Best Crypto Exchanges In Canada For December 2022 (2023)

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The Best Crypto Exchanges of November 2022

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Binance

Best Crypto Exchanges In Canada For December 2022 (1)

5.0

Best Crypto Exchanges In Canada For December 2022 (2)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

0.1% Maker Fee, 0.1% Taker Fee

Tradable Coins

600+

Best Crypto Exchanges In Canada For December 2022 (3)

Trading Fees

0.1% Maker Fee, 0.1% Taker Fee

Tradable Coins

600+

Why We Picked It

Binance is one of the biggest names in the market and boasts a considerable number of tradable coins plus low fees. It offers crypto-to-crypto trading and fiat-to-crypto trading with several ways to deposit funds.

Founded in 2017 and registered in the Cayman Islands, Binance is the world’s largest crypto exchange in terms of daily trading volume.

Pros & Cons

  • Wide selection of tradable cryptocurrencies.
  • Competitive trading fees.
  • Hacked in 2019.
  • May be too advanced for beginners

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Coinbase

4.9

Best Crypto Exchanges In Canada For December 2022 (5)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

1% Flat Fee

Tradable Coins

150+

Learn More

On Coinbase's Website

Trading Fees

1% Flat Fee

Tradable Coins

150+

Why We Picked It

Coinbase offers more than 150 tradable cryptocurrencies, which should satisfy most investors looking to break into the crypto space. The platform stands out for an easy-to-use interface that makes one-time or recurring crypto transactions a snap.

Customers who are interested in features like in-depth technical analysis might consider paying for Coinbase’s Advanced Trade product, which will also be augmented with increased security. Advanced Trade is also replacing some of the features offered by Coinbase Pro, which is being sunsetted in late 2022.

Pros & Cons

  • User-friendly interface and easy purchase process.
  • Strong user reviews and security features.
  • Allows users to stake Algorand (ALGO), Cosmos (ATOM), Ethereum (ETH), Tezos (XTM), Cardano and Solana (SOL).
  • High fees for convenience.
  • Not available in all 50 states. Hawaii is currently awaiting support. New York residents are not eligible to stake ADA, ETH, XTM or ATOM.

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Kraken

Best Crypto Exchanges In Canada For December 2022 (8)

4.8

Best Crypto Exchanges In Canada For December 2022 (9)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

Flat 0.9% fee for stablecoins, 1.5% for other cryptos

Tradable Coins

120+

Trading Fees

Flat 0.9% fee for stablecoins, 1.5% for other cryptos

Tradable Coins

120+

Why We Picked It

Kraken is one of the oldest U.S. crypto exchanges, founded in 2011 during crypto’s Paleolithic era. This platform offers a solid range of coins with very competitive trading fees. It’s also one of the few exchanges in the U.S. to offer margin trading and a suite of other advanced trading tools like advanced order types and futures trading.

This exchange offers two trading platforms: Kraken and Kraken Pro. The basic Kraken platform with “Instant Buy” doesn’t offer the cheapest fees, although advanced users can get volume discounts and lower their costs by trading on Kraken Pro.

Pros & Cons

  • Sophisticated features available on Kraken Pro, like margin trading and staking.
  • Good customer service options, including a chatbot and phone support.
  • Relatively low Bitcoin (BTC) withdrawal fees.
  • Publishes a wide range of educational material on cryptocurrency.
  • Not available in all 50 states.
  • Kraken only accepts a select few fiat currencies.

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Crypto.com

Best Crypto Exchanges In Canada For December 2022 (11)

4.8

Best Crypto Exchanges In Canada For December 2022 (12)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

0.4% Maker Fee, 0.4% Taker Fee

Tradable Coins

250+

Best Crypto Exchanges In Canada For December 2022 (13)

Learn MoreBest Crypto Exchanges In Canada For December 2022 (14)

On Crypto.com's Website

Trading Fees

0.4% Maker Fee, 0.4% Taker Fee

Tradable Coins

250+

Why We Picked It

Crypto.com provides a very good selection of cryptocurrencies, with more than 250 available. The platform offers unique perks and crypto rewards for Crypto.com Visa Card users.

Users can take advantage of Crypto.com’s utility token Cronos (CRO) to pay fees on the platform and earn other benefits.

