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7 Best Platforms To Buy Bitcoin (BTC) With Canadian Dollars

14 mins
Updated by Maria Petrova
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Many cryptocurrency businesses are shifting away from the U.S. market and exploring alternative international markets. The Canadian market is absorbing some of that flight but also faces its own issues — huge centralized exchanges, including OKX, Bybit, and Binance, all exited the Canadian market in 2023, citing new regulatory restrictions from the Canadian Securities Administrators (CSA) as the reason behind the withdrawals. So, with so many big names exiting the space, what are the best platforms that allow you to buy Bitcoin with Canadian dollars? Here’s our curated list of top-rated platforms looking to ride out the regulatory wave in Canada.

Our methodology for selecting the top platforms to buy Bitcoin with Canadian

Top platforms to buy Bitcoin with Canadian dollars

Coinbase

Best for security
Platform
Brokerage
Min. purchase
$1
Max purchase
$25,000 a day ACH limit

Bitbuy

Best for corporate solutions
Platform
Exchange
Minimum deposit
$50
Max purchase
$30,000 CAD/ year

Wealthsimple

Best for investment management services
Platform
Broker
Min. purchase
$1
Max deposit
$3,000, $3,500, or $250,000 CAD

NDAX

Best for insurance
Platform
Exchange
Min. deposit
No minimum
Max purchase
$30,000 CAD

VirgoCX

Best for learning resources
Platform
Exchange
Min. deposit
No minimum
Max deposit
N/A

Newton

Best for simplicity
Platform
Exchange
Min. purchase
$10
Max purchase
$10,000

Bitcoin Well

Best for ATM
Platform
Broker
Min. purchase
$20
Max purchase
No limit/ $3,000 for Interac e-transfer

How to choose a bitcoin exchange in Canada

When it comes to buying bitcoin with Canadian dollars — either in Canada or from elsewhere in the world — the available crypto exchanges are not created equally. It’s crucial to weigh factors like security, fees, and ease of use to find an exchange that best suits your needs. Here are a few more factors to consider:

Type of platform

Times are different now, and many various types of businesses, other than exchanges, allow you to buy and sell cryptocurrencies. Many people use the term exchange very loosely, but not all crypto platforms use “exchanges.”

While Gemini stands out for its strong commitment to security and compliance with regulatory standards, Coinbase is renowned for its user-friendly interface and a broad range of cryptocurrency offerings.

You also have payment services and brokers. These differ from exchanges in terms of the “plumbing.” For example, Coinbase and Robinhood are brokerages, while Binance and OKX are exchanges.

If you are a trader, you may want a broker or exchange. If you simply want to purchase crypto without custodial services, you probably want a payment service. Lastly, institutional investors may prefer exchanges out of a necessity for deep liquidity. Know what you plan to do with the crypto you buy and choose a platform accordingly.

Products and features

bitcoin dollars canada trading

Another important factor is products and features. While these criteria can vary by platform, in general, you may prefer some platforms due to minute differences in offerings.

You may just be looking to buy bitcoin with Canadian dollars. Or, you might be interested in accessing a suite of services. For instance, some platforms may facilitate staking, NFTs, cloud mining, and crypto rewards programs. Additionally, exchanges may have VIP levels, and brokerages may have membership subscriptions that offer trading discounts or rebates.

In the context of bitcoin, more advanced traders may favor a platform offering crypto futures and/or perpetual futures.

Some platforms even allow you to take out crypto loans, provide loans, or facilitate OTC (over-the-counter) or P2P (peer-to-peer) trading for more experienced users. However, as stated previously, this may differ by platform.

Fee structure

The most obvious criterion for choosing a platform is fees. In general, and depending on the platform and platform type, there are many fees to consider. Some examples include transaction fees, withdrawal charges, and deposit fees, each varying significantly across different platforms. These examples may include:

  • Transaction fees
  • Maker and taker fees
  • Gas/network fees (typically determined by the blockchain, but some platforms may charge a nominal fee to cover their costs)
  • Deposit fees
  • Withdrawal fees
  • Delivery fee (derivatives)

Fees explained

Choosing platforms based on fees typically boils down to opportunity costs. Not all businesses will have all of the fees above. But it is best to remain aware of what fees they charge and in what circumstances they charge them. Generally, and in order from lowest fees to highest fees, the order typically goes as follows:

Exchanges (lowest)

  • Exchanges provide a marketplace where buyers and sellers can trade with each other, setting their own prices within the platform’s system. Maker/taker fees are usually lower because exchanges earn revenue from the volume of trades rather than the spread on each transaction.

Brokers

  • Brokers act as intermediaries between buyers and sellers. Broker fees are typically a percentage of the transaction or a flat fee because they simplify the process, offer more personalized service, and usually incur higher costs to provide on-ramp and off-ramp services.
  • A broker may also include a markup on the cryptocurrency’s price to cover their operational costs and risk, especially if they offer locked-in pricing at the time of purchase.

Payment services (highest)

  • Payment services that offer cryptocurrency purchases are often not specialized crypto platforms but are instead adding crypto as an additional service to their existing financial offerings.
  • They typically charge higher fees because their primary business is not cryptocurrency trading. These fees cover the cost of integrating with exchanges or brokers to access the crypto market, as well as additional convenience fees for offering an all-in-one solution for various financial transactions.

Is Canada a good location for crypto fans?

While a number of big-name crypto trading platforms have exited the Canadian market amid regulatory pressure in 2023, a number of heavyweights still operate in the region, enabling purchases of bitcoin with Canadian dollars. Coinbase in particular has doubled down in this market where others have left. While there now are fewer options for web3 participants in Canada, choosing a platform to trade or buy crypto with should still be a careful consideration. Overall, crypto fans in Canada should remain confident they can access a full range of services, trading tools and web3 offerings.

Frequently asked questions

What is the best site to buy bitcoin in Canada?

How do I buy bitcoin with CAD?

How do Canadians buy bitcoin?

Is LBank legal in Canada?

Is Binance accepted in Canada?

Is Coinbase allowed in Canada?

Is bitcoin legal in Canada?

Can I use blockchain in Canada?

Are there bitcoin ATMs in Canada?

What is KYC verification in cryptocurrency exchanges?

Which payment methods are widely accepted on Canadian crypto exchanges?

Is it safe to buy bitcoin online in Canada?

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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