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
Our methodology for selecting the top platforms to purchase Bitcoin with Canadian Dollars (CAD) was methodical, with platforms tested by BeInCrypto teams over a period of six months. This process was peer-reviewed and information fact-checked to ensure accuracy. BeInCrypto considered security, compliance, user-experience, and reputation when selecting for this list.
Coinbase: Coinbae is a U.S. based exchange that offers its services in the U.K., Canada, and other countries. It offers a subscription service for users to gain lower trading fees.
• Publicly traded and publishes regular financial reports
• Fees range between $0.99-$4.19
• Offers staking and learn-to-earn
Bitbuy: Popular Canadian exchange Bitbuy has a number of advantages, such as low pricing, a mobile app for trading while on the go, simple onboarding for new users, and access to a wide range of digital assets.
• Live order book
• Express trade and Pro trade
• OTC trading
Wealthsimple: Wealthsimple is a Canadian fintech firm that provides a variety of investment and financial management products and services.
• Robo-advisory
• Multiple financial asset types
• Fees from 0.5% to 2%
NDAX: NDAX is a popular Canadian cryptocurrency exchange that was founded in 2017. It offers a platform for purchasing, selling, and trading cryptocurrencies such as BTC, ETH, XRP, and others.
• OTC trading
• Staking
• 0.2% trading fee
VirgoCX: Adam Cai and Jake Benson launched the Canadian cryptocurrency exchange VirgoCX in 2018. It offers a marketplace for the purchase, sale, and exchange of different cryptocurrencies.
• More than 60 cryptocurrencies
• Enhanced account security like 2FA
• Offers gift cards
Newton: Newton is a cryptocurrency exchange that was founded in 2017 with the goal of enhancing the Canadian cryptocurrency purchase experience.
• OTC trading
• Earn features
• 80/20 cold storage
Bitwell: Customers can purchase and sell bitcoin using Bitcoin Well’s services, which include a network of bitcoin ATMs across Canada and online transactions utilizing Interac e-Transfer.
• More than 280 ATMS
• Light KYC
• Identification for purchases over $1,000
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Top platforms to buy Bitcoin with Canadian dollars
Coinbase
Coinbase is a cryptocurrency exchange and platform that allows users to buy, sell, and store various cryptocurrencies, including bitcoin, ethereum, and many others. It was founded in June 2012 by Brian Armstrong and Fred Ehrsam.
Coinbase offers several products and services, including Coinbase Pro (formerly GDAX), a more advanced trading platform, the Coinbase Wallet for securely storing crypto, Coinbase Custody for institutional clients, and various educational resources to help users learn about web3, decentralized assets, and blockchain technology.
Coinbase is headquartered in San Francisco, California, and has become one of the most well-known and widely used cryptocurrency exchanges in the world. Although it is a U.S.-based exchange, the platform continues to offer its full service in Canada and has no plans of slowing down — to the contrary, Coinbase is expanding in this market.
• Fixed fees range from $0.99 to $2.99 for orders of $10 to $200
• Orders above $200 attract a percentage fee of 1.49% and 3.99% when using a debit card
• Spread of 0.5% applied on buy/sell orders
• Coinbase One (membership): $0 trading fees
• Interac e-Transfer
• Visa or Mastercard debit and credit cards
• PayPal
In terms of user experience, Coinbase is known for its reliability and ease of use, making it a good platform for beginners. With features like earning rewards while learning about cryptocurrencies, Coinbase is a good option for the uninitiated.
Additionally, Coinbase’s user interface is a strong point. Users will appreciate the simplicity and user-friendliness of the Coinbase dashboard, which is clean and straightforward, making it appealing, especially to those new to cryptocurrency trading.
While Coinbase’s customer support is generally an area with room for improvement, the user experience and user interface are considered strong points of its overall service.
Bitbuy is a cryptocurrency exchange and trading platform based in Canada. It was founded in 2013 by Ademar Gonzalez and Jeffrey Walsh. Bitbuy’s primary focus is to provide a secure and user-friendly platform for Canadians to buy, sell, and trade cryptocurrencies such as bitcoin.
The platform offers various features, including easy onboarding for new users, competitive pricing, a mobile app for trading on the go, and access to a variety of digital assets.
Bitbuy “Express Trade” allows customers who want simple access to digital money to buy and sell with just one click. For more experienced users, Bitbuy “Pro Trade” provides a live order book and more order types.
The exchange also offers staking for users to earn on various cryptocurrencies. For institutional traders who need to move large orders, the platform also offers OTC trading.
• Express trade: 2% per trade (buy or sell)
• Pro trade: 0-2% (maker fee) and 0.1-2% (taker fee)
• Interac e-Transfer
• Bank wire
• Debit card
• Bill pay
• Cryptocurrency
The platform receives a range of reviews, from excellent to poor. Satisfied customers often praise the strong customer support. Generally, the support staff are acknowledged for being helpful and responsive, contributing to positive user experiences.
In terms of the user interface, Bitbuy offers two trading interfaces, Pro and Express, which cater to different levels of experience. The interface is clean, fast, simple to navigate, and beginner-friendly, with additional functionalities that enhance the trading experience.
The mobile app, in particular, has received positive ratings for its ease of use. Combining customer support feedback with user experience and interface evaluations, Bitbuy emerges as a platform that balances responsive customer service with a user-friendly environment.
Wealthsimple
Wealthsimple is a Canadian financial technology (fintech) company that offers a range of investment and financial management products and services. It was founded in September 2014 by Michael Katchen and Rudy Adler.