Pros & Cons

  • Trading fee discounts are available for users who hold high balances in CRO.
  • Get as much as 8% cash back on Crypto.com Visa debit card spending for users who hold high balances in CRO.
  • Limited margin trading is available.
  • High cybersecurity ratings.
  • Lower-volume trading incurs higher trading fees.

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KuCoin

Best Crypto Exchanges In Canada For December 2022 (15)

4.7

Best Crypto Exchanges In Canada For December 2022 (16)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

0.1% Maker Fee, 0.1% Taker Fee

Tradable Coins

600+

Best Crypto Exchanges In Canada For December 2022 (17)

Trading Fees

0.1% Maker Fee, 0.1% Taker Fee

Tradable Coins

600+

Why We Picked It

Another heavy hitter when it comes to the sheer amount of coins available, KuCoin provides access to a wide library of altcoins at low fees.

The platform is headquartered in Seychelles, with a growing number of users in Asia, Europe, the Middle East and Africa. While U.S. users can access and use the trading platform, KuCoin is not licensed in the U.S.

Pros & Cons

  • Broad selection of tradable cryptocurrencies.
  • Competitive trading fees.
  • Volume discounts on fees.
  • Offers advanced features like margin trading and futures trading.
  • Accepts credit cards and debit cards.
  • KuCoin is not licensed in the U.S.
  • Funds kept on the platform are not insured.
  • Suffered a major hacking incident in 2020.

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Bitfinex

Best Crypto Exchanges In Canada For December 2022 (18)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

0.1% Maker Fee, 0.2% Taker Fee

Tradable Coins

170

Best Crypto Exchanges In Canada For December 2022 (20)

Trading Fees

0.1% Maker Fee, 0.2% Taker Fee

Tradable Coins

170

Why We Picked It

Supporting a large variety of cryptocurrency trading options, including futures trading, limit orders, stop orders and stop limit orders, Bitfinex is a large cryptocurrency exchange based in the British Virgin Islands and founded in 2012. Despite a worrying record with regulators and at least one hack, its low trading fees, which have gained recognition in the industry, are hard to beat.

Pros & Cons

  • Low trading fees
  • Supports 170 cryptocurrencies
  • Advanced trading options
  • User-friendly mobile app great for new traders
  • Includes educational resources, such as videos
  • Extensive history of regulatory fines and misconduct
  • Not available to Ontario residents
  • Not available in the U.S.
  • Funds are not insured
  • Not registered with the FINTRAC
  • Questionable relationship with the Tether stablecoin

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Gemini

Best Crypto Exchanges In Canada For December 2022 (21)

4.5

Best Crypto Exchanges In Canada For December 2022 (22)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

0.2% Maker Fee, 0.4% Taker Fee

Tradable Coins

120+

Best Crypto Exchanges In Canada For December 2022 (23)

Trading Fees

0.2% Maker Fee, 0.4% Taker Fee

Tradable Coins

120+

Why We Picked It

Gemini is well suited for crypto traders of any skill level. The platform is packed to the brim with scores of features, like its unique Gemini Earn program for earning interest on crypto holdings and the Gemini Credit Card. Another major plus is Gemini is available in all 50 states, and the company says it has a strong commitment to meeting all U.S. regulatory compliance requirements.

Pros & Cons

  • Simple, intuitive user interface.
  • Available in all 50 states, including New York (a common omission among other crypto exchanges).
  • Users can earn crypto rewards with the Gemini Credit Card
  • Convoluted fee structure when not spot trading.
  • Limited customer service options.
  • Some popular coins aren’t available, such as Cardano (ADA).

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Bitstamp

Best Crypto Exchanges In Canada For December 2022 (24)

4.2

Best Crypto Exchanges In Canada For December 2022 (25)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

0.50% flat fee

Tradable Coins

64

Best Crypto Exchanges In Canada For December 2022 (26)

Trading Fees

0.50% flat fee

Tradable Coins

64

Why We Picked It

Luxembourg’s Bitstamp was launched in 2011. With a decent, if not great, number of tradable coins and low, flat fees, the exchange is easy to use and its app is highly rated. For users who want more advanced features, Bitstamp offers Tradeview, an active trading platform.

