Biggest Crypto Exchanges in Canada
1. Bitbuy
Bitbuy is one of Canada's most popular crypto exchanges, known for its user-friendly interface and strong security measures. Founded in 2016, Bitbuy offers over 15 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The platform is fully regulated by the Canadian Securities Administrators (CSA), ensuring compliance with local laws.
Bitbuy's Express Trade feature allows quick purchases, making it ideal for beginners, while the Pro Trade interface is designed for experienced traders. Fees on Bitbuy are competitive, with a 0.1% fee for trades on the Pro platform and a 0.5% fee on Express Trade. The exchange also supports Interac e-Transfer and bank wire deposits for easy funding.
2. Coinberry
Coinberry is another leading Canadian exchange, established in 2017. It is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), ensuring a high level of security and regulatory compliance. Coinberry offers a straightforward trading experience with no hidden fees, making it appealing to both new and seasoned investors.
The platform supports over 20 cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin. Coinberry's unique selling point is its fee structure—there are no deposit, withdrawal, or trading fees, although a small spread is applied. Users can fund their accounts using Interac e-Transfer, credit card, or wire transfer.
3. NDAX (National Digital Asset Exchange)
NDAX is a Calgary-based exchange that has gained popularity due to its robust security features and a wide selection of cryptocurrencies. NDAX supports over 30 cryptocurrencies, including Bitcoin, Ethereum, Cardano, and Polkadot. It is registered with FINTRAC and offers advanced trading options, including limit orders and stop-loss orders, catering to experienced traders.
One of NDAX's standout features is its transparent fee structure, with a flat 0.2% trading fee. The platform also supports Interac e-Transfer, wire transfer, and bank draft deposits. NDAX provides cold storage for user funds, ensuring that assets are safe from online threats.
4. Shakepay
Shakepay is a Montreal-based exchange that has gained a reputation for its simplicity and speed. Founded in 2015, Shakepay allows Canadians to buy and sell Bitcoin and Ethereum quickly and with minimal hassle. The platform is registered with FINTRAC and prioritizes user security with two-factor authentication and cold storage solutions.
Shakepay's major selling point is its fee-free structure—there are no trading fees, although a spread is applied to the buy/sell price. Users can deposit funds using Interac e-Transfer or wire transfer, and withdrawals are processed quickly, often within minutes.
5. Wealthsimple Crypto
Wealthsimple Crypto is a relative newcomer to the Canadian crypto exchange scene, launched in 2020. It is part of the Wealthsimple suite of financial services, which includes investing and saving products. Wealthsimple Crypto is regulated by the Ontario Securities Commission (OSC) and offers access to over 40 cryptocurrencies.
The platform is designed with beginners in mind, offering a simple and intuitive interface. Wealthsimple Crypto does not charge trading fees but applies a 1.5%-2% spread on trades. Users can fund their accounts using their Wealthsimple Cash or bank account directly, making it an easy choice for existing Wealthsimple users.
Comparison Table
| Exchange | Founded | Supported Cryptocurrencies | Fees | Deposit Methods | Security |
|---|---|---|---|---|---|
| Bitbuy | 2016 | 15+ | 0.1%-0.5% | Interac e-Transfer, Wire Transfer | CSA Regulated, Cold Storage |
| Coinberry | 2017 | 20+ | No fees (spread applies) | Interac e-Transfer, Credit Card | FINTRAC Regulated, Cold Storage |
| NDAX | 2017 | 30+ | 0.2% | Interac e-Transfer, Wire Transfer | FINTRAC Regulated, Cold Storage |
| Shakepay | 2015 | 2 (BTC, ETH) | No fees (spread applies) | Interac e-Transfer, Wire Transfer | FINTRAC Regulated, Cold Storage |
| Wealthsimple Crypto | 2020 | 40+ | 1.5%-2% (spread applies) | Bank Account, Wealthsimple Cash | OSC Regulated, Cold Storage |
Conclusion
Canada offers a diverse range of cryptocurrency exchanges, each with unique features tailored to different types of traders. Whether you're a beginner looking for simplicity or an experienced trader seeking advanced tools, there's an exchange in Canada that meets your needs. Always consider the fees, security measures, and supported cryptocurrencies before choosing an exchange to ensure the best experience.
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