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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.
Cheapest Cryptocurrency Exchange (December 2023)
Whether you’re a beginner or an experienced crypto trader, finding the cheapest cryptocurrency exchange is essential to your success. Cryptocurrency trading has become more popular than ever before.
In fact, according to CoinMarketCap, there are currently over 10,100 cryptocurrencies in existence as of May 2022. This number continues to grow by the day. Looking for the cheapest cryptocurrency exchange? Our guide is all you need to buy & sell cryptocurrency in the most cost-effective way.
For Canadians looking to buy cryptocurrency, Bitbuy offers the most competitive pricing. Coinsmart comes in at a close second as one of the cheapest cryptocurrency exchanges. And Coinberry is the third cheapest on our list. Other cost-effective exchanges include Newton, VirgoCX, Shakepay, Netcoins, NDAX.io, Crypto.com, KuCoin, Gemini, Coinbase, Binance, Coinmama, and CEX.IO.
You may not realize that your choice of cryptocurrency exchange dramatically impacts how much money you can make from trading. As a result, choosing the best of these platforms is essential as a crypto trader. The most important thing to consider is how convenient buying and selling digital currency is.
While considering security and safety, look into how much the exchange charges transaction fees. As such, finding the cheapest cryptocurrency exchange that offers the best rates will save you both time and money. Below we have reviewed some of the top crypto exchanges available today regarding transaction fees. We hope that this review helps you find the best place to buy, sell, trade, and store your coins safely.
What to Consider When Finding the Cheapest Cryptocurrency Exchange?
The first thing to consider is whether or not the exchange offers fiat onramps. If you want to purchase Bitcoin (BTC) or Ethereum (ETH), you need to fund your account. You do this using traditional bank accounts like credit cards or debit cards. While many platforms allow users to deposit funds via wire transfer, these methods carry high fees and take days to clear.
You’ll also want to check if they allow you to deposit using your local currency. Some platforms only accept deposits in USD, while others don’t care where you get your money. However, you should be able to deposit and withdraw using Canadian dollars.
Another factor to consider is whether the exchange supports multiple cryptocurrencies. Suppose you plan to invest in several different types of altcoins. In that case, you’ll want a platform that allows you to swap between them easily.
Also, you need to consider the ease of use. If you’re new to crypto trading, you might be overwhelmed by all the different options. A good exchange should provide intuitive user interfaces so that you don’t have to spend hours learning about complex features.
Here are the main features you must look for in any cryptocurrency exchange before signing up:
Payment Options
A cryptocurrency exchange should have a plethora of payment options to suit several users. You should be able to use the most common alternatives like traditional bank transfers and credit cards. Aside from the available methods, check to see what fees you have to pay for using them.
Supported Coin
The more coins the exchange supports, the better for you. Of course, this should include the common ones like Bitcoin, but less popular options should also be available.
Website’s Interface
If you’re new to the scene, you need an accessible site. Avoid cryptocurrency exchanges whose page is too clustered for you to understand. Once you have found your footing, these complicated platforms won’t be a problem.
Transaction Fees
You don’t want the stress of paying extra every time you transact on an exchange. Therefore, one of the questions you need to answer is how much it takes to buy and sell. If the extra fees it incurs are too high, opt fr another option.
Customer Support
Customer support should be your first stop when you face difficulties on these platforms. This section is where you should be able to get answers to your questions. No matter how challenging it is. So, you can see why it’s necessary to have reliable customer service available.
While these sites would have an FAQ page, you should look for more diversity. There should be an email address you can message and live chat to connect with a representative. The best of these sites would have a telephone number you can call to speak to someone directly. Furthermore, you should check to see how many hours they work daily.
Regulation and Security
One of the most crucial aspects you should consider is the regulation. What license do these sites have to operate? What jurisdiction can they offer services legally? Always ensure that these exchanges have legal backing before creating an account.
Furthermore, they should boast of security protocols that keep your money safe. Ensure they use cold storage to protect your assets. It’s also good to read their terms and conditions and learn more about their privacy policy.
