| Updated: August 5, 2024If you are on a search for your crypto trading platform of choice and you reside in Canada, you are welcome to check out our selection of the top crypto brokers and exchanges that are suitable for Canadian traders. Our team has thoroughly assessed each platform, and below, you will find information on the regulations, fees, available coins, and everything else that will be of interest to someone who is looking to trade cryptocurrencies in Canada.
Fusion Markets74-89% of retail CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose money
BlackBull Markets
Global Prime74-89% of retail CFD accounts lose money
Eightcap76.09% of retail investor accounts lose money
AxiThe vast majority of retail client accounts lose money
XTB80% of retail investor accounts lose moneyCrypto Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,662 | 4.9 ⭐ |
| 2. FP Markets | 6,706 | 4.8 ⭐ |
| 3. IC Markets | 37,770 | 4.7 ⭐ |
| 4. BlackBull Markets | 458 | 4.7 ⭐ |
| 5. Global Prime | 142 | 4.4 ⭐ |
| 6. Eightcap | 2,460 | 4.2 ⭐ |
| 7. Axi | 1,717 | 4.0 ⭐ |
| 8. XTB | 1,168 | 3.6 ⭐ |
Canada Crypto Brokers Spreads
| Broker | BTCUSD | ETHUSD | SOLUSD | ADAUSD |
|---|---|---|---|---|
| 1. IC Markets | 8.71 | 4.56 | 0.10 | 0.001 |
| 2. Fusion Markets | 10.63 | 2.59 | 0.143 | 0.0 |
| 3. Eightcap | 12.26 | 2.6 | 0.21 | 0.0051 |
| 4. XTB | 0.22% of market price | 0.25% of market price | 0.75% of market price | 0.45% of market price |
| 5. Global Prime | 64.3 | 6.61 | 0.35 | 0.29 |
| 6. FP Markets | 1.27 | 2.7 | 0.2 | 0.0031 |
| 7. BlackBull Markets | 495.1 pips (live spread) | 35.6 pips (live spread) | N/A | 0.1 pips (live spread) |
| 8. Axi | 18 | 2 | 0.1 | 0.015 |
Top 8 Crypto Brokers in Canada
- 1. IC Markets
Min. Deposit $200 Regulations CySEC, FSA, ASIC Tradable Coins 20+ Software MT4, MT5, cTrader, TradingView Crypto Leverage 200:1 (MT4/5), 5:1 (cTrader, TradingView) Fees BTC/USD – 2.210 pips min spread; No commission fees on crypto CFDs Exchange/Wallet No Deposit Methods Visa, Mastercard, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Vietnamese Internet Banking Withdrawal Methods Visa, Mastercard, Bank Wire, PayPal, Neteller, Skrill IC Markets is a broker that made its debut back in 2007, and it caters to the preferences of a wide variety of traders. This includes Canadians who are keen on expanding their trading experience to blockchain technology, as IC Markets offers contract of difference (CFD) products on cryptocurrencies like Bitcoin, Litecoin, and around two dozen more coins. If you are new to the world of crypto, we can also reassure you that both the deposit and withdrawal sections of IC Markets include fiat-friendly payment methods.
Of course, if your interest is not solely in crypto, IC Markets more than delivers: forex, commodities, and stocks are but a few of the financial instrument options available. In terms of platforms, IC Markets users may choose from MT 4 and 5, cTrader, and TradingView, as well as the web trader versions of MT4 and MT5.
IC Markets does not charge commissions for trading crypto CFDs, while the leverage you will be able to choose while trading cryptocurrencies is reliant on what type of platform you use. With MetaTrader, for instance, you will be able to enjoy leverage of up to 200:1. TradingView and cTrader users, on the other hand, have a leverage cap of 5:1.
Key Pros
- Supports both MetaTrader iterations as well as two other popular platforms
- Flexible leverage options for MT4/5 users
- Available in French and English
Key Cons
- Not available in Ontario and British Columbia
- Steep minimum deposit requirement
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Min. Deposit $0 Regulations ASIC, VFSC, SFSA Tradable Coins 13 Software MT4, MT5, TradingView, cTrader, DupliTrade, Fusion+, MAM/PAM Crypto Leverage 10:1 Fees BTC/USD – 10.63 min spread; Bitcoin trading fee – 0.06%; no commission fees on crypto CFDs Exchange/Wallet No Deposit Methods Debit Cards, Credit Cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Crypto Withdrawal Methods Bank Wire, Debit Cards, Credit Cards, Skrill, Neteller Canada-based traders who are interested in crypto will find a lot to like about Fusion Markets. While modest, its selection of tradable coins encompasses some of the most popular cryptocurrencies on the web, including but not limited to Bitcoin, Dogecoin, Ethereum, and Cardano. Moreover, trading can be achieved around the clock, every day of the week.
