This is a well-detailed article on the top six Canadian crypto exchanges but, what is a crypto exchange? A cryptocurrency exchange is a business that allows customers to trade cryptocurrencies for other assets, such as usual fiat money or other digital currencies. Exchanges may accept wire transfers, credit card payments, or other forms of payment in exchange for cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid as a trade commission for its service or, as a matching platform, simply charges fees.
In this article, we have listed the top six Canadian crypto exchanges and explained what makes them unique and at the top. We advise you to read through to get the full context of this article.
Types Of Crypto Exchanges
#1. Centralized Exchanges
Centralized crypto exchanges (CEX) are managed by only one company. This type of exchange is easy to get started with because it allows users to trade their fiat currency, like dollars, directly for cryptocurrency. Most crypto trading takes place on centralized exchanges.”
#2. Decentralized Exchanges
Decentralized exchanges (DEX) are preferred to CEX because they distribute responsibility for facilitating and verifying trades. Anybody can verify a transaction, as they would on a normal blockchain. This may help increase accountability and transparency of the exchange, and ensure it can keep running regardless of the state of the company that created it.
Top 6 Canadian Crypto Exchange
Bitbuy soars to number 1 on this list of Canadian crypto exchanges because it enables you to invest in fractional crypto with as small as $50. The platform is both safe and transparent, giving quite a bit of insight as you read through the website and plan to invest. Also, there are tools for institutions and advanced traders who want to work with a safe and longstanding platform.
The second on our list of best Canadian crypto exchange is Coinsmart. As the crypto industry is booming, CoinSmart is on a mission to make cryptocurrencies like Ethereum, Bitcoin, and other altcoins like Solana accessible to everyone. With a crypto trading platform designed to break down the barriers of complicated and confusing crypto transactions, CoinSmart stands out for its simplicity, learning tools for all levels, as well as 24/7 channel support.
The CoinSmart trading platform was registered with the Ontario Securities Commission and securities regulators across Canada, allowing Canadians to buy and sell crypto in as little as five minutes. It’s also one of the first Canadian-run trading platforms to have an international presence, accepting customers across more than 40 countries at a time when the digital asset industry continues to rapidly expand.
Wealthsimple is like a robot advisor that allows you to “set it and forget it” on any investment. The platform gives a simple questionnaire that enables the bot to determine the best mix of assets, giving you a liberal, neutral approach that you prefer. Your money is invested automatically, and profits are reinvested so that your account grows faster.
There are eco-friendly investment options, depending on what works best for you. You may also choose to avoid investments that disturb common sensibilities. For example one of 3 plans, including:
Coinbase is one of the Internet’s most popular cryptocurrency trading platforms and also one of the best Canadian crypto exchange. From Bitcoin to Binance coin or Basic Attention Token to Chainlink, Coinbase makes it incredibly simple to buy and sell major cryptocurrency pairs.
One of the great features of Coinbase is that they offer cryptocurrency rewards through their unique Coinbase Earn program. If you’re looking for a more advanced platform with more enhanced functionality, then Pro will be right up your alley.
Coinbase offers average pricing and fees, but it does offer a simple platform that is easy enough for complete beginners to understand. Along with Binance, Coinbase is one of the most popular exchanges in the world. The website’s clean interface helps new users learn its layout and use it more efficiently.
If you’re looking for some of the best features and security, Coinbase Pro offers up-to-date crypto charts and analyses, enhancing your trading experience as a professional. They also have a digital wallet where you can store all of your crypto and NFTs. Not to mention, the platform has never been hacked, and online funds are covered by an insurance policy.
VirgoCX is a Canadian crypto exchange that offers commission-free trading and tight spreads. The platform offers a mobile app and desktop version, making it convenient to manage your portfolio from anywhere you need. VirgoCX supports Ethereum, Bitcoin, and major altcoins on its platform. Another great feat of VirgoCX is its 24/7 live support to troubleshoot any issues you may have.
Also, VirgoCX currently launched its NFT brokerage service, enabling investors to easily buy and sell NFTs using its brokerage service. Some supported collections are Cool Cats, Doodles, and Meebits.
Since Crypto.com started in 2019, it has been fighting its way over to the top exchanges of the market. Based in the Cayman Islands, the platform supports every leading cryptocurrency like Bitcoin and Ethereum, offering high liquidity.
In comparison with other exchanges, Crypto.com offers more options when it comes to depositing CAD into the exchange. You fund your account using bank transfers, credit/debit cards, and e-transfer from a local account that supports auto deposit.
FAQs on Top 6 Canadian Crypto Exchange
How do I Choose the best Crypto Exchange for me?
Beyond fees, when selecting the best crypto exchange for your needs, consider things like trading volumes, security, educational resources, and whether an exchange lists the cryptocurrencies you’re interested in purchasing.
Which crypto exchange has the lowest withdrawal fees?
Binance offers one of the cheapest transaction fees among cryptocurrency exchanges on the net. Unlike some other sites, it doesn’t make you pay fees for each individual trade. With Binance, you can create your own wallet and start trading in a snap. It’s also possible to earn interest through mining and by voting on the platform itself.
What is the most secure exchange for crypto?
Coinbase is the Safest High-Volume Exchange The exchange keeps nearly 99% of its users’ digital assets in offline cold storage.
What is a gas fee in crypto?
A gas fee is a blockchain transaction fee, paid to network validators for their services to the blockchain. Without the fees, there would be no incentive for anyone to stake their ETH and help secure the network.
Which bank allows cryptocurrency in Canada?
National Bank of Canada and Coast Capital both have customers investing in cryptos with their credit cards. Customers can also buy crypto via debit card, wire transfer, or Transfer.
After reading this article, you should be well acquainted with the different types of crypto exchanges and what makes them unique also, the top six Canadian crypto exchanges.