Best Crypto Exchanges in Canada May 2024

Interested in trading cryptocurrencies in Canada? Find out which Canadian crypto exchange best fits your trading needs in this guide. You can earn up to $200 for signing up on Coinbase Canada today.

Cryptocurrency exchanges play a crucial role in facilitating the buying, selling, and trading of digital assets. As the global adoption of cryptocurrencies accelerates, investors are looking to get involved. If you are based in Canada and want to get in on the action, this guide has you covered. Benzinga curated the top five Canadian crypto exchanges that fit a variety of needs. Each exchange offers different features, security measures and fee structure, making it essential to choose the right one for your investment goals.

Quick Look: The Best Crypto Exchanges in Canada 

• Best Overall: Coinbase
• Best for Low Fees: NDAX
• Best for Advanced Traders: Kraken Canada
• Best for New Traders: CoinSmart
• Best for User Experience: Newton

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Top 5 Best Canadian Crypto Exchange Platforms 

Let's dive a bit deeper into these five options.

1. Best Overall: Coinbase 

Coinbase has become a household name as one of the largest and most reputable crypto exchanges worldwide. Founded in 2012, Coinbase is based in the United States and serves a global user base, including Canada. CEO Brian Armstrong has made it clear that Coinbase is regulatory compliant and openly transparent about operations. With an excellent track record at keeping customer’s assets safe and accessible, Coinbase is one of the best exchanges in the world.

The platform makes it easy for beginners to trade cryptocurrencies with its user-friendly interface, documentation and support options. It charges up to 3.99% on trades, which is significantly higher than other platforms.

Coinbase offers learning modules that users can complete to increase their understanding of the crypto ecosystem and earn rewards. Coinbase is one of the few platforms that has a program like this.

2. Best for Low Fees: NDAX 

NDAX is a Canadian-based exchange established in 2018, notably recognized for its low trading fees of as low as 0.20%, significantly lower than other platforms. NDAX combines a user-friendly interface with advanced tools to craft a balanced experience for all investor levels. 

Currently, NDAX supports 37 cryptocurrencies, whereas Coinbase and others have more than triple the number of trading pairs. Users who seek less-known altcoins may have trouble finding the tokens they desire on NDAX. 

The platform also offers users access to high-market cap digital assets through NDAX Wealth, a branch dedicated to traders with $25,000 CAD or more who want a personalized over-the-counter (OTC) trading experience. Key features include no trading fees, faster settlement and API connectivity. This boutique service is a unique offering that other exchanges do not have. 

3. Best for Advanced Traders: Kraken Canada

Kraken is one of the oldest centralized exchanges, established in 2011. Based in the U.S., Kraken is committed to empowering users worldwide to purchase cryptocurrency. The platform enables the trading of over 200 cryptocurrencies in Canada. Investors can invest in many different tokens that other exchanges may not offer.

Kraken has a strong reputation as a secure and reliable cryptocurrency exchange. It stores 95% of its crypto in cold storage wallets. This means that the vast majority of the digital assets held by Kraken are not connected to the internet, making them much less vulnerable to hackers and cyber attacks.

Purchasing crypto using your debit card can incur up to a 5.25% fee. Other methods to fund your account with minimal fees include ACH and wire transfers. 

4. Best for New Investors: CoinSmart

CoinSmart is a Canada-based exchange launched in 2018. The platform has become a top choice among Canadian crypto investors for its simple interface and ease of transacting.

Compared to other platforms, CoinSmart has the least amount of cryptocurrencies available to trade. CoinSmart only supports about 20 major coins, limiting investor options. 

In addition, CoinSmart also prioritizes security. The platform uses 2FA to add a second layer of security for consumer logins, and wallets are insured up to $100 million by FINTRAC.

5. Best for User Experience: Newton

Newton is a Canada-based exchange founded in 2018. Known for its beginner-friendly and streamlined user experience, Newton is one of the top choices among Canadians. 

Newton doesn’t charge fees for trading or funding but takes the spread difference. In some cases, this saves money on trading fees, but you could also lose value. Currently, the platform supports 40 cryptocurrencies.

How to Choose the Best Crypto Exchange in Canada

As crypto adoption continues to grow, investors get the advantage of having a lot of options for where to deploy their capital. The exchanges featured here are centralized, meaning an entity or custodian handles your funds and facilitates orders. These exchanges are more accessible for beginners to begin investing in crypto. More advanced traders can opt for decentralized exchanges (DEXs) for increased control and security over their funds. 

Investors should consider their experience level, risk tolerance and investment goals. For less-experienced traders, platforms like Coinbase are preferred given its simple user interface and ease of transferring funds. CoinSmart has beginner-friendly interfaces but lacks diversity in tokens offered. Choose a platform that supports the cryptocurrencies you would like to invest in. 

Popular large-cap tokens like BTC, ETH, LINK, DOGE, XRP, USDC, USDT, BNB, AVAX and SOL are accessible across all the exchanges featured here; however, certain crypto coins like PEPE, BONK and SHIB may not be available. There are fees associated with funding and trading on your account. If low fees are a top priority, Kraken Canada and NDAX have some of the lowest fees across all Canadian crypto exchanges. 

Crypto Regulation in Canada 

While crypto is not considered legal tender in Canada, the regulatory landscape is open compared to some other countries. Canada was the first country to approve a Bitcoin ETF, increasing national exposure to the asset class and cultivating a welcoming environment for the crypto ecosystem. Crypto trading platforms are required to file with the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) to ensure compliance. Cryptocurrencies are treated like commodities when it comes to taxation and other regulatory measures. 

The Bottom Line 

Canada supports the cryptocurrency ecosystem, offering a variety of exchanges. Among the five exchanges covered here, Coinbase tends to be the most popular given its track record, user experience and investment options. Each crypto exchange has tradeoffs. While Coinbase has excellent features, its trading fees tend to be higher than others. Exchanges with lower trading fees may not have the most appealing user experience, which can make trading cryptocurrency difficult. It is important to research exchanges and try out multiple ones to find the best fit for you. 

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