Looking to buy and sell cryptocurrency in Canada?

By: fahad
October 14, 2019 9:56 AM UTC

How to buy and sell cryptocurrency Canada

If you are looking to buy and sell cryptocurrency in Canada, you will need to use an exchange. There are over the counter (OTC) methods to buy and sell cryptocurrencies, however this article only focuses on how to buy and sell cryptocurrency in Canada using online exchanges.

There are numerous online exchanges to buy and sell cryptocurrencies, but due to regulations not all of them are available in Canada. Therefore, this article intends to outline ten exchanges that you can use to buy and sell cryptocurrency in Canada and get started with trading cryptocurrencies.

 

Coinbase – buy and sell cryptocurrency Canada

Coinbase is the first cryptocurrency exchange I ever used to buy and sell cryptocurrencies in Canada, and I imagine its probably the first exchange most people tend to use for buying and selling cryptocurrencies.

The benefits of using Coinbase to buy and sell cryptocurrency in Canada: Includes a consistently high trade volume, easy to use and user friendly interface, a trusted and reliable exchange, and the ability to trade cryptocurrencies with fiat currencies.

The negatives of using Coinbase to buy and sell cryptocurrency in Canada includes a lack of privacy due to Coinbase requiring users to verify their national IDs before they can use the platform, high fees, and a very limited array of cryptocurrencies.

The fees for buying and selling cryptocurrencies in Canada on Coinbase tend to vary. Purchases made using credit/debit card have a 3.99% fee for deposits. The Withdrawal fee on Coinbase is 1.49%.

Binance – Buy and sell cryptocurrency Canada

From personal experience I can say that Binance is the best exchange for buying and selling cryptocurrencies in Canada.

The benefits of using Binance to buy and sell cryptocurrencies in Canada includes very low fees, easy to use and user-friendly interface, and no national ID verification necessary for signing up. Binance is the most popular exchange worldwide and has one of the highest trade volumes among cryptocurrency exchange. Binance also offers a wider selection of cryptocurrencies in comparison to other high liquidity exchanges.

The negatives of using Binance to buy and sell cryptocurrencies in Canada is the fact that they do not have an option to exchange cryptocurrencies with fiat currencies and Binance is not very well regulated.

Kucoin – Buy and sell cryptocurrency Canada

From personal experience I can say Kucoin is the easiest platform to buy and sell cryptocurrencies in Canada.

The benefits of using Kucoin to buy and sell cryptocurrency in Canada include low fees, an easy to use and user-friendly interface, no national ID verification required to trade, a large array of cryptocurrencies available for trading.

The negatives of using Kucoin to buy and sell cryptocurrency in Canada includes the inability to exchange cryptocurrencies with fiat and liquidity issues due to low volumes for certain cryptocurrencies.

Bitfinex – Buy and sell cryptocurrency Canada

While going through the Bitfinex platform I noticed that the intent of its design is to cater to more advanced traders

The benefits of using Bitfinex to buy and sell cryptocurrency in Canada includes ability to exchange cryptocurrency for fiat, a lot of liquidity due to high trading volumes, a large array of cryptocurrencies to choose from and advanced trading features such as margin trading and short selling.

The negatives of using Bitfinex to buy and sell cryptocurrency in Canada is that it is not easy to use and may prove difficult for inexperienced users to start their trading journey. Also, Bitfinex may require national ID verification for certain cryptocurrencies or expedite the deposit/withdrawal process.

Kraken – Buy and sell cryptocurrency Canada

From personal experience of buying and selling cryptocurrencies in Canada I can say that Kraken is a better version of Coinbase.

The benefits of using Kraken to buy and sell cryptocurrency in Canada includes ample liquidity due to high trading volumes, offers margin trading, futures, an OTC desk, dark pools and additional tools such as indices. Kraken supports exchange between fiat and cryptocurrencies.

The negatives of using Kraken to buy and sell cryptocurrency in Canada includes a limited array of cryptocurrencies and a varying fee structure that could make it expensive for some users.

Bittrex – Buy and sell cryptocurrency Canada

I do not have much personal experience buying and selling cryptocurrencies on Bittrex in Canada; however I can say it is similar to Binance with just slightly higher fees.

The benefits of using Bittrex for buying and selling Cryptocurrencies in Canada: For starters Bittrex allows exchange between fiat and cryptocurrencies, and Bittrex also has a very wide selection of cryptocurrencies for trading. Bittrex is easy to use.

The negatives of using Bittrex to buy and sell cryptocurrency in Canada: Bittrex is a highly regulated exchange therefore national ID verification is a requirement. Also due to Bittrex’s highly regulated nature users can end up waiting a long time for ID verification and deposits/withdrawals.

Changelly – Buy and sell cryptocurrency Canada

From personal experience all I can say is that Changelly has a nice user interface.

The benefits of using Changelly to buy and sell cryptocurrency in Canada: Changelly has the largest selection of cryptocurrencies on the market and allows users to buy cryptocurrency using fiat currency. Changelly does not require national ID verification, which is a huge benefit because it is one of the few exchanges that allows users to buy cryptocurrency using fiat that does not require national ID verification.

The negatives of using Changelly to buy and sell cryptocurrency in Canada: Changelly has one of the highest fees for trading, withdrawals and deposits. Also, even though Changelly only allows users to buy cryptocurrency on their platform with fiat, they don’t actually allow users to sell cryptocurrency for fiat.

Huobi Global – Buy and sell cryptocurrency Canada

I do not have much personal experience using Huobi, but it seems similar to Binance.

The benefits of using Huobi to buy and sell cryptocurrencies in Canada: Huobi has a wide selection of cryptocurrencies, low fees, and a lot of liquidity due to its extremely high trading volume. Huobi is probably the only exchange that can compete with Binance in regard to liquidity. Huobi does not require national ID verification.

The negatives of using Huobi to buy and sell cryptocurrencies in Canada: Similar to Binance, Huobi is loosely regulated. Unlike Binance, Huobi has more advanced trading features which can be complicated for novice traders.

Bitforex – Buy and sell cryptocurrency Canada

In my experience I noted that Bitforex is a fairly easy to use exchange, although the design is not very appealing.

The benefits of using Bitforex to buy and sell cryptocurrency in Canada: Lower fees than any exchange on this list, no national ID verification necessary, allows fiat to cryptocurrency exchange (only CNY), has a wide selection of cryptocurrencies, and a lot of liquidity due to high trading volumes.

The negatives of using Bitforex to buy and sell cryptocurrency in Canada: Similar to Binance and Huobi, Bitforex is loosely regulated. Lacks advanced trading features and only accepts Chinese Yuan fiat currency.

Coinmetro – Buy and sell cryptocurrency Canada

I do not have much experience buying and selling cryptocurrencies on Coinmetro.

The benefits of using Coinmetro to buy and sell cryptocurrency in Canada: Allows fiat to cryptocurrency exchange, low fees, traders get compensated for creating trade offers. (Buy wall)

The negatives of using Coinmetro to buy and sell cryptocurrency in Canada: Due to its highly regulated nature national ID verification is necessary, and a limited array of cryptocurrencies.

Poloniex – Buy and sell cryptocurrency Canada

I personally did not find any major flaws with the Poloniex platform, although I did not use it for long.

The benefits of using Poloniex to buy and sell cryptocurrency in Canada: A lot of liquidity due to high trading volumes, many different cryptocurrencies available for trading, margin trading and Stop-limit orders.

The negatives of using Poloniex to buy and sell cryptocurrency in Canada: Does not support fiat currencies. Withdrawing cryptocurrencies from the exchange can be problematic without national ID verification.

BigONE – Buy and sell cryptocurrency Canada

The benefits of using BigONE to buy and sell cryptocurrency in Canada: Really low fees, easy to use and user-friendly interface, a large number of cryptocurrencies available for trading.

The negatives of using BigONE to buy and sell cryptocurrency in Canada: Does not offer much liquidity due to a small user base. ID verification is required to withdraw funds, and no fiat options available.

XBrick – Buy and sell cryptocurrency Canada

I find this exchange to be very small and limited in its options of cryptocurrencies available for trading. I personally will not be using this exchange; however, I will list some of the benefits and negatives for those interested in XBrick.

The benefits of using XBrick to buy and sell cryptocurrency in Canada: It is really easy to use and has a user-friendly interface. Also, it does offer really low fees.

The negatives of using XBrick to buy and sell cryptocurrency in Canada: No fiat options available, a very limited array of cryptocurrencies available for trading, and not much liquidity.

Livecoin – Buy and sell cryptocurrency Canada

I do not have much personal experience using Livecoin, but I will list some of the positives and negatives I know about using this platform.

The benefits of using Livecoin to buy and sell cryptocurrency in Canada: Has a very large selection of cryptocurrencies to trade. Allows fiat to cryptocurrency exchange for USD, EUR, and RUB. The website is easy to use and has a user-friendly interface.

