The Best Cryptocurrency Exchanges in Canada for 2021 – An Overview

If you are looking to try your luck at crypto trading in canada, you will need to make sure you find a crypto exchange that works for your location, target currency, payment methods, etc.

If you already have some buy and sell experience in this market you would know that you can choose between crypto to crypto or fiat to crypto exchange. As for you novices, we recommend sticking to the latter one until you purchase enough cryptocurrencies.

About Cryptocurrencies

Cryptocurrencies are online assets that are used as payment methods or medium of exchange, and are secured using cryptographic proof which is a method used to generate new coins and verify cryptocurrency transactions that are recorded and stored on digital ledgers called blockchains.

What are Crypto Exchanges?

Cryptocurrency exchanges are online platforms available online where you can sell, transfer, store or buy cryptocurrencies in Canada.

The main decision you will make is between using a centralized (Traditional) exchange or a decentralized (peer to peer) crypto exchange

Centralized exchanges are called traditional because they were the first types of exchanges available ever and function similarly to how a traditional bank functions, by overseeing all their customers’ transactions and offering escrow services.

One of the main advantages you could get by using centralized exchanges are that they offer higher liquidity because these platforms usually only buy and support cryptocurrencies that have high trade volumes by customers and are relatively risk-free. A cryptocurrency exchange invests a lot of money into high-level security methods to meet the authorities’ regulatory criteria and stay in business.Thus the preference for lower risk.

However, trading on centralized exchanges is less private as you will need to provide personal data and other forms of identification to be verified on these platforms.

If you are not comfortable with this, you can opt to go for a decentralized exchange instead. These platforms directly connect buyers and sellers and let them agree on the trading terms that they set on their own.

Factors to Select the Best Cryptocurrency Exchange

Before you make your final judgement, you should go through the below points and criteria to ensure that you would select the best type of cryptocurrency exchange for your uses.

Are you a crypto trading beginner or an experienced trader? If you are new to purchasing bitcoin in Canada, we advise you to stick to user-friendly platforms with easily-navigable interfaces.

Have you purchased any cryptocurrencies in Canada before? If you have not, it should be easier for you to use fiat to crypto exchange.

Is the target cryptocurrency you are targeting to invest in listed on the exchange?

Do you have a bitcoin wallet in Canada that you could use for storing crypto? If you don’t, you could go for an exchange that provides one.

Are transaction fees reasonable or unreasonably high? Does the cryptocurrency exchange charge deposit or withdrawal fee? This can be a decisive factor if you can’t make up your mind between two different platforms.

Are you satisfied with the payment methods the cryptocurrency exchanges are offering you?

Are you required to complete a KYC check to register for an account? If you do not like sharing your private data, you would be better off using a decentralized exchange.

How secure are the cryptocurrency exchanges that you are using? Do they offer two-factor authentication and address whitelist on your account?

What kind of customer support is available?

The cryptocurrency exchanges you are selecting should be supported in Canada.

Best Cryptocurrency Exchanges in Canada – Evaluated

1. Kraken

Based in San Francisco and created in 2011, This platform is considered one of the best crypto exchanges in canada. They boast a consistently high rating and the most secure Bitcoin exchange by independent news media. Of course, the term “the best cryptocurrency exchange in Canada” is very subjective, it is certainly undeniable that This exchange is among those widely considered as one of the more sophisticated, reputable and secure cryptocurrency exchanges in Canada right now.

The platform has the highest euro volume of Bitcoin trading of any exchange and is considered one of the Top 10 crypto exchanges internationally for both investors who wish to buy Bitcoin and trading volume across all cryptocurrencies supported. It is also worthy to mention that this trading platform is the first to have its data incorporated into the Bloomberg Terminal.

Supported Cryptocurrencies

Ethereum (ETH), Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), Litecoin (LTC), Ripple (XRP), Stellar/Lumens (XLM), Ethereum Classic (ETC), Augur REP tokens (REP), ICONOMI (ICN), Melon (MLN), Zcash (ZEC), Dogecoin (XDG), Tether (USDT), Gnosis (GNO), and EOS (EOS).

