Best Crypto Exchanges In Canada 2024: Top 10 Picks & Reviews

A cryptocurrency is also known as crypto or crypto-currency. It simply refers to a digital currency that uses cryptography to secure transactions on a network. The digital currency works as a medium of exchange using independent computer networks. The computer network operates independently and does not require any central authority, such as a bank, government, or other financial institutions, to maintain and keep it running. The decentralized system can verify if the sending party in a transaction has the full amount of money they are trying to send, eliminating the need for banks or intermediaries when transactions are sent and funds are transferred between two parties. 

What Is a Crypto Exchange?

A cryptocurrency exchange is an online marketplace that allows users to buy, sell, and trade digital assets. With crypto exchanges, customers enjoy the functionality of being able to trade various digital currencies in exchange for fiat money or other digital assets. 

Exchanges usually accept payments from their customers using wire transfers, credit cards, and other forms of payment when purchasing digital assets or other cryptocurrencies. 

Top 10 Best Crypto Exchanges In Canada 2024

• Binance: Best Overall
• Coinbase: Most Affordable
• Crypto.com: Best mobile app 
• Bitbuy: Highly transparent
• Coinberry: Multiple deployments
• Kraken: Best for bitcoin
• Gemini: Most secured 
• Coinsmart: High insurance 
• Wealthsimple: Simplest to use
• VirgoCX: Fastest transactions 

How Does Crypto Exchange Work?

Crypto exchanges send and receive money to and from a user’s personal cryptocurrency wallet. Some digital currencies are backed by real-world commodities such as gold, while others may be converted into anonymous prepaid cards for payments and withdrawals around the world.

The exchange of crypto and other digital currencies can be fully operated online using crypto trading platforms or a brick-and-mortar system. With the former, electronically transferred cash in any accepted local currency is exchanged with digital currencies, while the latter makes use of traditional payment methods for the exchange of digital assets and other tokens.

Types of Crypto Exchanges

There are three major types of crypto exchanges – decentralized exchanges (DEX), centralized exchanges (CEX), and hybrids. 

Centralized exchanges allow buyers and sellers to perform cryptocurrency transactions, with the exchange serving as the middleman. Decentralized exchanges perform the same functions as centralized exchanges without acting as a middleman. These exchanges facilitate peer-to-peer trading and are difficult to hack. 

Hybrid exchanges combine the benefits of both centralized and decentralized exchanges by providing the liquidity and functionality of CEX as well as the privacy and security of DEX. They are popular with Canadian crypto investors. 

Read more: Best Crypto Broker 2024

10 Best Crypto Exchanges In Canada April 2024

We have selected some of the 10 best crypto exchanges in Canada, and the rest of the article will show you their pros and cons to help you determine if they are a good fit for you. 

Binance

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Binance offers users hundreds of cryptocurrencies to allow them to trade tokens and other digital assets in exchange for fiat money. The platform offers various trading options, such as futures, spot trading, margin trading, and peer-to-peer trading. 

The platform also has low fees as regards sending crypto to other exchanges or personal wallets. Transfers between two Binance users often attract zero fees. Binance is perfect for users who want access to a wide option of cryptocurrencies and execute trades with low fees and a high level of security.

• The user interface is easy to navigate 
• Provides the functionality of tracking multiple crypto assets 
• Cash flow and transactions are performed securely
• Offers users low or no trading fees for transactions 
• More than 125 cryptocurrencies are available to users

• The platform does not offer users premium consulting services 
• The platform may require a steep learning curve 
• Unavailability of a built-in digital wallet 

Binance is one of the most popular crypto exchanges in the world. The platform is the world’s largest crypto and digital assets marketplace by volume. Millions of people from different parts of the world use the platform to buy and sell crypto tokens and fiat money. 

With Binance, users can access low trading fees and a wide range of cryptocurrencies. The platform also offers various functionalities for tracking cryptocurrencies and making market analyses based on a user’s most preferred indicator. The platform has been regarded as the best Canadian crypto exchange.

Coinbase

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Coinbase is one of the easiest crypto exchanges to use. It uses a simplified and straightforward process to allow users to buy, sell and exchange cryptocurrency and other digital assets. Coinbase has a mobile app, and its web platform is also available across various devices. 