Trading Tools
Even if you’re an experienced trader, you need tools to facilitate your work. Some of the essential things to look for include an OTC desk and a live order book.
The Cheapest Cryptocurrency Exchange: Top 15 Ranked
This review will cover the top 15 ranked exchanges based on their fees, customer support, and reputation. Keep reading to learn which exchange is the cheapest among the best!
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1. Bitbuy
Bitbuy is a Canadian cryptocurrency exchange that opened its doors in 2016. The Toronto-based company has over 400,000 Canadian traders, thanks to its ease of use and low fees. Its simple interface makes it easy for beginners to navigate and even easier for those who already know what they’re doing.
Bitbuy is the cheapest cryptocurrency exchange in Canada, with 0.1% – 1.5% transaction fees. Since it’s available to only Canadian residents, it only accepts Canadian dollars for transactions. Users can deposit funds through Interac e-transfers, crypto deposits, and bank transfers.
Furthermore, the exchange is the first regulated cryptocurrency marketplace in Canada and is registered under FINTRAC. All funds on Bitbuy’s cold storage are maintained by BitGo Trust Company with an insurance cover, giving you peace of mind.
Bonus: Bitbuy offers a $30 welcome bonus when you sign up on the platform and make your first transaction.
Fees: Pro trade fee 0.1% – 0.20%, express trade fee 0.20%. CAD deposits and withdrawals using Interac e-transfer incur a 1.50% fee. On the other hand, bank wires CAD deposits incur a 0.50% charge, while withdrawals incur a 1.00% transaction fee. Digital currency withdrawal fees vary.
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2. CoinSmart
Also based in Toronto, Canada, CoinSmart is another popular choice for Canadians looking to buy bitcoin and other cryptocurrencies. This cryptocurrency exchange is registered as a money exchange business with FINTRAC and audited by the Ontario Securities Commission (OSC).
The platform supports several deposit methods, including credit and debit cards, Interac e-transfers, wire transfers, bank draft, and ETF. However, transaction fees vary depending on the method used.
Bonus: You can get $50 CAD worth of Bitcoin when you sign up using the promo code COMPAREWISE. You have to note that you must fund your account with a minimum of $200.
Fees: The trading fees on CoinSmart range from 0.20% to 0.30%. Deposits via wire transfer are free, while withdrawals incur a 1.00% fee. Fees on Interac e-transfers vary between 0% and 1.5%, while debit/credit cards may go up to 6%.
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3. Coinberry
Next on our list of the cheapest cryptocurrency exchange in Canada is Coinberry. Though it launched in 2017, this crypto exchange is one of the most affordable platforms on our list. Coinberry comes with zero fees when depositing or withdrawing CAD.
Users can fund their accounts using various deposit methods like credit cards and debit cards. Others include Interac e-transfer, crypto deposits, and wire transfer.
Coinberry became the first Canadian crypto exchange to provide Bitcoin tax payment through its partnership with the Richmond Hills and Innisfil cities. Its most appealing feature is the Coinberry Autopilot. The feature allows you to purchase crypto automatically through the dollar-cost averaging strategy.
Cryptocurrency traded: Supports 18 cryptocurrencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, and Stellar.
Minimum Deposit: C$100
Fees: There are no fees for CAD deposits and withdrawals. However, each spread may have a trading fee ranging from 0% to 2.5%.
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4. Newton
Newton launched in January 2018 and has solidified itself as one of the leading crypto exchanges in Canada. It provides a fast signup process and instant verification to ensure users can start buying and selling cryptocurrencies within minutes.
It also boasts an easy user interface that makes it easy for beginners to navigate. Newton’s main focus lies on security and privacy. The company stores most of its funds offline to protect against hacks and security breaches. It also holds all customer information exclusively in Canada to ensure maximum protection.
Another benefit of using Newton is that it provides Canada’s most extensive cryptocurrency portfolio, with over 80 coins available for trade. Newton also updates this list monthly to ensure users access the latest altcoins.
Pros of Newton.co
Cons of Newton.co
+ Great for beginners
+ Instant trading
+ Lots of coins
+ Low fees
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5. VirgoCX
If you need a well-grounded crypto trading platform, check out VirgoCX. Founded in 2018, VirgoCX aims to provide everything a Canadian needs to start navigating through the crypto world effortlessly.
