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Best Crypto Exchanges in Canada April 2024

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Meet Thadeus, a trading guru, brilliant writer, and financial fanatic with years of expertise in the industry. Get ready to learn from his wealth of knowledge.

Article was updated: April 16, 2024
Estimated reading time: 9 minutes

Cryptocurrency trading and investing are gaining traction worldwide. In Canada, many traders seek avenues to embark on this journey. Fear not, for armed with a deep comprehension of the cryptocurrency landscape and aligning with a reputable exchange, you can efficiently manoeuvre through its volatility and enhance your journey.

As seasoned cryptocurrency traders and researchers, we recognise the significance of choosing the right exchange. Thus, we have conducted market research to offer our top recommendations below. Our comprehensive guide also provides insights into selecting an appropriate exchange and the steps to commence your venture.

Essence

  • Cryptocurrency trading entails buying, selling, or exchanging digital currencies to profit from market fluctuations.
  • The cryptocurrency market is highly volatile. Therefore, Canadian traders must conduct thorough market research to develop solid strategies. 
  • At TradingGuide, we only recommend cryptocurrency exchanges that meet our specifications. 
  • The best crypto exchange Canada must be highly encrypted to protect users’ data. 
  • For traders looking to buy cryptocurrencies via exchanges, ensure the platform you select integrates with reputable crypto wallets to secure your tokens once purchased.
  • Canadian traders must always settle with cryptocurrency exchanges that suit their trading requirements for maximum experience. 
  • Always understand cryptocurrency trading regulations in Canada and the tax implications.

List of the Best Crypto Exchanges in Canada

  • KrakenOverall Best Cryptocurrency Exchange in Canada
  • CoinbaseBeginner-Friendly Cryptocurrency Exchange in Canada
  • Crypto.comBest Cryptocurrency Exchange For Low-Budget Traders
  • GeminiBest Crypto Exchange For Professional Traders in Canada

Compare the Best Crypto Exchanges in Canada

Selecting the optimal cryptocurrency exchange demands thorough evaluation. Below, we present a comprehensive comparison table detailing supplementary features of our top recommended exchanges. Our objective is to empower you to make an informed decision that aligns precisely with your requirements.

Best Crypto ExchangeExchange TypeSupport ServicePriceSupported CoinsDigital Wallet
KrakenCentralisedEmail, Phone, Live ChatFree200+Yes
CoinbaseCentralisedPhone, Email, and TwitterFree200+Yes
Crypto.comDecentralisedPhone, Email, Live ChatFree250+Yes
GeminiCentralisedPhone, Email, Live ChatFree70+Yes

​​Choosing the right Canada crypto exchange can feel overwhelming, considering the lengthy research process involved. The fees, supported assets, and other features vary greatly, which you must compare to find the best exchange. Fortunately, we help you identify your suitable exchange using the tables below. You will understand the exchanges’ fee structures and the diverse crypto worlds they unlock. 

Fees

Best Crypto ExchangeFeesMinimum Deposit Requirement
KrakenFrom 0.16%£10
CoinbaseFrom $0.99From £1
Crypto.comFrom 0.04%From £1
GeminiFrom 1.49%From £1

Supported Assets

Best Crypto ExchangeBitcoinEthereumLitecoinRippleTetherDogecoinSolana
KrakenYesYesYesYesYesYesYes
CoinbaseYesYesYesYesYesYesYes
Crypto.comYesYesYesYesYesYesYes
GeminiYesYesYesYesYesYesYes

Our Opinion & Overview of the Best Crypto Exchanges in Canada

As professional cryptocurrency traders and researchers, we have scoured the Canadian crypto landscape, diving into exchanges of all shapes and sizes. From beginner-friendly interfaces to advanced trading havens, we have put them to the test. Below, we share our hard-earned insights, dissecting the strengths and weaknesses of each platform for informed decisions.

1. Kraken – Overall Best Cryptocurrency Exchange in Canada

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After extensive testing and research, we confidently declare Kraken as the overall best crypto exchange Canada. With over 9 million users globally and a staggering trading volume exceeding $207 billion, Kraken stands out for its reliability and security measures. We explored its vast offering of 200+ cryptocurrencies with a mere C$10 minimum investment, experiencing its user-friendly interface and comprehensive trading app firsthand. 

