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Best Bitcoin Exchanges in Canada in 2022

Last updated 16th Aug 2022
Disclosure

Bitcoin is not legal in Canada. The Canadian government has declined to recognize the coin as legal tender. This is coming on the heels of the swift regulations and clampdowns on cryptocurrency transactions in many parts of the world.

As much as cryptocurrency transactions are frowned upon in Canada, there is still a chance that you can make huge profits from the market. The goal is to find out more about some of the best cryptocurrency trading platforms in the country.

In this article, you will learn about the best Bitcoin exchange in Canada and how the crypto trading platforms can help you make strategic investments in cryptocurrencies. Additionally, we will list some of the best crypto exchanges to invest in Bitcoin in Canada.

Here’s 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 table showing some of the best Bitcoin platforms for Canadian traders and investors:

1
eToro
Minimum Deposit
$10
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10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

What Should I Look for in Canada Bitcoin Exchange?

Choosing a Bitcoin exchange in Canada is never an easy task. You need to spend quality time researching each of those platforms, taking note of their strengths and weaknesses as well as the different services they offer that appeal to you. You have to commit lots of time to figure out these things. What if there is a Done-for-You(DFY) process that allows you to have a quick glance at some of the important factors that make a Bitcoin exchange Canada stand out?

If you are looking for the best Canadian crypto exchanges, here are some of the factors worth considering when choosing a Bitcoin cryptocurrency exchange in Canada:

What type of cryptocurrency exchange it is:

  • With several Bitcoin exchanges out there in Canada, you now have lots of options to choose from. The first consideration is the type of cryptocurrency exchange you are using. The Canadian crypto exchanges are usually between a Centralized Exchange (CEX) and a Decentralized Exchange (DEX). The former (CEX) is a platform that allows Bitcoin traders and investors to take advantage of the liquidity and the wide selection of crypto assets to facilitate any type of Bitcoin transaction they want to engage in. The latter (DEX) is ideal for Bitcoin investors who are particular about cutting down on transaction fees, as well as maintaining anonymity when trading or investing in Bitcoin.

Supported cryptocurrencies:

  • How many crypto coins and tokens are available on the crypto exchanges in Canada? Can you trade as many crypto assets as you want on the exchange? Another important factor you want to consider is the number of crypto coins and tokens that are paired to the Bitcoin (BTC) cryptocurrency. The pairing of other crypto tokens and coins to Bitcoin gives you the option to choose as many crypto assets you want to trade alongside the Bitcoin (BTC) cryptocurrency.

Reputation:

  • Reputation is the lifeblood of most businesses. 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.

Structure of the 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.

Platform design:

  • What is the design of the cryptocurrency exchange like? Can you easily use the platform to execute different kinds of cryptocurrency transactions? The platform design should also include the strategic placement of the important buttons and trading metrics where the users can easily find them. Above all, take some time to surf through the website of the cryptocurrency exchange to confirm if it is intuitive enough.

Trading guide:

  • Not everyone who has an account on a cryptocurrency exchange understands how to use the platform. This is why it is necessary to choose a Bitcoin exchange in Canada that offers a wide range of trading guides. These could range from tutorial videos to helpful materials to guide users on how to use the crypto exchange and how to trade and invest in Bitcoin.

Trading tools:

  • Does the Bitcoin exchange offer trading tools to help you navigate the trading interface? Most cryptocurrency exchanges have these tools. The trading tools include Relative Strength Index (RSI), MACD, MA, Trend Line, and Volume.

TradingView integration:

  • TradingView is one of the best Canadian crypto exchanges that helps Bitcoin and cryptocurrency traders have a better look at the cryptocurrency market chart, monitor the trends, and plot excellent entries for trades. You may not need to visit the TradingView platform to do all that. Simply find out if the Bitcoin exchange in Canada you intend to use integrates TradingView to its platform. That makes it easier for you to plot your Bitcoin trading chart from one interface.

Payment methods:

  • How many payment methods do the Bitcoin exchange support? Prioritize choosing the crypto exchange that supports popular payment methods including credit cards, debit cards, bank wire transfers, and e-Wallets.

Supported currencies:

  • How many currencies do the Bitcoin exchange support? Most importantly, confirm if the platform supports the deposits of funds using Canadian Dollars (CAD).

The security of the Bitcoin exchange in Canada:

  • What is the Bitcoin exchange doing to protect the users and their funds? This is one of the aspects that demand quality research, and it takes time to make the necessary research. Among the security factors to consider are the uses of dedicated cold storage or segregated wallet to store most of the exchange’s funds, the enablement of advanced security methods for the users (2FA, Google Authentication), and the suspension of withdrawal activities if the telephone number or any other important information on the user’s account is leaked.

What Crypto Exchanges Are Available to Trade Bitcoin in Canada?

Below are some of the Bitcoin cryptocurrency exchanges you can start using today to buy Bitcoin in Canada:

Gemini Exchange Canada

Gemini Exchange is one of the best crypto exchanges for buying Bitcoin in Canada. The Gemini crypto exchange is a Bitcoin trading platform that makes it easier for you and other Canadian crypto enthusiasts 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.

