Finding the best crypto trading platform in Canada is no small feat, especially with the growing number of options available to traders today. If you’re just getting started or even if you’ve been trading for a while, the platform you choose can significantly impact your trading outcome—from the fees you pay (with and without leverage) to the tools you use.
In this article, I’ll take you through the top five crypto trading platforms available in Canada. First, I’ll outline what each platform brings to the table, from standout features like modern trading interfaces to how they handle the platform security. Then, I’ll dive into the pros and cons of each option so you can see both the good and the bad. By the end, you should have a clear idea of which platform best aligns with your style of trading.
Top platforms quick list
- BYDFi – Best overall – Highest rating – For active day traders using technical tools, leverage, and lowest fees. Licensed in the USA as a Money Service Business. No KYC – No VPN.
- BTCC – Best for futures traders with high leverage
- PrimeXBT – Best for multi-asset traders (crypto, forex, stocks)
- Bitmart – Best for copy trading many trading pairs
- Coinbase – Highest security and easy to use for beginners
(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)
Whether you’re looking for where you can day trade crypto or you want to learn more about platforms for scalping crypto, I’ll outline the key features, fees, and advantages of each platform.
Key takeaways – TL;DR
- BYDFi and BTCC offer the highest leverage (up to 225x) and some of the lowest fees of 0.03% per trade, making them the optimal choice for day traders looking to boost a small account or push profitable trades.
- For technical traders, PrimeXBT brings powerful tools like high leverage and advanced multi-charting, perfect for those who want more control over their trades.
- If you’re new to crypto, Coinbase is the easiest platform to use, with the highest security and more basic trading features to help you get started confidently.
What works vs. what doesn’t when choosing a crypto trading platform
There are several key factors that separate the good from the great, but in short, you’ll want to consider:
- User interface and experience
- Fees and commissions
- Security measures
- Supported cryptocurrencies
- Additional features like staking, futures, or margin trading
Each of these platforms shines in some areas and might fall short in others. As I review them, I’ll provide a breakdown of where they excel and where you might need to compromise. Keep in mind that what works for one trader might not work for another—so it’s essential to match your specific needs with what these platforms have to offer.
If you don’t take the time to research the exchange you are potentially interested in you might lose out in the long-term due to not knowing the flaws of the platform. Now, let’s take a closer look at the five best crypto trading platforms in Canada and what sets them apart.
Platform comparison
If you are in a rush to get started, take a look at our comparison table below to make a quick analysis of the platforms:
|
Feature |
BYDFi |
BTCC |
PrimeXBT |
Bitmart |
Coinbase |
| Fiat Support | Yes | Yes | No | Yes | Yes |
| Altcoins | 500+ | 300+ | 40+ | 500+ | 200+ |
| Ease of Use | Very Easy | Moderate | Advanced | Moderate | Very Easy |
| Security Protocol | SSL Encryption, 2FA, Cold storage | BitLicense, Cold Storage | SSL, Cold Storage, 2FA | Cold Storage, 2FA | 2FA, Cold Storage, KYC |
| Leverage | Up to 200x | Up to 225x | Up to 1000x | Up to 120x | No |
| Fees | 0.02% per trade | 0.05% per trade | 0.05% per trade | 0.05% per trade | 1.49% (bank), 3.99% (card) |
| Withdrawal Time | Less than 1 hour | 1-2 hours | 1-3 hours | Up to 24 hours | 24-72 hours |
| TradingView Charts | Yes | Yes | Yes | Yes | Yes |
| Advanced Order Types | Yes | Yes | Yes | Yes | No |
| Customer Support | Excellent | Good | Moderate | Slow | Good |
1. BYDFi Review
BYDFi stands out as one of the best crypto trading platforms in Canada thanks to lower than average fees and a very fast order matching engine that does not fail during peak volume. Originally launched as Bityard, BYDFi has evolved into a highly popular trading platform that appeals to both novice and pro traders.
One of the platform’s primary strengths is its versatility—whether you’re looking to do spot trading or try more complex strategies like contract trading with 200x leverage, BYDFi makes it possible.
