Cryptocurrency is the hot potato of both the investment space and the developer space today. Many new investors are trying to enter the crypto world to catch some of the actions that shook the entire market in the last decade.
As more and more people show their interest in trading cryptocurrencies, many new exchanges come into the market every day. With several hundreds of options to choose from, it is not easy for new investors to identify the best platform for themselves.
In this article, we’ll show you the best cryptocurrency exchanges in Canada and the reason why we think these exchanges are the best.
Bitbuy is among the safest cryptocurrency exchanges in Canada. The exchange is known for taking continuous security measures and having state-of-the-art audits to ensure time and time that they have the best security in the country.
Bitbuy has a simple User interface that even a beginner can understand easily. However, if you’re an experienced trader, you can access Bitbuy’s more advanced trading mode, where you’ll get several options that involve many risks.
Bitbuy is one of the few exchanges that’s offering 1:1 BTC insurance. The trading fees on Bitbuy are reasonable and are a good choice for regular or day traders. Now, let us see some of the essential features of Bitbuy.
One of the primary things to note is THAT Bitbuy is a regional crypto exchange. You can only use the exchange from Canada. It is unavailable to anyone outside the country.
The verification process also verifies if the user is a Canadian citizen. So if you’re not from Canada, you may have to look for a different exchange. Even though you can use a VPN to access the website, you will not be able to trade without completing the verification process.
Bitbuy only has a few listed cryptocurrencies. The cryptocurrencies that you can find on the exchange are pretty standard. Unlike some exchanges like Binance or Zipmex, you won’t be able to find any undiscovered coins or new investment opportunities on Bitbuy.
If you’re new to the world of crypto, this may be what you need. It is easy to get scammed when investing in new cryptocurrencies. Since it is pretty simple to create new crypto, you may come across many pump and dump schemes or fake coins on other exchanges.
Bitbuy complies with all the regulations set by the Canadian government. Bitbuy is also known to go beyond the security requirements and add additional layers of security to keep its customers safe.
Bitbuy has fantastic customer service. You will most likely receive a response within 12 hours of sending the email. You can also choose to call the customer support line directly if you need an immediate solution.
The customer service team at Bitbuy is known to be extremely friendly and helpful. Many users reported nothing but good about Bitbuy’s customer service.
Coinberry is another excellent Canadian exchange. It is available only in Canada. Just like Bitbuy, Coinberry also has a thorough verification process to ensure that the user is legit. The strict verification keeps the network safe from any spammers and scammers. Coinberry exchange supports all the significant alts like Ethereum, Litecoin, Ripple, Stellar, and much more along with bitcoin.
If you’re looking for an excellent place to start your crypto journey, Coinberry is the best. Now, let us take a look at some of the most essential features of Coinberry.
Low Trading Fees
Coinberry has some of the lowest trading fees on cryptocurrencies in Canada. One of the best things about Coinberry is that it is an excellent choice for both day traders and long-time holders. Since the trading fees are low, you can keep shifting your assets with minimal losses, which is the essence of day trading.
Zero Funding and Withdrawal Fee
Usually, you have to pay some amount to the network if you want to withdraw the crypto from your exchange wallet. However, there is no such fee on Coinberry. The only price you have to pay is the gas money. The gas fee exists for all the networks and is standard for each network.
The gas fee varies from network to network. For instance, the ERC 20 network, which is used to host Ethereum based cryptocurrencies, may have a lower gas fee than the bitcoin network.
The National Digital Asset Exchange is another good cryptocurrency exchange in Canada that, along with bitcoin, has almost all the significant alts listed. It also has stable coins like Tether listed on the exchange. Trading with stable coins has its advantages as their value doesn’t change much. They are the virtual equivalent of fiat currencies.
NDAX is known to be very secure with regular audits and sponsored penetration tests. If you’re new to the world of crypto, NDAX may be the best place for you to start. Now, let us take a look at some of the prominent features of the platform.
NDAX has eleven listed cryptocurrencies. Even though the list is not big, it has all the major coins in the world. Moreover, NDAX is one of the few crypto exchanges that’s offering Dogecoin. The small list of cryptocurrencies on NDAX makes it easier to keep track of your assets and plan your next investment.
Security and Compliance
NDAX is registered under FINTRAC and follows the FINTRAC regulatory framework. Your assets are entirely safe with NDAX. It tracks all the security and regulatory rules to the bone to ensure a completely transparent and secure exchange.
NDAX has email, Chat, and phone support. You can contact them via any of these methods to resolve an issue. The customer support team is quite knowledgeable and will help you resolve the problems quickly, even if you don’t have much technical knowledge.
