Canadian Bitcoin exchanges provide a secure and efficient way to buy and sell Bitcoin and other cryptocurrencies. With over 600 global crypto exchanges available, selecting the right platform can be overwhelming. This guide highlights the top Bitcoin exchanges in Canada, helping you choose one that aligns with your trading needs.
Top Bitcoin Exchanges in Canada
1. CoinSmart (Now Bitbuy)
Launched: 2018
Parent Company: WonderFi (Bitbuy)
Key Features:
- Curated selection of 16 cryptocurrencies (BTC, ETH, LTC, etc.).
- Competitive fees (0.2%–0.3%).
- Instant verification and same-day CAD deposits.
- OTC desk for large trades ($25K+).
- FINTRAC-registered and OSC-regulated.
Pros:
- Fast fiat deposits.
- User-friendly interface.
- $50 bonus for deposits over $200.
Cons:
- Limited coin selection (~40).
- Withdrawal delays (up to 5 days).
2. VirgoCX
Key Features:
- 60+ cryptocurrencies.
- Free fiat deposits/withdrawals.
- Advanced TradingView tools.
- 1M CAD insurance coverage.
Pros:
- No trading fees.
- Multiple funding options.
Cons:
- High bid-ask spreads (0.5%–2.5%).
Bonus: $20 for KYC verification + $100 deposit.
3. Shakepay
Best For: BTC/ETH trading.
Key Features:
- Commission-free trading.
- Free fiat withdrawals.
- Crypto card (1% Bitcoin rewards).
Pros:
- Simple interface.
- No deposit fees.
Cons:
- Only BTC/ETH supported.
4. Wealthsimple Crypto
Key Features:
- 50+ cryptocurrencies.
- Integrated stocks/ETFs trading.
- Staking rewards (up to 4.5% APY).
Pros:
- All-in-one platform.
- $200M insurance.
Cons:
- High spreads (1.5%–2%).
5. Kraken
Global Reach: 190+ countries.
Key Features:
- 65+ futures contracts.
- Gas-free NFT trading.
- Low fees (0.16% maker fee).
Pros:
- High-security standards.
- Crypto staking.
Cons:
- Complex for beginners.
6. Bitcoin Well
Specialty: Bitcoin ATMs (280+ locations).
Fees: 0.5% online; 9%–15% ATMs.
Pros:
- Non-custodial model.
- Direct wallet transfers.
Cons:
- High ATM fees.
7. Coinbase
Key Features:
- 250+ cryptocurrencies.
- Crypto loans and card.
- FDIC insurance (USD balances).
Pros:
- Beginner-friendly.
- $10 bonus for $100 trades.
Cons:
- High fees for small trades.
8. Crypto.com
Key Features:
- 250+ cryptocurrencies.
- Perpetual contracts.
- 5% cashback crypto card.
Pros:
- Low fees.
- Free tax tools.
Cons:
- Complex rewards structure.
How to Choose a Bitcoin Exchange
Consider:
- Fees: Trading/deposit costs.
- Security: 2FA, cold storage.
- Supported Coins: Diversity matters.
- User Reviews: Trustworthiness.
FAQs
What is a Bitcoin exchange?
A platform to buy/sell Bitcoin and other cryptocurrencies.
How do I open an account?
- Choose an exchange.
- Complete KYC verification.
- Deposit funds.
- Start trading.
Are Bitcoin exchanges safe?
Reputable exchanges use cold storage, insurance, and comply with regulations like FINTRAC.
Methodology
We evaluated exchanges based on:
- Canadian availability.
- Regulatory compliance.
- Fee structures.
- User experience.
Disclaimer: Cryptocurrency is volatile. Invest only what you can afford to lose.
By Enoch Omololu, MSc (Econ), Personal Finance Expert.