Top Canadian Crypto Platforms for the Year 2024
In Canada, buying and using cryptocurrency as a digital asset is legal. However, it is not considered legal tender. The Canada Revenue Agency (CRA) regulates provincial securities laws and classifies cryptocurrency as commodities. Most platforms are regulated by the provinces as money-service businesses (MSBs) to protect the public. Since 2013, the Canadian Revenue Agency has imposed taxes on cryptocurrencies, and transactions involving digital assets are subject to the country’s tax regulations.
Cryptocurrency trading in Canada has become more accessible with the rise of user-friendly platforms and diverse options. Whether you are a seasoned trader or a beginner, the crypto landscape is now easier to navigate thanks to top apps and platforms. This article explores the top Canadian crypto platforms, including Bitbuy, Wealthsimple Crypto, Netcoins, VirgoCX, Binance, and Newton.
Binance: A global cryptocurrency exchange that offers a wide range of crypto currencies. It is available on iOS, Android, and the web. As a prominent player in the industry, Binance provides a variety of trading options.
CoinSmart: A Canadian cryptocurrency exchange that supports multiple platforms. It facilitates funding through bank transfers, Interac e-Transfers, and wire transfers, with a trading fee of 0.2%. CoinSmart places a high priority on security, implementing 2FA encryption and maintaining a cold storage policy of 95%. It is also registered with FINTRAC.
Bitbuy: Based in Toronto, Bitbuy is a leading Canadian trading platform launched in 2016. It supports up to 40 coins, including Bitcoin and Ethereum, and is available on iOS and Android. The company has facilitated over $5 billion worth of crypto trades and is protected by robust security features such as 2FA encryption. It is regulated and monitored by FINTRAC and the Ontario Securities Commission.
VirgoCX: Offering a variety of cryptocurrencies, VirgoCX is a Canadian exchange available on iOS, Android, and the web. The system supports transfers via bank, Interac e-Transfers, and wire transfer. VirgoCX adheres to strict security measures, including 2FA encryption and a cold storage policy that is 95% secure.
Wealthsimple Crypto: A subsidiary of Wealthsimple, a prominent Canadian robo-advisor, Wealthsimple Crypto is the easiest way to buy and sell Bitcoin and Ethereum. The user-friendly platform is available on iOS, Android, and the web, charging a trading fee of 1.5%. It is registered with FINTRAC and ensures security through 2FA encryption and a 95% cold storage policy.
Netcoins: A Canadian cryptocurrency exchange that provides access to a diverse range of currencies, including top cryptocurrencies. It supports a variety of funding options, including credit cards and bank transfers, and follows strict security protocols, including 2FA encryption, a 95% cold storage policy, and registration with FINTRAC.
Newton: Not a Canadian exchange, Newton offers an easy-to-use platform on iOS, Android, and the web. It charges a 0.5% fee for trading and allows funding via bank transfers, Interac e-Transfers, and wire transfers. Security is emphasized by 2FA encryption and a 95% cold storage policy, and it is registered with FINTRAC.