According to Statista, the number of Canadians investing in cryptocurrencies is expected to reach nearly 13 million by 2028.
If you’re considering entering the Canadian crypto game, you shouldn’t just jump in. Some legwork is required to ensure you use a compliant exchange offering the digital assets you want to invest in at reasonable fees.
The Best Crypto Exchanges in Canada Ranked
Bitbuy and VirgoCX are among the best Canadian crypto exchanges that tick the boxes of the best crypto trading app. We discuss each in detail below.
Bitbuy
Founded in 2016, Bitbuy is my top choice of the best-regulated crypto platforms in Canada. It’s reputed as one of the most secure and trusted platforms where more than 900k+ Canadians have traded over $7B+ in crypto.
The platform offers 3 trading interfaces, including Express Trade for beginners, Pro Trade and API for seasoned traders, and Bitbuy mobile app to trade on the go
That makes Bitbuy a top crypto exchange for day trading where users can buy Bitcoin, Ethereum, and 40+ other popular cryptocurrencies, starting with as little as $50.
Funding methods: Interact e-Transfer, bank wire, debit & credit card, Apple Pay, crypto
Trading fees: 0%-2% depending on the platform you use and your 90-trading volume
Security: Regulated by the Ontario Securities Commission (OSC), Canadian Securities Administrators(CSA), and registered with FINTRAC as a money service business. A comprehensive insurance policy covers 90% of crypto assets in secure cold storage wallets.
Sign-up bonus: Get a $50 bonus if you create an account and deposit $250+.
Main Highlights
- Best for beginner and experienced users
- Multiple funding methods with free fiat deposits
- Supports crypto staking to earn rewards on idle coins
- An OTC desk to fill block trades of CA$ 20,000 and above.
- The first registered marketplace for crypto assets in Canada
VirgoCX
VirgoCX entered the crypto game in 2018, and it’s one of the best crypto exchanges in Canada offering crypto and FX trading The Canadian crypto exchange supports a large selection of 60+ hot coins, and 35+ global fiat currencies.
Funding methods: Interact e-transfer, wire transfer, Bill Payment, debit/credit card, crypto
Trading fees: 0.5%-2.5% depending on the asset tier you trade.
Security: A FINTRAC-registered MSB that’s PIPEDA compliant. It also employs best-in-class security systems, including 2FA, SSL protocols, Coibase Custody, and reliable banking partners.
Sign-up bonus: Get a $20 bonus if you create an account, complete KYC verification, and deposit $100+.
Main Highlights
- Free deposits and withdrawals
- Supports CAD and USD as fiat
- OTC desk and chat broker services to fill large trades of $50,000+
- Virgo gift card feature to send crypto gifts to friends and family
- Advanced charting and trading tools
How To Choose a Crypto Exchange in Canada
Users should consider several factors when choosing the best crypto exchange in Canada. The top ones include:
- Supported crypto assets
- Trading commissions and other fees
- Regulatory compliance
- Security features
- Availability in your region
- Liquidity
- Ease of use
- Customer support
- Support for multiple trading interfaces (simple, advanced, mobile app)
Is Cryptocurrency Trading Legal in Canada?
Yes, crypto trading is legal in Canada. To avoid trouble, choose a compliant and regulated crypto exchange registered with Canadian regulators, and ensure you pay crypto taxes.
List of Regulated Crypto Exchanges in Canada
There are so many crypto players in Canada, some of which operate illegally. To avoid crypto scams and the headaches of being caught in the regulatory cross-hairs, ensure you choose a regulated Canadian crypto exchange.
Below is a list of regulated crypto exchanges in Canada:
