The 20 Best Crypto Trading Platforms in Canada

Coinsmart uses standard industry practices and procedures to secure user funds and accounts. CoinSmart offers its users a cold digital wallet for each cryptocurrency offered on the exchange. But a broker offers cryptocurrency trading and other investments like bonds and stocks. On the other hand, a crypto exchange is only used for cryptocurrency transactions.

bitcoin brokers canada

Without a broker, you cannot safely trade cryptocurrencies like bitcoin. To avoid scams, using a trusted broker is crucial when you are trading bitcoin. Fees for buying bitcoin can become quite high across many of the websites and unregulated exchanges that are out there, which is why we suggest only using a regulated broker. While the fees themselves may vary when buying bitcoin, the costs will consist of any per-trade commission, along with the difference between the bid/ask price — also known as the spread. If you don’t have time to research a broker on a DIY basis, we’ve also listed our top Bitcoin brokers of 2023. If you’re looking to buy and sell cryptocurrencies online, you’ll need to use a broker that is home to high levels of liquidity.


The benefit of non-custodial wallets is that you do not have to provide personal information to use them. In a way, exchanges can be considered brokers because a broker is essentially an intermediary. Depending on how you deposit funds to the exchange, you may have to pay a deposit fee.

bitcoin brokers canada

An ETF (exchange-traded fund) is a “basket” of securities that you acquire in a single purchase, similar to a mutual fund. Unlike a mutual fund, however, an ETF can be bought and sold on a stock exchange throughout the trading day—just like a stock. Recent report that Apple, the world’s largest publicly traded company, should launch its own cryptocurrency exchange.

The signing up process is seamless, and like all regulated brokers, new users are required to complete a KYC process. This usually takes little time and can be completed on the Libertex platform. Users will need to upload a copy of their driver’s license or government-issued ID card and a recent copy of their utility bill or financial statement to get started.

In more recent years, it was revealed that the reason for the Bitcoin owners in Canada using Bitcoin drastically changed. Back in 2016, investors in Canada used Bitcoin because they were interested to try the new technology that gave them new avenues to make financial transactions online. The reason with the least number of attracted investors was Bitcoin as a viable investment. The schools of brokerage firms in Canada have made the process of catching a good crypto broker more arduous as not all these brokers are licensed to operate. Some crypto brokers may be legit, but do not possess good trading features or lack competent offerings to its clients.

Coinsmart – Overall Best Crypto App in Canada

That said, the ones listed above are regulated by FINTRAC as MSBs. Use the HARDBACON promo code to get $20 when you open a free KOHO account and make a purchase. Operated under Satoshi Portal Inc., this platform takes every measure to prevent espionage and fully complies with necessary regulations. We earn a commission if you make a purchase, at no additional cost to you. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide.

The aim is to strengthen Canada’s anti-money laundering and anti-terrorist financing laws. Once your account has been funded, you are ready to buy your first bitcoin. It’s important to note that you do not need to buy a full bitcoin. After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer process.

bitcoin brokers canada

The spread is the difference between the exchange rates and is essentially another type of trading fee. Some exchanges claim to charge no transaction fees, but they charge a higher spread instead. Also, you might not be able to deposit money and convert it into cryptocurrency using a DEX.

In some jurisdictions, cryptocurrency is banned or illegal to purchase, trade, or own. For example, in the United States (U.S.) and the United Kingdom (U.K.), it is legal to buy cryptocurrency from regulated brokers. Traders who wish to purchase the underlying physical bitcoin will find that eToro is a great option, followed by Swissquote Bank and Interactive Brokers. We’ve conducted extensive research to determine the best brokers for trading CFDs – you can check out our CFD guide to see our top picks for the Best CFD Brokers and Trading Platforms.

All Canadian Banks Supported

Among the payment methods that the MyBTC platform offers are Interac eTransfers, bank transfers, credit and debit cards, as well as Flexepin vouchers. If you pay by debit or credit card you can access up to 93 different cryptocurrencies, otherwise, you can only buy Bitcoin or Ethereum through the other payment methods. NDAX is one of the most secure cryptocurrency trading sites in the country. Since its launch, NDAX has never been hacked or compromised, unlike other sites that offer the same services.

  • As of April 2018, the Bank of Montreal announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards.
  • The Coinsquare Pro fees are lower, with taker fees as low as 0.14% and maker fees as low as 0.05%, depending on your 30-day trade volume.
  • Netcoins is a crypto brokerage platform owned by BIGG Digital Assets, a public company listed on the CSE.
  • The firm is licensed in West Africa, South America, Australia, New Zealand, Western and Northern Europe.

The exchange also has a plethora of cryptocurrencies available coupled with a wide range of trading pairs. However, Bitbuy offers slightly lower trading fees and more cryptocurrencies to choose from. However, CoinSmart promises same-day account funding so you can act quickly on fast-changing market conditions. CoinSmart and Bitbuy are tied for the best cryptocurrency exchange in Canada.

The peer-to-peer decentralized digital token maintains a maximum supply of 21 million coins. Approximately 18.8 million bitcoins have been mined to date, leaving about 2.1 million coins left to be mined. Eighty-nine per cent of Bitcoins have been issued, and 900 new Bitcoins are produced every day. 90% of your crypto is kept secure in our Cold Storage, and covered by a comprehensive insurance policy.

Broker reviews

Once you’ve purchased bitcoin or your cryptocurrency of choice it’s important to withdraw it to your own secure personal wallet. The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support. Both exchanges are bitcoin brokers canada considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies. Canada has 9 trusted exchanges available for you to sign up for, with the most popular being Bitbuy and CoinSmart, which account for a combined 550,000 active users.

The transaction fee is 1%, with a processing time ranging from 1 to 5 days. Bitbuy is a Canadian cryptocurrency trading site created in 2016. In March of 2022, it was acquired by Kevin O’Leary-backed WonderFi Technologies Inc. Bitbuy is regulated by the Financial Transactions and Reports Analysis Centre of Canada . The platform offers a reliable, convenient, and secure way to buy various cryptocurrencies. Most people use because it allows them to buy and sell Bitcoin or purchase Ether within seconds using Canada’s most convenient payment methods.

And the Localbitcoins website has seen a dramatic increase in Canadian customers this month. At first we should look at the term ‘cryptocurrency’, which is a wrong term – ‘crypto’, yes, but ‘currency’, no. For something to be considered a currency, it must be a reliable investment and you should be able to simply spend the currency. These properties are not the case at cryptocurrencies, so they are not ‘money’.” Other countries are beginning to define their positions on virtual currencies and crypto services. This time, the Canadian government has published a draft outlining its position towards crypto brokers and payment processors.

As good as it gets in Canada, absolute best customer service, presented me with many options and worked with me the entire way. Around the clock uptime to meet your buying needs — including Live Chat support. Janine Rogan, CPA and author of The Pink Tax, offers some concrete financial planning and money management tips. We assume no liability for the completeness or accuracy of the information. It’s the reader’s very own decision what to do with her or his capital. This website does not replace a personal financial advisor, which should always be consulted for investment or trading matters.

In January ’18 the “National Research Council Canada” announced the “first test of the public blockchain technology for the transparent administration of government orders”. The Bank of Montreal, one of Canada’s largest banks, followed other banking institutions and restricted crypto buyers. These new regulations aim to address problems identified by the Financial Action Task Force following its initial assessment between 2015 and 2016.

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