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Customers can deposit funds through credit/debit cards, bank drafts, bank wires, and Interac e-Transfer. Transactions with credit/debit cards are instant, while those with bank drafts, bank wires, and Interac e-Transfer might take a day. Transaction fees for Interac e-Transfer and bank wires are 1.5% for transactions less than $1999. When the transactions are over $2000, the transaction fee is 0%. Credit/debit card transactions attract up to 6% for deposits, while bank drafts are free.
Getting Started
Opening a Coinsmart account will require your email address, password, and other personal information like your name and date of birth. Coinsmart offers a mobile app and a crypto wallet for investors. The Coinsmart referral program allows customers to refer their friends to the platform. When those individuals deposit up to $100 in their account, the user receives $15.
Bitbuy insures its digital coins using 1:1 insurance with Knox Custody. Customers can use the price calculator on the platform to see how much a transaction could cost.
Getting Started
Opening a Bitbuy account requires you to enter your email and password. Maker and taker fees on the express trade Bitbuy platform (the regular platform) are 0.5%. If you use Bitbuy Pro, the maker fees reduce to 0.10%, while taker fees are 0.20%.
Deposits
Interac e-Transfer attracts a deposit/withdrawal fee of 1.50%, while bank wires attract a fee of 0.50%. Investors can make deposits into their Bitbuy account using Interac e-Transfers and bank wires. Bitbuy offers Over-The-Counter (OTC) for customers trading more than $50,000. Bitbuy is a registered Money Service Business.
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.
Fees
Transaction 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.
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.
Regulation
Netcoins 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 Started
The 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.
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.
Fees
Although Newton charges no deposit or withdrawal fees, its spread fees cover this. The spreads range from 0.67% to 1.00%.
Support
New 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.
Coinberry offers new users automatic Bitcoin purchases as they sign up. Coinberry is insured by Lloyds and protected by the Gemini Trust Company LLC. A minimum deposit of $50 is required to open an account on Coinberry. The trading fees on this platform are high and can reach up to 22.50%.
Getting Started
Opening a Coinberry account takes the user through the instant verification process. Here, they must provide their names, birthdates, government-issued identification, and other personal information.
If the instant verification fails, manual verification will require government-issued documents. Canadians must connect their credit card with a Canadian bank account before they can use it to fund their Coinberry account. The Coinberry trading fee for cryptocurrencies is 0.5%
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 Started
Registration 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%.
MyBTC.ca is an exclusively Canadian cryptocurrency exchange that facilitates quick bitcoin (BTC) purchases at affordable fees.
Non-Custodial
As a non-custodial platform, it transfers your crypto directly to the destination wallet address provided by the user, meaning that the exchange has minimal counterparty risk and leaves you in charge of where the bitcoin or ether is sent.
Funding
Supported payment methods include Interac e-Transfer, credit and debit cards, bank wire transfer, cash or debit card and Flexepin vouchers.
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.
Fees
The 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.
Storage
Customer 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.
Binance isn’t as well-regulated as other exchanges
Extra Details
Getting Started
Customers can fund their Binance accounts using debit/credit cards, wire transfers, and bank account transfers. Credit/debit card transactions are conducted within minutes, while wire transfers and bank account transfers can take days.
Account Types
New users are to choose between an unverified Binance account and a verified Binance account. The unverified account requires just your email and password, while the verified account requires selfies, government-issued identification, and other identifications.
Unverified accounts are restricted in the transactions that they can perform, while verified accounts get complete freedom. The Binance mobile app is available for Android and iPhone users. Maker/taker fees are never high and can reach 0.1%. Binance has its own wallet, the Binance Trust wallet.
The Kucoin platform has 3 classes of cryptocurrency, where class A cryptocurrencies are the most popular coins. Class B cryptocurrency is made of lesser-known coins, and class C cryptocurrencies are rare coins. Maker/Taker fees for class A, class B, and class C coins are 0.1%, 0.2%, and 0.3% respectively.
Security
Kucoin secures its cryptocurrency in cold storage using the Onchain Custodian company. Opening a Kucoin account requires your email address, password, and phone number. However, higher withdrawal limits and other advanced features are locked till the customer undergoes the Know-Your-Customer (KYC) process. The Kucoin platform offers multiple options for customer support and the Kucoin mobile app is available for Android and iPhone users.
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 Withdrawals
The 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.
