While the cryptocurrency landscape in Canada continues to witness significant growth in terms of users and trading volume, the selection of crypto exchanges available to Canadian residents is, unfortunately, much smaller than in some other countries.
Canadian Securities Administration (CSA) has made the process of applying for a crypto exchange license in the country quite stringent, which means that several global crypto trading giants, including Binance, KuCoin, and OKX, are not available in the country (or more precisely, they are available but in a severely stripped down version compared to their global platforms).
In this article, we are going to examine the best crypto exchanges that are legal in Canada and explore their main features as well as their pros and cons.
The best crypto exchanges for Canadian users in 2024:
- Kraken – The best crypto exchange for Canadian users overall
- Coinbase – The most user-friendly crypto exchange
- VirgoCX – Canadian exchange offering safe and easy access to crypto
- Bitget – Innovative exchange with robust copy trading features
- Crypto.com – A powerful crypto trading app with a focus on DeFi
- Gemini – A trusted crypto exchange for users from Canada
- Bitbuy – A CSA-regulated crypto trading platform
- NDAX – Canada-based crypto exchange
- Shakepay – Regulated platform for Bitcoin investors and users
The 9 best exchanges in Canada: Examining top platforms in 2024
In the following sections, we are going to examine the best cryptocurrency exchange available to Canadian users. Keep in mind that the ranking doesn’t necessarily mean that one exchange is better than the other but that it rather reflects this author’s opinion on the matter.
1. Kraken – The best crypto exchange for Canadian users overall
Kraken is arguably the best choice when it comes to trading crypto assets in Canada. It provides a rich selection of cryptocurrencies, including staples like Bitcoin and Ethereum, as well as smaller market-cap coins and tokens like Waves and Zcash.
In its more than a decade-long history, the platform has never been hacked or been a victim of any other kind of successful malicious attack, which speaks volumes about its security capabilities. In addition to spot trading, Kraken supports a range of other trading features, including margin trading, futures, an NFT marketplace, and more. Users can also make use of the platform’s Earn platform, which provides the ability to stake crypto assets in exchange for staking rewards of up to 26% APY.
It is worth noting that the CSA has not yet officially approved Kraken’s request for a crypto exchange license as of November 2023, but the company has stated that it is committed to the Canadian market and continues to accept new users from the country. Overall, Kraken is not only one of the top trading platforms for users from Canada but one of the best crypto exchanges in the world.
Key features:
- One of the safest cryptocurrency exchanges in the industry
- Supports over 200 cryptocurrencies across more than 600 trading pairs
- Wide selection of educational material
- Supports futures, passive income strategies, and margin trading
- Offers markets denominated in fiat currencies, including the Canadian dollar
| Founded | 2011 |
|---|---|
| Supported Cryptocurrencies | 217 |
| Crypto Trading Pairs | 646 |
| Daily Spot Trading Volume | CA$1.92 billion |
2. Coinbase – The most user-friendly crypto exchange
Established in 2012, Coinbase is a pioneer in cryptocurrency trading. The exchange is perhaps best known for its ease of use and simple approach to crypto investing, which has made it one of the most popular trading platforms in the space.
Like Kraken, Coinbase’s primary attribute is arguably its impressive security – the platform never suffered a meaningful attack, and users’ funds were never in any kind of jeopardy. Coinbase offers an impressive catalog of supported cryptocurrencies, including over 220 coins and tokens.
While this article is primarily focused on exchanges supported in Canada, it is worth noting that Coinbase supports SEPA payments as well, which can make it a solid option if you plan on traveling overseas and using the euro to buy crypto.
Key features:
- Focus on simplicity and ease of use
- Self-custodial crypto wallet
- NFT marketplace
- Publicly traded in the US, exposing it to more scrutiny than other exchanges
- One of the leading exchanges by trading volume
| Founded | 2012 |
|---|---|
| Supported Cryptocurrencies | 219 |
| Crypto Trading Pairs | 381 |
| Daily Spot Trading Volume | CA$5.13 billion |
3. VirgoCX – Canadian exchange offering safe and easy access to crypto
VirgoCX is a Canada-based cryptocurrency exchange that lists a wide range of cryptocurrencies. This includes major coins like Bitcoin and Ethereum, but the exchange has also been quick to list various meme coins and other mid to low market cap cryptocurrencies.
VirgoCX is approved as a Restricted Dealer by the CSA (Canadian Securities Administrators) and is registered as a money services business with FINTRAC.
When buying and selling cryptocurrency with CAD on VirgoCX, the exchange charges a spread, which is 0.95% for BTC and ETH, and 1.6% for other cryptocurrencies. Users can benefit from lower spreads (between 0.5% and 1%) if they use trading pairs denominated in the USD Coin stablecoin.
