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Best Bitcoin Exchanges in Canada in 2022

Last updated 10th May 2022
Disclosure

Bitcoin is not legal in Canada. The Canada 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 platforms can help you make strategic investments in cryptocurrencies.

Here’s Our List of Top Bitcoin Exchanges in Canada

Canada has more cryptocurrency exchanges than brokers. With a low entrance fee, in terms of the amount you can trade with, these 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
$200
Exclusive Promotion
User Score
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.
2
Atani
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Popular among traders
Fast system for trading
Popular for beginners
3
Coinmama
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Easy to use tool
High profit potential
Offers Phone Support
4
Coinbase
Minimum Deposit
$50
Exclusive Promotion
User Score
6
Trade and invest in over 25 cryptocurrencies
Extremely simple user interface
Over 68 million customers
5
Paybis
Minimum Deposit
$50
Exclusive Promotion
User Score
5
First transaction fee free
24/7 customer service
Instant payouts

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?

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 cryptocurrency exchanges out there, you now have lots of options to choose from. The first consideration is the type of cryptocurrency exchange you are using. The options 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 platform? 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 cryptocurrency exchanges. These fees are charged because that is the primary revenue source for cryptocurrency 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 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 platforms that helps Bitcoin and cryptocurrency traders have a better look at the cryptocurrency market chart, monitor the trends, and plot excellent entry 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 exchange that supports popular payment methods including credit cards, debit cards, bank wire transfer, 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 the Canadian Dollars (CAD).

  • The security of the Bitcoin exchange: 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, 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 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

Gemini 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 exchange is both user-friendly and ideal for committing to long-term Bitcoin investments. The platform 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 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

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

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

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

This is a cryptocurrency exchange launched in the United States. The platform has since become one of the best cryptocurrency 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 cryptocurrency 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)

This is an indigenous Bitcoin exchange. The 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 platform is the provision of lots of cryptocurrency trading services.

Bitvo

Are you looking for a Bitcoin exchange Canada that offers superior customer support and allows you to trade different kinds of cryptocurrencies, including Bitcoin? Bitvo ticks those boxes. The 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 your favorite cryptocurrency exchanges:

  • Create an account: Sign up for an account on the Bitcoin exchange Canada. Ensure that you click on the verification link sent to your email to confirm your account.

  • Verify your account: Pass through the account verification processes, including Know Your Customer (KYC) and Anti-Money Laundering (AML).

  • Deposit money to your account: Use any of the convenient payment methods offered by the Bitcoin exchange to add money to your account. Ensure that you take note of the minimum and maximum deposit amounts you can deposit, depending on the current status of your account.

  • Place your trade: Choose Bitcoin from the list as the cryptocurrency you want to trade. Enter the amount you want to pay and wait for your order to fill.

  • Take your profits: Take profits when the price/value of Bitcoin appreciates from the price you bought the coin.

What Are the Options I Have To Buy and Sell Bitcoin in Canada?

Lots of options are open to you to choose from. These options include cryptocurrency 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.

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. Which Bitcoin exchange do you prefer to go with for your cryptocurrency transactions in the country?

FAQs

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

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.