7 Best Crypto Exchanges in Canada Review & Buying Guide

7.Newton – Best Crypto Platform with a Cheap Spread

Newton, known for its low spread, is yet another platform that’s caught the attention of crypto traders. As one of the best Canadian crypto exchanges, it has a robust history that’s worth exploring. Since its inception in 2018 by CEO Dustin Walper after his previous company was acquired, Newton has grown exponentially and now boasts over 100,000 active users.

Unlike other platforms, Newton doesn’t make money on spreads but generates revenue from tiny markups on buy or sell orders. This approach makes it an appealing option for those looking to maximize their returns. It also offers a user-friendly interface suitable for both beginner and experienced traders alike.

In terms of investors backing this venture, there are several noteworthy names involved with Newton. White Star Capital led the initial seed round investment in 2018 and continues to be a significant investor today. Other prominent players include DV Chain & CMT Digital who have helped fuel the growth and expansion of this trading platform.

Top Features

Transitioning from discussing why Newton is known as the best crypto platform with a cheap spread, let’s delve deeper into its top features, making it one of the best crypto exchanges in Canada.

First and foremost, Newton offers you an opportunity to buy cryptocurrencies at significantly lower fees than most other platforms. It’s not just about affordability; it’s also about ease of use. With a highly intuitive user interface and well-designed mobile apps available on both Android and IOS platforms, trading has never been more convenient. The sleek design and easy-to-read dark theme charts make tracking your investments a breeze.

But what really sets Newton apart as one of the best crypto exchange Canada provides is its wide selection of cryptocurrencies coupled with no trading fees and impressively low spreads. This means you have a wealth of options without worrying about hidden charges eating into your profits.

The introduction of Newton Pro beta takes things up another notch by offering advanced features like limit orders, transfers, order books, and more. Once fully released, this promises even tighter spreads and higher liquidity – perfect for those seeking to maximize their trading potential.

Finally, don’t overlook Newton’s referral program – a great way to earn while helping others get started in the world of cryptocurrency investing. You can easily find your unique referral link in settings to start earning $25 for each referral who trades over $100.

Fees to Consider

When considering the platform, it’s important to keep in mind there are some fees you’ll need to account for. Newton, a Canada crypto exchange, has an appealing fee structure that can greatly benefit your trading activities. They don’t charge for fiat deposits or withdrawals which means you’re not losing any money when funding your account with Canadian dollars or when it’s time to cash out.

One of the striking things about this Canada crypto exchange is that they also waive network fees up to $5 when making crypto withdrawals. In periods of high network traffic where fees can get steep, this feature comes in handy. However, be aware that if the network fee exceeds $5, you’ll have to cover the difference.

Another advantage of Newton is its zero commission policy and lack of trading fees. This allows you more freedom and flexibility in making trades without worrying about extra costs eating into your profits.

However, it’s worth noting that while there are no direct trading fees on this platform, Newton does apply what is known as a ‘spread’. This is essentially a small difference between buying and selling prices which can range from medium to high depending on market conditions.

Regulation & Licensing

Regulation isn’t just a piece of paper; it’s a testament to the platform’s commitment to operate within legal boundaries and meet industry standards. This brings us to Newton, one of the top contenders for being the best cryptocurrency exchange in Canada. Newton stands out due its meticulous adherence to regulatory compliance and licensing.

Newton is fully licensed as a crypto exchange in Canada, which means it conforms to stringent industry standards. It strictly adheres to the Personal Information Protection and Electronic Documents Act (PIPEDA). Compliance with this act ensures your personal information is handled securely, reinforcing trust in their platform.

But they don’t stop there; Newton also holds registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). By complying with FINTRAC regulations, they actively deter illicit activities on their platform while maintaining stringent anti-money laundering measures.

These credentials provide reassurance that your funds and data are safeguarded against potential threats. Therefore, by choosing Newton or any regulated entity as your go-to crypto trading platform, you’re not just investing in cryptocurrencies but also peace of mind.

