Who should make use of the comparison?
Our comparisons aim to help anyone and everyone who’s looking to venture into the world of crypto exchange in Canada. It doesn’t matter if you’re a complete beginner or a seasoned crypto investor, you should find our comparisons useful in some way. We’re not here to tell you what we think is the best crypto exchange for us, we’re here to help find the best crypto exchange for you.
Our reviews and comparisons aim to find the best crypto exchange for Canada customers, but that doesn’t mean we’re focussed on looking solely at Canada based exchanges. We’ll also look at international exchanges, based in the USA and other countries that are open to Canadian customers.
The size of your investment doesn’t matter either, as our reviews take a look at a range of platforms that cater to all types of investment sizes. To sum all that up; if you’re interested in crypto exchange in Canada in any way, shape or form, our comparisons are here for you.
Exchange Checklist: Top5 steps for a secure & fair experience
License and regulation
Crypto currency is not considered legal tender in Canada, however the government isn’t totally against it and has even encouraged investment on some level. As of January 2020 every crypto exchange in Canada is subjected to securities laws. This includes international crypto exchanges that provide services to Canadian customers. Always check if a website is legit and regulated before signing up and making any form of deposit or transaction. The Canadian Securities Administrators (CSA) is responsible for all guidance and information regarding the regulation of crypto exchanges.
As well as being legal and properly regulated, the best Canada crypto exchange platforms should be well trusted by their users. You can check user reviews on websites such as Truspilot, however it’s important to read multiple reviews in order to properly inform yourself and never take a 5 star rating at face value. The top Canada crypto exchanges should have a high rating and a decent number of reviews. An exchange with a 4 or 5 star rating and only a few reviews could be legit, but could also be a scam with reviews created from the inside so it’s important to be vigilant and investigate further.
Not to be confused with security, this step refers to the protection of your data online. Thankfully new laws came into place in 2017 and 2018 that were designed to protect your data availability online and what organisations can do with. There are manyplatforms that require ID login which may be a secure process, but isn’t so private. Finding a crypto exchange in Canada that has high privacy settings can be difficult and often means sacrificing other features that you may find important.
While privacy refers to the protection of your personal information and data online, security refers to how safe your money is, making it arguably a more important aspect. If you want your money to be as safe as possible, look for an exchange that keeps your money in a secure offline storage space. Storing crypto assets offline keeps them safe from hackers. Photo ID logins are very secure and make it extremely hard for hackers to access your account however, as we mentioned above, they aren’t private. A login system that’s both secure and private should be multi-layered with passwords and access codes, as is the case with most online banking systems.
While the most reputable and secure crypto exchanges will have less scammers, they still can’t be completely avoided. Even if you’re using the best Canada crypto exchange, there’s still a chance you’ll encounter potential scammers, especially if they have user-to-user trading capabilities. Following the above steps should ensure that you never end up using a scam crypto exchange or trading app, but avoiding scam users on a crypto trading platform in Canada requires some vigilance on your part. Always use your common sense and ensure you know someone is legit before giving them any of your details or payments.
Editor’s recommendation – the best exchange
As our aim is to provide a comparison that helps each and every different type of user find the best Canada crypto exchange for them, the task of declaring a No. 1 crypto exchange is a tough one.
However, our editor recommends Bitbuy as the best Canada crypto exchange overall. It may not suit everyone’s needs. But it definitely strikes a balance to suit the widest variety of customers. Those of you who already have some knowledge regarding crypto exchanges and crypto trading in Canada might see this as the obvious choice, given that Bitbuy is definitely the most established crypto exchange in Canada, which is true. Bitbuy is the most established exchange in the country for a multitude of reasons, but there’s one feature which we’ll explain in detail below:
Bitbuy’s separate systems
Bitbuy’s platform has two separate systems, Express Trade and Pro Trade. Express trade is better suited for beginners who are looking for more basic functions, while Pro Trade has capabilities for more experienced traders. What we like about this is that beginners have the option to progress without having to sign up and redeposit money with a new exchange to find new capabilities. At the same time, the simple layout and easy-to-use basic platform is kept separate from the more complex pro platform to keep both types of user happy.
Bitbuy is also completely legit and well regulated. They’re registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and are completely compliant. Their customer support is also second-to-none and is consistently well reviewed by users. Their fees, while not the lowest are definitely reasonable and competitive.