Deposit and withdrawal Options

Deposit and withdrawals can be made from an online trading account or using a wallet made in Canadian Dollars. You could also use cryptocurrencies that can be traded via the exchange.

Deposits and withdrawals can only be made via a bank or wire transfer and not from debit or credit cards or digital wallets such as Skrill or Paypal. The exchange mentions that the reason for this limitation is that the instant and irreversible nature of cryptocurrency transactions means there is increased risk for fraudulent transactions for the exchange to offer these deposit and withdrawal methods.

Fees and charges

Fees and charges can be broken down into making deposits and withdrawals and those incurred in the trading process.

Deposit and option fees

EUR Bank Wire Deposit (10 Euros) – Outside US Only
USD Bank WIre Deposit ($10 USD) – Outside US Only
CAD Wire Deposit (Free)

Withdrawal options and fees

USD Bank Wire Withdrawal ($60USD) – Outside US only
EUR Bank Wire Withdrawal (60 Eur) – Outside US Only
CAD EFT Withdrawal ($10 CAD Fee, $25K CAD daily max) – Canada Only

The trading fee is tiered so they will drop as trading volumes increase and also vary between the type of currency that the pair is being traded and also the kind of trading ie. Standard, margin-based etc.

The exchange has a trading fee that is generally considered to be towards the lower end of the scale when it comes to exchanging averages.

Privacy and Security

Security levels are generally considered to be pretty tight. However, you are required to provide higher levels of personal identity verification of its account holders if compared to other exchanges out there.

A large extent of this is connected to whether account holders wish to make deposits and withdrawals in fiat currencies as well as cryptocurrencies, as the platform voluntarily operates in line with banking standards.

Security in terms of the exchange’s liquidity is also extremely high. The exchange maintains full reserves so there is no risk of a ‘bank run’ compromising liquidity and all customer funds are entirely separated from operating funds and accounts.

Customer Support

The exchange offers 24/7 customer support via email and online chat, though no telephone number is provided. It is important to note that feedback around support is not great and generally considered an area that the exchange could do most to improve on, with time required to receive a response the most commonly criticized element.

2. Cex.IO

Started business in 2013, the company has gradually evolved over the years into a multi-functional cryptocurrency exchange. In addition, Cex.IO provides trading of cryptocurrencies on its web trading portal, via mobile apps and also using API applications.

Supported Cryptocurrencies

ETH, DASH, Ripple (XRP), Bitcoin Gold (BTG), ZEC, Bitcoin Cash (BCH) and BTC

Deposit and withdrawal Options

There are a few options for deposits and withdrawals on Cex.IO in Canada. Each option comes with their respective deposit and withdrawal limits. The account type used by the user determines the limits for depositing or withdrawing funds.

Depositing or withdrawing funds on CEX.IO, use the following channels:
Credit/Debit cards issued by MasterCard and Visa
Wire transfer using Swift and Sepa
Cryptocapital
Neteller
Interac E Transfer

Fees and charges

Transaction fees (Maker-taker fees)\
Deposit/withdrawal fees (Specific to each payment method)
Margin trading fee

Transaction fees are a percentage of the trader’s 30-day trade volume for all pairs. Open fees for margin trades are capped at 0.2% of the invested amount, while rollover fees are capped at 0.01% while no fees are charged to close trade. The below photo should illustrate this clearly.

Privacy and Security

The exchange has deployed several security features to ensure that it is a secure place for traders to buy and sell cryptocurrencies without fear of theft of cash, coins or IDs. Security features are as below:

Two-Factor Authentication
Encrypted Data
PCI DSS Certificate
SSL Certificate
Registered with the ICO in the UK
Internal AML/KYC policy and procedures
SSL Certificate

Customer support

The platform provides an email address for business enquiries at: webmaster@cex.io and also any accounts and cardholder issues at: support@cex.io

3. Coinmama

Coinmama is an online cryptocurrency exchange launched in 2013 and registered in Slovakia and can be accessed if you are in Canada Coinmama was one of the first to support its users with the option to buy and sell Bitcoin with credit and debit cards. They have continued to add cryptos to its offering not to mention alternative payment methods.

