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Best bitcoin trading platform in canadaThe Best Cryptocurrency Exchanges in Canada - Comparison
The Bitcoin Alliance of Canada makes pitches to entrepreneurs as well as organizations about the digital currency. Di lorio, the executive director, has a positive view of Bitcoin. He states that the price of this digital currency will continue to rise as more and more businesses start accepting it.
China is viewed to be a country that is prolific at making anything including Bitcoin. Canada just like other countries has taken advantage of the available space to get into Bitcoin mining. Canada has taken up the north border for cryptocurrency mining. Quebec has over time been noted for its inexpensive power.
For crypto mining to be effective, power is needed and a lot of it. It is due to this that many companies have focused on building their companies in Quebec. This is a renewable energy source in the form of hydropower which is vital to sustaining mining. Canadian mining Company Hive made history by going public on Toronto Venture stock last year September.
They launched assets into the public market to expose them to the digital currency space. They partnered with Genesis Mining which is one of the largest Cryptocurrency miners in the world and saw an increase in stock price by more than percent. This triggered some interest in new companies that had their focus on Cryptocurrency mining in Canada. It was after this that Crypto Global and Hut 8 went public.
This is more of a legal perspective based on Cryptocurrency and the Canadian Tax Landscape. There is no federal or provincial legislation that explicitly addresses cryptocurrencies and block chains. This raises the question of what Canadian laws apply to cryptocurrencies. CRA-Canadian Revenue Agency declared that cryptocurrencies are taxable as commodities rather than currencies. This means that any transactions that involve cryptocurrencies will be viewed as if they are barter transactions.
CRA has also continued to affirm that barter transactions can allow for the procurement of capital property for the purpose of Income Tax Act Part C. Any profits gained from the sales of cryptocurrencies are characterized as capital gains. This is because only a part of that profit is taxable and at the applicable tax rate.
Their non-custodial which means they do not hold your coins for you, making it one of the safer exchanges to use in the great white north! You've probably heard of Coinberry. The company has managed to become a well-known name in the Canadian industry in a short amount of time, featuring a full service desktop and mobile app to buy and sell coins on.
While most crypto exchanges are only around 5 years old at this point, Coinberry is still relatively new on the market, even for those standards. The company was founded by Evan Kuhn and Andrei Poliakov less than three years ago. Poliakov has served as the company's president since its inception. From the get-go, as Khun said to Todd Shapiro on his podcast in , their main mission was to make cryptocurrencies more available to Canadian citizens.
They started with their local area first. Originally, the company only set up ATMs around Ontario, but they expanded in a matter of months. In December of , just a short few months after they got their start, the company partnered with Ghost Technologies Inc and started installing ATMs outside of Ontario.
At Coinberry we believe in an inclusive blockchain-based economy. So we set out to build a global digital financial institution of the future. And we started with the most important step: building a trusted digital asset trading platform. Seeing how the company is still pretty new, it shouldn't come as a huge surprise that they don't have great crypto-asset coverage At the momen.
As of writing, they only support buying and selling of:. This may be a bit underwhelming for long-time crypto users that are accustomed to more than a 5-coin offering. The team is planning to introduce more currencies down the line, but for now, these are all they have. One of the best aspects of Coinberry is possibly fantastic fees, to say the least. The company markets itself as a zero-fee service and wouldn't you know it, they actually stay true to their promises. These are the Coinberry.
You'd be glad to hear that unlike most crypto exchanges online, Coinberry does have an active hotline. They do a bulk of their customer service over the phone, and if you have an emergency on your hand, this is the best and the quickest way to reach out to them. Of course, they also have email support, so you can shoot them a question any time and they'll answer within 24 hours.
Tier site has a Frequently Asked Questions section, as well as a company blog, so if you have some basic questions about their services, you can possibly find them there. Overall, we can safely say that Coinberry. Some crypto users would argue that's it a bit too secure since it requires all of their users to identify themselves before they register an account.
Every user is required to verify their identity before creating an account. This can be accomplished by scanning and uploading one of your several personal documents.
This can be a huge turn off for some, so keep it in mind. There are only two Bitcoin exchanges that comply with these rules, and Coinberry is one of them. They've also completed an accounting audit successfully last year. Since Coinberry is trying to function as a proper money service, they have higher security standards than most Bitcoin exchanges not only in Canada but in the whole of North America. They have both a customer and a company fund for fiat currencies, plus they provide cold storage and 2-factor authentication as well.
