Best Crypto Platforms and Apps in Canada 2024

Although investing in cryptocurrency gets more mainstream every day and can be a legitimate way to grow (some of) your money, it still comes with inherent risks. That’s why it’s essential to pick a safe, regulated, low-fee crypto trading platform that you can trust.

With so many crypto apps and exchanges to choose from, it can be challenging to figure out what will work best for you. That’s why we created this list of the Best Crypto Trading Platforms and Apps in Canada for 2024.

You’ll find essential information about each of our favourite platforms, including fee structures and details about their security and regulation.

Best Crypto Apps Compared

Coinsmart – Our Pick For Best Crypto Platform in Canada

Founded in 2018, Toronto-based cryptocurrency exchange Coinsmart works to simplify cryptocurrency investing for Canadians. They’ve set themselves up as a one stop shop for your crypto portfolio.

Coinsmart is the second crypto trading platform in Canada to be granted Registered Marketplace status by all Canadian securities regulators, and they’re our top recommended crypto trading platform.

Security:

Coinsmart is FINTRAC-regulated, backed by Luminus (a registered Canadian bank), and has been granted Registered Marketplace status by all Canadian securities regulators.

With bank-level security, 2-factor authentication, and a 95% cold storage policy in partnership with BitGo (an industry leader), Coinsmart is as secure and reliable as you can get in a crypto trading platform.

Coins Available:

Coinsmart offers 16 cryptocurrencies as of April 2022 including: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar, Cardano, USD Coin, Dogecoin, Polkadot, Chainlink, Uniswap and Shiba Inu. New coins are added regularly (in fact, 2 have been added so far this year).

Fees:

• Fiat deposit fees: 1.5% on Interac deposits up to $1999 (free for Interac deposits over $2,000), up to 6% for credit card deposits, free wire transfers.
• Fiat withdrawal fees: 1% for both EFTs and wire transfers.
• Cryptocurrency withdrawals: Fees vary.
• Trading Fees: 0.2% for a single trade, 0.3% for a double trade.

Features:

Our pick for the best overall crypto trading platform, Coinsmart features quick account set-up, multiple funding methods, $15 referral rewards, and responsive customer service. Their desktop interface is intuitive and easy to use, although their app needs an update. Coinsmart also has a $30 welcome bonus when you sign up using our link.

Wealthsimple Crypto

Wealthsimple Crypto is the first federally regulated cryptocurrency trading platform in Canada. Launched in 2020 by fintech giant Wealthsimple and managed through their Wealthsimple Trade platform, Wealthsimple Crypto is safe, secure, and has no deposit or withdrawal fees.

To earn their money, Wealthsimple charges a “spread,” which means that trading fees are inflated by a small percentage (1.5-2%) for every transaction. You can read more about this trading platform, including a detailed comparison of Wealthsimple and Coinsmart in our Wealthsimple Crypto Review.

Security:

Wealthsimple Crypto is federally registered as a restricted dealer and has partnered with crypto custodian Gemini Trust Company LLC, which is NYSDFS regulated and insured. Like all Wealthsimple trading platforms, Wealthsimple Crypto features state of the art encryption and bank-level security.

Coins Available:

Wealthsimple Crypto offers 43 cryptocurrencies as of April 2022, including: Aave, Basic Attention Token, Bitcoin, Chainlink, Dogecoin, Ethereum, Kyber Network, Litecoin, Ren, Solana, Stellar, 1inch.

Fees:

• Fiat deposit fees: None
• Fiat withdrawal fees: None
• Cryptocurrency withdrawals: None
• Trading Fees: 1.5-2% spread on trades

Features:

Wealthsimple Crypto is an add-on to the Wealthsimple Trade platform and uses its interface and mobile app, which makes it an ideal choice for existing Wealthsimple clients. It features basic customer support, an easy sign-up, and optional crypto wallets for currency transfers.

Wealthsimple Crypto is currently offering $50 and commission-free trades when you open an account and trade at least $150, which is the most generous welcome bonus on our list.

Bitbuy

Established in 2016, Bit Buy is a Canadian crypto platform based in Toronto. They were the first crypto exchange to be registered as a Marketplace with the Ontario Securities Commission.

Bit Buy serves over 400K Canadians who have collectively traded over 4 billion dollars. They offer 2 different trading interfaces, making this platform a good choice for both beginner and expert traders.

Security:

Bit Buy is FINTRAC-registered and is registered as a Marketplace and Investment Dealer with the OSC. 99% of Bit Buy’s crypto assets are kept in cold storage and covered by a comprehensive insurance policy. The platform also features 2-factor authentication and bank-level security.

Coins Available:

15 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Stellar Lumens, Dogecoin, Cardano, and Solana.

