The post Best Crypto Exchanges in Canada by Mariano Maisterrena appeared first on Benzinga. Visit Benzinga to get more great content like this.
Want to jump to the answer? CoinSmart is the best Canadian cryptocurrency exchange in Canada!
As the cryptocurrency world continues to develop, its popularity keeps reaching every corner of the world. Although savvy investors have been playing the market for a long time now, new users enter this space for the first time every day. Entering this environment might be tricky. Cryptocurrencies are remarkably volatile assets, sometimes changing huge percentages overnight.
Before you start trading cryptocurrencies, choose the exchange that best fits your activity. Canadian exchanges may have very different features depending on your trading requirements. From Toronto-based websites that offer no more than 10 crypto assets to multinational companies with hundreds of tokens, you should explore and learn which exchange is more convenient for your needs.
window.LOAD_MODULE_LAYOUT = true;
Table of Contents [Show]
Best Crypto Exchanges in Canada
Canada’s crypto market has been persistently increasing over the last few years, trying to adapt to this highly competitive environment. In addition to popular exchanges around the world like Huobi Global, Kraken or Binance, Canadian companies also wanted a part of this complex and dynamic world.
Although the Canadian government did not apply any restrictions on the use of cryptocurrency, tax rules do apply to it, as well as any other digital currency transaction. As stated in the Government of Canada website, “Using digital currency does not exempt consumers from Canadian tax obligations.”
Canada doesn’t fall short on its online exchanges. With secure and reliable platforms, they are at the level of other major exchanges available worldwide. So before choosing your trading platform, you should understand what each exchange has to offer and which one is best for your needs.
1. Most Simple to Use: CoinSmart
window.LOAD_MODULE_PRODUCTS_TABLE = true;
The crypto industry is booming, and CoinSmart is on a mission to make cryptocurrency such as Bitcoin, Ethereum, as well as alt coins like Doge and Solana, accessible to everyone. With a crypto trading platform designed to break down the barriers of complex and confusing crypto transactions, CoinSmart offers simplicity, learning tools for all levels, as well as 24/7 omni-channel support. CoinSmart is a regulated, Canadian-headquartered crypto asset trading platform registered with the Ontario Securities Commission and securities regulators across Canada, allowing Canadians to buy and sell crypto in as little as five minutes. CoinSmart is also one of the first Canadian-run trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.
- Beginner and advanced cryptocurrency investors
- Investors using an unsecured platform seeking a regulated and secure trading platform
- Mainly investors in Canada, the U.K., Germany, Spain, France and The Netherlands
- Makes crypto less cryptic
- Simple, safe, secure and regulated
- One of only two Canadian crypto trading platforms to receive marketplace registration, allowing Canadians to buy and sell crypto directly on a regulated platform
- Available to more than 40 countries
- Their deposit/withdrawal/trading fees are slightly high, but they make it up with their overall service and support.
- Not available in the US
The crypto industry is booming and CoinSmart is on a mission to make cryptocurrencies like Bitcoin, Ethereum, and altcoins like Doge and Solana accessible to everyone. With a crypto trading platform designed to break down the barriers of complex and confusing crypto transactions, CoinSmart offers simplicity, learning tools for all levels, as well as 24/7 omni-channel support.
CoinSmart is a regulated, Canadian-headquartered crypto asset trading platform registered with the Ontario Securities Commission and securities regulators across Canada, allowing Canadians to buy and sell crypto in as little as five minutes. CoinSmart is also one of the first Canadian-run trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.
2. Most Convenient: Wealthsimple
window.LOAD_MODULE_PRODUCTS_TABLE = true;
Wealthsimple is a hybrid robo-advisor with a set-it-and-forget-it approach to investing. Automate your investments, authorize Wealthsimple to round up your credit card purchases to the nearest dollar and watch your long-term savings build up with 1 of Wealthsimple’s comprehensive prebuilt portfolios. Socially responsible and halal investment portfolios are available as well if you prefer to invest a specific way.
