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KOHO Crypto is a simple, trusted way for eligible users to buy and sell supported cryptocurrencies in the KOHO app through KOHO’s partnership with Ndax.
PromotionsWhen you join KOHO you get 30 days free before you have to start paying for a KOHO plan. Plus get a $40 cash welcome bonus when you make your first purchase with your KOHO card.
Wealthsimple stands out as one of the best platforms for Canadians to buy, sell, and hold cryptocurrency thanks to its strong combination of security, simplicity, and regulation.
Fully RegulatedAs a Canadian-regulated platform, it offers seamless integration with local banking systems, making it easy to fund your account with Interac e-Transfers or direct deposits in Canadian dollars. Wealthsimple stores the majority of its crypto assets offline in cold wallets, uses two-factor authentication, and partners with Gemini for insured custody, offering peace of mind for users concerned about safety.
User Friendly & AffordableThe platform is also incredibly user-friendly, with a clean, intuitive mobile and web interface that makes it ideal for beginners or casual investors. While its flat transaction fee of 1.5–2% is higher than some other exchanges, it’s a trade-off for the ease of use, transparency, and regulatory oversight. Plus, with access to over 90 cryptocurrencies and the ability to manage traditional investments, savings, and taxes all within the same ecosystem, Wealthsimple is a convenient, all-in-one financial hub tailored to Canadian users.
Coinbase is the regular platform for new users, while Coinbase Pro is for experienced traders. Coinbase Pro offers advanced trading options like crypto-to-crypto trading and advanced charting. Educational videos are available on the platform. The Coinbase customer support channels include email, telephone, and live chat.
FeesThe minimum trade on the Coinbase platform is $2. Investors can expect a transaction fee of up to 1.49% for bank account and USD wallet transfers. Debit/credit card transactions attract a fee of 3.99%. Wire transfers attract a fee of $25 for outgoing transfers, and incoming transfers attract a fee of $10.
StorageCustomer funds are stored in cold storage boxes that are scattered around the world. New users have to submit a government-issued identification when they open a Coinbase account.
Users can use the Nexo credit card to purchase everyday items. Investments in Nexo’s native token can help investors outside the United States to rise in the tier system. Traders who are on the higher tiers of the Nexo tier system can enjoy perks like low-interest rates on loans.
Fees and WithdrawalsThe commission for European Union (EU) customers who purchase cryptocurrency with a credit card is 1.49%. Non-EU customers pay 3.49%. Users can withdraw free of charge on FiatX. After opening a Nexo account, users have to perform a 2-factor verification as well. Users can contact Nexo customer support via online messaging, email, or live chat.
NDAX is a strong choice for Canadians looking to trade cryptocurrency due to its regulatory compliance, robust security, and competitive fee structure. Based in Calgary and fully registered with Canadian regulators, NDAX offers peace of mind with features like institutional-grade security, cold storage of assets, and segregated bank accounts for user funds. The platform is beginner-friendly yet also supports more experienced traders with features like limit and stop orders.
FeesWith low trading fees (just 0.2% per trade), fast CAD deposits and withdrawals via Interac e-Transfer and bank wire, and a sleek, intuitive interface, NDAX makes it easy for Canadians to buy and sell popular cryptocurrencies like Bitcoin, Ethereum, and several others. While it doesn't offer the largest coin selection or advanced trading tools like margin, its strong focus on safety, transparency, and ease of use makes it a reliable and trustworthy option for both new and experienced Canadian crypto investors.
Traders can fund their accounts via crypto transfers, Interac e-Transfer, wire transfers, or direct bank deposits. Opening an account with Newton requires undergoing a Know-Your-Customer (KYC) procedure.
FeesAlthough Newton charges no deposit or withdrawal fees, its spread fees cover this. The spreads range from 0.67% to 1.00%.
SupportNew users can use the Newton crypto blog to learn more about the platform. Customers with any issues can contact Newton’s customer support through their ‘contact us’ form, live chat, or Newton status page. Customers who use the live chat or status page options can get instant replies. Individuals who use the form will have to wait 24 hours for a reply.
The Changelly platform only accepts 3 fiat currencies: Euro (EUR), Pound (GBP), and United States (US) dollars. Opening a Changelly account only requires your email address. The minimum trade pairs on Changelly can go as high as $50 for some cryptocurrency pairs. Investors need to get their own wallet to use Changelly, as it’s a non-custodial platform. Changelly doesn’t demand any commission for deposits or withdrawals.
FeesTransaction fees on the Changelly platform are calculated according to a floating rate or fixed rate. The customer gets to choose whichever one they want to use. Apart from the regular Changelly platform for newbies, Changelly Pro is available for advanced traders. Investors that use Changelly Pro are charged withdrawal/deposit fees and maker/taker fees.
The Crypto.com platform has 5 prepaid debit cards. Among these debit cards, the highest card is the obsidian card, which offers 5% cashback. Customers can earn up to 10% interest on the Crypto.com platform. You can increase your interest rates when you stake more than 4000 Cronos tokens and invest in stablecoins.
Support and FeesCrypto.com offers 24/7 customer service via email or in-app chat. Users can fund their Crypto.com account through USDC deposits and debit/credit cards. No transaction fees are charged for deposits made through cryptocurrency. Non-Fungible Token (NFT) creators pay a commission of 1.99%, the same as individuals that are reselling their NFTs.
Coinmama doesn’t allow for crypto-to-crypto transactions. So, investors that want to purchase cryptocurrency will have to convert their digital coins to fiat. After which, they can use the fiat currency to purchase the new cryptocurrency.
AccountsThe minimum trade on the Coinmama platform is $30 for purchases and $100 for sales. The Coinmama platform has 3 tiers of users: curious, enthusiast, and believer. Individuals in the curious tier are those who have conducted transactions under $5,000 within 90 days. Enthusiast is for those that have conducted transactions over $5,000 within 90 days. Believers are individuals that have conducted transactions over $18,000 within 90 days.