One significant advantage of using VIrgoCX is that it allows you to deposit and withdraw in CAD and USD. Furthermore, there are no deposit, withdrawal, or trading fees on the platform, making it the cheapest cryptocurrency exchange on this list.
The best part about VirgoCX is that it caters to all levels of investors. These include people looking to trade all types of coins to miners and traders who want to trade large blocks. Its same-day, no-limit, rapid settlement system ensures that trades are processed quickly and efficiently.
As if these aren’t enough, VirgoCX covers the first $6 in mining fees when withdrawing ERC20 tokens. As a security measure, the company maintains a 95% cold storage policy to ensure your money remains safe. It also requires a 2-factor authentication (2FA) to log into your account.
In addition, it supports over 50 cryptocurrencies, including stablecoins, altcoins, and metaverse coins. It also offers an NFT marketplace where users can buy and sell collectibles.
Cryptocurrency traded: Bitcoin, Ethereum, Doge, Shiba Inu, Tether_TRC20, Decentraland, etc.
Minimum Deposit: This depends on the payment method used. There’s no minimum when depositing CAD using Interac e-transfer, while the minimum amount for wire transfers is $3,000. The minimum USD deposit via wire transfer is $500, while crypto deposits are free.
Fees: Cash deposits and withdrawals are free. Crypto deposits are free, while withdrawals are free for all major coins. Spreads, however, attract a 0.5% – 1% fee.
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6. Shakepay
ShakePay provides Canadians with a fast, secure, and reliable way to purchase digital currencies. While you may not consider them a fully blown crypto exchange, their app makes it easy for beginners to get started. It provides the essential tools for buying and selling Bitcoin and Ethereum.
Shakepay also doesn’t charge any fees for its services. This is possible because users don’t trade among themselves but with the platform. What they do is they add a few extra cents to the purchase of cryptos and remove some from the selling price.
The Montreal-based company allows users to deposit and withdraw CAD via Interac e-transfer and wire transfer. Another great thing about ShakePay is that it has a mobile app which means you can use it anywhere you go.
The most significant appeal of ShakePay is that it offers a crypto VISA card. With this card, users can spend their cryptocurrency wherever Visa is accepted and get cashback in Bitcoin. Getting a card is easy. You need to complete the signup process and request it on the dashboard.
Cryptocurrency tradable: Bitcoin and Ethereum.
Minimum Deposit: $5
Fees: Deposits and withdrawals are free. However, the platform charges 1.2% to 2.5% for trading.
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7. Netcoins
Netcoins is the oldest site on our best cryptocurrency exchange list. Since its founding in 2014, this Canadian exchange has supported cryptocurrency exchange with CAD and USD. Therefore, it allows users to get their hands on crypto.
The platform didn’t start as a crypto exchange. It provided Bitcoin automatic teller machines (ATMs) at launch while providing more established institutional investors private trading services. Netcoins has since expanded to become a convenient and reliable trading platform that caters to all levels of traders.
Like Shakepay, Netcoins offers a VISA prepaid card that allows you to withdraw your crypto earnings as Canadian dollars. You can use it to pay bills and complete transactions wherever VISA is accepted. Plus, you earn a cashback in Bitcoins whenever you use the card.
Another unique feature of Netcoins is its one-click trade and limit orders that allow you to buy or sell cryptocurrencies without any professional assistance. Also, the platform boasts an intuitive interface that is easy to navigate and understand.
Tradable assets: Netcoins currently supports 11 coins, including Bitcoin, XRP, EOS, Bitcoin Cash, Tether, Litecoin, Ethereum, ALGO, etc.
Minimum Deposit: $50
Fees: You can deposit and withdraw your CAD free of charge. You can also deposit your crypto for free; however, withdrawal attracts a flat fee (Bitcoin – 0.0005 BTC). Crypto asset trading attracts a 0.5% fee plus additional spread/markups.