Additionally, the platform places a strong emphasis on security, offering multi-layered protection through features like cold storage and multi-signature wallets. This combination of high functionality and user-centric design makes BYDFi a go-to choice for Canadian traders looking for an easy-to-use platform that doesn’t stop traders from joining without KYC and no VPN required.
With over 400 cryptocurrencies supported, low fees, and a customer support team that actually is fast, with an average response time of less than 10 minutes in the live chat according to our crypto specialist Ben.
However, like all platforms, BYDFi has some drawbacks, but these are relatively minor compared to its benefits, which is why Ben decided to rank it number 1 in this list. Let’s take a closer look at the features, pros, cons, and fees associated with this platform.
Features
At its core, BYDFi is a hard-cord trading platform and provides an advanced trading interface that includes TradingView charts, allowing for sophisticated technical analysis. It offers plenty of tools including coin-m futures, making it one of the best platforms where you can trade crypto margin with up to 200x leverage, and great for traders looking for a crypto perpetual contract exchange.
In terms of security, BYDFi goes beyond the industry standard by implementing multi-layer encryption and using cold storage to protect user funds. Additionally, BYDFi offers a fast and easy registration process, making it accessible even to complete beginners. It took Ben less than 3 minutes to go from non-member to signing up and getting started with his first deposit when testing the platform, he reported.
Key features include:
- Advanced charting tools via TradingView.
- Leveraged trading with up to 200x leverage.
- Great security measures, including cold storage and multi-signature wallets.
- 400+ cryptocurrencies available for trading.
- Educational resources for traders at all levels.
Pros
- Low fees: With low-fee crypto exchange options, BYDFi offers some of the lowest fees in the industry, with a taker fee of just 0.02% for contract trading.
- KYC-free: The platform allows you to trade without needing KYC, making it a great option for users who want to stay anonymous.
- Next-level trading tools: The platform’s integration with TradingView allows for detailed technical analysis.
- Global user base: With regulations in place for multiple countries, including the USA and Canada, BYDFi operates as a secure and trusted platform worldwide.
- Quick sign-up process: Setting up an account is fast, very fast, and users can start trading almost immediately without unnecessary delays.
Cons
- Can be complex for beginners: While BYDFi offers a user-friendly interface, its features can be a little bit overwhelming for traders who are just starting out, particularly when getting into more advanced trading options like margin or leveraged trading.
- No real fiat off-ramp: Although BYDFi supports fiat deposits, the options are somewhat limited compared to competitors, and you are not allowed to withdraw fiat currencies such as the CAD from the platform directly to your bank account. A small miss but I thought I would include it anyway.
Fees
Here’s a breakdown of the primary fees:
- Spot trading: 0.1% to 0.3%.
- Contract trading: 0.02% (maker) and 0.06% (taker).
- Leveraged tokens: 0.2% transaction fee + 0.03% daily management fee.
- Withdrawals: Vary by cryptocurrency (e.g., 0.0005 BTC for Bitcoin, 0.01 ETH for Ethereum).
2. BTCC Review
BTCC comes in at second place among the best crypto trading platforms in Canada, especially for futures trading. Established in 2011, BTCC is one of the oldest cryptocurrency exchanges in the world, and it has built a strong reputation for security and reliability.
Originally launched when Bitcoin was valued at less than $30, BTCC has witnessed and survived the volatile highs and lows of the crypto market. Today, it serves over one million registered users globally and processes a massive $75 billion in daily trading volume. Pretty impressive, said our crypto expert Ben.
BTCC, according to many professionals, is one of the best places where you can trade crypto futures and a reliable crypto platform for short-term trading thanks to its high leverage of up to 225x, making it a favorite among Canadian traders looking to speculate on crypto prices.
The platform supports legacy coins such as Bitcoin (BTC) and Ethereum (ETH) but also newer projects like Solana (SOL) and other small cap altcoins.
Features
BTCC is a great place for traders using advanced strategies like trading crypto with stop loss to safeguard trades but of its key highlights is the futures trading platform, which supports over 300 trading pairs and includes tokenized assets such as gold and silver. BTCC gives access to both a web and mobile version of their pro interface which lets traders execute highly advanced trades on the go, just as well as if you infront of the laptop at home or at your office.
