The cryptocurrency exchanges that made this Top 5 List of Canadian exchanges, were chosen because they all make buying cryptocurrencies in Canada easy, as well as affordable. What once was a complicated process, that required a high level of individual tech-savvy, is now as easy as doing online banking or shopping.
Each of the chosen exchanges has low or minimal fees, and most of them accept Interac e-transfers from Canadian bank accounts. These exchanges also participate in Canadian cryptocurrency AML and KYC regulations. Regulation compliance is important, because Canada treats digital currencies as taxable assets. Moreover, Know Your Customer requirements were implemented to maintain security and help to avoid the potential threats of property and identity thefts, hacks and scams.
The cryptocurrency exchanges that made this top 5 list are:
CoinSmart.com makes the list because it offers low commission trading fees and proprietary services, SmartTrade and the SmartGuarantee.
CoinSmart’s commission trading fees are below industry standards, at between 0.2%-0.4%. They also offer SmartTrade, which means you can trade directly between altcoins/cryptocurrencies without the need to trade to Bitcoin or Ethereum first. This is a real bonus as many exchanges require you to trade with Bitcoin or Ethereum as part of your trading pair.
Also, the SmartGuarantee means that all deposits are credited to your account the day that they are received. Also, fiat withdrawals are processed within five business days, as well as ensures that accounts are verified the same day they are processed.
Cryptocurrencies offered: Bitcoin, Ethereum, Litecoin, Ripple, Dash, Bitcoin Cash, EOS, Stellar, NEO, Cardano, QCAD
BitBuy is here because it is a Canadian based exchange that accepts Interac e-transfers. The exchange complies with Canadian cryptocurrency regulations. Creating an account on Bitbuy is very straightforward, and once you have funded your account, you can start buying cryptocurrency immediately. They also have two different “Levels” of traders: the Express Trade and Pro Trade. This makes it easier for different levels of traders to find the service that best suits them.
The digital currencies they sell are: Bitcoin, Ethereum, Litecoin, XRP, Stellar (XLM), EOS, and Bitcoin Cash.
Coinberry has partnered with FINTRAC to ensure the safety of your money and your identity. FINTRAC is a government-run agency that is used by banks and cryptocurrency exchanges to speed up the identification process while keeping your private information safe.
This exchange also accepts Interac and has a relatively low minimum of a $50 balance to open an account with them. The industry standard is typically $100. They also have no deposit fees when you deposit cash from the exchange in CAD, which is an added perk for Canadian users.
Netcoins makes buying cryptocurrencies for those with Canadian bank accounts very accessible. Users can make buys and sells for as low as $10, using Interac e-transfers. And for those users with Scotia Banks accounts, you can make online bill payments directly from your account by adding Netcoins as a payee. With Netcoins, they can offer no slippage trades because they have deep liquidity.
You can also sign up to receive notifications by text messages or email when certain cryptocurrencies change value. So, if the crypto you are watching hits either a target price that you have set or if the price moves by a certain percentage you will be notified immediately. This is a nice addition or alternative to auto buys/sells.
Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), QCAD, Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT)
Kraken is a Canadian based project that makes the list because it has a large selection of cryptocurrencies, as well as a wide variety of trading products. This exchange offers a range of trading products with tailored fees to their services. This makes their fees a bit more nuanced, based on what kind of trader you are and what level you are at. For their basic InstantBuy the fees are 3.75% + €0.25. This means that if you are moving greater volumes, your fees will proportionally decrease.
You can also fund your account with multiple fiat currencies including US Dollars (USD), Euros (EUR), and Canadian Dollars (CAD), all with minimal fees. And, depositing funds with CAD and EUR SEPA is free. However, Kraken does not offer Interac funding, as the other exchanges do.