Coinsmart is an incredibly popular crypto exchange in Canada. The primary goal of Coinsmart is to make crypto less cryptic for everyday investors. Coinsmart has a lot of prominent features that give it an edge in the Canadian market.
Despite its vast popularity, Coinsmart is currently only available in Canada. You have to be a Canadian citizen to complete the verification and start trading on Coinsmart. Now, let us take a look at some of the prominent features of Coinsmart.
Coinsmart’s verification process is fast and straightforward. Once you enter the details and submit the required documents, you can get the approval to trade rather quickly. However, it may take up to two days if there is too much load on the network.
One of the reasons for Coinsmart’s popularity is its simplicity. The website is quite simple to use even by beginners. You can easily access the site from any browser and start trading from anywhere in a matter of seconds.
Great Learning Tools
Along with technical features, Coinsmart has a great resource center. Here, you can find answers for some issues you may face without the need to contact customer support. Moreover, the resource center is a great place to access various learning blogs and articles if you genuinely want to understand the market.
MyBTC is a unique cryptocurrency exchange in Canada that only supports bitcoin trading. If you’re looking to buy some alts, this is not the place for you. MyBTC has been managing to stay relevant despite the exclusive trading structure, thanks to its unique features.
MyBTC takes verification pretty seriously. You must complete the Know Your Customer verification to start buying on the exchange. Now, let us look at some of the best features that MyBTC offers to its Candian user base.
When we say fast purchase, we mean fast. You can purchase bitcoin on MyBTC in mere seconds. Since cryptocurrencies constantly change, if you find a reasonable price point and want to get some bitcoin quickly, MyBTC is the place to go.
MyBTC is a very beginner-friendly website. Since it does not offer any altcoins, bitcoin enthusiasts and investors often choose MyBTC as their go-to exchange.
Great Customer Support
MyBTC has terrific customer support that is active throughout the day. They usually respond within 12 hours. However, if there are too many requests, it may take a little longer than that.
One unique thing to note about MyBTC is that it doesn’t have any trading or selling options. You can, however, send the bitcoin you purchased on MyBTC to another wallet. So if you’re looking for a trading platform, MyBTC may not be the right place for you.
Shakepay may not be the cheapest crypto exchange in Canada, but it is one of the best. Known for its fast transactions, Shakepay is also a Canada-exclusive cryptocurrency exchange with a vast user base.
Shakepay has a lot of advantages and disadvantages. Let us have a look at a few of them.
Free Crypto Withdrawals
Shakepay is one of the few exchanges that offer free crypto withdrawals. You’ll still have to pay the gas fee to complete the transaction. If you’re a small business or managing a personal account, this feature will come in handy.
The transactions are pretty fast on Shakepay. The deposit will be completed within 5-10 minutes usually. However, it may take longer depending on the load.
The minimum deposit amount is also pretty low on Shakepay. You only have to add five dollars to start trading your favourite cryptocurrencies.
As good as Shakepay is, it has very high fees. You have to pay around 1.2-2.5% when buying or selling crypto on Shakepay. Even though this number is not unreasonably high, it can become quite an issue if you’re trading in large amounts. The other crypto exchanges in the most have a lower fee compared to Shakepay.
What We Look for When Reviewing a Crypto Exchange
There are a lot of things that can make a security exchange the best in the market. Here is a list of some things that we look at when classifying cryptocurrency exchanges.
Security is one of the first things to look at when choosing an exchange. If the exchange does not have proper security measures, you may lose some assets. You may lose all the money you invested in a cyber-attack or other scams in the worst case.
Security becomes even more essential for crypto exchanges than for regular trading platforms. Since all the crypto assets are digital and can be accessed with a passcode or passphrase, companies must take even more precautions to ensure their network won’t be compromised.
Whenever you’re trading crypto, you have to pay some fees to make the transaction happen. The fees will go to the miners and the network maintainers as a reward for entering the transaction into the public ledgers.
However, when you’re trading crypto from a centralized exchange, you may have to pay some additional fees to maintain the network. These trading fees vary from exchange to exchange. Some exchanges charge more to maintain their networks.
The fees are usually around 0-2%. If you’re trading in small amounts, the effect won’t be that much. However, if you trade in large amounts or if you’re a day trader, you may lose a lot of your profits as a fee. To prevent this, choosing a cryptocurrency exchange with the least trading fees will be pretty beneficial to you.
Verification Process and Speed
Almost all the centralized exchanges will ask you to verify your identity to trade cryptocurrencies. The verification process adds a sense of trust to the network since all the users have to submit their original identities. The verification process depends on the exchange. Usually, exchanges ask you to verify your photo identity by taking a selfie.
