Top 10 Canadian Crypto Exchanges: An In-Depth Analysis

1. Shakepay: Simplicity Meets Efficiency

Shakepay is often the go-to platform for beginners due to its user-friendly interface and quick sign-up process. Established in 2015, this Montreal-based exchange allows users to buy and sell Bitcoin and Ethereum. Shakepay’s appeal lies in its simplicity—no complex charts or overwhelming options, just straightforward trading.

Key Features:

• Instant Verification: Most users get verified within minutes.
• Free Withdrawals: Unlike many other platforms, Shakepay doesn’t charge for withdrawing crypto to your wallet.
• Mobile App: The app is intuitive, making it easy for users to trade on the go.

Fees: Shakepay doesn’t charge for deposits, withdrawals, or trading. Instead, it makes money through the spread between buying and selling prices.

Security: Shakepay uses a combination of cold storage for most of its funds and offers two-factor authentication (2FA) for account security.

2. Coinberry: Regulated and Reliable

Coinberry is one of the few Canadian exchanges that is FINTRAC registered and OSC compliant, making it a highly trusted platform. Founded in 2017, Coinberry allows users to trade Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.

Key Features:

• Commission-Free Trading: Coinberry doesn’t charge any trading fees, making it an attractive option for frequent traders.
• Recurring Buys: Users can automate their purchases, taking advantage of dollar-cost averaging.
• Security: Coinberry employs multi-signature technology and cold storage for the majority of its assets.

Fees: While there are no trading fees, Coinberry charges a spread on buy/sell transactions.

User Experience: Coinberry’s platform is designed to be accessible to everyone, from beginners to seasoned traders.

3. Bitbuy: A Platform for All Traders

Founded in 2016, Bitbuy is one of the most popular Canadian crypto exchanges, offering a wide range of cryptocurrencies. Bitbuy caters to both beginners and advanced traders with its Express Trade and Pro Trade options.

Key Features:

• Express Trade: Ideal for beginners who want a quick and simple way to buy crypto.
• Pro Trade: Advanced traders can access real-time market data and charting tools.
• Security: Bitbuy boasts a 95% cold storage policy and full insurance on its assets.

Fees: Bitbuy charges a 0.20% fee on trades, which is relatively low compared to other platforms. Deposits and withdrawals can also incur fees depending on the method used.

User Experience: The platform is known for its ease of use, particularly the mobile app, which is highly rated among users.

4. NDAX: Low Fees and High Security

The National Digital Asset Exchange (NDAX) is a Calgary-based platform that has been operating since 2018. NDAX offers a range of cryptocurrencies and is known for its low fees and robust security measures.

Key Features:

• Low Trading Fees: NDAX charges just 0.20% per trade, making it one of the most cost-effective options.
• Institutional-Grade Security: NDAX uses segregated bank accounts and cold storage for its funds.
• Advanced Trading Features: NDAX offers features like stop-loss orders and market limit orders, catering to experienced traders.

Fees: Besides the low trading fees, NDAX charges minimal fees for deposits and withdrawals, with free withdrawals for crypto.

Security: NDAX is known for its stringent security measures, including 2FA and biometric logins.

5. Wealthsimple Crypto: Investing Made Simple

Wealthsimple, a well-known Canadian investment platform, launched its crypto trading service in 2020. It’s aimed at investors who are already familiar with the Wealthsimple ecosystem and prefer a simple, integrated experience.

Key Features:

• No Commission Fees: Wealthsimple Crypto doesn’t charge any trading fees.
• Integrated Platform: Users can manage their crypto investments alongside their traditional portfolios.
• Security: Wealthsimple Crypto uses Gemini as its custodian, ensuring high-level security.

Fees: The platform charges a spread on buy/sell transactions, similar to Coinberry.

User Experience: Wealthsimple’s app is renowned for its ease of use, making it an excellent choice for beginners.

6. Coinsquare: Established and Trusted

Coinsquare is one of Canada’s oldest crypto exchanges, founded in 2014. It offers a wide range of cryptocurrencies and is known for its strong regulatory compliance and security measures.

Key Features:

• Wide Range of Cryptocurrencies: Users can trade over 10 different cryptocurrencies.
• Regulated: Coinsquare is fully regulated and compliant with Canadian financial laws.
• Advanced Trading Features: Ideal for traders who require advanced tools and market data.

Fees: Coinsquare’s fees range from 0.10% to 0.40% depending on the trading volume.

Security: The platform uses 95% cold storage and offers 2FA and IP whitelisting.

User Experience: Coinsquare’s platform is designed for both beginners and advanced traders, with a mobile app that’s intuitive and easy to use.

7. Newton: Zero-Fee Trading

Newton is another popular Canadian crypto exchange that’s known for its zero-fee trading model. Launched in 2018, Newton offers a wide range of cryptocurrencies and a user-friendly platform.

Key Features:

• No Trading Fees: Newton charges no fees on trades, making it an attractive option for frequent traders.
• Wide Range of Cryptocurrencies: Users can trade over 30 different cryptocurrencies.
• Security: Newton uses cold storage for most of its assets and offers 2FA for account security.

Fees: Although trading is free, Newton charges a small fee on deposits and withdrawals.

User Experience: Newton’s platform is designed to be simple and accessible, with a mobile app that’s easy to navigate.

8. Netcoins: Easy for Beginners

Netcoins is a Vancouver-based crypto exchange that’s been operating since 2014. It’s known for its ease of use and excellent customer service, making it a great option for beginners.

Key Features:

• User-Friendly Interface: The platform is designed to be easy for anyone to use.
• Excellent Customer Support: Netcoins offers 24/7 customer support.
• Security: Netcoins uses cold storage and offers 2FA for account security.

Fees: Netcoins charges a 0.50% fee on trades, which is slightly higher than other platforms but is offset by the platform’s ease of use.

User Experience: Netcoins is perfect for beginners, with a platform that’s easy to navigate and excellent customer support.

9. MyBTC.ca: Quick and Convenient

MyBTC.ca is a Canadian crypto exchange that focuses on simplicity and convenience. Founded in 2016, it offers a straightforward platform for buying and selling Bitcoin.

Key Features:

• Quick Sign-Up: Users can sign up and start trading within minutes.
• Multiple Payment Options: MyBTC.ca offers several payment options, including Interac e-Transfer, credit cards, and Flexepin.
• Security: The platform uses cold storage and 2FA for security.

Fees: MyBTC.ca charges a 0.75% fee on trades, which is higher than some competitors but offers quick and convenient service.

User Experience: The platform is designed for those who value convenience and speed, making it a popular choice for quick Bitcoin transactions.

10. Kraken: Global and Reliable

Kraken is a globally recognized crypto exchange that has a strong presence in Canada. Founded in 2011, Kraken is one of the oldest and most reliable platforms in the crypto space.

Key Features:

• Wide Range of Cryptocurrencies: Kraken offers over 50 different cryptocurrencies.
• Advanced Trading Features: Kraken provides a range of tools for advanced traders, including futures and margin trading.
• Security: Kraken is known for its rigorous security measures, including cold storage and 2FA.

Fees: Kraken’s fees range from 0.16% to 0.26%, depending on the trading volume.

User Experience: Kraken’s platform is comprehensive, catering to both beginners and advanced traders, with a mobile app that’s highly rated.

These exchanges represent the best options available in Canada, each catering to different needs, from beginner-friendly platforms to those offering advanced trading features. Whether you’re new to cryptocurrency or an experienced trader, there’s a Canadian crypto exchange that’s right for you.