Summary: Canada's leading cryptocurrency exchanges stand out for their strict adherence to the guidelines set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). By aligning with Canada's stringent regulatory standards and undergoing thorough evaluations by independent financial bodies, these platforms offer robust security and compliance with Canadian legal requirements.
Our analysis identifies the top 5 digital asset exchanges in Canada, noted for their intuitive interfaces, CAD deposit capabilities, extensive range of features and services, diverse investment options, and transparent fee models.
- Instant and free CAD deposits from any Canadian bank via Interac e-Transfer, credit cards and more.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Founded in 2011 and trusted by over 9 million investors.
Kraken is a registered Money Services Business with FINTRAC (MSB Registration No. M19343731).
Best Crypto Exchanges in Canada
Our specialists have crafted a comprehensive methodology to assess the top cryptocurrency platforms in Canada. This evaluation considers multiple factors, including adherence to the FINTRAC and CSA guidelines, a proven history in safeguarding assets, degree of openness, pricing models, features, and the variety of supported cryptocurrencies. Keep reading for a detailed breakdown of the top 5 Canadian digital asset exchanges.
Kraken is the best cryptocurrency investment platform in Canada that provides a multilingual interface in English and French. It distinguishes itself with its broad array of over 200 cryptocurrencies available for trading and staking, all with competitive fees. It also facilitates instant CAD deposits from all Canadian banks, Interac e-Transfer, and credit cards, ensuring transactions are swift and uncomplicated. Founded in 2011, it boasts a global user base of over 9 million, demonstrating its credibility in the crypto community. It's fully regulated by the FINTRAC, providing a compliant investing platform.
- Minimum Deposit: $50 CAD for first time deposit.
- Supported Assets: 200+ Cryptocurrency.
- Regulation: Regulated by the FINTRAC.
- Fees: Costs include a 0.26% fee for spot trading, and the maker/taker rebate is 0.02%/0.05%. Deposit costs vary between 0.5% - 2% depending on the method and withdrawals are free.
Bitbuy is a Toronto-based platform regulated by both the FINTRAC and the CSA. It supports 50 digital assets available for buying and trading, all under a clear and competitive fee structure. It also accommodates swift CAD deposits from all Canadian banks, e-Transfers, and wire transfers, making transaction processes more convenient. Bitbuy has amassed a domestic user base of over 300,000 and is well-regarded for its high degree of regulatory compliance in Canada. The platform is accessible across various interfaces, including Web App, iOS, and Android, and provides live multilingual customer support.
- Minimum Deposit: $100 CAD for first-time deposit.
- Supported Assets: 50+ Cryptocurrency.
- Regulation: Regulated by the FINTRAC and CSA.
- Fees: Costs include a 2% fee for spot trading, and the deposit fees vary between 1% - 3% depending on the method.
Uphold is a platform approved by the FINTRAC that undergoes regular audits to verify its proof-of-reserves is backed 1:1. It has an expansive portfolio of over 250 cryptocurrencies plus other financial instruments, including traditional currencies and commodities. It boasts a global user base of over 10 million, highlighting its prominence in the digital asset ecosystem. One of their standout features is their easy-to-use staking services that enable Canadian investors to deposit BTC, ETH and other tokens to earn a yield. These aspects affirm it position as the third leading cryptocurrency exchange in Canada.
- Minimum Deposit: $20 CAD for first-time deposit.
- Supported Assets: 260+ Cryptocurrency.
- Regulation: Regulated by the FINTRAC.
- Fees: Costs include a 1.6% fee for spot trading, and the deposit fees vary depending on the method.
Coinbase is a leading exchange in Canada that offers a comprehensive and secure environment for crypto trading. Regulated by the FINTRAC, the CSA and based in the US, it supports over 200 cryptocurrencies, competitive fees, and seamless CAD deposits. The platform also features the Coinbase Wallet, a user-controlled digital wallet for secure asset storage on user devices. With a global user base exceeding 56 million, accessibility across Web App, iOS, and Android, and live customer support, it continues to solidify its reputation as a leading platform.
- Minimum Deposit: $50 CAD for first-time deposit.
- Supported Assets: 100+ Cryptocurrency.
- Regulation: Regulated in Canada.
- Fees: Costs include a 2% fee for spot trading. Deposit and withdrawal fees vary depending on the method and range from 1% - 5%.
KuCoin holds high esteem in Canada, securing the fifth position mainly due to its expansive selection of over 700 cryptocurrencies. It is particularly appreciated among crypto enthusiasts seeking emerging tokens, such as dog coins or meme coins like Pepe. Besides trading, it allows users to stake more than 400 tokens with attractive returns. The exchange is also recognized for its no-KYC requirement, meaning users do not need to verify their identities to buy, sell, or trade assets on the platform. It offers low fees and various trading pairs, simplifying the process of swapping between different cryptocurrencies.
- Minimum Deposit: $40 CAD for first-time deposit.
- Supported Assets: 700+ Cryptocurrency.
- Regulation: Not registered in Canada hence no KYC.
- Fees: Costs include a 0.1% fee for spot trading, 0.02% fee for maker orders, and 0.07% for taker orders on futures markets. Deposits and withdrawals in CAD vary depending on the payment method.
Is Cryptocurrency Regulated in Canada?
Canada has become an influential force in the international realm of cryptocurrency regulation and utilization. Digital currencies are officially acknowledged in Canada, with the government accepting them for transactions and service payments. The primary entities overseeing digital asset activities in Canada include the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), both responsible for setting and enforcing regulations in the financial market and institutions.
How to Buy Bitcoin in Canada
For Canadians diving into the cryptocurrency market, Kraken stands as a prime choice. This platform enables straightforward and fast CAD deposits through various methods, including electronic funds transfers, credit cards, debit cards, Interac e-Transfer and bank wires. It provides access to a diverse range of over 200 cryptocurrencies, notably Bitcoin (BTC).
Start your digital asset investment journey by following this guide:
- Open an Account: Register with Kraken and follow the necessary identity verification steps.
- Fund Your Account: Choose 'Deposit' and transfer Canadian dollars into your account.
- Find Bitcoin: Navigate to the search feature, locate Bitcoin, and press the 'Buy' button.
- Invest in Bitcoin: Specify your investment amount and click on 'Confirm Purchase' to execute the transaction.
Canadian Tax Requirements
Cryptocurrency taxation in Canada is overseen by the Canada Revenue Agency (CRA) and varies depending on the status of the holder, be it an individual or a business entity. Private individuals in Canada holding digital currencies as personal assets are exempt from capital gains tax but are required to report any earnings from mining, staking, or lending as income for tax purposes.
In the case of businesses and self-employed individuals in Canada, coins are treated as business assets. Revenue generated from business operations involving digital assets, including profits and earnings from mining, staking, or lending, is subject to income tax. The Harmonized Sales Tax (HST) might apply to certain crypto-related transactions. For detailed understanding of Canada's crypto tax regulations, reviewing the CRA's official guidelines or seeking advice from a tax professional is recommended.
The Bottom Line
In conclusion, cryptocurrency exchanges in Canada have grown significantly over the years, marked by stringent regulations and an increasing range of offerings. These platforms, led by industry leaders such as Kraken, Bitbuy, Uphold, Coinbase, and KuCoin, cater to various customer needs while adhering to rigorous guidelines and regular audits by financial entities such as FINTRAC. Their commitment to security, transparency, and customer service continues to push the boundaries of the crypto landscape in the country.