The platform also supports spot trading, margin trading, and futures copy trading, where users can straight out copy profitable traders for easy gains. And for security, BTCC has the same high-level security protocols such as multi-signature cold wallets and 1:1 segregated storage of user funds.
Pros
- Long track record: BTCC has been in operation since 2011 and has never experienced a security breach.
- Futures market: Offers up to 225x leverage in the futures market.
- Very liquid: With $75 billion in daily trading volume, Ben, our crypto specialist said that no trader, big or huge, will run dry on BTCC.
- Modern dashboards: Extremely good interface with easy-to-use navigation, perfect for newbies.
- Strong safety: Multi-signature cold wallets and 2FA to directly keep your account safe.
Cons
- Fewer coins to trade: While BTCC offers over 300 trading pairs, the number of small cap coins are a little bit less than its competitors.
- Restricted in some countries: BTCC may not be available in some countries, check their restricted countries list to see the most up-to-date listings.
- Somewhat complex for beginners: The advanced futures trading features may be overwhelming for inexperienced traders who are not familiar with all the tools, said Ben, our crypto expert..
Fees
Here’s a quick breakdown of the key fee details:
- Taker fee: 0.045%, well below the average.
- Maker fee: 0.025%, offering great savings.
- Withdrawal fee: 0.0004 BTC per Bitcoin withdrawal.
- VIP benefits: Unlock up to 60% in fee discounts as you progress through the levels.
For most users, the platform charges 0.045% for takers and 0.025% for makers on both futures and spot trades. Compared to industry averages—0.2294% for takers and 0.1854% for makers—BTCC’s fees are much lower, according to Mary, our crypto specialist.
By increasing your account balance or trade volume, you can unlock VIP levels, reducing your fees even further. At the highest level, you can benefit from up to a 60% discount on withdrawal fees, bringing the cost down to 0.0004 BTC per Bitcoin withdrawal, which is also below the industry average.
3. PrimeXBT Review
PrimeXBT ranks as the third-best crypto trading platform in Canada, primarily for its focus on Bitcoin futures trading and the ultra-fast order matching engine which can hanle over 2 million transactions per second according to Mary, our in-house crypto expert. Since its founding in 2018, the platform has steadily grown to serve traders in over 150 countries.
PrimeXBT’s stands out thanks to the access to high-leverage trading for not only cryptocurrencies but also other types of assets, including forex, commodities, and indices.
However, while the platform offers advanced trading features, it’s important to keep in mind that PrimeXBT operates as an unregulated exchange, which may pose some risks for some Canadian users.
For those comfortable with higher risk and experienced with margin trading, PrimeXBT sticks out with a powerful and flexible platform that is very resistant to slippage, even during peak volatility.
If you’re looking for an app for crypto trading or a platform that offers high-speed crypto trading and access to plenty of markets, including forex and commodities, PrimeXBT should be at the top of your list.
Let’s dive into the platform’s key features, pros, cons, and fee structure to see how it stacks up.
Features
Users of PrimeXBT can trade over 41 cryptocurrency pairs with 200x leverage and a wopping 1000x leverage on forex making it one of the best crypto platforms for short-term trading. In addition to cryptocurrencies, PrimeXBT allows trading across 51 forex pairs, 11 major indices, and 5 commodities, something that no other popular platform offers according to our crypto expert Mary.
Another notable feature is its customizable trading interface, where users can build their own workspaces using widgets. This feature is particularly useful for experienced traders who want to monitor multiple markets simultaneously. The platform also supports Covesting, a copy trading system where users can follow experienced traders and replicate their strategies.
Pros
- High leverage: 200x leverage for crypto and 1,000x for forex, just like that.
- Large asset base: Trade stocks, forex, commodities, and indices on top of crypto futures.
- Customizable interface: The platform offers customization options for the trading interface, including widgets for technical analysis and multi-screen support.
- No KYC: PrimeXBT allows anonymous trading without the need for identification verification.
Cons
- Unregulated exchange: PrimeXBT is not regulated by any financial authority.