Since many people like to cut the chase and only see the positive and negative aspects of a crypto exchange, here we are. We've compiled a shortlist of Coinberry pros and cons you can use it when comparing it to other crypto exchanges.
Coinberry is a serious company that runs a good, beginner-friendly operation. You should definitely try their platform out if you're from Canada. On the other hand, you should possibly look for something else if you're living outside of the Great White North. Although not many people have heard of Bitbuy, they're definitely worth your time and consideration.
The company was originally founded seven years ago by Adam Goldman and Ademar Gonzalez. They are one of the oldest crypto exchanges in Canada, so you know you can trust them. For almost five years, they worked with only a small number of users, but then, they decided to expand their operations.
In , after the company receives additional funding from a PEF, Ademar left the board. He was soon replaced by Chris Ragobeer , who worked as a mobile developer and an IT project manager. It's also worth mentioning that the company is a part of the First Ledger Corp. As a company, Bitbuy is fully transparent about their operations and actions. So much so that they've provided a link to a report about their operations, conducted by Cipher Blade.
The aforementioned company provides blockchain forensics services and analyzes crypto-related business and here are their biggest findings of Bitbuy:. Fiat Currency Holdings: Bank reports were recovered, checked, and verified by international banks. The statements were all correctly filled in the Bitbuy system.
Cryptocurrency Holdings: The number of assets and coin holders matched the one Bitbuy reported. Customer assets match those in Bitbuy's system. Staff and Operators: Every worker in the company had their personal records checked.
The company discovered that none of them had any criminal activities on their records. Like many other medium-size exchanges in the industry, Bitbuy. They will probably expand their offering in the near future, but for now, these five coins are it.
The small offering gives you an insight into what's Bitbuy. You can always connect your Bitbuy account with another exchange and use it to buy other coins. Although Bitbuy fees are slightly above the market average, the company makes up for with lower withdrawal and deposit fees. When it's all added up, the fees are quite average.
Let's take a look at the standard Bitbuy. Furthermore, if you're looking to combine express trade with e-transfer, the exchange rate is 2. You can check their fees in more detail by visiting this page here. When it comes to customer support, Bitbuy operatives are surprisingly efficient. While many larger and well-known names in the crypto industry will have you waiting for hours and hours for a response to a simple inquiry, Bitbuy answers almost immediately.
This shows that they value their customers and want to take care of them to the best of their abilities. There's a support hotline, which allows you to talk a Bitbuy representative in a matter of minutes.
People who have something to ask urgently should use this channel. You also have email support available. They answer emails in less than 12 hours and you can expect their answer on the same day. You can check Reddit to see just how many people are satisfied with their experience.
There's no point in using an exchange if you're not sure whether or not it can keep your investment safe. Hackers and cyber thieves are possibly the biggest enemies of the crypto industry.
They will keep a majority of your coins in cold storage, which will keep your assets in a locked environment, away from all of those cybercriminals. The company also performs data backups on a daily basis, which makes your assets safe in case of a DDoS attack. Seeing how most people like to have all of the necessary information in one place, we've made a list of both positive and negative aspects of Bitbuy.
Just take a look at these lists and compare the exchange to others if you're not sure which platform to pick. In such a competitive market, can such a modest company attract the interest of your average crypto user? In our opinion, it can. The company does what it advertises: gives you a simple way of exchanging your coins into Canadian dollars, and vice versa. The organization is caring for their clients, their communication is top-notch, plus their verification process is extremely quick.
Bitbuy is also safe and while their fees aren't anything to write about, they still fall in line with the rest of the market. We hope that you found our review interesting and informative. What's the best crypto exchange in your opinion?
If you have any additional questions about Bitbuy. On the other hand, Bitcoin exchanges such as Bitbuy , the most popular Canadian crypto exchange, let you fund your account via Bank Wire, Interac eTransfer, or Flexpin. As a Canadian trader, the best thing about using a local exchange like Bitbuy is the ability to pay in your native currency, i.
The platform is very user-friendly and allows customers to choose between a basic Express Trade and an advanced trading system Pro Trade. Both of them offer Bitcoin and a couple of other prominent cryptocurrencies at affordable fees. These coins are a double-edged sword: they have a low market cap and are almost worthless at the start, but if sufficient attention has been drawn to them, it drives their price up, and they turn into a lucrative investment. If this type of trading appeals to you, our advice is to look for a well-established exchange that has large trading volumes and high liquidity.