Supported cryptocurrencies

Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Cardano’s ADA (“ADA”), EOS (“EOS”), Ethereum (“ETH”), Ethereum Classic (“ETC”), Litecoin (“LTC”), Qtum (“QTUM”), Ripple’s XRP (“XRP”), and Tezos (“XTZ”)

Deposit and withdrawal options

There are no fees for withdrawal of coins from Coinmama and they deliver coins within minutes of purchase. This is an important volatile world of crypto. Coinmama also does not hold a user’s funds and cryptos directly and ensures that its users are protected from theft.

It is an option to purchase crypto with fiat money and can be done via credit, debit card or via fund transfers.

Fees and charges

Buying fees incurred on buy orders depend both on the user loyalty level and method of payment as below:

There is commission fee of up to 3.9%
Coinmama’s fees vary depending on the type of payment method
Transactions involving a locked crypto rate and instant deliver (credit/debit cards) there is an additional 5.0% momentum fee.
Orders placed by bank transfers do not incur any momentum fees
SWIFT bank transfers however have a minimum order amount of 1,000 USD. A flat fee of 20 GBP is charged if you wish to make an order below 1,000 USD

Selling Fees are tiered and correlate with a user’s loyalty program level. Their rates are calculated using an XB Index average +2% (STD Dev) + Coinmama sales fee of between 0.1% and 0.9%

Privacy and Security

Security measures taken by Coinmama include a KYC process to protect all its user’s accounts and minimize fraud when they buy bitcoin. Coinmama also holds no cryptos for users on the exchange. Coinmama also does not store its user’s credit card or bank details.

As such there is a lack of a 2-factor authentication since Coinmama neither holds cryptos on the exchange nor stores customer information. Coinmama does however recommend that its users enable 2-factor authentication on any wallet apps.

Customer Support

You are able to access the customer support on the Coinmama main page. Simply look to the bottom “Help” icon that is located at the bottom right. There is also a search option to find an answer to any questions you will have. Otherwise, send an email to support@coinmama.com. Coinmama allows you to submit a query via Facebook messenger on the Coinmama Facebook homepage.

4. Coinbase

Founded in 2012, Coinbase is one of the oldest exchanges in the world. They started out as a Bitcoin brokerage service but more services were added along the way. It has raised over $540m from leading investors such as Rabbit Capita, The NYSE and Andreessen Horowitz. It is one of the best platforms to use for advanced trading in Canada

Supported Cryptocurrencies

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Stellar Lumens (XLM), Ethereum Classic (ETC), Zcash (ZEC), Augur (REP), DAI(DAI), USD Coin (USDC), 0X (ZRX), Basic Attention Token (BAT), Algorand (Algo), Civic (CVC), Dash (DASH), District0x (DNT), Golem (GNT), Kyber Network (KNC), Chainlink (LINK), Loom Network (LOOM), Decentraland (MANA), Maker (MKR), Orchid (OXT), Tezos (XTZ)

Deposit and WIthdrawal Options

This paltformoffers a brokerage service for buying and selling cryptocurrencies, The exchange draws new cryptocurrency users in Canada to buying Bitcoin through their exchange thanks to the company’s marketing and relatively friendly user interface.

One downside is that after you open an account, you will not have direct access to your coins and will not get any seed phrase or private key. So technically, they store your crypto for you, similar to how the bank owns the cash you keep in your bank account. The bank owns it, not you.

This crypto exchange allows you to only buy and sell a small amount of Bitcoin until you raise your limit. You will need to provide some level of personal information such as verifying your phone number, personal information and photo ID to raise your limits.

Withdrawal is usually instant from this cryptocurrency platform however it may take up to 3days for your bank to process the transfer. They may also potentially delay digital currency transactions sent from your account if you are suspected not to have authorized the transaction.