Kraken’s commitment to security through cold storage systems and robust encryption instilled confidence in our trading activities. The platform also offers enticing rewards of up to 24% annually through asset staking and allows for advanced order placements via the Kraken Pro app. With up to 5x leverage and round-the-clock customer support, Kraken emerges as a secure and accessible option for cryptocurrency enthusiasts, earning our 4.5-star rating.

Kraken Review 2024
TradingGuides Rating:
✔ Learn Center for learning about all things crypto
✔ 24/7/365 on LiveChat or by email
Pros & Cons
Fees
Trading Assets
Pros
  • Up to 24% rewards are offered annually for staking your assets with Kraken
  • Low spreads on non-instant buys
  • High liquidity across various markets
  • Availability of popular cryptocurrencies
Cons
  • No personal wallet service
  • Many elements are featured, making it quite challenging for newbies to use

Type Fee
Minimum deposit £10
Transaction fee 0.5% for bank transfers and 3.75% + 0.25 cents for cards and e-wallets
Maker fee 0.26%
Taker fee  Between £0-$50,000

Cryptocurrency traders and investors will have access to over 100 cryptocurrencies when using Kraken crypto exchange. Some of the featured crypto assets to build your portfolio with include:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Ripple
  • Bitcoin Cash
  • Dogecoin
  • Solana, etc.

2. Coinbase – Beginner-Friendly Cryptocurrency Exchange in Canada

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If you are a new cryptocurrency trader in Canada, we primarily recommend Coinbase for you. From our experience, the exchange has a user-friendly interface that is easy to navigate. Boasting over 98 million users globally, Coinbase offers a straightforward platform for buying, selling, and monitoring popular cryptocurrencies. We explored over 200 cryptocurrencies, including popular ones like Bitcoin, Ethereum, Litecoin, and more. 

We noticed that Coinbase operates as a centralised exchange. It also prioritises transaction security and offers options for cold wallet storage. Testing its 24/7 support service, the response we got was impressive as we were able to quickly dive back into our trading activities. With an inbuilt wallet, asset management is simplified as users will store and manage all crypto assets and NFTs in one place. With its emphasis on simplicity, security, and accessibility, Coinbase earns a 5-star rating from us.

Coinbase Review 2024
TradingGuides Rating:
✔Highly secure
✔Inbuilt cryptocurrency wallet
Pros & Cons
Fees
Trading Assets
Pros
  • User-friendly platform
  • In-built centralised crypto wallet backed up by an insurance policy
  • Wide array of crypto assets offered
  • Opportunities to earn cryptocurrencies by buying and holding assets
  • Low account minimum of £2
Cons
  • High transaction charges on its primary platform
  • You get to pay more for lower balances

Type Fee
Minimum deposit $2
Transaction fee 1%
Credit transactions 2%
Inactivity fee Free
Maker fee Yes
Taker fee Yes

Coinbase hosts hundreds of thousands of assets and below is a list of the top digital assets to access on the exchange:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Polkadot (DOT)
  • Cardano (ADA)
  • Tether (USDT)
  • USD Coin (USDC)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • SushiSwap (SUSHI)
  • Solana (SOL)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Algorand (ALGO)
  • Dai (DAI)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)

3. Crypto.com – Best Cryptocurrency Exchange For Low-Budget Traders

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Based on our thorough testing, we confidently assert Crypto.com as the best cryptocurrency exchange for low-budget traders in Canada. Offering access to over 250 cryptocurrencies, including popular options like Bitcoin and Ethereum, Crypto.com stands out for its inclusive approach. While testing it, we explored features like access to non-fungible tokens (NFTs) and a DeFi wallet for easy NFT marketplace access. This makes us believe that Crypto.com caters to diverse trading interests. 

Another added perk of Crypto.com is its metal Visa cards, which provide up to 5% back on spending, thus adding user value. We also discovered that Crypto.com imposes no annual fees, transaction charges, or inactivity fees, allowing traders to plan and execute trades conveniently. Supporting over 20 fiat currencies and various payment options, including bank transfers and e-wallets, this exchange enhances accessibility. From our analysis, we believe Crypto.com deserves a 5-star rating for its affordability and comprehensive offerings.

