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Claire Maumo has experience in investment banking, strategic consultancy, and journalism. She has a Bachelor’s degree in Business Management and a Master’s in finance. She has a knack for making complex concepts easy to understand. Her primary focus is on crypto, blockchain, and financial instruments. Follow her for expert insights on trading and investment.
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Cryptocurrency owners in Canada are increasing by the day due to the potential for good long-term returns. If you are looking to join this bandwagon, you need the best Canadian crypto exchange to trade, buy, and sell the digital tokens. But, where do you start from, and how will you identify the best among hundreds of options in the market?
Thorough market research is essential for the best cryptocurrency exchange in Canada. Since the process can be lengthy and overwhelming, we advise you to consider our top picks below. They all have been vetted, tested, and approved by our experts. So, whether you are new to crypto investing or are searching for a better crypto exchange, our list below has you covered.
List of the Best Crypto Exchanges
- Crypto.com – Overall Best Crypto Exchange in Canada
- Kraken – Best Exchange for Professional Crypto Traders
- Coinbase – Beginner-Friendly Cryptocurrency Exchange in Canada
- Exodus – Top Crypto Exchange For Mobile Trading
- Binance – Cheapest Crypto Exchange in Canada
In This Guide
Canadian Crypto Exchanges: Comparison Table
It is advisable to compare as many crypto exchanges as possible to make a suitable choice. However, many traders and investors find the procedures involved lengthy and overwhelming. Fortunately, BrokerRaters experts did all the legwork. We sampled hundreds of exchanges and conducted multiple tests on them. We compared key features like security, fees, performance, support service reliability, and more. This way, we got to shortlist a few that met our specifications.
Our research didn’t end here. We sampled user testimonials from Google Play, the App Store, and Trustpilot. Our goal was to understand each exchange’s strengths and weaknesses from a user perspective and make unbiased recommendations.
That being said, explore our comparison table below, which highlights some of the features that make our top exchanges stand out.
| Best Crypto Exchange Canada | Exchange Type | Support Service | Price | Supported Coins | Digital Wallet |
|---|---|---|---|---|---|
| Crypto.com | Centralised | 24/7 | Free | 350+ | Yes |
| Kraken | Centralised | 24/7 | Free | 200+ | Yes |
| Coinbase | Centralised | 24/7 | Free | 200+ | Yes |
| Exodus | Decentralised | 24/7 | Free | 300+ | Yes |
| Binance | Centralised | 24/7 | Free | 350+ | Yes |
Exchanges Short Overview
When considering a Canadian crypto exchange, always prioritize your needs. You want a platform that is not only safe but also comfortable as you explore the crypto market. From our analysis, many Canadian traders and investors choose exchanges they can afford. They also look into the available digital tokens to ensure what they prefer is listed.
Here are our overview tables showing the fee structures and asset offerings at our top exchanges in Canada. Since conducting research can be overwhelming, you can take advantage of the tables to compare the exchanges and find what works best for you.
Fees
| Best Crypto Exchange Canada | Fees | Minimum Deposit Requirement |
|---|---|---|
| Crypto.com | from C$5 to C$50 for a single transaction | None |
| Kraken | fee ranges from 1 pip | C$10 |
| Coinbase | 1% on all swaps | None |
| Exodus | No fees | None |
| Binance | From 0.1% | C$0 |
Assets
| Best Crypto Exchange Canada | Bitcoin | Ethereum | Litecoin | Ripple | Tether | Dogecoin | Solana |
|---|---|---|---|---|---|---|---|
| Crypto.com | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Kraken | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Coinbase | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Exodus | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Binance | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Our Expert Opinion about Crypto Exchanges in CA
Our tests led us to conclude that the cryptocurrency exchanges below stand out for Canadian traders and investors. Various elements led us to consider them the best, and we share them, plus our expert opinion on our mini-reviews below.
