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Honestly, had I been writing this post a few months ago — FTX would have been at the top of this list as my favorite exchange to trade on. Shows how much I know and how risky the crypto world is.
Since the FTX collapse, I now need a new exchange for trading crypto. I’ve compiled a list of centralized exchanges that are my current top favorites to lose money trading on. 🙂
Every dashboard screenshot is from my accounts on these exchanges. I have signed up, verified my account, and traded on all of these crypto exchanges.
If you are having trouble funding or withdrawing funds from the larger international exchanges because you are Canadian — I recommend using a Canadian-based crypto exchange to convert your $ CAD into crypto and then sending that crypto to one larger exchange to trade.
1. NDAX
NDAX is the only Canadian-based crypto exchange on this list. They are based in Calgary, Alberta.
Read: NDAX Review
NDAX Fees
- Deposits and withdrawals: $0
- Spread: 0.2%
- Crypto withdrawal: 0.000399 BTC (~$13)
Funding & Withdrawal Options
- Interac E-Transfer – Funding only
- Bank Draft
Cryptocurrencies: 30+
NDAX Pros
- Dark mode
- Full exchange for traders
- Low spread fee
- Option to send coins on the Ethereum (ERC20) or the Binance Smart Chain (BEP20) networks
- Staking – Earn staking rewards from your crypto
NDAX Cons
- You can only make deposits with Interac E-transfer. Can’t withdraw $ CAD funds with Interac E-transfer.
- Crypto withdrawal fee is high
2. Kraken Pro
Kraken Pro is an advanced cryptocurrency trading interface designed from the ground up for professional traders.
Read: Kraken Review
Kraken Fees
- Fiat Deposits: 1.5%
- Spread: 0 to 0.26% per trade
- Crypto withdrawal: 0.00001 BTC
Funding & Withdrawal Options
- Interac E-Transfer
- Wire Transfer (Etana Custody)
- In-person at Canada Post
Cryptocurrencies: 65+
Kraken Pros
- One of the oldest exchanges in crypto
- Full trade platform
- Crypto to crypto trading pairs
- 24/7 live chat support
- Low spread fee
Kraken Cons
- Complicated fee structure
- Not as beginner-friendly
- 1.5% deposit fee on fiat
- High crypto withdrawal fee
Get $10 USD in BTC – Kraken Sign-Up Bonus when you use the app →
3. Coinbase Pro (Advanced)
Coinbase Fees
- Deposits and withdrawals: 1.49% – 3.99%
- Spread: 0.5%
Funding & Withdrawal Options
- Interac eTransfer
- Crypto
- Wire Transfer
- ACH Transfer
Cryptocurrencies: 100+
Coinbase Pros
- Coinbase Pro for traders and lower fees
- Easy to use for beginners
- Coinbase Card
Coinbase Cons
- Hard to fund/withdraw fiat in Canada
- High fees
- Complicated fee structure
4. Binance
Binance is not open to citizens of Ontario. But for the rest of us, we can trade BTC to USDT and other cryptocurrencies in the world’s largest cryptocurrency exchange.
UPDATE: Binance will no longer offer services to Canadians starting September 30, 2023.
Binance Fees
- Deposits and withdrawals: $0
- Spread: 0.1%
- Crypto withdrawal: 0.0002 BTC (~$6)
Funding & Withdrawal Options
- Crypto Only
Cryptocurrencies: 350+
Binance Pros
- Largest selection of altcoins
- Lowest fees
- Advanced features for traders
- Staking, P2P Trading, Loans
Binance Cons
- Ontario users not allowed
- Complicated because they offer so many services
- Can only fund with crypto in Canada
Binance Referral
Deposit more than $50 and Receive 100 USDT cashback voucher.
5. Crypto.com
Crypto.com kind of hides the advanced exchange from new website visitors. Navigate to the footer of the website and click > Exchange Home in the Exchange menu.
Crypto.com Fees
- Deposits: $0
- Spread: ~0.4%, Stake CRO to lower trade fees
- Crypto withdrawal fee: 0.0005 BTC (~$13)
Funding & Withdrawal Options
- Interac e-Transfer
- Bank Transfers
Cryptocurrencies: 100+
Crypto.com Pros
- Crypto.com Visa cards have fantastic benefits
- App works great
- Advanced tools for traders
- Staking
- Defi Wallet
- Good customer service
Crypto.com Cons
- Withdraw fees are on the higher side
- Hard to find the desktop web app
- The app, website, and wallet are all different things. Confusing for beginners.
Get $25 USD when staking CRO at Crypto.com.
Best Platforms for Crypto Traders
When choosing a platform for trading cryptocurrencies in Canada, here are some important factors to consider:
- Regulation: Ensure that the platform is regulated by a reputable financial authority, such as the Canadian Securities Administrators (CSA).
- Security: Look for platforms with strong security measures, such as two-factor authentication and secure storage for digital assets.
- Fees: Consider the fees for buying, selling, and trading cryptocurrencies, as these can vary significantly between platforms.
- User-friendly interface: Choose a platform with a user-friendly interface, which makes it easy to buy, sell, and trade cryptocurrencies.
- Cryptocurrency offerings: Check the platform offers a wide range of cryptocurrencies to trade, including the ones you are interested in.
- Customer support: Good customer support can be invaluable, especially if you run into any issues while trading. Choose a platform with responsive and knowledgeable support staff.
- Payment options: Make sure the platform accepts payment methods that are convenient for you, such as bank transfers, credit/debit cards, or e-wallets.
Remember to thoroughly research and compare several platforms before making a decision, and only invest what you can afford to lose. This list is what I am using and considering for trading. And I have been wrong lots before.
Errors or corrections? Contact Us.
HowToBuyBitcoin101.com is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
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