Fees and charges

The exchange offers a pretty tricky fee structure. When you buy bitcoin ,the price you pay consists of the following two items : The market price on Coinbase Pro +0.5% and a transaction fee which is a flat fee for any transactions below $200 or a percentage of the transaction (Greater of the two)

Most transaction fees are 1.49% for a standard buy and 3.99% for credit card buys. Depositing money is free via ACH transfer but would otherwise cost $10

Having that said, this is a crypto exchange with one of the lowest fee structures around compared with other crypto exchanges in Canada such as Coinmama and CEX.Io.

Any transactions between accounts are free of charge while outside transactions into your account will require about 3 confirmations before they enter your account.

Privacy and Security

The exchange offers trading features which make it one of the safest places to buy cryptocurrencies. There is however a certain level of private information you will need to provide to them when you buy your Bitcoin, so make a decision based on how comfortable you are with that.

There are also issues with closed or frozen accounts and are probably the most common held grudge against Coinbase due to their tight integration with banking laws. For better or worse, Coinbase prides itself on its legislative compliance and was the first to receive US Regulatory approval. As a result of this, they have Anti Money Laundering and Know your Customer practices much like any bank.

Customer Support

This Crypto exchange in Canada offers a very extensive knowledge base and most standard requests will probably find an answer here. Expect to get a response within 48-72 hours from customer service here.

Coinbase offers operating phone line support, however the overall impression of quality support is negative. Most of the time, the customer support team won’t dig deep into your issue and don’t really address the problem.

The community complains that This trading platform is not really support oriented and issues aren’t explained to the customer.

5. Binance

Binance is one of the best places to buy and sell cryptocurrency due to it having the largest trading volume in the world. IT is also one of the fastest platforms in the crypto market today.

It was founded back in 2017 and is headquartered in Malta after having moved from China. This crypto exchange provides its users with one of the widest range of cryptos that are available on the market. The offer ranges from the market’s largest by market capitalisation to some small and less known coins and tokens in Canada

Supported Cryptocurrencies

Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) Litecoin (LTC) Bitcoin Cash (BCH) EOS (EOS) Stellar Lumens (XLM) Ethereum Classic (ETC) Zcash (ZEC) Augur (REP) Dai (DAI) USD Coin (USDC) 0x (ZRX) Basic Attention Token (BAT) Algorand (Algo) Cosmos (Atom) Civic (CVC) Dash (DASH) District0x (DNT) Golem (GNT) Kyber Network (KNC) Chainlink (LINK) Loom Network (LOOM) Decentraland (MANA) Maker (MKR) Orchid (OXT) Tezos (XTZ)

Deposit and Withdrawal Options

Binance provides their deposit and withdrawal of funds in both crypto and fiat money. You can purchase your cryptocurrency by credit card, debit card, P2P Trading, cash balances,INterac E Transfer or third-party payments.

Additional methods to purchase crypto include: Debit card or credit card, P2P Trading, Cash Balance and third party-payment. These options are available to select from the “Buy Crypto” dropdown menu.

For withdrawals, users may withdraw Binance supported crypto to external wallets and also allows the withdrawal of Fiat money.

Fees and Charges

Binance offers a tiered trading fee structure that is based upon a 30-day cumulative trading volume or 24-hour Binance Coin holdings. Traders are categorized into VIP levels, ranging from Level 0 to Level 9.

The fees range from 0.1% for maker and taker to 0.02% / 0.04% depending on the VIP level status. Both makers and takers can also receive a 25% discount by using BNB.

Withdrawal fees would depend highly on the type of crypto and you would need to refer to Binance’s guideline tables for each fee.

Privacy and Security

Binance is one of the many crypto exchanges that deliver a high-level of security to users to protect personal information and user assets. These measures include 2-Factor Authentication, Google authentication, SMS Authentication and E-mail address authentication.

Customer Support

The support option is located at the bottom right of the Binance page and they are extremely responsive and deliver support 24/7. Binance also offers a submission request for support which is located on the same area of the page.

