Cryptocurrency Exchanges Used in Canada

Cryptocurrency has gained significant popularity in Canada, with numerous exchanges available for trading digital assets. Whether you're a seasoned investor or a beginner looking to buy your first Bitcoin, knowing the available options in Canada is crucial. This article explores the leading cryptocurrency exchanges in Canada, their features, and what makes them stand out.

1. Bitbuy

Bitbuy is one of the most popular cryptocurrency exchanges in Canada, known for its ease of use and reliability. Founded in 2016, Bitbuy has quickly established itself as a trusted platform for buying, selling, and trading cryptocurrencies. The platform supports several major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more.

• User-Friendly Interface: Bitbuy offers an intuitive platform that caters to both beginners and advanced traders. The "Express Trade" feature is perfect for new users, while "Pro Trade" provides advanced tools for experienced traders.
• Security: Bitbuy is recognized for its strong security measures, including two-factor authentication (2FA) and cold storage of digital assets.
• Customer Support: The platform is known for its excellent customer support, offering phone and email assistance.
• Regulation: Bitbuy is a fully registered Money Services Business (MSB) with FINTRAC, ensuring compliance with Canadian regulations.

2. Coinberry

Coinberry is another well-known cryptocurrency exchange in Canada. Founded in 2017, Coinberry focuses on making cryptocurrency accessible to all Canadians.

• Zero-Fee Deposits and Withdrawals: One of Coinberry's standout features is its zero-fee deposits and withdrawals, making it a cost-effective option for Canadian users.
• Simplicity: The platform is designed for simplicity, making it easy for beginners to navigate and start trading.
• Regulated and Insured: Coinberry is a FINTRAC-registered platform and is also insured, providing an additional layer of security for users.
• Supports Multiple Cryptocurrencies: Coinberry supports a range of cryptocurrencies, including Bitcoin, Ethereum, and XRP.

3. NDAX (National Digital Asset Exchange)

NDAX is a Calgary-based cryptocurrency exchange that has become increasingly popular among Canadian traders. Established in 2018, NDAX offers a wide range of services tailored to both individual and institutional investors.

• Competitive Fees: NDAX is known for its competitive trading fees, making it an attractive option for active traders.
• Advanced Trading Tools: The platform offers advanced trading features such as limit and stop orders, appealing to more experienced traders.
• Wide Range of Cryptocurrencies: NDAX supports a broad selection of cryptocurrencies, including Bitcoin, Ethereum, Cardano (ADA), and more.
• Regulated: Like other major Canadian exchanges, NDAX is regulated by FINTRAC, ensuring compliance with national standards.

4. Shakepay

Shakepay is a Montreal-based cryptocurrency exchange that has garnered attention for its unique features and user-friendly interface. Established in 2015, Shakepay primarily focuses on Bitcoin and Ethereum trading.

• Instant Buy and Sell: Shakepay allows users to buy and sell cryptocurrencies instantly, making it convenient for quick transactions.
• Mobile App: The Shakepay mobile app is highly rated for its ease of use and seamless experience.
• Free E-Transfers: Shakepay supports free e-transfers for deposits and withdrawals, making it a cost-effective option for Canadians.
• Shakepay Card: The platform offers a prepaid Visa card that allows users to spend their cryptocurrency directly.

5. Wealthsimple Crypto

Wealthsimple, a popular Canadian financial services company, launched its cryptocurrency trading platform, Wealthsimple Crypto, in 2020. This platform is integrated into the existing Wealthsimple app, making it easy for users to manage both their traditional and cryptocurrency investments in one place.

• Ease of Use: Wealthsimple Crypto is designed for simplicity, making it accessible to users who are new to cryptocurrency.
• No Commissions: The platform charges no commissions on trades, although there is a spread on each transaction.
• Regulated: Wealthsimple Crypto is regulated by the Ontario Securities Commission (OSC), providing users with a secure and compliant trading environment.
• Integration with Wealthsimple Ecosystem: Users can easily integrate their crypto investments with other Wealthsimple financial products, such as Robo-advisors and tax-efficient accounts.

6. Coinsquare

Coinsquare is one of the oldest and most established cryptocurrency exchanges in Canada. Founded in 2014, it has built a reputation for reliability and security.

• Wide Range of Cryptocurrencies: Coinsquare supports a large number of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many altcoins.
• Advanced Trading Platform: The exchange offers a sophisticated trading platform with features like charting tools and API support, catering to advanced traders.
• Regulation and Security: Coinsquare is a registered MSB with FINTRAC and has a strong focus on security, including cold storage and 2FA.
• OTC Services: For high-net-worth individuals, Coinsquare offers Over-the-Counter (OTC) services, providing personalized support for large transactions.

7. Kraken

While not a Canadian company, Kraken is a globally recognized cryptocurrency exchange that serves Canadian users. Founded in 2011, Kraken is known for its robust security features and extensive range of supported cryptocurrencies.

• Global Reach: Kraken’s global presence makes it a preferred choice for Canadian users looking to trade a wide variety of cryptocurrencies.
• Security: Kraken is renowned for its stringent security measures, including 2FA, cold storage, and regular audits.
• Advanced Trading Features: Kraken offers features such as margin trading, futures, and staking, appealing to professional traders.
• Regulated: Kraken complies with global financial regulations, ensuring a secure trading environment.

8. Binance

Binance, one of the world’s largest cryptocurrency exchanges, also serves Canadian users. While Binance is a global platform, it has a dedicated version for Canada called Binance Canada.

• Extensive Cryptocurrency Selection: Binance offers one of the largest selections of cryptocurrencies, including many that are not available on other Canadian platforms.
• Low Fees: Binance is known for its low trading fees, which can be further reduced by using Binance Coin (BNB).
• Advanced Trading Options: The platform offers advanced trading features such as futures, options, and staking, catering to experienced traders.
• Security Measures: Binance employs strong security protocols, including 2FA, cold storage, and a Secure Asset Fund for Users (SAFU) to protect users’ assets.

Conclusion

Canada has a robust selection of cryptocurrency exchanges, each offering unique features tailored to different types of users. Whether you’re looking for a platform with low fees, advanced trading tools, or simply an easy way to buy your first Bitcoin, the exchanges listed above provide solid options for Canadian traders. As always, ensure you conduct thorough research and consider factors such as security, fees, and regulation before choosing a cryptocurrency exchange.