Understanding Crypto Exchanges in Canada

Bittime - Crypto exchanges play an important role in a country's crypto ecosystem, facilitating digital asset trading. In Canada, registered crypto asset trading platforms have been authorized to offer crypto products and services to investors. The scene is particularly diverse, with a variety of platforms both international and domestic catering to the growing enthusiasm for crypto.

When choosing a crypto exchange in Canada or any other country, several key factors need to be considered, including platform security, coin variety, liquidity, fee structure, available educational resources, and more. Each crypto exchange comes with its own unique set of features and fee structure, making careful consideration important.

In this article, we will cover an overview of some of the leading crypto exchanges in Canada, highlighting their offerings, security measures, fee structures, and potential weaknesses.

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Comparing Crypto Exchange Platforms in Canada

Bitbuy

Founded in 2016 by Adam Goldman, Bitbuy is a leading intra-Canadian exchange that exclusively serves Canadian investors. It supports transactions in Canadian dollars (CAD) only, allowing for easy account financing and trading pairs.

Bitbuy is known for its user-friendly interface, serving both beginners and experienced traders with advanced tools such as live order books. Bitbuy offers customized corporate solutions for businesses looking to incorporate crypto into their balance sheets. This solution includes access to off-the-desk trading desk liquidity, personalized reporting, and connections with qualified account professionals.

VirgoCX

Launched in 2018, VirgoCX is a Toronto-based exchange that offers commission-free trading. Instead, it applies variable spread fees to each transaction, affecting overall trading costs.

Registered with FINTRAC and Canadian Securities Administrators (CSA), VirgoCX stands out with its virtual gift card feature, which allows users to safely give away crypto.

The exchange emphasizes security with a combination of hot and cold wallets, mandatory two-factor authentication (2FA), and encryption of sensitive data. Users can choose between Quick Trade and Advanced Trade interfaces, with the latter offering advanced tools for experienced traders.

Coinsquare

Founded in Toronto in 2014 by Jonathan Goldman, Coinsquare is one of the largest exchanges in Canada. Regulated by the Investment Industry Regulatory Organization of Canada (IROC), Coinsquare owns 95% of the cold storage for digital assets and offers a variety of cryptocurrencies beyond Bitcoin.

Coinsquare's fee structure includes Bit Markets and Quick Trade options, which cater to different trading preferences. Despite its strong features, the exchange has faced challenges, including a data breach in 2022 and scrutiny of trading volumes by regulatory authorities.

Coinbase Canada

Operating globally, Coinbase entered the Canadian market in 2012, providing users with a trusted platform for crypto trading. The exchange prioritizes security, storing user data and wallet addresses offline for better protection.

Although Coinbase offers a user-friendly interface and educational resources, trading fees may be higher compared to other platforms.

Kraken Canada

Founded in San Francisco in 2011, Kraken expanded its services to Canada, offering three different products: the Kraken app, Kraken Pro, and Kraken NFT. The exchange emphasizes security with SOC 2 Type 1 certification and offers a variety of payment options for funding accounts.

NDAX

Based in Calgary, NDAX prioritizes user experience, security and low costs. Holding SOC2 Type II certification, NDAX stores the majority of its digital assets in cold storage and offers insurance coverage for incidents related to hot wallets and general business liability.

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Crypto.com

Hailing from Hong Kong, Crypto.com holds several compliance certifications and offers prepaid cards for easy access to crypto funds. Although this exchange provides a variety of cryptocurrencies and educational resources, users may face high staking requirements for some benefits.

Newton

Named after Sir Isaac Newton and founded in Toronto in 2018 by Dustin Walper and Erynn Saunders, Newton is a beginner-friendly crypto exchange with a simple interface. Offering no trading fees and instant verification, Newton appeals to users looking for simplicity and low fees. However, the limited selection of cryptocurrencies may make some traders hesitant.

Wealthsimple

Originally just a robo-adviser platform, Wealthsimple expanded into crypto in 2014. While it offers access to stocks and crypto, users may face relatively high transaction fees and limited features compared to dedicated crypto exchanges.

Choose the Right Platform

Choosing the right crypto exchange involves considering various factors such as security, fees, available cryptocurrencies, and user experience. By thoroughly evaluating these aspects in relation to individual trading needs, investors can make informed decisions and navigate the diverse crypto exchange landscape in Canada.

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds intowallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.