Best Crypto Exchanges Canada 2024
By:W, LeahDespite the strict regulation of the Canadian Securities and Regulatory Commission (CSA), the cryptocurrency market in Canada still sees a rapid development, thus offering a favourable and fair trading environment for investors in Canada. Selecting best cryptocurrency exchange is crucial for any investor trading digital assets, especially for newcomers.
So, If you are interested in crypto trading in Canada, keep reading to learn more about the best crypto exchanges for Canadian traders in 2024.
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Table of contents
What is a Crypto Exchange?
The Best Crypto Exchanges of 2024
- Kraken
- Bitbuy
- Coinbase
- NDAX
- Crypto.com
- Kraken vs. Bitbuy vs. Coinbase vs. NDAX vs. Crypto.com
- BTCC (MOST RECOMMENDED: Up to $10,055 Bonus to claim)
- How to Trade Futures on BTCC？
What is a Crypto Exchange?
Before introducing the best crypto exchanges in Canada, we would introduce what a crypto exchange is, thus helping interested investors has a better understanding about crypto exchange and its work principle.
Generally speaking, a cryptocurrency exchange refers to a platform where customers are capable of buying, selling and trading cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Working similarly like a broker, a cryptocurrency exchange helps the investors to buy and sell in digital currencies such as Bitcoin, Ethereum or Tether. These platforms work on digital marketplace such as mobile apps or via desktop functions similarly like e-brokerages.
Cryptocurrency exchanges provide their users with countless offerings, levying transaction fees that can either correlate with the transaction’s volume or the specific type of trade executed. Prior to these exchanges, investors’ sole avenues to acquire cryptocurrencies were through mining or organizing transactions in diverse online and offline platforms. Nowadays, the global landscape boasts hundreds of cryptocurrency exchanges, each offering a range of digital currencies accompanied by varying degrees of security and fee structures.
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The Best Crypto Exchanges of 2024
Although crypto industry saw many setbacks over the past year, the interests and demand for cryptocurrency from investors in Canada is still huge. Ranking 19th in 2023 Global Crypto Adoption Index by Chainalysis, Canada is one of only four G7 countries on that list. Benefiting from the government’s strict regulation on blockchain and cryptocurrencies, Canada has seen wider acceptance and growing adoption of cryptocurrencies as traders are allowed to access to major international exchanges with good reputation and conduct safe trading activities.
The following lists several crypto exchanges that we consider as the best exchanges for trading in Canada in 2024, comparing their pros&cons. Whether you are a newcomer or advanced trader, we believe this article will help you find the most suitable exchange for your demand.
Kraken
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| Name | Kraken |
| Launched | 07/2011 |
| Website | https://www.kraken.com |
| Blog | https://blog.kraken.com/ |
| https://twitter.com/krakenfx | |
| Maker Fees | 0.02 |
| Taker Fees | 0.05 |
| Perpetual Trading volume(24h) | $ 1.6B |
| Perpetual Trading Pairs | 309 |
| Spot Trading volume(24h) | $ 2.4B |
| Spot Trading Pairs | 755 |
| Fiat Supported | USD, EUR, GBP, CAD, JPY, CHF, AUD |
| Update Time | 2024-12-18 07:54:01 |
Founded in 2011, Kraken is a United States–based cryptocurrency exchange. As a major player in Canada’s cryptocurrency market, Kraken serves over 9 million clients in 190 countries and boasting a substantial $207 billion in quarterly trading volume. It earns global trust for its reliability, making it an excellent choice for traders seeking competitive fees and sophisticated trading instruments.
To have a better knowledge about this exchange, the following chart sets forth the pros & cons of Kraken:
| Kraken | Pros | Cons |
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Bitbuy
With mission of providing fellow Canadians convenient, dependable, and secure access to Bitcoin and other cryptocurrencies, Bitbuy has grown to become the leading exchange in the Canadian market, offering services primarily to Canadian investors. Bitbuy stands out as the prime choice crypto change for safety and compliance with Canadian laws. Its merger with major Canadian crypto exchanges like Coinberry, Coinsmart, and Bitbuy greatly solidifies its status as the top crypto exchange in Canada, demonstrating its commitment to serving Canadian users and aiming to dominate the local market.
o have a better knowledge about this exchange, the following chart sets forth the pros & cons of Bitbuy:
| Bitbuy | Pros | Cons |
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Coinbase
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| Name | Coinbase International Exchange |
| Launched | 05/2023 |
| Website | https://international.coinbase.com/ |
| Blog | |
| https://twitter.com/CoinbaseIntExch | |
| Maker Fees | 0 |
| Taker Fees | 0 |
| Perpetual Trading volume(24h) | $ 11.9B |
| Perpetual Trading Pairs | 102 |
| Spot Trading volume(24h) | $ 16.3M |
| Spot Trading Pairs | 3 |
| Fiat Supported | |
| Update Time | 2024-12-18 07:58:01 |
Established in 2012, Coinbase is a cryptocurrency platform where users can sell, buy or store their crypto and, more recently, NFTs. On April 14, 2021, Coinbase successfully listed on NASDAQ under the ticker symbol “COIN”. Featuring by its ease of use and simple approach to crypto investing, Coinbase has emerged as one of the most popular trading platforms in Canada.