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8. NDAX
NDAX.IO is a relatively new exchange that was founded in 2017. The Calgary-based crypto exchange provides a wide range of services that help users monitor their assets. It supports instant deposits and withdrawals in Canadian dollars, a mobile app for iOS and Android, low trading fees, and other asset management tools.
It offers some of the lowest fees, making many Canadians believe NDAX.IO is the cheapest cryptocurrency exchange available. It doesn’t even charge any fees when depositing funds.
Security is also something NDAX.IO takes seriously. The platform’s partnership with Ledger Vault ensures that user funds are kept safe in cold storage. Furthermore, the platform hasn’t experienced any cyber attack since its inception compared to other companies in the industry.
NDAX also offers a variety of payment methods for Canadians who want to make purchases using CAD. Users can fund their accounts through Interac e-transfer, Wire transfer, and bank draft. However, it doesn’t support payments with credit or debit cards.
Tradable Assets: NDAX.IO supports over 13 digital currencies, including Bitcoin, Dogecoin, Cardano, Litecoin, USDT, Compound, Aave, Chainlink, Ethereum, XRP, Polygon, EOS, Stellar Lumens, Polkadot, Uniswap, and many more.
Minimum Deposit: There are no minimum or maximum deposits and withdrawals on the platform.
Fees: Deposits on the platform are free. You can also send, request, and gift cryptos to other NDAX users for free. However, there’s a fixed 0.2% fee on all buy and sell orders. Bank and wire withdrawals also attract a $25 fixed fee. Then there are hidden fees on spreads.
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9. Crypto.com
Crypto.com is another popular Canadian crypto exchange that has been around for quite some time now. With over 10 million users, Crypto.com has become one of the most trusted platforms among beginners and seasoned traders alike.
Crypto.com only recently opened its doors to Canadian residents in January 2021, but it already has a strong presence in the country. Furthermore, it provides a more mature experience than other Canadian exchanges.
Besides supporting over 250 cryptocurrencies, Crypto.com allows users to deposit any coin for free. Thus, it is ideal for people looking to uncover the best altcoins before others find them.
Crypto.com also has unmatched features such as options and futures trading, interest-bearing coin staking, and an intuitive wallet. Furthermore, it allows you to trade coins with up to 10x leverage when you feel confident about your trades. Plus, it allows you to buy newly listed coins at up to 50% off the market price.
Tradable assets: Crypto.com supports over 250+ tokens, including Bitcoin, Ether, Ripple, Dash, Monero, Zcash, NEO, Binance Coin, and Cronos.
Minimum Deposit: $20
Fees: Deposit is free. New users enjoy three months of free trading with an average trading fee of 0.4% from the fourth month.
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10. KuCoin
KuCoin is yet another popular Canadian crypto exchange based in Canada. The company was founded in 2017 and currently boasts over 200 coins and 400 markets. The main reason why KuCoin remains so popular is that it doesn’t force KYC verification. This means that anyone can open an account without providing personal information.
KuCoin offers one of the most impressive suites of tools available on any exchange today. It includes margin and futures trading, fiat onramp, non-custodial trading, lending and staking services, peer-to-peer trading, etc.
Tradable assets: KuCoin supports over 200 + cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin, Cardano, XRP, USD Coin, Dogecoin, Polkadot, Uniswap, and more.
Minimum Deposit: $5
Fees: KuCoin bases its fee on a tiered taker/maker system where trading fees range between 0.0125% and 0.1% depending on your tier level. This makes it another option when looking for the cheapest cryptocurrency exchange.
Buying and selling crypto is simple, reliable, and secure
24/7 customer support
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11. Gemini
Gemini might be just what you’re looking for if you need a user-friendly platform that makes it easy to buy and sell digital currencies. Its features cater to all types of traders, from casual investors to experienced professionals.
The exchange is known for being extremely secure, so industry experts often recommend it. While it boasts low transaction costs, its fees are higher than others on the list. Therefore, it’s not suitable for people who like making small trades.
However, Gemini outweighs this lapse with other benefits such as a hot wallet and crypto prepaid card. Users can also enjoy interest-earning accounts, peer-to-peer trading platforms, and more.
