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Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.
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According to recent reports, Canada is among the most Bitcoin-friendly countries worldwide. Everything from the country’s robust regulatory crypto framework to a thriving BTC community dreams of Bitcoin-friendliness.
Today, one Bitcoin (BTC) is worth a staggering 84,288.77 CAD, and all indicators point towards a bullish trend. Therefore, diversifying your investment portfolio with BTC might be the perfect way to hedge against inflation or economic uncertainty. But first, you must settle on a reliable platform to buy BTC.
If you don’t know where to buy Bitcoin in Canada, worry not; we’re here to help. Join us as we explore some of the best platforms to buy Bitcoin in Canada.
List of the Best Platforms to Buy Bitcoin
- Coinbase – Overall Best Platform to Buy Bitcoin in Canada
- Crypto.com – Canada’s Best Platform to Buy Bitcoin for Advanced Traders
- Kraken – Best Low-Cost Bitcoin Trading Platform for Advanced Canadian Traders
- Exodus – Best Bitcoin-Buying Platform for Bitcoin Beginners
- OANDA – Best Bitcoin Platform for trading Software Compatibility
In This Guide
Canadian Bitcoin Platforms: Comparison Table
Bitcoin platforms have swarmed the Canadian market, eager to cash in on the growing popularity of Bitcoin. Everyone, from large exchanges to smaller ones, is itching for a piece of the pie.
This, of course, is great news for the Bitcoin community. More competition means rival platforms must pull out all the stops to stay ahead of the curve. The result is competitive pricing, exceptional customer service, and innovative features meant to attract and retain users. But there’s a slight catch. With so many platforms, finding the best one is too much work.
Fortunately, our team of experts has done the leg work for you. We conducted extensive research on the best Bitcoin platforms to buy Bitcoin, which primarily involved signing up with these platforms and exploring their functionality firsthand. We noted down each platform’s strengths and weaknesses and compared their core factors, summarizing them in the table below:
| Best Bitcoin Platform | Broker Type | Support Service | Price | Supported Coins | Digital Wallet |
|---|---|---|---|---|---|
| Coinbase | Centralized | 24/7 | Free | 200+ | Yes |
| Crypto.com | Decentralized | 24/7 | Free | 350+ | Yes |
| Kraken | Centralized | 24/7 | Free | 200+ | Yes |
| Exodus | Decentralized | 24/7 | Free | 300+ | Yes |
| OANDA | Centralized | 24/5 | Free | 25+ | No |
Platforms Short Overview
Bitcoin is a lot more than just a digital currency; it also doubles as a store of wealth and is a powerful investment vehicle. Most people who buy BTC do so to trade it with other financial assets or hold it, anticipating a value appreciation. This explains why most Bitcoin traders and investors prioritize charges and supported assets when choosing a platform for buying Bitcoin.
In light of this, we investigated what each platform charges for its services and what assets they support. Our findings were as follows:
Fees
| Best Bitcoin Platform | Fees and Commissions | Minimum Deposit Requirements |
|---|---|---|
| Coinbase | From 0.05%/0.00% maker/taker fees | $0 |
| Crypto.com | From 0.04% | $0 |
| Kraken | From 0.00%/0.10% maker/taker fees3% conversion fee | 0.00001 BTC |
| Exodus | None | 10 XRP |
| OANDA | 0.25% | $0 |
Assets
| Best Bitcoin Platform | Bitcoin | Ethereum | Litecoin | Ripple | Tether | Solana |
|---|---|---|---|---|---|---|
| Coinbase | Yes | Yes | Yes | No | Yes | Yes |
| Crypto.com | Yes | Yes | Yes | Yes | Yes | Yes |
| Kraken | Yes | Yes | Yes | Yes | Yes | Yes |
| Exodus | Yes | Yes | Yes | Yes | Yes | Yes |
| OANDA | Yes | Yes | Yes | Yes | Yes | Yes |
Our Expert Opinion about Bitcoin Trading Platforms
As mentioned earlier, competition amongst bitcoin trading platforms in Canada is nothing less than cutthroat. We spent several weeks exploring every nook and cranny of these platforms in an in-depth assessment. Some brokers excelled in certain respects but fell short in others. We concluded the following about the best Bitcoin trading platforms in Canada.
1. Coinbase – Overall Best Platform to Buy Bitcoin in Canada
Coinbase is hands-down the best place to buy Bitcoin in Canada. This exchange supports more than 240 digital coins plus 300 trading pairs across nine networks, including Bitcoin and Ethereum. It has a simple interface with well-placed buttons, bold lettering, and an easy-to-navigate layout.
