The crypto-world is currently experiencing a boom.
The market capitalization of most currencies increased significantly over the past year.
Given this meteoric rise, many people are looking to the future and how the crypto-currency market will evolve.
One exciting evolution is the rise of crypto-exchanges.
Canada has long been a haven for crypto enthusiasts, with many significant exchanges based there.
Until recently, the US was the most popular place for crypto exchanges, but this is changing as the US cracks down on cryptocurrency trading.
With market uncertainty, US exchanges are having trouble keeping up with demand, and it’s getting harder to trade large amounts of money.
Many are preemptively looking to move to more crypto-friendly countries, which is more and more Canada.
The Canadian government has been seemingly slow to embrace cryptocurrencies as a whole, but the demand for exchanges has been growing.
Customers have been seeking means to trade cryptocurrency for Canadian dollars (CAD) and vice versa.
What Are Crypto Exchanges?
Crypto trading is a financial market where traders can speculate on the price of a coin or token.
Crypto exchanges allow people to buy and sell crypto in exchange for other assets, such as fiat or bitcoin.
Essentially, they are online platforms that allow you to buy, sell or exchange cryptocurrencies.
Cryptocurrencies are digital assets that can be sent electronically from one user to another on a decentralized network using blockchain technology, a distributed ledger.
In other words, cryptocurrencies are most commonly used as a medium of exchange between parties.
As a result of surging popularity, there have been many options pop up, and in Canada alone, there are several that are worth considering.
Bitbuy
Bitbuy is a global digital asset exchange company (GDAX) providing trading services for digital currencies, including bitcoin, Ethereum, and more.
Founded on June 1, 2016, Bitbuy has customers worldwide and is the largest Canadian cryptocurrency exchange, with over $35 million CAD traded daily.
Bitbuy is very reliable and consistently rates highly in terms of satisfaction and transparency by its users.
Coinberry
The lowest fees in Canada are at Coinberry, with depositing and withdrawing fees of 0% and trading fees of 0.5%; it’s affordable for individuals to begin buying crypto.
They supply Interac eTransfers, credit cards, and wire transfers, offer live support, and are registered with the Financial Conduct Authority (FinCEN).
NDAX
For serious traders, Ndax offers the best trading platform out there. It’s fast, reliable, and works efficiently.
Support is available through live chat on the site, email, or phone, and you can fund your account via Interac e-transfer, Wire Transfer, and Bank Draft / Certified Cheque.
In terms of simplicity, NDAX is arguably the most straightforward Candian exchange to use.
Coinsmart Exchange
Founded in Canada, Coinsmart offers Cryptocurrencies of various currencies.
It has a local 24/7 support team that is excellent, and they designed the user experience to be as straightforward as possible.
In addition to the nice dashboard, they also have same-day funding so that you can trade instantly.
For larger buys, the company offers OTC for all major coins, with direct CAD pairs.
It also offers an easy-to-use coin-jumping system called SmartTrade, for those users who want to use crypto more frequently but don’t want to deal with complex transactions.
Their FINTRAC compliance and regulated status are the same as most other exchanges in Canada.
Shakepay
Even though they aren’t an exchange, they have a much simpler way to take advantage of Bitcoin and Ethereum by using their app.
What stands out most is how easy it is to use. Install the app, apply the required information, and purchase Bitcoin and Ethereum using either Interac e-Transfer or wire transfers; that’s it.
Their prices seem very reasonable, and their customer service seems very responsive.
Bitrex
This exchange has been infamous for its pump-and-dump nature. People often abuse and manipulate the prices of smaller coins on this exchange.
However, the fact remains that Bittrex has a wide range of coins on its platform, the most in the industry, and many users rely on it.
MyBTC Exchange
Another Canadian crypto exchange is MyBTC.ca, but so far, the company only offers Bitcoin.
Flexepin vouchers are one way you can pay with MyBTC, but you can also use any of the usual payment methods.
In addition to the fact that MyBTC only accepts Bitcoin, one major drawback is the fee structure.
BTC order fees are free for orders over $100; however, costs to fund your account in CAD range from 4.5% – 9.5%, which are more than comparable Canadian exchanges.
Summary
Several crypto exchanges have exploded in number as a result of the public’s increasing interest in cryptocurrency.
Many exchanges have their base of operations in Canada due to Canada’s increasingly crypto-friendly environment.
Furthermore, many crypto traders in Canada want to use CAD, increasing the number of Canadian exchanges.