We recommend using Binance , one of the largest cryptocurrency exchanges in the world. On top of that, Binance provides its customers with a plethora of advanced trading tools, order books, and depth and price charts. The cheapest crypto exchange is not always the one with the lowest transaction fees.
Even if the platform offers an affordable flat fee, the deposit and withdrawal fees could be over the top, or the spreads might be too wide. You should also keep in mind that fees will vary according to your preference: are you looking to trade or simply purchase some coins? Sometimes, exchanges have lower tiers and higher fees for users with low trading volumes that lift up as their volume increases.
For example, Coinberry is a good place to purchase your first cryptocurrencies in Canada as they have a 0. For traders that want to try something new, we recommend visiting Newton , a promising new Canadian crypto exchange. Newton operates as a brokerage that buys the coins beforehand and sells them to its customers making a profit from the small bid-ask spread. Moreover, makers are rewarded with discounts for the liquidity they bring to the platform.
To those of you who are primarily interested in trading crypto to crypto, Binance has the best offer. On top of its starting 0. The way in which researchers estimate whether an exchange is large enough or not is by taking into account its trading volume. This metric is important because it gives us an insight into the level of liquidity that a platform can deliver and the popularity and attention it gets on a daily level. They either do this by means of market manipulation or wash trading.
Luckily, there are still some groups of researchers and experts that try to bring more transparency to the industry.
The results from the calculations done by the Blockchain Transparency Institute show that Binance is the number one crypto exchange by trading volume. Next comes Coinbase , an American brokerage that offers its services to Canadian traders as well. Typically, the largest cryptocurrency exchanges are the most popular ones as well. The large trading volume indicates the exchange has been used by a great number of traders with different backgrounds, profiles, and trading strategies, all of whom seem to vouch for its reliability and performance.
Judging by this, both Binance and Coinbase automatically make it to the list of most popular crypto exchanges. This has been confirmed with data from the Blockchain Transparency Institute and Similarweb who found that these two platforms have had the highest number of website visits. The fact that this platform can only be used in Canada tells us that its large trading volume comes exclusively from local traders.
By focusing on one market only, Bitbuy can afford a dedicated support team that promptly solves any customer queries. The first thing that a trading platform should have is high liquidity which acts as a safety margin that promises the platform is able to pay its debts and liabilities.
Next, a trading platform incorporates advanced features such as margin trading with x leverage, live market data and charts, futures, and options. NDAX is by far the best Canadian exchange for advanced traders. It offers all sorts of orders for the daring and adventurous: regular market orders, stop-limit orders, trailing orders, and fill or kill orders are just a couple of them.
If your field of interest is margin trading then definitely give Binance a try. The Hong Kong-based exchange offers margin trading with x leverage.
Kraken , on the other hand, is great for futures investments. Whatever trading platform you choose, be extra careful in your investment strategy. These advanced options have the potential to bring you high profits but they could just as easily result in heavy losses.
The safest cryptocurrency exchanges are the ones that invest in both platform and account security. The two exchanges monitor the transactions of their customers in order to identify suspicious trading patterns which are then reported to FINTRAC. They arrange frequent audits from third-parties that inspect all departments. As far as account security is concerned, users on Bitbuy and NDAX are required to log in using the two-factor authentication method. With the growing number of cyber thefts and security breaches, the well-known KYC or Know Your Customer check has become mandatory on most crypto exchanges.
Apart from basic personal information such as full name, address, and telephone number, most KYC checks ask for a utility bill to prove your place of residence and a copy of a government-issued ID. The opinions among traders are divided regarding this regulation.
Some of them approve this type of identity verification because they believe it enhances the level of security on the platform. Others feel like it goes against the core philosophy behind cryptocurrencies — more user privacy.
There are some limits that you should keep in mind as well. Moreover, Binance and Kucoin both offer the option to make crypto to crypto trades and stay anonymous.
The catch is that you can only withdraw 2 BTC per day. Next, you can use popular exchanges like Coinbase or Coinmama that let their users pay with a credit or debit card almost instantaneously. However, you should be aware that this convenient service incurs higher fees. Another option is to choose peer to peer exchanges such as LocalBitcoins or Paxful mentioned in the previous section. Browsing their websites, you can find sellers that either accept cards as a payment method or would agree to meet with you in person so that you pay them in cash.