- Limited crypto assets: You can only trade 41 altcoins including Bitcoin on the platform
- Few deposit and withdrawal options: The platform only accepts cryptocurrency deposits and withdrawals.
Fees
Trading fees are set at 0.05% for cryptocurrencies and 0.0001% for forex, indices, and commodities. The platform charges overnight financing fees for holding positions open beyond a day, which varies depending on the asset being traded. However, traders can take advantage of a tiered fee system, offering discounts of up to 50% based on 30-day rolling trading volumes.
Withdrawals on PrimeXBT incur a flat fee, with Bitcoin withdrawals costing 0.0005 BTC and Ethereum at 0.002 ETH. However, users should note that there are no fiat off-ramps on the platform.
4. Bitmart Review
Ranking as the best altcoin trading platform in Canada for copy trading with over 170 altcoins listed, BitMart is a really solid exchange that has steadily built its reputation since launching in 2017. While it doesn’t always get the same level of attention as some larger platforms, BitMart has plenty to offer, according to our crypto specialist Mary who conducted this review.
With over 170 different coins to trade, it’s a good option for both popular and niche assets. Plus, the platform’s payment methods make it an attractive option for those seeking flexibility in how they trade or invest their capital.
BitMart also shines when it comes to how much they charge per trade, especially for users who are planning on holding or trading larger volumes of crypto, but more on this later on. Other additional features like staking, lending, and even the ability to buy crypto via PayPal, gives you plenty of options to earn with Bitmart.
Still, while the platform has many positive aspects, there are a few areas where it doesn’t quite meet expectations, said Mary, our crypto specialist. In this review, I’ll break down BitMart’s features, pros, cons, and fees to help you decide if this exchange is the right fit for your needs.
Features
BitMart provides margin trading with up to 100x leverage, something that can come in hnady for small traders or advanced traders looking to push their profitable trades.
For beginners, the platform simplifies the process of purchasing crypto with fiat money, offering several payment methods such as credit and debit cards, PayPal, and bank transfers. On top of this, BitMart includes security features like cold wallet storage for the majority of its user assets, helping to keep funds safe from cyber threats.
Pros
- Low trading and withdrawal fees: Trading fees set at a flat rate of 0.25%, and users can get discounts by holding BMX (BitMart’s native token).
- Beginner-friendly interface: The platform is very easy for new traders to navigate and use.
- Broad payment options: You can buy cryptocurrencies using credit cards, debit cards, PayPal, and wire transfers.
- Extensive cryptocurrency support: Bitmart offers trading and swapping in over 170 altcoins.
- Additional features: The platform includes staking, lending, and copy trading.
Cons
- High fiat-to-crypto fees: The fees associated with these transactions, particularly through services like Simplex, can be on the higher side—sometimes up to 5%.
- Limited user reviews: BitMart doesn’t have as many reviews or as high a profile as some of its competitors.
Fees
BitMart adopts a flat fee model for trading, which is set at 0.25% for both makers and takers. While this might not be the lowest on the market, it is still reasonable compared to many competitors. Additionally, users can shed trading fees by 25% by holding BMX tokens.
As for withdrawal fees, these depend on the specific cryptocurrency and its associated blockchain transaction costs, meaning they can fluctuate based on network conditions. Deposits, however, are free of charge, which is a standard feature across many top-tier exchanges.
5. Coinbase Review
Coinbase has gained the spot as a highly secure crypto trading platform in Canada, known for its ease of use and widespread reputation as a secure entry point for beginner traders. Launched in 2012, it has grown into one of the most popular and trusted platforms globally, with over 13.3 million active users.
What makes Coinbase stand out is its ability to simplify the crypto trading experience for beginners which is so underestimated. Beginners want things easy, that’s it, and Coinbase delivers on this promise according to our crypto specialist, Mary.
This platform is a superb choice for those looking to use fiat currencies like CAD to invest in coins like Bitcoin, Ethereum, and Litecoin. Coinbase’s interface is clean, modern, and super easy to use if you simply want to buy, sell, and hold crypto with just a few clicks.
