The top crypto platforms and apps in Canada 2023
If you’re looking for the best crypto exchanges in Canada for buying and selling bitcoin, ether and other cryptocurrencies, we’ll help you compare.
If you’re looking for the best crypto exchanges in Canada for buying and selling bitcoin, ether and other cryptocurrencies, we’ll help you compare.
If you want to buy and sell bitcoin and other cryptocurrencies on a Canadian crypto trading platform, it’s worth shopping around—the features, fees and customer support options vary. To find the crypto trading platform that fits your needs, and to better understand your risk tolerance for this highly volatile asset type, start with our comparison guide.
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Cryptocurrency is a relatively new asset class that’s prone to significant price volatility—bitcoin’s highs and lows, for example, have caused investors many sleepless nights. As of early July 2023, the cryptocurrency is down 56% from its November 2021 record high of USD$68,789.
Before you invest, consider why you want to buy crypto, whether it fits your overall investing strategy and long-term financial goals, and—as with other speculative investments—it’s wise to limit your purchases to what you can afford to lose.
Crypto investing also has risks that you wouldn’t typically encounter when, say, buying exchange-traded funds (ETFs) or guaranteed investment certificates (GICs)—including technology risks, legal and regulatory uncertainty, and the potential for human error (including your own). It’s important to understand the different types of risk and how to protect your crypto assets, and to watch out for all-too-common crypto scams.
Also good to know: In the event that a financial institution becomes insolvent or suffers a security breach, crypto assets held there aren’t covered by the Canada Deposit Insurance Corporation (CDIC) nor the Canadian Investor Protection Fund (CIPF), unlike some other types of investment accounts.
CoinSmart’s simple interface makes crypto trading accessible to beginners, but the platform also offers tools and services for experienced traders, such as advanced charting and order book functionality. As noted above, CoinSmart is merging with Coinsquare and WonderFi in 2023.
Founded in 2018, Calgary-based NDAX—short for National Digital Asset Exchange—has some of Canada’s lowest crypto trading fees plus a roster of 34 coins. NDAX offers staking for certain coins (ADA, DOT, ETH, GRT, MATIC); its website has a handy staking calculator.
In December 2021, Bitbuy became Canada’s first crypto trading platform to be regulated as a marketplace, as well as the first to be both a registered digital asset marketplace and a restricted dealer of cryptocurrency assets. Canadian ivestors can benefit from greater price transparency and more consistent fees, and their orders are matched against other live orders on Bitbuy rather than routed to a third-party dealer.
Staking available for certain coins
Bitvo achieved registration with Canadian securities regulators in April 2022. Since then, it’s distinguished itself with its “Bitvo Same Day Guarantee”—which promises same-day processing for account registration, deposits and withdrawals—and its Bitvo Cash Card.
Netcoins, launched in 2014, keeps things cheap and cheerful with no fees for deposits or fiat withdrawals, flat fees for crypto withdrawals and a 0.5% fee for trades.
Since its launch in 2018, Newton has grown steadily, and it now offers one of the largest selections of crypto coins among Canadian trading platforms. Its fees and spreads are among the lowest on our list.
Toronto-based VirgoCX was founded in 2018 with a mission to provide safe, easy and accessible crypto trading. It offers over 60 coins and several tools for advanced traders.
In 2020, robo-advisor firm Wealthsimple launched Canada’s first regulated crypto platform, Wealthsimple Crypto, with a menu of two coins: bitcoin and ethereum. As of 2023, it offers over 50 cryptocurrencies via its user-friendly Wealthsimple Trade app.
With so many crypto trading platforms to choose from, it’s essential to review their features in detail.
Newer crypto investors, for example, will benefit from a platform that provides 24/7 customer support, while more experienced investors will look for advanced trading tools like limit orders and a live order book. A large coin selection is great to have, but it’s not necessary if you plan to trade just the most established cryptocurrencies, such as bitcoin and ethereum. And, of course, you’ll want to compare fees and spreads.
Worth noting: A major change is coming to Canada’s crypto landscape. In April 2023, three platforms, CoinSmart, Coinsquare and WonderFi (which owns platforms Bitbuy and Coinberry) announced a merger. According to a press release, the combined company “will offer one of the largest regulated crypto asset trading platforms in the world and will provide Canadians with a wide range of diversified products and services including both retail and institutional crypto trading, staking products, B2B crypto payment processing and will also soon include sports betting and gaming.” Closing of the deal was expected in the second quarter of the year. As of late June 2023, the three platforms still maintain separate websites.
Watch: How to buy bitcoin in Canada
Before you deposit money, or even create an account, tackle this list of questions to help you decide on which platform is best for you.
These and other crypto trading platforms make buying and selling cryptocurrencies almost as easy as ordering a pizza—but do you understand how crypto works, what affects crypto prices, how to choose investments and what risks are involved?
Explore our roster of crypto articles to become a more informed investor:
Watch: 10 cryptocurrencies you need to know about
For our list of top crypto trading platforms, we only included Canadian companies that met the following criteria:
All information was sourced from the platforms’ websites, press releases and company employees.
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