If you’re interested in trading Bitcoin and other altcoins, the first step involves choosing the best crypto exchange Canada in 2021. Some of the key metrics that we’ll cover in this guide include trading fees, regulations, and payment methods. 

But with so many options available, how do you select the best Canadian crypto exchange that suits your trading strategy and goals? We’ve handpicked the best cryptocurrency exchanges that you can use right now and get that one step closer to achieving your investment goals. 

#1 Crypto Exchange Canada – Capital.com

Best Crypto Exchange Canada – Top 5 List

Are you on the hunt for the best Canadian crypto exchange in 2021? Here are our top five best-recommended crypto exchanges that you can use to gain exposure to the crypto market right now. 

  1. Capital.com – Overall Best CFD Crypto Broker With Low Trading Fees
  2. AvaTrade – Top-Rated CFD Broker with Competitive Spreads
  3. Coinbase – Best Canadian Crypto Exchange for Beginner Traders
  4. OKEx – Top-rated Crypto Exchange Canada Serving Over 20 Million Traders
  5. CoinJar – Best Crypto Exchange Canada With Low Crypto Deposit Fees

Best Crypto Exchange Canada – Full Reviews

Picking the best Canadian crypto exchange that suits your trading needs is challenging to say the least. You need to consider key factors such as safety and regulations, payment methods, supported cryptocurrencies, fees, and commissions. 

We’ve spent the time researching the best crypto exchanges in 2021 so that you can spend less time browsing and more time participating in the highly liquid crypto market.   

1. Capital.com – Overall Best CFD Crypto Broker With Low Fees

Launched in 2016, Capital.com is a top-rated and regulated CFD and forex trading platform. This popular CFD crypto broker offers a user-friendly interface, with tons of educational resources that beginner traders will find helpful. As the best Bitcoin exchange in Canada, you can also set up a free demo account in a matter of minutes and practice your Bitcoin trading strategies with $1,000 worth of virtual funds. 

Fees and Commissions 

At Capital.com you can trade index CFDs, commodity CFDs, stock CFDs, and forex. In other words, you’ll be speculating on the price movements of your preferred underlying asset with leverage. 

Best crypto exchange Canada - Capital.com

As such, when you invest in CFDs on Capital.com you will not pay a penny in commissions. Furthermore, you can use up to 5:1 leverage on stock CFDs, and forex pairs are available to trade with up to 30:1 leverage. Put simply, leverage means you can start trading with as little as $100 to open a position of $3,000. Capital.com also has some of the lowest non-trading fees across the board such as no deposit fees, withdrawal fees, inactivity fees, and account fees.

Payment methods and deposit fees

You can deposit funds into your trading account by using a credit/debit card, bank wire transfer, or e-wallets such as Apple Pay and Sofort. The minimum deposit is just $20, and deposits made using credit/debit cards and electronic wallets are processed immediately. 

Is Capital.com safe?

According to the Capital.com website, 788,000 traders have registered with the CFD broker because of the following reasons. Capital.com is regulated by the UK’s Financial Conduct Authority and the Cyprus Security and Exchange Commission. This trusted CFD broker has partnered with some of the biggest money managers in the EU to handle, protect and store all client funds in segregated bank accounts which are completely separate from the company’s operations accounts.

Pros

  • The minimum deposit is just $20
  • Commission-free CFD trading
  • Access to speculative and leveraged instruments
  • Supports a wide range of payment methods
  • Fully regulated by the FCA and CySEC

Cons

  • Cannot set price alerts on the web trading platform
  • Only offers CFD instruments

76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

2. AvaTrade – Top-Rated CFD Broker with Competitive Spreads

Established in 2006, AvaTrade is a renowned global forex and CFD broker that’s heavily regulated by several top-tier financial watchdogs. When it comes to products and markets, AvaTrade offers forex trading and other CFD derivatives covering stocks, bonds, ETFs, commodities, and cryptos for professional traders. You can also trade seven cryptocurrencies directly via the AvaTrade platform with 0% commissions and zero bank fees on transactions.

Fees and commission 

AvaTrade supports commission-free trading. This means that the only trading fees you’ll face are the market spreads. Furthermore, if you keep leveraged positions open after market hours, you’ll have to pay a standard overnight financing fee. 

Best Crypto Exchange Canada - AvaTrade

As for non-trading fees, there are no deposit or withdrawal fees, as well as zero account fees to worry about. On the other hand, AvaTrade charges a monthly inactivity fee of $50 after three months of non-use. This is consequently accompanied by a $100 annual administration fee after 12 months of inactivity. 

