How To Exchange Bitcoin for FIAT Currency in Canada

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But they don’t always work and there are plenty of horror stories out there of people losing large amounts of money on these marketplaces. Keep in mind that it can often take a while to get cash using a Bitcoin ATM service, like the Ottawa-based bitMachina. This is because transactions can take anywhere from 1 minute to a few hours to process on the blockchain. Until your transaction processes, you can’t receive your cash. Note that many platforms actually offer both broker and exchange services.

cryptocurrency broker canada

You can fund your new account using Interac e-Transfer, wire transfer, debit card, credit card, crypto coins, and more. Multiple fiat currencies are supported, including CAD, USD, and EUR. You’ll see the newly purchased cryptocurrency in your account or “wallet” in seconds. The exchange also stores your coins for you in a so-called “wallet” assigned to you.

A further 22.22% believe this will happen by 2025 and another 14.81% think it will happen by 2024. Some exchanges will give you your own wallet that lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired. Established in 2014, Wealthsimple is Canada’s first-ever regulated crypto trading platform.

cryptocurrency broker canada

Bitbuy’s fees are amongst the cheapest in Canada for high volume traders due to its tiered trading fee structure. Your fee tier is based on your total trading volume over last 90 day period calculated at the end of the month, and will apply to the current month. It offers many security measures on its exchange to ensure no one unauthorized gains access to your investment.

How to Buy Bitcoin in Canada?

Trading in already-mined cryptocurrency has lower up-front costs and does not have the same environmental impact. For this reason, we recommend focusing on buying and selling existing coins rather than mining new ones. As with any other asset, it’s important to consider the underlying characteristics of cryptocurrency before investing. A solid understanding of the pros and cons of this digital asset will help you determine whether cryptocurrency fits within your overall investment portfolio. Once you decide on the best cryptos to buy, try one of the exchanges at the top of this page. Some exchanges even facilitate crypto staking, allowing you to earn passive income from your crypto assets.

For example, Wealthsimple’s coins are held by Gemini Trust Conmpany LLC™ with $200M in insurance coverage. Pro trading features include different order types such as stop and limit orders, charts, order book data and other metrics any experienced trader might need. Being Canadian, I personally was struggling to find a proper exchange for trading crypto that properly operates in Canada and is safe. If you are buying crypto to use as you would another currency, then this is not an income that is taxable.

Bitcoin As An Investment

The best platforms should be streamlined for beginners but still contain enough features to satisfy advanced traders. National Digital Asset Exchange (NDAX) is a Calgary-based cryptocurrency exchange that offers several crypto coins to trade. It is a registered Money Service Business under FINTRAC and requires 2FA for all accounts. Because NDAX is registered with FINTRAC, it keeps customers’ funds separate from their accounts in a national bank facility.

Crypto is held by regulated crypto custodian Gemini Custody, which complies with the standards of a conventional financial institution. Wealthsimple Crypto can be accessed through the Wealthsimple website or through the Wealthsimple Trade mobile app. Each of these options comes with its own benefits, drawbacks, and risks. Before you cash out your crypto, be sure to thoroughly research your options to ensure that you understand what you’re getting into.


Watch out for crypto exchanges that only have an app for iPhones or Androids but not both. Make sure you sign up for an exchange that has an app compatible with your phone. Over 90% of its customers are automatically verified meaning you can start trading right away.

  • You can trade crypto with anybody—no fees, no centralized exchange, and no mediator.
  • We did not pick crypto exchanges that have rating lower than 2.
  • It’s been compared to millions of cameras pointed at the same tree in the forest — when it falls, all those cameras see it and it can’t be changed after the fact.
  • CoinSmart is the easiest to use cryptocurrency trading platform.

Our guides, comparison tools and calculators are available free of charge. The content contained on the website is for information purposes and does not replace that of professional advisors. Although continually updated, the information here may differ from what appears on the providers’ sites.

They currently offer over 70+ cryptocurrencies which makes them the best crypto exchange in Canada when it comes to crypto selection. Our team of experienced crypto traders made the list of the best crypto exchanges in Canada. The rating is based on several factors and a special methodology that you can read below the rating. If you are trading cryptocurrency as a business, you may be eligible to deduct certain expenses from your income and reduce your tax burden. Your internet bill, transaction fees and account fees are all good examples of legitimate deductions.

Transaction fees may be applied, especially on the Express Trade platform, at 0.5% for each transaction. But a broker offers cryptocurrency trading and other investments like bonds and stocks. On the other hand, a crypto exchange is only used for cryptocurrency transactions. Binance is one of the best cryptocurrency exchanges in the world. It offers trading in hundreds of cryptocurrencies and has millions of users worldwide. This crypto trading platform and app is registered with FINTRAC and offers several coins, including many metaverse coins, stablecoins, and more.

Not only that, but Netcoins has the largest referral bonus of any crypto exchange. If you refer a friend and they buy $100 worth of crypto, you’ll both get $25. Coinsmart is a true Canadian crypto exchange and its mission is “making cryptocurrency accessible for Canadians”. They definitely follow their mission and this is why Coinsmart is the #1 best crypto exchange in Canada. It’s accessible indeed and I personally trade crypto with them for many reasons.

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Some exchanges are ideal for beginners, while others are more suitable for experienced traders. It’s important to research each exchange thoroughly before choosing one to ensure that it meets your needs and offers the security features you require. This means that the opportunity to make money via cryptocurrency trading is very huge and there is adequate opportunity for everyone. This is one of the many features that make it just perfect for all categories of traders. The trading takes place on a cryptocurrency exchange and it takes place between individual traders.