Wealthsimple’s investing choices are limited and the platform is geared toward completely new investors who could be overwhelmed by too many technical options. Its education and customer service options need a bit of work, but we recommend Wealthsimple if you’re looking for a simple way to start investing from your desktop or mobile device.
- New investors
- Those concerned with the social implications of portfolio choices
- Anyone who wants to automate investing
- Simple questionnaire to find your perfect asset mix
- Socially responsible and halal portfolios
- Higher-level accounts come with perks like airport lounge access and human financial advisor reviews
- Lack of choice could frustrate more experienced investors
- Limited analysis tools and no charting functions available
- Human advising isn’t free with all account types
Wealthsimple is a robo-advisor that allows you to “set it and forget it” on any investment. The platform offers a simple questionnaire that helps determine the best mix of assets, giving you a liberal, conservative or neutral approach that you prefer. Your money is invested automatically, and dividends are reinvested so that your account grows faster.
There are halal and eco-friendly investment options, depending on what works best for you. You may also choose to avoid investments that offend common sensibilities. Try one of 3 plans, including:
- Basic—invest $0 to $100,000, paying a 0.5% maintenance fee annually
- Black—invest $100,000 or more, paying a 0.4% annual maintenance fee
- Generation—invest more than $500,000 and work with a team of advisors who can help you manage your money
Customize your asset allocations, learn more about investing, call the customer service team or submit a support ticket for assistance at any time.
3. Best for Beginners: Coinbase
window.LOAD_MODULE_PRODUCTS_TABLE = true;
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
Along with Binance, Coinbase stands as one of the most popular crypto exchange platforms in the world. Its clean and simple interface helps new users to understand the website and browse it efficiently.
In case advanced traders really want to exploit the platform, Coinbase Pro offers up-to-date crypto charting features and extensive analyses, which enhances the professional experience.
It also offers a digital wallet where you can safely store all your crypto and NFTs. The platform has never hacked, and funds stored online are covered by an insurance policy.
4. Best for No Fees: VirgoCX
window.LOAD_MODULE_PRODUCTS_TABLE = true;
VirgoCX, Canada’s leading regulated cryptocurrency trading platform, is committed to make crypto trading safe, easy and affordable. VirgoCX streamlines the trading experience and empowers a digital economy with advanced technology, superior liquidity and best-in-class security. Providing easy access to the blockchain-powered metaverse, VirgoCX launched an NFT brokerage to its platform service line-up to become a one-stop integrated digital asset provider.
- Canadian firms or individuals looking to invest in the cryptocurrency market
- Groups or individuals transacting a high volume of cryptocurrency
- Groups and individuals who perform large cryptocurrency transactions
- Large selection of coins (50+ coins listed and constantly adding more!)
- Commission free trading
- Assets secured by qualified custodian: Coinbase Custody
- Multi Chain Support Enabled on select ERC20 tokens – enjoy FREE withdrawals
- Non-fungible token (NFT) brokerage service
- Relatively high withdrawal fees for ERC20 tokens
VirgoCX is a Canadian cryptocurrency exchange that offers commission-free trading and tight spreads. The platform offers a desktop version and mobile app, making it convenient to manager your portfolio from anywhere you need. VirgoCX supports Bitcoin, Ethereum and major altcoins on its platform. Another great perk of VirgoCX is its 24/7 live support to troubleshoot any problems you may have.
Also, VirgoCX recently launched its NFT brokerage service, allowing investors to easily buy and sell NFTs using its brokerage service. Some supported collections are Doodles, Cool Cats and Meebits.
5. Best for Fast Transfers: Crypto.com
window.LOAD_MODULE_PRODUCTS_TABLE = true;
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to handle all their crypto needs via their phone or tablet
- Low fees
- High security
- One-stop shop for all your crypto needs (wallet, trading, spending, and more)
- Lots of ways to earn interest, rewards, and rebates
- Low privacy
- Customer service response time could be improved
Since its inception in 2019, Crypto.com has been fighting its way over to the top exchanges of the market, and it certainly did. Based in the Cayman Islands, the platform supports every major cryptocurrency like Bitcoin and Ethereum, offering deep liquidity.
