For Canadians now being introduced to the Blockchain and cryptocurrency trading world, the following list represents some of the most preferred and trusted Bitcoin Exchanges in Canada, as well as cryptocurrency brokers that do business in Canada and can help you get started with trading Bitcoin. Also available is the Bitcoin Handbook, perfect for beginners or experienced investors.
Established in 2010, PaxForex offers the two most popular cryptocurrencies, bitcoin and Ethereum. These are the two most liquid markets in the crypto sector at the moment, making them the most reliable when it comes to entries and exits. They also offer a mini account making access to certain markets a lot more accessible for the ‘average Joe’, you can trade with micro lots of 0.01, which go up to 10 Lots for the experienced investors. PaxForex is one of the few providers that make trading bitcoin and ethereum CFDs very simple in Canada.
Low minimum deposit amount
Offers MT4 integration
Low crypto spreads (the fee the provider charges for their services)
Offering CFDs means you only pay the spread and no transaction costs
Coinbull is a cryptocurrency CFD brokerage source that has been in operation for about a year. We’ve tried trading on Coinbull and have done general research throughout the web. Though not formally licensed, Coinbull’s user interface is slick and performs well. The coins they offer are well-chosen, representing some of the most exciting assets in the space. We’ve concluded that Coinbull is a legit way to trade crypto CFDs. If you try it now and sign up for the Blue or Platinum account types, you’ll get a trading bonus and personalized support.
As its name suggests, Canadian Bitcoins is a Canada-based bitcoin exchange that is designed primarily for crypto trade within the country. With a wide array of payment methods, funding your account is very easy as you get to choose between using Interac Online, direct debit from your bank account, bill payment via online banking, cash/debit in person (Ottawa), and cash, among others, to move forward with trading your bitcoin(s). It is an overall stable platform that makes trading Bitcoin and Ether more accessible through the use of CAD.
User-friendly interface – easy for first-time buyers.
Plethora of payment methods to buy BTC.
Can handle large BTC purchases (>100,000 CAD).
Many of the private methods offered to buy bitcoins are not private.
This bitcoin exchange in Canada offers more than most cryptocurrency exchanges do. You can either buy online or if you are based in Montreal, you may choose the location most convenient to you and just trade bitcoins directly for cash. The company allows large purchases of up to $1m; however, you will need to go through an ID verification process to complete such trades.
Trusted bitcoin broker run by the Montreal Bitcoin Embassy.
Allows purchases of large amounts of BTC to Canadians.
Needs identity verification even for purchases with cash, so it is not private.
QuickBT is another Canadian broker boasting over 200,000 customers that opened its doors to cryptocurrency traders in 2013. The company allows you to sell small amounts of bitcoin (up to $200) in a matter of a couple of minutes after payment, using a debit card, Flexepin vouchers, or Interac Online (even cash).
Easy and fast way to purchase small amounts of BTC.
The only verification necessary is your cell phone number.
Clear up-front pricing.
Daily limit of $200/cellphone number is quite low.
BitAccess is not only a Canadian ATM operator but also a Bitcoin broker funded by the Government of Canada, which gives you the opportunity to purchase bitcoins at 1000s of locations across the country (with Flexepin). Apart from that, you may also buy BTC at one of their Bitcoin ATMs (with cash).
No identity verification is necessary for small transactions.
Convenient locations throughout Canada.
Trusted BTC broker.
Fees are quite hefty (starting out at 10%).
Requires ID verification for purchasing larger amounts of BTC.
QuadrigaCX is probably the most popular bitcoin exchange in Canada right now that also supports a trading platform at the same time. Based in Vancouver and boasting a trading volume of almost $1m, which is more than decent for Canadian standards (compared to big cryptocurrency markets like China and Japan), QuadrigaCX offers spot trading for a small number of coins. At the moment, there are 3 cryptocurrencies to trade (1) Bitcoin, (2) Litecoin, and (3) Ether that you can buy or sell for either CAD or USD. The platform seems to be a decentralised exchange where users trade digital currency with one another. QuandricaCX plays the role of the intermediate that brings bitcoin buyers and sellers together, and has no control over the price on the marketplace. Finally, trading fees vary from 0.20% to 0.50%.
