If you are looking to buy Bitcoin in Canada, it is important that you choose an exchange that is available in your jurisdiction and offers a great user experience. Picking a good exchange will streamline the process of participating in the crypto market and enable you to trade with confidence.
In this guide, we take a look at 7 of the best Bitcoin exchanges that are available to Canadian investors. For each exchange, we explain why it is good and what type of trader it is best for.
Our List of Top Bitcoin Exchanges in Canada
Canada has more Bitcoin exchanges than brokers. With a low entrance fee, in terms of the amount you can trade with, these crypto trading platforms are the ideal place to start your Bitcoin trading and investment journey. Here is a list of the best Bitcoin exchanges to consider.
- Coinbase: The most beginner-friendly Bitcoin exchange to use in Canada. Coinbase is available around the globe and is one of the most widely used exchanges.
- Gemini: Highly secure crypto exchange that is suitable for both beginners and experienced traders.
- KuCoin: Popular exchange with excellent staking and earning options.
- Shakepay: The best Bitcoin exchange that is native to Canada. Shaekpay offers an easy way to buy and earn Bitcoin from your phone.
- Kraken: The best Canadian crypto exchange for advanced traders.
- Bitbuy: Canada’s most trusted Bitcoin exchange for active traders.
How to Choose a Bitcoin Exchange in Canada
Choosing a Bitcoin exchange requires more than just singing up to the first option that you come across. You need to spend quality time researching each platform, taking note of strengths and weaknesses as well as the different services they offer that appeal to you.
Finding the right exchange from the start will make the process of buying and selling Bitcoin a lot easier in the long run.
Here are some things that you should consider during your research process.
What type of cryptocurrency exchange is it?
First, it is important to understand whether an exchange is centralized or decentralized.
Centralized exchanges are operated by a central authority who controls the platform’s security and are able to access user information. This type of exchange is often more user-friendly and suitable for beginners.
However, some crypto enthusiasts argue that centralized exchanges take away from the decentralization of cryptocurrency. For these traders, a decentralized exchange may be a better option.
Decentralized exchanges are built on blockchain technology and have no central authority. All transactions and data are supported by the blockchain and it is possible to use these platforms anonymously.
The drawback of using a decentralized exchange is that your account details cannot be resurfaced if you lose access to them. These exchanges are also more prone to hacking and being shut down in some jurisdictions.
Supported cryptocurrencies
Although you may just be looking to invest in Bitcoin right now, it is a good idea to diversify your portfolio down the line.
This means investing in a basket of different cryptocurrencies to mitigate risk and take advantage of different corners of the market.
To support a diversified strategy, it is important that you choose an exchange that offers a variety of different coins. From our list, Coinbase and Kraken offer that largest selection of coins.
Reputation
Reputation is one of the best signals to look for when researching exchanges and trading platforms. What are people saying about the cryptocurrency exchange you want to use? How reliable is the platform according to users?
Consider using independent and trusted review sites to confirm the legitimacy of the Bitcoin exchange you want to use.
Platform fees
Fees, commissions, and spreads are charged for trades executed on crypto exchanges in Canada.
These fees are charged because that is the primary revenue source for Bitcoin exchanges. There is often some confusion in understanding the fee structure of these platforms.
Find out the different fees charged, how these are structured, and the amount or percentage you have to pay to settle the fees.
Design and ease of use
The exchange that you choose to use should be clear and easy to navigate. This will enable you to place trades with confidence and reduce the time that it takes to familiarize yourself with the platform.
This is particularly important to beginners.
The best way to understand the design of a platform is to spend time using demo trading accounts. These are virtual accounts that allow you to practice using an exchange without putting any money at risk.
If a platform doesn’t offer a demo account, try searching for live trading videos on YouTube. You will then be able to watch other people using the platforms.
If you want to implement advanced trading strategies, look for a Bitcoin exchange that provides a good range of different tools and features.
This might include live price charts, technical indicators, APIs, price alerts, auto trading expert insight and much more.
The more features that an exchange has, the easier if will be to try new strategies down the line.
Security and regulation
Lastly, you should review each platform’s security and regulatory standing before giving away any of your personal information.
It is not essential for cryptocurrency exchanges to be regulated. However, this certainly helps the platforms reputation and credibility.
You should pay attention to the platform’s security processes to ensure that your details and funds will be safe. Look for exchanges that use 2FA, data encryption, cold wallet storage and proof of reserves.
6 Best Bitcoin Exchanges in Canada Reviewed
Below is an overview of the best Bitcoin exchanges to buy Bitcoin in Canada:
1. Coinbase
Our top pick for the best Bitcoin exchange in Canada is Coinbase – one of the world’s most popular exchanges.
Coinbase is a fantastic choice whether you’re just starting your cryptocurrency journey or you’re a seasoned pro.
For beginners, the platform offers a simple, intuitive design that makes buying and selling relatively straightforward. You won’t be overwhelmed by complicated features, and there’s plenty of educational content to help you improve your knowledge and make informed trading decisions.
If you’re more experienced, Coinbase Pro offers a great range of advanced price charts and technical indicators that can be used for complex analysis This includes detailed charts, indicators, and lower fees for high-volume trading.
Another reason that we liked this exchange is that Coinbase has a minimum trade of $1, which is ideal for new users who may want to start small before putting large amounts of capital on the line. Furthermore, you can easily store your Bitcoin away from the exchange with Coinbases’ native crypto wallet.
