As the world of cryptocurrencies continues to evolve, their popularity continues to hit every corner of the world. Although savvy investors have long been playing in the market, new users are entering this room for the first time every day. Entering this environment can be difficult. Cryptocurrencies are remarkably volatile assets that sometimes change enormous percentages overnight.
Before you start trading cryptocurrencies, choose the exchange that best suits your activity. Canadian exchanges can have very different functions depending on your trading needs. From Toronto-based websites that sell no more than 10 crypto assets to multinationals with hundreds of tokens, you should explore and learn which exchange is most convenient for your needs.
Best Crypto Exchanges in Canada
Canada’s crypto market has grown steadily over the past few years and is trying to adapt to this highly competitive environment. In addition to popular exchanges around the world such as Huobi Global, Kraken or Binance, Canadian companies also wanted to be part of this complex and dynamic world.
Although the Canadian government has not imposed any restrictions on the use of cryptocurrency, tax rules apply to it, as well as to all other digital currency transactions. The Canadian government website states, “The use of digital currency does not exempt consumers from Canadian tax obligations.”
Canada does not miss out on its online exchanges. With secure and reliable platforms, they are on par with other major exchanges available around the world. So, before deciding on your trading platform, you should understand what each exchange has to offer and which one is best for your needs.
1. Best for beginners: Coinbase
Coinbase is one of the most popular crypto exchange platforms in the world alongside Binance. Its clean and simple user interface helps new users understand and browse the website efficiently.
In the event that advanced traders really want to take advantage of the platform, Coinbase Pro offers up-to-date crypto charting features and extensive analysis that enhance the professional experience.
It also offers a digital wallet that you can use to keep all of your cryptos and NFTs safe. The platform has never been hacked and funds stored online are covered by an insurance policy.
2. Best exchange for technical traders: Binance
As the # 1 exchange platform with the highest trading volume and liquidity – and available worldwide – Binance is the best option if you are looking for low fees. It offers one of the lowest trading fees ranging from 0% to 0.1% to trade Bitcoin against other crypto tokens.
While it offers a wide variety of features, Binance doesn’t support bank transfers from a Canadian bank account. However, in September 2020, the platform announced that Canadian users could use credit and debit cards to purchase crypto using the Canadian dollar (CAD) on Binance, with both Visa and Mastercard accepted.
The simplicity and ease of use, combined with a well-developed and technical platform, make Binance a great option when choosing your exchange.
3. Best for quick transfers: Crypto.com
Since its inception in 2019, Crypto.com has battled its way to the top exchanges in the market, and it certainly has. The Cayman Islands-based platform supports all major cryptocurrencies such as Bitcoin and Ethereum and offers 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 electronic transfers from a local bank account that supports auto deposit.
4. Best for international reputation: Huobi Global
Founded in China in 2013 and now based in Seychelles, the Asian giant is one of the world’s most recognized exchanges. With a variety of tools and features, 24/7 customer service, and a wide range of cryptocurrency assets, Huobi Global has everything a reliable exchange can offer.
If you are looking for a safe, reliable, and popular exchange, Huobi Global might be a good choice.
5. Best suited for mobile use: twins
Gemini bases its exchanges on a “security-first” mentality where keeping your tokens safe is vital. The simplicity of the platform helps both novice and advanced users to trade efficiently and get the most of the exchange.
The platform launched its mobile app Gemini Mobile in 2018, which can be downloaded from the Apple App Store or the Google Play Store. With the app, you can buy and sell cryptocurrency, set price alerts, receive and send cryptos and, most importantly, view market prices anywhere and anytime.
Types of cryptocurrency exchanges
While brokers and exchanges are both ways to acquire digital currency, it is important to know the difference between them. In essence, an exchange is a platform where buyers and sellers trade their crypto assets. The exchange charges a fee for most transactions.
On the other hand, a broker is an individual or a company that acts as an intermediary between an investor and the market. Brokers can often offer their users additional (and paid) services and mechanisms such as investment plans, research, and professional insights. This gives the investor personal advice on how to manage his money.
Current crypto prices
Let’s analyze the recent moves in the crypto world. The market appears to be showing signs of recovery, with tokens like Bitcoin and Ethereum continuing to rise over the past week. The main tokens surpass the barriers that were put up at the last bull run; Projects like Cardano have hit new all-time highs. The recent moves could signal a new uptrend that is preparing to affect the market. Investors should fully monitor price movements in the following weeks in order to efficiently predict movements over the medium to long term.
What to look for in a cryptocurrency exchange
Choosing which wallet to use is not an easy decision. Certain functions must not be overlooked.
Security is one of the most important aspects of any crypto exchange – after all, trust your systems to keep your valuable assets safe from hackers. In the past, online exchanges have been the victim of massive hacks on numerous occasions that completely emptied their customers’ 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 that can automatically detect and block suspicious transactions. In addition, it is strongly recommended that all users take advantage of all optional security measures available to them, such as: B. 2-factor authentication systems.
A simple and clean user interface and efficiently designed trading tools are one of the most important aspects to consider when deciding on an exchange. Whether you are a savvy investor or you are a first-time buyer of cryptocurrencies, an easy-to-browse website accompanied by developed functionalities will improve your trading.
Fees and Payment Methods
Depending on which exchange you use, the fees and commissions can vary widely. Before depositing your funds on any platform, do your research and be aware of the fees the exchange will charge. Also, some exchanges may not offer a wide variety of payment methods, making it difficult to buy crypto.
Crypto regulation in Canada
Although the Canadian government has endorsed cryptocurrency and blockchain technologies, Canada confirmed in March 2021 that they will continue to regulate the public exposure of cryptocurrencies through the CSA and the Canadian Investment Industry Regulatory Organization (IIROC). The government tries to ensure that exchange platforms remain within the regulatory structure of the country.
What do you need to open a crypto account in Canada?
At every exchange in Canada, you will be asked to provide official identification. However, the requirements can change slightly between exchanges. To open an account quickly, have these ready: an official Canadian ID (passport, driver’s license), a mobile phone or email to use 2-factor authentication and a bank account that you can withdraw in CAD to use it to be deposited into the account exchange.
Best crypto wallets in Canada
If you own crypto, it is important that it is kept safe. Your privacy and security are important. Whatever tokens you buy, keep them in a secure wallet. You can do this by keeping them in a hot wallet like ZenGo or in a cold wallet like those offered by Ledger.
Zengo offers a secure digital wallet. With the implemented facial biometrics, you can say goodbye to passwords, private keys and seed phrases. This security model setup is one of the most secure and trusted in the crypto environment. With ZenGo, you can send and receive cryptos anytime, anywhere, with no maximum, minimum, or fee.
Ledger, on the other hand, offers a cold room to store your crypto. The Nano Ledger X is an excellent alternative if you are looking for a hardware wallet that now offers Bluetooth connectivity to access your assets on your phone.
Choose your purse
Before choosing your exchange platform, find out about its features, tools, payment methods and ease of use. Exchange platforms can have an important impact on your trading, so careful selection is a must. Canadian companies are evolving their technologies to get into the crypto world, so keep an eye out for future projects. For detailed information on specific tokens or ratings on different exchanges, please visit our cryptocurrency landing page.
Benzinga has developed a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.
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