Comprehensive Guide to the best platform to buy bitcoin in Canada 

Cryptocurrency has become a global phenomenon, and Canada is no exception. As interest in Bitcoin and other digital assets continues to grow, it’s essential to find the best platform to buy Bitcoin in Canada. This comprehensive guide will explore the top crypto exchanges available in the country, taking into account factors like user experience, fees, customer support, and security. Whether you’re a beginner investor or an experienced trader, this guide will help you make an informed decision on where to buy Bitcoin in Canada.

Best platform to buy bitcoin in Canada

1. Bitbuy: A Reliable Canadian-based Exchange

When it comes to Canadian-based exchanges, Bitbuy stands out as one of the most reputable platforms. With a seamless user experience and excellent customer support, Bitbuy is an ideal choice for beginners and experienced traders alike. The platform is registered as a Money Services Business (MSB), providing an added layer of safety and regulatory compliance. Bitbuy also implements a 95% cold storage policy, ensuring the security of users’ funds.

While Bitbuy offers a limited selection of cryptocurrencies compared to some other platforms, it covers the most popular ones. With over 25 cryptocurrencies available for trading, including Bitcoin, Ethereum, and Litecoin, users have ample options to diversify their portfolios. It’s important to note that Bitbuy only serves Canadian investors, using CAD as the primary fiat currency for trading pairs and funding accounts.

2. CoinSmart: A Beginner-Friendly Exchange with Quick Deposits

For new investors looking for a user-friendly interface and quick deposits, CoinSmart is an excellent option. Founded in 2018, CoinSmart provides a seamless experience for beginners, making it easy to navigate the platform and set up an account. The exchange also offers a limited selection of cryptocurrencies, with 16 options available for trading.

CoinSmart prioritizes security and protects customer funds with two-factor authentication and insurance coverage of up to $100 million for all wallets. The platform’s fees are relatively low, with most transactions taxed at a rate of just 0.20%. However, it’s worth noting that funding your account with a debit or credit card may incur fees of up to 6%. Despite the limited cryptocurrency selection, CoinSmart’s beginner-friendly features and low fees make it an attractive choice for new investors.

3. Coinbase: A Trusted Global Exchange with a Wide Range of Cryptocurrencies

As one of the largest and most trusted cryptocurrency exchanges worldwide, Coinbase offers Canadian investors access to more than 50 cryptocurrencies. Coinbase has gained a reputation for its commitment to regulatory compliance and security, working closely with regulators in all regions it operates. This trustworthiness, combined with its fantastic user interface, makes Coinbase a popular choice for beginners.

In addition to its wide range of cryptocurrencies, Coinbase offers a unique feature called “Learn and Earn.” Users can earn rewards by watching short educational modules about different cryptocurrency projects. While Coinbase’s fees are relatively high compared to some other platforms, with instant buy fees up to 3.99% and spreads up to 2% on crypto-to-crypto trades, its reputation and user-friendly interface make it a top choice for many Canadian investors.

4. Kraken: A Robust Exchange for Advanced Traders

For experienced traders looking for advanced features and low fees, Kraken is an excellent option. Established in 2011, Kraken is one of the oldest cryptocurrency exchanges in the world and has built a strong reputation for its security measures and wide range of available cryptocurrencies. Kraken offers over 200 cryptocurrencies for trading, providing ample opportunities for diversification.

One of Kraken’s standout features is its support for advanced trading tools, including charting tools and various order types. These features make it an attractive platform for experienced traders looking to execute complex trading strategies. Kraken also prioritizes security, implementing two-factor authentication and holding 95% of its cryptocurrency reserves in cold storage. While Kraken’s fees are generally low, certain transactions, such as credit/debit card purchases, may come with higher fees ranging from 5.2% to 7.1%.

5. Wealthsimple: A Unique Platform for Robo-Advised Portfolios and Cryptocurrencies

Wealthsimple, initially founded as a robo-adviser platform, has expanded its services to include cryptocurrency trading. This makes it an excellent choice for investors looking to access both stocks and cryptocurrencies in one platform. Wealthsimple offers managed portfolios, allowing users to automate their investments and benefit from low fees.

While Wealthsimple’s fees for cryptocurrency trading are relatively high, ranging from 1.5% to 2%, the platform’s user-friendly interface and seamless integration with other financial services make it an attractive option for Canadian investors. Whether you’re a beginner or an experienced investor, Wealthsimple provides a convenient way to manage both traditional and digital assets.

6. NDAX: A Calgary-based Exchange with Low Fees and Staking Rewards

NDAX, a Calgary-based exchange founded in 2018, is known for its low fees and staking rewards. With fees as low as 0.20%, NDAX offers some of the most competitive rates for cryptocurrency trades in Canada. The platform caters to both beginner and advanced traders, with a friendly user interface and features like two-factor authentication.

NDAX is registered with FINTRAC, ensuring compliance with Canadian regulations, and employs robust security measures such as cold storage for the majority of users’ funds. NDAX also offers staking rewards on select cryptocurrencies, allowing users to earn passive income by holding their digital assets on the platform. While NDAX has a relatively small selection of assets compared to some other exchanges, with 30+ cryptocurrencies available, its low fees and staking rewards make it an attractive choice for Canadian investors.

7. Crypto.com: A Hong Kong-based Exchange with a Wide Cryptocurrency Selection and Prepaid Card Rewards

Crypto.com is a Hong Kong-based exchange that serves customers globally, offering a wide selection of over 250 cryptocurrencies. The platform provides various features, including the ability to buy, sell, and trade cryptocurrencies, interest rewards, and prepaid card rewards.