Compared to other exchanges, Crypto.com offers more options when it comes to depositing CAD into the exchange. You can add funds to your account using credit/debit cards, bank transfers, and e-transfer from a local bank account that supports auto deposit.
6. Best for Mobile Use: Gemini
window.LOAD_MODULE_PRODUCTS_TABLE = true;
Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
- New investors looking for a simple mobile and web app
- Day traders looking to use technical analysis tools
- Users looking for a 1-stop-shop to buy, sell and store all of their cryptos
- Easy and quick signups — can get started in as little as a 5 minutes
- Multitude of platforms to accommodate traders of all skill levels
- Hot wallets include insurance to protect your from theft and hacking attempts
- Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
Gemini based its exchange on a “security-first” mentality, where storing your tokens safely is of vital importance. The platform’s simplicity helps beginners as well as advanced users to efficiently trade and make the most out of the exchange.
The platform, back in 2018, launched its mobile app, Gemini Mobile, which can be downloaded from the Apple App Store or the Google Play Store. The app allows you to buy and sell cryptocurrency, set price alerts, receive and send cryptos, and most important, view market prices anywhere, anytime.
Cryptocurrency Exchange Types
Although brokers and exchanges are both ways to acquire digital currency, it is important to know the difference between them. Essentially, an exchange is a platform where buyers and sellers trade their crypto assets. The exchange charges a fee for most of the transactions.
On the other hand, a broker is an individual or a company that serves as an intermediary between an investor and the market. Brokers may often provide additional (and paid) services and mechanisms to their users, like investment plans, research and professional insight. This gives the investor personal advice on how to manage their funds.
Current Crypto Prices
Let’s analyze the recent moves inside the crypto world. The market appears to be showing a sign of recovery, but most cryptocurrencies ar estill down from their all-time high prices. Main tokens have surpassed the barriers set in place in the last bull run; projects like Cardano and Solana have reached new all-time highs in 2021. The recent moves could be a signal of a new bullish run preparing to impact the market. Investors should fully monitor price movements in the following weeks to efficiently predict the movements in the mid to long term.
What to Look for in a Cryptocurrency Exchange
Choosing which exchange to use is not a simple decision. Certain features must not be overlooked.
Security
Security is one of the most important aspects of any crypto exchange — after all, you are trusting their systems to safeguard your valuable assets from hackers. On numerous occasions in the past, online exchanges have been the victims of massive hacks that completely drained their client’s accounts. Mt.Gox was one of the most famous beaches, where hackers stole more than 850,000 BTCs.
A secure exchange should have strong control systems able to automatically detect and block suspicious transactions. Furthermore, it is highly encouraged that all users utilize all optional security measures available to them such as 2nd-factor authentication systems.
Ease of use
A simple and clean interface, along with efficiently designed trading tools, is one of the most important aspects you should take into account when deciding which exchange to use. Whether you are a savvy investor or buying cryptocurrency for the first time, an easy-to-browse website, accompanied by developed functionalities, will enhance your trading.
Fees and payment methods
Depending on which exchange you use, the fees and commissions can vary considerably. Before depositing your funds into a platform, research and be aware of what fees the exchange charges. Also, some exchanges may not offer a variety of payment methods, making it more difficult to buy crypto.
Crypto Regulation in Canada
Although the Canadian government has supported cryptocurrency and blockchain technologies, in March 2021 Canada affirmed that they will keep regulating cryptocurrencies public notice from the CSA and Canada’s Investment Industry Regulatory Organization (IIROC). The government is trying to ensure exchange platforms stay within the country’s regulatory structure.
What do You Need to Open a Crypto Account in Canada
Every exchange in Canada will ask you to provide an official ID document. However, the requirements can slightly change between exchanges. To have a quick process to open an account, have these in hand: any official Canadian ID (passport, drivers license), a cell phone or email to use the 2-factor authentication and a bank account you can withdraw CAD to deposit into the exchange.