Newton Canada Pros & Cons

Pros:

• Access to cryptocurrencies not available elsewhere
• Low fee structure with Surge Pricing
• Automatic execution of limit orders
• Offers low spreads and high liquidity
• Strong security features and partnership with PLAID
• Beginner-friendly user interface

Cons:

• Limited number of currencies available for trade
• Verification times can be slow
• Only available to Canadian citizens and permanent residents

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What to look for in the Best Crypto Exchanges in Canada?

In navigating the cryptosphere, you’ll want to consider a few essential factors in choosing the top-notch crypto exchange that suits your trading needs in Canada. You should pay close attention to the trading fees charged, how intuitive and user-friendly the interface is, the methods of account financing available, as well as how secure their cold storage for account security is. Atop these basic considerations, it’s equally crucial to assess if they offer advanced crypto trading features that can help maximize your profitability and stay abreast with market trends.

Trading fees

Understanding trading fees is key when you’re choosing the best Canadian crypto exchange for your needs. These fees, divided into maker, taker, and withdrawal charges, can significantly affect your profitability. Maker and taker fees revolve around adding or removing liquidity from an exchange’s order book. You’ll incur a maker fee when you place a limit order that doesn’t get immediately filled. Conversely, executing an order that matches an existing one will attract a taker fee. Withdrawal fees apply when transferring digital assets to external wallets.

Intuitive interface

An intuitive interface isn’t just a nice-to-have, it’s crucial for both novice and seasoned traders when using a digital currency platform. As you dive into the world of cryptocurrencies, an easily navigated, user-friendly design can significantly reduce your learning curve while boosting comfort levels. For advanced traders, swift access to sophisticated tools is key to efficient strategy execution.

When assessing crypto exchanges in Canada, pay attention to simplicity—a cluttered interface could hinder your trading activities. Smooth navigation with clear menus and icons ensures you find needed information swiftly. Don’t overlook accessibility; make sure the platform is compatible across devices. Remember, an intuitive interface isn’t just about aesthetics—it’s pivotal in enhancing your trading efficiency and overall experience.

Account Financing

After exploring the user-friendliness of different crypto exchanges, let’s delve into account financing. It’s a crucial aspect you should consider when choosing an exchange. Now, why is it essential? Well, it determines how easily you can fund your account and start trading.

Some exchanges offer numerous payment methods such as bank transfers, credit/debit cards, and even PayPal. Others might limit you to specific options. You’ll want an exchange that doesn’t just provide convenience but also keeps transaction fees low.

Moreover, look for platforms that process transactions quickly so your funds are readily available for trading. Remember, in the fast-paced world of cryptocurrency trading, timing is everything.

Lastly, ensure the platform maintains high-security standards to protect your investments from potential threats or hacks. Your financial security should always come first in your selection process.

Cold Storage Account Security

You’ve got to prioritize cold storage account security when dealing with digital assets, as it’s your best line of defense against potential hackers and thieves. It’s vital in the Canadian crypto scene, where exchanges are increasingly targeted. By transferring your assets from the exchange to a personal wallet, you’re taking control of your private keys and adding a safeguard layer.

Storing these keys offline or in ‘cold storage’ offers increased protection since they’re inaccessible via internet connections. Another security measure is two-factor authentication (2FA), which requires additional verification for transactions, making unauthorized access even tougher. So don’t underestimate cold storage account security; it’s a critical strategy for protecting your investments in this volatile yet potentially lucrative market.

Advanced Crypto Trading Features

When you’re digging deeper into the world of cryptocurrency trading, it’s essential to understand and utilize advanced features like robust charting tools, diverse order types, and an Over-The-Counter (OTC) desk to maximize your profit potential. Charting tools help you analyze historical price data with precision, identify trends, and make accurate predictions about future market movements. Diverse order types such as stop-loss or take-profit orders allow you to execute trades at specific prices automatically, maximizing profits while minimizing risks.

An OTC desk offers increased liquidity and faster execution times for large-scale trading outside traditional exchange order books. By leveraging these advanced features on a trusted platform, you can unlock new opportunities in the dynamic crypto landscape.