Uphold rewards traders who stake their cryptocurrencies on the platform. The blog section of the Uphold platform offers educational content to users. Uphold offers cross-asset trading, where customers can trade between stocks, cryptocurrencies, and other commodities.
Perks and Fees
Investors get a 2% cashback when they use the Uphold Rewards debit card for a cryptocurrency purchase. Investors get a 1% cashback when they use the Uphold Rewards debit card for a fiat currency purchase. Uphold has a low minimum deposit of $10. The Uphold fee spread for larger cryptocurrencies ranges from 0.8% to 1.2%.
The instant buy fees on the Cex.io platform can go as high as 7%.
Deposit
Customers can deposit funds into their Cex.io accounts using debit/credit cards and domestic wire transfers. Most customer funds on the Cex.io platform are kept in cold storage, while a few are left in hot storage. Cex.io is registered as a Money Service Business in Canada.
Getting Started
New users can register on the Cex.io website using their email address, country of residence, and password. However, this will only unlock the basic features of the platform. You‘ll need to go through a Know-Your-Customer (KYC) procedure and provide advanced information to increase your deposit/withdrawal limits.
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.
Accounts
The 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.
Fees
Transaction 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.
The minimum deposit on this platform is 1 CAD. The leverage on the Eqonex platform is up to 1:125 for futures. Commission for spot trades ranges from 0.01 to 0.09%. The commission for future trades ranges from 0 to 0.07%.
Resources
Free education articles and videos are available on the Eqonex platform for new users. Free airdrops of the Eqonex native token are available daily. Automated trading bots are available on the Eqonex platform.
Accounts
New users can choose between opening a personal Eqonex account or an institutional Eqonex account. Opening a new Eqonex account requires submitting your email address and verifying it. After that, the user would have to submit personal information like their address and valid identification.
95% of Kraken user funds are held in cold storage locations worldwide. Opening a regular Kraken account takes minutes, while the Kraken Pro account can take days.
Fees
Purchases made with a credit card on the Kraken platform attract a charge of 3.75% and $0.25. Purchases made through a bank account attract a charge of 0.5%. Trading fees for stablecoins are 0.9%, while fees for altcoins are 1.5%.
Getting Started
Opening a Kraken account requires you to provide your email address, name, address, Social Security Number (SSN), and other personal information/ 24/7 customer service is available through telephone, email, and live chat.
High trading fees for people without Cronos tokens
Extra Details
Perks
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 Fees
Crypto.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.
No commission on trades; only deposits & withdrawals
Mobile app has versions for different phones
High security for user data
Crypto and fiat currencies (CAD & USD) used for trading
No minimum deposits
No demo accounts or training guides for practice
VirgoCX offers no investment programs
Extra Details
The VirgoCX Leverage for trading is in a ratio of 1:1. The VirgoCX online platform offers two trading screens: quick trade (for amateurs) and advanced trade (for experts). Traders can use the VirgoCX Over-The-Counter (OCT) trade desk for large transactions over $30,000.
Deposit
The VirgoCX currency exchange is available for investors that want to quickly change their currency into another. Registration on the VirgoCX online platform requires a Know-Your-Customer (KYC) procedure, which can be completed in minutes. You can fund your VirgoCX account through wire transfers and Interac e-Transfers.
Withdrawal
VirgoCX has no withdrawal fees for non-ERC-20 coins. The funds in VirgoCX are secured with a Secure Sockets Layer (SSL), 2-factor authentication, and Ledger Vault Security.
WonderFi mobile app available for investors on-the-go
Doesn’t offer native token, just a tokenized stock
WonderFi isn’t available in some provinces in Canada
Extra Details
The WonderFi stock is available on Canada’s NEO exchange under the symbol $WNDR. WonderFi allows investors to trade gaming assets, Access non-Fungible Tokens, decentralized finance assets, and crypto assets. Users can only connect one browser extension and one mobile wallet to their WonderFi account.
Deposit and Withdrawal
Users can purchase cryptocurrency on the WonderFi platform using their credit card or through a bank transfer. Investors can earn interest when they buy and hold crypto tokens in the ‘earn’ section of the WonderFi app. Transactions done using Ethereum tokens require both the sender and the receiver to pay network fees. Senders pay network fees when they transfer any cryptocurrency apart from Ethereum. WonderFi has no minimum funding requirements.
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.
Account
The 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.
Investing
Investors 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.