Fusion Markets are unlikely to view the broker’s fees as steep, seeing as commissions are not charged, and bitcoin trading fees are a competitive 0.6%. Spreads also tend to be relatively narrow, with Bitcoin spreads starting at 10.63 pips, while Ethereum’s can go as low as 2.59 pips.
We should also mention that Fusion Markets boasts a score of 4.5 on Trustpilot, putting this broker third in our Trustpilot ranking. Plenty of clients have praised Fusion Markets’ support team for being swift in providing help, and the tight spreads, lack of a minimum deposit requirement, and platform variety are other aspects of Fusion Markets that are considered to be among its many perks.
Key Pros
- No minimum deposit requirements
- Up to 10:1 leverage
- Swift verification
Key Cons
- Selection of coins could be improved in terms of quantity
- Somewhat lacking in terms of educational content
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 3. Eightcap
Min. Deposit $100 Regulations ASIC, FCA, Securities Commission of The Bahamas, CySEC Tradable Coins 100+ Software TradingView, MT4, MT5, WebTrader Crypto Leverage 20:1 Fees BTC/USD – 170 pips min spread, no commission fees Exchange/Wallet No Deposit Methods Visa, Mastercard, Wire Transfer, Skrill, Neteller, Crypto, Interac Withdrawal Methods Visa, Mastercard, Wire Transfer, Skrill, Neteller, Crypto, Interac Crypto contracts of difference (CFDs) serve as some of Eightcap’s most attractive trading products, an example being Cardano (ADAUSD), which has a minimum spread of 5 pips, and a contract size range between 1 and 100000 lots. Moreover, traders can take advantage of leverage up to 20:1 if they decide to trade this or another Eightcap crypto CFD.
If you happen to lack experience when it comes to cryptocurrency trading, you can begin your journey into crypto by taking advantage of Eightcap’s demo account option. It provides you with virtual funds, gives you the opportunity to get used to your trading platform of choice, and allows you to practise without risking real money.
If you are eager to start using Eightcap, you can deposit via a good range of Canada-friendly financial solutions. This includes bank cards, wire transfers, cryptocurrencies, digital wallets, and for those in Canada, Interac. You can also rest assured that Eightcap will not charge you anything for deposits, and the same applies to withdrawals.
Key Pros
- The customer service team is friendly and quick to assist users
- AI-powered economic calendar
- There are no fees attached to deposits or cashouts
Key Cons
- Section dedicated to education could use being expanded upon further
- Customer support is available 24/5, as opposed to 24/7
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 4. XTB
Min. Deposit $0 Regulations FCA, AMF, CySEC, FSC Belize, KNF Tradable Coins 40+ Software xStation (proprietary) Crypto Leverage 5:1; 2:1 Fees BTC/USD – 0.22% of market price, no commission fees on crypto CFDs Exchange/Wallet No Deposit Methods Bank Transfers, Credit Cards, Debit Cards, PayPal, Skrill, Neteller Withdrawal Methods Bank Transfers, Credit Cards, Debit Cards Established in 2004, XTB is a broker that welcomes traders from far and wide as it has earned the approval of various financial regulators. XTB is best known for its proprietary trading platform named xStation, which boasts an excellent and easy-to-navigate interface on both its desktop and mobile clients. It also has a demo version, which is perfect for crypto novices and those new to trading in general.
The broker has put an emphasis on crypto, as it allows users to trade over 40 cryptocurrency CFD products. Trading with margin is possible, and the maximum leverage permitted stands at either 5:1 or 2:1 depending on the jurisdiction.
Unfortunately, XTB’s support cannot be reached during weekends. However, you can still reach out to the customer service team five days of the week, regardless of the time, since support staff is available 24/5.