Licensed to Operate

It’s crucial that you’re selecting a cryptocurrency exchange that’s licensed to operate, as this assures compliance with industry regulations and offers higher security for your investments. A licensed exchange adheres to strict rules, undergoes audits, and ensures transparency in its operations. This not only provides legitimacy but also safeguards your crypto assets from potential risks.

Most reputable exchanges also offer robust asset protection measures like cold storage, which involves storing digital assets offline in secure wallets to thwart cyber attacks. Some even provide insurance coverage for certain losses. When choosing an exchange in Canada or elsewhere, prioritize those registered and licensed to operate. This way, you can invest with confidence knowing your funds are well protected in the volatile crypto market space.

Custody Options

While ensuring your chosen crypto exchange is licensed to operate in Canada is a vital step, it’s equally important to consider the custody options available. In the crypto world, ‘custody’ refers to how your digital assets are stored and safeguarded. Canadian exchanges offer two main types: custodial and non-custodial. Custodial exchanges keep and protect your funds for you.

They’re user-friendly but often limit transferring coins off-platform for security reasons. Non-custodial platforms, on the other hand, give you full control of your funds, allowing transfers to private wallets or other exchanges. Experienced traders who prioritize security typically favor this option. It’s crucial that you weigh these options carefully against your risk tolerance and security preferences before diving into the crypto market in Canada.

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Benefits of Using FINTRAC-Registered Exchanges

You’ll appreciate the security and dependability that comes with using FINTRAC-registered exchanges in Canada, not to mention the additional services like staking opportunities, crypto credit cards, margin trading, spot trading, and OTC desks. As a registered Money Services Business (MSB), these exchanges meet rigorous regulatory standards set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). They incorporate stringent anti-money laundering (AML) and know-your-customer (KYC) practices to protect your funds and personal information.

Moreover, these exchanges offer lucrative staking opportunities. By simply holding specific cryptocurrencies in your wallet on the exchange, you can earn passive income. This is a smart way for investors to generate returns from their held crypto assets without actively participating in volatile market trades.

Another attractive feature of some FINTRAC-registered exchanges is their offering of crypto credit cards. This innovative service allows users to spend digital assets just like traditional money—offering an easy conversion from virtual currency into real-world purchasing power.

For those who are more advanced traders or institutions needing large volume transactions, margin trading, spot trading, and over-the-counter (OTC) desks are available on certain platforms. These features cater specifically to your needs for strategic financial leveraging or private high-volume trades.

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Risks of Using a Crypto Exchange

As you dive deeper into the world of cryptocurrency, it’s imperative to be cognizant of the nuanced risks associated with using a crypto exchange. You’re likely aware of cybersecurity breaches and scams, but remember the adage “Not your keys, not your crypto,” highlighting the inherent risk when your assets are held by exchanges. Issues such as lack of consumer protection, transaction limits on trading platforms and even the risk of frozen accounts further add to these complexities.

Cybersecurity breaches and scams

Cybersecurity breaches and scams are unfortunately rife within the crypto space, making it critical for you to select exchanges with robust security measures. Despite stringent security protocols, hackers manage to exploit vulnerabilities, leading to unauthorized access and loss of funds.

Phishing scams are another prevalent threat where scammers impersonate legitimate exchanges or send deceptive emails. You’re tricked into revealing sensitive information like login credentials or private keys – a direct gateway for scammers to control your assets. Storing your crypto assets on an exchange holds significant risks too. If hacked or shut down, you risk losing all your funds without recourse. It’s essential to understand these cybersecurity threats and take proactive steps ensuring safe participation in the crypto market.

Not your keys, not your crypto

Remember, the mantra ‘Not your keys, not your crypto’ emphasizes that if you’re not in control of your private keys, then you don’t truly own your digital assets. When you store cryptocurrencies on a centralized exchange like those operating in Canada, they hold the keys, not you. It’s risky because exchanges can be hacked and funds stolen.

Moreover, relying on an exchange’s security could backfire if they suffer a breach or shut down. Cases exist where users lost their coins when exchanges suddenly closed. To avoid this risk, consider using hardware wallets or cold storage options to keep your private keys offline. In essence, true ownership of digital assets means holding the private keys yourself. Stay informed and careful; remember it’s your hard-earned money at stake!