Best Place To Buy Crypto (March 2023)
Are you a Canadian in search of the best place to buy crypto? If so, this article may provide you with the answers you seek. Cryptocurrency has garnered tremendous interest from individual investors and the finance sector. And as the popularity of various cryptocurrencies has increased, so has their value.
Everyone today wants to own a small fraction of Bitcoin, but how do you buy it? You’ll need to find the ideal crypto exchange to get started. The platform you choose depends on your experience and the features you’re looking for. Overall, Bitbuy is the best place to buy crypto as it offers a user-friendly and secure interface.
After testing the top exchanges, we’ve compiled a detailed breakdown of each, including the best place to buy crypto in Canada.
What Is Cryptocurrency?
Cryptocurrency involves the exchange of a variety of digital currencies through a transactional system known as the blockchain. These transactions are not facilitated by banks and traditional financial institutions. It’s a peer-to-peer system that allows anyone to send and receive payments from around the world. To verify their transactions, they use encryption, thus the name cryptocurrency.
Unlike physical money, these cryptocurrencies have digital entries of every transaction stored in an online database. These digital entries are available as a public ledger with every recorded transaction data. You’ll need to have a digital wallet set up where you’ll store your cryptocurrency. It takes advanced coding to store and transmit the crypto data between public ledgers and wallets.
Cryptocurrency exchanges are the best place to buy crypto. Besides offering you trading services, crypto exchanges also provide storage for your cryptos. There are hundreds of available exchanges in the market today. However, it’s best to select the exchange that best suits your needs and security expectations.
What Is the Best Place to Buy Crypto?
While there are plenty of exchanges to choose from, we have narrowed the search to a list of 13 exchanges. These 13 crypto exchanges are among Canada’s best places to buy crypto.
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1. Bitbuy
Bitbuy is a Canadian crypto exchange, which is headquartered in Toronto. They only cater to Canadian customers and accept Canadian dollars as their fiat currency to fund or withdraw your tokens. The platform also provides sophisticated features for expert traders, making Bitbuy the best place to buy crypto in Canada.
Key Features of Bitbuy
Express Trade: The express trade option makes Bitbuy the best platform for beginners. You can easily buy/sell your crypto tokens by selecting the coin and entering the amount. This makes it simpler to understand charts and advanced order trades.
Automated Trading: Bitbuy offers traders, individuals, and institutions to trade algorithmically through their advanced API. Here you can connect to more than ten markets featuring a variety of crypto-to-crypto or CAD-to-crypto pairs. This helps you to automate your trade with live exchange rates.
Comprehensive Crypto Insurance: Bitbuy transfers all its assets stored in cold storage to BitGo Trust company. BitGo is the world’s first qualified custodian purposefully built for storing crypto assets. The company covers all of these assets with a comprehensive insurance policy.
Pro Trade: Expert traders have the option of utilizing the platform’s “pro-trade” feature. Here you get access to advanced charts through which you can research and study the crypto market.
Bitbuy Pros
Offers the lowest trading fees in Canada
Instant account verification for the majority of users
Supports more than 25 currencies on the platform
Bitbuy Cons
Mining fee ranging between $1 and $20 is charged on crypto withdrawals
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2. CoinSmart
CoinSmart was founded in 2018 and is one of Canada’s fastest-growing crypto trading platforms. This exchange supports a host of digital currencies and is catered to Canadian traders. It also offers over-the-counter trading services for institutional investors and large-volume traders.
Key Features of CoinSmart
Instant Account Verification: When you sign up for CoinSmart, you only have to provide your name, address, phone number, DOB, and email id. Most of the accounts are then verified automatically in just a few minutes.
Robust Security Measures: CoinSmart is Canada’s only publicly traded crypto exchange platform. This means that it is subjected to more financial scrutiny than any other platform in the market. CoinSmart also has a cold storage policy in place that is set at 95%.
Low Trading Fees: CoinSmart charges up to 0.20% in transaction fees, one of Canada’s lowest trading fees across all exchanges. This is made possible because the spreads between the buying and selling prices are incredibly thin. As a result, traders have the freedom to trade more frequently at a lower cost.
Interactive Mobile Application: The platform offers a user-friendly and interactive mobile application through which you can trade on the go. CoinSmart app provides advanced security features, including two-factor authentication and fingerprint login.