Coinbase offers some searious security measures, such as:
- Cold storage for 98% of user funds
- Mandatory two-factor authentication (2FA) with biometric options
- Encryption of sensitive data
- Real-time account monitoring
- Address allowlisting features
- Multi-email approval Vaults with 48-hour withdrawal delays
- Dapp blocklist to protect against malicious applications
However, it does have limitations—such as relatively high fees and a smaller selection of cryptocurrencies compared to other platforms. Let’s dive into the features, pros, cons, and fees to help you determine if Coinbase is the right choice for your crypto trading needs.
Features
Coinbase offers several core features that make it a standout platform, especially for those new to crypto trading. First and foremost, it only supports the most reputable and widely trusted cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Another key feature is the seamless fiat-to-crypto conversion, allowing users to easily buy crypto using the Canadian dollar (CAD). The platform also supports plenty of the most common payment methods in Canada, including bank transfers, debit/credit cards, and PayPal.
Additionally, for those looking to transition into more advanced trading, Coinbase offers Coinbase Advanced, a platform with more sophisticated trading tools but without the complexity of other exchanges. Coinbase also operates in various regions, making it the most accessible and popular crypto trading platform in USA.
Pros
- CAD support: Coinbase lets you invest with CAD either by using your bank card, PayPal, or a bank transfer.
- Easy to use: oinbase one of the most beginner-friendly platforms in our list said Mary, our crypto expert.
- Security: Coinbase is recommended by many professionals as the most secure crypto exchange in Canada.
- Regulated and compliant: Operating with multiple licenses, Coinbase adheres to strict regulations, enhancing its trustworthiness, including Canadian laws and regulations.
Cons
- Limited selection of cryptocurrencies: Coinbase supports fewer digital assets, focusing on only the most established coins.
- High fees: Coinbase’s transaction fees can be steep, especially for smaller transactions or credit card purchases.
- No anonymity: Users must go through identity verification to start trading.
Fees
Coinbase’s fees are generally more expensive than other platforms, which is one of its primary drawbacks. For transactions under $200, Coinbase charges a flat fee based on the transaction amount. For those over $200, a percentage-based fee applies—typically around 1.49% for bank transactions and 3.99% for credit card purchases. However, when trading on Coinbase Advanced, users can trade with lower fees, particularly for larger trades, though this still may not compete with other low-fee exchanges.
If you’re a trader based in Europe or Asia, consider other localized options like the ones we’ve covered in our guides of the most popular crypto exchanges in Europe and crypto trading platform in Singapore, good luck!
How to get started with crypto trading in Canada
Much like setting up any investment account, the key to start trading cryptocurrencies lies in choosing the right platform, setting up your account, and getting to know the basics before you deposit any real money.
First, you’ll need to select a crypto trading platform that suits your needs—whether that means trading altcoins, buying large amounts with fiat, or a fast day trading interface. Some of the most popular platforms for Canadian traders include Coinbase, BYDFi, and PrimeXBT. Once you’ve decided on a platform, signing up is as simple as entering your personal information and verifying your identity. This typically involves submitting a government-issued ID, and in some cases, additional verification may be required.
Once your account is set up, you’ll need to deposit funds. In Canada, most platforms accept payment methods such as Interac e-Transfers, credit cards, and bank transfers, making it easy to convert your Canadian dollars into crypto. Now, you’re ready to start trading! Just remember to start small, keep track of fees, and always prioritize security by enabling two-factor authentication.
What to look for when choosing a platform
When selecting a crypto trading platform, several important factors come into play. Much like choosing the right investment account, you need to find the balance between security, costs, and usability.
Here’s what to look for, along with key stats to help explain the platforms:
Security
Security is the backbone of any trading platform. You wouldn’t trust your money to a bank without solid protections, and the same applies here. Coinbase, for example, stores 99% of its assets in offline cold storage and has over 13.3 million active users who trust its security. Similarly, BYDFi offers high-grade encryption, while BTCC operates with strict regulatory compliance. If you’re concerned about your assets’ safety, statistics like these should be top of mind.