Pros & Cons

  • Easy to use
  • Good mobile app
  • Hacked in 2015
  • Some popular tokens unavailable e.g. Dogecoin

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BitYard

Best Crypto Exchanges In Canada For December 2022 (27)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Trading Fees

0.1% Maker Fee, 0.1% Taker Fee

Tradable Coins

45

Best Crypto Exchanges In Canada For December 2022 (29)

Trading Fees

0.1% Maker Fee, 0.1% Taker Fee

Tradable Coins

45

Why We Picked It

An ambitious newcomer, BitYard launched in 2019. This Singapore-based crypto exchange provides trading services in more than 150 countries.

BitYard is one of the few exchanges that complies with financial industry regulations and holds licenses in Australia, Singapore and the U.S. Users who are interested in spot trading will enjoy the low trading fees and a decent selection of popular cryptocurrencies.

Pros & Cons

  • Available in all 50 states.
  • Low trading fees.
  • International platform that accepts more than 50 fiat currencies.
  • Offers both an online wallet and cold storage.
  • Does not offer much in terms of advanced trading features.
  • Staking and lending are not available.
  • Funds are not insured.

Compare the Best Crypto Exchanges

Methodology

We performed an in-depth assessment of the features and options offered by nearly 25 cryptocurrency exchanges, crypto trading apps and brokerage platforms that offer crypto trading options.

The trading fees reflected for each brokerage or crypto exchange are the trading fees for the lowest volume of trade, using the most basic version of the platform.

The data addressed 10 key variables to assess the quality of each platform:

  • Basic Trading Features.Key metrics included the number of cryptocurrencies available to trade, the number of fiat currencies accepted, the exchange’s overall liquidity and trading fees.
  • Advanced Trading Features.We looked at the availability of complex trading features like advanced order types and volume discounts for frequent trading.
  • Margin Trading.An assessment of margin trading rates, if applicable.
  • Platform Availability.While some of the best crypto exchanges are available everywhere, others have widely varying degrees of accessibility to different features by country and by U.S. state.
  • Customer Service.Available types of customer support.
  • Educational Resources.We evaluated the educational content offered by each platform.
  • Crypto Rewards Credit Card.A few platforms offer crypto rewards credit cards.
  • Security and Storage.Types of storage options, security and insurance available, plus an assessment of any large-scale hacks of each exchange over its lifetime.
  • Staking and Rewards.Some platforms allow users to stake selected cryptos and earn interest payments.
  • Crypto Lending.Some crypto exchanges allow users to lend out their cryptocurrency.

These ten variables benchmark features and options across the crypto exchanges and brokerages we surveyed.

For each ranking, the sum of weighted values across all or some of these key factors was calculated to award each brokerage or exchange its overall rank. Margin trading, platform lending and advanced trading were not considered for choosing the best crypto exchanges for beginners.

What Is a Crypto Exchange and How Does It Work?

A crypto exchange is a marketplace where you can buy and sellcryptocurrencies, like Bitcoin, Ether or Dogecoin. Cryptocurrency exchanges work a lot like other trading platforms that you may be familiar with. They provide you with accounts where you can create different order types to buy, sell and speculate in the crypto market.

Some crypto exchanges support advanced trading features likemargin accountsand futures trading, although these are less commonly available to U.S.-based users. Others have features like crypto staking or crypto loans that allow you to earn interest on your crypto holdings. The best exchanges offer educational offerings to keep you up to date on all things crypto.

Different Types of Crypto Exchanges

Broadly speaking, there are two categories of crypto exchanges:centralized exchangesanddecentralized exchanges. Each category comes with its own advantages and disadvantages.

Centralized Exchanges

Centralized crypto exchanges (CEX) are managed by one organization. Centralized exchanges make it easy to get started with cryptocurrency trading by allowing users to convert their fiat currency, like dollars, directly into crypto. The vast majority of crypto trading take place on centralized exchanges.

Some crypto enthusiasts object to centralized exchanges because they go against the decentralized ethos of cryptocurrency. Even worse in the eyes of some crypto users, the company or organization may require users to followKnow Your Customer (KYC)rules. These require each user to divulge their identity, much as you would when you apply for a bank account, to combat money laundering and fraud.