CoinSmart Pros
Offers a robust, advanced trading platform for experienced traders
Quick deposits and withdrawals
Supports multiple fiat currencies
CoinSmart Cons
Only accepts CAD as fiat currency
Withdrawals of fiat can take up to 5 business days
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3. Coinberry
Coinberry is a leading cryptocurrency exchange headquartered in Toronto and registered under FINTRAC. The platform offers a user-friendly interface where you can trade Bitcoin, Ethereum, Litecoin, and other altcoins. You can register on the platform in 60 seconds and start trading with just $50.
Key Features of Coinberry
Autopilot: By using Coinberry autopilot, you can easily set up crypto currency purchases on a daily, weekly, or monthly basis. This simplifies the process of investing through the exchange.
Coinberry Pay: The platform provides a straightforward payment processing solution for merchants. With this feature, your cryptocurrencies can be used to purchase goods from these merchants. The cryptocurrency is immediately converted to CAD and transferred into the respective banking account.
0% Deposit Fee: The platform does not charge fees when depositing or withdrawing your cryptocurrencies. This enables you to transfer more crypto into your wallet and get more value for your portfolio.
Quick Processing Time: Coinberry offers its customers extremely low cost and fast processing times. This is made possible due to its expansive network of service providers capable of handling large quantities of orders.
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4. Newton
Newton is a growing cryptocurrency exchange where you can trade without paying any commissions. The platform is named after Isaac Newton and supports more than 70 cryptocurrencies. In addition, there are no trading fees to worry about with Newton. And they are explicitly geared toward the Canadian market. Therefore, it’s no surprise that Newton is a contender for the best place to buy crypto in Canada.
Key Features of Newton
Instant Account Activation: Newton makes the sign-up process seamless by instantly verifying your account. This is beneficial when you’re looking to trade on short-term price movements. After your account gets verified, you can fund your wallet through Interac e-transfer, bank wire, or crypto deposits.
0% Trading Fees: Newton does not charge their customers any trading, deposit, or withdrawal fees. This makes it the best place to buy crypto in Canada.
Third-Party Custody: The platform has partnered up with Balance and Fireblocks for the custody of their crypto assets. They will keep your digital assets safe in offline storage at institutional-grade storage facilities.
Newton Pro: This crypto exchange platform offers an advanced beta version for experienced traders. These features include order book, limit orders, transfer, and more. This enables you to get hold of tighter spreads and offers higher liquidity.
Newton Pros
Offers an interactive and intuitive interface
Provides access to a wide range of crypto tokens
Offers strong security measures
Newton Cons
Not suitable for advanced traders
Only Canadian citizens can sign up for the platform
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5. VirgoCX
VirgoCX is a prominent exchange created to simplify cryptocurrency investment and trading. It simplifies the trading experience and empowers clients with exceptional security and liquidity. VirgoCX is the ideal choice for individuals in need of a straightforward and inexpensive cryptocurrency exchange.
Key Features of VirgoCX
Low-Cost Trading: VirgoCX aims to lower user costs by offering a commission-free trading experience. The platform doesn’t charge any deposit fees as well. However, it does charge a small percentage of withdrawal fees.
Efficient Payment Gateway: The platform offers an efficient gateway for fiat currencies. VirgoCX has partnered with reputed payment solutions, helping you make fast and seamless deposits or withdrawals. This holds true for both domestic & international payments.
Robust Security Measures: VirgoCX offers impeccable security with offline crypto wallet technology. More than 90% of the users’ funds are stored in cold wallets. The fat currencies deposited on the platform are held in trusted and reliable financial institutions.
NFT Marketplace: VirgoCX is one of Canada’s first crypto exchange platforms offering NFTs and cryptocurrencies. This is beneficial if you are looking to invest more deeply in the blockchain industry and looking to manage everything on a single platform.
VirgoCX Pros
Regulated platform with high-security standards
Lower withdrawal fees
Offers a great selection of crypto tokens for Canadian investors
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6. Shakepay
Shakepay was one of the first platforms to support digital currencies in Canada. It provides a platform for Canadians to buy and sell Bitcoin and Ethereum almost instantly. This platform makes it easier to transfer your cash into external crypto wallets. Shakepay makes it incredibly easy for beginners to create a profile and start trading.
Key features of Shakepay
Instant Trade: With Shakepay, you can quickly start trading your crypto tokens once you have signed up on the platform. Simply transfer funds into your account and select the crypto token you like.
Price Alerts: The platform allows you to set up custom notifications on your dashboard. This streamlines your trading experience. You can set up personal notifications and get notified when Bitcoin or Ethereum reaches a specific price point.
