Best Crypto Exchanges Canada

Top Crypto Apps in Canada

Our team of experts has developed a unique evaluation methodology to identify the top digital asset trading platforms in the country. This process involves assessing each platform and comparing crucial aspects, including supported CAD funding methods, fees, customer support, user experience, trading types, and more. Following our in-depth investigation, we have determined the 5 best cryptocurrency exchanges in Canada.

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1. Kraken

Kraken takes the lead due to its extensive range of features. It offers over 200 cryptos to trade and stake, allowing Canadian traders to diversify their portfolios. Kraken's security measures, such as cold storage and two-factor authentication, are industry-leading, providing peace of mind to users. Furthermore, its user-friendly interface, 24/7 customer support, and advanced trading tools, such as derivatives markets, enhance the trading experience. Its compliance with FINTRAC regulations, transparent fee structure, wide range of assets, multiple order types, and commitment to innovation makes it the top choice in Canada.

• Minimum Deposit: $20 CAD.
• Supported Tokens: 200+ Cryptocurrencies.
• Language Options: English, French & 15 other languages.
• CAD Funding Method: ‍Interac e-Transfer, Cash Deposit (Canada Post), InterFIN, Etana, SWIFT & Wire Transfer.

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2. Bitbuy

Bitbuy, the top-ranked local cryptocurrency exchange, has earned its number two position due to its strong focus on the needs of Canadian traders. Operating exclusively within the Canadian market, Bitbuy offers a range of popular cryptocurrencies paired with CAD, making it convenient for local users to trade without needing currency conversion. Furthermore, this exchange is of the only platforms that is approved by the Ontario Securities Commission and the Canadian Securities Administrators. It also provides proof of reserves showing that users' assets are being held 1:1.

• Minimum Deposit: $50 CAD.
• Supported Tokens: 24 Cryptocurrencies.
• Language Options: English.‍
• CAD Funding Method: Interac e-Transfer & Wire Transfer.

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3. Bybit

Bybit specializes in derivatives trading, including futures and perpetual contracts, offering leverage up to 100x. Its sophisticated trading features appeal to professional traders seeking advanced risk management tools. Its high-performance matching engine ensures rapid trade execution, while its multilingual 24/7 customer support aid traders of all levels. Security features such as cold storage, insurance funds, and real-time risk monitoring protect user assets. The only reason Bybit isn’t the best option is that it’s unregulated in Canada and unavailable in Ontario and Quebec. However, it regularly updates its proof of reserves, showing that users' funds are backed on a 1:1 basis.

• Minimum Deposit: $15 CAD.
• Supported Tokens: 770+ Cryptocurrencies.
• Language Options: English, French & 20 other languages.
• CAD Funding Method: Credit/Debit Card, Bank Transfer & Interac e-Transfer.

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4. Binance

Binance, the world's largest cryptocurrency exchange by trading volume, is ranked fourth among exchanges due to its comprehensive offerings for institutional traders. This platform provides advanced trading tools, a vast selection of cryptocurrencies, and a deep liquidity pool, making it the preferred choice for large-scale traders and financial institutions. Binance's institutional-grade security measures, professional support, and OTC desk trading services solidify its position as Canada's go-to platform for institutional crypto trading.

• Minimum Deposit: $25 CAD.
• Supported Tokens: 350+ Cryptocurrencies.
• Language Options: English, French & 39 other languages.
• CAD Funding Method: Credit/Debit Card & Interac e-Transfer.

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5. KuCoin

Rounding out the top five crypto exchanges is KuCoin, which has distinguished itself as the premier platform for trading altcoins. KuCoin's vast selection of lesser-known and emerging cryptocurrencies provides users with unparalleled access to diverse investment opportunities. The exchange's competitive fees and advanced trading features make it an attractive option for traders exploring the ever-expanding altcoin market. However, KuCoin has been subject to cyber attacks, so we only recommend using it to purchase altcoins unavailable on other exchanges.

• Minimum Deposit: $20 CAD.
• Supported Tokens: 700+ Cryptocurrencies.
• Language Options: English, French & 20 other languages.‍
• CAD Funding Method: Interac e-Transfer.

How does the FINTRAC Regulate Crypto?

In Canada, cryptocurrency is recognized under legal frameworks, reflecting the nation's progressive stance on its integration and regulation within the financial landscape. The oversight of cryptocurrency activities falls under the jurisdiction of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which treats cryptocurrencies similarly to conventional financial assets like bonds or shares. 

Enterprises engaging in cryptocurrency services are required to obtain proper registration from FINTRAC, adhere to Anti-Money Laundering (AML) policies, and implement customer identity verification protocols. These measures promote a transparent and secure atmosphere for participants in the Canadian cryptocurrency market.

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Do you have to pay tax on Crypto in Canada?

Cryptocurrency is subject to taxation in Canada per the guidelines established by the Canada Revenue Agency (CRA). Tax treatment depends on the nature of an individual's or business's activities involving cryptocurrencies considered capital property or income. When utilized for personal transactions, capital gains and losses must be reported; capital gains occur when disposing of a cryptocurrency at a higher value than its initial acquisition cost, while capital losses result from disposing at a lower value. 

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Is Crypto Staking Legal in Canada?

Participation in the acquisition and staking of cryptocurrencies is permissible in Canada. Investors wishing to explore crypto staking within the borders of Canada should embark on thorough research and opt for platforms that align with the regulatory norms outlined by Canadian institutions, such as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Bank of Canada.

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‍The Bottom Line

To recap, the digital asset landscape in Canada is robust and progressive, with comprehensive regulations ensuring a secure and transparent environment for crypto enthusiasts. Whether you're an individual investor or a large institution, Canada's top 5 cryptocurrency exchanges, Kraken, Bitbuy, Bybit, Binance, and KuCoin, have been meticulously evaluated to suit various trading needs.