Fees
Fees can quietly eat up your returns if not looked after properly. Coinbase charges around 1.49% per transaction when using a bank account, but it can be much higher with other payment methods. In contrast, PrimeXBT has a much lower fees that suits day traders better with lower costs, while BTCC offers trading fees as low as 0.1%, making it a better option for active traders looking to minimize costs. BYDFi has the lowest perpetual contract fees of them all for Canadian traders at a 0.03% per transaction.
User Experience
A platform’s interface plays a huge role in how efficiently you can trade. Coinbase, with over 50 billion dollars in crypto traded, is known for its simple, beginner-friendly interface, making it a very good option for new traders. On the other hand, BYDFi, which is mostly used by experienced traders, is known for margin trading and TradingView charts, supporting high-volume users. If you value a smooth user experience, the stats show that Coinbase might be the best choice for ease of use, while BYDFi is more suited for advanced users.
Supported Cryptocurrencies
The number of supported altcoins is also important for some traders. BYDFi offers over 400 cryptocurrencies, making it a go-to platform for those looking to trade new and cheap coins that just hit the market. In comparison, Coinbase focuses on major coins like Bitcoin, Ethereum, and Litecoin, offering just a few options for those sticking with the most established assets.
Liquidity
Liquidity ensures you can buy and sell assets without slippage, which is a real bummer, says Mary, our crypto specialist. BYDFi, with over 5 years of experience, consistently offers high liquidity, which reduces both costs and mistakes in the market. PrimeXBT also benefits from high trading volumes, allowing for quick, easy transactions.
In summary, choosing the right crypto trading platform depends on factors like security, fees, user experience, and liquidity. Platforms like BYDFi, BTCC, and PrimeXBT each offer specific strengths, backed by solid statistics, to cater to different types of traders.
Pros and cons of trading crypto
Pros
- 24/7 market access: Crypto markets never close, unlike traditional stock exchanges. This allows traders to react to global events in real time. For example, BYDFi users benefit from around-the-clock access to any cryptocurrency.
- Decentralization and accessibility: With platforms like Coinbase, you can buy crypto directly using fiat currencies, bypassing banks and brokers. This has led to over $50 billion traded on Coinbase alone.
- Diversification: Cryptos like Bitcoin and Ethereum often move independently from traditional assets like stocks, making them great for diversification. Many traders use platforms like PrimeXBT to hedge against market drops by shorting their coins.
Cons
- Highly volatile: Cryptos are notorious for huge price swings. Bitcoin, for example, once dropped 30% in a single day. While this creates opportunities, it also makes trading riskier, especially on platforms like BTCC, which is popular among all types of traders.
- Regulation: In countries like Canada, regulations on platforms such as BTCC can change unexpectedly, affecting how you trade and even the taxes you pay on profits.
- Other security risks: While Coinbase holds 99% of its assets in cold storage, other platforms have been hacked. For instance, Bitmart experienced a $200 million hack in 2021, which shows how vulnerable the space is, says our crypto expert Mary.
Is crypto legal in Canada?
Yes, cryptocurrency is legal in Canada, but it’s regulated. The Canadian government allows the buying, selling, and trading of cryptocurrencies like Bitcoin and Ethereum, but it imposes strict rules on taxation and anti-money laundering (AML) practices.
For tax purposes, the Canada Revenue Agency (CRA) treats cryptocurrency as a commodity. This means that any gains from trading or selling crypto are taxable, either as capital gains (if you’re an occasional trader) or business income (if you’re trading often). For example, if you make $1,000 from selling Bitcoin as an occasional trader, you’ll only be taxed on $500, as only 50% of capital gains are taxable.
On the AML side, crypto exchanges must register with FINTRAC and comply with Know Your Customer (KYC) regulations, ensuring user identities are verified to prevent illegal activities like money laundering.
While crypto is widely accepted, it is not considered legal tender, meaning businesses are not required to accept it. Still, many retailers and online platforms voluntarily allow crypto payments, especially in tech-savvy industries.
In summary, crypto is legal in Canada but comes with clear tax obligations and AML regulations, ensuring both investor protection and legal compliance.