Payment options

AvaTrade accepts a variety of payment methods when withdrawing and depositing funds into your account. These payment methods include debit/credit cards, wire transfers, and e-wallets like Neteller and Skrill. The minimum deposit when using a debit/credit card or electronic wallet is $100. 

Is AvaTrade safe?

AvaTrade is a top-rated and trusted CFD trading platform that offers its services to clients on a global scale. As such, this trusted broker is licensed and regulated by multiple top-level financial institutions. These include the Australian Securities and Investments Commission (ASIC), the Financial Sector Conduct Authority in South Africa, Japan’s Financial Services Agency and the Financial Futures Association of Japan, the Abu Dhabi Global Markets Financial Regulatory Services Authority, CySEC, the Central Bank of Ireland, the B.V.I (British Virgin Islands) Financial Services Commission, and the Israel Securities Authority.

Pros

  • The minimum deposit is just $100
  • Commission-free CFD trading
  • Competitive non-trading fees including no deposit fees
  • Supports a wide range of payment methods
  • Fully regulated by several financial authorities around the world

Cons

  • Does not offer fractional share trading
  • Only offers CFD instruments

76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

3. Coinbase – Best Canadian Crypto Exchange for Beginner Traders

What is Coinbase?

Coinbase is one of the largest cryptocurrency exchanges in the world with a market cap of $51.72 billion and a P/E ratio of 30.74. Coinbase is listed on theCoinbase logo NASDAQ exchange, after issuing a blockbuster IPO earlier this year. On its first day of trading, Coinbase closed at $328.28 per share, generating an initial valuation of $85.8 billion which put the crypto provider amongst the top 100 large-cap companies in the United States. At the time of writing, Coinbase Global Inc (NASDAQ: COIN) is trading at $245.19 per share. 

You’ll have to pay a standard commission of 1.49% per side when buying and selling cryptocurrencies on the Coinbase exchange. Additionally, there’s a Coinbase fee when converting one digital asset to another. The spread is approximately 2% which is slightly above the industry average. 

Deposit and Withdrawal fees

Coinbase BTC/USD

This popular cryptocurrency exchange is regulated in the US and is home to more than 35 million traders. Coinbase provides access to an array of digital currencies as well as a user-friendly mobile app. There is a 3.99% deposit fee when you use debit cards to fund your account, and there’s a 2% withdrawal fee as well. Withdrawing funds using a wire transfer, on the other hand, is free of charge. Coinbase supports a variety of payment options including bank transfers, cryptos, and debit cards. 

Is Coinbase safe?

Coinbase complies with all the applicable laws and regulations in each jurisdiction that it offers its services in. Coinbase is also registered as a Money Services Business with FinCEN. 

Pros

  • A publicly listed company on the NASDAQ exchange
  • Has a client base of over 35 million crypto enthusiasts
  • Access to instant debit card purchases 
  • Supports debit cards, crypto deposits, and bank transfers
  • Registered as a Money Services Business with FinCEN

Cons

  • Debit card deposits incur a 3.99% fee
  • 1.49% standard trading commission 

76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

4. OKEx – Top-rated Crypto Exchange Canada Serving Over 20 Million Traders

OKEx is a low-cost crypto exchange that offers over 400 crypto pairs. This includes currency pairs such as BTC/USD and heaps of crypto crosses like XRP/BTC,OKEX ETH/BTC, and more. When it comes to trading commissions these start at 0.10% at OKEx, making it one of the most cost-effective crypto exchanges in 2021. 

Furthermore, if you execute large trading volumes per month, the commission you’ll face will be considerably lower. OKEx supports debit cards, and credit cards for depositing funds, but the fees are above average. Therefore your best option is to use cryptocurrencies to fund your account, as OKEx doesn’t charge a fee for crypto deposits. 

How much does it cost to buy and sell Bitcoin with Canadian dollars?

OKEx’s maker-taker fee structure begins at just 0.1% for traders holding less than 500 OKB tokens. OKB tokens are the native tokens that you can use on the trading platform to buy and sell digital currencies from the comfort of your own home. You can then store your altcoins in OKEx’s SA secure cold storage or you can use a third-party hot wallet. 

OKEx homepage

When it comes to deposits and withdrawals, OKEx does not charge fees, but you will need to pay a minimum Bitcoin network fee when withdrawing BTC from the exchange. 

Is OKEx safe? 

