Have you ever wondered how to get started buying Bitcoin and other cryptocurrencies in Canada? Well, you've come to the right place. In this comprehensive guide, we'll explore the top seven platforms Canadians use in 2024 to obtain their very first Bitcoin or altcoins.
While the crypto landscape continues evolving at warp speed, certain tried and true exchanges remain popular options for newcomers thanks to their stellar user experiences, a wide selection of digital assets, and above all - convenience and trustworthiness.
Follow along as we introduce you to Kraken, Coinbase, Crypto.com, Gemini, Bitbuy, Coinsmart, and Wealthsimple - breaking down the pros and cons of each so you can feel confident choosing the right one for your needs.
Key highlights:
- Kraken - The OG crypto exchange
- Coinbase - The gateway exchange
- Crypto.com - Enticing rewards program
- Gemini - Secure institution-grade exchange
- Bitbuy - Low fees for Canadians
- Coinsmart - All-in-one crypto services
- Wealthsimple - Straightforward commission-free trading
The ultimate guide to Bitcoin in Canada: Comparing the top 7 exchanges
So, without further ado, let's get started exploring the top ways Canadians can buy Bitcoin and other cryptocurrencies in 2024.
1. Kraken - The veteran exchange for advanced traders
Founded in 2011, Kraken is undoubtedly one of the crypto OGs still around today. As one of the first digital currency trading platforms, this San Francisco-based giant spent over a decade cementing its reputation as one of the most secure and easy-to-use options.
Canadians gravitate toward Kraken for its large selection of over two hundred coins to invest in, professional-grade trading tools for advanced users, and up-to-date regulatory compliance. Its slick desktop and mobile interfaces leave little to be desired, and 24/7 live chat support is a godsend for any questions you might have.
Fees at Kraken are a little bit steep, starting at 0.16%/0.26% for makers and takers, respectively, while deposits and withdrawals only incur modest charges when using wires or cryptocurrency transfers. US dollar trading pairs provide useful fiat on-ramps too. Oh, and did we mention Kraken's intuitive staking portal that lets you earn a yield on select coins like Ethereum with zero management fees? Jackpot!
On the downside, Kraken charges steep $10 Interac eTransfer withdrawal fees and lacks some of the social features crypto fans love on platforms like Crypto.com. Still, Kraken remains a leading contender thanks to its strong focus on security for both traders and funds held on its platform, making it one of the best exchanges for Canadians around.
| Fees | Kraken's maker/taker fees start at a reasonable 0.16%/0.26% for most traders. However, you'll pay 1.5% in fees to deposit funds with Interac e-Transfer and $10 to withdraw, which is on the higher side. |
|---|---|
| Supported coins | Kraken supports over 250 coins, including top names like Bitcoin, Ethereum, and Solana. |
| Trading pairs | Kraken's liquidity is top-notch, with hundreds of millions traded daily across dozens of trading pairs. |
| Daily volume | Consistently ranking in the top 10 by volume, Kraken sees over $1 billion traded daily, providing ample trade opportunities. |
Pros:
- Over 250 cryptocurrencies available for trading
- Industry-leading security with 95% of funds in cold storage
- Sophisticated trading platform ideal for experienced traders
- Zero-fee crypto staking available on several assets
Cons:
- Pricey 0.16%/0.26% maker/taker trading fees
- Fiat deposit and withdrawal fees apply
- Limited trading pairs involving Canadian dollars
2. Coinbase - Easy to use but expensive for Canadians
Hard to talk Canadian crypto without bringing up US giant Coinbase. Having become something of a household name, this California behemoth has established itself as one of the easiest on-ramps for newcomers thanks to simple bank account funding options and a clean, user-friendly interface.
Many new crypto investors in Canada start their journey on Coinbase due to its beginner-friendly platform that simplifies the process of learning how to buy Bitcoin in Canada. Canadians flock to Coinbase for its wealth of educational resources to get up to speed, ability to instantly convert between over a hundred digital assets, extensive mobile functionality, and industry-leading security with SSL encryption and two-factor authentication built-in. Not to mention Coinbase's attractive rewards program, Coinbase Earn, puts free crypto in your account just for watching videos.