Most crypto exchanges also started doing Know Your Customer or KYC verification recently. You may have to submit your passport or other government identity card to begin using the exchange.
The verification process can take anywhere from 2-4 days. However, some networks have a speedy verification process, while some have a complicated and lengthy verification process. Exchanges like Binance will ask for additional verification on top KYC, photo, and address verification. If you’re looking for security, choosing an exchange with the best verification will help keep your assets safe.
Payment and Deposit Methods
Most crypto exchanges are global. Global exchanges usually have card payment and deposit methods. Even though many countries support some of the debit and credit cards accepted, they may not be readily available.
Having more payment and deposit methods will bring in more customers. It will also allow you to buy cryptocurrency the easiest way. Generally, local cryptocurrency exchanges offer regional payment methods that many people are comfortable with. If you’re looking to use payment methods popular in your area, you may find them in a local cryptocurrency exchange.
Withdrawal methods also matter a lot when we’re talking about cryptocurrencies. Indeed, you can send your crypto to your wallet once you purchase it. However, if you want to trade it often and make good profits, convert the crypto to money and then buy the crypto you want with that money in your new wallets.
Even though many popular crypto exchanges like Coinbase, Binance, Bittrex are available globally, you can only use crypto exchanges in a particular region. For instance, Bitbuy is a local Canadian exchange. You cannot use this exchange or trade Crypto with it from outside Canada.
The geographical restrictions may impose a rule on who can use the platform. But it also simplifies the verification and management process for the exchange. If the exchange is only allowed to operate in a particular region, it only has to comply with the regional financial regulations.
Considering the exchange rates is quite essential if you’re planning to trade regularly. The exchange rate determines how much your crypto will get for your fiat money.
Usually, most exchanges maintain the standard exchange rate. However, it is not rare for some exchanges to impose a higher or a lower exchange rate on multiple occasions. The exchange rate also depends on the currency you’re investing in.
Sometimes, minor inflation can cause a massive imbalance in the exchange rate. As an investor, choosing an exchange with the most favourable exchange rate will help you save a ton of money in the future.
Usually, local exchanges have higher exchange rates compared to global exchanges. You can also choose to use a peer-to-peer exchange to eliminate the effect the exchange has on the exchange rate.
The Different Types of Exchanges
Centralized exchanges are ones in which the exchange is managed and maintained by a single identity. All the assets and money in the exchange are under the control of a single entity. Centralized exchanges are usually considered safe and secure to trade cryptocurrency.
In exchange for providing the security and structure, the exchange will take a percentage of your crypto trades to maintain the platform. Usually, the fees are pretty low on most platforms and won’t make much of a difference if you’re trading small amounts.
The major disadvantage of a centralized exchange is that the exchange may make decisions that can impact your assets negatively. Moreover, many people don’t like that their assets will be under the control of a single entity.
Decentralized exchanges or peer-to-peer platforms are a great way to exchange crypto. Decentralized exchanges have numerous advantages over the more traditional centralized exchanges.
In a decentralized exchange, there won’t be a single controlling entity. The network is maintained by all the users together. Usually, decentralized exchanges do not provide digital wallets. You have to store the assets in your wallet. The decentralized model puts you in control of your assets.
The disadvantage with a decentralized exchange or a peer-to-peer exchange is the security. It is easy to get scammed on a decentralized exchange since there is little monitoring. Moreover, the verification process to start using a decentralized exchange is relatively minimal. The lack of proper verification may allow a few spammers into the network.
Trading Platforms are the ones where you can trade crypto. You may or may not be able to buy cryptocurrencies on this platform. These platforms usually offer several crypto trading pairs.
Nowadays, almost every exchange is offering crypto buying options. However, if you already have some cryptocurrency and want to get it out and start investing it, trading platforms are the best way to go.
Direct Trading Platforms
Direct Trading platforms are also quite common in the traditional investment space. However, centralized exchanges like Binance or Coinbase can be considered direct trading platforms in the crypto world.
Using direct trading platforms is entirely secure. There is little chance that you’ll come across a scam, if not none. Moreover, the networks in the direct trading platforms are usually strong. Some direct trading platforms also have legal backing to offer their services in many states.
Trade brokers an indirect way to trade cryptocurrencies. Usually, people choose to trade cryptocurrencies themselves, given the volatile nature of the said investment. However, it is not uncommon to see crypto brokers handling portfolios of several hundreds of people.
If you have no idea about the crypto market but still want to start investing, choosing a crypto broker may be a good idea.