FeesTransaction fees for curious, enthusiast, and believer are 3.9%, 3.41%, and 2.93%. The Coinmama support channels include a chatbot and a contact form on their website.
With AQRU Investors can earn interest on their savings accounts. The minimum deposit for cryptocurrencies is $100. AQRU charges a 0.35% commission on all crypto transactions.
AccountThe AQRU mobile app is available for iPhone and Android phone users. Opening an AQRU account requires you to provide your email, password, and government-issued identifications.
InvestingInvestors can diversify their investment portfolio by using the features in AQRU 10. The interest rates on the AQRU platform are not tiered, so they stay the same regardless of the amount. Although AQRU offers a savings account, you’ll have to fund it manually for your funds to accrue interest.
Investors who wish to buy cryptocurrency worth more than $200,000 can use the much faster Shakepay OTC (Over-The-Counter) trading desk. Customers can only buy cryptocurrencies through debit cards and wire transfers.
Getting StartedRegistration on the Shakepay platform requires your email, password, username, and personal information like your name and address. Other verifications like a selfie or document verification might be required for some users. The spread fees for Bitcoin purchases can go up to 2.26%.
There is a 0.50% trading fee on the Netcoins website. Netcoins communication channels are live chat, email, and telephone numbers. Investors can fund their accounts with credit cards, Interac e-Transfers, bill payments, and wire transfers.
RegulationNetcoins is registered as a Money Service Business. So, it’s not regulated by the Investment Industry Regulatory Organisation of Canada. So, Netcoin customer accounts don’t qualify for CIPF insurance.
Getting StartedThe Netcoins platform supports USD and CAD as fiat currencie and uses BitRank and QLUE, which are blockchain forensic tools, as safeguards. Opening a Netcoins account requires your full name, address, utility bill, driver’s license, and other forms of identification.
Gemini is a solid option for Canadians seeking a secure and regulated platform to trade cryptocurrency. Known for its strong emphasis on compliance and security, Gemini is a U.S.-based exchange that stores the majority of user funds in offline cold wallets and offers insurance on digital assets held in custody. It provides a user-friendly interface for beginners, while also offering a more advanced ActiveTrader platform with lower fees for experienced users. Canadians can trade a variety of popular cryptocurrencies, including Bitcoin and Ethereum, with confidence thanks to Gemini’s transparent operations and institutional-grade safeguards. Although its crypto selection is more limited compared to some global platforms and its fee structure can be a bit complex, Gemini’s reputation for reliability, regulatory oversight, and robust security features make it a trustworthy choice for Canadians looking to safely buy, sell, and hold crypto.
Are you looking for the best app to buy crypto in Canada? Many apps allow you to buy and sell cryptocurrencies. Each one comes with features and specs that make them stand out.
Are you looking for the best app to buy crypto? Discover our top 15 recommended crypto apps for those who want to buy, sell, trade, & invest.
If you’re searching for the best app to buy crypto, our top pick, with 17 cryptocurrencies on offer, is Bitbuy. CoinSmart, Coinberry, Newton, VirgoCX, Shakepay, Netcoins, Ndax.io, Crypto.com, KuCoin, Gemini, Coinbase, Binance, Coinmama, and CEX.io are also among our top recommendations. Remember to select the app with the features, fees, support, security, and interface you are most comfortable with.
Understanding what these apps can do for you before deciding which one will work best for your needs is essential. This guide will help you find the best app to purchase cryptocurrency in Canada. It will outline some of the most popular options, their pros and cons, and why you should consider using one over another.
When choosing an app to buy crypto, there are several things you need to take into consideration. Some of the most common things you should look out for include:
When choosing a good app to buy crypto, the first thing you need to think about is how many features it has. You want to know if they have a mobile wallet where you can store your coins or if they just let you send money to someone else’s wallet. Also, does it support multiple currencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC)? If so, then this is great because you don’t have to worry about converting your currency.
Another critical feature to consider is security. The last thing you want is to lose all of your funds due to hacking or phishing scams. It’s best to check reviews from other users on sites such as Trustpilot or Google Play Store to see their experience with the app.
Another factor to consider is convenience. Apps that are easy to use are usually more convenient than those that require advanced technical knowledge. For example, suppose you are new to cryptocurrency. In that case, you may not be able to figure out how to set up a wallet independently.
You also need to keep fees in mind when buying crypto through an app. Some apps charge very high fees, while others offer free transactions. Look for ones that give you the lowest possible fee for each transaction.
Finally, make sure you choose an app that offers 24/7 customer service. This way, if you ever run into any problems, you won’t have to wait days or weeks to get a response.
Now that we know what to look for, we can search for the best Canadian crypto apps. The following section will walk through all the different types of apps available on the market today. We’ll discuss the advantages and disadvantages of each type of app and then give our recommendations based on those findings.
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Bitbuy is the best app to buy crypto in Canada if you’re after lower fees. It offers 17 cryptocurrencies, promptly verifies accounts, and protects your funds with a cold storage policy and other security measures. Bitbuy is a registered Money Service Business with FINTRAC.
In addition to its simple web platform, the Bitbuy app supports 17 cryptos, has the lowest trading fees in Canada, and has narrow trade spreads, around 0.3%.
They provide friendly customer services, verify accounts instantly for most users, and a Bitbuy Pro version for advanced traders. Furthermore, 95%+ of crypto assets are cold stored and insured.