Coinbase users can earn interest on their current eligible balances, and there is a functionality to switch between a simple and a comprehensive trading interface. It is a great fit for users who want access to simple and complex trading tools as well as the opportunity to earn interest and gain new cryptocurrencies.

• Trades more than 170 cryptocurrencies 
• Deposits and withdrawals are processed quickly 
• Offers users various reward packages 
• Users have access to both simple and advanced trading functionalities 
• Offers users a debit card that can be used for making purchases and payments worldwide

• Higher fees when compared to other alternatives 
• Unreliable customer service 
• Altcoins available on the platform are limited

Coinbase is a very popular cryptocurrency that eases the process of buying, selling, and exchanging cryptocurrencies. The platform offers users multiple tokens and crypto rewards to choose from.

Users are equipped with both simple and advanced trading tools according to their preferences and analysis needs. However, the platform charges higher fees for transactions than competing crypto exchanges. 

Crypto.com

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Crypto.com allows users to perform various types of transactions and exchanges using cryptocurrencies and other digital assets. With the platform, users can trade, stake, and invest tokens securely. 

The platform has the functionality of wallets that can hold crypto tokens and NFTs and offers over 250 currencies to users worldwide. Crypto.com charges reasonable fees per transaction and is excellent for users that need a lot of flexibility with their digital assets and access to DeFi and a wide range of tokens.

• Low fees for accounting funding through cash transfers 
• Allows easy conversion of money 
• Availability of a Visa card for payments and purchases 
• Access to cash-back rewards and interests in crypto
• High level of security

• The platform requires a learning curve 
• High fees for credit and debit purchases 
• Poor customer service

Crypto.com is a top crypto exchange platform that offers users hundreds of digital assists to trade and exchange. The platform supports over 90 cryptocurrencies and offers various rewards to users. 

With Crypto.com, investors can access a large selection of crypto on a platform that is easy to use. The prepaid Visa card provided by the platform allows users to make withdrawals and purchases online across various countries worldwide.

Bitbuy

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Bitbuy allows users to access various tools for executing trades and exchanging crypto tokens as well as other digital assets quickly and securely. 

Bitbuy is suitable for both beginner and professional traders on a user-friendly interface. The crypto exchange is great for users who want a responsive customer support experience and zero minimum fees requirement.

• The interface is introverted and easy to navigate 
• Trading tools available for simple and advanced traders 
• Fast and secure transactions
• Highly secured exchanges and no hidden fees

• Limited funding options (Only Canadian dollars)
• Limited coin catalog 

Bitbuy is one of the most popular cryptocurrencies in the world on its platform because it is efficient in processing the exchange and trade of digital assets. The company started operating in 2013 under a different name called Instabit. 

In 2016, Bitbuy rebranded and changed its name from Instabit to Bitbuy while unveiling additional functionalities provided to users, such as a wide variety of digital assets.

Coinberry

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Coinberry is available across various platforms and operating systems (android and iOS). The platform is easy to use and navigate and makes it easy for people to perform transactions without any experience with trading cryptocurrencies. 

Coinberry is perfect for inexperienced traders as it has a one-click grader option that allows users to execute trades without activating any advanced settings.

• The platform is easy to use with no learning curve required 
• Provides multiple funding options
• Cross-platform functionality is available to users
• Offers low transaction fees

• Cryptocurrencies available to users are quite limited 
• Canadian Dollars is the only fiat available 
• Only three cryptocurrencies are available

Coinberry is a trading platform that allows users to buy and sell cryptocurrencies in Canada. The platform provides users with only three cryptocurrencies, namely Bitcoin, Ethereum, and Litecoin. The platform also only accepts and supports Canadian dollars. 

The minimum deposit in the platform is $50 and users have two modes of contacting customer support. Customer service can be contacted by phone or mail. The account options offered by Coinberry are also limited.

Kraken

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Kraken supports over 120 different crypto tokens, and users can sell, buy and exchange cryptocurrencies at competitive exchange fees. 

The platform is excellent for experienced and inexperienced traders, and it comes with various products and advanced tools that facilitate trading.

• The platform offers low withdrawal fees 
• Excellent customer support 
• Availability of a wide range of digital assets

• The safety has been questioned by users in the past
• Fiat currencies accepted are limited 

Kraken is one of the oldest crypto exchange platforms that allows users to trade crypto. The platform offers users a high level of security for various crypto transactions. 