1. Crypto.com – Overall Best Crypto Exchange in Canada
Whether you are a newbie looking for a new exchange or are a professional investor seeking a reliable option, Crypto.com is a considerable choice. From our analysis, the exchange is user-friendly and impressed us with its superior support service. We explored over 350 digital tokens, including Bitcoin, Litecoin, Ethereum, and more. We also find it trustworthy, considering that over 100 million global clients trust it and has gained many position ratings from previous and current users.
We were impressed by Crypto.com’s Crypto Earn platform, which allows users to earn up to C$250 on their investments. Moreover, the exchange has its in-built non-custodial digital wallet, where Canadian investors can secure hundreds of different tokens. They can also use the wallet to earn rebates on multiple assets and conveniently explore popular dApps. On top of that, you have an opportunity to benefit from its lending service. By taking up to 3 loans against your tokens simultaneously, you can hold on to your tokens long-term and only make a sale when a perfect opportunity arises.
Crypto.com DeFi Wallet
✔Decentralized wallet
✔Over 25 tokens
Pros & Cons
Fees
Trading Assets
Pros
- Zero makers fees for high-volume traders
- Free deposits and reasonable withdrawal fees
- Allows investors to borrow against their assets
- Juicy returns for staking enthusiasts
Cons
- C$45 fee for USD withdrawals
- No P2P trading platform
The Crypto.com wallet is free, so you don’t have to worry about spending your hard-earned money on subscription fees and similar charges. That said, while using this wallet, you may be subject to transaction fees, swap fees, and other costs. They often vary from time to time, so we highly encourage you to review the company’s terms and conditions and stay on top of all arising developments.
2. Kraken – Best Exchange for Professional Crypto Traders
Kraken is a remarkable exchange that currently serves more than 10 million users. We like that it has a powerful crypto investing platform with numerous advanced charting and technical analysis resources. Its security measures are top-notch, and the support service team operates round the clock in more than 13 languages. While trading at Kraken, we were able to transact using CAD via debit/credit cards, wire transfers, e-transfers, and in person at local Canada Posts.
Overall, Kraken hosts 200+ cryptocurrencies, with the highest liquidity for spot trading pairs. The best part is that it allows Canadian investors to stake their cryptos and up to 24% interest for the assets in their portfolios. Its API-trading strategy also stands out, allowing you to easily integrate your Kraken account with various third-party features such as trading bots and portfolio management. Kraken is compatible with both desktop and mobile devices, and hosts 250+ NFTs to diversify your portfolio with.
Kraken
✔245+ available crypto
✔Simple user interface
Pros & Cons
Fees
Trading Assets
Pros
- Protect client funds and assets with industry-leading security
- Allows users to maximize returns with deep liquidity and minimum slippage
- Hosts plenty of cryptocurrencies and NFTs
- Allows you to deposit and withdraw funds using CAD
- Highly customizable trading modules are available
Cons
- Limited payment options compared to its peers
- Higher fees for low-volume traders
Fees are a bone of contention with Kraken because while some praise the platform’s affordability, lenient fees are mostly available to pro users and high-volume traders. For instance, individuals with a 30-day trading volume can enjoysuper-low maker fees starting from 0.00%. On the other hand, the maker/taker fees for low-volume traders can go as high 0.25%/0.4%. We’ve outlined some of the fees that our gurus unearthed while evaluating Kraken in the table below.
| Fees and Charges | Details |
|---|---|
| Maker/taker fees | From 0.00%/0.10% |
| Margin trading fees | Between 0.01% and 0.02% |
| Rollover fee | Up to 0.02% (per 4 hours) |
| Instant buy fees | Yes |
| Account inactivity fees | No |
| Minimum deposit requirement | 0.00001 BTC |
3. Coinbase – Beginner-Friendly Cryptocurrency Exchange in Canada
We find Coinbase to be one of the safest crypto exchanges in the Canadian financial landscape due to its robust security measures. From our tests and experience, it is also our most user-friendly, and we primarily recommend it to newbies. It enables you to set up your account quickly and make deposits in CAD using local payment methods like Interac e-Transfer. We also like that it allows users to sell their crypto tokens instantly to most banks — an element that guarantees a ready market for your cryptos if need be.
