Best Crypto Exchanges in Ontario – Trade with Security

Can you imagine? The crypto market is projected to reach $4.94 billion by 2030. Cryptocurrency is becoming a new normal due to its growing popularity. If you are also looking to invest in digital assets, you will have to open an account in a reliable crypto exchange in Ontario. 

In this article, we will look at the best cryptocurrency exchanges in Ontario that are registered with OCS and will reveal the safest way to trade securely.

What is a Cryptocurrency exchange? What factors to consider?

A cryptocurrency exchange is a digital platform allowing investors to buy or sell their cryptocurrency. These platforms act as a haven for all the buyers or sellers as they keep their assets or coins in a safe space. 

However, not all cryptocurrency exchanges are worthy of your investment. You should always keep some aspects in mind while choosing terms of which exchange to use in Ontario

Transparency

From a healthy relationship to a successful business venture, transparency is key. You want your partner or customers to trust you, so you must be as transparent as possible. 

Regarding crypto exchanges in Ontario, investors should know the fees they’ll have to pay on every deposit and withdrawal. The platform’s charges should be understood without following any problematic procedure. 

Moderate fee structure 

You’re using the platform to earn some extra money; for that matter, the platform charges on transactions and other services should be reasonable. They should be moderate to give you enough room to make some profit by trading your cryptocurrencies. 

Reputation matters 

Another thing you should always take seriously is the exchange’s reputation in Ontario. If the reputation is good enough and has received regulatory approvals from desired agencies, you should only use it for trading. Otherwise, all your money may go down the drain if you take a wrong turn. 

Users review matter

To understand the value of the product or an institution, you need to find out what the people who’ve already bought that product or worked in that institution think about it. Users’ reviews are of ample importance to find the worth of anything. 

The same is the case with the crypto exchanges in Ontario. Before joining a crypto exchange platform, you must read as many reviews as possible. Most of the time, reviews are honest and help guide you in the best possible way. 

Security 

Since you’re storing your money in a digital platform, you need to ensure it’s in safe hands. You must be aware of these platforms’ security measures and whether they’re enough to protect your precious assets. 

Since crypto exchanges are online, they are prone to hacking. Even the world’s leading cryptocurrency platform, Binance got hacked in 2019 and lost about $40 million worth of Bitcoins. That’s why security is another important factor you should pay attention to.

Integration with wallets

Exchanges may want you to keep your Crypto coin on the platform but to add an extra layer of security you may want to keep your coins in your desired hardware, desktop or mobile wallet. Before you choose any Crypto exchange, check if you can integrate your Crypto wallet with it. If that is not an option, then make sure you consider your choices. 

Best Cryptocurrency Exchanges in Ontario

Keeping in view the factors that contribute to making a cryptocurrency exchange worthy of your time and money, we’ve jotted down some of the best Cryptocurrency Exchanges in Ontario. 

Bitbuy 

If we talk about the best crypto exchanges in Ontario, not starting from Bitbuy will be unfair. Those of you who are cryptocurrency enthusiasts must have heard about Bitbuy quite a lot. 

Key features

• Pioneer of first OSC – Bitbuy is a veteran in the world of crypto exchanges as it was one of the pioneers that received complete regulatory approval from OSC. 

• Came a long way since its inception – Since November 20, 2021, Bitbuy has been one of the top crypto exchanges in Ontario. Founded in 2016, it served as a trading platform for almost three years and became a crypto marketplace in 2019. 

• Complete crypto marketplace – Unlike other platforms that only stick to brokerages, this complete marketplace enables users to buy and sell cryptocurrency according to their mutually decided trade prices. 

• Ideal for all – It doesn’t matter whether you’re a newbie or an experienced trader; this platform accommodates everybody. 

Pros

• From Express Trade to Pro Trade, there are multiple ways to buy crypto in Bitbuy.
• It supports cryptocurrencies of 15 different types ranging from Bitcoin to Ethereum, Stellar to Litecoin and much more. 
• You can earn $20 through the referral program when anyone joins through your link.
• You can see trading view charts and order status history.
• The advanced trading interface is easy to understand.

Cons

• Bitbuy has a highest trading fee that is 0.5% on both buying and selling.
• There are narrow spreads on trades.

Source

Wealthsimple Trade

Another quite comprehensive cryptocurrency platform in Canada is Wealthsimple Trade. It was founded in Toronto, Ontario, in 2014 and has been winning the hearts of millions since then. 