Crypto.com’s wide cryptocurrency selection, coupled with its staking rewards program, makes it an attractive option for Canadian investors looking to diversify their portfolios. The platform offers interest rewards of up to 6.5% on stablecoins like USDC and provides prepaid cards with up to 5% cashback. While Crypto.com’s fees are relatively low, as low as 0.4% for customers who stake their native cryptocurrency, some users have reported issues with customer support and the mobile app’s performance.

8. Newton: A Toronto-based Exchange with a Beginner-Friendly User Experience

Newton, a Toronto-based exchange founded in 2018, prioritizes a user-friendly experience for Canadian investors. The platform offers a streamlined interface that is easy to navigate, making it an excellent choice for beginners. Newton is registered with FINTRAC and implements security measures like two-factor authentication to safeguard user accounts.

While Newton has a limited selection of cryptocurrencies, with just over 40 options available, its focus on user experience and security make it an attractive option for investors looking for a straightforward trading platform. It’s worth noting that Newton does not charge fees on trades but instead makes money by charging a spread on transactions. The exact amount charged in a spread is not publicly disclosed.

9. VirgoCX: A Toronto-based Exchange with Low Fees and Over-the-Counter (OTC) Trading

VirgoCX is a Toronto-based cryptocurrency exchange founded in 2018. The platform is known for its low fees, including zero trading, withdrawal, and deposit fees. VirgoCX also offers over-the-counter (OTC) trading services for high net-worth investors, providing a personalized and secure trading experience for large transactions.

Registered with FINTRAC and the Ontario Securities Commission (OSC), VirgoCX follows strict regulatory standards to ensure the safety of users’ funds. The exchange holds 95% of its cryptocurrency reserves in cold storage, minimizing the risk of hacks or unauthorized access. While VirgoCX offers tools for both beginner and advanced investors, it is considered a better option for experienced traders due to its advanced features. Some users have reported relatively high spreads for certain transactions on the platform.

Choosing the Best Platform to Buy Bitcoin in Canada

Selecting the best platform to buy Bitcoin in Canada depends on your specific needs and preferences. Whether you’re a beginner investor looking for a user-friendly interface or an experienced trader seeking advanced features, there is a platform that suits your requirements. It’s essential to consider factors such as user experience, fees, security measures, customer support, and available cryptocurrencies when making your decision.

Furthermore, it’s important to stay informed about any regulatory changes or restrictions that may impact cryptocurrency exchanges in Canada. Recent announcements by exchanges like Binance and ByBit pulling out of the Canadian market due to upcoming regulations serve as a reminder to evaluate the long-term viability of the platforms you choose.

While centralized exchanges offer convenience and customer support, some investors prefer decentralized exchanges for their adherence to the principles of decentralization and user ownership. Decentralized exchanges rely on peer-to-peer trading and allow users to provide liquidity while holding governance tokens that may appreciate in value as the platform grows.

When embarking on your cryptocurrency journey, it’s crucial to remain vigilant and conduct thorough research before making any investment decisions. By choosing the best platform to buy Bitcoin in Canada, you can enter the world of cryptocurrencies with confidence and security.

Video on How to buy bitcoin in Canada

Frequently Asked Questions

1. How do I trade in crypto in Canada?

To trade cryptocurrencies in Canada, you need to choose a reputable cryptocurrency exchange, complete the registration process, and deposit funds into your account. Once your account is funded, you can start buying, selling, and trading cryptocurrencies according to your investment strategy.

2. What is the most popular crypto exchange in Canada?

The popularity of cryptocurrency exchanges in Canada can vary depending on factors such as user preferences, available cryptocurrencies, fees, and security measures. Some of the most popular exchanges in Canada include Bitbuy, CoinSmart, and Coinbase.

3. What crypto exchange is registered in Canada?

Several cryptocurrency exchanges are registered in Canada, including Bitbuy, CoinSmart, and NDAX. These platforms comply with Canadian regulations, providing users with added security and regulatory oversight.

4. What is the best crypto exchange for day trading?

The best crypto exchange for day trading depends on individual preferences and trading strategies. Exchanges like Kraken and Bitbuy offer advanced features and low fees, making them suitable for day traders.

5. Which Canadian exchange went bust?

While no major Canadian cryptocurrency exchanges have gone bust, it’s essential to stay informed about the financial stability and regulatory compliance of the platforms you choose. Regularly reviewing news and updates from the exchanges you use can help you stay informed about any potential risks.

 

Conclusion

In this comprehensive review of the best platforms to buy Bitcoin in Canada, we’ve delved into a range of popular exchanges, each with its unique features and advantages. Whether you’re a seasoned trader or just starting your cryptocurrency journey, there’s a platform tailored to your needs.

 

Bitbuy shines with its intuitive interface, making it an excellent choice for beginners. Coinbase, a globally recognized name, is known for its user-friendliness and security measures. Kraken stands out for its robust trading features, while Coinmart offers a convenient way to buy Bitcoin.

 

VirgoCX’s commitment to compliance and simplicity is noteworthy, while NDAX’s competitive fee structure makes it an attractive option. Newton impresses with its low fees and swift transactions, while Crypto.com offers a comprehensive ecosystem for crypto enthusiasts. Wealthsimple, a trusted name in financial services, provides a seamless way to buy Bitcoin for those already using the platform.

 

The “best” platform ultimately depends on your individual preferences and requirements. It’s wise to consider factors such as security, ease of use, fees, available features, and customer support when making your decision. Whichever platform you choose, the Canadian market offers a range of reputable options for buying Bitcoin. It’s an exciting time to participate in the world of cryptocurrency, and these platforms can help you get started on your Bitcoin investment journey. Happy trading!