Nobody’s perfect, and BitBuy definitely isn’t without its flaws, however their faults are minimal. With just 8 cryptocurrencies on offer, Bitbuy’s selection isn’t the greatest, which may put off some experienced crypto investors. They do still have the most popular cryptocurrencies, including Bitcoin, Litecoin and Ethereum, so we don’t see this as a major drawback for most users.
As we said it may not be for everyone, but on balance Bitbuy gets our recommendation.
This is how our experts test exchanges
Our experts test a variety of important aspects when reviewing and comparing platforms for crypto exchange in Canada. As our comparisons cater for a variety of users, it’s important for us to also study reviews and find out the experience of other customers. Above all, we’re looking to find a platform that balances its features and elements well to cater for everyone in the world of crypto exchange Canada.
Below you can find a short explanation of the 5 elements we look for in an exchange:
Security encompases many of the aspects we’ve covered in some of the above sections, including privacy, security and trustability. This is perhaps the most important element that our experts look at when testing an exchange. Privacy shortcomings can get a by as they sometimes need to be sacrificed to increase security and transparency between users. However, if a platform for crypto exchange in Canada isn’t secure or trustworthy, then it isn’t worth going onto test any other elements.
This is especially important for beginners as it’s important not to be more confused than one needs to be when getting into something new, but an easy-to-use interface that’s slick and pleasant to look at is an important factor for every type of user. Our experts understand that it’s difficult for more complex platforms aimed at pro users to keep their exchange easy and simplistic, but we’re looking to make sure that each exchange we test is as easy-to-use as it possibly can be.
Our experts are looking for both the range of capabilities a platform has and how well they function. Having a wide range of capabilities on offer doesn’t dictate that a platform is the best Canada crypto exchange out there. Too many capabilities can be overwhelming and confusing for beginners and having a wide range of capabilities is no use if their functionality is under par. Sometimes a simple exchange with a small range of well polished functions is what’s best.
Range of cryptocurrencies
Our experts look at the range of crypto currencies each platform has available in order to test which types of users the platform is suited to. Again, most doesn’t always mean best here. A simple platform with a small range of currencies will suit beginners and basic users while a platform with hundreds or even thousands of currencies on offer will leave experts and crypto enthusiasts frothing at the mouth. For the experienced but casual investor, there’s always a middleground to be found.
Nobody likes them, but unfortunately every crypto exchange in Canada has them – fees. Of course our experts are looking to find an exchange with the lowest fees possible, however there has to be a balance. A platform may have low fees, but be lacking in each of the 4 elements listed above, in which case the sacrifice isn’t worth it. Sometimes paying a bit more is worth it for a secure and well functioning exchange. Fees also come in different forms. Most commonly, fees are charged on a per transaction basis, but some crypto exchanges in Canada have a monthly membership fee. This type of fee payment can be beneficial to more experienced users who make frequent cryptocurrency transactions.
Finding the right exchange for you
We’ve said it before, but it’s not about us – our expert comparisons exist to help find the best Canada crypto exchange to suit you. With that in mind, it’s important to think about your needs and what you’re looking to get out of a crypto exchange before choosing one.
If you’re completely new to crypto exchange Canada, then you’ll want to start off simply by finding a beginner friendly platform that’s easy to use and allows you to buy some currency to start off with. More experience users will of course be looking for a larger platform with a more complex range of capabilities.
It is also important to think about the future. You might be a beginner now, meaning you don’t need the best crypto trading platform in Canada straight away, but where do you see yourself a few months or years down the line? If you think you may progress to investing and doing more with your crypto then you’ll want to find a beginner friendly exchange that also has capabilities to suit more experienced users. This will benefit you further down the line. The size of your investment is also an important factor to be considered, as some platforms are better prepared in dealing with higher volumes.
It doesn’t matter if you’re a complete beginner or a crypto expert, our crypto exchange Canada reviews are here to help you out. Now that crypto exchange in Canada is subject to security laws, buying crypto is getting safer, though the nature of cryptocurrencies still remains futile. If you’re considering entering the world of crypto for the first time, just remember these 3 important points:
- Work within your experience level.
- Make sure your money and personal info are secure
- Don’t invest more than you can afford.