Since March 2020, cryptocurrencies have gained significant momentum due to the widespread adoption of this highly disruptive asset class. There are several exchanges where you can buy and sell cryptocurrencies in Canada. Over the years, these exchanges have focused on making their platforms user-friendly in order to increase customer retention rates.
However, you should note that investing in cryptocurrencies is not ideal for everyone given the lack of regulation and volatility associated with them. It’s still considered a speculative investment despite the overall market being valued at more than US$2 trillion.
Alternatively, if you have a high-risk tolerance and remain bullish on the long-term prospects of cryptocurrencies, you can try to allocate a small portion of your capital in these digital tokens and benefit from exponential gains over time.
Keeping these factors in mind, let’s see some of the best cryptocurrency exchanges in Canada for 2022.
CoinSmart
What we like
Founded in 2018, CoinSmart is one of the largest cryptocurrency exchanges in Canada. Right now, you can buy or sell 14 cryptocurrencies that include Bitcoin (CRYPTO:BTC), Ethereum (BTC:ETH), Cardano (CRYPTO:ADA), Shiba Inu (CRYPTO:SHIB), and Dogecoin (CRYPTO:DOGE).
If you are a large volume trader or an institutional investor, CoinSmart also provides users with OTC or over-the-counter trading services.
Trading fees
If you trade between a cryptocurrency and the CAD, you will pay a 0.20% fee. You also pay the same fee when you trade between any other cryptocurrency and Bitcoin. If the trade is between altcoins, the trader will be levied a fee of 0.4%.
Top perks
· New users are instantly verified
· Most deposits are cleared on the same day
· CoinSmart is a publicly-traded company
· A referral program
Crypto.com
What we like
A Singapore-based cryptocurrency exchange, Crypto.com allows you to trade in more than 180 cryptocurrencies. Traders can also earn interest by staking their CRO tokens. Its lowest interest rates are higher than the rates compared to savings accounts while users can also benefit from a maximum interest rate of 14%.
Trading fees
It’s a low-cost platform and there are no trading or transaction fees if the capital is transferred via an automated clearing house from your bank account. Comparatively, Crypto.com levies a 2.99% fee for purchases made by your debit or credit cards.
Top perks
· Low fees
· Wide range of cryptocurrencies available
· Earn interest via staking
Bitbuy
What we like
Another popular Canadian cryptocurrency exchange is Bitbuy. It offers traders to buy or sell eight cryptocurrencies that include Chainlink and Bitcoin Cash. The cryptocurrency exchange has two different products. Its Pro Trade platform is targeted towards experienced traders while the Express Trade is apt for beginners.
Trading fees
Bitbuy has competitive trading fees especially if you use the Pro Trade platform which costs 0.10% per limit trade and 0.20% for a market order. For Express Trade, users pay a flat fee of 0.2% for buy and sell orders.
Perks
· Instant verification for new users
· Low fees
· An easy-to-use platform
· A robust platform for experienced traders
· Provides a referral program
Voyager Digital
What we look
A cryptocurrency investing platform that allows users the opportunity to trade in more than 50 cryptocurrencies, Voyager Digital is also a publicly-traded company valued at a market cap of $2.18 billion. It also offers the opportunity to earn a 9% APY (annual percentage yield) on a few assets.
Trading fees
Unlike most other cryptocurrency exchanges, trades executed on Voyager is commission-free.
Perks
· A wide range of cryptocurrencies
· Commission-free trades
· Opportunity to earn an attractive yield on certain investments
· An easy-to-use mobile platform
· Publicly listed company
Wealthsimple Crypto
What we like
Wealthsimple is one of the largest investment platforms in Canada with over $10 billion in assets under management. It has successfully focused on providing low-cost investment management services to Canadians and has recently expanded into the cryptocurrency space.
Right now, Wealthsimple Crypto allows you to buy and sell more than 30 cryptocurrencies using the CAD and can be viewed as an alternative to Robinhood.
Trading fees
Wealthsimple Crypto applies a spread to the price when you buy or sell a digital token. The spread can vary anywhere between 1.5% and 2%.
Perks
· A strong investor base
· No minimum deposit required
· No fee on withdrawals or deposits
· A user-friendly platform
· Has its own wallet
Newton
What we like
Another popular cryptocurrency exchange in Canada is Newton which has over 55 digital tokens listed on its platform. You can fund your account via bank wire transfers, Interac e-Transfer as well as crypto deposits.
Trading fees
There are no fees for depositing or withdrawing cryptocurrencies. However, you need to pay a spread of up to 0.7% when you buy or sell cryptocurrencies.
Perks
· A user-friendly interface
· Access to a wide range of cryptocurrencies
· A no-fee exchange
National Digital Asset Exchange (NDAX)
What we like
The National Digital Asset Exchange is a Canadian cryptocurrency platform that was founded in 2018. It has 28 digital tokens listed on the platform that caters to the requirement of both novice and experienced traders.
NDAX also provides OTC trading services to users with a high trading volume.
Trading fees
With one of the fastest processing times, NDAX is also a low-cost crypto exchange. It levies a flat fee of 0.20% to buy or sell cryptocurrencies.
Perks
· Competitive trading fees
· Free deposits
· Fast processing times
· Wide selection of digital coins
Coinberry
What we like
Founded in 2017, Coinberry is a Toronto-based cryptocurrency exchange and supports more than 15 digital tokens on its platform. You can fund your Coinberry via Interac e-transfers as well as wire transfers.
Trading fees
While fiat withdrawals and deposits are free, Coinberry charges a spread of up to 2.5% for each transaction.
Perks
· Verification is instant
· One-click trades
· No deposit or withdrawal fee
· Can automate Bitcoin trades at regular intervals and benefit from dollar-cost averaging
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