Fees:

• Fiat deposit fees:1.5% Interac e-transfer fee ($50 minimum transfer), 0.5% wire transfer fee ($20,000 minimum transfer)
• Fiat withdrawal fees: 1.5% Interac withdrawal fee ($50 minimum transfer), 1% Bank wire transfer withdrawal fee ($20,000 minimum transfer)
• Cryptocurrency withdrawals: Fees vary
• Trading Fees: Flat 0.2% fee on all buys and sells with Express Trade. 0.1-0.2% for Pro Trade

Features:

Bit Buy features two different interfaces which you can choose depending on your level of experience. Bit Buy Express Trade lets you buy market orders quickly in real time and is great for beginners, while Bit Buy Pro Trade is designed with an experienced user in mind and gives you access to lower fees, crypto-to-crypto trades, and advanced options like limit orders.

In both cases, Bit Buy offers excellent customer service, rapid response times, and a mobile app with close to a 5-star rating on the App store.

Crypto.com

The only platform on our list that’s based outside of Canada, Crypto.com is “The world’s fastest growing crypto app” with more than 10 million users. This platform offers a variety of crypto-based financial services including a credit card, loans, and NFTs.

Founded in Singapore in 2016, Crypto.com accommodates 20+ fiat currencies and has been independently assessed at the highest level for both NIST Cybersecurity and Privacy Frameworks, as well as Service Organization Control (SOC) 2 compliance.

Which, to translate, means that they keep your information and investments as safe as current technology can manage.

Security:

In partnership with Ledger, Crypto.com holds 100% of cryptocurrency offline in its institutional-grade Ledger Vault, while fiat currencies are held in regulated custodian accounts.

Crypto.com features multi-signature security technologies, multiple ISO security compliances, and has been independently assessed at Tier 4 NIST Cybersecurity and Privacy, making it one of the most secure cryptocurrency trading platforms in the world.

Coins Available:

Crypto.com offers over 250 crypto coins as of March 2022, including: Bitcoin, Ethereum, Crypto.com Coin, Kyber Network, Agorand, Chainlink, Basic Attention Token, Yearn Finance, Binance Coin, and Compound.

Fees:

• Fiat deposit fees: Free
• Fiat withdrawal fees: None
• Cryptocurrency withdrawals: Fees vary
• Trading Fees: Between 2.99% and 3.99% for debit/credit card crypto purchases. 0.4% trading fees if trade less than $25,000 USD per month

Features:

Crypto.com is notable because not only does it have a massive selection of coins, it also offers other crypto-related banking products including a Crypto.com Visa card (up to 8% back on all spending, no annual fees), Crypto.com credit (crypto loans), and NFTs – so if you’re looking for add-on services, Crypto.com should be high on your list.

Crypto.com offers advanced trading options, 24/7 live customer support, and in-platform wallets for crypto storage. It currently has a promotion offering 0% fees on debit/credit card crypto purchases for the first 30 days.

Newton

Named after Sir Isaac Newton, who pioneered techniques to eliminate money counterfeiting, Newton was founded in 2018 as low-cost, easy to use option for cryptocurrency investors.

Newton supports the most coins of any Canada-based platforms on our list (60+ and counting). It’s great for beginners, but it lacks some of the functionality that expert traders might want.

Security:

Newton is registered as a Money Service Business with FINTRAC. Most crypto is held offline in insured, institutional grade vaults through a partnership with Balance. They undergo daily off-site backups and offer direct bank integration to minimize the risk of fraud.

Coins Available:

Newton offers over 60 cryptocurrencies including: Bitcoin, Ethereum, Litecoin, Cardano, Solana, Algorand, Ripple, Uniswap, Polygon, Ox, EOS, Shiba Inu, Storj, Ren, Tezos, and Ankr

Fees:

• Fiat deposit fees: Free
• Fiat withdrawal fees: Free
• Cryptocurrency withdrawals: Usually withdrawals are free, but because of rising prices, Newton covers up to $5 per transaction, then you have to cover the rest
• Trading Fees: Up to 0.7% price spread on buy and sell transactions

Features:

With the highest rated mobile app on our list (a full 5 stars), a vibrant Discord community, and multiple ways to fund your account, Newton is our top pick for beginner crypto investors. If you’re looking for a simple, streamlined platform that’s easy to use, and if you don’t need advanced features, Newton is a great choice.

That said, Newton doesn’t currently have any kind of welcome bonus – although it does have a $25 referral bonus for you and any friend you bring over.

NDAX

NDAX, or the National Digital Asset Exchange was founded in 2017 and operates out of Calgary. Focused on simplicity and ease of use, NDAX also features one of Canada’s lowest fees for crypto trades.