Like most of the crypto exchanges we list here, Coinbase hosts over 200 cryptos, including popular options like Bitcoin and Ethereum and upcoming ones. We noticed many learning resources on this exchange’s platform, which will help newbies understand the crypto market and investing before making their first real investment. Another element that makes Coinbase stand out is its ability to allow users to earn up to 10% APY on their cryptos. On top of that, you will benefit from more order types, charts powered by TradingView, a customizable interface, and more.
Coinbase
✔Available in over 100 countries
✔Authorized, licensed and regulated
Pros & Cons
Fees
Trading Assets
Pros
- User-friendly interface optimized for seamless navigation
- Top-class, rich educational materials
- Excellent customer support service
- New sign-ups receive a juicy welcome bonus
- Newbies can spend crypto with a Coinbase card
Cons
- You can’t contact support before signing up
- Low-budget newbies are subject to higher taker and marker fees
Coinbase doesn’t have a fixed minimum deposit requirement, which should be terrific news to people working with a limited budget. Moreover, the exchange covers transaction charges on behalf of its clients, so you don’t have to worry about additional costs while topping up your Coinbase account. To make everything better, the company allows its users to send crypto to other Coinbase users free of charge.
That said, our experts discovered numerous fees and charges while researching and evaluating Coinbase. For starters, the company charges a 0.1%C Lighting Network fee as well as variable exchange fees that depend on numerous factors, including market conditions, order size, and the involved payment method. Coinbase users who require asset recovery services are also subject to network and recovery fees.
Let’s review some of the fees and charges that you might encounter while trading with Coinbase:
| Fees and Charges | Details |
|---|---|
| Minimum deposit | None |
| Fiat deposit fees | $10 (wire), €0.15 (SEPA) |
| Fiat withdrawal fees | $25 (wire), £1 (SEPA) |
| Crypto transfer fee | None |
| Exchange fees | From 5bps/0bps taker/maker fees |
| Lightning Network fee | 0.1% |
| Staking commission | From 25% |
4. Exodus – Top Crypto Exchange For Mobile Trading
Mobile trading and investing in Canada continues to surge due to the flexibility it provides for investors. Exodus crypto exchange has managed to adjust with the advancing technology and offers one of the most reliable apps for crypto enthusiasts. Besides having an easy download and account sign up process, the exchange hosts quality resources for market analysis and skills development. Moreover, it has a user-friendly interface that is intuitively designed to facilitate effortless navigation, especially where crypto newbies are involved.
Exodus offers over 300 cryptocurrencies to trade, buy, and sell. For those looking to make a long-term investment, Exodus has an inbuilt crypto wallet for desktop and mobile devices. It also supports the Trezor hardware wallet, which is one of the most secure and renowned cold storage. Other features we like at Exodus include the XO Swap feature for swapping crypto pairs across 50+ networks and a reliable support service with quality assistance.
Pros & Cons
Pros
- Simplified, stylish, and beginner-friendly user interface
- Combines a secure exchange with a top-tier wallet
- Over 300 cryptos are available, including BTC and ETH
- A wide range of helpful educational resources
- Zero crypto trading fees
Cons
- Users can’t optimize security with 2FA
- Limited functionalities compared to its peers
5. Binance – Cheapest Crypto Exchange in Canada
From our findings, Binance has no minimum deposit requirement, and setting up an account with it is free. Its costs are also among the lowest, from 0.1%. When it comes to earning extra funds from cryptos, Binance allows users to earn rewards on 180+ digital assets by using one of the products offered on its Binance Earn system. These tokens include Bitcoin, Ethereum, and stablecoins. Additionally, this exchange ensures convenience with diverse payment options, including credit/debit cards, Apple Pay, Google Pay, and cash balances.
