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Traditional stocks are a popular way to trade and invest, but crypto has been soaring in popularity. Whether you’re looking for long-term holdings or to make a quick profit, more and more people are looking for crypto-assets to invest in. However, to trade crypto, you’ll need an exchange to facilitate your transactions. So, where can you buy and sell crypto in Canada?
What Is Cryptocurrency?
A cryptocurrency is a digital currency based on blockchain technology and secured by cryptography, making it almost impossible to copy. While not all places accept crypto as a currency to buy and sell, an increasing number of merchants are accepting it.
Types Of Cryptocurrency
There are thousands of different types of cryptocurrency coins available to trade, and new ones are always coming about. Each of these coins can be classified under different categories, including the following:
- Payment-focused digital coins, such as Bitcoin
- Privacy coins, such as Pirate Chain, provide a level of anonymity to those using it
- Stablecoins, such as Tether, have value tied to another asset
Best Crypto Exchanges In Canada
There are several crypto exchanges available to Canadians to buy, sell, and trade cryptocurrency on. Depending on your investment goals, each crypto exchange will offer you advantages over the other. The following are some of the best Crypto exchanges on the market in Canada.
|Crypto Exchange||Best For|
|Bitbuy||Bitbuy is best for beginner crypto traders who want minimal barriers to successful trading thanks to its easy-to-use, clean trading interface.|
|Coinbase||Coinbase is best for those looking for several coin options and want the ability to store their coins in an offline wallet directly through their trading platform.|
|Coinberry||Coinberry is best for Canadian investors who are OK with having just a few coins available to buy and sell.|
|Binance||Binance is best for investors who want a wide range of costs to buy and sell and are comfortable purchasing their crypto by first using fiat currency.|
|Wealthsimple Crypto||Wealthsimple Crypto is best for novice crypto traders who are looking for an easy way to start trading cryptocurrencies.|
|CoinSquare||CoinSquare is best for more experienced traders who want a wide range of coins to choose from and the ability to easily create a well-diversified crypto portfolio.|
|NDAX||NDAX is best for traders looking for a high level of security in their trades thanks to the platform’s focus on providing secure crypto trading.|
|ShakePay||ShakePay is best for investors who are looking specifically to buy and sell Bitcoin and Etherum, as these are the only two coins available on the platform.|
Bitbuy is a Toronto-based crypto trading platform that was founded in 2016 and has since been ranked as one of the more highly-rated among platforms around. Both newbie and advanced traders will find Bitbuy easy to use while providing them with plenty of coins to choose from and features to use. It’s available on iOS and Android, as well as on a web-based browser.
It offers both simple and advanced features, making it a good option for beginners and advanced users.
- Wallet for safe coin storage
- Funding options through wire transfer and near instant Interac e-Transfer
- Regulated by FINTRAC and OSC
- Offers insurance on all crypto holdings
- Fees – Trading fees range from 0.1% to 0.2%
Types Of Cryptocurrencies Available On Bitbuy
Crypto coins available to trade on Bitbuy include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Polygon (MATIC)
- Solana (SOL)
- Stellar Lumens (XLM)
- SushiSwap (SUSHI)
- Uniswap (UNI)
Coinbase is one of the biggest crypto exchanges across the globe. The San Francisco-based exchange was founded in 2012, making them one of the original platforms to offer crypto products. Since its inception, Coinbase has partnered with several large companies, including Dell and Overstock.
With Coinbase users can buy, sell or trade coins. They can fund their account through a bank account, credit and debit card, wire transfer, and Paypal. Moreover, with Coinbase new users can earn free crypto when they take part in Coinbase’s free courses. Each quiz they complete for a course will earn them different types of free crypto.
Depending on your crypto knowledge and needs, Coinbase offers a Pro version for advanced users and a standalone wallet for mobile users. They are also a safe exchange, they’ve implemented a mandatory 2-factor authentication (2FA) to ensure secure accounts.
Fees – Flat + percent fee structure: transactions under $200 are charged a flat fee while anything over that amount is charged a percentage-based fee
Types Of Cryptocurrencies Available On Coinbase
The following crypto coins are available to buy and sell on the Coinbase platform:
- Bitcoin Cash
- Binance Coin
Coinberry was founded in 2017 and is based in Toronto. Investors can buy and sell a handful of cryptocurrencies. There are no deposit or withdrawal fees and trading fees average around 0.5%. To use Coinberry, there is a $50 minimum deposit. It accepts credit cards, debit cards, Interac e-Transfer, and wire transfers.