Supports a range of currency pairs.
Plenty of transfer options (Interac, bank wire, bank transfer, money order, voucher).
Very low fiat transactions and trading fees.
Quick customer support
Above-industry standard security.
Small number of digital coins supported.
Takes 5 business days for electronic funds transfer.
The Toronto-based Bitcoin exchange is one of the leading Canadian cryptocurrency exchanges that offer trading against the CAD and imply a 95% cold storage policy. That alone guarantees a very high level of security. The base currency of a Coinsquare account can be CAD, USD, GBO, EUR, BTC, and AUD. As for the costs of making transactions on them, these are in-line with the industry average. They charge 0.20% for those selling or buying directly at the best possible price (aka market takers) and 0.10% for the ones that provide liquidity to the exchange passively (aka market makers).
QuickTrade feature available.
Accepts fiat currency deposits.
Lots of CAD funding options.
Mobile apps available.
Supports trade in some exotic forms of metals.
95% cold storage policy.
Limited trading pairs.
Trading offerings a bit too basic for trading veterans.
The British Columbia-based cryptocurrency exchange with a portfolio that includes 26 cryptocurrencies, Bitcoin included, of course, offers trading in major digital currencies for CAD (and vice versa). The website won’t allow you to take another step, though, before you go through their ID verification. Besides spot trading services, it also offers a bitcoin savings account that pays an annual interest of 9% – not a very common feature. In addition, exBtc has two more features (1) Altcoin Concierge and a (2) VIP service, which you can use to exchange cryptocurrency instantly. At the moment of this writing, exBtc is considered the 3rd largest exchange in Canada (in terms of volume).
Good selection of altcoins.
Very low (or no) trading fees depending on funding method (0.3% fee on average).
Offers savings account with 9% interest per annum.
Accepts deposits in fiat currencies.
Several BTMs available across Canada to withdraw/deposit bitcoins.
Doesn’t accept payments with credit cards.
Doesn’t offer leveraged trading.
Platform not very informative for first-time traders.
Morrex is the only cryptocurrency exchange in Quebec fully licensed by Authorite des Marches Financiers. It is also one of the oldest bitcoin exchanges in Canada, and offers spot trading in Bitcoin, Feathercoin, and Litecoin. However, no leveraged trading is offered. The altcoins offered can only be exchanged for CAD, which is fairly logical, since the company serves solely the Canadian traders.
Bitcoin Brains was founded in 2013 and is the first bitcoin brokerage in Alberta (also a brick-and-mortar selling crypto mining equipment). The company’s focus is on educating Canadians about the huge potential blockchain technology and bitcoin brings and making bitcoin trading easy for all Canadians. They are often mistaken for an investment platform built around bitcoin called Bitcoins Brain, which promises to give customers 0.3% returns every hour forever. The platform has received numerous complaints about it being a pyramid scheme rather than an investment opportunity.
Extensive selection of bitcoin mining hardware (also Litecoin mining hardware).
Wide range of altcoins on offer.
Reputed bitcoin brokerage (recently partnered with BitJob).
Binance is a Chinese cryptocurrency exchange that is particularly favoured by Canadians too. Although still fairly new on the market, its impressive number of ICO (Initial Coin Offering) listings and low trading fees have made it gain a lot of popularity. Traders can use the platform to trade several cryptocurrencies, including Bitcoin, Bitcoin Gold, Bitcoin Cash, and Ethereum. As for charges, Binance has a 0.10% fee per trade (on average); however, those that pay via the Binance token get a significant discount on the trading fee (50% off).
Huge range of cryptocurrencies on offer (>100).