Lack of consumer protection in crypto exchanges

You’re stepping into a world dominated by the lack of consumer protection when dealing with crypto exchanges, and that’s something you’ve got to grapple with. Unlike traditional banking, there’s no mandatory insurance or strict asset management laws protecting your funds. You’re exposed to significant risks like hacks and security breaches without a safety net for recovery. In this precarious landscape, it’s critical that you take extra precautions such as using cold storage or hardware wallets.

Remember, convenience comes at a cost in this market; centralized exchanges may offer easy access but also pose inherent vulnerabilities. It’s crucial to educate yourself about potential threats and proactively secure your assets against the unpredictability of the crypto world.

Transaction limits on crypto trading platforms

Having examined the lack of consumer protection in crypto exchanges, it’s essential to now consider transaction limits on these platforms. Like any financial institution, crypto trading platforms impose certain restrictions on the amount of cryptocurrency you can buy or sell within a specific period, be it daily, weekly or monthly.

These limits serve as a bulwark against fraudulent activities and illegal transactions while ensuring compliance with AML and KYC regulations. Additionally, they help manage liquidity and market volatility by preventing sudden price fluctuations caused by large trades. So whether you’re an active trader or looking to invest significantly, understanding your platform’s transaction limits is crucial in shaping your strategies and managing your transactions effectively in the ever-evolving crypto market.

Risks of frozen accounts on exchanges

It’s important to recognize the risks associated with frozen accounts on exchanges as it can unexpectedly disrupt your trading activities and access to funds. This can happen due to suspicious activity, violation of exchange policies, or legal issues, leaving you unable to execute transactions or withdraw funds.

The impact can be severe if you heavily rely on the exchange for your crypto holdings. You may not be able to transfer funds to a personal wallet or another exchange, disrupting strategies and potentially causing financial losses if asset values decrease during the freeze. To mitigate these risks, hold only a trading balance on the exchange and move funds regularly to a personal wallet or secure cold storage. Stay updated on exchange policies and maintain good security practices.

Potential asset delistings on centralised exchanges

Delistings on centralised exchanges can pose significant risks for you as an investor, impacting your ability to trade certain cryptocurrencies and potentially leading to financial losses. Various reasons such as low trading volumes, lack of liquidity, regulatory concerns or security issues can trigger these delistings. Consequently, the value of the delisted asset might experience a sharp decline due to eroded market confidence.

This situation could result in considerable financial loss if you’re holding the delisted asset. To mitigate this risk, consider diversifying your investments across multiple exchanges. Staying informed about cryptocurrency listing statuses and monitoring news from exchanges also helps anticipate potential delistings. Understanding these risks equips you with better strategies in navigating the volatile landscape of cryptocurrency trading.

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Best Bitcoin and Crypto Wallets in Canada

As you navigate the dynamic world of cryptocurrency, understanding the best wallets for your digital assets is vital. You’ll be introduced to some top-tier wallets available in Canada such as Zengo, a keyless crypto wallet offering high security; BitBuy and CoinSmart, both Canadian-based platforms that provide an easy-to-use interface for buying and selling cryptocurrencies; Coinbase, a popular international platform known for its broad range of supported coins; and Ledger Nano S, a hardware wallet that offers unparalleled security by storing your assets offline. This discussion will give you an unbiased analysis based on market trends, financial forecasts and factual reporting to help you make informed decisions about managing your crypto portfolio effectively.

1.Zengo

Zengo’s user-friendly interface and advanced security measures make it a popular choice for crypto enthusiasts in Canada. You can easily navigate through the options and perform transactions with ease, whether you’re a beginner or an experienced trader. Zengo offers a streamlined and efficient way to manage your crypto assets, supporting a wide variety of digital currencies.

When it comes to security, Zengo doesn’t cut corners. It uses multiple layers of encryption, multi-signature technology, and secure key management to safeguard your funds. Plus, its cutting-edge security protocol further boosts the protection of your personal information.

