Best Crypto Exchanges in Canada August 2024

Benzinga's top picks for the best cryptocurrency exchange in Canada for this month include Coinbase and Kraken.

As cryptocurrencies gain more traction worldwide, Canada is emerging as a promising market for crypto trading, thanks to its favorable regulations and increasing adoption rates among investors. Cryptocurrency exchanges play a crucial role in this process, serving as platforms where individuals can trade their digital currencies. With so many options available, it is important to choose the right Canadian crypto exchange that aligns with your investment goals and trading preferences. Consider factors such as security measures, fees, range of digital assets offered and user interface.

Discover the best crypto exchanges in Canada for this month, each with different features that fit a variety of needs. Start trading cryptocurrencies with confidence and ease today!

Quick Look at the Best Canadian Crypto Exchange Platforms:

• 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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Best Crypto Exchanges in Canada

Let's dive a bit deeper into five of the of the best cryptocurrency exchanges in Canada that offer a range of features and services to help you make informed decisions when it comes to buying and selling digital assets.

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. 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 crypto trading platforms that has a program like this.

Why We Picked It: With its user-friendly interface, wide selection of cryptocurrencies, advanced trading features and regulatory compliance, Coinbase is a safe and reliable option for buying and selling digital assets. Whether you're a seasoned trader or just starting out in the world of cryptocurrency, Coinbase is a great option for Canadians looking to trade cryptocurrencies.

2. Best for Low Fees: NDAX 

NDAX (National Digital Asset Exchange) is a Canadian-based cryptocurrency 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 over 30 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 trading platform also offers users access to high-market cap digital assets through NDAX Wealth, a branch dedicated to traders with $50,000 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 crypto exchanges do not have. 

Why We Picked It: NDAX offers some of the lowest fees in the industry. For frequent traders, these low fees can add up to significant savings over time. Whether you're buying, selling, or trading cryptocurrencies, keeping fees to a minimum can help increase your profits and overall return on investment.

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.

Why We Picked It: With its wide range of trading pairs, advanced trading options and charting tools, and top-notch security features, Kraken provides experienced traders with the tools they need to succeed in the fast-paced world of cryptocurrency trading.

4. Best for New Investors: CoinSmart

CoinSmart is a Canada-based cryptocurrency 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 16 major coins, limiting investor options. 

In addition, CoinSmart also prioritizes security. The platform uses 2FA (two-factor authentication) via Google Authenticator to add a second layer of security for consumer logins, and cryptocurrency wallets are insured up to $100 million by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC.)

Why We Picked It: CoinSmart's user-friendly interface, educational resources, competitive fees, and excellent customer support provide a welcoming and accessible platform for beginners to begin their investment journey.

5. Best for User Experience: Newton

Newton is a Canadian crypto 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 50 cryptocurrencies.

Why We Picked It: Newton offers an intuitive interface, which makes navigating the platform a breeze. From signing up for an account to placing a trade, everything is straightforward and user-friendly.

Best Decentralized Crypto Exchanges in Canada

If you're looking for more control over your cryptocurrency investments, a decentralized crypto exchange might be the right choice for you. In a decentralized exchange, you have complete control of your private keys, which means you have total control over your crypto assets. This appeals to many individuals, especially in the current crypto market climate where security and privacy are top concerns.

Here are some popular decentralized exchanges in Canada:

• Uniswap
• PancakeSwap
• SushiSwap
• Curve
• 1inch

To use a decentralized exchange, all you need is a non-custodial wallet like MetaMask or Trust Wallet. These cryptocurrency wallets allow you to securely store and manage your digital assets, while also giving you the ability to connect to decentralized exchanges with ease. With no KYC (Know Your Customer) requirements, decentralized exchanges offer a level of privacy and anonymity that many traders find appealing.

How to Choose the Best Crypto Exchange in Canada

Here are some key factors to consider when choosing a Canadian crypto exchange:

• Security: Look for an exchange that offers two-factor authentication, cold storage for storing funds offline, and has a good reputation for keeping user assets safe.
• Fees: There are fees associated with funding and trading on your account. Different crypto exchanges have varying fee structures, so it's important to compare fees before deciding on one. If low fees are a top priority, Kraken Canada and NDAX have some of the lowest fees across all Canadian crypto exchanges. 
• Supported cryptocurrencies: Not all exchanges support the same cryptocurrencies. Make sure the Canadian crypto exchange you choose supports the coins you are interested in trading. 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.
• User interface: Choose a cryptocurrency exchange that is easy to navigate, has clear trading charts and offers advanced trading tools for experienced traders.
• Customer support: Look for exchanges that offer multiple channels of support, such as live chat, email, or phone support, in case you encounter any issues with your account or trades.
• Reputation: Check reviews from other users about the reputation of the company. See if the cryptocurrency exchange has been hacked in the past and if it is regulated in Canada.

Is Cryptocurrency Legal 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 in North America 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 regulatory 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 Canadian crypto exchange platforms 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. 

Frequently Asked Questions