Key Pros
- XTB is suitable for mobile trading in addition to having desktop platforms
- Excellent proprietary trading platform
- Swift registration and verification
Key Cons
- Customer service does not operate seven days a week
- Does not support MT4
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. Global Prime
Min. Deposit $0 Regulations ASIC, VFSC Tradable Coins 35+ Software MT4, MT5, TradingVIew, cTrader Crypto Leverage 5:1 Fees Bitcoin Trading Fees – 0.1%, BTCUSD – 358.30 average spread, 0.1% commission Exchange/Wallet No Deposit Methods Visa, MasterCard, Crypto, PayPal, Neteller, Skrill, Gates, DragonPay, VNPay, FasaPay, QR Code, Pagsmile, Bpay, POLi, Bank Wire, AstroPay, Interac, PayID, Jeton, Mifinity, XPay Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Crypto, Neteller, Skrill, PayPal, Astropay, Dragonpay, Jeton, Interac, MIFinity, Gate8, VNPay, XPay True to its name, Global Prime is a broker that operates in various countries across the globe, and this includes Canada. Global Prime is known for having narrow spreads, reasonable fees, and various trading products that make up a catalogue suitable for both novices and veteran traders.
Cryptocurrency CFDs like Bitcoin, Ethereum, and Dogecoin are examples of the dozens of crypto products blockchain aficionados can trade if they decide to make Global Prime their crypto broker of choice. Trading is facilitated 24/7, and should you ever need the assistance of the broker’s support staff, customer service is also available around the clock, every day of the week.
We should also note that Global Prime supports four major trading platforms, giving users ample choice in terms of what software they wish to use. The options include both the fourth and fifth iteration of the MetaTrader suite, as well as TradingView and cTrader, which have both gained popularity among members of today’s trading community.
Key Pros
- Excellent selection of tradable coins
- Supports deposits via Interac
- Provides clients with various platform options
Key Cons
- Limited educational content
- Available exclusively in English
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 6. FP Markets
Min. Deposit $50 Regulations ASIC, CySEC, FSCA, SFSA, Registered with St. Vincent & the Grenadines Tradable Coins 10+ Software MT4, MT5, TradingView, cTrader, WebTrader Crypto Leverage 50:1 Fees BTCUSD – 21.08 pips average spread Exchange/Wallet No Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, Asia Banks Unique Banking Solutions, SticPay, FasaPay, Virtual Pay, Rupee Payments UPI, Rapyd, Perfect Money, Pagsmile, LetKnow Pay, DragonPay, Rapid Transfer, Crypto Payments, MyBux, XPay, Apple Pay, Google Pay, Bank Transfer, B2Binpay, Thunderxpay, Plusdebit (Online Banking, P2P, QR Code, MOMO QR Code), QEIS, Coinspaid, Broker to Broker Withdrawal Methods Visa, Mastercard, Domestic Bank Wire (AUD), International Bank Wire, Neteller, Skrill, Fasapay, Dragonpay, Asia Banks Unique Banking Solutions, Perfect Money, LetKnow Pay, Finrax, Sticpay, Rupee Payments UPI, Rapid Transfer, Virtual Pay, xPay, Pagsmile, Mybux, Bank Transfer, Crypto, Local Bank Transfer (QR Code), Online Banking, PaymentsAsia QRIS and E-wallets FP Markets’ Trustpilot score of 4.8 showcases the excellent reputation the broker has fostered throughout its almost two decades of catering to trading enthusiasts the world over. Its licence by the Australian Securities & Investments Commission also inspires confidence.
Cryptocurrencies are available for trading in the form of contracts of difference (CFDs), and as highlighted by FP Markets, this renders crypto wallets unnecessary when one wishes to trade crypto. There are more than a dozen coins that are included in FP Markets’ product selection, with Bitcoin, Ethereum, and Litecoin serving as examples.
FP Markets is excellent for experienced Canadian traders and those new to trading as well, seeing as it offers a wealth of educational content, the minimum deposit requirement is low, and a plethora of fiat-based payment solutions that make deposits and withdrawals a breeze are available.
