, commission fees, trading and non-trading fees, overall features, number of available crypto coins, and other factors as well.
It's worth noting that cryptocurrency is completely legal in the country of Canada, though it has not yet become a form of legal tender in the country. If our above-listed exchanges don't vibe with your needs, you can easily find another Canadian crypto exchange using a few best practices and by looking at online reviews of popular exchanges.
In general, we would recommend storing your cryptocurrency in cold storage to avoid theft or hacking. However, if you plan on day trading, we would recommend a hot wallet, which is usually the form of storage offered by crypto brokers and exchanges. There are a number of different places where you can use crypto in Canada, with over 870 different Bitcoin ATMs in the country.
In general, crypto can be a good investment as long as you know the risks and don't dump all of your capital into something this volatile.
FAQs
What is a crypto wallet?
A crypto wallet, also known as an eWallet or simply a wallet, could be considered a type of bank account for cryptocurrencies like Bitcoin. Wallets are used to store, receive, and send digital currencies. Access to a wallet requires knowledge of that wallet’s public and private keys. These keys act as an account number. The public key can be shared with others in order to transfer funds, while the private key is used by the wallet owner to secure their crypto. It’s vital for crypto users to keep their public and private keys in a safe place, as losing them will result in a complete loss of access to one’s wallets.
What is the actual use or intention behind crypto?
Cryptocurrency was, back in its early days, intended to be used in the same way as fiat currency such as Canadian dollars. Crypto was made to be a medium of payment between individuals for the purpose of purchasing products and services. Basically, crypto was designed to be an alternative form of payment that made digital transactions on the web much easier and a lot faster. Crypto is also decentralized via the blockchain, meaning that the users who purchase and mine crypto are essentially responsible for verifying all ledgers so that they are updated and accurate. This is done rather than trusting a central authority, such as a bank or financial institution, to monitor and manage that accuracy for fund holders. The result is a middle man-free digital currency that is much cheaper to use and more accessible to the unbankable.
Do I need to have a broker in order to trade bitcoin, ethereum, and other cryptocurrencies in Canada?
Not necessarily-- but if you are not a developer or experienced crypto miner, then a broker or exchange platform will make your life so much easier. If a specific crypto broker doesn’t suit your needs or their commissions are too high, you can simply choose a decentralized crypto exchange and trade cryptocurrencies without a broker. The experience is virtually the same. Crypto can also be traded in private without another authority involved, though doing so requires some coding knowledge and experience trading crypto. Many traders simply opt for a crypto exchange platform because it’s easier, the fees are usually pretty low, and purchases can be executed very quickly with little issue. In general, we’d recommend going with a crypto exchange, such as the ones we’ve mentioned in this guide.
How is the bitcoin (or crypto in general) network controlled?
This is a very good question and many crypto enthusiasts have trouble explaining it succinctly. Essentially, no person or entity owns the Bitcoin network-- similar to how no one really owns the technology behind things like email or the internet in general. Bitcoin and other crypto are controlled by all crypto users involved in a currency’s specific blockchain, often involving individuals from around the world. While there are crypto developers who are working on improving the software behind blockchains, they can't really force a specific change in the Bitcoin protocol. That is because all of the blockchain users are free to choose which software and version they want to use on an individual level. In order to remain compatible with each other, all blockchain users need to use software that is compliant with the same rules within the blockchain. Bitcoin and other altcoins can only work correctly if there is a complete consensus among all of the blockchain’s users. Thus, all crypto users and blockchain developers have a strong incentive to protect this overall consensus to preserve the integrity (and purpose) of cryptocurrencies like Bitcoin.
Related Articles
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.