Cryptocurrency exchange in Canada

Cryptocurrency exchange Canada

The regulations of the Government of Canada determined the legal status of cryptocurrencies, legalizing operations with them. Hence, the National Financial Regulator (CSA) has appointed cryptocurrencies as securities.

The government carefully solves issues concerning the safety and liquidity of cryptomarket. Regulation contributes to the economic development of Canada. Therefore, Canadian blockchain start-ups, ICOs and cryptoexchanges are famous for their high quality and reliability. Canadians can learn how to buy cryptocurrency in Canada and how to sell bitcoin in Canada without major hindrances.

The well-established legal status of cryptocurrencies gives obvious advantages to users who want to get a safe and fully liquid place for trading. As a result, this makes cryptocurrency exchange in Canada attractive for customers around the world.

Most popular cryptocurrency exchanges in Canada

Kraken

One of the most popular cryptoexchanges and one of the leaders in terms of trading volume. We’ve reviewed it before when exploring how to turn bitcoin into USD. One of its branches is located in Canada. It has a solid reputation and is very reliable: cryptoexchange Kraken.com has never been hacked since its launch.

Cryptoexchange’s features:

  • a wide range of advanced trading tools, the integration of TradingView;
  • a fairly large number of altcoins (ETH, WAVES, EOS, LTC, XMR, ZEC, DOGE, AUGUR and others);
  • supports trade in pairs with CAD and GBP;
  • absence of a minimum threshold for the deposit;
  • margin trading is available for some instruments (leverage 1:2 and 1:5 with 0.01 – 0.02% fees);
  • relatively low trading fees (0.16% for market makers and 0.26% for market-takers);
  • simple and intuitive interface;
  • mobile versions for iOS and Android are available;
  • high liquidity.

Disadvantages:

  • Slow support responses, a lot of negative reviews
  • Delays with fund withdrawals.
  • Sometimes, stop-loss does not work
  • It is possible to raplenish your deposit with fiat money only through wire transfer
  • Does not support payment systems

Coinbase

It is one of the leading American companies in the cryptoindustry. Since it operates under the New York license “Bitlicense” and has many branches around the world, including one in Canada.

In 2018, it received a FCA license, which allows Coinbase.com to conduct trading activities in the UK and issue electronic money.

Coinbase features:

  • Relatively low fees for deposit replenishment and withdrawal of funds (about 4%)
  • Simple and intuitive interface
  • Available replenishment by wire transfer, credit cards and via PayPal (only for US citizens)

Disadvantages:

  • Only three large cryptocurrencies are available for trading (Bitcoin, Litecoin and Ethereum)
  • Low limits for unverified users (325 EUR per week)
  • High trading fees

Coinsquare

Coinsquare.com is the largest Canadian cryptoexchange, and is based in Toronto. The daily trading volume reaches $ 2 billion. Also, it is oriented mainly to the domestic market.

Therefore, the exchange policy is mainly aimed at strengthening the domestic economy and CAD (the main focus is on this currency).

Cryptoexchange’s features:

  • Support for a large number of fiat currencies: CAD, USD, EUR, etc.
  • Support popular cryptocurrencies: Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Dash, Dogecoin
  • The possibility of trading in pairs with gold and silver
  • Low minimum deposit – $ 100
  • Supports CFD for cryptocurrencies (mainly for Bitcoin)
  • Relatively low trading fees (0.16% for market makers and 0.26% for market takers)
  • User-friendly and intuitive interface
  • Relatively low fees for deposit / withdrawal (0.5 – 5% depending on the payment system)
  • Availability of mobile version of the platform

Disadvantages:

  • Focus on the domestic market (cryptoexchange is not available for New Yorkers)
  • Too simplistic trading platform (which is good for beginners, but not for experienced traders)

QuadrigaCX

It is one of the largest cryptocurrency exchanges in Canada (QuadrigaCX.com), which has all the necessary licenses for trading. The exchange is decentralized and does not have control over market asset prices.