Key Pros
- Suitable for mobile trading
- ASIC licence
- 24/7 customer support
Key Cons
- Traders looking for a crypto trading platform with no minimum deposit requirements will need to go with another broker
- Trading cryptos on FP Markets is available 24/5 as opposed to the 24/7
10 per quarter for non-AU traders; 20 per quarter and notional volume of AU$1,000,000 per 4 quarters in the last 1 year 73.85% of retail CFD accounts lose money Min. Deposit $0 Regulations SFSA, Financial Markets Authority Tradable Coins 6 Software TradingView, cTrader, MT4, MT5, WebTrader, BlackBull CopyTrader Crypto Leverage 100:1 Fees BTCUSD – 495.1 pips; No crypto commission; Withdrawal fees of $5 Exchange/Wallet Yes Deposit Methods Visa, Mastercard, Bank Transfer, Airtm, Crypto, Neteller, Skrill, HexoPay, AMEX, SEPA, Poli, PaymentAsia, Local Bank Transfer, Help2Pay, FXPay, FasaPay, China Union pay, Boleto, Beeteller, AstroPay Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Crypto, Neteller, Skrill, HexoPay, AMEX, SEPA, Poli, PaymentAsia, Help2Pay, FXPay, FasaPay, China Union pay, Boleto, Beeteller, AstroPay BlackBull Markets is primarily known as a forex broker, with multiple rewards, the latest being “Best Forex Broker Award 2024,” showcasing its prominent presence in the international forex market. However, the broker does have a diverse market selection encompassing equities, commodities, indices, and, of course, crypto. The available crypto CFDs include Bitcoin, Ethereum, Ripple, Litecoin, Cardano, and EOS.
Up to 100:1 leverage is permitted, giving crypto traders ample room to take advantage of margin trading if they are looking to increase their profits and are prepared for the potential risks associated with the leverage.
BlackBull Markets looks out for its clients and has therefore ensured that they can always seek assistance while using the broker. Its customer support is available 24 hours a day, seven days a week, and there are several options to pick from in terms of communication methods. The first and most accessible one is live chat, and email support is available to BlackBull Markets clients the world over. Phone support is also an option, but only in New Zealand, Cyprus, Mexico, and Argentina.
Key Pros
- Great range of banking solutions
- BlackBull Markets users can trade crypto CFDs by using cTrader, MT4, or several other platforms
- Clients can attend webinars and take advantage of other informative resources
Key Cons
- BlackBull Markets charges a $5 fee on withdrawals
- Phone support is available in a limited number of countries
- 8. Axi
Min. Deposit $0 Regulations ASIC, FCA, DFSA Tradable Coins 10 Software MT4, MT4 WebTrader, Axi Trading Platform Crypto Leverage 200:1 Fees BTCUSD – 25 pips; no commission
Exchange/Wallet No Deposit Methods Visa, Mastercard, Bank Transfer, POLi, FasaPay, Sofort, GiroPay, iDeal, Neteller, Crypto, Skrill, Boleto, Internet and Local Banking, AstroPay Withdrawal Methods Visa, Mastercard, Bank Transfer, Internet and Local Banking, Skrill, Neteller, Crypto, PayPal Established in 2007, Axi is a broker that began by catering to Aussie traders and would later expand to operate in various jurisdictions across the globe. Throughout the years, Axi has earned various accolades for its excellent conduct. For crypto traders, a particularly important one is the Best CFD Provider Winner 2022 by the Shares Awards, seeing as Axi facilitates crypto trading via contracts of difference (CFDs).
While modest, Axi’s library of crypto CFDs is more than sufficient for those looking to participate in the crypto trading market without the need for a crypto wallet. The coins include Bitcoin, Dogecoin, Ethereum, and more. No commissions are charged for retail trading.
If you decide that Axi is the right crypto broker for you, starting out will be a quick and easy process. Registering does not take long, nor does verification, and there are multiple Canada-friendly deposit methods at the disposal of users, with iDeal being a notable example.
