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- 1 Canada has long been a crypto-friendly nation and offers many exchanges for trading.
- 2 By knowing the best options, Canadian digital asset users can pick the best options.
Cryptocurrency is prevalent across the globe now. Though it’s not fully regulated, its trading is allowed in most nations with some conditions. That’s why traders often like to know about exchanges popular in certain countries. Canada is one of the crypto-friendly nations with many mining operations, exchanges, and other firms.
This country has maintained this stance right from the beginning. It continues to foster the same environment with a rising number of exchanges. So let’s go ahead and check out the most popular crypto exchanges in Canada.
Top Crypto Exchanges Operating In Canada
These exchanges deliver some notable features to make trading easy. They play a pivotal role in making digital assets accessible to all.
Bitbuy
Launched in 2013 as Instabit, Bitbuy is a leading crypto exchange in Canada. Since it only serves canucks, it accepts only CAD as fiat currency. The platform funds users’ accounts and provides trading pairs using the national currency. Besides that, it is known for delivering a seamless experience to crypto buyers/sellers
Its existing customers have praised the platform for its email and chat support. On the safety front, Bitbuy does a decent job. It is a Money Services Business (MSB) with a 95% cold storage policy. However, it supports a limited number of cryptos and charges a higher fee.
Coinsmart
Established in 2018, CoinSmart is a Canada-based exchange considered well-suited for beginners. The reason is that its user interface is very convenient and it makes account setup very quick. To ensure security, it implements two-factor authentication while offering insurance.
CoinSmart insures all wallets for up to $100 Million of assets. Moreover, it charges a low fee of 0.20% on all transactions. The cons include limited support to just 16 cryptos and a fee of 6% on debit/credit card funding.
Coinbase
Coinbase is one of the leading exchanges globally with significant influence in Canada. On the platform, users can enjoy buying and selling more than 50 digital assets. Apart from these salient features, it has an intuitive user interface. On top of that, it rewards learners for watching tutorials on its platform.
On the downside, Coinbase charges 3.99% and 2% on instant purchases and crypto-to-crypto trades respectively. On the support front, some customers have complained about late responses to queries and requests.
Kraken
Another global exchange that has gained popularity in Canada. Established in 2011, Kraken is one of the longest-running crypto trading platforms. A large number of Canadians have found this platform to be fruitful. They are particularly fond of its advanced trading tools and low fees.
The exchange offers more than 200 cryptos for buying and selling. In addition, experienced traders can indulge in advanced order types and charting tools. To maintain security, it implements two-factor authentication and promotes holding of 95%
cryptos in cold storage.
Many users praise it for the low fee ranging from 0.16% to 0.26%. While finding the cons, one can be miffed at the limitations of advanced features in Canada. Margin and futures trading isn’t available for Canadians. Another demerit is the higher fee of 5.2% to 7.1% on debit/credit card purchases.
Wealthsimple
In 2014, Wealthsimple was introduced as a robo-adviser platform. Its job was to help investors in stocks and assets. But today, the platform has transformed itself into a full-fledged trading hub. Its USP is that it allows traders to deal with crypto and equity.
Its bots make the management of highly diversified portfolios easier than ever. Also, the user-friendly interface makes usage convenient on desktops and mobiles. On the cons side, it charges a higher fee rof upto 1.5% to 2%.
NDAX
Founded in 2018, this Calgary-based exchange offers low fees, staking rewards, and a seamless trading environment. Registered with FINTRAC, the platform prioritizes the safety of users. It offers cold storage and implements two-factor authentication to minimize the chances of fraud.
On the downside, it offers trading on only 30+ cryptos.
Newton
Launched in 2018, this Toronto-based exchange is considered perfect for beginners. It offers a seamless user experience and reliable security standards. Registered with FINTRAC, it implements two-factor authentication for maximum safety.
Talking about the cons, it only has 40+ cryptos for trading. Instead of a plain fee, it charges a “spread” on trades. The method of its calculation has not been made public.
Conclusion
With the help of these exchanges, Canadians are exploring the crypto space to its fullest. They can experience the potential of different blockchains. They are also able to develop a perception of this technology’s future. On the investment front, these exchanges are helping users identify the most fruitful opportunities.
Knowing these options helps beginners as well as experts choose the right platform for crypto trading.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
