Best Canadian Regulated Crypto Exchanges: A Comprehensive Guide
Cryptocurrency, or crypto assets, have become a popular form of investment worldwide.
The increasing demand for these digital assets has highlighted the need for secure and regulated platforms to buy and sell cryptocurrencies.
Furthermore, Canada, one of the countries embracing this trend, offers several regulated crypto exchanges for enthusiasts and investors.
Here’s a detailed guide on the best Canadian-regulated crypto exchanges to help you make an informed decision.
Understanding Crypto Asset Exchanges
Before diving into the specifics of Canadian crypto exchanges, it is essential to understand what these platforms are.
Additionally, Crypto exchanges are online platforms where you can exchange one type of digital asset for another based on the market value of the given assets.
Furthermore, they operate similarly to traditional stock exchanges but deal primarily with cryptocurrencies.
Crypto exchanges generally fall into two categories – centralized and decentralized exchanges.
Firstly, a single organization manages centralized exchanges (CEX).
Additionally, they are the most common type of crypto exchange and offer a user-friendly interface, making it easy for beginners to start buying and selling cryptocurrencies.
Furthermore, a significant advantage of centralized exchanges is allowing users to convert their fiat currencies (like Canadian dollars) directly into crypto, making it convenient for new users.
However, these exchanges often require users to follow Know Your Customer (KYC) rules, which means verifying your identity, similar to opening a bank account.
Security is a concern with centralized exchanges as they hold the crypto assets traded on their platform, at least in the short term. This increases the risk of hacking and theft.
Furthermore, many centralized exchanges have implemented robust security measures, including storing most assets offline and taking out insurance policies to cover potential losses.
Decentralized exchanges (DEX) operate without a central authority. Instead, they run on a network of computers, each of which helps to maintain the exchange.
Additionally, this decentralization aligns with the underlying philosophy of cryptocurrencies, which is all about eliminating the need for trust in a central authority.
However, DEX platforms are often less user-friendly and don’t always allow users to deposit fiat currency to buy cryptocurrencies. This means you either need to own crypto or use a centralized exchange before trading on a DEX.
Best Regulated Crypto Asset Exchanges in Canada
Now that we have a basic understanding of crypto exchanges, let’s dive into the best-regulated crypto asset exchanges in Canada. T
Another aspect is that these platforms offer a secure environment to trade digital assets and are recognized and regulated by Canadian authorities, ensuring a safe trading environment for investors.
Bitbuy stands out as one of the top regulated crypto exchanges in Canada.
Also, it offers a high level of security, a user-friendly interface, and competitive fees, making it a popular choice among Canadian crypto investors.
- Trading fees: 0% to 2% depending on trading volume.
- Supports around 25 cryptocurrencies.
- Offers excellent 24/7 customer support.
- Provides instant account verification.
- Over $6 billion in transactions processed.
- Registered Marketplace and Investment Dealer as per the Ontario Securities Commission (OSC).
- Free account opening.
- Trading commission fees range from 0.1% to 2%.
- Free deposits via INTERAC e-Transfer and Wire Transfer.
- 1.5% INTERAC e-Transfer and Wire Transfer Withdrawal fee.
An affiliate of Bitbuy, Coinberry is another reliable crypto exchange in Canada. It supports 25 of the most popular cryptocurrencies and does not charge any fees for CAD deposits.
- Supports 25 cryptocurrencies.
- Instant account verification.
- Allows automatic purchases (dollar-cost averaging).
- Offers easy-to-use mobile application.
- Free deposits and withdrawals.
- Trading fees range from 0% to 2%.
3. Bitcoin Well
Bitcoin Well is a non-custodial Bitcoin company that offers a variety of services, including an online trading portal and over 250 ATMs in Canada.
- Over 250 ATMs across all Canadian provinces.
- Supports mobile and web purchases.
- Allows crypto purchases with fiat currency (CAD bills) at ATMs.
- Trading fees vary depending on services, with online trading at 0.21%.
Uniswap is a non-custodial, decentralized trading platform that supports thousands of cryptocurrencies. It operates on the Ethereum blockchain, making it accessible worldwide.
- Supports thousands of coins.
- Peer-to-Peer (P2P) trading through liquidity pools.
- Decentralized and trustless.
- Fees can vary depending on current Ethereum gas fees.
5. Bull Bitcoin
Bull Bitcoin is a non-custodial Bitcoin-only exchange and payment service based in Canada. It allows users to buy Bitcoin directly from their bank account.
- Supports Bitcoin Only.
- Spread model fees.
- Buy or sell capability for Bitcoin.
- Free account opening.
- Variable fees for selling Bitcoin depending on the amount (Over $10,000 is 1.25%).
Localcoin is a Toronto-based crypto exchange with over 800 ATMs across Canada. It supports Bitcoin and five other cryptocurrencies.
- Supports six cryptocurrencies.
- Over 800 ATMs across all Canadian provinces.
- Supports mobile, web, and hardware crypto wallets.
- Allows crypto purchases with fiat currency (CAD bills).
- $3 + 10% fee for CAD bill purchases.
- 7.5% fee for credit card purchases.
- 10% fee for cryptocurrency sales.
7. Beaver Bitcoin
Beaver Bitcoin is a non-custodial Bitcoin exchange allowing Canadians to buy it directly from their bank account. It offers both one-time purchases and recurring buys.
- Supports Bitcoin Only.
- Automated buy or dollar cost averaging feature.
- Non-custodial and easy account sign-ups.
- Recurring purchase fees are 3%.
- Smash Buy, e-Transfer buys are 1.5%.
Conclusion: Best Canadian Regulated Crypto Exchanges
In conclusion, the crypto asset market offers a world of opportunities for investors.
However, using a regulated and secure platform to buy and sell cryptocurrencies is crucial.
Furthermore, the above platforms are among Canada’s best-regulated crypto exchanges, each offering unique features and varying fee structures.
Choosing a crypto exchange can significantly impact your trading experience and investment returns. Therefore, choose wisely and always prioritize security and user experience in your decision-making process.