Best Crypto Wallets in Canada
When owning crypto, it is essential they are safely stored. Your privacy and security are important, so whichever token you are deciding to buy, store them in a safe wallet. You can do that by keeping them in a hot wallet, like ZenGo, or in a cold wallet, like the ones offered by Ledger.
Zengo offers a secure digital wallet. With facial biometrics implemented, you can say goodbye to passwords, private keys, and seed phrases. This security model setup is one of the safest and trusted in the crypto environment. With ZenGo, you can send and receive crypto anytime, anywhere, without maximums, minimums, nor fees.
Ledger, on the other hand, offers a cold storage unit to store your crypto. The Nano Ledger X is an excellent alternative if you are looking for a hardware wallet, now offering Bluetooth connectivity to access your assets on your phone.
window.LOAD_MODULE_PRODUCTS_TABLE = true;
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
- Can be quite pricey
ZenGo Wallet is a non-custodial mobile cryptocurrency wallet that replaces the use of private keys in favor of facial recognition technology. This feature means there is no single point of failure and no risk of losing your coins in the event of a hacking or wallet loss. It’s an interesting new means of dispensing with seed phrases or codes while accessing a range of features for cryptocurrency holders and users.
You can buy, trade, send and receive crypto directly from the ZenGo wallet. If you are looking for a mobile crypto wallet to trade, send and buy over 70 coins as well as earn interest in Bitcoin, ZenGo has got you covered.
- Simple cryptocurrency management
- Making quick purchases
- Next-generation security protocols
- A high quality mobile crypto trading application
- Free Bitcoin and bonuses
- 3FA security features
- The keyless technology can be confusing for crypto beginners
- ZenGo is available everywhere, however buying/selling is not
Choosing your Exchange
Before choosing your exchange platform, explore its features, tools, payment methods and ease of use. Exchange platforms can have an important impact on your trading, so choosing carefully is a must. Canadian companies are continuing to develop their technologies to enter the crypto world, so keep an eye open for any future projects. If you want detailed information about specific tokens, or reviews on different exchanges, visit our cryptocurrency landing page.
Yes, Coinbase is available to Canadian citizens. While investors can access Coinbase, certain coins may not be available in different jurisdictions.
Cryptocurrencies are taxed as commodities in Canada, which means that you will need to pay either capital gains tax or income tax when you sell digital assets for a profit.
The post Best Crypto Exchanges in Canada by Mariano Maisterrena appeared first on Benzinga. Visit Benzinga to get more great content like this.
- '
- "
- 000
- 0x
- 100
- 2-factor Authentication
- 2019
- 2021
- 70
- About
- access
- Account
- acquire
- across
- activity
- Additional
- advanced
- advice
- advisor
- advisors
- airport
- All
- Allowing
- already
- Altcoins
- Although
- analysis
- annual
- Another
- anywhere
- app
- app store
- Apple
- Apple App Store
- applications
- approach
- apps
- AR
- around
- asia
- asset
- Assets
- Authentication
- auto
- available
- Bank
- bank account
- barriers
- Basic Attention Token
- Beaches
- become
- being
- BEST
- binance
- Bit
- Bitcoin
- Block
- blockchain
- blockchain applications
- blockchain technologies
- bluetooth
- bnb
- Bonus
- border
- broker
- brokerage
- brokers
- BTCS
- build
- Bull Run
- Bullish
- buy
- Buying
- CAD
- call
- Can Get
- Canada
- Canadian
- capital
- Cardano
- Cards
- Chainlink
- change
- charges
- chip
- choices
- Coin
- coinbase
- Coinbase Pro
- CoinGecko
- Coins
- CoinSmart
- Cold Storage
- cold wallet
- combination
- commission
