Best Place to Buy Crypto in Canada: A Comprehensive Guide for 2024

But what if I told you that choosing the right platform isn’t just about lower fees or accessibility—it’s about understanding how each platform uniquely fits your needs? Let’s start with what really matters, the question that should be on your mind: What platform is going to keep my investments safe while offering me the most seamless experience?

Canada, unlike other regions, has a well-regulated crypto market. The regulations ensure you’re not just diving into a black hole but stepping into an environment that prioritizes user protection. This article breaks down the best places to buy crypto in Canada for different types of users, whether you're a beginner, a trader, or someone looking to invest long-term.

Top 3 Platforms to Buy Crypto in Canada

1. Coinsquare

   If you’re after a platform that’s reliable, well-established, and built specifically with Canadians in mind, Coinsquare is the go-to. Founded in 2014, it's one of the oldest cryptocurrency exchanges in Canada. Coinsquare offers a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dash. The platform prides itself on high security, complying with Canada's stringent financial regulations.

   • Fees: Coinsquare charges a flat 0.2% trading fee, which is competitive compared to international platforms.
   • Security: With two-factor authentication and cold storage, Coinsquare prioritizes security.
   • User Experience: While Coinsquare offers an easy-to-use interface, it can feel limited to advanced traders looking for more sophisticated tools.

2. Shakepay

   For the novice crypto enthusiast, Shakepay is one of the most beginner-friendly platforms in Canada. The app is simple to navigate, allowing users to buy and sell Bitcoin and Ethereum within minutes. Shakepay also offers instant verification and fast deposit methods, such as Interac e-Transfer.

   • Fees: Shakepay has zero trading fees, but they do make money on the spread between buy and sell prices.
   • Security: Shakepay stores 90% of assets offline in cold storage and is fully insured.
   • User Experience: Shakepay's intuitive mobile app is a favorite among beginners, making the process as simple as possible.

3. NDAX (National Digital Asset Exchange)

   NDAX is perfect for high-volume traders and those looking for a wide variety of coins. The platform supports multiple fiat-to-crypto pairs and offers advanced trading features like stop losses, limit orders, and market orders. NDAX also stands out with one of the lowest flat trading fees in Canada at 0.2%.

   • Fees: As mentioned, NDAX charges just 0.2% on trades, making it one of the cheapest options available for active traders.
   • Security: NDAX operates under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) guidelines and stores most funds offline in cold storage.
   • User Experience: The platform’s advanced trading tools make it suitable for experienced traders but may be overwhelming for beginners.

Things to Consider When Choosing a Platform

While these platforms offer various features, it’s important to weigh what's most crucial to you. Here are some factors to consider before picking your platform:

• Security: In the crypto world, security is everything. Look for platforms that offer two-factor authentication, cold storage for assets, and are compliant with Canadian regulations.
• Fees: Trading fees, withdrawal fees, and deposit fees vary widely. While Shakepay offers zero trading fees, NDAX’s flat rate might make more sense for frequent traders.
• Supported Cryptocurrencies: Some platforms only offer a limited number of cryptocurrencies. Coinsquare and NDAX, for instance, provide access to a wider variety than Shakepay.
• User Experience: Are you looking for a simple, easy-to-navigate platform, or do you need advanced tools for charting and trading? Different platforms cater to different levels of experience.
• Payment Methods: Interac e-Transfer, wire transfers, and even debit/credit cards are options on some platforms, but not all. Make sure the platform supports your preferred method.
• Customer Support: Crypto markets operate 24/7, and so should your platform’s customer support. Look for platforms with strong customer service teams that can assist you in real-time.

A Look at Regulation: Why It's Important

Canada has been proactive in regulating cryptocurrency, which adds an extra layer of security and legitimacy to Canadian crypto exchanges. For example, all platforms operating within Canada must register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This helps protect users from fraudulent activities and ensures the safety of your funds.

Platforms that comply with Canadian regulations also follow strict anti-money laundering (AML) and know your customer (KYC) procedures, ensuring transparency and preventing illegal activities. If you’re using a platform that isn’t registered with FINTRAC, you’re taking a significant risk.

Decentralized vs Centralized Platforms: Which is Better?

Many crypto users are beginning to ask whether decentralized exchanges (DEXs) are safer than their centralized counterparts. On DEXs, users retain control of their private keys, eliminating the risk of losing funds due to a platform hack. However, DEXs come with their own set of risks and require a higher level of technical knowledge.

For most users in Canada, centralized platforms like Coinsquare, Shakepay, and NDAX offer the right balance of security, accessibility, and ease of use. But, if privacy and control are your top concerns, exploring DEXs may be worth considering.

Conclusion: Choose Wisely for Your Crypto Journey

Choosing the best place to buy crypto in Canada boils down to your priorities. Whether it’s low fees, platform security, or user experience, each of the top platforms we’ve discussed caters to different types of users. Coinsquare offers reliability, Shakepay brings simplicity, and NDAX is perfect for those who want more advanced trading features.

But remember, no matter which platform you choose, ensure you're well-versed in security best practices, from enabling two-factor authentication to using hardware wallets for storage. Crypto offers incredible opportunities, but with them comes great responsibility.