OKEx, one of the most prolific and largest spot and futures crypto exchanges, announced in 2019 an initiative to launch a Self-Regulated Organization (SRO) designed to standardize exchange practices and policies. Similar to the World Federation of Stock Exchanges, FINTRAC in Canada, OKEx is encouraging the international crypto-trading community to become members of this new initiative. 

OKEx is also a popular choice in Canada because it provides access to interest-earning savings accounts. This means you can earn interest on your crypto holdings with certain digital currencies generating more than 10% annually. 

Pros

  • Accepts a wide range of payment methods
  • Zero deposit fees
  • Maker-Taker fee rate structure
  • Access a wide range of 150 cryptos
  • Store your digital assets in OKEx’s SA secure crypto cold wallet 

Cons

  • Derivative instruments are complicated financial vehicles that are better suited to experienced traders

76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

5. CoinJar – Best Crypto Exchange Canada With Low Crypto Deposit Fees

CoinJar is the largest Bitcoin exchange based in Australia that has been offering crypto trading services since 2013. The crypto exchange platform is easy to use, particularly if you’re a newbie. CoinJar allows you to deposit funds using a range of convenient payment methods. 

This includes e-wallets, debit cards and credit cards, and wire transfers. The fees will depend on your preferred payment option. For example, while there are no fees when using e-wallets like BPAY, if you want to buy BTC instantly with a credit/debit card you’ll incur a fixed fee of 2%. Standard trading commissions amount to 1% of the transaction volume. 

 

Best Crypto exchange Canada - CoinJar

Compared to other crypto exchanges like Binance and Coinbase, CoinJar supports a moderate amount of cryptocurrencies. Besides Bitcoin, this includes major digital currencies like Ethereum, Ripple, Dogecoin, Stellar, and Litecoin. CoinJar is also great for accessing up-and-coming DeFi coins – which includes AAVE, 0x, Compound, Uniswap, and Yearn.finance. Coinjar allows you to access these crypto-assets online or via the mobile crypto trading app which is compatible with iOS and Android mobile devices.

Is CoinJar safe? 

In terms of security, CoinJar uses two-factor authentication and password protection for crypto wallets with 90% of all clients’ funds stored offline in geographically redundant, secure locations. Multi-signature technology is also used by CoinJar to store crypto assets in secure hot wallets.

Pros

  • User-friendly platform ideal for beginner crypto enthusiasts
  • Buy and sell 30+ digital currencies
  • Cost-effective maker-taker fees
  • Minimum deposit of just £5
  • 90% of all client crypto assets are held in cold wallets

Cons

  • Too basic for advanced traders

76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

How to Find the Best Bitcoin Exchange Canada

How do you sift through the bulk of crypto exchanges that are out there to find the best Canadian crypto exchange in 2021? The answer to this question is simple. You need to pay attention to a few key metrics that will help you choose the right trading platform for your trading needs.

In this section of our best crypto exchange Canada beginner’s guide, we’ll cover everything you need to know to start trading with an exchange that you can trust. 

Regulations and security

Firstly, you’ll need to examine what safety measures and regulations are in place at your preferred cryptocurrency exchange. This is arguably the most important metric to consider, as most crypto exchanges are unregulated by financial authorities, and therefore fall victim to cyber-attacks and hackers. 

best crypto exchange Canada capital.com safety

Furthermore, many financial watchdogs like the UK’s FCA and US SEC have hit hard against cryptocurrencies. For example, since January 6th, 2021, the Financial Conduct Authority has banned the sale and promotion of cryptocurrency derivatives to UK retail traders. This means you need to do your research and explore what restrictions and regulations are in place before opening an account. 

As such, this is why we recommend Capital.com because it’s fully regulated by top-tier financial authorities, and keeps all client funds in segregated bank accounts. 

Payment Methods

Unless you already hold cryptocurrencies, chances are that you’ll need to deposit funds with fiat currency. This means that your preferred crypto exchange must support a payment method that suits you. 

Capital.com for instance, supports a wide range of payment methods from debit cards and credit cards, to e-wallets and wire transfers. 

Fees and Commissions

There are several fees and commissions you need to look for when choosing the best crypto exchange Canada. First and foremost, you need to check what deposit fees apply to your preferred payment option. Many crypto exchanges like Coinbase charge a deposit fee upward of 3% which leans on the more expensive side of the spectrum. 

