What is the best crypto exchange in Canada?
You may think that one cryptocurrency exchange is much like the other, but that is not true. It is all in the details. Each platform offers users something a little different, be it:
- the cryptocurrencies sold
- exchange and commission fees
- interface and usability.
This article will take you through a selection of 6 of the best cryptocurrency exchanges that operate in Canada and use the Canadian dollar as one of its exchange pairs.
We start with #6 and end with #1.
7b is a crypto trading app developed by the team with ten years-long experience in the crypto industry. Using 7b you can trade with more than 2.000 pairs. Your trades are always protected by cutting-edge security protocols. SevenB main advantages:
- Simple and straightforward interface
- Lightning fast transactions
- High security standards
- Smart and professional 24/7 support team
- Transparent commissions
- High liquidity for all the pairs
Why they made the list:
- No fees exchange
- Mobile App
- Uses Interact and e-transfers
Newton is a new Canadian cryptocurrency exchange. One of the best things about this exchange is that they are a no-fees exchange!
They accept Canadian Interac and e-transfers, so it is easy to use with your Canadian bank account. They also use offline (cold storage) to keep their cryptocurrency holdings secure from theft. As for KYC, they have partnered with PLAID, is a Canadian security management company to protect information. This also makes it easy to link a bank account as well as credit bureau information. Newton also has an easy-to-use Mobile app, so you can easily buy and sell crypto with your phone.
It is only #5 on the list because it is relatively new, and we need more time to see how things go. But the company is off to a good start.
Kraken makes the list at #4 because they offer:
- Advanced trading features
- Discount for high volume trades
- Bug Bounty rewards
Kraken operates out of Halifax, Nova Scotia, but is a San Francisco based company. They are great if you are exchanging large quantities of cryptocurrency because they offer volume discounts, and you can even borrow from the exchange.
They also have Bug Bounty rewards, which is a bounty reward for notifying Kraken of any suspicious activity or problems on the exchange.
The one major limitation is that if you want to use Canadian dollars, you need to use a wire transfer.
Bitvo comes in a #3 because of the following:
- Technical analysis tools
- Same-day guarantee
- Low fees
- The Visa® Bitvo Cash Card
The exchange offers many technical analysis tools, as well as direct contact with other traders to help you make same-day trades. They also offer a same-day trading guarantee and have partnered with Visa for the Bitvo Cash card. With the Bitvo card, customers can spend directly from their account.
Security is tops at Bitvo, uses cold (off-line) storage for its cryptocurrencies and fiat funds stored in major Canadian banks as well as CDIC insured.
Why it made the list:
- KYC and FINTRAC compliance
- Real person customer service
- Quality cryptocurrencies on the exchange
BitBuy, like all of the exchanges here, complies with mandatory Canadian KYC standards and is FINTRAC registered. You can also use interact and e-transfers from Canadian banks with BitBuy. Commission fees are low, between 0.1-0.2%. They also have high liquidity and a tight margin of bid-ask spread. The major perk that BitBuy offers is live customer support.
The cryptocurrencies they exchange: Bitcoin, Ethereum, Litecoin, XRP, Stellar (XLM), EOS, and Bitcoin Cash.
CoinSmart.com is a Canadian exchange that has proven its utility over the last several years now. Here are the reasons it gets voted the best crypto exchange:
- Low fees (0.2% commission)
- Smart Guarantee
- Referral program
- Top cryptocurrencies on the exchange
- KYC and AML compliance standards
- Cold storage security
CoinSmart has reasonable trading and transaction fees, with a 0.2% commission for cryptocurrency sales, and a 1% fee for withdrawals. They also use cold storage for the majority of their cryptocurrency holdings, so your cryptocurrency is secured. Identity verification and linking a bank account are very easy because they have partnered with Canadian credit company Equifax.
CoinSmart.com also has two major perks: the Smart Guarantee and their referral program.
The Smart Guarantee means you can pay to ensure that transactions are completed within a specific time period. Also, CoinSmart.com has a referral program. You will get a $25 credit for every person you successfully refer to their exchange.
On CoinSmart, you can buy and sell the following ten cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, NEO, Stellar (XLM), Cardano (ADA)