Best Crypto Exchanges in Canada of February 2024 — Which is the Safest Exchange？

Many Canadian crypto investors are wondering if their assets are secure after some cryptocurrency sites suspended withdrawals or projects were completely shelved.

To prevent hackers from gaining access to your cryptocurrency, exchanges employ various security procedures, state-of-the-art asset storage that adheres to best practices, and additional account security measures.

However, the finest Canadian crypto exchanges are concerned with more than simply safety; they are also simple to use and provide a wide variety of investment opportunities. For this reason, we have compiled a list of what we believe to be the best cryptocurrency exchanges in Canada, taking into account factors such as security, the variety of cryptocurrencies offered, the availability of a mobile app, the volume of user activity, and other factors. Options for avoiding a crypto hack are provided, ranging from the finest centralized Canadian crypto exchanges to the best decentralized crypto exchanges. All right, let’s start at the beginning.

Best Crypto Exchanges in Canada of February 2024

1.BitBuy

Bitbuy, headquartered in Toronto, was established in 2016, and it quickly rose to prominence as one of the best cryptocurrency trading platforms available. Bitbuy is simple to use and offers advanced and novice traders alike a wide variety of coins and trading tools. It can be accessed using a web browser or on mobile devices running iOS or Android.

It provides both basic and sophisticated features, making it a good option for both novice and experienced users.

• Wallet for secure storage of coins
• Options for funding via wire transfer and near-immediate Interac e-Transfer
• Governed by FINTRAC and the OSC
• Offers coverage for all cryptocurrency holdings.
• Trading expenses range between 0.1% and 0.2%

Is Bitbuy safe? Concerned about the safety of your crypto on Bitbuy? Not at all. Bitbuy is a trustworthy and fully compliant cryptocurrency exchange. We store 95% of all customer funds in cold storage and constantly analyze transaction data for suspicious tendencies. You can use two-factor authentication with Bitbuy, either with Google Authenticator or Authy.

2.Coinberry

Coinberry was established in 2017 with headquarters in Toronto. Investors can purchase and trade a small number of cryptocurrencies. There are no deposit or withdrawal fees, and the average trading commission is only 0.5%. To use Coinberry, a $50 minimum deposit is required. Credit cards, debit cards, Interac e-Transfer, and wire transfers are accepted.

• Coinberry is FINTRAC-registered and employs rigorous KYC procedures to ensure the highest level of safety and security.
• Coinberry’s mobile app makes on-the-go trading convenient and accessible.
• Coinberry is ideal for Canadian investors who are content with a limited selection of coins for purchase and sale.

Is Coinberry safe?  Cold storage is used by Coinberry to protect user funds, while military-grade encryption is used to protect user data. The platform is proactively safeguarded by dark web scanning and account takeover protection in addition to undergoing regular penetration testing. You must use two-factor authentication (with either Microsoft Authenticator or Google Authenticator) in your Coinberry account.

3. Wealthsimple

Wealthsimple is one of the top Canadian cryptocurrency exchanges, but it also provides access to a wide variety of traditional products including stocks and ETFs. Why is it considered one of Canada’s premier crypto markets? Because of its simple interface, investors of all skill levels in Canada now have a viable choice for trading cryptocurrencies with as little as a single dollar. In addition, the Canada Deposit Insurance Corporation (CDIC) regulates and insures your assets on the Wealthsimple platform, so you can rest easy. Overall, it’s easy to see why more than 2 million people have chosen Wealthsimple to trade 57 different cryptocurrencies.

Is Wealthsimple safe? Wealthsimple’s security features are only one of many reasons why it’s regarded as one of the best Canadian crypto exchanges. Wealthsimple uses one of the largest regulated crypto custodians, Gemini Trust Company LLC, which is insured for $200 million on assets in cold storage. Coincover provides additional security by covering your assets in the event of theft. Wealthsimple encrypts all financial data, employs two-factor authentication (2FA), and pays a bounty to white-hat hackers who discover and fix security issues in their system.

Has there been a breach at Wealthsimple? Although individual accounts may have been affected due to user error, Wealthsimple has not had any major security breaches or hacking to far.

4. Coinsmart

With a commitment to ease of use, community, accountability, and honesty, Coinsmart has established itself as a leading cryptocurrency exchange in Canada. Coinsmart is a publicly traded firm that is highly compliant, registered with the OSC and FINTRAC, insured by BitGo, and safeguarded by blockchain security service provider Fireblocks. More than 180,000 Canadians have used Coinsmart, which launched in 2018, to trade 16 of the most popular cryptocurrencies. Coinsmart is one of the best Canadian cryptocurrency exchanges despite not being the largest.

Is Coinsmart safe? Yes. Coinsmart, like the other top Canadian crypto exchanges, uses cold storage to protect its customers’ funds and distributes them securely. Coinsmart requires two-factor authentication (via the Google Authenticator app) before a user may log in.

5.NDAX

When it comes to keeping their customers’ funds safe, NDAX is widely regarded as one of the best cryptocurrency exchanges in Canada. Banking services for NDAX are handled by a Canadian financial institution that is registered with FINTRAC, and all user monies are kept in Canada in a segregated bank account that is kept entirely separate from NDAX’s operating capital. The Calgary-based NDAX Wealth OTC desk, staking, and robust assortment of 33 prominent cryptocurrencies draw investors to this leading Canadian crypto exchange.

Is NDAX safe? NDAX takes account safety very seriously, yes. Ledger Vault’s multi-signature wallet stores the vast bulk of customer funds offline. In addition, user fiat is held in a separate bank account at a Canadian Crown-owned financial institution from NDAX operating capital, so your money is safe even if NDAX goes bankrupt. Deposits and withdrawals from NDAX accounts need 2FA, and account logins trigger email alerts.

Are Decentralized Exchanges Safe?

The security of a decentralized exchange depends entirely on you. What we mean is that you should take all necessary precautions to ensure the safety of your crypto and your keys, as you will not be reimbursed in the event of a hack.

In addition, bad faith actors and liquidity difficulties can affect even the most well-designed decentralized exchanges. All of the aforementioned dexes have suffered security breaches and investor losses totaling millions of dollars.

This doesn’t mean you shouldn’t use them; just know what you’re getting into.