- Safe – Coinberry is FINTRAC-registered and has strict KYC procedures in place for ultimate safety and security.
- Easy And Accessible – Coinberry has an app for easy on-the-go trading.
Coinberry is best for Canadian investors who are OK with having just a few coins available to buy and sell.
Types Of Cryptocurrencies Available On Coinberry
- Bitcoin Cash
Finance is the biggest crypto exchange in the world and offers hundreds of cryptocurrencies to trade. Investors can access Binance through its mobile app, website, and platforms that can be installed on Windows, macOS, and Linux. Most coins are kept in cold storage, keeping them safe from theft and loss.
Fees – Binance charges trade fees of 0.1% on crypto trades for entry-level membership, making it one of the lowest fees around. Fees for deposits and withdrawals depend on the coin. Users can fund their accounts through bank transfers, credit cards, debit cards, and cryptocurrency.
Types Of Cryptocurrencies Available On Binance
Finance currently offers over 300 crypto coins, some of which include:
- Binance Coin
- SHIBA INU
Wealthsimple is the first crypto platform in Canada that is regulated. Crypto is held by regulated crypto custodian Gemini Custody, which complies with the standards of a conventional financial institution. Wealthsimple Crypto can be accessed through the Wealthsimple website or through the Wealthsimple Trade mobile app.
With it, money in your account can be used to buy crypto assets, much like buying a stock. It allows you to add coins to your portfolio with amounts starting as low as $1.
Types Of Cryptocurrencies Available On Wealthsimple Crypto
Wealthsimple Crypto offers 29 different coins, including:
- Bitcoin Cash
CoinSquare is a secure Canadian crypto trading platform that offers some of the lowest fees and the widest range of crypto coins in Canada. You can trade both CAD and USD when investing in 10 different cryptocurrency coins once cash has been deposited into your account. The CoinSquare Advanced Trade trading platform is available for more experienced traders which allows for more advanced technical analysis of price movements.
Fees – Fees range from 0.1% to 0.4%. You can fund your account via e-Transfer and wire transfer.
Types Of Cryptocurrencies Available On Coinsquare
The following crypto coins are available to trade on CoinSquare:
- Bitcoin Cash
- Ethereum Classic
National Digital Asset Exchange (NDAX) is a Calgary-based cryptocurrency exchange that offers several crypto coins to trade. It is a registered Money Service Business under FINTRAC and requires 2FA for all accounts. Because NDAX is registered with FINTRAC, it keeps customers’ funds separate from their accounts in a national bank facility.
NDAX offers a premium service for bigger traders through NDX wealth’s easy to set up an account with an instant ID verification process and comes with some of the lowest trade fees in Canada. Accounts can be funded via a bank draft, Interac e-transfer, certified cheque, and a wire transfer.
Fees – NDAX charges 0.20% to buy and sell and no fees to deposit. They also have a $25 CAD fee when withdrawing fiat using direct bank deposits.
Types Of Cryptocurrencies Available On NDAX
Crypto coins available to trade on NDAX include:
- The Graph
Shakepay was founded in 2015 and was one of the first fintech companies in Canada to provide a cryptocurrency trading platform in the country. Shakepay isn’t strictly a cryptocurrency exchange but serves as a broker to facilitate the buying and selling of cryptocurrencies. It is also registered as a Money Service Business and is regulated by FINTRAC.
There are no commissions charged. Instead, ShakePay has a variable price spread that can cost as much as 3% when both buying or selling. Account funding methods include Interac e-Transfer, wire transfer, or crypto funding (BTC or ETH).
Fees – There are no fees to deposit or withdraw funds. Similarly, there is no trading fee, but there is a spread in the prices which can equate to a fee of 1% to 3%
Types Of Cryptocurrencies Available On ShakePay
Crypto coins available to trade on ShakePay include:
Who accepts cryptocurrency in Canada?
What’s the difference between a centralized and decentralized exchange?
Are cryptocurrency exchanges safe?
What’s the best cryptocurrency app for beginners?
Crypto is becoming a popular asset to trade, but you need a platform to trade on. The exchange you choose to buy and sell your crypto on will depend on your level of experience, the types of coins you’re looking to trade, and how much you’re willing to pay in trade fees.
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