- Commodities
- Common
- Companies
- company
- complex
- Connectivity
- Consumers
- content
- contents
- continues
- control
- Convenient
- could
- countries
- credit
- credit card
- crypto
- crypto asset
- crypto exchange
- Crypto Exchanges
- Crypto Industry
- Crypto Market
- Crypto Taxes
- crypto trading
- Crypto wallet
- crypto wallets
- Crypto.com
- cryptocurrencies
- cryptocurrency
- Cryptocurrency Exchange
- cryptocurrency trading
- Cryptocurrency Wallet
- Currency
- Customer Service
- Customers
- day
- DeFi
- develop
- developed
- developing
- device
- DID
- different
- digital
- Digital Asset
- Digital Assets
- digital currency
- Digital economy
- digital wallet
- Display
- disruptive
- dividends
- Doesn’t
- Dollar
- down
- dynamic
- easily
- economy
- Education
- employees
- Environment
- ERC20
- essential
- ethereum
- Europe
- Event
- everyone
- excellent
- exchange
- Exchanges
- Expand
- expanding
- experience
- experienced
- Exploit
- eye
- Failure
- FAST
- faster
- Feature
- Features
- Fees
- financial
- First
- first time
- following
- France
- Francisco
- Free
- full
- functionality
- funds
- future
- Gemini
- Germany
- Giving
- Global
- Globally
- Google Play
- Google Play Store
- Government
- great
- Growing
- hackers
- hacking
- hacks
- Hardware
- Hardware Wallet
- height
- help
- helps
- High
- highly
- holders
- How
- How To
- HTTPS
- huge
- Hundreds
- Huobi
- Huobi Global
- Hybrid
- image
- Impact
- implemented
- importance
- important
- include
- Including
- Income
- individual
- industry
- information
- Infrastructure
- insurance
- integrated
- interest
- Interface
- International
- investing
- investment
- Investments
- investor
- Investors
- Islands
- IT
- jump
- jurisdictions
- keeping
- keys
- Kraken
- large
- lead
- leading
- LEARN
- learning
- Ledger
- lending
- Level
- LG
- License
- Limited
- Line
- LINK
- Liquidity
- Listed
- Litecoin
- little
- local
- Long
- looking
- love
- major
- Making
- manager
- March
- Market
- marketplace
- massive
- medium
- Metaverse
- Mission
- Mobile
- Mobile app
- mobile device
- model
- money
- most
- Most Popular
- MT
- nano
- Navigation
- NFT
- NFTs
- numerous
- obligations
- offer
- offering
- Offerings
- Offers
- official
- Omni-Channel
- online
- open
- operating
- operating system
- Options
- order
- organization
- Other
- paid
- paris
- partner
- passport
- Passwords
- Pay
- payment
- personal
- phrases
- platform
- Platforms
- Play
- Play Store
- player
- policy
- Polkadot
- Popular
- portfolio
- price
- pricing
- privacy
- Privacy and Security
- private
- Private Keys
- Pro
- problems
- process
- Product
- Products
- professional
- Profit
- Programs
- projects
- protect
- provide
- public
- purchases
- qualified
- quality
- range
- rating
- receive
- recommend
- recovery
- registered
- Registration
- Regulation
- Regulators
- regulatory
- Requirements
- research
- response
- responsible
- restrictions
- review
- Reviews
- Rewards
- Risk
- round
- rules
- Run
- safe
- San
- San Francisco
- savvy
- secure
- Securities
- security
- seed
- seeking
- sell
- Sellers
- service
- Services
- set
- Short
- Simple
- So
- Social
- Solana
- sold
- Solutions
- Space
- Spain
- Spending
- Sponsored
- Staking
- stands
- start
- started
- stay
- stole
- storage
- store
- strong
- superior
- support
- Supported
- Supports
- system
- Systems
- tax
- Taxes
- team
- Technical
- Technical Analysis
- Technologies
- Technology
- Terra
- Tether
- the world
- theft
- Through
- time
- token
- Tokens
- tools
- top
- trade
- Traders
- Trading
- Trading cryptocurrencies
- transaction
- Transactions
- transfers
- U.K.
- understand
- unique
- unsecured
- us
- USD
- USD Coin
- use
- users
- utilize
- View
- VirgoCX
- visa
- volume
- Wallet
- Wallets
- Watch
- web
- Website
- websites
- What
- whether
- WHO
- withdrawal
- within
- without
- Work
- works
- world
- worldwide
- X
- xrp
- years