Earn Rewards: Shakepay encourages users to check their profiles daily by offering exciting rewards. You can earn rewards by opening the app once daily and shaking it from side to side. The free crypto rewards are automatically added to your wallet.
Recurring Buys: With Shakepay, you can make a rule to buy crypto tokens daily, weekly, or monthly. You can do this by setting up a recurring buy option and stating the amount. However, you should ensure that your account is equipped with sufficient funds.
Shakepay Pros
Doesn’t charge any transaction fees on deposits or withdrawals
Offers an easy-to-use and intuitive interface
Knowledgeable and responsive customer support team
Shakepay Cons
Supports only two cryptocurrencies
Only accepts CAD as a fiat currency
Lacks watch list and advanced trading charts to research the market
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7. Crypto.com
Crypto.com is a one-stop shop for buying and staking your crypto tokens or NFT. It entered the Canadian market with a promise of supporting a wide variety of coins and charging lower trading fees. Crypto.com is gaining popularity with Canadians and has become the best place to buy crypto.
Key Features of Crypto.com
Instantaneous Price Updates: The platform offers rapid price updates. Their interface is updated once every few seconds, ensuring they display the correct pricing. This gives you a leg up on the rest of the market.
Strict Security Protocols: com has invested a great deal into its security, making trading with them more manageable. It grants you control of your private keys and offers a cold storage policy to prevent hacking or theft.
Crypto Staking: The platform lets you stake your crypto tokens and earn an annual interest on them. When you stake your stable coins with Crypto.com, you can receive up to a 14% yearly return when you stake your stable coins with Crypto.com.
Multiple Crypto Tokens: com supports more than 150 cryptocurrencies on its platform. Therefore, the platform is ideal for Canadians who want to invest in undiscovered altcoins. With its vast selection of cryptocurrencies, Crypto.com is the best place to buy crypto in Canada.
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8. KuCoin
KuCoin has a solid user base and offers advanced trading features, making it the best place to buy crypto in Canada. It was launched in 2017 and offers hundreds of cryptocurrency tokens to traders. This simple and secure platform has made a considerable impression worldwide and hosts more than 8 million users.
Key Features of KuCoin
Crypto Staking: You can earn passive income on KuCoin by staking your crypto assets. These staked coins help validate the network and keep it secure. Additionally, you can earn rewards by staking your tokens for a specific period.
Trading Bots: KuCoin offers more than 5 million trading bots. When you configure these bots, they can automatically buy or sell your cryptocurrency to generate more yield. And it permits you to set up more than one bot.
Margin Trading: KuCoin allows margin trading, where you can leverage your position by borrowing money and buying additional crypto tokens. Advanced traders can trade top cryptocurrencies on the spot.
Multiple Payment Methods: KuCoin gives you various options to fund your wallet. You can buy crypto easily with a credit/debit card, bank transfer, Apple Pay, Banxa, or Simplex.
KuCoin Pros
Offers a wide selection of cryptocurrency tokens
Lower trading fees
Offers advanced charting tools to analyze and automate your trades
Buying and selling crypto is simple, reliable, and secure
24/7 customer support
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9. Gemini
Gemini is a user-friendly cryptocurrency exchange, a good choice for beginners and experienced traders. The platform offers a streamlined trading view making it simpler to research the crypto market. You also access dynamic price alerts and set recurring buys for your portfolio.
Key Features of Gemini
My Portfolio: Gemini gives you access to a ‘My Portfolio’ feature, where you can view your account at a glance. It gives a detailed report on your account balance, percent change, and 24-hour change.
Hot Wallet: The crypto trading platform offers a hot wallet backed by digital asset insurance. This means that the funds stored in your wallet are covered in the event of a security breach.
Advanced Trading Features: Make the most out of market opportunities by looking deeper into the order book. The platform can execute trades in microseconds by breaking through speed barriers without compromising security.
Robust Security: Gemini is one of the first trusted platforms that focus on robust security protocols. Their team’s mission is to create the most innovative solutions to ensure that traders and their assets are secure. This is one of the reasons that Gemini is the best place to buy crypto.
Gemini Pros
Offers a wide variety of cryptocurrencies
Interactive and easy-to-use interface
Offers informational training materials and tutorials
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10. Coinbase
Coinbase is among the largest cryptocurrency trading platforms worldwide. While its headquarters are in the US, it’s still a popular platform for Canadians to trade digital currencies. Its comprehensive mobile app makes trading easier for beginners.