On the trade-off side, platform fees are slightly higher than competitors at 3.99% per transaction, with additional charges for debit/credit purchases and eTransfer funding. Its selection of trading pairs also remains more limited for Canadian traders versus dedicated domestic platforms. That said, Coinbase's famous ease of use and powerful brand reputation make it a top consideration - though not always the most budget-friendly.
| Fees | Canadians will pay 3.99% in purchase fees using a debit card on Coinbase, which is quite high versus competitors. Selling fees are moderate at 0.50%. |
|---|---|
| Supported coins | Coinbase supports the top 240+ coins by market cap including Bitcoin, Ethereum, Solana, and more. |
| Trading pairs | Few direct CAD trading pairs are available, requiring currency conversions for the best rates. |
| Daily volume | With over $100 billion monthly trading volume, liquidity is a non-issue on Coinbase. You'll always get competitive prices. |
Pros:
- User-friendly platform perfect for beginners
- Supports over 240 popular cryptocurrencies
- Industry leader with vast educational resources
Cons:
- Expensive 3.99% fees to buy crypto with a debit card (the only option for Canadians)
- No CAD trading pairs or ability to link a bank account
- Average spreads and withdrawal fees
3. Crypto.com - Robust platform but confusing fees
Looking to satisfy both your investing itch and inner crypto nerd? Then Crypto.com could be just the exchange for you. This upstart Singaporean platform managed to quickly gain mainstream appeal through savvy marketing and offering lucrative sign-up bonuses when joining through referral links.
Where Crypto.com truly shines is its community-centric features like the ability to chat with fellow coin-holders, access exclusive discounts and cashback perks using native Cronos Coin (CRO), or stake coins for juicy reward rates.
Another ace up its sleeve is competitive 0.40% purchase fees for new users (waived on the first 30 days). Plus deposits and withdrawals only incur modest charges. However, its fees rise substantially as your 30-day trading volume lowers over time. So Crypto.com works best as either a hobbyist investor or heavy trader to maximize perks.
Crypto.com provides a fun and rewarding experience for social crypto fans while remaining a viable option interface and funding-wise. Canadians looking to get into cryptocurrency have many options to buy Bitcoin in Canada, including platforms like Crypto.com that offer competitive fees and rewards programs. Just be aware that stake and card perks do require locking crypto assets up for periods. Not ideal if you need quick cashouts.
| Fees | Competitive 0.40% maker/taker fees and a 0.20% fee on credit/debit card purchases. No deposit or withdrawal fees. |
|---|---|
| Supported coins | Crypto.com supports over 325 coins and tokens with strong liquidity on popular assets. |
| Trading pairs | Dozens of fiat currency pairs are available including EUR, GBP, and AUD alongside USDC, Tether, and other stablecoins. |
| Daily volume | With a reported $50+ billion monthly volume, liquidity is abundant across all markets on Crypto.com. |
Pros:
- Large selection of coins and intuitive mobile apps
- Strong marketing bringing more users and liquidity
- Credit card stakes and rewards make it fun to use
Cons:
- Higher 0.40% purchasing fees compared to competitors
- Complicated earn rates and complex card stake requirements
- Limited FIAT/crypto trading pairs involving CAD
4. Gemini - Regulated exchange from crypto pioneers
As one of the sole licensed and regulated platforms in the US, Gemini has rightly earned a sterling reputation among institutions and seasoned traders alike. While its web interface may not wow visual learners, Gemini's powerful charts, data tools, and advanced order types are a dream for technically-minded holders. A close partner with market data providers like TradingView, Gemini Pro acts almost like a lightweight Bloomberg terminal for tracking over 75 coins.
To sweeten the deal, Gemini offers competitive 0.25% maker-taker fees and free crypto withdrawals. Just be ready for pricey wire deposits from Canadian banks. The exchange also remains US-exclusive for now - though hopefully, that will change as Gemini expands globally.
| Fees | Maker fees of 0.25% and taker fees of 0.35% are moderately priced. Deposits and withdrawals are free in Canada. |
|---|---|
| Supported coins | Gemini supports over 75 cryptocurrencies, including major and minor altcoins. |
| Trading pairs | Excellent liquidity on pairs like BTC/USD, BTC/ETH, and others, with millions traded daily. |
| Daily volume | With USD volume exceeding $70 million daily, according to CoinCodex, liquidity is excellent on this more niche exchange. |
Pros:
- Regulated and insured exchange with robust security
- Sophisticated tools for professional cryptocurrency trading
- Available coins tend to be more compliant assets
Cons:
- 0.20%-0.40% variable maker/taker fees are average
- No direct fiat deposits from Canadians without workarounds
- More tailored towards institutional/professional investors
5. Bitbuy - Simple interface for buying crypto
If fluid fiat on-ramps are your priority, then homegrown Bitbuy is a fantastic Canadian-first choice. Incorporated right here in the Great White North, Bitbuy has garnered a loyal following among locals for its instant Interac eTransfer funding and competitive fees starting at just 1.5% per trade.
Canadians love Bitbuy for its seamless ability to buy crypto with CAD directly from one's bank account. No hassle exchanging for USDT first, like some offshore platforms require. Simply transfer funds and watch them arrive ready to invest within an hour. In a hurry? Bitbuy now also supports flexible credit/debit card purchases, albeit at higher 3.75-4.5% fees.