What other traders have said about these platforms
Here’s what other traders in Canada have been saying about these platforms, with specific feedback from real users reviews online:
Coinbase: “I’ve been using Coinbase for over two years now. It’s perfect for beginners, and I’ve always felt safe knowing they keep most assets in cold storage. However, the fees are on the high side, especially when buying with a credit card. But the ease of use is unmatched.” – David L., Toronto
BYDFi: “BYDFi’s copy trading feature is what got me hooked. I’m relatively new to crypto, so being able to follow experienced traders has been a huge help. However, I noticed it can take a bit longer to withdraw funds compared to other platforms.” – Sarah M., Vancouver
BTCC: “I love how transparent BTCC is with their fees. No hidden surprises! Plus, their customer service has always been responsive, which is a huge plus. The platform is solid, but I wish the interface was more beginner-friendly.” – Lucas H., Montreal
PrimeXBT: “PrimeXBT is an absolute powerhouse for experienced traders. The advanced tools are top-notch. It took me a while to get the hang of everything, but once I did, it was smooth sailing. That said, it’s not for beginners—definitely more of a learning curve here.” – Jonathan S., Calgary
Bitmart: “Bitmart offers a huge variety of coins, which is why I use it for trading altcoins. The fees are decent, but customer service is slow. I had an issue with a trade once, and it took nearly a week to get a response.” – Rachel K., Ottawa
This feedback from Canadian traders gives a well-rounded view of the strengths and weaknesses of these platforms, helping you decide which one best fits your needs.
FAQs
What is the best platform for beginners to trade crypto in Canada?
For beginners, Coinbase is often the go-to platform due to its very easy-to-use interface, fiat-to-crypto conversion, and bank-grade security. It simplifies the trading process, making it ideal for those just starting out.
Which platform offers the highest leverage for trading?
If you’re looking for the highest leverage, PrimeXBT offers up to 1000x leverage on forex trading and up to 200x on cryptocurrency trading.
What is the safest crypto trading platform in Canada?
Coinbase is widely regarded as one of the safest platforms, with its assets primarily stored in offline cold storage and strong security measures like two-factor authentication (2FA) and compliance with KYC regulations. BYDFi also offers a strong reputation for security, with a strong track record.
How long does it take to withdraw funds from these platforms?
Withdrawal times vary by platform. For example, BYDFi processes withdrawals in less than 1 hour, while Coinbase can take between 24 and 72 hours depending on the method. BTCC and PrimeXBT offer faster withdrawals, often completed within 1-3 hours.
Are there any hidden fees on these platforms?
Most platforms are transparent with their fees, but the exact fee structure varies. BTCC and PrimeXBT are known for their low fees, with BTCC offering 0.045% for takers and PrimeXBT charging 0.05% per trade. Coinbase tends to have higher fees, especially for credit card purchases, which can reach up to 3.99%.
Can I trade altcoins on these platforms?
Yes, but the selection varies. Bitmart offers over 500 altcoins, making it the best choice for traders looking to explore lesser-known cryptocurrencies. Coinbase, on the other hand, has a more limited selection with around 200 altcoins but focuses on the most trusted digital assets.
Is margin trading available on all platforms?
No, margin trading is not available on every platform. BYDFi, PrimeXBT, and Bitmart offer margin trading, with leverage ranging from 100x to 200x on cryptocurrencies. Coinbase does not offer margin trading.
Final thoughts
After reviewing these 5 platforms, our crypto specialists Ben and Mary have shown the strengths and weaknesses of each exchange—whether it’s Coinbase with its simplicity and security, or PrimeXBT and BYDFi with their advanced features and high leverage options. The key is to find a platform that aligns with your trading style. Coinbase also operates widely across Europe, including as a trusted crypto trading platform in Netherlands.
Take the time to assess what you need from a platform. Are low fees your top priority? Do you require day trading tools? Or are you just starting out and looking for an easy-to-use interface? Whatever your needs, the platforms reviewed in this article offer everything that a Canadian trader needs from day trading interfaces with advanced order types to fiat on-ramps with CAD.
If you’re comparing platforms and want more options, you might want to check out our full Phemex review to see how it stacks up as it can also be used by Canadian traders with a VPN.