VirgoCX accepts a variety of payment methods, including Interac e-Transfer, wire transfers, credit cards and debit cards. Interac e-Transfers are arguably the best choice to fund an account on VirgoCX, as the exchange charges no fees and the transfer is typically completed within an hour.
Overall, VirgoCX provides a very intuitive user interface, which will likely provide a smooth experience even to those who are completely new to crypto trading. Notably, the exchange offers a recurring buy feature, which allows investors to easily set up a DCA (dollar-cost averaging) strategy.
The exchange also runs the Virgo Boost Program, which awards users with points while using the exchange. The points can be redeemed for various perks such as spread discounts, merchandise and event tickets.
Key features:
- Intuitive user interface
- Lists an impressive range of cryptocurrencies
- Instant account funding through Interac e-Transfer
- Recurring buy feature makes it easy to DCA into crypto
| Founded | 2018 |
|---|---|
| Supported Cryptocurrencies | 84 |
| Crypto Trading Pairs | n/a |
| Daily Spot Trading Volume | n/a |
4. Bitget – Innovative exchange with robust copy trading features
Bitget stands out as a robust cryptocurrency trading platform, encompassing a wide range of features, including spot and futures markets, copy trading, and crypto savings products. The platform’s impressive daily trading volume, often exceeding $10 billion, places it among the top cryptocurrency exchanges globally.
Bitget’s user interface caters to both advanced traders and beginners. For seasoned traders, there are advanced charting tools and complex trading orders available. Beginners can start with basic trade orders and simple tools, making the platform accessible to all levels of experience. The copy trading feature is particularly noteworthy, allowing users to mirror the strategies of successful traders.
The exchange has been expanding tremendously in 2024, with over 2.9 million new users in Q2 2024 and more than 100 tokens listed since April via its new products PoolX and Premarket.
A key highlight of Bitget is its native token, Bitget Token (BGB), which has been ranked as a Top 10 token in H1 2024 by Forbes and grew by 126% in the last 12 months. Holding BGB offers various advantages, such as interaction between fans and copy traders and discounts on trading fees. The token is integral to the platform’s ecosystem, enhancing the overall trading experience.
Key features:
- Extensive spot and futures markets
- Innovative copy trading, PoolX, Premarket features
- BGB token provides multiple benefits
- Competitive fees start at 0.02% for futures and 0.1% for spot trades
| Founded | 2018 |
|---|---|
| Supported Cryptocurrencies | 828 |
| Crypto Trading Pairs | 919 |
| Daily Spot Trading Volume | CA$2.01 billion |
5. Crypto.com – A powerful crypto trading app with a focus on DeFi
Crypto.com is a massively popular crypto trading app with more than 80 million users from around the world. It provides one of the most effective fiat-to-crypto onboarding services. In addition, the exchange is working very closely with regulators and strives to provide services that are in line with what regulatory frameworks allow.
In addition to cryptocurrency trading, the platform provides access to NFTs and crypto staking. Crypto.com is arguably a leader when it comes to crypto credit cards, giving CRO holders the ability to earn up to 5% cashback (but you need to lock up at least CA$400 worth of CRO to start accumulating cashback rewards).
It is worth pointing out that Crypto.com provides a wide range of decentralized finance (DeFi) features as well, headlined by DeFi Wallet, DeFi Earn, and DeFi Swap products.
Key features:
- A sleek app user interface
- Supports NFT trading
- Wide range of DeFi features
- Crypto credit card with CRO cashback rewards
| Founded | 2016 |
|---|---|
| Supported Cryptocurrencies | 304 |
| Crypto Trading Pairs | 515 |
| Daily Spot Trading Volume | CA$2.45 billion |
6. Gemini – A trusted crypto exchange for users from Canada
Gemini, founded by the Winklevoss twins in 2014, is a prominent cryptocurrency exchange that has garnered attention for its commitment to regulatory compliance and security. The platform has positioned itself as a trustworthy gateway for both novice and experienced traders entering the crypto space.
In terms of user experience, Gemini offers a clean and user-friendly interface catering to both beginners and advanced traders. The platform provides a variety of cryptocurrencies for trading and has expanded its services to include features like staking and interest-earning accounts.
While Gemini still provides interest-bearing products, it is worth mentioning that the U.S. Securities and Exchange Commission (SEC) has charged the exchange with the unregistered offer and sale of crypto securities through its Earn Lending program. This means that the offering might be discontinued if the court finds that Gemini’s offering broke securities laws.