Key Pros
- No minimum deposit requirement
- In addition to crypto, users can trade forex pairs, metals, commodities, and indices
- Up to 200:1 leverage available for crypto CFDs
Key Cons
- Customer support is available five days a week
- Only supports MT4 and Axi’s proprietary platform
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Crypto Exchanges Ranked by Trustpilot Score
Canada Crypto Exchanges Spreads
| Exchange | BTCUSD | ETHUSD | SOLUSD | ADAUSD |
|---|---|---|---|---|
| 1. Kraken | 0.1 pip | 0.1 pip | 0.2 pip | 0.1 pip |
| 2. MEXC | 0.1 pip | 0.1 pip | 0.2 pip | 0.2 pip |
| 3. Coinbase | 0.1 pip | 0.2 pip | 0.2 pip | 0.5 pip |
Top 3 Canadian Crypto Exchanges Fees
| Exchange | Maker/Taker Fees | Staking | Deposits Fees | Withdrawal Fees |
|---|---|---|---|---|
| 1. Kraken | Spots: from 0.25% / 0.40% to 0.00%/0.10% (depends on tier); Margin: 0.02% opening fee; Futures: from 0.0200% / 0.0500% to 0.0000%/0.0100% (depends on tier) | Up to 28% annually |
| CAD:
|
| 2. MEXC |
|
| Free |
|
| 3. Coinbase | Taker fee between 0.05% and 0.60% depending on monthly traded volume; Maker fee between 0% and 0.40% depending on monthly traded volume |
|
|
|
Top 3 Crypto Exchanges in Canada
Kraken
Kraken stands as one of the largest exchanges in the crypto market, often ranking quite high in terms of daily trading volume. Canadian crypto enthusiasts who make Kraken their platform of choice have over 50 tradable coins to pick from, and they can trade either futures or partake in spot trading. The available cryptocurrencies include Bitcoin, Tether, and Solana, which are but a few examples of what clients can trade.
While Kraken is suitable for individuals who are already familiar with the ins and outs of crypto and already own digital currencies, it should be noted that Kraken is also beginner-friendly. If a given Kraken user does not yet own crypto, they can use CAD as a fiat currency and one of the numerous fiat-based deposit methods to purchase crypto or deposit into their account. Prior to doing this, however, one can also start out with a Kraken demo account and test out trading before they risk real money.
| Kraken | |
|---|---|
| Min. Deposit | CA$4 |
| Regulations | Registered with FinCEN, Wyoming Division, FINTRAC, FCA, OAM, BoS, CBI, filed for registration in some Canadian jurisdictions |
| Tradable Coins | 50+ |
| Crypto Trading | Futures, Spot Trading |
| Crypto Leverage | N/A |
| Fees | $0 – $10.000: Maker (0.25%)/ Taker (0.40%) |
| Wallet | Yes |
| Deposit Methods | ACH (Plaid), FedWire, CBIT (Customers Bank Instant Token), SWIFT (Customers Bank, SWIFT (Etana Custody), SEPA, PayPal, Domestic Wire Transfer (Credit Union Atlantic), In-person Cash or Debit (Canada Post), Interac e-Transfer, Wire Transfer (InterFIN), Bank Transfer / Osko, Real Time Gross Settlement, FPS/BACS (ClearJunction), CHAPS (ClearJunction), SIC (Bank Frick) |
| Withdrawal Methods | ACH, FedWire, CBIT, SWIFT, SEPA, BLING, FPS, CHAPS, BLING, EFT, Interac e-Transfer, Wire Transfer, SIC, Bank Transfer, Osko |
Key Pros
- Exceptional library of tradable coins
- Its fiat currency support includes CAD
- Excellent educational content for novice crypto traders
Key Cons
- Margin trading not available to Canadians as of March 2024
- Not going with Kraken Pro results in higher fees
MEXC
MEXC is often the go-to choice of many a crypto enthusiast, and this largely has to do with its low fees, user-friendly user interface, and massive selection of tradable cryptocurrencies. Whether you wish to trade Bitcoin, altcoins like Litecoin and Solana, or other types of cryptocurrencies, MEXC will deliver.
Education is one of the aspects where MEXC performs relatively well, and its content can be of use to both novices and those with some crypto trading experience under their belt who wish to quickly brush up on some of the key basics. MEXC offers a comprehensive blockchain encyclopaedia as well as dozens of educational articles and video guides.
It should also be noted that Canada-based crypto enthusiasts who prefer to trade on the go will be able to use MEXC on their mobile devices. If one has an Android device, they can pay a visit to the Google Play store and download the stand-alone MEXC app, while iOS users can head to the App Store to install MEXC from there.