Features:

  • High liquidity
  • High security (cold storage, two-factor authentication and collaborative security with CloudFlare)
  • Simple and intuitive interface
  • Integrated cryptocurrency wallet
  • Supports popular methods of deposit and withdrawing funds with low commissions

Disadvantages:

  • Relatively high trading fees (0.5%)
  • A rather strict verification procedure (but there is the possibility of using an unverified account with restrictions)
  • Lack of advanced technical analysis tools
  • Small number of cryptocurrency trading pairs (only BTC, ETH, LTC)

Morrex

The first cryptoexchange in Canada, based in Quebec. Supports trading in pairs with Bitcoin, Litecoin and Feathercoin. The exchange has two trade licenses – FINTRAC at the federal level for trade and a regional license from Quebec Authorite des Marches Financiers (AMF). This makes Morrex.com quite liquid and reliable even in comparison with large players such as Kraken or Coinbase.

Morrex’ features:

  • Instant replenishment and withdrawal of cryptocurrency without any fees
  • High liquidity and security

Disadvantages:

  • Low limits for unverified accounts (up to 1000 CAD) and the need for verification withdraw funds
  • High trading fees (1%)
  • Virtually not updated (outdated interface, the exchange appeared before the release of Ethereum, but never added it to the listing) and there are no advanced trading tools
  • Fiat currencies are limited to CAD only
  • Limited number of payment methods: through exchange services and postal transfer

ezBTC

Canadian cryptocurrency exchange, which supports a large number of trading pairs and savings accounts (a savings Bitcoin account with a rate of 9% per annum). ezBTC.ca works by the “know your customer” method (KYC), so you need to undergo a strict verification procedure before proceeding to trading.

Features:

  • A large number of altcoins – only 26 (ETH, WAVES, DASH, LTC, ETC, BCH, XMR and others)
  • 99% is stored in cold storage, which excludes the possibility of hacking
  • Has several Bitcoin-ATMs in Toronto and other parts of Canada
  • 0.3% trading fees
  • Deposits in Bitcoin are accepted without fees, but the minimum threshold is 0.001 BTC
  • Simple and intuitive interface

Disadvantages:

  • Lack of legislative regulation, low liquidity
  • Does not accept credit card payments
  • Single fiat currency supported – CAD

Cancoin

This is a relatively young decentralized peer-to-peer bitcoin-exchanger and a multi-signature wallet from Canada. Cancoin.co has a complex but confidential, transparent and safe infrastructure. The fee is charged only when trading in the market (1% of the transaction).

Features of the exchanger:

  • Absence of commissions for exchange
  • More than 10 payment methods (Fiat, PayPal, Western Union, Swift, Flexepin and others)
  • Easy to use and convenient interface
  • Online support via chat with PGP encryption
  • A unique service structure, a wide range of flexible tools
  • Supports user reputation technology
  • Supports the notification system via SMS, e-mail and push notifications.

Disadvantages:

  • Supports only Bitcoin
  • Insufficient liquidity

LocalBitcoins

It is a P2P bitcoin-exchanger that uses ATM terminals. Therefore it is one of the most reliable ways to buy BTC in Canada and more of that – buy bitcoin anonymously.

Localbitcoins.com features:

  • A large number of available currencies: USD, EUR, CAD, Australian Dollar, GBP, Chinese Yuan and many others.
  • Available in more than 200 countries
  • There are no thresholds for exchange
  • Many ways to buy crypto for fiat
  • Low fees

Disadvantages of the exchanger:

  • It is possible to purchase only Bitcoin
  • Requires verification of identity
  • Buyers and sellers can set limits on the exchanged amount

QuickBT

Canadian broker, working with small amounts (up to $ 100). The exchange has been operating in Canada since 2013. The platform is not a large cryptoexchange, but it offers a simple, fast and reliable service. Has the FINTRAC license for conducting trading activity.

Features of QuickBT.com:

  • High speed of exchange
  • Supports payment with credit card
  • Simple and convenient registration (no complex verification procedure is required, it is sufficient to use 2FA)
  • A lot of positive reviews

Disadvantages:

  • A small number of trading pairs (BTC, ETH and LTC are exchanged for CAD and vice versa)
  • Available only to Canadian citizens
  • Supports margin trading, but the leverage is only 1:1
  • The low daily limit – 200 CAD only (in order to prevent fraud)
  • Absence of trading instruments