Key features 

• Equipped with all the basics – Initially, it was only an automated investing platform, but with time, it expanded its financial services to a large extent. 

• Master of most trades – Active trading, passive investing, cryptocurrency trading, you name it; this platform is a one-in-all deal. 

• Approved by OSC – Wealthsimple Trade received regulatory approval from OSC on June 18, 2021, and successfully became the first cryptocurrency exchange in Ontario. 

• Upto $50000 instant deposit – On this platform you can make an instant deposit of $50000. 

Pros

• When you visit Wealthsimple Trade, you get exposure to five platforms: Invest, Trade, Cash and Save and Tax.
• The surprising thing is that there are 50 different cryptocurrencies that you can buy and sell. 
• On each trade, the operational fee charges are 1.5 – 2%. You won’t be given any deposit or withdrawal fees when using this platform. 
• You can upgrade to premium for just $10. 

Cons

• You cannot use the exchange outside Canada.
• You cannot trade in USD and there is a foreign fee if you invest in USD.

Source

CoinSmart

As the name suggests, CoinSmart is one of Canada Ontario’s smartest and most trustworthy cryptocurrency exchanges. It was solely a Canadian exchange in the beginning when founded in 2018; however, things took a really positive turn with the passage of time. 

Now it’s available in more than 15 countries across the globe, including France, UK, Germany, Spain and many others. This remarkable platform received its regulatory approval from OSC on December 21, 2021. 

Key features 

• Easy user interface – If you’re new to crypto trading and complicated interfaces make you nervous, don’t worry. This platform has a simple and easy-to-understand interface, simplifying trading for newbies. Not only this but for experienced people, it also offers advanced trading options. 

• Availability of top coins – Although there’s not a much broader range of cryptocurrencies like Wealthsimple Trade, it has the most common and top-notch ones. Cryptocurrencies like Bitcoin, Ethereum, litcoin, Ripple etc., are a part of it.

• Impressive fee structure – When it comes to fees, their rates are pretty impressive; however, the deposits and withdrawals are not free. If you’re depositing through a bank, you won’t be charged, but depositing less than $10,000 is unacceptable. 

• E-Transfer – In the Interac e-Transfer, you must pay a 1.5% fee if the deposit is less than $2000. 

Pros 

• The platform is constantly adding new coins to trade.
• You can access your funds the same day of deposit without the need for any tethering 
• There is a premium version that will give you a lot more opportunities.
• The platform has also confirmed its plan to Launch staking.

Cons 

• The exchange only supports the famous coins and the fee structure is also a bit of a hassle for newbies.

Source

Newton

Newton is the answer if you’re looking for an alternative to Binance. There’s always an employee working in a company who gets promoted faster than his colleagues because of his hard work and dedication. Newton is just like that employee. 

Within three years of its inception in 2018, it miraculously grew its user base by 400%. In August 2022, Newton earned its OSC regulatory approval. Not only this, but it’s also a registered MSB money service business and is actively regulated by FINTRAC. 

Key features 

• Easy interface – You don’t even have to worry about complicated procedures that one must follow to use such platforms, as Newton comes with a super easy interface and won’t trouble you like this at all.
• Support 60 cryptocurrencies – The fun part is that it supports more than 60 cryptocurrencies, including the top players like Bitcoin, Ethereum, Litcoin and more. 
• Support of Altcoins – Even smaller coins like Shiba Inu, Doge, and ApeCoin are supported by this exchange. 
• No deposit or withdrawal fee – Like most renowned platforms, it doesn’t charge you a deposit or withdrawal fee. Instead, it uses the spread between the bid and ask price. 

You can use both e-Transfer and wire transfer when it comes to Newton. 

Pros

• There is an e-transfer and wire transfer support.
• The onboarding process is automated.
• There is no minimum deposit condition.
• The customer support is top-notch.

Cons

• There’s one thing about Newton that’s a bit problematic. You won’t be able to know the amount of spread if you finish the trade.

Source

Shakepay 

If you’re a beginner in cryptocurrency and want a platform solely based on people like you, Shakepay is the answer. This app works like magic; you can get your hands on cryptocurrencies by shaking your phone. Founded in 2015, Shakepay gained its regulatory approval from OSC in May 2023. 

