Welcome to the digital world of investments. Crypto trading has become a popular investment option over the past two decades. More and more people are trusting crypto investments, thanks to competent Crypto platforms.
If you are a beginner to this type of investment and live in Canada and want to start trading in cryptocurrency, then please read on until the end to know which is the best Crypto Trading platform Canada.
There are many aspects one needs to consider while making a decision on the best crypto exchange in Canada. Check if the platform supports the coin you want to trade into, what is the trading fees and how quickly can withdraw digital assets.
So let’s get started and answer your queries, and you can make a safe and sound investment.
1. How Do Crypto Exchanges Work For Trading in Canada?
Like any other traditional stock exchange even a Crypto exchange work similarly. It is a digital platform for buying, selling, and trading various cryptocurrencies. It is a centralized exchange for digital assets. The assets include NFTs and cryptocurrencies such as Bitcoin, Ether, Tether, and XRP.
You need to first create an account in the Crypto exchange platform and add funds to the digital wallet. Then, you can invest in any cryptocurrency that you choose. Crypto exchanges charge fees for every order to purchase crypto or sell cryptocurrency exchange.
2. Tips For Choosing the Correct Cryptocurrency Exchanges
When you are selecting a crypto trading platform, it is crucial to consider certain criteria to ensure that you make the best choice as per your requirement.
To simplify the process, it is important to keep the following tips in mind when selecting a crypto exchange in Canada. These tips will help you to make the right decision.
It will help you to choose the cheapest crypto exchange and trading platform that fulfills your requirements.
2.1 User-Friendly Interface
To ensure hassle-free navigation during trading, it is essential to verify that the crypto platform websites are user-friendly. Trading business websites are typically overwhelming, featuring live pricing updates and various graphs and charts to monitor.
The key benefit of having a user-friendly interface is that it saves time and effort. You can easily navigate the platform, access the features, and get your work done without wasting time.
A user-friendly platform will help you trade efficiently and make profits out of your crypto trades.
2.2 Security Measures
Like having job security, having a secured crypto platform is equally important. You don’t want to lose all your money to hackers.
It’s very important to check the security measures of a crypto exchange while selecting one. You can determine if a crypto exchange is secure by reading reviews or by evaluating how long it has been in the market.
Another way to gauge the security of a crypto platform is to check how frequently the company provides security reports and how transparent the company is with its investors.
2.3 Choice of Digital Assets
Every platform offers a different choice of digital assets. Before you start trading or creating a crypto account, it’s important to know if the crypto platform has the cryptocurrency you want.
Every popular cryptocurrency like Bitcoin and Ethereum is always available on most exchanges. The less popular ones can be harder to find. It’s important to research different exchanges and know which of the crypto assets they offer.
As each crypto exchange is different, it’s essential to know which currency you prefer to invest in to make the right decision before finalizing the crypto platform.
This way, you can ensure that the platform meets your trading needs and supports the specific digital assets you are interested in futures trading in.
2.4 Trading Fees
Trading fees are the commission paid on every digital transaction made on the crypto platform for buying or selling an order. If you plan to save your own money, then you have to do thorough research. You shall on how much trading fees the platform is charging and whether it is comfortable for you to spend that much.
It’s important to note that trading fees can vary widely between different crypto platforms. They can also depend on the specific cryptocurrency you are trading into. Every platform has a separate way of charging trading fees while some may charge fixed fees and others may use a percentage-based fee structure.
It’s essential to carefully evaluate the fees charged by different platforms and consider how they will impact your trading costs and profits.
By understanding the trading fees charged by different crypto platforms, you can make your decision on which platform you wish to start trading and if it is the most cost-effective one.
Your goal should be to only maximize your profits while minimizing your trading costs, most importantly the trading fees.
2.5 Customer Service
Anything new can be challenging, and while it is crypto which involves a high amount of risk and money, you may require some form of assistance. Since money is at stake, it is imperative to have a reliable customer support system.
You may require guidance on the platform’s features to trade efficiently, or if you encounter a problem while trading, you may need urgent assistance from the crypto exchange. Since crypto trades move rapidly, it is crucial to know whether the platform provides chat support to address your concerns immediately or how promptly they respond to emails.