Crypto.com Review 2024
TradingGuides Rating:
✔Purchase newly-listed tokens at up to 50% off
✔Earn daily rewards on your balance, no lock-up period
Pros & Cons
Fees
Trading Assets
Pros
  • Low trading fees
  • Compatible with desktop and mobile devices
  • In-built DeFi wallet, giving you total control of your assets
  • Offers over 14.5% annual rewards on your cryptocurrencies
  • A wide range of cryptocurrencies offered
Cons
  • You get to pay more for low trading volumes
  • Withdrawing cryptos to external addresses attracts a fee

Type Fee
Minimum deposit £1
Deposit fee No
Withdrawal fee Depending on the crypto you trade
Maker fee 0.04 – 0.20%
Taker fee  0.10 – 0.20%
Inactivity fee £5

The most popular crypto:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Cronos (CRO)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Polkadot (DOT)

4. Gemini – Best Crypto Exchange For Professional Traders in Canada

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When it comes to recommendations for professional cryptocurrency traders, Gemini stands out among numerous options we have tested. As a fully-reserved and highly-regulated exchange and custodian, Gemini prioritises security and reliability. Offering access to over 70 cryptocurrencies and serving clients in 70+ global countries, it is evident that this exchange provides a diverse range of trading options. The platform’s advanced features, including multiple charting types, watchlists, and price alerts, facilitate strategic decision-making for seasoned traders. 

We also tested the exchange’s support service responsiveness, and the team answered all our questions promptly. Gemini’s mobile advanced trading mode and ActiveTrader platform hosting advanced charting and crypto derivatives trading deliver a professional-level trading environment. Its features, like the Gemini credit card with excellent rewards and an NFT marketplace, further enrich the user experience. While fees are fixed for trades under $200 or set at 1.49% for larger trades, Gemini offers competitive rates, earning it a commendable 4.7-star rating from us.

Gemini Review 2024
TradingGuides Rating:
✔ Industry-leading broker
✔ 20+ supported digital currencies
Pros & Cons
Fees
Trading Assets
Pros
  • A user-friendly and intuitive application interface
  • Stored cryptocurrency can earn interest
  • Insurance available for the Gemini Wallet
  • Features an NFT marketplace for those willing to buy and sell digital art
Cons
  • High cryptocurrency trading fees compared to its peers
  • Fewer trading pairs supported

Type Fees
Bank Account 1.49%
Wallet 1.49%
Debit/Credit Cards 3.49%
ACH Transfer Free
Wire Transfer Free
Crypto Conversion 1.49%
Trades Fee of $0.99 to $2.99 based on the amount or 1.49% for trades over $200

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • Gemini Dollar (GUSD)
  • Solana (SOL)
  • Cardano (ADA)
  • USD Coin (USDC)
  • Terra (LUNA)
  • Uniswap (UNI)

What do Other Traders Say?

In our quest to find the best crypto exchange for Canada, we decided to analyse what other traders had to say regarding their experiences with various platforms. We combine our analysis findings with test results to ensure we are not biased. Here are some of the positive comments we encountered on Google Play, the App Store, and Trustpilot. We hope they will help you make the best decisions. 

1. Kraken

Kraken review 1 Kraken review 2

Traders on various platforms praise Kraken for its robust security measures, extensive range of cryptocurrencies, and user-friendly interface. The majority appreciate the platform’s reliability and the ability to trade with leverage.

  • “Kraken has a simple but secure verification system. The interface is hard to learn at first(Loading card etc) Once understood it works really well. Easy to transact and move items to my metamask and buying other Crypto” – Delaney Chikwaya

  • “App is always up. Doesn’t try to force Authenticator apps on me like uphold did and none of which worked. Processes transactions lightning quick. Withdrawals to cold wallet work fine. App has never once crashed on me. ” – TonyB2011

2. Coinbase

Coinbase review 1 Coinbase review 2

We noticed Coinbase users highlight the exchange’s simplicity, accessibility, and seamless user experience. They value its wide selection of cryptocurrencies, beginner-friendly features, and convenient mobile app.