6. BitIt

BitIt, like many crypto exchanges, supports the buying and selling of cryptocurrencies. The platform is one of the best crypto exchanges out there for both beginner and experienced crypto investors with access to the crypto market from all corners of the globe, including Canada.

It was founded in 2015 and headquartered in Paris, France. Some key attributes of the Bit It platform in cryptocurrency trading include its efficiency as the first fiat-to-crypto on-ramp platform that can be understood in just a few clicks. This bitcoin exchange is also user friendly with a particularly simple and easy to use platform that removes unnecessary processes to offer the best bitcoin trading experience.

Supported Cryptocurrencies

Bitcoin, Ripple, Ethereum, Tether, EOS, Litecoin, BNB, ChainLink, Tezos, Stellar, Cardano, Tron, Monero, Ethereum Classic, DASH, IOTA, Zcash, USDC, Vechain, Basic Attention Token, Dogecoin, 0x, Paxos Standard, Qtum, Bitcoin Gold, Matic Network, TrueUSD, Algorand, OmiseGO, WAVES, KOMODO, Chilliz, Kyber Network, Zilliqa, Siacoin, iExec RLC, Tomochain, Loopring, NPXS, BEAM, Band Protocol, Civic, Bread, Polymath, ARK, Bancor, Steem, Blocstack, Fetch.ai, Vertcoin, Bitcoin Cash, Ontology, NEO, Bittorent, IOST

Deposit and WIthdrawal Options

Investors can either deposit or withdraw EURs or transfer their digital currency to other compatible cryptocurrency wallets.

This Canadian crypto exchange offers a range of ways to acquire cryptocurrencies supported by BitIt. They remove currency exchanges risk for buyers by supporting the purchase of cryptocurrencies in up to 15 different fiat currencies.

In addition to purchasing with a credit card, debit card or interac e transfer in fiat currencies, buyers are also able to purchase supported cryptocurrencies with prepaid vouchers and EURs.

Fees and charges

Transaction fees vary depending on the purchase method. For example, if you use a Bit It EUR Wallet, the transaction fee is 0.25% for buyers and sellers of Canadian cryptocurrency. Using a debit and credit card on the other hand would incur a 3.9% transaction fee for the purchase of cryptocurrencies.

Cashlib or Neosurf vouchers incur a 8.75$ transaction fee.

Privacy and Security

Bit It delivers its investors with a platform with a strong emphasis on verification process and security.

As a regulated entity, Bit It adheres to all Data protection regulations on data privacy which ensures the highest security standards for the protection of customer information are in place. Bit It keeps all customer data confidential and encrypted.

Bit It maintains bank-level security which is independently tested and audited on a continual basis. They are one of the bitcoin exchanges out there that ensure training for staff is continuous to ensure that security levels remain robust.

Customer Support

Bit It provided 24/7 customer support with a dedicated help center where customers are able to raise a ticket there. They also provide an email to their support team which is hello@bitit.io. They are also one of the many bitcoin exchanges that have a strong social media presence and customers are able to send queries via Facebook Messenger and Twitter.

7. Remitano

Remitano is an online peer-to-peer escrow marketplace which facilitates the buying and selling of digital currencies using both fiat currency and cryptocurrencies.

Key features of Remitano are that they facilitate the instantaneous purchase of altcoins and support the deposit of funds in both crypto and fiat currencies. All crypto exchanges are also made via an intermediary escrow platform, providing additional security with 24/7 customer support and user friendly interface for ease of use.

Supported Cryptocurrencies

Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT),Binance Coin (BNB), Cardano (ADA), EOS, Stellar’s Lumen (XLM), and Tron (TRX)

Deposit and Withdrawal Options

Investors who wish to open an account are provided the option by Remitano of selecting wallets for the supported crypto and fiat currencies. In order to benefit from higher limits for buying and selling, depositing and withdrawing of funds, there is a KYC process in place.

The KYC Completeness is tiered and can be summarized by 4 levels which are, phone number verification, documents verification, bank verification and finally peer verification.