Key features:
- Founded by the Winklevoss twins, one of the earliest Bitcoin whales
- One of the oldest crypto exchanges
- A relatively low number of supported cryptocurrencies
- Earn Lending program
| Founded | 2014 |
|---|---|
| Supported Cryptocurrencies | 44 |
| Crypto Trading Pairs | 62 |
| Daily Spot Trading Volume | CA$54.65 million |
7. BitBuy – A CSA-regulated crypto trading platform
BitBuy is the smallest exchange on this list in terms of trading volume. However, what makes BitBuy a good platform to use if you are from Canada is its unambiguous legal status as one of the regulated crypto trading platforms in Canada. The exchange received its license by the CSA in November 2021.
BitBuy is available on both desktop and mobile platforms for iOS and Android devices. The platform supports a couple of different options when it comes to crypto deposits and withdrawals, including Interac, bank wire transfers, and debit and credit cards.
The platform currently charges no deposit fees for deposits with Apple Pay, Interac, and wire transfers. Deposits made with cryptocurrencies are also free of charge (apart from fees accrued on blockchain networks themselves).
Key features:
- Regulated with the CSA
- Based in Canada
- Supports dozens of cryptocurrencies
- Native application for iOS and Android
| Founded | 2016 |
|---|---|
| Supported Cryptocurrencies | 18 |
| Crypto Trading Pairs | 19 |
| Daily Spot Trading Volume | CA$4.27 million |
8. NDAX – Canada-based crypto exchange
NDAX is another Canada-based crypto exchange that adheres to strict regulations outlined by the CSA. It doesn’t offer all the bells and whistles of major international exchanges like Kraken and Coinbase, but it does offer more than enough functionality for most users. It supports Bitcoin as well as over 30 altcoins, including all the major ones like Bitcoin, Avalanche, and Solana, as well as meme coins like Shiba Inu.
In addition to the spot market (a marketplace where you can buy and sell cryptos), the exchange offers a staking program as well, which allows users to stake their crypto assets in exchange for staking rewards. The rewards range from 3% APY for Cardano to 13% for Cosmos.
It’s worth noting that NDAX has a great referral program. This program allows referees to earn upward of CA$1,000 per referral. The commission is 10% and remains at that level, no matter the trading volume.
Key features:
- Regulated with the CSA
- Based in Canada
- Supports BTC and all major altcoins
- Staking program
| Founded | 2018 |
|---|---|
| Supported Cryptocurrencies | 36 |
| Crypto Trading Pairs | 37 |
| Daily Spot Trading Volume | CA$8.79 million |
9. Shakepay – Regulated platform for Bitcoin investors and users
Shakepay is a platform that allows users to easily buy, sell and spend Bitcoin. Shakepay is specifically focused on the Canadian market, and is registered with both the AMF and all relevant Canadian securities regulators.
The Shakepay platform is especially useful for those who want to invest in Bitcoin gradually, as it has an auto-buy feature that allows users to purchase BTC in regular intervals. This makes it possible to effectively implement a DCA (dollar-cost averaging) strategy.
Shakepay offers a Visa card that offers a 1% Bitcoin cashback on all purchases. The card can be used to spend CAD held in the holder’s Shakepay account and the BTC rewards are also credited to the user’s Shakepay account. In addition, Shakepay can be used to pay bills, or send money to other users of the platform.
While Shakepay is a rock-solid platform, its cryptocurrency support is limited to just Bitcoin and Ethereum. If you also want to invest in other cryptocurrencies, you should look at other options.
Key features:
- Regulated with the CSA
- Offers Visa card with BTC cashback
- Auto-buy feature
- Simple user experience
| Founded | 2015 |
|---|---|
| Supported Cryptocurrencies | 2 (Bitcoin and Ethereum) |
| Crypto Trading Pairs | n/a |
| Daily Spot Trading Volume | n/a |
The bottom line: Canadians lack options compared to some other countries
The cryptocurrency landscape in Canada is quite interesting – on the one hand, the country is home to 4 million crypto owners (10% of the entire population), and the OSC survey published in 2022 found that over 30% of Canadians plan on buying crypto in the coming year. On the other hand, the country has strict laws when it comes to crypto exchanges, which means that a number of global exchanges like Binance, KuCoin, OKX, Bybit, and several others have no presence or a very limited presence in the country.
Luckily, users can choose between Coinbase, Kraken, and Canada’s own exchanges like BitBuy and NDAX if they want to buy, sell, and trade crypto. Also, the number of supported exchanges will likely increase in the future as more crypto trading platforms apply for licenses.
If you are a crypto newcomer and don’t know when to start, we suggest you check out our crypto crash course, which covers everything from exchanges to wallets and more. If you are not comfortable leaving your crypto on an exchange due to security concerns, consider checking the best crypto wallets for Canadian users.