There’s another concern with centralized exchanges: hacking. With a CEX, the exchange holds the crypto traded on its platform—at least in the short term, while trades go through—raising the risk of hackers stealing assets.

To address this risk, centralized crypto exchanges have beefed up security over recent years. Among other strategies, they now store most customer assets offline and take out insurance policies to cover crypto losses in the case of hacking.

If you like the convenience of a centralized exchange, you can reduce your risk by transferring crypto to a separate, off-exchange hot or cold wallet.

Decentralized Exchanges

Decentralized crypto exchanges (DEX) distribute responsibility for facilitating and verifying crypto trades. Anyone willing to join a DEX network can certify transactions, much like the way cryptocurrencyblockchainswork. This may help increase accountability and transparency as well as ensure an exchange can keep running, regardless of the state of the company that created it.

The trouble is that decentralized exchanges are much less user friendly, not only from an interface standpoint but also in terms of currency conversion. Decentralized exchanges, for instance, don’t always allow users to deposit dollars and exchange them for crypto. This means you either have to already own crypto or use a centralized exchange to get crypto that you then use on a DEX.

You’ll also likely be engaging in direct peer-to-peer trades. This means it may take longer for you to find someone looking to buy what you’re selling and, ifliquidityis low, you may have to accept concessions on price to buy or sell a low-volume crypto quickly.

Global Crypto Exchanges

There are nearly 600 cryptocurrency exchanges worldwide inviting investors to trade bitcoin, ethereum and other digital assets. But costs, quality and safety vary widely. With an emphasis on regulatory compliance,Forbes Digital Assets ranked the top 60 cryptocurrency exchanges in the world.

Crypto Exchange Fees

You pay two types of fees when you buy and sell crypto: trading fees and withdrawal fees.

Trading Fees

Trading fees may be charged as a flat percentage of the amount of crypto you buy or sell, or an exchange may differentiate between orders that are makers and those that are takers, charging a different percentage accordingly.

On a basic level, makers are orders that add liquidity to an exchange, meaning they do not fulfill standing orders. Takers, meanwhile, remove liquidity from an exchange by completing orders that are waiting for a trade. Depending on the exchange, maker fees are usually slightly less than taker fees, although this isn’t always the case.

While you’re ideally picking an exchange with the lowest costs, dwelling too much on the ins and outs of maker and taker fees can be counterproductive. That’s because you can’t choose whether your order is processed as a maker or a taker. Instead, you’re better served considering overall fees and any discounts available for trading a certain amount each month or holding an exchange’s native cryptocurrency.

An important note: Some crypto investment apps claim to charge zero fees, but this isn’t entirely accurate. Instead of charging you an outright, they charge a spread—that’s the difference between the rate at which they buy or sell crypto. Spreads can, and frequently do, wind up being much more expensive than if you paid a percentage trading fee.

Withdrawal Fees

Many exchanges charge fees to withdraw coins from their platform. This can be an issue if you prefer to move your crypto to a secure third-party wallet or onto another exchange. Withdrawal fees typically vary by cryptocurrency.

If you anticipate moving your crypto off of an exchange, you should choose a platform that allows a certain amount of fee-free withdrawals, like Gemini.

Other Fees

If you engage in more advanced trading strategies, like margin trading, there are additional fees associated with borrowing money. Beginner-friendly exchanges like Coinbase and Gemini offer quick buy features that charge higher fees. You can avoid them by learning how to buy and sell on an exchange’s trading platform.

If you make purchases using a credit card or debit card, you may be charged a premium by both the exchange and your card issuer. That’s why it’s best to buy crypto with cash or wire transfers.

How to Choose a Crypto Exchange

Beyond fees, when choosing the best crypto exchange for your needs, consider things like security, trading volumes, educational resources and whether an exchange lists the cryptocurrencies you’re interested in buying.

Security

As crypto has grown more popular and valuable, it’s become a big large target for hackers. Leading exchanges like Binance and KuCoin have been hacked, resulting in tens of millions of dollars in losses. While exchanges often reimburse those whose coins are stolen, nobody wants to be in that position in the first place.

