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Best Canadian Bitcoin Exchanges | All You Need To Know

Best Canadian Bitcoin Exchanges | All You Need To Know

If you live in Canada, there are several cryptocurrency exchanges you can buy and sell Bitcoin using the Canadian dollar (CAD). While there may be international exchanges like Coinbase and Binance, you may find digital exchanges primarily targeted at your location more useful. For this reason, we’ve found a need to review some of the best Canada Bitcoin exchanges in 2020.

What is a Bitcoin Exchange?

A Bitcoin exchange as the term implies is a platform that allows you to buy and sell Bitcoin, the most popular cryptocurrency today. These platforms may also support the trading of virtual currencies such as Ethereum, XRP, Bitcoin Cash, Litecoin, Binance coin, etc.. And the best part is, you can also exchange them for several fiat currencies including CAD.

Best Canada Bitcoin Exchanges

For their popularity, diverse financing options, and easy to navigate user interface, the best Canada Bitcoin exchanges to buy and sell cryptocurrencies online are:

  • BitBuy
  • Bitvo
  • Kraken
  • Coinsquare
  • NDAX
  • CoinField

1. BitBuy:

BitBuy is a Canadian Bitcoin exchange located at 341-110 Cumberland St. Toronto, ON, Canada. The exchange is a subsidiary of First Ledger Corporation, a blockchain services company. It was launched in 2013 by Adam Goldman and Ademar Gonzalez. Prior to this time, BitBuy was popularly known as InstaBT.

Deposits:

BitBuy allows you to use CAD in buying Bitcoin, Bitcoin Cash, Litecoin and Ethereum. That being the case, you can fund your wallet using:

  • Flexepin
  • Wire Transfer
  • Interac Online
  • Interac e-Transfer
  • Express Interac e-Transfer

The minimum and maximum amounts that can be deposited is $50 and $500,000 respectively. The fee ranges between 0.5% to 3.5%.

Withdrawals:

The exchange offers withdrawal in Canadian dollar via:

  • Wire transfer
  • Interac e-Transfer
  • Electronic Bank Transfer
  • Expedited Bank Transfer

The processing time on this platform ranges between 24 hours to 7 days before your funds are deposited in your account. The minimum and maximum withdrawals are $50 and $500,000 respectively. The fee ranges from 1.75% to 3%.

2. Bitvo:

Bitvo is also one of the best cryptocurrency exchanges in Canada, and it was launched in 2018. Now, if you’ve never envisioned the day when you can trade without paying fees, here’s the time. On Bitvo, traders do not have to pay fees when they buy or sell. This means that those little fees that eat away at your profit are non-existent.

Deposits are also free! Hence, the exact amount in CAD or cryptocurrency, which you deposit is the equivalent you receive in your Bitvo Account. Over and above that, there’s a Bitvo Cash Card to enable you to pay for goods and services using the funds in your Bitvo Account. The Card can also be used to make cash withdrawals at over 2 million ATMs worldwide. Another unique feature is the platform’s 24/7 live customer support and proprietary technical analysis scores and tools.

Deposits:

Bitvo allows you to use CAD in buying Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, Dash and Ethereum classic. The deposit methods are:

  • Wire Transfer
  • Cryptocurrency
  • Interac e-Transfer
  • Canada Post Load (cash or debit card accepted)

The minimum and maximum amounts that can be deposited on Bitvo is unlimited for Wire Transfer, Cryptocurrency, and Interac e-Transfer. However, Canada Post Load has a deposit limit of $500 per transaction and $3,500 per week. On the other hand, deposits are free irrespective of the funding method employed.

Withdrawals:

The exchange offers withdrawal in Canadian dollar via:

  • Wire Transfer
  • Cryptocurrency
  • Bitvo Cash Card
  • Interac e-Transfer
  • Electronic Funds Transfer

Funds are either deposited into your account immediately or at most 24 hours. Also, cryptocurrency and wire transfer withdrawals are unlimited. Whereas, the minimum and maximum withdrawals for Electronic Funds Transfer is $10,000.00 per day and $50,000.00 per week respectively.

And if you’ve ever wondered, “Can I buy Bitcoin through my bank in Canada?” that’s a funding method you can use. There is a fixed fee of 1% for withdrawals from the platform. If you choose to make withdrawals using the Cash Card you are charged an additional $1 per transaction, and 3% for international withdrawals.