Key Specs:

• User-friendly Interface 
• Advanced Security Measures
• Supports Multiple Cryptocurrencies

Pros: 

• Easy Navigation
• Strong Security Features
• Wide Variety of Supported Cryptos

Cons:

• Not as Known as Some Other Wallets
• No Built-in Exchange Features
• Limited Customer Support Options

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2. Coinbase

Coinbase Wallet’s a top pick for those seeking a secure, user-friendly mobile wallet to handle their digital assets. Its compatibility with both Android and iOS devices makes it accessible to a broad range of users. With an emphasis on security, Coinbase uses advanced measures such as biometric authentication and encrypted private keys to protect your funds.

The control you have over your private keys, which are stored locally on your device, adds another layer of security. Plus, the flexibility offered by Coinbase Wallet is exceptional; you can store and manage popular cryptocurrencies such as Bitcoin and Ethereum along with numerous other digital coins. This allows you to diversify your crypto portfolio easily.

Key Specs:

• Standalone mobile wallet
• Advanced security features
• Compatibility: iOS & Android

Pros:

• High-security measures
• User-friendly interface
• Wide variety of supported digital assets

Cons:

• No built-in exchange feature
• Dependence on device security

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3.CoinSmart

For Canadian investors, CoinSmart’s Wallet is a reliable option for managing and trading digital assets with its comprehensive set of features. It offers the convenience of seamlessly connecting your wallet to your exchange account, making transfers between the two platforms smooth and hassle-free. Its dedication to security ensures that your funds are protected from unauthorized access.

The wallet employs strong encryption protocols and multi-factor authentication, so you can rest assured that your assets are secure. Moreover, CoinSmart utilizes cold storage; most of your cryptocurrencies are kept offline in secure systems which significantly decreases the risk of cyber attacks or hacks.

Key Specs:

• Seamless integration with CoinSmart exchange
• Strong encryption protocols
• Multi-factor authentication
• Cold storage for majority of cryptocurrencies

Pros:

• High level of security
• Convenient fund management
• Robust feature set

Cons:

• Limited to Canadian users
• Requires account on CoinSmart exchange
• Learning curve may be steep for beginners

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4. Ledger Nano S

Switching to the Ledger Nano S Wallet, it’s a secure hardware wallet that’s not connected to the internet, making it less likely to be hacked or stolen. It offers robust security and supports over 1,500 digital currencies. This flexibility allows you to manage a diverse portfolio from one place – perfect if you’re involved in various crypto markets. Its built-in display enhances transaction security, giving you the chance to physically review and approve transactions before execution. And don’t worry about losing your device; a secure recovery phrase ensures you can regain access to your funds on a new device.

Key specs: 

• Offline storage
• Supports over 1,500 cryptocurrencies
• Built-in display for transaction verification.

Pros: 

• Increased security from hacking/theft
• Support for multiple currencies gives portfolio flexibility.

Cons: 

• Requires physical interaction for transaction approval (may be inconvenient)
• Possibility of device loss or damage still exists despite recovery options.

Frequently Asked Questions

What is the best Canadian crypto exchange?

BitBuy’s your best bet when it comes to Canadian crypto exchanges due to its vast range of cryptocurrencies, user-friendly interface, robust security measures, and top-notch customer support. It allows you to trade popular cryptos like Bitcoin, Ethereum, and Litecoin. Even if you’re a novice or an experienced trader, BitBuy’s platform is designed for easy navigation and seamless trading experience.

Your funds are safe with two-factor authentication and cold storage solutions in place. You don’t have to worry about the risk of losing your investment due to security breaches. And if you encounter any issues or have queries, BitBuy’s customer support promptly addresses them. So for reliable crypto trading in Canada, consider BitBuy as your go-to platform.

What’s the cheapest crypto exchange in Canada?

For users who are seeking the most affordable option, Kraken stands out in Canada’s crypto market. It charges a meager 0.16% trading fee and even lower at 0.26% on spot trades. Impressive, isn’t it? But there’s more – if your trading volume is high enough, these fees could potentially drop to zero.