Key Features of Coinbase
Crypto Wallet: Coinbase gives you access to an online storage wallet through its wallet application. This way, you can easily handle your crypto assets and control your private keys from your mobile device.
Advanced Charts: If you are a Coinbase Pro member, you get access to an advanced trading platform. This includes expert charting tools, helping you analyze the right time to make your crypto trades.
Secure Platform: Coinbase has a sterling reputation when it comes to security. 99% of its users’ digital assets are kept in cold storage, which is offline. You can also secure your account by setting up two-factor authentication.
Coinbase Earn: The platform gives you access to an earn feature through a collection of educational materials. Essentially, you’ll be required to watch a series of video tutorials on various cryptocurrencies. After that, you’ll be asked to complete a quiz. You’ll be rewarded with a small amount or crypto if you answer correctly.
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11. Binance
Binance is the most popular crypto trading platform in the world. The platform extends its features to over 180 countries globally. And it accepts payments in more than 50 currencies. It also offers the lowest transaction fees, making it the best place to buy crypto in Canada.
Key Features of Binance
Peer-to-Peer Exchange: Binance allows you to buy or sell your digital currency from other users through its peer-to-peer exchange tool. This may be a cheaper option than buying directly through the website. Most of the Canadian traders on the platform accept Interac e-transfer.
Binance Pay: The platform also offers an exclusive payment platform where you can send or spend your crypto without paying additional fees. You can shop at businesses like Travala that support this payment option.
Advanced Trading Options: This trading platform offers a host of features for seasoned traders. It is an excellent platform for buying tokens that are not well known.
Binance Earn: With Binance Earn, you can stake your cryptocurrencies and earn rewards at an annual rate of 0.8% to 123%. This depends upon how long you stake your coins.
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12. Coinmama
Coinmama is a leading crypto exchange that lets you purchase some popular cryptocurrencies. They also allow their users to sell Bitcoin for cash. It offers an intuitive interface for a user-friendly trade experience.
Key Features of Coinmama
Fast Track Verification: With Coinmama, you can access a fast-track verification process. This allows you to set up a new account and verify it in just a few minutes.
High Spending Limits: The platform offers higher transaction limits when compared with its competitors. Your personal limit will increase as you trade more cryptocurrencies on the platform. If you need a monthly limit of more than $100,000, you can reach out to Coinmama for VIP verification.
Credit Card Payment: Coinmama was one of the first trading platforms that authorized the purchase of cryptocurrencies through credit cards and Apple Pay. You can purchase the digital currency via Visa or Mastercard credit card.
Instant Delivery: Once your payment goes through the platform, the cryptocurrencies are instantly added to your wallet. However, you should note that the exchange lacks a crypto wallet service. You will need to connect an external wallet to the platform.
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13. CEX.io
CEX.io is a trusted & secure Bitcoin and crypto exchange platform. It offers one of the most secure platforms for trading, buying, selling, and earning cryptocurrencies.
The exchange offers a broad spectrum of assets and numerous features catering to the beginner and expert. CEX.io is a regulated service established in 2013 and has facilitated crypto transactions for over 4,000,000 people globally.
Key Features of CEX.io
Multiple Payment Options: This crypto trading platform supports various payment methods, making it easier for you to trade on their platform. CEX.io supports payment via Visa, Mastercard, bank transfer, and cryptocurrencies.
Robust Security: io ensures that its platform offers top-tier security to its users. It protects against DDoS attacks by fully encrypting their data. They also use cold storage to store a certain percentage of their cryptocurrency.
Competitive Commissions: The platform charges the most competitive fees in the industry. They charge 0.25% taker and just 0.15% maker fees.
Crypto-Collateralized Loans: With CEX.io, you can take out crypto-collateralized loans as fiat currencies. This way, you to hold into your cryptocurrency investment when you require cash. A loan facility such as this makes CEX.io the best place to buy crypto in Canada.
CEX.io Pros
Regulated and licensed global platform.
Offers an opportunity to earn crypto.
Supports many cryptocurrencies, including Cardano and Ethereum.
CEX.io Cons
Offers a complicated fee structure.
Limited educational content.
Steep learning curve.
How to Invest in Crypto Safely
Although you can use any crypto exchange to buy crypto, it is essential to consider a few important factors when researching. Here are some critical factors to look for in the best platform to buy crypto in Canada.