NDAX has an intuitive interface that’s easy for beginners to use. If you’re a more experienced trader, it also offers advanced features and tools. NDAX takes security extremely seriously, and was the first Canadian crypto platform to receive SOC2 Type II certification.

Security:

NDAX is registered with FINTRAC and Revenue Quebec as a Money Service Business. It holds 95-98% of digital assets in cold storage (maintained by Ledger Vaults) and keeps its clients’ fiat funds in segregated bank accounts at a Canadian crown-owned financial institution.

NDAX requires 2-factor authentication for all accounts and offers an advanced Multi-Party Computation security level for hot wallets.

Coins Available:

NDAX offers 30+ digital assets including: Bitcoin, Ethereum, Avalanche, Litecoin, EOS, Dogecoin, Celo, LINK, Stellar, The Sandbox, Uniswap, Matic, Compound, and Alien Worlds

Fees:

• Fiat deposit fees: none
• Fiat withdrawal fees: $4.99 for bank transfer or wire transfer
• Cryptocurrency withdrawals: Fees vary
• Trading Fees: 0.20% to buy and sell crypto.

Features:

With among the lowest fees on our list, multiple, easy ways to fund an account, and the most generous referral program on our list (up to $25 per referral and 10% commission means that affiliates can earn up to $1000 per person), NDAX is our pick for a platform that keeps more money in your pocket (or your portfolio). NDAX also features a highly-rated mobile app, intuitive interface, and 24/7 live support.

Shakepay

A Montreal-based tech company, Shakepay launched in 2015, making it one of the oldest places to buy crypto in Canada. As of this writing, over 900,000 Canadians have used the platform to trade more than $6 billion worth of digital assets.

Shakepay’s distinguishing feature is the fact that it offers Bitcoin and Ethereum only. It’s as safe as any platform on this list, easy to use, and has quick customer service response time. If you’re only looking to dip your toes into crypto investing and don’t want to look at any other currencies, it’s a good choice.

Security:

Shakepay is registered with FINTRAC and Revenue Quebec as a Money Service Business, and most digital assets are held offline by a NYDFS-regulated cold storage provider that holds multiple security certifications.

Fiat funds are held separately in Canadian bank accounts, and both fiat and crypto funds are covered by insurance. Shakepay features bank-level encryption and 2-factor authentication, while multi-party approval is required to authorize transactions.

Coins Available:

Shakepay offers Bitcoin and Ethereum only.

Fees:

• Fiat deposit fees: Free
• Fiat withdrawal fees: Free
• Cryptocurrency withdrawals: Free
• Trading Fees: 1-3% trading fees are embedded in the price spread

Features:

If you’re just starting out in crypto trading and want a simple platform that doesn’t drown you in currency choices, Shakepay is a perfect choice. They have quick account set-up, several ways to easily fund your account, and responsive support that takes hours, not days.

Their mobile app is intuitive and easy to use, with user ratings of 4.5 or higher on both the App Store and Google Play.

Coinberry

Toronto-based company Coinberry was founded in 2017 and was designed to be safe, secure, and easy for Canadians to use. Coinberry is trusted by tens of thousands of Canadians.

Coinberry is a bit of a pioneer: in 2019 they partnered with the Town of Innisfil, resulting in the first Bitcoin payment of property taxes in Canadian history.

Security:

Coinberry is registered with FINTRAC as a Money Service Business. They’ve partnered with Gemini Trust Company LLC to store and protect digital assets, which are insured up to $200 million.

Coins Available:

Coinberry offers 29 different cryptocurrencies as of April 2022, including: Bitcoin, Ethereum, Litecoin, Curve, Synthetix, Polkadot, Yearn Finance, Balancer

Fees:

• Fiat deposit fees: Free
• Fiat withdrawal fees: Free
• Cryptocurrency withdrawals:
• Trading Fees: Price spread of 0-2.5%

Features:

Coinberry’s best features are their thoughtful platform services. Their investment automation option, Coinberry Autopilot, allows you grow your crypto portfolio by scheduling purchases of a pre-set dollar amount monthly, weekly, or daily. Coinberry Pay lets you use crypto as actual currency, allowing you to invoice and accept crypto payments.

Like all the platforms on our list, Coinberry has an easy-to-use interface, a quick sign-up process, and streamlined funding via Interac e-transfer and wire transfer.

What to Look for in a Crypto Trading App

Here are the main things you should look at before picking a crypto app or trading platform to use. These are also the criteria we used ourselves while reviewing the services mentioned above.

Security

When you’re dealing with cryptocurrency, security should be one of your first concerns. You want to be sure that the trading platform will keep your assets safe. This isn’t much different from anyone who uses an Online Broker for investing – but crypto comes with even more risks.