| MEXC | |
|---|---|
| Min. Deposit | 0.01 USDT |
| Regulations | N/A |
| Tradable Coins | 2800+ |
| Crypto Trading | Crypto Futures, Crypto Spot Trading |
| Crypto Leverage | 200:1 |
| Fees | Spot: Maker (0.0%) / Taker (0.0%) Futures: Maker (0.0%) / Taker (0.010%) |
| Wallet | Yes |
| Deposit Methods | Visa, Mastercard, SEPA, MoonPay, Banxa, Simplex, Mercuryo |
| Withdrawal Methods | On-chain withdrawal (to wallet or another exchange) |
Key Pros
- Offers trading on a plethora of cryptocurrencies
- 24/7 customer support
- Low maker/taker fees
Key Cons
- In terms of fiat currencies, MEXC does not support CAD
- Withdrawing via fiat banking solutions is not an option
Coinbase
The year 2012 marked the launch of Coinbase, which quickly rose in popularity and is now one of the most prominent and reputable names in the crypto market, in part thanks to being licensed by several of the finance world’s strictest regulators. Coinbase’s regulatory oversight also allows it to operate in various jurisdictions, Canada included, and it is therefore available in languages like English, French, Turkish, and German, to name a few.
Its trading platform’s excellent interface is user-friendly and facilitates the trading of over 240 cryptocurrencies, including but not limited to Bitcoin, Ethereum, Dogecoin, Tether, and Cardano. For those interested in earning rewards via staking their crypto, Coinbase’s staking program promises up to 12% APY.
The exchange welcomes Canadians with open arms, with CAD being among the fiat currencies that can be utilised for deposits and cashouts, and it also supports the usage of Interac. What is more, users can also pick between English and French under Coinbase’s language options.
| Coinbase | |
|---|---|
| Min. Deposit | $10 |
| Regulations | FCA (UK), BaFin, Central Bank of Ireland, licensed in most US states (including but not limited to New York, Alaska, Florida, and Texas); registered with FINTRAC, the Ontario Securities Commission, and the regulators of each Canadian province and territory |
| Tradable Coins | 240+ |
| Crypto Trading | Spot Trading, Margin Trading |
| Crypto Leverage | 10:1 |
| Fees | Taker: between 0.05% and 0.60% / Maker: between 0.00% and 0.40% |
| Wallet | Yes |
| Deposit Methods | Interac, EFT bank transfer, 3D secure card, PayPal |
| Withdrawal Methods | Interac, EFT bank transfer, PayPal |
Key Pros
- Supports Interac deposits and withdrawals
- Over 240 tradable cryptocurrencies
- Regulated by top tier supervisory bodies
Key Cons
- Some clients expressed dissatisfaction with the exchange’s customer support
- The fees can be somewhat steep compared to competitor exchanges
Legal Status of Cryptocurrency Trading in Canada
Canada was among the first countries to begin regulating cryptocurrencies and, at present, trading crypto remains legal in the country despite digital coins not being considered legal tender. As is the case with other types of trading, the trading of cryptocurrencies is taxed, and on its website, the Canadian government offers comprehensive information regarding how crypto traders should file taxes.
Brokers and exchanges can also target a Canadian audience, provided they successfully register with province-level regulators. Registering with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is also mandated.
Blockchain enthusiasts in Canada should, however, be aware that they might be unable to access certain types of trading, depending on their respective jurisdictions. In Ontario, for instance, the local regulators banned margin trading when it comes to crypto in early 2024.
What Forms of Crypto Trading Are Legal in Canada
In the majority of Canadian provinces and territories, individuals can trade crypto in various ways, including spot trading, futures trading, and trading with leverage. Crypto contracts of difference (CFDs) are also a valid and legal option for Canada-based traders.
However, there are certain restrictions that apply in some jurisdictions, which means your experience will vary depending on where in Canada you reside. As established, you will be met with regulatory barriers if you wish to partake in margin trading and reside in Ontario, seeing as margin trading has been prohibited in the province since February 2024. There are also restrictions surrounding futures trading in the said province, which is why some Ontario-based crypto traders have turned to off-shore platforms.
Who Regulates Crypto Trading in Canada
Earlier, we covered how platforms that intend to be Canada-friendly will need to be registered with the regulators of Canadian provinces and territories. The entities that enforce this rule are the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada, and they also require that companies register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Provincial regulators include but are not limited to the securities commissions of Ontario, Manitoba, Nova Scotia, and British Columbia. While the rules regarding crypto trading are similar across jurisdictions, it is nonetheless crucial to become familiar with the particular crypto trading laws in one’s place of residence. Moreover, there are some exceptions, with Ontario being an example of a province that tends to be more strict with the type of restrictions it enforces on the crypto trading market.
