Best Canadian Crypto Exchanges in 2021

Last Updated: March 01, 2021

By: Alex Dabek 

Owner of NowFuture

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Are you annoyed that exchanges hide their true fees? Do you want to find the best place to buy Bitcoin in Canada? Well, on this page you can compare the true prices of popular Canadian exchanges.

11 exchanges were reviewed in this experiment. Over 350 data points were collected over a 3 month period. You can also see how I tested these platforms. The "Total Fee" below is based on a reference price + trading fees + deposit fees + other fees from that exchange. Here are the best places to buy Bitcoin in Canada!

Canada's Best Exchanges 2021

Newton Crypto Exchange

Best overall:

1. Newton

Total Fee:

0.69%

NDAX Exchange

Best purchase fees:

2. NDAX

Total Fee:

0.50%

Binance Exchange

Best for altcoins:

3. Binance

Total Fee:

2.24%

Shakepay Exchange

Free crypto withdrawals:

4. Shakepay

Total Fee:

1.43%

Kraken Exchange Logo 1

Good reputation:

5. Kraken

Total Fee:

0.80% + $1.25

Other Exchanges:

These exchanges didn't make the top list. However, there could be certain use cases for specific investors.

Wealthsimple Trade Crypto Logo

BTC in your TFSA:

6. Wealthsimple

Total Fee:

3.48%

Coinbase Exchange

Earn free crypto:

7. Coinbase

Total Fee:

4.55%

Netcoins Exchange

Average all around:

8. Netcoins

Total Fee:

1.41%

bitbuy exchange

Very user-friendly:

9. Bitbuy

Total Fee:

2.29%

Coinberry Logo

High spreads:

10. Coinberry

Total Fee:

2.83%

Coinsquare

Legal trouble in 2020:

11. Coinsquare

Total Fee:

0.72%

Newton Crypto Exchange

1. Newton: Best Overall

Newton has one of the lowest total purchase fees (0.69%), offers 9 coins, has fast e-transfer deposits, and is a great platform all around. They also are very transparent and show their spread in real time. Their downsides are slow customer service (apparently due to demand) and sometimes new users take time to get verified. Overall, the fees are very low and this is my favourite platform to buy crypto cheaply in 2021.

More Details

  • No limit orders
  • Covers first $5 of network fees on crypto withdrawals
  • Get $25 free when you trade $100
NDAX Exchange

2. NDAX: Best Purchase Fees

On the March 01 test, NDAX had the lowest Bitcoin purchase fee of only 0.50%. This is impressive but keep in mind these fees fluctuate daily so some days Newton is cheaper. However, NDAX is a great platform with 11 coins, tight spreads, and low fees. NDAX doesn't come in first because they have a $25 fee to withdraw CAD$ and a weak mobile app experience.

More Details

  • $25 fee to withdraw CAD
  • Low iOS app ratings and no android app
  • Beginner and advanced trading page
  • Get $10 free when you trade $100
Binance Exchange

3. Binance: Best for Altcoins

Binance has 300+ cryptocurrencies, 0.1% trading fees and is one the largest exchanges in the world. It's not based in Canada so the best option is to fund your Binance account using crypto using Newton, NDAX, or Shakepay. There's also tons of features for advanced users like staking, loans, margin, and more.

More Details

  • Best to fund your account using crypto
  • Could be overwhelming for beginners
  • High volume and low trading fees
  • Get 10% off trading fees
Shakepay Exchange

4. Shakepay: For Under $500/mo

Shakepay is ideal for people investing under $500/month that want to send crypto to a different wallet. This is because it's the only exchange with free crypto withdrawals so you won't get hit with $10-$40 withdrawal fees. Also, if you're referred or refer a friend you get access to the Shaking Sats program where you can shake your phone for free Bitcoin every day.

More Details

  • Offers limit orders and recurring buys 
  • Only has BTC and ETH
  • Get $30 free when you trade $100
Kraken Exchange Logo 1

5. Kraken: A Good Reputation

Kraken is an OG in the crypto space. They've been here since 2011 and have 40+ coins for Canadians to trade with low spreads and low fees. Kraken would be higher up the list but they don't have e-transfer deposits or easy funding options for Canadians. You must go in person to Canada post or fund using a wire transfer or third party.

More Details

  • Tight spreads (2nd place after Binance)
  • Beginner and advanced features
  • Low reviews on their mobile app
Wealthsimple Trade Crypto Logo

6. Wealthsimple Crypto: BTC in Your TFSA

WS Crypto has the least number of features and the second highest total purchase fee at 3.48%. The main advantage is you can use Wealthsimple Trade to buy a BTC ETF in your TFSA account if you want tax-free gains. Other than that, hopefully they can lower fees and add more features.

More Details

  • Only has BTC and ETH
  • Can't withdraw your crypto
  • Instant funding is capped at $250
  • Get $10 free when you trade $100
Coinbase Exchange

7. Coinbase: Earn Free Crypto

Coinbase is very expensive to fund with CAD (3.99% fees and up). However, it's useful if you want to earn free crypto on the platform through Coinbase Earn. Essentially, you get paid for watching educational crypto videos. They also have 41 cryptocurrencies and it's one of the most trusted exchanges in the world.

More Details

  • Has Coinbase Pro for experienced traders
  • Limited payment methods (only 1)
  • Get $12 free when you trade $125
Netcoins Exchange

8. Netcoins: Average All Around

Netcoins has a 1.41% purchase fee which is 5th place out of 11 exchanges. It's also easy to use and has fair fees. Netcoins is not a bad exchange by any means, but it doesn't stick out with amazing fees or features compared to the platforms higher on this list.

More Details

  • Easy and fast account opening
  • Live chat and phone support during business hours
  • Good user experience but no mobile app
  • Get $10 free when you trade $100
bitbuy exchange

9. Bitbuy

Bitbuy has a 1.50% fee for CAD$ deposits and withdrawals which dramatically adds to their total fees. If they removed that fee it could shoot up the rankings because it's a solid platform with 7 coins, express trading, pro trading, a transparent order book, and one of the best designed interfaces in my opinion.

More Details

  • Expensive deposit and withdrawal fees
  • Get $20 free when you deposit $250
Coinberry Logo

10. Coinberry

Coinberry offers 6 coins and a total purchase fee of 2.83% from my tests. This fee comes via the spread which is very high relative to the options listed above. 

More Details

  • Can't withdrawal some coins
  • High spreads (3.32% on Mar 01)
  • Coinberry Pay: Start accepting crypto payments
  • Get $20 free when you trade $50
Coinsquare

11. Coinsquare

Coinsquare is rebuilding their reputation. In 2020, new management was hired due to wash trading and a market manipulation trial. So far they are doing a good job with a 0.72% purchase fee, beginner and pro features, and launching a new Quick Trade app. However, due to it's past I still feel safer using other platforms at this time.

More Details

  • Good user-interface
  • Launched a new Quick Trade app
  • Get $10 free when you deposit $100

The Testing Process

How Were These Exchanges Ranked?

I reviewed these exchanges over a 3 month period. Prices and fees were the top ranking factor for this list however many factors were considered like funding methods, features, user experience, and more.

What Is The "Total Fee?"

This is the total purchase fee to buy Bitcoin which includes trading fees, deposit fees, plus any other fees. It also includes the reference price difference.

When Were The Fees Calculated?

All this data was last calculated on Mar 01, 2021. To ensure fairness, every exchange was calculated at the same time.

Does The Total Fee Change Over Time?

Yes, the spread for every exchange fluctuates daily, which changes the total fee. However, this data still gives you a good idea of how expensive each exchange is.