The downside to this app is that its fiat deposits and withdrawals range between 0.5-1.5%. Mining costs also range from $1 to $20 for crypto withdrawals. Bitbuy is available to only Canadians and only accepts Canadian dollars.
Bitbuy’s excellent customer service, sleek mobile interface, and inexpensive trading costs are other favourites. Once you Sign up with Bitbuy using a bonus link, you get an extra $30 to trade big coins like Bitcoin and Ethereum and lesser altcoins like Cardano and Solana.
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As of 2022, Canada’s top cryptocurrency trading platform is CoinSmart. In addition to supporting 16 different coins, it provides top-notch customer service, and transaction costs are exceptionally inexpensive. Investing in CoinSmart is safe because it is a publicly-traded corporation and, as such, is subject to stringent financial controls.
CoinSmart is the best app to buy crypto because it has the lowest trading commissions in Canada, with a narrow spread of 0.3%. They provide customer service 24/7, live chat, and email support.
They store 95+% of crypto assets in cold storage and are insured for $100M.Coinsmart also verifies accounts instantly and provides a simple web platform for fast deposits and withdrawals.

In addition to the fact that typical crypto withdrawal cost ranges from $0.50 to $10, INTERAC also charges 1.5% if you deposit less than $2,000. The platform only accepts Canadian dollars and requests an extra 6% fee for card deposits.
CoinSmart has a 95% cold storage policy, meaning that 95% of its consumers’ crypto is offline. This protects users’ crypto funds from hackers and criminal actors and makes trading with CoinSmart nearly risk-free. CoinSmart is also regulated by FINTRAC and the Ontario Securities Commission (OSC).
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Coinberry is a Toronto-based cryptocurrency exchange. This platform is ideal for Canadians wishing to buy cryptocurrency using dollar-cost averaging or for new investors searching for one of the most straightforward crypto exchanges.
However, its spread rate can reach 2.5%, which adds up over time and represents thousands of dollars wasted in more significant transactions.
Coinberry offers 30 cryptocurrencies supported by the platform, and it does not charge any fees for CAD deposits or withdrawals. It also allows you to make instant deposits and withdrawals via credit card and INTERAC e-transfers.