2. Gemini
Gemini Exchange is one of the best crypto exchanges for buying Bitcoin in Canada.
The platform has a user-friendly design which makes it easy for you to start taking an active part in the global cryptocurrency market, even when you don’t know much about cryptocurrencies.
The crypto exchange is both user-friendly and ideal for committing to long-term Bitcoin investments. The crypto exchange ensures that a majority of the crypto assets under its control are protected. It has cold storage coverage to keep a better part of these funds. The crypto exchange has also collaborated with many insurance providers who help the platform maintain firm control over the cryptocurrency assets kept in the cold wallets.
3. KuCoin
KuCoin is one of the best Bitcoin exchanges for traders who are looking to access derivatives or earn crypto through lending and staking.
With KuCoin, you can access a wide range of derivatives, allowing you to leverage your positions and potentially amplify your gains. The exchange supports leveraged tokens, futures trading and USD-margined contracts.
For those of you who are interested in putting your Bitcoin to work, Kucoin offers staking, Kucoin earn, crypto savings, crypto lending, and auto trading tools.
The platform’s simple interface makes these advanced features accessible to all users. Kucoin is a great option for traders who already have some knowledge of crypto and want a relatively hands-off experience.
4. Shakepay
Shakepay is a cryptocurrency trading platform that is native to Canada. You can take advantage of the platform to trade Bitcoin (BTC) without high transaction fees. In fact, the platform offers commission-free trading for many coins.
As a native Canadian exchange, Shaekpay adheres to local security measures and has acquired an excellent reputation amongst traders. The exchange currently has over 1 million users in Canada.
You can download Shakepay on your mobile for accessible trading on the go. The exchange offers an intuitive interface that allows you to buy and sell Bitcoin with ease.
Perhaps one of the most appealing features is the ability to ‘shake’ to get free Bitcoin. This involves participating with the app daily to earn BTC rewards. You can also earn cashback by using the Shakepay card to pay for consumer goods.
5. Kraken
This is a crypto exchange launched in the United States. The crypto platform has since become one of the best crypto exchanges for Canadians who are looking to invest in Bitcoin.
Kraken offers one of the lowest barriers to entry, as noted by the $10 minimum trading amount. You also want to take advantage of the simplified account creation process that takes only a few minutes.
One of the biggest advantages of using the Kraken is the support for a large range of cryptocurrencies. You can choose from over 200 cryptocurrencies, including Bitcoin.
The Kraken Bitcoin exchange also offers robust security protocols including proof of reserves and cold wallet storage. This is a great exchange to consider if you want to explore outside of Bitcoin. Kraken supports NFTs and offers a native crypto wallet to store your coins.
6. Bitbuy
Bitbuy is the best Bitcoin exchange for advanced traders who want to implement complex trading strategies. The platforms has coined itself as the ‘most trusted platform for BTC and ETH in Canada’, which is a bold claim to make.
The platform was approved by the Ontario Securities Commission and the Canadian Securities Administrators which means that it is compliant with local regulations.
Through Bitbuy, you can access a range of features including APIs, advanced charting tools, crypto staking, OTC trading and Express Trade.
The platform was designed for active traders and provides an intuitive interface that allows you to easily conduct analysis and make informed decisions.
How to Get Started With Bitcoin Exchanges in Canada
Here are the steps you need to take to enjoy the full privileges of trading Bitcoin at any of the best crypto exchanges:
Step 1: Create an Account
Sign up for an account on the Bitcoin exchange Canada. Ensure that you click on the verification link sent to your email to confirm your account.
Step 2: Verify Your Account
Pass through the account verification processes, including Know Your Customer (KYC) and Anti-Money Laundering (AML).
Step 3: Deposit Money to Your Account
Use any of the convenient payment methods offered by the Bitcoin exchange to add money to your account. Ensure that you take note of the minimum and maximum deposit amounts you can deposit, depending on the current status of your account.
Choose Bitcoin from the list as the cryptocurrency you want to trade. Enter the amount you want to pay and wait for your order to fill.
Step 5: Take Your Profits
Take profits when the price/value of Bitcoin appreciates from the price you bought the coin.
Final Thoughts
Buying or trading Bitcoin in Canada relies on the trading strategies you have developed over time. You also need a Bitcoin exchange in Canada to facilitate these trades. In this guide, we reviewed some of the best crypto exchanges in Canada to trade Bitcoin. Which Bitcoin exchange do you prefer to go with for your cryptocurrency transactions in the country?
One of the most important factors to consider when searching for the best crypto exchanges in Canada is the trading fees
FAQs
An exchange is a platform where you trade or exchange your Bitcoin for some other cryptocurrencies, including stablecoins.
Can I buy and sell Bitcoin with ID on exchange?
You can buy and sell Bitcoin on a cryptocurrency exchange after using a government-issued ID to verify that the information on the account is genuine.
Are exchanges legal in Canada?
Cryptocurrency exchanges are not yet legal to operate in Canada. You can use some of the offshore Bitcoin exchanges to invest in Bitcoin in Canada.
What is the difference between an exchange and a broker?
A cryptocurrency exchange allows you to buy, hold, and own the Bitcoin you paid for. On the other hand, a cryptocurrency broker only allows you to bet on the price of Bitcoin and not to own the coin.
What is the most trusted Canadian crypto exchange?
Bitbuy claims to be the most trusted crypto exchange in Canada. The platform is approved by the Ontario Securities Commission and the Canadian Securities Administrators
Related Bitcoin Exchanges Content