April 2024 Update
7 Best Crypto Exchanges in Canada with Lowest Fees
Disclaimer: This list is for educational purposes only and does not constitute any recommendations. This list uses information compiled from a variety of third-party websites, that each use their own methodology. For more information on registered crypto asset trading platforms in Canada, please visit the Ontario Securities Commission website here. Bitcoin ATMs or non-custodial crypto exchanges are not considered crypto asset trading platforms.
It can be challenging to choose the best crypto exchange in Canada. While there are many different platforms available, your choice can significantly impact the success of your crypto trades. Sometimes, the platform can affect whether you receive a healthy return on your investment. After extensive research, we have compiled a list of the best crypto exchanges in Canada with the lowest fees.
What factors should we consider when deciding which crypto exchange to use? Platform security is one of our top priorities. Many unregulated cryptocurrency exchanges have suffered losses due to fraud or theft, which means investors must choose a safe and regulated platform that offers customer protection. Safety, confidentiality, and reliability are crucial when selecting a crypto exchange.
Many Canadian crypto users favour Bitbuy for its high-level of security and ease of use. Bitbuy is one of Canada's most dependable platforms for purchasing and selling cryptocurrencies. It is also famously cost-effective, offering among the lowest trading fees in Canada. If you are looking for the top crypto exchange, Bitbuy comes highly recommended.
Canada is home to many of the best crypto exchanges. Each platform offers intuitive features, unique fee structures, and numerous benefits. Below we have compiled a list of the best cryptocurrency exchanges in Canada:
What is the Best Canadian Crypto Exchange?
Bitbuy
Bitbuy is the best crypto exchange in Canada. This platform is excellent for Canadians looking for a reliable and secure cryptocurrency exchange. Depending on the volume of your transactions, Bitbuy charges minimal trading fees ranging from 0% to 2%. They offer excellent 24/7 customer support. In addition, the platform validates has the ability to can validate user credentials right away.
Bitbuy is an experienced crypto exchange that has processed over $6 billion transactions for over 450,000 Canadian users. According to the Ontario Securities Commission (OSC), it is a Registered Marketplace and Investment Dealer. This distinguished status indicates it is a trusted crypto exchange that offers deep liquidity on all order sizes.
Over the years, Bitbuy has continuously improved its crypto exchange platform. The Canadian company has abolished fees on deposits, significantly lowering the overall cost for customers. After making this change, Bitbuy has become an even more appealing choice for crypto investors. Bitbuy has successfully solidified its status as Canada's top cryptocurrency exchange.
Bitbuy is ideal if you're looking for a reliable exchange with excellent customer service. It also comes with the lowest fees in Canada and a cutting-edge mobile app. Open a Bitbuy account today!
Bitbuy Features
·Lowest fees (0% to 2%) for trading
·Both newbie and expert traders will find it easy to use
·Supports approximately 25 cryptocurrencies
·High review scores on the App Store, with a strong mobile application
·Superb customer service via email and live chat
·Your cryptocurrency is even more secure with a 90% cold storage policy.
Bitbuy Cost
·Users can open accounts for free
·0.1% to 2% trading commission fees
·Free deposits via INTERAC e-Transfer and Wire Transfer
·1.5% INTERAC e-Transfer and Wire Transfer Withdrawal fee
Bitbuy is the best platform for:Any investors seeking the best possible trading environment with incredibly low costs.
Coinsquare
Disclaimer: Coinsquare Ltd. (“Coinsquare”)and Bitbuy Technologies Inc. (“Bitbuy”) are affiliates and wholly owned subsidiaries operated by WonderFi Technologies Inc.(“WonderFi”). WonderFi is listed on the Toronto Stock Exchange as WNDR.
Coinsquare is one of Canada's most trusted platforms for trading cryptocurrencies. The platform supports a variety of digital currencies including Bitcoin, Ethereum, XRP, and more. With Coinsquare, customers can buy, hold, and trade their cryptocurrencies with confidence.
Coinsquare Features
· Supports a variety of cryptocurrencies
· Regulated by CIRO, ensuring a secure trading environment
· Offers a mobile application that allows users to trade anytime, anywhere
· Suitable for both novice and experienced traders
Coinsquare Cost
· Allows free withdrawal of Canadian Dollars (CAD) straight to your bank
· Coinsquare generates trade quotes using a spread which allows us to eliminate trading fees
Coinsquare is the best platform for: Anyone looking for a secure, regulated platform to trade a variety of cryptocurrencies. It is also ideal for those who prefer to have the flexibility of trading on-the-go through a mobile application.
Bitcoin Well
Another option to buy crypto in Canada is Bitcoin Well, which is a non-custodial Bitcoin company that offers a variety of services. Bitcoin Well has over 250 ATMs in Canada as well as personal services and an online portal.
Users can choose to buy Bitcoin online via Visa Debit or Interac e-Transfer up to $3,000 using Bitcoin Well with an easy online platform. If online isn’t your thing, just visit their website and check out their ATM map to make a Bitcoin purchase in person using CAD cash. Selling Bitcoin is also an option when using Bitcoin Well’s services.