The negatives of using Livecoin to buy and sell cryptocurrency in Canada: Users from certain parts of the world will have to provide national ID verification to make deposits and withdrawals using fiat currencies. Lower liquidity than many of the other exchanges mentioned here. Also, has high trading fees compared to the other exchanges mentioned here.

Bitmex – Buy and sell cryptocurrency Canada

Bitmex is unlike other cryptocurrency exchanges because its primary function is not trading cryptocurrencies. Instead, the primary purpose of Bitmex is to trade financial derivatives using cryptocurrencies.

The benefits of using Bitmex to buy and sell cryptocurrency in Canada: Great for experienced and advanced traders, because Bitmex provides numerous advanced trading features; financial derivatives, options and futures. It also allows 1-100 leverage trading.

The negatives of using Bitmex to buy and sell cryptocurrency in Canada: Not at all easy to use, not recommended for novice traders. Extremely limited selection of cryptocurrencies available, because crypto-crypto trading is not the primary intent of this platform. No fiat deposit, or withdrawals.

Coinsquare – Buy and sell cryptocurrency Canada

Coinsquare is like the budget version of Coinbase.

The benefits of using Coinsquare to buy and sell cryptocurrency in Canada: Allows fiat to cryptocurrency trading. Fairly easy to use and it has a user-friendly interface. Low fees for trading, and relatively low fees for deposits and withdrawals.

The negatives of using Coinsqaure to buy and sell cryptocurrency in Canada: Very limited array of cryptocurrencies available for trading. Does not seem to support advanced trading features. National ID verification is a requirement and based on your national ID you may not be able to use Coinsquare because it is unavailable in certain regions.

Coinbase pro – Buy and sell cryptocurrency Canada

A better version of Coinbase, but unfortunately not available in as many regions.

The benefits of using Coinbase pro to buy and sell cryptocurrency in Canada:  a lot of liquidity due to a consistently high trade volume, easy to use and user-friendly interface, a trusted and reliable exchange, and the ability to trade cryptocurrencies with fiat currencies. Also, low fees and some advanced trading features; like leveraged trading.

The negatives of using Coinbase pro to buy and sell cryptocurrency in Canada: Very limited array of cryptocurrencies available for trading, and national ID verification is necessary due to the highly regulated nature of the platform.

Ethfinex – Buy and sell cryptocurrency Canada

Ethfinex is meant to be a hybrid between centralised and decentralised exchange, but in my opinion,  it is not good at being either. However, if you are interested in Ethfinex here are some positives and negatives for you.

The benefits of using Ethfinex to buy and sell cryptocurrency in Canada: Allows fiat deposits and witdrawals. Relatively low fees for trading, deposits and withdrawals. Allows margin and leveraged trading. A lot of liquidity.

The negatives of using Ethfinex to buy and sell cryptocurrency in Canada: National ID verification is necessary if you wish to use fiat currencies on the exchange. Limited array of cryptocurrencies available for trading, and it can take up to 12 hours to withdraw funds from this exchange.

OKEx – Buy and sell cryptocurrency Canada

OKEx has a lot of similarities with Bittrex, but there a few differences between these platforms that could make you prefer one over the other.

The benefits of using OKEx to buy and sell cryptocurrency in Canada: Low fees, and a lot of liquidity due to high trading volumes. Wide selection of cryptocurrencies to trade and allows fiat deposits/withdrawals. Easy to use and user-friendly interface.

The negatives of using OKEx to buy and sell cryptocurrency in Canada: Only USD and CNY are allowed for Fiat deposits/withdrawals. National ID verification is required before fiat deposits/withdrawals can be made. Also, trading fiat to crypto and vice versa on the platform is very limited unless the user provides National ID verification.

IDEX – Buy and sell cryptocurrency Canada

IDEX is a completely decentralized exchange. Decentralized exchanges operate very differently to centralized exchanges and come with their own set of benefits and negatives.

The benefits of using IDEX to buy and sell cryptocurrency in Canada: Widest selection of cryptocurrencies to trade on this list. Very low fees, and a straightforward interface. No national ID verification required, in fact traders can use this exchange without even creating an account.

The negatives of using IDEX to buy and sell cryptocurrency in Canada: No fiat deposits/withdrawals. Lack of liquidity due to low trading volumes. Would not recommend it for people who are new to cryptocurrencies because IDEX is slightly more difficult to use than any regular centralized exchange.

 

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