The exchange uses industry-best security measures to protect users’ assets and personal information. They include two-factor authentication (2FA), multi-approval withdrawals, and world-class encryption. Moreover, Coinbase uses multi-party computation (MPC), which stores customers’ assets in undisclosed, off-site locations, disconnected from the exchange’s networks.
Opening a Coinbase Advanced account allows experienced Bitcoin traders to leverage advanced technical analysis and trading tools to their advantage. Coinbase Advanced integrates with TradingView, giving users access to indicators like the Accumulative Swing Index (ASI), Standard Error Bands (SEB), Average True Range (ATR), etc. Moreover, traders can trade Bitcoin with maker fees as low as 0.00% and earn rewards up to 5.1% on USDC deposits.
Coinbase
✔Available in over 100 countries
✔Authorized, licensed and regulated
Pros & Cons
Fees
Trading Assets
Pros
- Simple, well-laid-out platform ideal for beginners
- Supports a vast collection of cryptocurrencies and digital tokens, including NFTs
- Guarantees customer balances with public asset disclosures
- Robust security features like multi-approval withdrawals, MCP, and 2FA
- Allows users to make income passively on their Bitcoin investments via staking
- Provides a wealth of technical analysis tools for trading experts
Cons
- Relatively high transaction fees compared to its peers
- History of security, including a hacking incident in 2021
- Has a custodial wallet
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% |
2. Crypto.com – Canada’s Best Platform to Buy Bitcoin for Advanced Traders
Seasoned traders use advanced analysis tools to give them insight into market trends and price fluctuations for well-timed and executed trades. Crypto.com is among the most sophisticated exchanges in fundamental and technical analysis capabilities. The wide range of tools is great for understanding the intricacies of the Bitcoin markets and price movements. Some of Crypto.com’s most notable analysis tools are its technical indicators (MACD, ATR, etc.), complex order types, Fear and Greed Index, and others,
Additionally, Crypto.com features trading bots, namely a DCA, TWAP, and Grid Bot for automated trading. The exchange’s infrastructure permits fast order execution with minimal slippage so traders can make the most of rapid market movements and react quickly to price changes for maximum profitability.
The platform’s University keeps trade in the loop on all the latest Bitcoin news, events, and market trends to supplement their fundamental analysis. It also has a Trading Arena where traders can compete against each other and win up to $1,000 in prizes or league and Formula 1 tickets.
Crypto.com DeFi Wallet
✔Decentralized wallet
✔Over 25 tokens
Pros & Cons
Fees
Trading Assets
Pros
- Huge selection of digital assets
- Large collection of analysis tools and resources for experienced traders
- Cashbacks, rebates, and other incentives for using Crypto card
- Up-to-date research and analysis by industry experts
- Staking offers an ideal passive income opportunity for investors
Cons
- High transaction fees
- Discounts and rewards may be hard to comprehend
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.
3. Kraken – Best Low-Cost Bitcoin Trading Platform for Advanced Canadian Traders
Kraken is a leading crypto exchange and wallet and is also the fastest way to buy Bitcoin in Canada. Kraken has two types of accounts: Kraken and Kraken Pro account. The standard Kraken account offers the basic functionality of an exchange. The Pro, on the other hand, is designed for professional and expert Bitcoin traders. The Pro account features advanced trading features like analytical tools, detailed charts, and live order books. These features give expert traders a better grip on fast-moving markets, helping them make better decisions.
Transaction costs are significantly cheaper on the Pro account, which charges ultra-low maker’s fees, starting from 0.00% for high-volume trades. Kraken Pro offers more order types, specifically Market Limit, Take Profit, Iceberg orders, etc. It also allows API integration so users can make the most third-party applications to automate and boost their trades.
The platform also has rock-solid security technology and protocols. It uses cutting-edge encryption technology, which earned the platform ISO/IEC 27001:2013 certification. Kraken also provides customer security with 24/7 surveillance and a world-class security team to provide the highest level of protection for its customers’ assets and information.
Kraken
✔245+ available crypto
✔Simple user interface
Pros & Cons
Fees
Trading Assets
Pros
- Low-cost trading for Kraken Pro users with spreads as low as 0.00
- Large selection of crypto assets to buy, sell, and trade
- Simple and intuitive user interface
- Ironclad security features like 2FA and SSL encryption
- High liquidity means fast transactions and tight spreads
Cons
- Higher fees for standard account users
- Limited funding options compared to its peers
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 |
4. Exodus – Best Bitcoin-Buying Platform for Bitcoin Beginners
If you’re completely new to Bitcoin and crypto, let Exodus ease you into the trade. Exodus is a Canadian crypto wallet that allows Bitcoin buying, selling, and trading through third-party APIs. The wallet was launched in 2016 and has grown popular despite its few years of operation.