Any platform you consider should use 2-factor authentication and SSL encryption. Ideally, they should also keep most of the crypto assets in cold storage (see the next section for more information).

Many platforms partner with institution-level crypto security companies that are regulated and insured – which is also excellent. And if they partner with a custodial bank to keep fiat funds separate from the platform’s operating funds, that’s a big plus as well.

Regulation

The Canadian Investor Protection Fund (CIPF) doesn’t regulate cryptocurrency platforms the same way it regulates other investment accounts. However, crypto asset trading platforms have their own regulating body.

The platforms on this list are regulated by FINTRAC in Canada and are registered as either Business Services or Marketplaces by the Ontario Securities Commission. If you live in Quebec, make sure you check for Revenue Quebec registration as well.  

Coins Offered

Now that we’ve got the two biggest concerns out of the way, it’s time to look at what you want. Do you have specific coins in mind? Be sure to check that the platform carries them.

You’ll notice that the exchanges on our list offer a different selection of currencies, including Shakepay which offers two kinds only. If you’re dying to dabble in Dogecoin (for example), make sure you go with a platform that actually offers it.

Fees

• Do you want to pay a predictable flat percentage fee on every transaction?
• Do you mind spread fees (hidden fees integrated into every sale)?
• Do you mind paying withdrawal/deposit fees?

Be sure that the platform you’re looking at lines up with your preferences.

Customer Service

Are you an experienced crypto trader or are you looking for a platform with lightning-fast email response time so you can get your questions answered?

Different platforms offer different levels of customer service, from a basic FAQ to extensive resources and round-the-clock email support. Figure out what you’re comfortable with and make sure you get it.

Ease Of Use and Mobile App

The trading platforms on this list were designed to be quick to set up and easy to use. Some of them feature advanced tools which may be more challenging. It pays to keep your experience level in mind when you’re selecting a crypto trading platform and choose accordingly.

If you’re planning to trade on the go, a mobile app will be essential. All the crypto trading platforms on our list have a mobile app, and most have excellent ratings.

Crypto Wallets – Online or Not?

A crypto wallet is used to store your cryptocurrency. There are three main options. Let’s break down the pros and cons.

Paper Wallet

A paper wallet is literally a piece of paper or a booklet where you keep your keys and QR codes. They were originally considered the most secure option because they were entirely removed from the internet, but opinions on this are changing.

A paper wallet can’t be hacked, which is a definite plus. However, it can be lost, stained, blurred, or stolen, and that means losing access to your crypto coins.

Hot Wallet

A hot wallet stores your crypto keys digitally and is always connected to the internet and to the cryptocurrency infrastructure.

This is good because it lets you access and move your crypto whenever you want to. Unfortunately, the downside is the fact that any storage that’s connected to the internet could be hacked. It’s best practice to store most of your currency in a cold wallet and only keep what you need for transactions in your hot wallet.

Two good choices for crypto hot wallets are Electrum and Wealthsimple Crypto.

Cold Wallet

A cold wallet is a crypto wallet that isn’t connected to the internet. The most common kind of cold wallet is a small hardware device that you can connect to your computer when you need to. Cold wallets have the advantage of being safe from hackers. However, they’re not a flexible option: you’ll have to move your crypto into an online storage option before you use it.

That being said, cold storage is considered the standard crypto wallet option. You can see from our list that every platform keeps the vast majority of investors’ crypto in cold storage and generally covers it with an insurance policy.

Good options for personal cold storage wallets include the Ledger Nano X, Ledger Nano S, or Trezor Wallet.

Other Ways to Invest in Crypto

If you’re not ready to take the plunge and open a crypto trading platform account, you can still include crypto in your portfolio.

Online brokerages and some robo advisors like Wealthsimple Invest offer bitcoin ETFs. They allow you to add some bitcoin to your holdings while keeping your investments safe in one place. For more information, check out our Bitcoin Canada Investing Guide.

Canadian Crypto Apps – FAQ

Summary

If you’re looking to get started with crypto investing or are just looking for a new platform to try, the trading apps on this list are a perfect place to start. Each platform is regulated, with low fees and stringent security standards.

Our pick for the best crypto trading platform in Canada is Coinsmart. It’s FINTRAC regulated and a registered Marketplace, and it’s backed by a registered Canadian bank. Coinsmart is easy to set up, easy to use, and has a variety of cryptocurrencies to play with. And, if you use our link to sign up, you’ll get a $30 bonus.

We still do not advise investing all your savings in crypto – but if you want to explore digital currency investing, Coinsmart, or any of these platforms, is a great place to start.