  • “Coinbase Wallet offers so many new and exciting things to do, such as collecting free NFT’s. Now who else is offering that. There are so many fun and exciting things to do I could easily spend the day just messing around. But also can make money. I love it!!!” – Connie Lowe

  • “WOW!!! Easy to navigate front to back. This app is all I wanted, hoped, and expected it to be. Actually is become much much more!! Very pleasant to use I gave it 5 stars!!!” – Jeff Jeffery

3. Crypto.com

Crypto.com review 1 Crypto.com review 2

When it comes to Crypto.com, many cryptocurrency traders commend it for its diverse range of cryptocurrencies, low fees, and innovative features. They appreciate its user-friendly interface and extensive payment options.

  • “This app holds relevant features that make me love it and get inspired. It embedds a number of crypto that are not found in some other wallets. Easy to run and control. I credit the same app with a rate of 5 stars.” – Charles Rutabanzibwa

  • “been great so far. sent an etransfer the other day and it didn’t show up. messaged support and got it taking care of in 5 mins. really impressed.” – Josh Vandendort

4. Gemini

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Many users appreciate Gemini for its high level of security, advanced trading features, and professional-grade tools. They value its regulatory compliance, comprehensive customer support, and diverse range of cryptocurrencies.

  • “I love Gemini. I’m very happy with the app. I also signed up for Gemini credit card and am currently earning crypto rewards. I’m a very happy customer 😎👍” – Jet Petty

  • “This app is such a great app that is very much easy to use and convenient to keep digital assets such as bitcoins and other cryptocurrencies. There might be a few things that the app needs to fix but you can’t get more qualities of a safe crypto wallet with functionalities that vary such as this user friendly app. For a long time now I’ve been trading crypto and making more profit from NFT and different coins including bitcoins which is something I cannot just stop doing.”

How to Start Trading with Crypto Exchange in Canada

Embarking on cryptocurrency trading might seem daunting, but fear not – the process is simpler than you think. By following a few straightforward steps, you can kickstart your trading journey with ease. Below, we outline the process in detail.

Step 1: Visit an Exchange’s Website
Step 2: Register For a Trading Account
Step 3: Secure Your Wallet
Step 4: Participate in the KYC Procedure
Step 5: Make a Deposit
Step 6: Start Trading

Start by selecting a reputable cryptocurrency exchange from our recommendations list above. Research different platforms to find one that aligns with your trading goals, security requirements, and user experience preferences. Once chosen, visit the exchange’s website to begin the registration process.

On the exchange’s website, locate the option to create an account. Provide the necessary information, such as your email address, username, and password. Some exchanges may require additional details for security purposes.

Before trading, you will need a cryptocurrency wallet to store your assets securely. Many exchanges in Canada offer integrated wallets, but consider using a separate hardware wallet for added security. This will protect your investments from potential hacks or breaches.

Many cryptocurrency exchanges in Canada implement Know Your Customer (KYC) procedures to verify users’ identities. This typically involves submitting identification documents, such as a passport or driver’s licence. You may also be required to share a copy of your recent utility bill or bank statements as proof of location. 

After completing the registration and KYC process, you will need to fund your trading account per an exchange’s minimum deposit requirement. Most exchanges offer various deposit methods, including bank transfers, credit/debit cards, and cryptocurrency deposits. Choose a method that suits you best and follow the instructions to make a deposit.

With funds in your trading account, you are now ready to start trading. Explore the exchange’s trading interface to familiarise yourself with the available features and markets. Decide on the cryptocurrency you want to trade, set your desired parameters, and execute your trades accordingly.

How to Choose the Right Crypto Exchange in Canada

When selecting a crypto Canada exchange, several key factors warrant close attention to ensure a seamless and secure trading experience. These include:

Prioritise exchanges with robust security measures, such as two-factor authentication (2FA), cold storage for funds, and regular security audits. Look for platforms with a proven track record of safeguarding user assets against cyber threats and breaches. For instance, if you are considering a Canadian-based exchange, ensure it is regulated by FINTRAC for maximum security. 

Evaluate the range of cryptocurrencies offered by each exchange. Ensure the platform supports the coins you intend to trade or invest in. A diverse selection of assets enables you to capitalise on various market opportunities.

Assess the user interface and trading experience provided by each exchange. Opt for platforms with intuitive interfaces, advanced trading tools, and responsive customer support. A user-friendly platform enhances efficiency and ensures a smooth trading experience.