The wallet’s most striking feature is its UI, which is a breeze to use. It’s well–designed and has a simple dashboard, giving users access to their balances, charts, trading instruments, and analytical tools. Beginners can easily find their way around the dashboard and accomplish their objectives.
Moreover, the wallet has a low entry barrier and is free to download for PC, Android, and iOS devices. It also doesn’t require a minimum deposit. However, certain networks require minimum balances, which users must maintain. It’s also among the more affordable wallets and charges tight spreads, a bonus for beginners with little money to invest in Bitcoin.
Pros & Cons
Pros
- Easy-to-use interface
- Compatible with PCs, Android, and iOS devices
- Non-custodial wallet allowing users to retain their private key
- Seamless integration with third-party APIs for smooth trading
- Wide collection of analysis tools
- Regular updates to address bugs and glitches and to improve overall user experience
Cons
- The platform’s security is somewhat lacking, with no 2FA and similar industry-standard protocols
- Uses third-party APIs to buy Bitcoin with fiat currencies
5. OANDA – Best Bitcoin Platform for Trading Software Compatibility
OANDA gets the thumbs up for a ton of reasons. Not only does the platform have a solid reputation in the Bitcoin and the entire crypto community, but it’s also one of the most experienced exchanges in the market.
The platform is compatible with all the popular trading software, most notably MetaTrader 4, MetaTrader 5, and TradingView. It also has a proprietary trading platform called OANDA Web and a smartphone app. OANDA mobile for iOS and Android devices. The platforms work smoothly across all devices, facilitating effortless Bitcoin buying and trading.
OANDA’s standard account supports Bitcoin and all the other big names in Crypto. It also gives users access to all trading instruments available on MT4, MT5, and TradingView. However, it doesn’t renew TradingView’s subscription automatically. The Elite Trader Program offers certain perks like an exclusive relationship manager, discounts, and access to VIP content and events.
The trading platform also offers premier research content, with contributions from Dow Jones. OANDA users stay ahead of the game with these insightful research pieces and are likely to succeed in their Bitcoin trading.
OANDA
✔Offers a negative balance protection
✔Customizable trading platform
Pros & Cons
Fees
Trading Assets
Pros
- Supports the most popular trading software (MT4, MT5, and TradingView)
- Established trading platform with considerable experience
- Industry-leading research and real-time news feed to keep users in the loop
- Sophisticated Elite Trader program for experienced traders
- Highly-regulated platform with licenses from the CSA, CFTC, and others
- No minimum deposit
Cons
- Charges a monthly inactivity fee
OANDA broker has a clear fee structure with no hidden charges. This makes it easier for you to know how much you will be paying once you make a commitment. Some of the fees to incur at OANDA include the following:
| Trading and Non-Trading Charges | Details |
|---|---|
| Account Opening | $0 |
| Management Fee | $0 |
| Minimum Deposit Requirement | From $0, depending on your jurisdiction |
| Commission | From 0% on US-listed shares |
| Spreads | From 0.6 points |
| Deposits and Withdrawals | Free deposits. Withdrawal fees apply based on the payment method used |
| Inactivity | $10 after 12 months |
| Overnight Funding | Varies based on global market conditions |
| Currency Conversion Fee | Calculated by applying a 0.5% mark-up or mark-down |
Bitcoin Trading in Canada
As mentioned, Bitcoin enjoys a massive following in Canada, with widespread adoption across the divide. The government has implemented adequate measures and legislation to guarantee the safety of Bitcoin traders and investors.
The Canadian Securities Administrators (CSA) primarily regulate BTC and other crypto assets in the country. FINTRAC, on the other hand, oversees anti-money laundering (AML) regulations and anti-terrorism financing and ensures that Bitcoin exchanges register as money services businesses (MSBs).
As BTC gains traction in the Great White North, more merchants increasingly accept Bitcoin payments. There are no age limits for owning a Bitcoin wallet and holding crypto. However, you must be 18 and above to register for an exchange and trade Bitcoin. Exchanges use strict KYC protocols to bar underage traders and vet users, locking out those with histories of fraud or other illicit activities.
Is it Worth to Trade Bitcoin?
Yes, trading Bitcoin is absolutely worth it. In Canada, you can trade Bitcoin as a career, side hustle, or hobby. The growing acceptance of Bitcoin translates to a high potential for returns. Moreover, many exchanges offer leveraged trading, meaning traders can make a fortune with little trading capital.
Still, it’s not uncommon to lose money trading Bitcoin. As a rule of thumb, only trade as much as you’re willing to lose, regardless of how confident you are of your trading proficiency. Also, adopt proper risk management practices and utilize tried-and-tested trading strategies for the win.