You can minimize your risk by spreading your crypto purchases across multiple exchanges. Alternatively, make it a habit to move your crypto holdings out of an exchange’s default wallet to your own secure “cold” wallet. These are storage options that are not connected to the internet, making them nearly impossible to hack—although you’ll need to carefully record your passcode or you could lose access to your crypto forever.

Available Coins

Carefully consider the cryptocurrencies available on a given exchange. You might be perfectly fine using a crypto exchange that only trades a few coins. Conversely, if you’re a crypto fiend, you may want access to all of the more than 600 available on Gate.io.

Trading Volume

The availability of coins alone isn’t sufficient if there are no trades happening. You’ll ideally want to verify that there’s sufficient trading volume in your target coins to ensureliquidity, so you can easily trade your coins and dollars.

Low-volume markets could cost you on sales. If there’s not a lot of volume and you put an order in, that’s called slippage. You could end up buying at a higher price or selling at a lower price than you’d want.

If you’re an advanced crypto trader, you may want to make sure your preferred exchange offers the trading types—like limit orders, which can prevent slippage by setting a hard price—and margin you want. Remember trade types involving the latter are still evolving in the U.S., so different exchanges’ offerings may vary over time.

Educational Resources

If you’re just getting started with cryptocurrency, look for an easy-to-use platform with plenty of educational resources to help you understand this complex, rapidly developing market.

Accessibility

Finally, don’t assume that an exchange is available in your country, or even state, just because you can access its website. Many state and federal governments are still figuring out how exactly they want to treat cryptocurrencies from a legal and tax standpoint.

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Crypto Exchange FAQs

What is a crypto exchange?

A crypto exchange is a marketplace where you can buy and sell cryptocurrencies, likeBitcoin, Ether orDogecoin.

How does a crypto exchange work?

Crypto exchanges work a lot like brokerage platforms, and each offers a portal where you can create different order types to buy, sell and speculate oncryptocurrencieswith other users.

Crypto exchanges can be centralized, meaning they are managed by one corporate authority, like a brokerage company that facilitates the security of trades, or decentralized.

Decentralized exchanges generally distribute verification powers to anyone willing to join a network and certify transactions, much like cryptocurrency blockchains. This may help increase accountability and transparency and ensure an exchange can keep running if something happens to a company running an exchange.

How do you buy crypto?

To buy cryptocurrency, open an account with a crypto exchange or an online brokerage that allows crypto trading. In addition, you’ll need a crypto wallet to hold your cryptocurrency, although your exchange may provide one.

Be careful when picking a crypto exchange. Some crypto trading apps, like PayPal or Venmo, do not let you transfer your coins off the platform. This is a major limitation for serious crypto investors.

Once you’ve picked an exchange and a wallet, you’ll be able to buy crypto by transferring U.S. dollars into your account via an ACH or wire transfer. You may even be able to buy crypto with a credit or debit card. However, this may carry additional fees, some of which can get quite high.

Some crypto exchanges will let you use other cryptocurrencies or their own brandedstablecoins, likeBinance Coin(BNB) onBinance.US, to fund transactions.

How much money do you need to buy crypto?

Exchanges have different requirements, often depending on the type of cryptocurrency you want to buy.

You may be able to buy fractional shares of coins for pennies or just a few dollars. Be sure to check your chosen crypto exchange’s requirements for the coin you want to buy.

How do I open a crypto exchange account?

To open a crypto exchange account, visit the exchange’s website or download its app.

Each crypto exchange has its own unique registration process. With some, you may be able to make an account and buy and sell small amounts of crypto without verifying your identity or submitting much sensitive information.

But as the industry has evolved, the U.S. government has introduced certain Know Your Customer regulations to prevent money laundering and fraud.

In general, you’ll need to provide:

  • Name
  • Date of birth
  • Mailing address
  • Social Security number.

You may also have to verify your identity by submitting a photo or scan of a government-issued ID.

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Farran PowellEditor

I’m the deputy editor of Investing & Retirement at Forbes Advisor. I’m pretty familiar with the investing beat, having served as the former assistant managing editor of Investing at U.S. News & World Report, where I also launched several newsletter products.

Aaron BrovermanEditor

Aaron Broverman is the lead editor of Forbes Advisor Canada. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. He lives in Waterloo, Ontario with his wife and son.

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