3. 10 Best Crypto Trading Platform Canada
Did you know which Canadian crypto exchange is the best? Don’t worry, here’s a list of the top 10 best crypto exchanges and trading platforms in Canada.
Since every crypto exchange has its advantages and disadvantages. You should select the centralized crypto exchange and trading platform that best suits your requirements.
Bitbuy is ranked as the best Canadian crypto exchange. It’s a regulated crypto trading platform by the FINTRAC, that ensures the highest security and transparency for its investors.
Bitbuy is a safe and reliable platform to invest in cryptocurrency exchange also most trusted by Canadian crypto investors because of its feature of cold storage of digital assets.
Currently, Bitbuy supports 25 crypto coins to trade into. To start trading in crypto you will have to add your investment on the platform through bank transfer or Inter face Transfers.
The best aspect of this platform is that it charges low trading fees, ranging from approximately 0% to 2%. Moreover, it boasts excellent customer service, providing quick replies through chats or emails.
One drawback is it only allows trade crypto in Canadian dollars and does not support other currencies such as USD, Euro, or GBP.
Wealthsimple is a well-known Canadian crypto exchange company based out of Toronto for its specialized robo-advisory service system and other services like buying and selling cryptocurrency. It is one of the best crypto apps and has a user-friendly interface that is easy for new traders to use while trading crypto.
Wealthsimple offers trading in 50 different cryptocurrencies and does not charge any withdrawal, account opening or closing, or deposit fees. However, it does charge a trading fee of around 1.5% to 2% for every cryptocurrency purchase or sale.
You shall have a Canadian bank account to withdraw crypto and can add your funds via Bank transfer or through the crypto deposit. The trading fees for buying crypto or selling crypto are approx 1.5 % to 2%. It does not charge any withdrawal fees or deposit fees on the invested funds.
CoinSmart is one of the best Canadian crypto trading apps and platforms. Not only does it offer a great cryptocurrency trading platform for advanced traders, but it’s also great for beginners since it provides excellent learning and trading tools. If you want to trade in fiat currencies then CoinSmart is the best option. Also, it offers around 16 crypto coins to trade crypto exchanges.
You can add funds through bank transfers, wire transfers, debit cards, or crypto deposits. The trading fees on this crypto exchange depend on trading volume and the number of crypto trades made and cost around 0.20% to 0.30%.
CoinSmart has some best features like quick deposits and multiple payment methods. But one major drawback is that the transactional fees on this crypto exchange are quite high for deposit and withdrawal fees.
It is the most secure crypto exchange in Canada as it uses high-security measures like two-factor authentication.
Netcoins is a Canadian crypto exchange that is registered as an MSB with FINTRAC and is fully regulated and registered with the Canadian Securities Administrators (CSA). It offers a range of services, including the ability to buy and sell crypto in 36 different currencies.
Netcoins has a trading app with a user-friendly interface, making it easy for new traders to use. The app allows for easy buying and selling of crypto coins and quick access to wallet funds.
Trading on Netcoins can be done using two currencies: Canadian Dollars and USD. Traders can add funds in fiat currency to their Netcoin account using wire transfers, crypto deposits, and Interaface-transfers.
The trading fees on this crypto exchange are only 0.5% per trade, which is a good deal for crypto transactions. Additionally, this crypto exchange has a unique feature of limiting trade orders, which is very useful for new traders in the crypto exchange market.
Coinberry is a Canadian crypto exchange that allows you to trade cryptocurrencies. It is a quick and secure platform for buying or selling digital assets. If you are looking to buy cryptocurrencies using the dollar-cost averaging technique, then you should have an account with Coinberry.
Coinberry supports over 30 coins and allows you to fund your account in Canadian dollars. The exchange does not charge any deposit or withdrawal fees, but it does have a trading fee of 0.5% depending on the cryptocurrency being traded.
Coinberry has the best crypto app in Canada and is beginner-friendly.
Kraken is one of the oldest crypto exchanges and is a US-based cryptocurrency exchange. It has the best security measures for trading crypto and is regulated by FINTRAC in Canada. You can easily buy or sell crypto assets on this platform.