Wealthsimple offers a comprehensive suite of financial products and services. Wealthsimple Invest, its robo-advisory platform, offers automated and diversified investment portfolios tailored to individual financial goals and risk profiles.
The Wealthsimple Trade platform provides commission-free trading of stocks and ETFs, making investing more accessible. Additionally, Wealthsimple allows users to buy, sell, and hold cryptocurrencies like bitcoin and ethereum.
The company also provides solutions for employer-sponsored retirement savings plans and employee stock option programs through Wealthsimple for Work.
Trading fees vary by client tier:
• Core: 2%,
• Premium: 1%
• Generation: 0.5%
• Linked bank account
• Interac e-Transfer
• Visa or Mastercard debit
• Direct deposit
• Transferring an investment account from another institution
• Wire transfer
Wealthsimple’s customer support has received mixed feedback. While some users have reported non-existent support with difficulties in getting timely responses to support tickets, others have had more positive experiences.
The app and website feature a sleek, intuitive design that’s easy to navigate, reflecting the platform’s focus on a technology-driven, low-cost approach. This design particularly appeals to beginner investors, offering them a user-friendly experience.
Regarding the user interface, Wealthsimple’s in-house team developed the web and mobile investment platforms to be user-friendly and straightforward. The web platform received a significant update in 2019 that improved the presentation of important information on the main portfolio screen.
NDAX (National Digital Asset Exchange) is a Canadian cryptocurrency exchange founded in 2017 by Bilal Hammoud. It provides a platform for buying, selling, and trading various cryptocurrencies, including BTC, ETH, XRP, and others.
• Fixed trading fee: 0.2% for buying and selling cryptocurrency
• Interac e-Transfer
• Wire transfer
• Cryptocurrency
The platform is user-friendly with a basic interface, catering well to beginners. However, it might fall short for seasoned traders who seek more advanced trading options and greater liquidity.
The user interface features a clean and uncluttered design that allows users to easily understand and navigate the platform. It incorporates both a simple design for ease of use and more complex features for those requiring them.
The platform layout is simple yet capable of catering to experienced traders with advanced charts and order options.
VirgoCX
VirgoCX is a Canadian cryptocurrency exchange founded by Adam Cai and Jake Benson. It provides a platform for buying, selling, and trading various cryptocurrencies, with a focus on offering a user-friendly and accessible experience for Canadians.
The company was established in 2018 and has since gained recognition as a cryptocurrency exchange tailored to the Canadian market. The company also raised $10 million in Series A funding led by Draper Dragon.
• Zero trading fees for buying and selling crypto assets
• Credit card: 3.99% ($1 minimum)
• Debit card: 2.99% ($1 minimum)
• Interac e-Transfer
• Wire transfer
• Cryptocurrency
• Debit
• Bill payment
VirgoCX offers 24/7 support via email or live chat, with multilingual options available to cater to a diverse customer base. There is also a chat broker service for handling large trades, which adds a personal touch to customer service.
In terms of user experience, VirgoCX provides an intuitive trading experience. It offers a streamlined web interface for transactions, and the mobile app is available on both the App Store and Google Play.
The user interface of VirgoCX is simple, easy to use, and intuitive, suitable for both retail and institutional investors. The mobile app is well-structured, with good ratings on the App Store, and the desktop version, while less robust, still focuses on providing core trading services.
Newton is a cryptocurrency exchange that was conceptualized in 2017 with the aim of improving the Canadian experience of buying crypto. Dustin Walper, Erynn Saunders, and Tyson Leslie founded Newton in 2018 and is headquartered in Toronto, Ontario, Canada.
The company has received multiple rounds of funding. Newton received $25 million CAD in Series B funding from big-name investors like Anthony Pompliano.
• Spread on trades varies, typically between 1% – 1.5%
• No direct trading fees, funding, or withdrawal fees for transactions using Interac e-Transfer
• Interac e-Transfer
• Wire transfer
• Pre-authorized debit
• Cryptocurrency
Newton.co’s customer support has generally received positive remarks from users. Customers have reported quick and helpful responses from the support team, with instances of issues being resolved in less than an hour and with appreciable assistance from customer service agents.
The support team has been noted to go above and beyond in helping customers. Regarding the user interface, Newton.co’s dashboard is available on both web and iOS and is user-friendly.
The Newton app has received high ratings on iOS, although some Android users have reported issues with deposit timings and customer service responsiveness.
Bitcoin Well
Bitcoin Well provides services that allow customers to buy and sell bitcoin, notably through a network of bitcoin ATMs across Canada and online transactions using Interac e-Transfer.
The services offered align with those of a bitcoin exchange and broker, where customers can directly trade bitcoin with the company, rather than a marketplace of different buyers and sellers.
They offer non-custodial control over bitcoin, meaning users have the benefit of owning and holding bitcoin independently. Bitcoin Well is based in Edmonton and was founded by Adam O’Brien.
• No withdrawal fees, no account fees
• 0.5% trading fee
• Cash through bitcoin ATMs
• Interac e-Transfer
• Transactions over $25,000 can be facilitated with the assistance of bitcoin specialists at specific locations in Edmonton and Calgary
Bitcoin Well’s customer support is reported to offer great service with a variety of contact options available to users, including help sections on their website, online support tickets, and the unusual provision of a support phone number, which is not commonly offered by most crypto exchanges.
The user experience is touted as beginner-friendly, with a straightforward verification process and a user interface that is simple and clean, catering to those new to bitcoin trading.
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
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
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