Best Crypto Exchange Canada – 2023 (Ranked & Reviewed)
By Nick Robert
Choosing the best crypto exchange is vital to ensure that your crypto assets are safe and secure. There are many Canadian crypto exchanges in Canada that have different pros and cons. To buy and sell cryptocurrency in Canada, you must go through a crypto exchange.
Every year, thousands of Canadians fall prey to crypto scams. Choosing the best crypto exchange in Canada will provide security to ensure your investment is safe. Even with the best crypto exchange, please be careful to avoid scammers & investments that sound too good to be true (because they are).
What is the best crypto exchange in Canada?
The best Canadian crypto exchanges in Canada should have excellent security measures, low transaction & trading fees, low spreads, and be easy to use. Below is a quick list of my top picks for the best crypto exchange in Canada, followed by more details.
- Virgo CX – Best overall crypto trading platform
- Crypto.com – Best for trading alternative cryptocurrencies
- Bitbuy – best cold storage option for crypto holders
- Coinsmart – Great all-around choice
- Wealthsimple – Best pick for current Wealthsimple users
#1 – Virgo CX – Best overall crypto trading platform
VirgoCX is the winner of the best overall crypto exchange in Canada in 2022. It offers a $30 sign-up bonus, the most competitive buy and sell spreads at 0.5% & 0% transaction fees. This makes VirgoCX Canada’s cheapest crypto exchange, maximizing your investment.
You get free cash deposits and withdrawals, allowing you to easily exchange crypto for CAD or USD. VirgoCX supports Interac e-transfers to fund your account and start trading crypto quickly. Upon funding, you will receive a $30 sign-up bonus.
The trading platform is easy to use and intuitive, regardless of your experience level, and they provide 24/7 support
VirgoCX has the best-in-class security systems that ensures your crypto assets are secure. For these reasons, VirgoCX is the best Canadian cryptocurrency exchange in 2022.
Pros:
Cons:
Best suited for the majority of Canadians looking to trade crypto with the lowest fees and a simple-to-use interface.
#2 – Crypto.com – Best for trading alternative cryptocurrencies
Crypto.com is an internationally known crypto trading platform and is one of the world’s best crypto exchanges. You can buy and sell up to 250+ cryptocurrencies with good buy and sell-rates. This is one of the largest & top crypto trading platforms with over 50 million users.
Crypto.com is user friendly, and well designed for beginners. It’s easy to set up your account and deposit funds with a credit card, cryptocurrency, PayPal, TransferWise or SEPA with no deposit fees.
Crypto.com also has many other great benefits for users, such as the crypto.com visa card that allows you to use your crypto portfolio for purchases and earns you 5% back. I had it listed as one of the best credit cards in Canada in my review.
On the downside, they have higher trading fees at 0.1-0.2% compared to other options in this list.
Pros:
Cons:
Best for users that want access to more alternative cryptocurrencies as they have 250+ coins
#3 – Bitbuy – best cold storage option for crypto holders
Bitbuy is one of the best cryptocurrency exchanges in Canada and is a solid choice for a beginner or advanced traders. Bitbuy has recently removed fees on deposits, which is offset by some of the highest transaction fees at 1.5%.
Bitbuy is certified with the Ontario Securities Commission & the Canadian Securities Administrators, making it a solid choice for security. Bitbuy holds 99% of crypto investors’ assets in cold storage, making it one of Canada’s most secure crypto exchanges.
They have free deposits for e-transfers, a bank wire and cryptocurrencies. However, there is a withdrawal fee of 1.5% for e-transfers and on a bank wire.
Pros:
Cons:
Best for: Users who want the most secure crypto exchange
#4 – Coinsmart – Good all-around choice
Coinsmart is a well-rounded cryptocurrency exchange usable for beginners but built for experts. Coinbase offers low trading fees & great security features, with 95% of funds stored in cold storage. Right now, you get a $50 sign-up bonus for new users.
Coinsmart offers many features that make it an excellent choice. They offer Smart Trade, allowing you to directly trade one coin to another without having to trade it to Bitcoin or Ethereum first. They also have trading features like limit orders, stop loss and charting functionality.
Coinsmart also boasts some of the lowest trading fees around at 0.2% on each trade. They also offer same-day deposits and withdrawals, making it one of the best ways to buy crypto right now.
Pros:
Cons:
Best for: Users who want a clean interface and low fees.
#5 – Wealthsimple – Best pick for current Wealthsimple users
Wealthsimple is a Canadian-regulated crypto exchange that offers more than just crypto investing. It is best known for Robo investing trading accounts, regular or group RRSP plans, TFSA and more registered accounts. If you are already a Wealthsimple investor, it is simple to use their crypto platform.
If you are not already a Wealthsimple customer, there are better cryptocurrency exchanges in Canada that offer lower fees and lower spreads on trades. Recently, Wealthsimple started offering crypto staking, allowing you to passively earn 4% annual rewards on Ethereum holdings (as of October 2022).
Pros:
Cons:
Best for: Existing Wealthsimple customers.
FAQ
How to pick the best Canadian crypto exchange
To pick the best crypto exchanges in Canada, I factored in trading fees, account fees, sign-up bonuses, ease of use of interface, trading tools and more. There are many crypto exchanges in Canada, and I have only listed my top 5 from my extensive review of over 15 crypto exchanges in Canada.
How to open a crypto exchange account
Opening a crypto trading account in Canada is similar to opening a trading account. You are required to verify personal information that can be provided to the Canadian Revenue Agency for tax purposes. Some forms and signatures will need to be provided to any of the crypto exchanges listed here.
How do cryptocurrency exchanges work
Crypto exchanges work by exchanging local fiat currencies (like Canadian dollars) into your account and using those funds to purchase digital currency like Bitcoin or Ethereum. You can convert your cryptocurrencies to your local currency to use for everyday purchases.
Is it legal to invest in Cryptocurrencies in Canada?
Investing in cryptocurrency in Canada through these regulated trading platforms is legal.
How do I get money to invest in cryptocurrency?
Any funds you have in cash, chequings, or savings can easily be used to start investing. You can use a portion of each pay cheque to fund your crypto account. Learn new ways to make money online or start a business to have more funds to invest. Start learning more about personal finance to build your wealth.
Conclusion
This post has summarized the best crypto exchange options in Canada. Choose the one that is best suited for your situation and be sure to do your own due diligence on any investments you make.
About the Author
Nick Robert is the founder and creator of Nickrobert.com. I created this website to educate Canadians about everything related to personal finance. As a Chartered Professional Accountant & Chartered Accountant, I have worked with many Canadians to achieve their personal finance goals.
To contact me, you can visit my contact page to email me directly, or you can visit and participate in my subreddit. Let me know about any topics you would like me to cover. If you are interested in guest posting on this website, message me through the contact page.
