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On which exchanges is it better to buy cryptocurrency in Canada

14.02.2023
On which exchanges is it better to buy cryptocurrency in Canada
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With the increase in investment in Bitcoin and the continued interest and acquisition of it from individuals, it became clear that the cryptocurrency is not going anywhere.

If you want to invest in cryptocurrency in Canada either for the first time, or because you are looking for a new exchange, then we have prepared for you a list of the best crypto exchanges available to Canadians.

There are many cryptocurrency exchanges that Canadians can use to easily and safely purchase cryptocurrencies for Canadian dollars (CAD). However, there may be many scams among them. Based on several factors, including deposit methods, security, choice of cryptocurrency assets, ease of use, customer support, fees and more, the OCryptoCanada team conducted extensive research to present you the 4 best cryptocurrency exchanges for Canadians.

1. Bitbuy

Anyone who uses Bitbuy knows that it is one of the safest and most reliable Canadian crypto exchanges. Most importantly, we believe that this is the safest cryptocurrency exchange platform for Canadians. Bitbuy conducts regular financial audits and is fully regulated by FINTRAC as a Cash Operator (MSB), and the latest reserves audit showed that BitBuy exceeded their cold storage policy by an average of 98.12%.

Thanks to two platforms — Express and Pro — Bitbuy is suitable for both beginners and advanced traders. In addition, Bitbuy offers a huge variety of available cryptocurrencies, it can certainly be considered the best exchange for buying bitcoins in Canada and our No. 1 recommendation for Canadians.

Ways to top up your account: Interac e-Transfer, bank transfer

Ease of Use: Simple and Advanced

Choice of cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP, EOS, Stellar, LINK, AAVE
Fees: The Interac e-Transfer deposit fee is 1.50%, and the withdrawal fee is 1.5%. For deposits by bank transfer, the commission is 0.50%, and the withdrawal fee is 1.00%. The full list of Bitbuy fees can be found here

Application: iOS and Android

Customer Support: Email Support

Security: Registered with FINTRAC, and 95% of cryptocurrencies are in cold storage. In addition, in the latest Proof of Reserves Audit, published in July 2021, BitBuy exceeded its cold storage policy by an average of 98.12%.

2. Binance

Binance is one of the best crypto exchanges in the world, and it is available to Canadians (from December 2021, this exchange will not be available for the province of Ontario, but it will continue to function in the rest of Canada). It offers hundreds of cryptocurrencies, so it is an ideal choice for people who like to invest in altcoins. His own cryptocurrency, Binance Coin (BNB), is one of the most valuable cryptocurrencies in the world.

Binance is so huge that its average daily volume is two billion and 1.4 million transactions per second. It operates in 180 countries and accepts fiat deposits in more than 50 currencies. Despite the fact that it is no longer available in Ontario due to the law, Binance is still the best choice for Canadians because of its security, reputation and the huge number of cryptocurrencies available.

Binance offers some of the lowest fees on any crypto exchange, and if you have BNB, you can get even lower fees. Although its platform is certainly not for beginners, once you get used to the advanced interface, Binance will offer you so much that you will probably never look at another exchange again.

Ways to top up your account: Credit/Debit, quick bank transfer in US dollars

Ease of Use: Advanced

Choice of cryptocurrencies: 400+, including BTC, ETH, XRP, DOGE

Fees: from 0.1% to 0.02% commission for the purchase, depending on the VIP level

Application: iOS and Android

Customer Support: Email Support

Security: 2FA, white list of crypto addresses, partnership with Trust Wallet, KYC verification process

Reputation (1-10): 9

3. Coinsmart

CoinSmart’s mission is to “make cryptocurrency accessible.” Based in Toronto, CoinSmart offers advanced orders and schedules for those with a little more experience in investing, but its simple interface makes it suitable for beginners as well. Created for Canadians, CoinSmart offers same-day deposits, round-the-clock customer support and same-day account verification. This means that you can register, deposit your money and start trading on the same day. CoinSmart was created for Canadians with different levels of experience.

Deposit methods: Interac e-Transfer, Credit/Debit cards, Bank transfer

Ease of Use: Simple

Fees: 1.5% deposit fee for deposits from $100 to $1999. Free deposits for deposits from $2000. The withdrawal fee is 1%, and there are various fees for withdrawing funds in cryptocurrency. Trading fees are 0.20% for a single transaction or 0.40% for a double transaction. The full list of fees can be found here

App: Only for iOS

Customer Support: 24/7 live chat, email and phone support

Security: $100 million insurance coverage from Lloyd’s of London. CoinSmart uses BitGo cold storage for its cryptocurrency, and it is registered with FINTRAC

4. NDAX

NDAX is a crypto exchange for beginners that offers a large number of popular digital currencies. It offers free deposits, a fixed withdrawal fee and a fixed purchase/sale fee of 0.2%, which makes it easier to determine the amount you will be charged for the transaction. These points make it the best choice for Canadians and one of the best crypto exchanges in Canada. Of course, you should be wary of hidden fees on “free” cryptocurrency trading platforms such as NDAX. Despite this, NDAX is one of the best crypto exchanges and is a good starting point for Canadians who want to purchase cryptocurrency for the first time.

Ways to top up your account: Interac e-Transfer, bank transfer

The choice of cryptocurrencies: Bitcoin, Litecoin, Ethereum, XRP, EOS, Stellar Lumens, Dogecoin, Cardano, USDT,

Chainlink, Polkadot, Uniswap, The Graph, Compound, Aave, and Polygon.

Application: iOS and Android

Customer Support: Email/Chat

Security: Assets stored in cold storage using Ledger Vault (amount unknown)

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