Review the fee structures of different exchanges, including trading fees, withdrawal fees, deposit fees, and more. Look for transparent fee schedules and consider the overall cost-effectiveness of each platform based on your trading volume and frequency. The last thing you want is to choose a platform with charges that do not align with your budget. 

Consider whether an exchange provides an in-built crypto wallet for securing your digital assets once purchased. Assess the security features and accessibility of the wallet, such as multi-signature support and mobile compatibility. Some exchanges can also be integrated with external wallets. Simply ensure the wallet is secure and reputable. 

Research online reviews and testimonials from other users to gauge the reputation and reliability of each exchange. Pay attention to factors such as uptime, customer support responsiveness, and overall user satisfaction. Recommendations from peers on platforms like Trustpilot, Google Play, and the App Store can provide valuable insights into the strengths and weaknesses of each platform.

Tax on Withdrawing Funds from Crypto Exchanges in Canada

When withdrawing funds from a cryptocurrency exchange, the transaction may trigger taxable events. This depends on various factors, such as the duration of holding the assets, the amount of profit generated, and the individual’s tax status. In Canada, cryptocurrency trading is considered a business activity by the Canada Revenue Agency (CRA), and transactions involving them are subject to taxation. Capital gains tax applies to profits earned from the sale or disposition of cryptocurrencies. The amount of tax owed is calculated based on the difference between the purchase price and the selling price of the digital assets.

As a cryptocurrency trader, it is crucial to maintain accurate records of cryptocurrency transactions, including withdrawals from exchanges. This is to ensure compliance with tax regulations in Canada and plan your activities accordingly. You should also consider consulting a tax professional or accountant knowledgeable in cryptocurrency taxation. Such professionals can provide valuable guidance on reporting requirements and minimising tax liabilities.

FAQs

How many crypto exchanges are available in Canada?

There are numerous cryptocurrency exchanges operating in Canada, providing a range of services and trading options. While the exact number may vary, there are several well-known exchanges accessible to Canadian residents. We recommend in our mini reviews above some of the top options that have proven reliable. 

Which crypto exchanges are legal in Canada?

Cryptocurrency exchanges that comply with Canadian regulations and operate within the framework established by regulatory authorities are considered legal in Canada. Exchanges registered as Money Services Businesses (MSBs) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are typically recognised as legal entities.

Is USDT legal in Canada?

Absolutely. Tether (USDT), a popular stablecoin pegged to the US dollar, is widely used in Canada and is considered legal. However, it’s essential to use reputable exchanges like the ones we recommend above to trade USDT. This is to ensure compliance with regulations and mitigate risks associated with fraudulent activities.

What is the cheapest way to buy crypto in Canada?

Using a cryptocurrency exchange with low trading fees or purchasing directly from peer-to-peer platforms may offer cost-effective options. Additionally, utilising funding methods with lower transaction fees, such as bank transfers or Interac e-Transfers, can help minimise costs when buying crypto in Canada.

Conclusion

Before starting your cryptocurrency trading venture, remember to educate yourself and stay updated on market trends to never miss out on potentially profitable opportunities. It is also crucial to diversify your investments wisely to mitigate the risks that come with a single investment. For beginners, start with small amounts of money and gradually increase your involvement as you gain experience. Most importantly, prioritise security measures and choose a reputable crypto exchange in Canada like the ones we recommend above. With patience, research, and careful decision-making, cryptocurrency trading can be a rewarding journey.

How we test?

Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.

The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.

Thadeus Geodfrey logo
Thadeus Geodfrey

Is a regular dad trying to be smart about how we play and win in this big game of life. He has worked within the very best of the financial industry producing numerous training resources. He is an experienced copywriter with immense financial background. Now earns a full time living as a Trader, and as our writer.

His articles help everyday families build sustainable wealth, stop stressing about their financial security, and start living the life they’ve always wanted.
If he is not trading or writing, he is at the gym.

One Reply to “Best Crypto Exchanges in Canada”

  • Jordan Clinton says:
    Being a novice in the crypto space, finding the right wallet was a perplexing task. The abundance of options left me undecided. Thanks to the insights gathered from this article, I've narrowed down my choice to Coinbase. The user reviews featured on the site provided the assurance I needed. It's like having a friend guide you through the crypto maze. Now, with a clearer perspective, I'm confident about my choice. Thx to the site team for simplifying this complex decision!

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