In this case, make sure you meet at some crowded public place for your safety. Finally, exchanges such as Bitit offer yet another option of purchasing Bitcoin using a prepaid voucher e. Flexepin or Neosurf. The main reason for this decision is the fact that the number of online thefts and hacking attacks is continually on the rise. This means that instead of providing digital wallets where users can keep the private keys to their wallet addresses, these exchanges let the users choose a secure digital wallet or hardware device of their own preference.
Those of you who already use some kind of digital wallet or those who have invested in a hardware wallet and are satisfied with its performance, we suggest turning to Coinmama as one of the best non-custodial exchanges. The platform is registered with the American financial regulator FinCEN and complies with its policies.
On the other hand, decentralized exchanges simply connect buyers and sellers through the use of blockchain technology and let them carry out the deal themselves. Instead of escrow services, here, the parties are involved in smart contracts or atomic swaps. The irreversible and impenetrable nature of the technology itself makes them even more secure than centralized exchanges.
Other well-known decentralized exchanges that we recommend are the Ethereum-based Ox and Airswap protocols. Their target cryptos are the ERC tokens. The best cryptocurrency exchange in Canada is Bitbuy. You can choose to pay via Interac eTransfer, Flexpin voucher, or bank wire. Bitbuy has some of the most competitive fees in the industry. The Cryptohead team has done extensive research on the security level of each one of the popular Canadian crypto exchanges.
Both Bitbuy and NDAX separate customer funds from operational funds and keep the majority of them in cold storage. In recent years, Canada has become more crypto-friendly and continues to find new ways to include blockchain technology across various industries. Moreover, the country is even looking into the benefits of issuing its own digital currency. Cryptocurrency exchanges are the best platforms for buying crypto in Canada. You can choose a fiat to crypto exchange if you plan on buying cryptos with fiat currencies.
Based on the current demand and the potential for future growth, the Cryptohead team believes that the best cryptocurrencies to invest in are Bitcoin, Litecoin, and Ripple. Bitcoin has always had the highest investment value among cryptos. Its reputation as the most popular coin has made sure Bitcoin enjoys high liquidity and trading volumes which brings even more traders to the Bitcoin market. Litecoin is an affordable cryptocurrency with enormous potential.
Ripple is the third cryptocurrency by market capitalization. Its network and underlying technology have brought groundbreaking solutions to the way we make cross-border payments. Coinbase has never been hacked which comes as no surprise when you learn about its state-of-the-art security measures. The company secures all sensitive data personal information, wallet addresses, and private keys with AES SSL encryption. Coinbase applies its own digital coin framework on new cryptocurrencies.
Users are advised to activate the 2FA method, withdrawal address whitelist, and use the secure Coinbase vault for their funds. Bitbuy charges reasonable fees as well, from 0.
Bitbuy is the most trusted and respectable Bitcoin exchange in Canada. The platform decided to focus solely on the Canadian crypto market so its trading volumes all come from local traders. What makes Bitbuy the number one Bitcoin marketplace is the range of payment methods that appeal to a versatile clientele. Binance and Coinbase are the two largest cryptocurrency exchanges based on daily trading volumes. Both platforms support the most popular cryptocurrencies but only Binance includes lesser-known altcoins to its list.
James is the main editor. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible. Last Updated on December 9, There are a large number of Cryptocurrency exchanges popping up these days, so which should you be using? Our rating is based on factors such as ease of use, fees, trading features and support. Featured On. James Crypto Head.
Canada Cryptocurrency Exchange Reviews As a bonus, they even offer merchants a way to accept crypto for purchases with Coinberry Pay. NDAX 3. Binance Exchange 3. Coinsmart Exchange 3. Shakepay 2. BitTrex Exchange 2. What Are Cryptocurrency Exchanges? Here is a little insight: Peer to Peer vs Traditional Peer to peer and traditional are two different types of currency exchanges you might encounter during your search for the right exchanges in Canada.
Features to Look Out for When Choosing an Exchange Now that you know a little bit about the two main types of exchanges you will encounter during your time trading with cryptocurrency from Canada, the next step is to start looking at specific exchanges. The Cheapest Cryptocurrency Exchanges The cheapest crypto exchange is not always the one with the lowest transaction fees.