All of Bitcoin Well’s services are non-custodial, meaning you will need your own Bitcoin wallet to interact with their services.
Bitcoin Well Features Bitcoin Well is the best buying option for:
· Over 250 ATMs around all Canadian provinces
· Supports mobile and web purchases with an Online Portal
· Purchase crypto with fiat currency (CAD bills) with ATMs
· There is always someone available to email or livechat
Bitcoin Well Cost
· Fees vary depending on services, online trading is 0.21%
· Visa Debit, e-Transfer, cash purchases available
Uniswap
Uniswap is a non-custodial, decentralized trading platform that offers crypto trading for thousands of cryptocurrencies, based on the Ethereum blockchain. Because it is decentralized, Uniswap is available worldwide.
Uniswap utilizes a series of smart contracts, which are known as liquidity pools, to conduct trades. As an open-source project, it is categorized as a DeFi product (Decentralized Finance) due to its reliance on smart contracts to enable trades.
The protocol is designed to enable automated transactions between various cryptocurrency tokens on the Ethereum blockchain, all through the use of smart contracts. According to reports from October 2020, Uniswap was considered the biggest decentralized exchange and the fourth-largest cryptocurrency exchange globally based on its daily trading volume.Users will need to set up their own decentralized wallet (such as Metamask) in order to use Uniswap to connect and trade crypto.
Uniswap Features
· Supports thousands of coins
· P2P trading through liquidity pools
· Decentralized and trustless, you hold your own crypto at all times
· Fees can vary depending on current Ethereum gas fees
Uniswap is the best platform for: Traders with an advanced understanding of decentralized finance, and non-custodial wallets.
BullBitcoin
Bull Bitcoin is a non-custodial Bitcoin-only exchange and payments service, based in Canada.
Bull Bitcoin is another Bitcoin only option, where you can get Bitcoin in your personal wallet in minutes after signing up for an account, and sending an e-Transfer.
They also have a Bitcoin selling product called Bylls where users can send their Bitcoin to their account and receive CAD via Interac e-Transfer, standard biller, credit card, bank account or Bull Bitcoin account balance. Bull Bitcoin has been in business since 2013, when it was founded in Montreal at the Bitcoin Embassy.
Bull Bitcoin Features
· Supports Bitcoin Only
· Spread model fees
· Non-custodial
· Buy or sell capability for Bitcoin
Bull Bitcoin Cost
· Users can open accounts free of charge
· Variable fees for selling Bitcoin depending on amount (Over $10,000 is 1.25%)
Bull Bitcoin is the best platform for: Any traders looking for a non-custodial Bitcoin only option.
Localcoin
Another option to buy crypto in Canada is Localcoin, which has its headquarters in Toronto. Localcoin is an alternative to a crypto exchange through their ATMs with over 800 terminals across Canada.
Localcoin started offering only Bitcoin but has now expanded to offer 6 different tokens, including Ethereum, Litecoin, Dogecoin, Cardano, and USDC. Coins are offered on market rate plus an exchange fee, similar to how traditional currency exchanges work with fiat money.
You will need your own crypto wallet before you make a purchase through a Localcoin ATM. Localcoin supports mobile, web, and hardware wallets. Scan your wallet QR code to get started, select the amount you are looking to buy, and insert your CAD bills to complete the purchase. Your coins will then be sent to the wallet address you provided.
Localcoin only allows you to purchase a maximum of $995 per transaction and a daily limit of $4,975 without any KYC, only SMS verification is required.
Localcoin Features
·Supports Bitcoin and 5 other cryptocurrencies
·Over 800 ATMs around all Canadian provinces
·Supports mobile, web, and hardware crypto wallets
·Purchase crypto with fiat currency (CAD bills)·Both newbie and expert traders will find it easy to use
· There is always someone available to email or livechat
Localcoin Cost (High fees)
·$3 + 10% fee for CAD bill purchases
·7.5% fee for credit card purchases·10% fee for cryptocurrency sales
Localcoin is the best buying option for:Any beginner or experienced investors who want to buy cryptocurrencies with fiat currency bills or credit cards at a nearby location.
Beaver Bitcoin
Beaver Bitcoin is a non-custodial Bitcoin exchange that allows Canadians to set up a fully-automated, weekly Bitcoin buy, directly from their bank account. It is a Toronto-based start-up, founded in 2021. It calls itself the most user-friendly Bitcoin exchange, and can allow you to buy Bitcoin in just three steps.
Users will have two options when buying Bitcoin on Beaver Bitcoin, ‘smash buys’ which are one time purchases using Interac e-Transfer, or recurring buys, where users can buy directly from their bank account automatically.
Beaver Bitcoin Features
· Supports Bitcoin Only
· Has an automated buy or dollar cost averaging feature for easy buying
· Non-custodial and easy account sign ups
Beaver Bitcoin Cost
· Recurring purchase fees are 3%
· Smash Buy, e-Transfer buys are 1.5%
Beaver Bitcoin is the best platform for: People who want to easily buy Bitcoin with a recurring buy feature.