Fees and Charges

Similar to trading digital currency on other platforms, the fees vary depending on the chosen method of purchase. THere are fees incurred for swapping cryptocurrencies and for depositing and withdrawal of cryptocurrencies.

Trading fees are displayed in the advertisement which is 1% of the price advertised.

For both buyers and sellers, the fees are calculated at 1% so for example if you are selling US$5,000 worth of Bitcoin, the price advertised will be US$5,050. On the other hand, if you are offering to buy Bitcoin for US$5,000, you will receive 1BTC – 1%. The actual amount paid is US$5,000 and the 1$ fee is incurred once in profit.

Wholesale trading fees are flat at a rate of 0.1% while swapping cryptocurrencies are 0.25% of value swapped.

Privacy and Security

Cryptocurrency purchases and sales in canada that are carried out with the use of escrow holds the funds while counterparties trade. This means that the seller will transfer their cryptocurrencies directly from their wallet to the Remitano escrow platform instead of directly to the buyer.

The buyer then remit funds agreed to purchase the cryptocurrencies to the seller and upon receipt of the funds, Remitano will release the agreed cryptocurrencies to the buyer. They provide a support team in the event of disputes.

All Remitano users must go through a verification process and the platform allows users to review a profile before trading. In addition to reviews and feedback, buyers and sellers are able to score each other on the platform and Remitano removes people proven to be scammers from the platform.

Customer Support

Remitano provides 24/7 customer support with a Live Chat option as well as an FAQ section that provides users with necessary support. They are also able to send emails directly to the support team using this email: team@remitano.com

8. SnapEx

SnapEx is an online derivatives exchange supporting the trading of cryptocurrencies and is designed with the everyday trader in mind. It was founded in 2018 by Snap Technology Limited.

It is a very user-friendly platform targeting both novice and experienced traders with a sizable leverage of between 10x to 100x, with the option to trade long or short. SnapEx also provides an OTC platform which supports cryptos for selected countries which include Canada.

Supported Cryptocurrencies

Binance Coin (BNB), Cardano (ADA), EOS, Stellar’s Lumen (XLM), and Tron (TRX)

Deposit and Withdrawal Options

SnapEx facilitates the deposit and withdrawal of funds in three types of cryptocurrencies which are Bitcoin, Ethereum and Thether. For those users who don’t own supported cryptos, user can purchase cryptos with fiat money on the OTC platform to fund said account.

Fees and Charges

SnapEx has one of the lowest fees in the crypto market place with a transaction fee of 0.1% which is charged when you open a position with no additional charges for closing a position and no hidden transaction costs.

Privacy and Security

SnapEx delivers a high-level security environment to protect its investors’ assets and platform which includes allowing users to bind their phones with their SnapEx account to allow for withdrawals, password changes, etc.

SnapEx also allows verification by Email and users must enter a verification code in order to make withdrawals etc.

Customer Support

Users are able to connect with customer support located at the bottom of the home page under “Contact Us”, and allow users to send emails directly to customer support. Through the “Help” link, there is also a live chat option to obtain answers for any queries.

Frequently Asked Questions (FAQ)

Q: What are the best Cryptocurrencies to buy in 2020
Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Binance Coin, Tron, Chainlink

Q: What is the safest way to buy Cryptocurrency?
Fiat to Bitcoin Exchanges, P2P Trading platform, credit card, Bitcoin Debit Kiosks

Q: Is crypto a safe investment?
Investments are risky but some experts say that cryptocurrencies are one of the more riskier investments out there due to its volatility but also one of the hottest commodities.

Q: Which crypto is the most useful?
Bitcoin, due to its terms of market capitalization, user base and popularity, Other options you could consider are Ethereum and XRP.

Q: Which Bitcoin exchange is the safest?
Coinbase is one of the most trustworthy and reliable crypto exchanges on the web. Other safe exchanges that you could rely on are Kraken, CEX.Io, Binance, SnapEx,Bit It, Remitano and Coinmama

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