Coinberry’s bid-ask spread rate prevents its biggest downside. However, even though there are no fees for CAD deposits and withdrawals, you still have to pay a spread charge of up to 2.5% for each transaction.
Coinberry allows customers to instantly verify their accounts, allowing them to start trading crypto in as little as one minute. The Coinberry Autopilot feature will enable you to buy cryptocurrencies using the time-tested dollar-cost averaging approach.
Lastly, if you want an app with a straightforward payment processing option, Coinberry is the best one for you.
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With Newton, it’s easy to purchase and sell crypto assets on this platform. Commission-free trading, third-party custody, and rapid account verification are just a few of the many benefits it provides. There’s no doubt that Newton is one of the best apps to buy crypto.
Compared to other Canadian exchanges, this platform has a broader range of crypto coins. Newton has a simple and easy-to-use interface, and it also has low fees and covers the C$5 network fee. Newton has robust security measures, low spreads, and a lot of liquidity.

Some users have said that the verification process can take a while. You can only make an account on this platform if you are a Canadian citizen or a permanent resident. Lastly, you can’t pull money out of Newton until they clear the fiat payments.
The team at Newton is signed up with FINTRAC and follows KYC/AML rules. Newton Exchange checks new traders’ identities, encouraging users to use two-factor authentication. Newton Exchange also keeps user funds in cold storage, connected to the internet, and spread across multiple locations.
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The VirgoCX cryptocurrency exchange is a significant player in the Canadian crypto trading business. Trading pairs with fiat (USD and CAD) and fast transaction speeds are hallmarks of the exchange.
The lack of a minimum deposit, the exchange’s transparency, and the TradingView-based trading terminal’s ease of use attract beginners.
VirgoCX is fully registered with FINTRAC and has a perfect safety record. Plus, they offer minimal fees, requiring no fees to trade, deposit, or withdraw. Lastly, the platform has an easy sign-up process to help new users learn about cryptocurrency.