Kraken provides educational materials to users. These materials can help customers in developing their knowledge about cryptocurrency and ensure they are engaging in safe trading by taking all necessary precautions. Some users have referred to Kraken as the cheapest crypto exchange.

Gemini

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Gemini allows users to buy, sell and trade over 100 digital assets with a high level of account security. The platform is great for new cryptocurrency users and guarantees crypto asset safety. 

• Quick and secure deposits and withdrawals
• The platform has an intuitive user interface 
• Availability of a broad selection of coins

• The customer service options are limited 
• Trading fees are relatively high 
• Limited availability of cryptocurrencies 

Gemini is a popular crypto trading platform in Canada that allows users to carry out various cryptocurrency transactions with various educational resources. 

The resources provided can help users increase their knowledge of crypto, which has helped the platform become a popular exchange option among crypto investors.

Coinsmart

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Coinsmart is a smart selection for inexperienced traders. Its instant account verification option means users can start trading immediately after registration. 

The platform currently supports three fiat currencies while offering round-the-clock customer support. Its best attributes are low trading fees and advanced trading features.

• The platform is easy to set up for new users 
• Supports deposits and withdrawals in both fiat and crypto 
• Availability of advanced trading features

• Limited cryptocurrencies are supported 
• There is no cross-platform deployment

Coinsmart is a Canadian crypto exchange that offers users various premium features which help them to carry out cryptocurrency transactions easily. The platform provides 24/7 client support for traders to help them meet their trading needs. Coinsmart is a regulated crypto trading platform backed by Canadian banks which ensures the security of assets.

Wealthsimple Crypto

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Wealthsimple allows users to trade cryptocurrencies and also have access to various banking functions. Users have access to commission-free buying and selling, and the website is easy to use. 

Wealthsimple Crypto is perfect for users who want to perform crypto trading and other banking transactions while ensuring high levels of safety and insurance.

• Offers cryptocurrency and other banking and stocks options
• Availability of free portfolio analysis 
• The assets are insured by several regulators 

• Buy and sell price spreads include hidden fees 
• Limited availability to users

Wealthsimple is a crypto exchange in Canada that launched in 2020 as the first crypto asset platform registered with Canadian security regulators. The platform allows users to buy and sell bitcoin and other cryptocurrencies instantly. 

The platform is straightforward to use, with no apparent learning curve required.

VirgoCX

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VirgoCX offers more than 60 cryptocurrencies and digital assets to users. The platform offers a high level of transparency, with zero levies on withdrawals or deposits. 

VirgoCX is a great crypto exchange platform for users to access free and unlimited deposits as well as a high level of security and backing.

• Users have access to round-the-clock customer support 
• A high level of security is offered to customers 
• There is a broad selection of cryptocurrencies

• The trading tools available are limited 
• The platform only accepts CAD and USD

VirgoCX is a crypto exchange platform that is fully regulated for buying, selling, and exchanging digital currencies. The platform offers an efficient gateway for payment using fiat currencies.

With VirgoCX, users can access reliable customer support and multilingual support features for easy trading processes.

How To Choose A Crypto Exchange

Choosing a crypto exchange is not so difficult; however, it requires patience and research. There are various Canadian crypto exchanges and several factors can impact a user’s choice. These include the exchange’s reputation, availability of crypto i.e the number of crypto and digital assets offered, and usability. 

Other factors worth considering include geographical restrictions, fees attached to deposits and withdrawals, and the security and insurance backing offered by the exchange. 

How to Purchase Cryptos in Canada

Canadians have different means of purchasing crypto in the country. The major pathways to accessing these crypto tokens include bank wire transfers, debit cards, or Interac e-transfers. Most exchanges and crypto platforms allow users to buy crypto assets through the three methods stated above. 

Final Thoughts

There are many crypto exchanges in Canada, and most of them adequately support the services of buying, selling, and exchanging crypto tokens and other digital assets. However, different exchanges have areas where they shine. 

Certain parameters, such as transaction fees, vary from exchange to exchange, and these companies offer different types of crypto tools and features. This article includes information on choosing the best crypto exchange platform for your needs.

Frequently Asked Questions (FAQs)