How to Choose the Best Platform to Buy/Sell Bitcoin
The World Wide Web is saturated with Bitcoin trading platforms, some with enticing bonuses, discounts, and other incentives. A Bitcoin buying platform means more than just bonuses or fee discounts. Some Bitcoin platforms use these incentives as smoke screens for their subpar services or, even worse, their illegal or unfair business practices. So, instead of using offers and bonuses to make your pick, use the information below to find platforms to buy Bitcoin in Canada.
Licenses/Regulation and Security
Trading Software
Tradable Assets
Check Their Fees
Customer Support
Reviews and Testimonials
The last thing you want as a Bitcoin trader is to entrust your funds to a sketchy platform. There’s a chance you could be depositing your money in an illegitimate exchange and lose it all. As such, check regulatory licenses before settling on a platform. At the very least, ensure the platform has licenses from CSA and FINRA.
Regulation aside, ensure the platform you choose has ironclad security measures to protect your fund and sensitive information. Look for platforms with 2FA, SSL encryption, multi-approval withdrawals, and other security features.
It’s important to find a platform that supports the trading platforms you’re familiar with. If you trade Bitcoin with MT5, then find a platform supporting MT5. The same applies if you use MT5, TradingView, and similar platforms. Still, you can try your hand at proprietary trading software that some platforms have, but it might take some time before you understand it fully.
You’ll want a platform that supports a broad range of financial instruments besides Bitcoin. This doesn’t exclusively mean cryptocurrencies, it also means assets like stocks, commodities, indices, options, ETF,s and others. The more assets the platform supports, the more you can diversify your portfolio and hedge your investment capital by spreading it across multiple investment vehicles.
Exchanges have different charges for facilitating their services. These charges include commissions, spreads, deposit, withdrawal, and conversion fees. Compare what different platforms charge and pick the one that matches your budget.
This isn’t to say pick the cheapest one. Extremely cheap exchanges may be illegitimate or offer poor services. Stick to a platform with reasonable fees (not too little, not too much) for the best result.
Customer support is more about how helpful the platform’s customer support is than its availability. Platforms are quick to advertise their “24/7” customer support but slow to tell users that this only applies to their chatbots that rarely pull through. Yes, it’s a good idea to look for a platform with 24/7 support, but make sure they offer live chat or direct you to a live customer support agent to help you with your issue or answer your query.
That said, also check the available customer support channels. Ensure they offer live chat and a customer service hotline. Waiting for a reply email from customer support will do you no good in an emergency.
Reviews and testimonials are a treasure trove for learning about bitcoin-buying platforms in Canada. They give you a firm idea of what other users have experienced while using these platforms. You can assess factors such as ease of use, customer support responsiveness, transaction speed, security features, and hidden fees.
Steer clear of any exchange with more negative than positive reviews. Also, be on the lookout for exchanges muddled with security breaches, legal issues, and management controversies. They’ll likely sweep such information under the rug to avoid driving away customers. Thus, it falls on you to conduct extensive research about the background of the Bitcoin platform you have in mind.
Risks to Trade With Bitcoin Trading Platform
Bitcoin trading can go either way. You could strike it big and make a fortune or come up short and lose your hard-earned cash. Understanding the risks associated with Bitcoin trading can help you put measures in place to mitigate these risks. The risks involved with Bitcoin trading platforms are:
- Volatility
The most apparent risk with trading Bitcoin is volatility. The price of Bitcoin constantly fluctuates, which may work in your favor or against you. Sometimes, a single tweet from Elon Musk can skyrocket Bitcoin prices for a week or so before a new policy from China makes them plummet. You can never be too sure about Bitcoin, but having solid risk management protocols can help prevent massive losses should the tide turn against you.
- Regulatory Risks
All Bitcoin exchanges operating legally in Canada are at the mercy of regulatory bodies like FINRA and CIRO. This means traders might be a single policy away from losing everything. Think about what might happen if Canada suddenly outlaws Bitcoin. Although this is unlikely to happen, it should give you a good idea of the regulatory risk of trading Bitcoin.
- Fraudsters and Scammers
The relative under-regulation, decentralization, and obscurity of Bitcoin compared to other currency forms make it perfect for scammers and other bad actors. They could create a fake exchange, let unsuspecting users deposit funds, and siphon all the cash. That’s why we stress the importance of only signing up with licensed platforms recognized by the applicable regulatory bodies.
Final Thoughts
Buying crypto is an excellent way to diversify your investment portfolio and jump into the crypto world. Now that you know the best platforms to buy Bitcoin in Canada, it’s up to you to choose the one best suited to your needs or trading style. We advise trying a few platforms before opting for the best one. All the best with your Bitcoin trading!
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