Research Crypto Exchanges
Learn more about multiple exchanges before you decide to invest in cryptocurrency. You can have a look at the exchanges mentioned above. It is always recommended to read multiple reviews, research well and talk to financial experts when needed.
Availability of Exchange in Your Location
Not every exchange platform serves globally. Therefore, ensuring that the platform and its features are available to users in your area is vital. For example, Binance is a global cryptocurrency exchange, but the residents of Ontario cannot access it.
Learn to Store Your Digital Currency Securely
Next to consider when finding the best place to buy crypto is safety. You need a secure place to store the cryptocurrency you buy. For this, you can either keep it in the exchange or use a digital wallet. Since there are many types of wallets, each has its use, benefits, security, and technical requirements. When choosing an exchange, you should also do thorough research before deciding on a storage place for your cryptocurrency.
Diversify Your Investments
Diversifying investments has always been a good strategy and is still valid when investing in cryptocurrency. Just because Bitcoin is a familiar and popular name doesn’t mean you should invest all your money in it. You can choose from alternate options available.
Prepare for a Volatile Market
Finally, when finding the best place to buy crypto, consider the market. Since the crypto market is unpredictable, you should always be prepared for dramatic price swings. For this reason, it’s essential to consider the stability of your investment portfolio and your mental well-being before making a move. If the unpredictability of the market is too stressful for you, perhaps you should reconsider investing in cryptocurrency.
Best Place to Buy Crypto Takeaway
Let’s wrap up our take on the best place to buy crypto. Cryptocurrency is the latest financial trend that will continue to grow with time. When looking for the best place to buy crypto, you should adequately research multiple exchanges and digital wallets before investing.
This will allow you to find the best suitable platform as per your requirements and geographic location. To learn more about the best place to buy crypto in Canada, you can use Comparewise and compare multiple exchanges. Thanks for checking out the best place to buy crypto!
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Cryptocurrency is legal in Canada, and you can easily buy, sell, or trade crypto. However, the Canadian government has not accepted cryptocurrency as a legal tender.
What Is the best place to buy crypto in Canada?
We suggest you try the exchanges detailed above to find the one that best suits your needs. Our top picks from the list are Bitbuy and CoinSmart. All platforms have unique benefits and features; therefore, reading our reviews before deciding is good.
Which platform Is the best Canadian crypto exchange?
Bitbuy stands as stands head and shoulders above the rest when it comes to Canadian crypto exchanges. This is primarily because of its low trading fees and user-friendly mobile application. Bitbuy also claims to store the user funds in cold storage.
What Is the best exchange for buying and selling Altcoin in Canada?
VirgoCX, Newton, and Crypto.com are among Canada's best altcoin exchanges. VirgoCX allows you to trade altcoins directly, minimizing the fees. Newton offers 70+ altcoins to choose from, whereas Crypto.com provides the most significant number of altcoins in Canada.
What crypto wallet is the safest to use in Canada?
ZenGo is the safest crypto wallet in Canada today. It uses multiple technologies like facial & fingerprint scanning and two unique secret codes. This makes it extremely challenging for hackers to access your ZenGo wallet.
What's the best cryptocurrency exchange for day trading in Canada?
Bitbuy is the best cryptocurrency exchange for day trading in Canada. Besides having a low fee structure, they also update the prices multiple times every second. This makes the platform most useful for day traders.
What are the legal crypto exchanges in Canada?
The exchanges that legally operate in Canada are Bitbuy, CoinSmart, Crypto.com, and every other platform mentioned in the list. No illegally run platforms are included in the list as they have a higher chance of shutting down like Binance.
Which crypto is the safest?
Since Bitcoin is the first and most established cryptocurrency, it is trusted and accepted by many merchants globally. It is always important to note that investing in crypto is risky. Be mindful of the fact that the market is unpredictable. As such, there’s always a chance that you could lose the money you’ve invested.
What Is the best place to buy Bitcoin in Canada?
In a few easy steps, you can use CoinSmart or Bitbuy to purchase your bitcoin. This purchase includes a commission charge ranging up to 0.20% of the total deposit amount.
Can the CRA track my crypto?
The CRA can track all your crypto transactions and trades. However, it entirely depends on your measures to obscure your activity. If the crypto stays in your exchange wallet and does not move for months, it can be easily tracked. But the process can get extremely challenging if the crypto is transferred through different anonymous wallets.
Earn Crypto Bonuses
See the top crypto deals and welcome bonuses on the market.
