Choosing a good cryptocurrency exchange is an essential step for a digital asset trader. Canadians have access to most international cryptocurrency exchanges, thanks to the Canadian government’s positive approach to blockchain and cryptocurrencies. They also have access to some reputable Canada-based exchanges that will be reviewed below.
Since there are so many options, it can be hard to whittle them down and choose the crypto exchange that best suits your needs. This guide aims to help you to decide which is best for you by offering a comparison of the top exchanges currently available for Canadian crypto investors.
Crypto Exchanges in Canada
Keep your specific needs and priorities in mind as you review this list of reputable and secure exchanges. Some offer opportunities to earn rewards; others may offer better possibilities for short-term trade execution, etc. So, focus on which trading options and features are likely to best suit your investing style.
Binance is one of the most popular crypto exchanges in the world and is an excellent option for both advanced and newbie Canadian crypto investors. Via Binance, users can trade over 350 altcoins, including the exchange’s native token Binance Coin (BNB). Traders can also earn revenue in various ways, for example by staking and earning interest on their crypto holdings. Binance also offers users a way to trade peer-to-peer (P2P), participate in margin trading, and access more advanced trading products such as futures contracts.
Binance users in Canada can:
- Safely trade and store crypto at competitive fee rates
- Earn interest on crypto holdings using Binance savings accounts
- Use features such as trading pairs, futures and trading on margin
- Spend crypto easily with Binance credit cards
- Take out loans in crypto
- Access a secure platform and wallet service on one of the world’s largest and most reputable exchanges
Bitbuy (formerly InstaBT) is a highly reputable Canadian exchange. It offers features that are tailored to fit Canada-specific needs, from verification methods to compliance with federal regulation and security rules. The exchange supports a limited selection of digital assets, i.e. only eight cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Stellar (XLM) and XRP.
Bitbuy is the most popular Canada-based exchange, with many attesting to their extremely good customer service. The exchange’s security features, including 95% cold storage capacity and Bitcoin Insurance, makes it a solid choice for those who want a streamlined and secure way to purchase and hold crypto assets. Investors the option of using either Bitbuy Express Trade or Bitbuy Pro Trade. The Express Trade platform has an easy-to-use interface offering basic trading and conversion options. Investors who want more features and opportunities to use advanced trading techniques can instead use Bitbuy Pro Trade.
Bitbuy users in Canada can:
- Trade a small selection of top cryptocurrencies on a Canada-based exchange
- Make use of advanced trading options, e.g. six supported trading pairs
- Take advantage of over-the-counter (OTC) trading for individuals or institutional investors
- Choose between the Express and Pro platforms, depending on their needs
- Take advantage of low trading fees and a great user interface
Coinbase is a platform that is incredibly easy to use. Its interface and mobile application have been praised for their streamlined and customer-friendly design. The exchange reports some of the highest trading volumes in the world and remains the most popular crypto exchange in the United States. It is viewed as one of the safest platforms out there, having had no major security breaches to date.
Canadian users can open an account at Coinbase and Coinbase Pro (for advanced trading options). Traders can use a debit or credit card to make purchases or transfer funds directly from their bank accounts. However, Coinbase only supports a little over 50 different coins.
Coinbase users in Canada can:
- Safely purchase and trade digital assets after depositing CAD
- Earn crypto rewards by watching educational videos
- Participate in staking
- Store coins in secure cold storage using Coinbase vault
- Feel secure thanks to multiple safety features and robust authentication measures
- Enjoy an easy-to-use platform and mobile app
Coinberry is another Canada-based exchange where users can quickly get started and invest in Bitcoin (BTC) and other popular cryptos. The platform supports a small collection of crypto assets, including Ether (ETH), BTC and Stellar (XLM). Like Bitbuy, it provides Canadian investors with a highly trusted option that is compliant with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Personal Information Protection and Electronic Documents Act (PIPEDA).
Coinberry’s sign-up process is very fast and most users are able to purchase Bitcoin (BTC) and other cryptocurrencies using CAD almost immediately. It charges no deposit or withdrawal fees, which is an advantage over many other exchange options. Coinberry has forged a partnership with Gemini, a United States-based crypto exchange, in order to offer an institutional-grade crypto storage solution for investors.
Coinberry users in Canada can:
- Set up an account and purchase crypto with CAD in minutes
- Store crypto using a secure custody service via Gemini
- Easily purchase a small range of popular cryptocurrencies
- Use a well-designed and trusted Canadian exchange
- Deposit and withdraw funds with no fees
Kraken is another United States-based crypto exchange that Canadian citizens can use. The platform offers close to the same number of cryptocurrencies to trade as do other U.S.-based options, such as Coinbase and Gemini. Kraken positions itself as one of the most trusted exchanges, offering around-the-clock customer support to help users who have any issues with their accounts. This is an important feature, as many other exchanges have received complaints regarding lack of customer-facing infrastructure and live support.
Kraken users in Canada can:
- Trade by depositing CAD into secure accounts
- Use well-designed charting tools
- Access a customer support service at any time
- Take advantage of low trading fees
Gemini is a United States-based exchange that is a strong competitor to veteran platforms like Coinbase and Kraken. Since going live in 2015, the exchange has offered investors secure and compliant crypto investing opportunities with advanced features, yet at slightly higher trading fees. It has launched programs through which users can earn up to 7.4% APY on their assets and also offers benefits that include a Gemini credit card.
Gemini has a very easy-to-use interface, with similar trading options as other U.S.-based options. Around 45 cryptocurrencies are supported.
Gemini users in Canada can:
- Earn crypto on the exchange with selected programs
- Stay up to date on crypto headlines and pricing information via the Gemini app
- Store crypto using institution-grade security features
- Purchase crypto easily via credit card or bank transfer