Low withdrawal/transaction fees.
Reward programs available.
Two-factor authentication only for Chinese phone numbers.
A European Union-based marketplace that brings together bitcoin sellers and buyers. It is among the most trusted names in the cryptocurrency market and you may also trade a wealth of other crypto assets too. It is one of the four exchanges that represent and determine the CoinDesk BPI (Bitcoin Price Index) – the other three being itBit, Coinbase, and OKCoin. Traders can add funds via both fiat and cryptocurrencies (i.e. CAD, USD, GBP, EUR, and CHF) while the platform also facilitates trading of a total of 4 cryptocurrencies, namely Bitcoin, Ripple, Litecoin, and Ethereum.
Offers trading between fiat currency and cryptocurrency; plus, among cryptocurrencies.
Trusted bitcoin exchange.
Low transaction fees.
CAD is converted to USD when you send it – the exchange rate may cost you some money.
High deposit fees on smaller sums.
Limited selection of altcoins.
Only available funding method for Canadians is eCheck.
AvaTrade is a popular and trusted forex trading platform in Canada, located in Dublin. Its user-friendly interface makes it easy for both professionals and novices to trade bitcoin and make a profit. Where AvaTrade excels is in its software that features 200:1 leverage and fixed spreads; plus, the AVA Select program with perks to the most serious traders. You may join the platform using your WebMoney or PayPal account, or even a credit card and start trading immediately. Besides bitcoin, the site also allows you to trade several other financial instruments, from indices and oil to gas and gold. Upon signup, users become eligible to receive additional support (i.e. free e-book with forex strategies).
AutoTrade system allows traders to create their own Forex automation systems.
Customisable trading environment that allows traders to copy skilled traders’ trades (via the MetaTrader 4, ZuluTrade, and Mirror Trader trading platforms).
This escrow service allows traders to buy bitcoins with cash deposits in almost all countries around the world. Its very private way to purchase bitcoins, along with its low fees, have made it one of the most preferred bitcoin exchanges in Canada. Usually, it takes only 15 minutes after payment for your bitcoins to be credited to your wallet.
Purchasing BTC is very easy.
The only identity verification required is your phone number (in most cases).
Low rates (1%-2%)
Allows cash deposits
Exact fees not publicly disclosed.
Might be difficult to find bitcoin traders in Canada due to limited uptake.
Complicated process if you need to buy large amounts of BTC.
Alternative Canadian Bitcoin Cryptocurrency Exchanges
You will need to deposit a certain amount of money into an account on the bitcoin exchange you have chosen to use. Usually, this can be done by using your credit cards or bank wire transfer. However, given that very few exchanges accept CAD deposits, you may need to do some homework to determine whether the CAD/USD or CAD/EURO offered at the exchange is indeed your best deal (maybe an international exchange has a more beneficial offer).
What is the regulation in Canada about bitcoin?
Bitcoin is regulated under the counter-terrorism financing and anti-money laundering laws. It is also classified as an intangible asset, according to the local regulation in the country. The bitcoin exchanges, cryptocurrency dealers, and operators of bitcoin ATMs are required to have licensing, after taking into account that they are regulated as money services. But, this is not the case with private bitcoin transactions, which are not regulated..
Should I pay taxes for trading bitcoin?
Yes. Using cryptocurrency does not exempt you from the Canadian tax obligations. How you use bitcoin determines which taxes apply, though. For example, if you are using your digital coins to pay for services and goods, the Barter Transactions regulations apply. If you plan to treat bitcoin like gold, meaning purchase it and then keep it to sell in the future (if the price is right) as a means to make a profit, you will need to declare any capital losses or gains on your tax return (here is more information about the topic)..
How can I track prices?
Probably the largest cryptomarket tracking website right now is Coinmarketcap.com. You may also use Coinlib, which makes it easy for users to track market changes for the blockchain projects they are most interested in.