Capital.com charges zero deposit fees, which is one of the cheapest offerings out there amongst crypto exchanges and CFD brokers. You’ll also have to check what the trading commissions are. Coinbase charges a staggering 1.49% trading fee, while CoinJar charges 1%. Capital.com only charges the spread, which is the difference between the bid and ask prices. This means that there are 0% commissions. 

Products and Markets

Best Crypto Exchange Canada - markets and products

If you’re looking to keep things simple and buy Bitcoin from the best Bitcoin exchange, this is something you can do with most providers in 2021. Nevertheless, if you have a higher risk tolerance and want to invest in crypto derivatives like options and futures you’ll need to double-check that the brokerage or exchange supports the financial instruments you’re looking to trade. 

Intuitive user interface

This one is especially important for beginner traders who are just testing the crypto waters. We found that the best crypto exchanges and brokers are those that offer heaps of educational resources, an intuitive interface, and a demo account. 

Capital.com has a user-friendly trading platform

Using a demo account can be a great way to practice crypto trading without risking your hard-earned capital. For example, Capital.com provides access to a wide range of educational resources such as webinars and guides, as well as a free demo account. 

Customer Support

Customer service is another significant criterion that you need to consider when choosing the best crypto exchange Canada in 2021. The best Canadian cryptocurrency exchanges offer 24/7 customer support ensuring that all your questions and issues are dealt with promptly and efficiently by a qualified customer service representative. 

As such, at Capital.com you can contact customer services via social media including Telegram, WhatsApp and Facebook Messenger, as well as the conventional options such as via the phone, email and live chat. The response times are relatively fast, with agents offering relevant and useful answers and solutions to issues. Additionally, there is a convenient FAQs page that has a range of answers to the most commonly asked questions. 

How to Get Started With the Best Bitcoin Exchange Canada

If you’re ready to start trading digital currencies with the best Bitcoin exchange Canada we’ll show you how to get started with the following simple steps. By following the walkthrough below, you’ll be able to go long or short on Bitcoin and other altcoins within a matter of minutes. 

Step 1: Open a Bitcoin Exchange Account

First and foremost, head over to the best Bitcoin exchange, Capital.com and open a live trading account seamlessly within minutes. 

Open an account with Capital.com

Opening an account with Capital.com is free of charge and is fully digital. 

76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

Step 2: Verification

All regulated brokers are required to comply with standards set forth by the residing financial authority. Therefore, to open an account with Capital.com you’ll need to provide proof of identity and proof of address. Capital.com accepts the following documents for verification purposes:

  • Proof of residency – recent bank statements, or a utility bill.
  • Proof of ID – valid passport, government-issued identity card, or a driving license.  

The onboarding process is fully digital so you’ll be able to complete the entire process on the broker’s website. 

Step 3: Deposit Funds

After registering and the account creation process is complete, you’ll need to transfer the $20 minimum deposit into your trading account from your bank account. You can also use a whole host of supported payment methods from credit cards to e-wallets. 

Step 4: Search for your preferred cryptocurrencies CFDs and Trade with Tight Spreads

Now you can browse through and search for the Bitcoin market you want to trade. For instance, if you wanted to trade BTC/USD you would use the search bar at the top of the dashboard. 

Lastly, to execute the trade you’ll have to set up an order. As we have already discussed, Capital.com is a CFD broker so you’ll be trading on a speculative basis. This means you won’t take ownership of the underlying assets but will be speculating on the potential market movements. 

Furthermore, with a minimum deposit of just $20 you can cost-effectively gain exposure to crypto CFDs.

Best Bitcoin Exchange Canada 2021 – Expert Verdict

This in-depth beginner’s guide has reviewed a handful of the best crypto exchanges in Canada. While Coinbase, OKEx, AvaTrade, and CoinJar are also worth considering, we found that Capital.com allows you to diversify your portfolio with a wide range of CFDs covering different securities, whilst also using leverage to increase your purchasing power. 

This widely popular CFD broker is also regulated by several credible financial institutions, including the FCA and CySEC. Moreover, with market-leading non-trading fees you can deposit funds into your account efficiently, as well as buy and sell securities with zero commissions and tight spreads. 

Capital.com – Overall Best Crypto Exchange Canada

Capital.com

76.72% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

FAQs

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About Dassos Troullides PRO INVESTOR

Dassos Troullides is an experienced finance writer who specializes in CFD, stock, and crypto trading. In particular, Dassos is skilled at breaking down complex financial topics to help new and advanced investors make better trading decisions. Dassos also writes for TradingPlatforms.com, LearnBonds.com, InsideBitcoins.com and ForexCrunch.com

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