To have a better knowledge about this exchange, the following chart sets forth the pros & cons of Coinbase:
| Coinbase | Pros | Cons |
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NDAX
Founded in 2017 by Bilal Hammoud and Usman Sheikh, NDAX is another popular exchange that offers a range of coins and tokens, as well as a number of deposit and withdrawal options. Known for its competitive fee structure, NDAX also offers cryptocurrency trading and pledge incentives. NDAX is a beginner-friendly exchange that provides a good amount of popular digital currencies and it is the only Canadian crypto exchange that offers crypto staking.
To have a better knowledge about this exchange, the following chart sets forth the pros & cons of NDAX:
| Crypto.com | Pros | Cons |
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Crypto.com
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| Name | Crypto.com Exchange |
| Launched | 11/2019 |
| Website | https://crypto.com/exchange |
| Blog | https://blog.crypto.com/ |
| https://twitter.com/cryptocom | |
| Maker Fees | 0.05 |
| Taker Fees | 0.07 |
| Perpetual Trading volume(24h) | $ 7.0B |
| Perpetual Trading Pairs | 154 |
| Spot Trading volume(24h) | $ 9.9B |
| Spot Trading Pairs | 566 |
| Fiat Supported | USD, EUR |
| Update Time | 2024-12-18 08:00:02 |
Crypto.com is a global cryptocurrency exchange platform, supporting trading, investing, staking, wallets, NFTs, and more. This exchange provides more than 350 different currencies, making it a great option for investors searching for a large cryptocurrency and stablecoin selection. Besides, it offers reasonable fees, and discounts for those who hold a significant stake in Crypto.com native coin, CRO.
Overall, due to its large selection of cryptocurrencies and robust security measures, Crypto.com is regarded as one of the best crypto exchanges in Canada.
To have a better knowledge about this exchange, the following chart sets forth the pros & cons of Crypto.com:
| Crypto.com | Pros | Cons |
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Kraken vs. Bitbuy vs. Coinbase vs. NDAX vs. Crypto.com
The following sets forth a summary about pros & cons of the above five popular exchanges in Canada:
| Exchange | Pros | Cons |
| Kraken |
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| Bitbuy |
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| Coinbase |
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| NDAX |
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| Crypto.com |
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Next, we will compare Kraken, Bitbuy, Coinbase, NDAX and Crypto.com, five leading exchanges in Canada, from different metrics, like supported cryptocurrencies, safety, fees, user friendliness, service scope and customer service. We believe this comparison will help you become more forward-looking and make better choice.
| Kraken vs. Coinbase vs. Crypto.com vs. Bitbuy vs. NADX | |||||
| Kraken | Coinbase | Crypto.com | Bitbuy | NADX | |
| Supported Cryptocurrencies | 200+ | 260+ | 350+ | Only 25+ | Only 30+ |
| Safety | Extremely high security with security practices like two-factor authentication and holding 95% of its cryptocurrency in cold storage | Known for its strong security measures and insurance coverage for digital assets | Highly secure, with 100% of assets held safely and fully backed by reserves | High security as it requires two-factor authentication for users | Enjoy good reputation in safety, as it adopts measures like two-factor authentication and cold storage to keep asset safe |
| Fees | Kraken’s rates for entry-level traders can be high, such as fees for debit card purchase up to 7.1%, although fees on its more advanced Kraken Pro service are among relative low level | Fees charged by Coinbase range between 0% and 3.99%, varies by type of transaction, which is relative high compare with major exchanges | No trading fee, but transactions using credit/debit cards cost up to 2.99%, and withdrawal fees are high | Compared with other major exchanges, Bitbuy charges relative high fees, for example, Bitbuy’s Instant Buy and Sell fees are as high as 0.5% while withdrawal fees are 1.5% | Offer some of the lowest fees for cryptocurrency trades, such as trading fees are fixed as low as 0.20% without depending on trade volume, free deposit |
| User Friendliness | Simple user interface, offering huge education resources and supporting a range of trading features,including spot trading, margin trading, futures, an NFT marketplace, and more | one of the most beginner-friendly crypto exchanges, offering rich educational materials and a straightforward trading process | Less intuitive, providing limited educational resources | Offer an intuitive and easy-to-use interface, making it accessible to both beginner and experienced traders | Not good for beginners as there are no solutions for novice traders (for example, don’t provide demo accounts) |
| Service Scope | Offer service to more than 10 million clients in more than 190 countries | Offer service in over 100 countries and regions | Service more than 80 million users in 90 countries | Only for Canadians | Only for Canadians |
| Customer Service | Offer 24/7 live phone, chat and email support to make timely response | Provide phone, email, and chat support | Poor customer service, offering only chat-based help for most issues | Customer service in Bitbuy is not bad, but unfortunately, there is no live chat or phone support team, users can only contact through email | Providing multiple ways of customer service |
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BTCC (MOST RECOMMENDED: Up to $10,055 Bonus to claim)
After introduce the above four popular exchanges in Canada, it is not difficult to find that all the five popular crypto exchanges has their respective advantages and disadvantages. Here, we would like to introduce BTCC, one of the longest-running exchange in the world, which not only boosts these advantages, but also avoids the shortcomings or offers good solutions.