3. Kraken:

Kraken is currently ranked as the 56th exchange on CoinMarketCap’s platform for its about $181 million trading volume today. The exchange was founded in 2011, however, it became open to the public in 2013. Kraken is based in Canada, California, and the United States.

Unlike other exchanges you’ll find on the list, this platform offers more digital assets. Some of these are Bitcoin, Ethereum, Ripple, Bitcoin Cash, Monero, Stellar, Dash, EOS, and Litecoin.

Deposits:

Kraken processes Wire transfer and SEPA payments for those who want to make purchases on its platform. It accepts CAD, GBP, EUR, and USD transfers. Thus, payment methods include:

  • USD Wire transfer
  • CAD Wire transfer
  • EUR SEPA (EEA Countries)

Making deposits with CAD is free even though you’ll have to pay $10 as a fee when withdrawing.

Withdrawals:

Swift transfers made from the platform can take between 3 to 5 business days. SEPA payments, on the other hand, can be received between 1 to 2 days.

4. Coinsquare:

Coinsquare is one of the largest Canada Bitcoin exchanges and it was founded in 2014. As of 2018, the exchange recorded a revenue of $47.3m in five funding rounds. The platform caters to over 100,000 users and it offers Bitcoin trading alongside Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Dash.

Deposits:

To fund your account on Coinquare using CAD, you can use payment methods such as:

  • Flexepin
  • Bank draft
  • Credit Card
  • Money order
  • Wired Transfer
  • Interac Online (r)
  • Interac e-Transfer (r)

Your purchased funds can be deposited instantly or within 1 to 3 days in the case of Interac e-Transfer (r) and Money order. The minimum you can deposit is $20 and the maximum is $300,000. Deposit fees range from 0.5% to 10%.

Withdrawals:

On Coinsquare, you can be paid through:

  • Wealth Wire
  • Rushed Wire
  • Wire transfer
  • Direct Bank Deposit

The minimum you can withdraw depends on the method used. It could be a minimum of $100, a maximum of $100,000, and unlimited for Rushed Wire. The processing fee ranges between 1% to 2%, and the delivery period is between 1 to 9 days.

5. NDAX:

NDAX (National Digital Asset Exchange) is based in Calgary, Canada and it was founded in June 2018. Therefore, it is one of the newest Bitcoin exchanges in Canada. The trade of five cryptocurrencies are supported by this platform and these are Bitcoin, XRP, Ethereum, Litecoin, and Bitcoin Cash.

The Canadian dollar is also supported by the exchange and it is the only fiat you can trade with. Therefore, you can trade pairs like:

  • BTC/CAD
  • BTC/USD
  • ETH/CAD
  • XRP/CAD
  • LTC/CAD
  • EOS/CAD
  • BCH/CAD

Deposits:

  • Interac e-Transfer
  • Wire transfer
  • Bank draft/certified cheque

There are no deposit fees levied on the platform.

Withdrawals:

  • Wire transfer
  • Direct bank deposit
  • Cryptocurrency transfer
  • Electronic funds transfer

The fee to be paid for fiat withdrawals ranges from $25 to $50 and funds can be received within 2 to 5 business days.

6. CoinField:

CoinField may be a Canadian-owned Bitcoin exchange, but it is serving 100 other countries. The platform was launched on February 13, 2018, and currently, some cryptocurrencies which are supported include Bitcoin, Ripple, Augur, OmiseGO, Zilliqa, Dash, Litecoin, and Bitcoin Cash

Deposits:

Payment methods supported by CoinField are:

  • EFT
  • SEPA
  • Credit card
  • Crypto Capital

No fees are levied for fiat deposits, even though a fee of 4.5% is charged for credit card deposits.

Withdrawals:

The withdrawal options you can use are:

  • EFT
  • SEPA
  • Wire transfer
  • Crypto Capital
  • MuchBetter App
  • PayPal Express
  • MuchBetter App

The withdrawal fees range between 0.5% to 1%.

Conclusion:

These are some of the top Canada Bitcoin exchanges that will ensure that you can make deposits in CAD and withdrawals to your bank. In the same vein, the deposit or withdrawal method you settle for will determine how much is incurred as fees. And if you ever wanted to learn how to trade Bitcoins in Canada, these platforms are a good place to start.

 

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