Tradable assets: Gemini supports over 70 currencies. These include but are not limited to Bitcoin, Chainlink, Dogecoin, Polygon, Uniswap, Bitcoin Cash, Ethereum, and Dai.
Minimum Deposit: $2
Fees: Like every of the cheapest cryptocurrency exchange, the fees on Gemini varies. It has a fixed amount for trades under $200 and as little as 1.49% for transactions above $200. However, users who prefer debit and credit cards pay higher fees of 3.49%.
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12. Coinbase
Since the exchange debuted in 2012, it has gathered an enormous following. Today, it is one of the largest and cheapest cryptocurrency exchange sites by trading volume. An intuitive interface and a user-friendly site are the best places to start as a beginner.
Buying and selling is a breeze, as it supports several cryptocurrencies. Users can earn interest in their balances or get a small amount of a new virtual currency via Coinbase. One thing to note is that you’ll have to deal with high transaction fees when using this platform.
Thankfully, upgrading to Coinbase Pro eliminates this problem by lowering its service fee. It also comes with several perks exclusive to pros.
Furthermore, it is accessible via the web and mobile devices like Android and iOS. Both platforms offer the same experience and are simple to use.
Tradable assets: Trading on Coinbase is possible in over 100 cryptocurrencies. Some of the options available include Bitcoin, Ethereum, USD coin, Dogecoin, Algorand, and Stellar lumens. Its list of virtual coins is still growing with the introduction of more of these currencies.
Fees: The trading fees on Coinbase Exchange follow a maker-taker fee model. Orders that provide liquidity (maker orders) incur different fees than orders that receive liquidity (taker orders). Amounts depend on the pricing tier when you place an order, not where you would be in after a trade. When placing an order at the market price, the platform considers you a taker and charges a fee between 0.5% and 0.6%.
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13. Binance
You can’t mention the cheapest cryptocurrency exchange platforms without mentioning Binance. Binance offers a wide range of trading opportunities to its users. In addition to spot trading, the top platform allows users to trade margins, options, and futures around the clock.
Binance Futures has become one of the most liquid derivatives exchanges globally because of its wide range of trading pairs. Orders for purchase and sell will always be filled on time, and traders will not have to worry about slipping.
Another perk of Binance Futures is its incredibly inexpensive charge structure. Traders can keep more of their hard-earned gains as maker/taker fees might be as little as 0.000 percent /0.017%. Holding BUSD or BNB reduces these fees even further.
Every trader can benefit from Binane Futures’ generously wide range of leverage, from $0 to $50,000, regardless of their current account balance. The opportunity to gain regardless of market direction makes this strategy so intriguing. Users can utilize trading tactics like Grid Trading and TWAP with Binance Futures to take advantage of price fluctuations.
Trading Assets: Binance Futures has various cryptocurrencies available. From Dogecoin and Shiba Inu to DeFi tokens, over 530 crypto-to-crypto trading pairs are here. It continually adds new currencies to ensure the greatest possible trading experience.
Minimum Deposit: $50
Fees: If you don’t use Binance coin, you pay a standard 0.1% fee.
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14. Coinmama
Coinmama is another straightforward platform that is suitable for beginners. You can transact in dollars or bitcoin, depending on your preference. As a result, you can buy as little as $30’s worth of bitcoin at the current spot trading price on the site’s marketplace.
Before making purchases on the site, you’ll need to buy an online crypto wallet from a different provider to protect your funds. If you’re a newbie and don’t already have a crypto wallet, Coinmama advises ZenGo.
Trading assets: Bitcoin, Ethereum, Tezos, Ripple, Bitcoin Cash, Litecoin, Cardano, Dogecoin, Uniswap, and Chainlink are available on Coinmama. However, customers can only trade bitcoin for fiat currency (such as US dollars) on the exchange.
Minimum Deposit: $30
Fees: Coinmama charges a fee based on the market rate of TradeBlock’s XBX Index plus 2% to trade cryptocurrencies. There is also a commission fee of up to 3.81% on cryptocurrency purchases and 0.9% on bitcoin sales.