Compared to platforms like Coinbase and Binance, liquidity is lower. This crypto exchange doesn’t offer ways to invest, only trading and referral programs.
Aside from being a fully regulated cryptocurrency trading platform, the app provides commission-free trading, deposits, and fiat withdrawals. You can fund your account instantly and trade different coins using Interac e-Transfer.
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Canadians can instantly use Shakepay to purchase and trade cryptocurrencies like Ethereum and Bitcoin. It has proven to be one of the best platforms to buy crypto, with over 800,000 users on the app since launching in 2015. Shakepay has an app on the App Store and Google Play. Take a look at them to get a feel for the service.
Shakepay offers a $0 transaction fee for deposits and withdrawals and free BTC for every referral you make to the platform. Another reason why Shakepay is the best app to buy crypto in Canada is that it’s easy to use and has a good support team to assist you if you have any troubles.

The downside to this app is that it only has BTC and ETH as trading currencies, plus CAD is the only acceptable fiat. Also, there are no updates such as watch list, news, research, etc.
Shakepay is the fastest way to buy or sell Bitcoin at today’s prices. The app has a simplistic interface that allows you to easily trade and manage your crypto. You can view your trade history and real-time market movements within the app.
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Netcoins is a Canadian cryptocurrency exchange with a Bitcoin ATM. It was formed in 2014 and is owned by BIGG Digital Assets, which trades on the CSE as “BIGG.”
Netcoins is easy to use for beginner crypto traders, and it provides almost-instant account verification. This platform offers a 0.50 % trading fee and has a price alerts feature. Unlike most Canadian crypto trading platforms, Netcoins supports CAD and USD, including credit card deposits and withdrawals.

This platform offers a limited coin selection compared to other crypto trading platforms. Also, it doesn’t have any sophisticated charting tools or little order books.
Netcoins allows you to set price alerts for any coin, which comes in handy if you want to expand your portfolio if a coin hits a particular threshold. It also accepts cash and crypto deposits and withdrawals.
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The National Digital Asset Exchange (NDAX) is a cryptocurrency exchange in Canada that lets you buy and sell Bitcoin, Ethereum, other altcoins, and stable coins. NDAX.io stands out in this list thanks to its low trading fees and zero maintenance fees.
The platform offers a variety of crypto/crypto and crypto/CAD pairs. NDAX.io also has high transaction speeds for trades, deposits, and withdrawals.
There’s a high level of platform security provided by multi-level encryption. Lastly, they operate with fixed trading commissions of 0.2%, which doesn’t depend on the trading volume and other factors.

NDAX.io doesn’t offer investment solutions, such as a demo account for novice traders.
NDAX.io is the best app to buy crypto because it doesn’t charge for deposits and has a fixed withdrawal fee. They don’t change based on how much you take out. Its instant crypto function allows clients to send cryptocurrencies, coins, and fiats to each other for free.
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Crypto.com is a cryptocurrency exchange that lets you trade, invest, and stake more than 250 currencies. It has reasonable fees and discounts for people who own its native coin CRONOS (CRO). It also provides an NFT marketplace and free wallets to hold your tokens.
Crypto.com provides multiple trading tools that allow you to make the most of your crypto trading. It offers low fees, a free crypto wallet, a credit card, etc. Furthermore, it supports crypto staking and token swapping, all within the app.

Users who don’t own CRO tend to pay higher fees. Some customers have also expressed dissatisfaction with the speed and quality of customer service responses. The discount tiers on Crypto.com’s trading fees may be difficult to understand.
Crypto.com could be a great choice if you want to buy and hold currencies like Bitcoin and Ethereum. The company also offers cryptocurrency credit cards, a decentralized exchange, a crypto wallet that works independently, and a marketplace for NFTs. It also lets users stake their crypto or keep it in a Crypto.com wallet for a specific timeframe to earn up to 14.5% interest.
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KuCoin is a significant exchange for cryptocurrencies where you can buy, sell, and trade them. You can do basic trading and margin, futures, and peer-to-peer (P2P) trading on the platform. Users can also stake or lend their cryptocurrency to get rewards.
KuCoin users can earn interest on their cryptocurrency by staking certain assets or lending them to others and charging interest. Compared to other large exchanges, KuCoin’s trading fees are pretty low. Each trade will cost you between 0.0125 %and 0.10%. KuCoin also lets you trade over 600 cryptocurrencies.

