The Best Cryptocurrency Exchange Platforms in Canada

If you’re looking to invest in Bitcoin and other cryptocurrencies, you likely already know you need to open an account with a cryptocurrency exchange platform. But which one to choose?

There are many cryptocurrency exchange platforms in Canada, but not all are created equal. Because cryptocurrency is unregulated by any financial or government authority, it’s extremely important that you choose a trustworthy and secure cryptocurrency exchange in Canada. Signing up on a fake or vulnerable exchange leaves you vulnerable to hackers and fraud, and investing in crypto is risky enough without these extra headaches!

But even amongst the most secure and safe cryptocurrency exchanges in Canada, quality varies. You want to find an exchange that is easy to use, has the cryptocurrency coins you want to invest in, and keeps fees low.

Here is our list of Top 5 Best Cryptocurrency Exchanges in Canada.

Cryptocurrency Exchanges Canada Compared

The Winner: Shakepay

If you’re looking for fast and easy commission-free crypto trading, Shakepay is ideal. Interac eTransfers sent to your account will show up in seconds, making them the fastest of any exchange on this list. They also stand out in charging no trading commission, no withdrawal fees, and being one of the few cryptocurrency exchange platforms to offer rewards.

You’ll get $30 free for opening an account with Shakepay and depositing at least $100 CAD.

You can earn Bitcoin each day by simply shaking your phone. It starts with $0.10 in Bitcoin the first day you do it, then increases by 10% each day thereafter. The longer you keep your streak going, the more Bitcoin you earn.

You might think free Bitcoin seems too good to be true, but it’s not! I signed up for Shakepay to test it out and buy some Ethereum, and after 2 days of shaking my phone I’m already earning Bitcoin.

Shakepay stands out as the easiest cryptocurrency app to navigate, and as a Montreal-based company its nice to support Canadian! Hopefully, they add some alt-coins in the future.

Runner Up: Coinsquare

Coinsquare is one of the most established and secure cryptocurrency exchanges in Canada. It offers all major cryptocurrency coins like Bitcoin, Ethereum, Ripple, Dash, Litecoin, and Dogecoin, as well as some altcoins. They also plan to offer even more coins in the future. If you’re tired of only trading Bitcoin and Ethereum on Shakepay, then Coinsquare is your next stop.

You’ll get $10 in free Bitcoin by opening an account with Coinsquare and depositing at least $100.

Based in Canada, Coinsquare only accepts CAD and USD, and the platform is available in both English and French.

Coinsquare boasts some of the lowest fees on the cryptocurrency exchange market, charging users only 0.1% to 0.4% per trade. There are no account minimums and no fees to fund your account, which you can do by either wire transfer or eTransfer. Interac eTransfers are easiest and usually approved within 15 minutes.

Coinsquare isn’t limited to the beginner trader! Its sophisticated dashboard and the Advanced Trade tab allow you to view market chart data, set limit orders, and more. Coinsquare remains a valuable choice for both novice and advanced crypto traders.

One negative of Coinsquare is that users have stated the platform can sometimes be slow and malfunction. This is likely growing pains as Coinsquare focuses on customer experience and is continually improving their platform.

Runner up: Netcoins

Netcoins is an appealing exchange platform for new users with the most options to fund your account and multiple coins available. Funding your Netcoin account is simple and easy with multiple options including e-transfer, wire transfer and online bill payment.

With seven coins available, including Bitcoin, Ethereum and Litecoin, Netcoin is a great exchange platform to be introduced to some of the major cryptocurrencies. It has no deposit or withdrawal fees and a great learning platform called “Crypto Academy” that helps provide clear answers for beginners.

 One major drawback of the Netcoins Exchange is that Netcoin does not have an app available so all trading must be done on a desktop.

Netcoins is still a great choice for those who are wanting to hold major crypto coins for the long term and will not be trading day by day.

MOGO Crypto

MogoCrypto is known for being one of the easiest and most convenient ways of buying Bitcoin for Canadians. With over 1 million users in Mogo, it  began offering MogoCrypto in 2018. It currently only offers Bitcoin as a cryptocurrency but are looking to add other cryptocurrencies in the future.

Mogo is the first and only company to introduce a Bitcoin Rewards Program, where members can earn 1% bitcoin cashback for every purchase made on their Visa Prepaid MogoCard. Active traders can also earn 0.5% cash back if they trade more than $10,000 in bitcoin monthly.

The downside of MogoCrypto is that you can’t sign up unless you sign up for all things MOGO. You must agree to their credit monitoring service in order to use their platform. Also, they only allow you to trade Bitcoin, so if you were hoping to invest in Ethereum and alt-coins, you’re out of luck.

Mogo is still a good choice for Canadians looking to invest strictly in Bitcoin and make use of their other financial services.

Wealthsimple Crypto

Wealthsimple Crypto is a beautiful crypto platform with transparent pricing and no account minimums. It currently offers two cryptocurrencies, Bitcoin and Ethereum. Owned by Canadas largest roboadvisor company, Wealthsimple Crypto is an easy choice for existing Wealthsimple members.

