Best Crypto Exchanges In Canada For August 2024
By:W, LeahThe past few years have seen significant rise in terms of ownership and adoption in the crypto market in Canada , and trading crypto has emerged as one of the most common investment methods. However, due to the fast development of cryptos, more and more exchanges emerge one after another, making it a difficult task for investors to select a best exchange, especially for newcomers.
Are you looking for a best crypto exchange to start your trading journey in Canada? This article will pick five best crypto exchanges for your reference, thus making it easier for you to select a best crypto exchange for your crypto trading journey.
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Table of Contents
Best Crypto Exchanges In Canada For August 2024
Bitbuy vs. Coinbase vs. Kraken vs. Crypto.com vs. BTCC
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What is a Crypto Exchange?
A cryptocurrency exchange is a platform that allows customers to buy, sell and trade 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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Best Crypto Exchanges In Canada For August 2024
Next, we will list five best crypto exchanges based on our analysis, introducing their respective pros & cons. We believe this article will offer you some profound insight for your selection of a best Canadian crypto exchange.
Bitbuy
With mission of providing fellow Canadians convenient, dependable, and secure access to Bitcoin and other cryptocurrencies, Bitbuy is one of the largest cryptocurrency exchanges in Canada. Its regulated status, large asset size, and growing number of users and trading volume all prove its leading position in the cryptocurrency trading space.
To have a better knowledge about this exchange, the following chart sets forth the pros & cons of Bitbuy:
| Bitbuy | Pros | Cons |
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| Why we pick: Bitbuy’s constant commitment to security and its clean track record make it a trustworthy choice for Canadian crypto investors. Besides, the user-friendly interface make Bitbuy one of the best choices for newcomers. However, its relatively high fee and small selection of cryptos may make it less attractive for some investors. | ||
Coinbase
Founded in 2012, Coinbase is a world-renowned digital asset exchange. Coinbase offers trading services for Bitcoin and other digital currencies, and users can buy, sell, store, and transfer cryptocurrencies on the platform. Known for its user-friendly interface, simplifying one-time or recurring crypto transactions, Coinbase is regarded as a top choice for Canadians when selecting a best crypto choice.
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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| Why we pick: Coinbase stands out for an easy-to-use interface that makes one-time or recurring crypto transactions a snap. Besides, the option to stake certain assets adds to its appeal. However, its relatively high fees for the convenience it offers may scare away some potential investors. | ||
Kraken
Established in 2011, Kraken is a major player in global crypto market. As one of the safest exchange around the world, Kraken serves more than 7 million registered users in more than 190 countries and territories with its high-quality services, diverse asset selection and stringent security standards. Despite facing competition from exchanges such as Binance and OKX, Kraken still maintains its significant position in the market.
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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| Why we pick: Kraken’s extensive range of assets and user-friendly experience make it a versatile choice for both beginners and experienced traders in Canada. Kraken provides two trading platforms: Kraken and Kraken Pro. | ||
Crypto.com
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, Crypto.com stands out in low fees and high credit card rewards, it may be a better choice for users with investment preference in this two aspects.
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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| Why we pick: Crypto.com provides a very good selection of cryptocurrencies, with more than 350 available. The platform offers unique perks and crypto rewards for Crypto.com Visa Card users. Due to its large selection of cryptocurrencies and robust security measures, Crypto.com is regarded as one of the best crypto exchanges in Canada. | ||
BTCC (Most Recommended)
Even for those popular exchanges on the list, there are both advantages and disadvantages. Last but not least, we would like to introduce BTCC, one of the longest-serving exchanges in the world. We recommend BTCC as the best crypto exchange overall as it boasts the following shining points:
- Secure：safeguarding users’ assets with several measuresis the top priority of BTCC. In more than a decade-long history, BTCC reports zero hacks or security breaches to date.
- High Liquidity & Volume：with BTCC’s market-leading liquidity, users can place orders of any amount—whether it’s as small as 0.01 BTC or as large as 50 BTC—instantly on BTCC
- Innovative：trade a wide variety of derivative products including perpetual futures and tokenized USDT-margined stocks and commodities futures, which are innovative products invented by BTCC.
- Flexible：select your desired leverage from 1x to 150x. Go long or short on your favourite products with the leverage you want.
- Excellent Customer Service: BTCC enjoys a good reputation in terms of customer support, indicating the excellent service it provides.
Bitbuy vs. Coinbase vs. Kraken vs. Crypto.com vs. BTCC
Next, we will compare Bitbuy, Coinbase, Kraken, Crypto.com and BTCC, five leading exchanges in the world, 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.
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BTCC vs. Coinbase vs. Crypto.com vs. Bitbuy vs. Kraken |
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| BTCC | Coinbase | Crypto.com | Bitbuy | Kraken | |
| Supported Cryptocurrencies | 300+ | 260+ | 350+ | Only 25+ | 200+ |
| Safety | Industry-leading security, with no reported hacks or security breaches to date | 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 | Extremely high security with security practices like two-factor authentication and holding 95% of its cryptocurrency in cold storage |
| Fees | Compared with other major crypto exchanges, the fees charged by BTCC is relative low, such as only charging 0.06% for both takers and makers | 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% | 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 |
| User Friendliness | Intuitive interface, easy for both newcomers and experienced traders | 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 | 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 |
| Service Scope | Offer service to more than 6 million registered users in more than 100 countries and regions | Offer service in over 100 countries and regions | Service more than 80 million users in 90 countries | Only for Canadians | Offer service to more than 10 million clients in more than 190 countries |
| Customer Service | Offer excellent customer service via email and live chat | 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 | Offer 24/7 live phone, chat and email support to make timely response |
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Final Words
In conclusion, the best crypto exchanges in Canada include Bitbuy, Coinbase, Kraken, Crypto.com and BTCC. Whether you are a newcomer or a seasoned trader, we believe you can certainly find your best pick after reading this article. However, investors should carefully assess relevant risks when using any cryptocurrency trading platform and make decisions based on their own circumstances.
BTCC Exchange FAQs
Is BTCC Legit?
With a long operation history of 13 years, BTCC boasts an impressive user base and a stellar track record. As one of the oldest exchange around the world, BTCC puts a strong emphasis on conducting business in various countries and regions under the premise of lawfulness and compliance. Currently, BTCC has obtained regulatory licences in a variety of countries.
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?
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.
Is BTCC the Best Exchange Option for You?
If you put your trading priorities on leading cryptocurrencies like Bitcoin, probably BTCC is the best exchange choice for you. This trading platform has been focused on leading cryptos like Bitcoin since its inception in 2011. Besides, BTCC offers a very friendly platform for all categories of traders: both experienced and beginners.
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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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