You may experience some difficulties using the app when there’s high traffic. There’s also low trading volume on the app, especially with smaller altcoins.
KuCoin is perfect for you if you’re looking to buy smaller and undiscovered coins, thanks to its impressive listing.
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Gemini is the best app to buy crypto if you love security and convenience. Gemini’s online storage, hardware security keys, and insurance coverage are second to none in the region.
Gemini offers close to 100 cryptocurrencies and a low minimum to fund accounts. It also has an insurance cover to protect users who lose funds due to hacks. It offers faster order execution, trading pairs and auctions for cryptocurrencies, and charting tools.

Gemini’s fees are a little higher than some other crypto brokerages. It also charges a flat 0.5% more than the current trading price for people who use its mobile and web apps. This is what Gemini calls its “convenience fee.”
Gemini has an easy-to-use interface for people new to investing in crypto. Its ActiveTrader feature is excellent for more experienced traders. Some exchanges charge less for crypto traders. Still, Gemini’s safety measures and insurance against online breaches might help people new to trading cryptocurrencies feel more at ease.

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Coinbase users can trade on two platforms: the original Coinbase platform, where users can buy cryptocurrency with CAD, and Coinbase Pro, which has advanced charting features. It lets users trade crypto-to-crypto and place market, limit, and stop orders.
Coinbase has insured its platform, allowing you receive compensation in the unlikely event of a hack. Further, Coinbase has a series of video classes and tests that you can take to learn more about trading cryptocurrencies. Users can also earn specific coins by taking the classes.

When you buy or sell cryptocurrency on Coinbase, there is a spread of about 0.5%. Depending on how the market is doing, the spread could be higher or lower. Coinbase also has a fee, either a flat fee or a fee that changes based on how much you buy and how you pay.
Coinbase is a safe way to buy and sell cryptocurrencies and invest in them. The app has an easy-to-use interface for new users, and the Pro app offers lower fees and more features.
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Although Binance doesn’t offer its services to Ontario-based users due to a suspension, it’s still the best app to buy crypto in Canada. One of the reasons is that it provides the most cryptocurrency listing than any other platform.
Binance also has lower trading fees and more cryptocurrencies than some of its competitors and is known for facilitating quick trades. Changpeng Zhao, the founder of Binance, started the company in China in 2017.
The most significant advantage of buying crypto through Binance is that it offers over 600 coins, outpacing many other cryptocurrency exchanges in the region. The app also provides a peer-to-peer network that allows users to trade crypto among themselves.
Furthermore, it offers some of the lowest trading fees around. Its app also makes it very simple to buy and sell cryptocurrencies and trade between them.
One of the significant drawbacks of purchasing crypto through Binance is that it has some restrictions. For example, Ontario residents cannot buy crypt with the app due to regulatory concerns.
If you’re looking for the best app to buy crypto in Canada, Binance is the way to go. Not only does it provide the largest selection of coins, but it also offers some of the lowest fees.
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If you’re new to the space and want a clean app to start your crypto journey, then Coinmama is for you. It allows you to buy up to 10 cryptocurrencies by acting as a broker. Furthermore, it comes with a clean interface that’s easy to navigate.
Coinmama makes it easy and quick to buy cryptocurrency with a credit card or debit card. Still, it charges high fees, probably the most elevated.
Coinmama is the best exchange for a crypto newbie to buy their first coin as it simplifies the buying process. The platform offers fast transaction times and is one of the few exchanges that accept debit card purchases in Canada.
While Coinmama does not offer live chat or phone assistance, their email help is prompt and dependable.