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15. CEX.IO
CEX.IO is a global cryptocurrency exchange that allows users to buy, sell, borrow, and earn cryptocurrency. Experienced crypto traders will find what they seek on CEX.IO, with its vast choice of tradable assets and comprehensive trading tools.
CEX.IO is regulated and licensed to operate in all jurisdictions where it provides services, ensuring that investors are using a secure platform. It also allows you to earn cryptocurrency. Users can generate crypto money by staking cryptocurrency held on the exchange.
The best part of using this platform is that it lets users take out crypto-collateralized loans in fiat currency. Therefore, loyal crypto holders can keep their savings in crypto even if they have a temporary need for fiat currency.
Trading assets: Users have over 100 cryptocurrency options available
Minimum Deposit: $20
Fees: It charges 0.03% for transactions over $2,500,000.
What to Know Before Buying Bitcoin
At the time of this writing, the value of 1 Bitcoin is just shy of $40,000. But don’t worry, you can still buy Bitcoin in fractional amounts even if you aren’t obscenely wealthy. Before you buy your slice of Bitcoin pie, however, there are a few things you’ll need to do first. These include:
Set up an account with a reputable cryptocurrency exchange.
Collect the documents needed to verify your identity for Know Your Customer (KYC) exchanges.
Get a cryptocurrency wallet.
Set up your wallet.
Make sure you have a fast, reliable internet connection.
You’ll also need to go into the experience with an understanding that cryptocurrencies—and Bitcoin in particular—can be volatile, drastically changing in value from one day to the next. With that in mind, never invest more than you can afford to lose when purchasing cryptocurrency.
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Cheapest Cryptocurrency Exchange Conclusion
Whether you’re a newbie or an experienced trader, the cheapest cryptocurrency exchange platforms make trading better. Besides being less expensive, you can trade in several currencies and enjoy other perks. Now that you know the best of these exchanges, you only have to select one that suits you best. Thanks for checking out the cheapest cryptocurrency exchanges.
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FAQs about the Cheapest Crypto Exchanges in Canada
Which Cryptocurrency exchange has the cheapest fees?
The cheapest cryptocurrency exchanges are Shakepay and KuCoins. They don't charge fees when you deposit and withdraw money from their platforms.
What is the safest crypto exchange in Canada?
NDAX.io is the safest cryptocurrency exchange in Canada, thanks to its partnership with Ledger Vault. Ledger Vault is a reputable company that keeps customer funds secure in cold storage. Furthermore, there's no record of fraudulent activities on their website.
Where do I find the best price for my cryptocurrencies?
Binance is one of the most popular websites for tracking the prices of cryptocurrencies. It displays real-time market data for multiple coins and tokens.
Can Canadians use Coinbase?
Yes, Coinbase allows Canadians to purchase Bitcoin, Ether, Litecoin, and other major cryptocurrencies. They also have access to 24/7 customer service.
Which app is best to buy cryptocurrency in Canada?
Coinsmart and Bitbuy provide the best apps to buy and sell cryptocurrency in Canada. They offer an easy interface and allow users to track their holdings in real-time.
How can I get started buying cryptocurrency in Canada?
There are several ways to get started buying cryptocurrency in your country. For example, Shakepay and Netcoins are two of the cheapest options. Both of these platforms don't charge any fees.
Are cryptocurrencies legal in Canada?
Cryptocurrencies aren't illegal in Canada. In fact, they're regulated as securities under the Securities Act. However, cryptocurrencies aren't legal tender like fiat currency.
Are crypto exchanges legal in Canada?
Yes, crypto exchanges are legal in Canada. However, they must follow specific laws and regulations. All crypto exchanges operating in Canada must register with FINTRAC.
Is it safe to invest in cryptocurrencies in Canada?
Investing in cryptocurrencies is based on individual risk tolerance. Some people may be comfortable taking risks, while others prefer to avoid them altogether.
Is it possible to trade cryptocurrencies in Canada?
Yes. You can buy and sell cryptocurrencies on various exchanges such as Coinsmart, Bitbuy, Coinberry, Coinbase, VirgoCX, and Binance.
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