Key features 

• Newbies safe haven – This platform is super fun for all the newbies who’ve decided to enter the cryptocurrency world. 
• Prepaid crypto card – The most amazing thing is that there’s a prepaid crypto card for you. With the help of this card, on almost every card purchase, you’ll receive 1% Bitcoin cash in return. 
• Hefty bonus – You also get a hefty bonus of 1% when your purchase amount reaches $5000. No deposit or withdrawal fee is involved, and you can choose between e-Transfer, crypto transfer and even wire transfer. 
• Exciting secret challenges – There’s a reason why Shakepay is called a fun platform. It’s because tons of exciting secret challenges are available on it that help you earn more free BTC. Plus, there are also referral awards, which means inviting a friend over will bring you good luck. 

Pros

• You can enjoy commission-free trading with enhanced security measures.
• You will win a certain amount of BTC or ETH with every purchase.
• Apple Pay supports the crypto card.
• The platform has a user-friendly interface.

Cons

• The only drawback is that it enables you to buy and sell only two cryptocurrencies, i.e. Bitcoin or Ethereum. You can only buy these with fiat and use Canadian dollars to fund your account. 

Netcoins 

Netcoins is another Canadian cryptocurrency exchange and is also one of the oldest digital currency platforms so far. OSC regulated Netcoins on September 29, 2021. This cryptocurrency exchange currently supports only a few assets, but it’s working hard to bring some more into the game. 

Key features 

• One click trading option – Using Netcoins is not a hard nut to crack as it is super straightforward to operate. You can figure this out because it comes with a One-click trading option that makes it convenient for you to buy and sell crypto. 
• No fee on deposit – Moreover, you can easily deposit crypto and flat currency free of charge here, but you’ll be charged a 0.5% fee on trades. 
• Referral program – The referral program they’ve provided you with $10 when the person you referred it to trades $100 worth of cryptocurrency. 
• Option to use USD – You don’t just use Canadian dollars to buy crypto over here. In fact, you can use USD as well. You won’t even have to worry about the safety of your assets because they are registered as a Money Service Business with FINTRAC.

Pros 

• You can make instant trades and set limit orders.
• You can get price alerts in your text messages.
• The customer support is praiseworthy and very prompt.
• From the exchange, you can send your Crypto to any external wallet.

Cons

• This exchange is fundamental, and you will not find many advanced options here.

VirgoCX

VirgoCX is climbing the ladder of success by becoming one of Canada’s top cryptocurrency exchanges within a short time. It was founded in 2018 and received its regulatory approval from OSC in May 2023. 

Talking about funding your account, if you do it through e-Transfer or bank, it’s free. However, if you’re using a debit card for this purpose, you’ll have to pay 2.99%. 

What’s more, is the real-time charts and amazing analytical tools sponsored by Trading View. They allow you to access critical information to help you make better decisions, especially if you’re a newbie.

Key features 

• Diverse options for traders – Compared to the other platforms, VirgoCX offers one of Canada’s most diverse and largest coin selections, with over 60 cryptocurrencies. 
• Fund through bank account – It also allows you to fund your account through your bank account by setting yourself up as a bill payment payee. 
• Low trading fee – You won’t have to worry about spending a fortune on trading as the price is pretty low and is based on the type of coin you choose. For example, popular coins like Bitcoin will cost you a spread ranging from 0.5-1.75%. However, the lesser-known coins will only cost between 0.8-1.95%.
• Tiered system – This tiered system makes things easier for the newbies and those who don’t have much in their pockets. 

Pros

• You can fund and trade your Crypto within minutes after the deposit.
• The platform supports the listing of NFTs.
• There are nine reward tiers.
• The exchange is mobile, so that you can trade on the go.

Cons

• Spread is not even and it varies.

Ultimate security while trading with PureVPN

PureVPN offers simple solutions for modern-day crypto scams. With PureVPN, you can ensure that your anonymous blockchain transactions are not traceable by bad actors or hackers.

Using PureVPN’s advanced AES 256-bit encryption and IP masking features, you can hide your online identity and crypto transactions from scammers. Here are some security features that PureVPN provides.

• IP masking feature to hide online identity.
• Bypass regional crypto bans and access internal crypto exchanges.
• Avoid bandwidth throttling and CGNAT restrictions.
• Get around IP bans.
• Extend your connectivity with an extensive network of 6500+ servers.
• Get better protection against cyber threats like DDoS, Malware, and Ransomware. 

Secure assets are a peace of mind!

Choosing a suitable cryptocurrency exchange matters so you can trade, buy and sell digital coins with peace of mind and ease. For your convenience, we have given you the best cryptocurrency exchanges in Ontario. Make sure you make the most out of your preferred one.