5 Best Cryptocurrency Exchanges in 2019 for Crypto Trading in Canada

Anisa Batabyal
| 29 October, 2019 | 2 min

While choosing the top exchanges for investing, you have to look at some of the factors, without just blindly going ahead with any exchange. Canada is also one of the top nations to embrace cryptocurrencies, as the masses have realized the importance or worth of decentralized digital currencies. 

So, let’s first check the factors to consider before choosing any crypto exchange in Canada:

#1 Customer Service

Customer service is one of the most important factors to consider before choosing an exchange. As it’s pretty normal to have queries involving any order or transaction, there must be active customer service to adhere to all your questions; otherwise, it’s frustrating. An exchange with a first-class customer support team will enable you to navigate and get through problems easily, with a reliable solution.

#2 Funding Methods

Unless you want to get burnt on exchange rate fees, you must fund your account with Canadian dollars. You can even look for options like funding with a credit card, debit card, bank wire interface, etc. Just check the funding method you are looking out for is available on the exchange you are choosing. You must check whether the Canadian platform is registered with FINTRAC, and the best part is that their Money Services Business license can be found on their website.

#3 Trading Features

The advanced trading feature is also one of the important requirements if you are looking to buy a small amount of cryptocurrency. If you are looking for trading between currencies or sell Bitcoin Canada or margin trading, you have to look for exchanges that provide that feature. The exchanges are constantly getting upgraded, make sure the one you choose is at par with the latest advancements. All this information can be derived from the exchanges FAQ section.

#4 Pricing and Fees

There is a wide spectrum on spot pricing and fee structures on the Canadian exchanges, as there are many pricing related things to consider while comparing them. Some exchanges charge a flat transaction fee as high as 6%, while others charge zero fees. You need to compare the prices before going ahead with any of the exchanges.

Now let’s go to the top cryptocurrency exchanges for trading in Canada:

#1 Bitbuy

Bitbuy was founded in 2013, with an aim to provide easy, safe, and quick access to Bitcoin, hence considered as one of the best Bitcoin exchanges in Canada. It was initially known as InstaBT, which was later named as Bitbuy in 2016. This platform is considered as one of the best Canadian crypto exchange platforms as it delivers on comprehensive and quick support and provides a 24/7 toll-free number in order any user needs to talk to the Customer support agent. The verification process is easy and fast, and it has an automated verification system as per the Canadian norm.

Pros:

  • Good Customer service and easy to use.
  • Low fees and constant feature upgrades.

Cons:

  • No Margin trading.
  • Not many coins are supported.

#2 Coinsquare

Coinsquare is also one of the most favored crypto exchanges by Canadians as it has undergone a massive platform upgrade during the 2017 crypto surge. Coinsquare even has a mobile application in addition to the other great features. The mobile application is easy to use, although some of the users have complained of some bugs in the past. It even includes some withdrawal and deposit of fiat currencies, with a wide variety of coins available. Coinsquare has developed some partnerships with major Canadian banks, and the users can make credit card deposits. Coinsquare provides a Wealth program for individuals with high net worth, which includes lower transaction fees and concierge service as well for larger transactions.

Pros:

  • Canadian Banking Partnerships.
  • Good Liquidity, Multiple order types.

Cons:

  • No margin trading
  • Coin withdrawal delays.

#3 CoinSwitch

CoinSwitch is the largest cryptocurrency exchange aggregator that supports more than 300 cryptocurrencies and more than 45,000 crypto trading pairs. The best part is that you can get to choose your own exchange from amongst multiple leading exchanges. This one might prove beneficial to you as you can get to compare the various exchange rates from a single platform. CoinSwitch is also known for its active customer support team who is active 24/7 to resolve your queries instantly. The best part is that you can be an anonymous trader and don’t need to log in.

Pros:

  • Trade more than 300 cryptocurrencies, anonymously
  • 24/7 customer support

Cons:

  • Nothing as such

#4 MyBTC.ca

This is one of the simplified Canada coin exchanges, which is easy-to-use, offering a variety of funding methods like Interac Online, Bank Transfer, Credit card, Debit Card, Canada post, etc. Moreover, it enables its users to buy and send directly to a wallet address, without any need to pay any withdrawal fees or to withdraw from an exchange. But for finishing the order, you need to finish the basic KYC, which is lightning quick on this platform. There are two options for the KYC process- internal review by the verification team and in-person completion at Canada post. MyBTC.ca is one of the best cryptocurrency exchanges in Canada.

Pros:

  • Instant Funding options available.
  • Quick KYC and excellent customer support.

Cons:

  • No selling option available.
  • Only Bitcoin is available for buying.

#5 Kraken

Kraken is a popular, well-established international crypto exchange, based out of San Francisco. It enables its users to fund their accounts in the Canadian dollar. From a small office in Halifax, Nova Scotia, they handle their Canadian support and operations. Kraken has several funding options, of which bank wire is the most popular one. Kraken allows its users to margin trade, which can be profitable if you are well adept in that. The downside is that some of the CAD trading pairs have low trading volume.

Pros:

  • Low fees.
  • Margin trading

Cons:

  • Limited Funding options.
  • Low volume for CAD pairings.

Frequently Asked Questions (FAQ)

  1. Is cryptocurrency legal in Canada?

Canada enables the use of digital currencies, including cryptocurrencies. However, cryptocurrencies are not considered legal tender in Canada.

  1. Which is the best cryptocurrency exchange?

We have discussed the top cryptocurrency exchanges in Canada above.

  1. How do I trade Bitcoins in Canada?

You can go to any of these exchanges and start trading. For instance, you can go here to buy Bitcoin.

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!





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