Kraken supports 50+ cryptocurrencies and also supports 6 fiat currency factors depending on GBP, Japanese Yen, and Swiss Franc.
There are many factors that depend on its trading fees, such as which crypto coin you trade, how many crypto trades have been bought, and at what price the crypto was purchased. Trading fees are charged on a per-trade basis, and Kraken has low trading fees for both makers and takers of crypto holdings.
Kraken has 24/7 customer service, which provides quick responses to queries made on chats, emails, or tickets raised.
Nexo is a Canadian crypto exchange that is well-known for its decentralized platform. It supports over 60 cryptocurrencies and is a reliable crypto exchange fee here in Canada that facilitates the buying and selling of crypto. Moreover, it serves as a great platform for lending instant loans in cryptocurrency with collateral.
Nexo offers very competitive fees compared to other crypto exchanges in Canada. Loan interest rates on crypto loans start at 5.90%, and there are no charges for funds on deposit or crypto withdrawal fees. You can purchase digital assets on Nexo using a debit card or bank transfer.
Nexo has great customer support that is available 24/7. They reply promptly online, and you can get in touch with an advisor through an online ticket. If you are a newbie, there are lots of resources available to help you if you get stuck trading on the platform. You can learn from videos or blogs on the website.
VirgoCX is the best Canadian crypto exchange that offers a wide variety of crypto coins to trade from, including NFTs, metaverse, and web3 coins a total of 60 plus coins are supported on the platform.
VirgoCX has low transaction fees around 0% to 0.5% and is very competitive with its fees. You can instantly fund your account in Canadian Dollars or USD.
There are no deposit fees if deposits are made via wire transfer or Interac e-Transfer. However, they do charge a percentage fee for card transactions. Also, there are no withdrawal fees.
VirgoCX provides rapid customer service with a team available 24/7. They respond promptly to emails.
Newton is a Canadian crypto exchange that provides a diverse range of cryptocurrencies for trading. It supports more than 70 different cryptocurrencies and operates as a secure trading platform with both a website and a crypto app.
Funding your Newton account is easy as it accepts wire transfers, Interaface-Transfers, and deposits from other crypto trades. There are no deposit or withdrawal fees involved, making it an affordable platform for users.
Furthermore, Newton ensures the security of its users’ assets by storing them offline, reducing the risk of potential security breaches.
Binance, the world’s most popular crypto exchange, is also available in Canada. It provides a wide range of services, including buying and selling cryptocurrencies, staking, lending, and mining. Binance has an impressive selection of over 500 cryptocurrencies available for trading.
One of Binance’s most appealing features is its low trading fees, which range from 0.075% to 1.80% per transaction. Additionally, the deposit and withdrawal fees are reasonably priced, and the cost is determined by the specific crypto coins traded.
To fund crypto purchases from your Binance account, you can use SWFIT transfers. Since Canadian dollars are not accepted, the funds need to be converted to USD before the transfer.
Binance provides customer service around the clock and through various channels such as email, chat, phone, and a ticket support system.
If you are a resident of Ontario, you are prohibited from using Binance as it has been banned in the province.
4.1 Is Cryptocurrency Legal in Canada?
Yes, cryptocurrencies are legal in Canada, but each province has its own rules about how people can use them. In Ontario, some crypto companies have stricter rules than in other parts of the country.
4.2 Can You Day Trade in Canada?
Yes, day trading is legal in Canada. However, day traders are subject to specific rules and regulations set by the Canadian government and regulatory authorities.
4.3 Why Have a Crypto Wallet?
It is important to securely store your digital assets in one place. With a crypto wallet, you can have complete control over your digital assets. You get a private key and can decide when to buy or sell cryptocurrencies.
5. Final Note
When it comes to trading cryptocurrency, it’s important to be careful because it can be really rewarding but also risky at the same time.
To minimize the risks involved, it is crucial to trade wisely and make a clear investment goal. Choosing the right trading platform that aligns with your requirements can also help you achieve your investment objectives.
While the following list includes some of the top crypto exchanges used by Canadians, it is always advisable to conduct thorough research and understand the cryptocurrency market before investing.
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