The biggest downside and a major deterrent using to Wealthsimple Crypto is your cryptocurrency coins don’t actually belong to you. When you buy Bitcoin and Ethereum on Wealthsimple Crypto, what you’re really getting is a contract that says you own these cryptocurrencies, not the cryptocurrency itself.

You cannot transfer your Bitcoin or Ethereum out of your Wealthsimple Crypto account to your own crypto wallet. If you want to make a withdrawal from your account, you must first convert your Bitcoin and Ethereum into CAD, and make a withdrawal via bank transfer.

For those only interested in the financial side of investing in cryptocurrency, the above might not be a big deal. But for those who understand many of the benefits of cryptocurrency go beyond its financial upside, not actually possessing your coins too big of a downside to use Wealthsimple Crypto.

To add insult to injury, Wealthsimple Crypto also charges some of the highest trading fees in the Canadian market. Paying 1.5% to 2% on both buy and sell orders makes holding cryptocurrency with Wealthsimple a more expensive investment than some of the worst mutual funds.

Nevertheless, Wealthsimple Crypto might be an acceptable choice for those who don’t mind paying a little extra for a simple, easy crypto exchange platform where they can hold their stock market and crypto investments in one place.

Which is the best cryptocurrency exchange

Based on coins available, ease and functionality, and lowest fees, Coinsquare is the best cryptocurrency exchange in Canada. However, Netcoins is a strong runner-up and would be a close tie if they had a mobile app.

MOGO is a good option if you are only interested in Bitcoin, and especially if you want to use their other services like credit monitoring or loans. Wealthsimple Crypto has the nicest user experience, but comes in last on our list for their high fees and because you don’t actually own the cryptocurrency you’re investing in.

What is the best cryptocurrency exchange for beginners?

If you’re just starting out and only want to invest in Bitcoin and/or Ethereum, then Shakepay is your best bet. However, if you’re interested in investing in alt coins and do more active trading, then Coinsquare is still the best choice even if you’re a beginner.

How to choose a cryptocurrency exchange platform

Just like choosing your bank, it is important that you research and choose a Cryptocurrency Exchange platform that is right for you. Here is a list of some of the things to consider when choosing a cryptocurrency exchange:

Coins available for trading

Just like in the stock market, having a diversified portfolio is extremely important when it comes to investing in cryptocurrency. There are more coins than Bitcoin and you should be investing in more than just Bitcoin alone!

A diversified cryptocurrency portfolio is really important so you should be investing in more than just Bitcoin. Other coins have increased in value over time and not diversifying can result in missed opportunities! However, the more coins available usually the more advanced the trading platform is and can be harder to navigate.

Trading fees

Fees are typically paid on buying and selling of crypto and can eat into your profits if you’ve done well. Consider how you will be purchasing and selling cryptocurrency, in one large sum or in small increments? Low fees are really important so make sure you understand the Cryptocurrency Exchange fee structure.

Security

You will need a Cryptocurrency wallet to store your cryptocurrency. Storing your cryptocurrency in a safe place is very important. Cryptocurrency exchanges can be vulnerable to hackers, so make sure to move your coins off of the exchange and into a crypto wallet. You can store your coins in a wallet in either “hot” or “cold” storage.

Hot vs Cold Storage

If you’ve been researching cryptocurrency, you’ve probably come across the terms hot and cold storage. This refers to where you keep your coins. You should store your cryptocurrency in a wallet, but there are many options for how this wallet works. It can be digital or hardware, and it can be connected to the internet or not.

“Cold storage” is a wallet that is offline and offers the most protection for your cryptocurrency. Because a cold storage wallet is not connected to the web, it cannot be accessed by hackers. Cold storage wallets are hardware, like the Ledger Nano S.

“Hot storage” is a wallet that is connected to the internet and is therefore vulnerable to hacking. Hot storage includes digital wallets offered by exchanges, wallets in the cloud, and downloadable wallets that you keep on your harddrive.

Ease of Use

A trading platform you don’t know how to use is useless! Choose one that is easy to navigate and is suitable for your needs. Consider what you will be using it for and how active you will be.

Will you be using your trading platform on your smartphone or desktop? Will you use an app?

How to Buy Cryptocurrency

Getting into a new speculative financial asset can feel intimidating, but buying Cryptocurrency is easier than you think! In fact, it’s not that different from setting up a bank account. Here’s how to get started:

Step 1:  Open an account on a cryptocurrency exchange platform like Coinsquare

Step 2:  Transfer Canadian dollars into the account via eTransfer or wire transfer.

Step 3: Choose Bitcoin or another cryptocurrency you want to buy.

Step 4: Purchase your crypto with Canadian dollars

Step 5: Transfer your cryptocurrency off of the exchange account and into a wallet

It’s that easy!

What you need to know before investing in cryptocurrency

Cryptocurrency is a fun and exciting investment that you should definitely be a part of! But simply buying some Bitcoin isn’t enough. You should know the important facts about investing in cryptocurrency before you get started, including building a balanced crypto portfolio.

But if you do your research, this is a great way to diversify your financial portfolio and earn a stellar return!