Elsewhere on a platform, traders enjoy access to over 50 coins, basic charting views, and the usual limit orders. Customer support could use more live agents at busy times, but email responses remain reasonably fast. For simple, speedy crypto purchasing in loonies, Bitbuy is tough to beat.
| Fees | Costly 1.5% fee on credit/debit card purchases. Free Interac e-transfers with a $10 withdrawal fee. |
|---|---|
| Supported coins | Bitbuy supports 25 coins focused largely on major names like Bitcoin and Ethereum. |
| Trading pairs | CAD pairs are available to easily purchase cryptos with funds from your bank account. |
| Daily volume | Though smaller than global giants, Bitbuy sees tens of millions in daily trades, enough for most user's needs. |
Pros:
- Beginner-friendly interface and quick e-transfer deposits
- Physical Bitcoin ATM network allowing cash purchases
- Great onboarding experience and 24/7 Canadian support
Cons:
- Costly 1.50% fees and small 0.25% maker/taker fees
- Limited order types versus pro platforms for advanced users
- High withdrawal fees compared to competitors
6. Coinsmart - Solid intermediate choice but limited pairs
Still in search of a pleasing option that checks all your boxes? Consider relative underdog Coinsmart - another homegrown Canadian exchange putting in honest work. This Waterloo-based startup holds the distinction of being the first regulated platform in the country and prides itself on top-notch compliance.
Beyond security fundamentals, Coinsmart stands out with its low 0.2% maker fees, advanced order types, and versatile funding choices including interac, wire, flexible credit card purchases, and PayTrie debit purchases. An entire suite of free educational articles also helps lessen the learning curve.
While Coinsmart's interface may not impress design snobs, everything works smoothly in practice. Customer support is also commendable, responding to live chats promptly. The downside remains a currently smaller coin selection versus industry Goliaths. But for well-rounded Canadian-dollar trading from reliable regulated hands, few can top Coinsmart. Worth a closer look.
| Fees | Low 0.2% trading fees and 2.50% fee on credit/debit purchases. $15 CAD withdrawals. |
|---|---|
| Supported coins | Coinsmart supports 16 major cryptocurrencies with a focus on coins actively traded by algorithmic traders. |
| Trading pairs | Excellent liquidity on CAD pairs for coins like Bitcoin and Ethereum plus pairs against USDT. |
| Daily volume | Though relatively small with a few million in daily transactions, liquidity is usually ample for casual traders. |
Pros:
- Competitive 0.2%-0.3% maker/taker fees
- Interac Online deposits allowing instant CAD funding
- Good selection of coins beyond just major currencies
Cons:
- Below-average security and compliance transparency
- Lacks advanced order types of pro platforms
- Higher 2.5% crypto purchase fees than competitors
7. Wealthsimple Trade - Absolutely free trading but limited features
Finally, we come to upstart Wealthsimple Trade - the commission-free stock broker's crypto side project. While its token selection remains quite limited today, Wealthsimple earns points for utter simplicity. Anyone comfortable buying stocks will feel right at home on this no-frills platform.
Canadians flock to Wealthsimple Trade to dip their toes into cryptocurrency with zero sign-up, funding, or trading fees whatsoever. Funds transfer in/out of one's regular Wealthsimple Cash account by interac for near-instant access.
Of course, with zero transaction fees come zero advanced charting, low liquidity or alternative cryptocurrencies to invest in for now. Wealthsimple is best treated as a beginner's training wheels rather than the serious long-term crypto trading base. But it lets Canadians sample the crypto thrill on the cheap while learning the ropes.
| Fees | Free deposits and withdrawals for Canadian dollars. |
|---|---|
| Supported coins | Access to the top 45 cryptocurrencies supported by Coinbase, through which Wealthsimple routes trades. |
| Trading pairs | Only market orders are available, and no advanced order types or charts are available. Trades occur once per day. |
| Daily volume | Daily crypto volumes are relatively low at a few million but sufficient for most casual users. |
Pros:
- Intuitive platform great for investing beginners
- Direct bank account withdrawals/deposits allow feeless funding
- Low 0.5% maker/taker crypto trading fees versus debit purchases
Cons:
- Limited to just major cryptocurrencies
- Higher 2.94% fees to directly purchase cryptocurrency
- Few advanced order types versus pro-crypto platforms
Wrapping up: Find the right fit for your needs
The top options for Canadians looking to buy Bitcoin or other cryptocurrencies include Kraken, Coinbase, Crypto.com, Gemini, Bitbuy, CoinSmart, and Wealthsimple Trade. But the best platform depends on your specific needs.
For those focused primarily on security, low fees, and advanced trading tools, Kraken or Gemini are excellent choices. Coinbase remains very beginner-friendly due to its ease of use and large coin selection. Meanwhile, both Crypto.com and Bitbuy make it very convenient for Canadians to buy crypto in Canada through direct bank account funding with Interac e-transfers. Consider criteria like fees, accepted payment methods, user experience, and security when choosing where to buy your first Bitcoin in Canada!
For a comprehensive crypto starter guide, check our ultimate guide on how to invest in crypto.