Overall, Binance is a secure exchange currently serving over 200 million global users. You can use Binance to buy, sell, and trade over 350 digital tokens using your desktop and mobile device. The best part is its app is easily downloadable from Google Play and the App Store. We also noticed that Binance is integrated with a cryptocurrency wallet, offering a secure way to store digital assets. The platform goes a step further in supporting users by providing quality investing resources for a worthwhile experience. You can also use Binance to trade cryptos on spot and margin markets and enjoy a P2P platform for buying and selling digital tokens.
Pros & Cons
Pros
- User-friendly platform perfect for newbies
- Excellent collection of learning resources for skills development
- Low trading fees
- P2P platform for direct interaction with other cryptocurrency traders
- Numerous cryptocurrencies to choose from
Cons
- Has a history of hacking
- Less regulated compared to its peers
Crypto Trading in Canada
Cryptocurrency trading in Canada is legal and spreading like wildfire. To engage in the activity, you must be of legal age and knowledgeable about the currency market. Many Canadians are earning good profits from the activity, while others are looking for ways to start their journey in this venture. You can buy, sell, or trade various digital tokens, including Bitcoin, Ethereum, Litecoin, Solana, Dogecoin.
For effective crypto trading, you need the best exchange, like the ones we recommend above. The exchange should be safe and adhere to the stringent regulations set by the Canadian Investment Regulatory Organization (CIRO), which is Canada’s local financial market regulator. Plus, the exchange should be highly encrypted and accept integration with world-recognized digital wallets to guarantee your tokens’ safety.
Trading cryptocurrency in Canada while maximizing your profit potential requires a strategic approach. Start by learning how the crypto market works and understanding the tax laws associated with crypto ventures. And since this market can be highly volatile, be familiar with all the risks associated and create solid strategies before opening a position.
What is a Crypto Exchange?
A crypto exchange is an online trading or investing platform where individuals buy, sell, trade, and secure various digital tokens. In Canada, having the best exchange like the ones we recommend above exposes you to diverse digital assets, including Bitcoin, Ethereum, Litecoin, Solana, Dogecoin, and more. Most exchanges also support NFTs, allowing you to explore various assets on a single platform.
You need an internet-enabled mobile or desktop device to access an exchange and invest. There are many exchanges in Canada, and the best should align with your trading requirements. The best element about investing with an exchange is that there are no intermediaries, and you interact directly with a buyer or seller. Depending on your preference, you can choose from centralized, decentralized, or hybrid exchanges.
How to Choose the Best Crypto Exchange in Canada
Many new and professional cryptocurrency traders and investors struggle to choose the best crypto exchange Canada for their needs. This is primarily because of the lengthy research process involved, which requires patience and a keen eye. To help streamline your research, we share some tips or features below to help you make the best choice.
Security
Supported Tokens
Costs/Fees
Platform Performance
Exchange Type
Support Service
You must prioritize your safety when choosing a cryptocurrency exchange in Canada. You see, Canada hosts both legitimate and fraudulent exchanges, making it easier for you to fall victim to scammers. To avoid such encounters, thoroughly analyze an exchange and ensure it adheres to CIRO regulations. Plus, it must be highly encrypted and positively reviewed by many users on platforms like Google Play, the App Store, and Trustpilot. Most importantly, the exchange must be compatible with top digital wallets to secure your tokens once purchased.
Only settle with a crypto exchange Canada hosting your preferred digital tokens, whether Bitcoin, Ethereum, Litecoin, Dogecoin, or more. Remember, exchanges do not list the same assets, so confirming this element will ensure you commit to the right provider. Plus, consider one with multiple offerings. This way, it will be easier for you to diversify your portfolio.
Whether you are getting started with cryptocurrency investing or have been doing so long-term, always have a budget before venturing into cryptocurrencies. With your budget, you can choose an exchange that fits it to avoid overspending and risking losing more than you can afford. Some of the costs to confirm include commissions, maker/taker fees, inactivity fees, deposit and withdrawal charges, and more. Also, verify whether your preferred canadian crypto exchange has a minimum deposit requirement and whether you are comfortable depositing that amount.