Founded in 2011, BTCC stands out as a trusted and well-respected exchange due to its unwavering commitment to security and transparency. Besides, one notable aspect that sets BTCC apart is its involvement in NFT minting and creation, giving users a chance to directly participate in this burgeoning market.
As one of the oldest exchanges in the world, BTCC has truly emerged as a standout player in the world of crypto exchanges. With a mission of of providing a trading platform that is fair and reliable in every sense, BTCC is dedicated to reliability, efficiency, security, diverse altcoin offerings, and unique features like NFT minting, making it a standout choice for crypto enthusiasts.
The following sets forth the major shining points of BTCC:
Industry-leading security
BTCC attaches great importance on security. Since founded in 2011, BTCC has never been hacked or been a victim of any other kind of successful malicious attack, which fully illustrates its security capabilities. Through measures like segregation of assets, 1:1 storage of users’ assets, money laundering prevention and identity authentication and no collateralising tokens for loans, BTCC enjoys good reputation in asset security.
High liquidity & volume
BTCC is ranked top 10 by trading volume on both CoinMarketCap and CoinGecko, the world’s two largest crypto information platforms. BTCC prides itself on providing crypto futures trading services to users worldwide with market-leading liquidity, offering perpetual futures on over 100 cryptocurrencies, including BTC, ETH, DOGE, LTC, SOL, XRP, SHIB, etc.
Extremely low fees
Charging high fees means less return for investors. Compared with other major exchanges, BTCC only charges 0.06% for both takers and makers, which are far below the industry average. According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is 0.2294% and the maker fee is 0.1854%.
High and rich rewards
BTCC holds all kinds of campaigns where investors can participate to win exciting rewards. For example, new users can get rewards up to 10,055 USDT coupon through completing relevant missions, like registration, identity verification, first deposits, cumulative futures trading volume, etc. Besides, becoming VIP also can enjoy rewards like VIP-exclusive perks, including discounts on trading fees, access to exclusive campaigns, BTCC merch, priority customer support, fast withdrawal, and many more.
Large and flexible funding options
In addition to the major digital currencies like BTC, ETH, BCH, LINK, LTC, ADA, DOT, EOS, XRP, and UNI, investors can also trade DASH, DOGE, SHIB, FIL, XLM, XMR, GRT, RNDR, EGLD, and KLAY on BTCC. BTCC offers flexible leverage up to 150x across daily and perpetual contract types, supporting a wide range of popular trading pairs such as BTC/USDT, ETH/USDT, ADA/USDT.
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How to Trade Futures on BTCC？
The following sets forth the guidance for buying cryptocurrencies on cryptocurrency exchange BTCC:
Step One: go to the BTCC homepage and log in to your BTCC account. If you do not have an account, you need to register first.
Step Two: on the BTCC official homepage, choose “Deposite”, and then fund your account with your preferred method (fiat deposit, crypto deposit or convert).
Step Three: go back to the BTCC official homepage, choose “Futures” -“USDT-M Perpetual Futures Contract”, and find the crypto trading pair.
Step Four: choose the futures contract trading order type. BTCC contract orders are divided into market orders, limit orders and SL/TP orders.
- Market Order: users place orders at the best price in the current market to achieve fast trading.
- Limit Order: Limit orders are a type of order to buy or sell futures at a price more favourable than the market price. When you buy at a price lower than the market price or sell at a price higher than the market price, the order will be in the form of a limit order.
- SL/TP Order: SL/TP orders are a type of order to buy or sell futures at a price less favourable than the market price. When you buy at a price higher than the market price or sell at a price lower than the market price, the order will be in the form of a SL/TP order.
Step Five: adjust the leverage multiple.
Please keep in mind that operating leverage carries the risk of liquidation. Leverage should be adjusted based on your financial status and risk tolerance.
Step Six: choose the lot size and set the SL/TP price .
Step Seven: after setting the basic data information, users can choose to buy (open long) or sell (open short) after entering their ideal price. Traders should remind that the price cannot be higher or lower than the highest buying price or lowest selling price of the platform.
Step Eight: click the buy or sell button, and the crypto futures contract order is completed.
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BTCC Exchange FAQs
Is BTCC Legit in Canada?
Yes, with a long operation history of 13 years, BTCC boasts an impressive user base and a stellar track record. Specially, BTCC received a crypto licence issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). So, BTCC is a safe and legal platform to start crypto trading journey in Canada.
Can Canadian Investors Trade Cryptos on BTCC?
Of course, BTCC is legit in Canada as it has already received a crypto licence issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Canadian traders can log in BTCC to trade cryptos with highest security level and most competitive fee.
How To Open a BTCC Account in Canada?
Opening an account on BTCC is quite easy.
Firstly, you need to click the “register” button on the right corner of BTCC homepage.
Then, you can create an account using an Email ID or Mobile Number.
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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
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