One downside to using Coinmama is the fees. Depending on your chosen method, you can pay anywhere between 5% to 10% when depositing funds. Advanced crypto users will find out quickly that Coinmama doesn’t have much to offer for the high fees it charges.
Overall, Coinmama is the best app to buy crypto in Canada if you just want to trade major coins. While it offers some pretty high fees, you’ll find the app convenient and responsive.
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CEX.io is the preferred crypto trading app for more seasoned users. It provides tons of features that facilitate buying, selling, and earning crypto, all in a simple, clean app. It also provides a wide selection of assets and cutting-edge trading features.
CEX.io’s wide selection of crypto listings is helpful if you want a more diverse portfolio. What’s more? It even allows you to borrow fiat for a short time using your crypto as collateral. This is especially helpful if you want to purchase a new coin without spending money from your account or using your current crypto.

CEX.io has many features aimed at different markets, making it harder for people who have never bought cryptocurrency before to use it. Even though CEX.io is a global exchange, it has less liquidity than its international competitors.
CEX.io’s Earn program, which lets you earn incentives on your crypto holdings, is one of its best features. The exchange also provides competitive interest-bearing crypto savings accounts. CEX.io excels in safety, which is a prerequisite for every crypto exchange.
There are many options to consider when finding the best app to buy crypto in Canada. Each app has unique benefits and drawbacks, so your choice will ultimately determine what works best for you.
Overall, go for an app that provides a good user experience and has a strong community of traders. If you’re looking for an app that supports multiple cryptocurrencies, ensure it’s secure and has a low maintenance fee. Finally, don’t forget to check the fees associated with each app. Thanks for checking out the best app to buy crypto!
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CoinSmart is the best option among Canadians, followed by Bitbuy. Their simplicity makes it easy for beginners to get started. They both offer competitive fees, but CoinSmart offers better customer service and a more comprehensive range of cryptocurrencies.
You can buy crypto through different crypto exchanges operating in the region. However, most Canadian residents prefer to use local platforms like CoinSmart, Bitbuy, Gemini, etc.
Shakepay, CoinSmart, and Bitbuy are the best apps to buy Bitcoin in Canada. All three provide similar services, but they differ in fees and supported currencies. Shakepay charges the lowest fees and has a simple interface.
No. You cannot buy crypto directly with PayPal. This feature is only available to US customers.
Yes, you can legally buy cryptocurrencies in Canada. However, the government doesn't consider them legal tender. So you can't use them to pay taxes even though some companies accept them as a form of payment.
Coinbase is now available in Canada and allows users to buy and sell over 100+ cryptocurrencies. There are no restrictions, and users can use the app to its fullest potential.
The safest way to buy cryptocurrency is to use a regulated crypto exchange with insurance coverage. The best option is Netcoins, followed by NDAX.io. Combined with insurance coverage, these exchanges have a clean record of security.
Yes. Most exchanges offer a web version of their platform where you can trade without downloading an app. These online platforms allow you to deposit fiat currency into your account. You also get to enjoy the same features offered by mobile apps.
Yes, the Canadian Revenue Agency (CRA) can track almost all transactions made on digital wallets. It only depends on the measures you take to obscure a specific transaction. For instance, say you purchase Bitcoin from a cryptocurrency exchange and sell it back to the same exchange 12 months later. In that instances, the CRA will be able to track your transaction efficiently. However, perhaps you send Bitcoin through multiple pseudonymous wallets and then sell it on a different exchange. In this case, it will be more difficult for the CRA to track your transaction. Note, however, that all exchanges are obligated to report all transactions above $10,000 to the CRA.
Cryptocurrencies are considered securities under Canadian law. As such, they fall under the purview of the Securities Commission of British Columbia (SCBC). Securities are tradable assets representing ownership rights or property interests such as stocks, bonds, mutual funds, real estate, etc. Cryptocurrency falls under this definition because it represents ownership rights in the property. If you're looking to invest in crypto, make sure you do so through a licensed broker or dealer.
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