In addition to low fees, Kraken also boasts minimal spreads – often as little as 0.0003% on Bitcoin transactions. This makes it an incredibly cost-effective choice for your crypto trading needs. Remember, while considering which platform suits you best, always balance quality with affordability to make a sound financial decision in this dynamic cryptocurrency market landscape.

What’s the best altcoin exchange in Canada?

When it comes to altcoin trading, you might find Kraken or Newton to be your top picks, as they support a wide range of digital assets that Canadians are interested in. With over 100+ and 75+ cryptocurrencies respectively, they’re continually expanding their offerings to meet user demand.

Kraken boasts its own NFT library, an innovative feature that distinguishes it from other platforms. Newton’s appeal lies in its user-friendly interface and competitive pricing. Both exchanges have robust security measures ensuring your digital assets remain safe.

Watching market trends is key; these platforms regularly add trending altcoins. So whether you’re a seasoned trader or just starting out, choosing the right exchange can make all the difference. Be informed, stay updated, and choose wisely.

What is the safest crypto wallet in Canada?

You’re probably wondering about the safest place to store your digital assets in Canada, and that’s where Ledger Nano X comes into play with its unmatched security features. This hardware wallet has advanced biometric authentication, offering an extra layer of protection with facial recognition technology. It ensures that only you can access your funds, greatly reducing the risk of unauthorized access.

Not just that, Ledger Nano X uses strong encryption and secure chip tech to protect your private keys and transactions. Even if your device goes missing, you won’t lose ownership of your coins; they can be accessed on another Ledger device using a recovery phrase. Rest assured, by choosing Ledger Nano X as your crypto wallet in Canada, you’re securing peace of mind alongside your digital wealth.

What crypto exchanges are legal in Ontario?

In the realm of digital assets, it’s crucial to know that platforms like Bitbuy, NDAX, Kraken and VirgoCX are all legal to use in Ontario. These exchanges comply with Canadian and Ontario-specific regulations, ensuring their longevity in the Canadian crypto market. As you navigate through this complex world of digital currencies, understanding the legality and compliance of these platforms provides an extra layer of security.

These exchanges offer different features: Bitbuy is known for its user-friendly platform; NDAX stands out with a diverse selection of cryptocurrencies; Kraken impresses with advanced trading features; while VirgoCX boasts zero deposit fees. It’s essential to pick an exchange that best fits your needs while offering regulatory compliance for peace of mind.

Is cryptocurrency legal in Canada?

Yes, it’s completely legal to buy, sell and trade cryptocurrency in Canada. The country has implemented robust regulations governing its use to ensure a secure trading environment. If you’re operating a crypto exchange, you’re required to register as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This obliges you to adhere to strict anti-money laundering and know-your-customer policies.

Can the CRA track cryptocurrency?

Despite cryptocurrencies often being promoted as anonymous, the CRA’s ability to track these trades and transactions isn’t entirely hindered. They obtain data from Canadian cryptocurrency exchanges through FINTRAC’s reporting requirements. Moreover, blockchain analysis tools aid them in tracing transactions back to their source. Yet, decentralized exchanges or mixing services offering higher privacy levels may pose a challenge for the CRA.

To avoid unwanted attention from the CRA, it’s crucial you report your crypto gains and losses accurately. This means keeping detailed transaction records and consulting with tax professionals specializing in cryptocurrency regulations. Also, ensure you choose a secure exchange employing robust measures like two-factor authentication and encryption to safeguard your assets and information.

Which Canadian banks allow cryptocurrency?

Several Canadian banks such as TD Bank, Scotiabank and RBC Royal Bank are now accepting cryptocurrency transactions, providing users with a plethora of payment options including credit cards, debit cards and Interac e-Transfers. This trend reflects the growing acceptance of cryptocurrencies in mainstream finance. However, you should note that they may have certain restrictions on types of transactions or specific cryptocurrencies supported. Always check their policies for clarity.

This development offers more flexibility in managing your digital assets, bridging traditional banking with the crypto market. Remember, this integration comes amidst volatile crypto market trends; therefore it’s crucial to stay updated on financial analysis and forecasting for informed decisions about your transactions.