MogoCrypto Canada

This is one of the Bitcoin trading platforms in Canada that attends to the needs of the users. MogoCrypto is owned by Mogo, which is one of the leading financial service providers in Canada. Mogo is a Financial Technology (Fintech) company that is based in Canada.

The company launched MogoCrypto as a platform that offers a wide selection of cryptocurrency services in Canada. The MogoCrypto platform simplifies how you trade cryptocurrencies. Among many other things, the platform allows you to trade cryptocurrencies from anywhere, all thanks to the compatibility with mobile devices.

The simplicity of the platform makes it easier for first-time Bitcoin traders to get access. You also want to use the platform to monitor your finances, thanks to the personal loans and monthly credit score monitoring services. You may not be as pleased with the 1% spread. We think that this may be a bit too high, especially for Canadians who are placing orders for huge volumes of Bitcoin (BTC).

Shakepay Canada

Shakepay is a cryptocurrency trading platform that offers you the opportunity to take advantage of most of the cryptocurrency services available. You can take advantage of the platform to trade Bitcoin (BTC) without high transaction fees. Many traders have touted that Shakepay is one of the Bitcoin exchanges in Canada that doesn’t charge huge fees. You may be able to enjoy trades commission-free at market-leading prices.

You don’t need to be scared of using Shakepay to facilitate your Bitcoin transactions, because the platform is licensed to operate and offer a wide range of cryptocurrency transactions in Canada. The company is licensed as a Money Service Business (MSB) by FINTRAC. By this licensing, Shakepay is empowered to offer a plethora of Bitcoin trading and investing services in most of the Canadian territories and provinces.

LocalBitcoins Canada

LocalBitcoins is a cryptocurrency trading platform that works on a Peer-to-Peer (P2P) basis. Through this platform, you can trade different kinds of cryptocurrencies including Bitcoin. A platform is also an ideal place for Canadian Bitcoin enthusiasts who are looking for a low barrier to entering the cryptocurrency market. The peer-based trading system ensures that both you get real-time connections to the sellers.

LocalBitcoins also “localizes” the trading and investment of Bitcoin by ensuring that you deposit or add money to your account using most of the popular payment options. Some of the supported payment methods are PayPal, bank wire transfer, and Moneygram.

Kraken Canada

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 crypto exchange in Canada is the support for several cryptocurrencies. You can choose from over 50 cryptocurrencies, including Bitcoin. The Kraken Bitcoin exchange also ensures that everyone is supported, including the support for depositing money to your trading account using CAD. With low fees, Bitcoin charting tools, and support for online banking, Kraken offers you lots of options to invest in Bitcoin.

National Digital Asset Exchange (NDAX) Canada

This is an indigenous Bitcoin exchange. The crypto trading platform ensures that Bitcoin transactions are processed in real-time. Worthy of mention is that the NDAX Bitcoin trading platform supports up to 14 cryptocurrencies. While this number may be small, the platform does this to ensure that the users don’t trade many assets that may not have lots of use cases.NDAX supports Bitcoin and many other cryptocurrencies. One of the outstanding features of the crypto trading platform is the provision of lots of cryptocurrency trading services.

Bitvo Canada

Are you looking for a Bitcoin exchange in Canada that offers superior customer support and allows you to trade different kinds of cryptocurrencies, including Bitcoin? Bitvo ticks those boxes. The crypto platform allows you to enjoy free deposits into your account. You can also benefit from the zero trade fees and the minimum 1% withdrawal fee.

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
Step 2: Verify your account
Step 3: Deposit money to your account
Step 4: Place your trade
Step 5: Take your profits

What Are the Best Crypto Exchanges I Have to Buy and Sell Bitcoin in Canada?

Lots of options are open to you to choose from. These options include crypto exchanges, cryptocurrency brokers, and peer trading platforms. Peer trading platforms connect you to the sellers of Bitcoin in Canada. You can pay in Canadian Dollars (CAD), use PayPal, or pay via debit or credit cards to buy Bitcoin in Canada from a P2P platform.

Contract for Differences (CFDs) or cryptocurrency broker platforms allows you to speculate on, predict, or bet on the price of Bitcoin. Since you don’t own the Bitcoin, all you can do is to bet on the upward or downward movement of the coin. There is also a variety of Bitcoin exchanges in Canada that offer you the opportunity to buy Bitcoin using a wide selection of trading instruments. You may also want to take the shorter route by using a cryptocurrency wallet. Through this wallet, you can buy Bitcoin using credit or debit cards via third-party payment processors.

Do I Have to Pay Tax When Selling Bitcoin for Profit in Canada?

Yes, you have to pay tax to sell your Bitcoin for profit in Canada. The current policies in place only recognize the Canadian Dollar (CAD) as the official payment method and legal tender in the country. The government may not have suspended or banned cryptocurrency transactions in the country, but it is particular about ensuring that Bitcoin traders/investors in the country pay tax. You need to pay tax for selling Bitcoin for profit, only if the profit amounted to business income or capital gain.

Best Bitcoin exchange in Canada. Conclusion

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

What is an exchange?
Can I buy and sell Bitcoin with ID on exchange?
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Amala Pillai

Amala Pillai