Common Costs Associated with Crypto Trading in Canada
Canadian crypto enthusiasts-to-be should familiarise themselves with a range of costs and fees that come with crypto trading. First and foremost, regardless of whether you decide to trade crypto CFDs or go for other options like spot trading, you are going to need to account for the spread. The term refers to the difference between the buy and sell prices of a given product, and if you have ever dabbled in forex, you already have experience with this concept.
Another cost structure that plays a crucial role in the crypto trading market is the one centred around maker/taker fees. Makers pay fees for placing limit orders, while takers are charged for market orders. The former tends to be lower than the latter as market makers add liquidity to the market.
Apart from the above, other types of fees include trading fees, deposit costs, charges attached to withdrawals, and transaction fees (also known as gas fees).
Are Profits from Crypto Trading Taxed in Canada
Indeed, as is the case with trading not tied to cryptocurrencies, Canadian individuals will need to pay taxes if they choose to partake in crypto trading. Crypto may be taxed in two main ways depending on the status of the trader and whether their profits count as capital gains or business income.
Retail crypto traders need to pay a capital gains tax of 50%, while for professional traders, cryptocurrency trading results in business income and is thus taxed at a rate of 100%. Earlier, we noted that according to Canadian law, crypto does not fall under the designation of legal tender. Exchanging crypto for goods and services, therefore, is considered a gain or loss and is taxed accordingly.
How to Pick Quality Crypto Brokers for Canada
There is certainly a lot that can make or break a given crypto trading platform, and that is before we take personal preferences into consideration. If this has made choosing a good quality broker or exchange difficult for you, there are a few things you can examine that will give you an idea of whether a given platform is the best choice for you.
First, check the broker or exchange’s regulatory status. Ideally, the platform you are eyeing will be registered with your local Canadian jurisdiction’s securities regulator. If not, and the broker or exchange does not prevent you from creating an account, check if its operations are overseen by other top-tier supervisory bodies like the Financial Conduct Authority (UK), the Australian Securities & Investments Commission, and the like. Brokers typically have this information in their footer, and you can check the respective regulator’s register to confirm that a given licence is valid.
You should also confirm that the platform is up to snuff in terms of security. Regardless of which broker or exchange you pick, it should ensure that client funds are segregated from company funds. Moreover, a platform should utilise state-of-the-art encryption, and it should offer extra security features to its clients like two-factor authentication.
Continuing onwards, a good platform or exchange will be characterised by its selection of coins. When it comes to brokers, this means having access to a typically modest yet sufficient number of cryptocurrency CFDs, and if you enjoy trading other products, you might also wish to look at its other market options like forex, commodities, and the like. As for exchanges, the main thing you will be looking for is variety: the more tradable coins an exchange offers, the merrier.
Ideally, you will also be able to go with a platform that has relatively low fees, at least compared to the competition. Costs you will need to examine are spreads, maker/taker fees, cashout fees, and preferably the platform will not charge anything for deposits. Speaking of cashouts and deposits, if you are new to crypto, you will want to pick a platform that accepts CAD and offers numerous fiat-based payment solutions that are also Canada-friendly.
Canada Crypto Brokers Q&A
Yes, the vast majority of brokers that are suitable for Canadian crypto traders offer stand-alone applications to their clients. The said apps are usually available on both the App Store and Google Play.
Ideally, your platform will support fiat transactions via Canadian payment solutions like Interac or iDeal. If that is not an option or you simply prefer other options, most platforms allow for deposits via credit or debit cards (typically Visa or Mastercard), digital wallets like PayPal, mobile payment solutions like Google Pay or Apple Pay, and bank transfers.
The crypto market is open 24 hours a day, seven days a week, and most brokers and exchanges limit their users regarding crypto trading times. Nonetheless, there are some that only facilitate crypto trading five days a week as opposed to every day.
This can vary from platform to platform. Plenty of brokers that welcome Canadians do indeed support either MT4, MT5, or both. Some brokers have gone with cTrader, TradingView, or a proprietary platform, however, so that is something to keep in mind. If you go with an exchange, the vast majority tend to use their own platforms.
This is reliant on which Canadian province or territory you reside in. Many jurisdictions do not impose a restriction on whether local traders can use leverage when they trade crypto or crypto CFDs. However, in Ontario, margin trading is no longer permitted when it comes to cryptocurrencies.