A reliable crypto exchange Canada should have a user-friendly and modern design platform for a streamlined experience. Plus, its execution speed should be instant, especially if you are looking to take on short-term or multiple positions during the day. It is also crucial to confirm its mobile device compatibility and ensure it hosts quality market analysis and learning tools.
Cryptocurrency exchanges in Canada come in various forms, including centralized, decentralized, and hybrid. Since every trader has unique requirements, analyze the type of exchange you are considering. Also, look into the kind of digital wallets that can be integrated with it, whether software or hardware.
The best Canadian crypto exchange must be backed up by quality support service with relevant solutions. You don’t want to waste time seeking solutions to challenges when they arise, thus affecting your trade’s performance. Your main focus should be tracking your open positions and ensuring everything works out as expected. Therefore, contact an exchange’s support team and ensure its availability aligns with your investing schedule. It must also be reachable via convenient channels like phone, email, or live chat.
Crypto Trading Risks for Canadian Traders
There are various risks that come with cryptocurrency trading in Canada. It is important to understand these risks for solid trading decisions.
- Leverage risks
Cryptocurrencies can bring about good returns, so exchanges offer leverage options to maximize your income. However, since the crypto market is volatile, leverage trading can leave you with massive losses as it works like a double-edged sword.
- Volatility risks
The crypto market in Canada is highly volatile, and assets’ values constantly change with market conditions. This volatility and price fluctuations make it challenging for investors to analyze tokens’ values to identify the best entry and exit points.
- Cash management risks
Cryptocurrency exchanges have made it easier for traders and investors to access the financial landscape. For this reason, the majority are making decisions based on emotions like fear, excitement, or greed, which often leads to losses. It is crucial to only open a position after conducting thorough market research and analysis.
- Regulatory uncertainties
In Canada, there are no specific regulations on cryptocurrency investment management. This has left uncertainties in the market, impacting how traders and investors access and use digital tokens. It is also one contributor to the market’s volatility.
- Security risks
Cryptocurrency exchanges and tokens are not the same as they are created differently. While some exchanges are more secure, fraudulent options exist. Even the best exchanges have hacking histories, and that is why it is recommended to secure your assets on a digital wallet. Security risks also mean that users get no protection or insurance over lost cryptocurrencies.
Pros & Cons of Trading with Crypto Exchange
There are many advantages to trading cryptocurrencies in Canada. However, since the activity carries risks, a few pitfalls have also been noticed. It is important to understand the pros and cons of trading cryptos in Canada to make the best decisions.
| Pros | Cons |
|---|---|
| Crypt exchanges give you easy access to digital tokens to trade, buy, sell, and store. | Exchanges are more prone to hacking and cyber-attacks. |
| With an exchange, you can diversify your crypto portfolio on a single platform. This limits the risks of losing money in a single investment. | Some exchanges will not give you the right to own private keys. This may jeopardize your digital tokens. |
| Exchanges offer leverage options. This feature can bring about higher returns should a trade work out in your favor. | Leverage trading is like a double-edged sword and leaves you with massive losses. |
| There is no market manipulation with peer-to-peer decentralized exchanges. Users are protected from fake trading. | |
| Crypto exchanges in Canada are mostly integrated with external wallets. This allows you to effectively buy and store your assets. |
Conclusion
Cryptocurrency trading and investing gives you easy access to digital tokens. Exchanges like the ones we reference above allow you to easily explore cryptos. You can get started with any amount you can afford. However, note that investing in cryptos is risky, and you can lose your money. Therefore, start by learning everything about cryptocurrency trading. Take advantage of plenty of online resources like articles, guides, videos, and more. Plus, start investing with small funds. This is especially if you are still not confident and are determining how a trade will turn out. With frequent participation, patience, and willingness to learn from your mistakes. In this case, you will find your way to success in this landscape.
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