Are You Looking To Invest In Crypto? Top 5 Exchanges In Canada You Can’t Ignore
If there’s something that has managed to anchor the attention of the masses and the classes, then it’s the crypto-verse. From snail-walking back in 2009 with bitcoin, today cryptocurrency has gotten a lot of hype in the market. Some big sharks include- Ethereum, Komodo, Ripple, Binance coin, Bitcoin, and many others.
Crypto verse is the happening place but is a mystery for many. This lack of clarity prevents them from bagging a good amount of money or setting up a decent passive income for their finances. Still on the fence about whether you should invest in crypto coins? Don’t worry we have got you covered!
Today we’ll discuss the two major segments of cryptocurrency.
- First – What is the meaning of cryptocurrency?
- Second – What are the best Canadian crypto exchanges for 2022?
What Is the Meaning of Cryptocurrency?
At its core, cryptocurrency is deemed as decentralized virtual money. The term “decentralized” means that cryptocurrency is not used or controlled by central governments, with no interference from government intermediaries.
You may say if a bank and government aren’t involved, how does crypto guarantee financial security?
It is safe because all the transactions are recorded and reverified through a reliable technology called the blockchain. It is the biggest breakthrough after the advent of the internet and is the hard work of years of mathematics and computer science innovations. In cryptocurrency, every individual has complete control over their holdings.
5 Best Crypto Exchanges Canada for 2022
Now that you understand crypto and how it works, the next step is to get signed up for your account with a trusted crypto exchange platform. Your chosen crypto platform should cover a wide range of crypto coins and markets, have easy buying and selling options, and multiple payment windows.
Here we’ve listed the top-notch best crypto exchange platforms for Canadians.
1. CoinSmart
- CoinSmart is the best buying and selling crypto platform, mostly rated with 4.5 or five-star ratings in Canada.
- It was founded in 2018 in Toronto.
- In its early stages, this platform had only a handful of crypto assets, but now it supports several leading digital assets such as Ethereum, Bitcoin, Solana, Dogecoin, EOS, and Polygon.
- This platform is actively used in various European countries and the US.
- The trading fee is 0.20%. Other fees may apply to cryptocurrency and fiat withdrawals.
- CoinSmart is registered with FINCEN and has recently joined TRUST.
- TRUST is a nexus of crypto companies that have come together to address anti-money laundering laws.
- The platform is protected using 2-factor authentication (2FA) and cold storage.
Highlights
| 1. | CoinSmart provides 24/7 live support |
| 2. | Best for beginners and professional crypto traders |
| 3. | Instant verifications and proof of same-day deposits |
| 4. | Charges completive less trading fees |
2. VirgoCX
- The VirgoCX platform was founded in 2018.
- It offers around 40+ coins and can also be used to avail of the following services-
- OTC
- Foreign exchange
- NFT brokerage services
- Trading fees are around 0.50% for fiat withdrawals and no charges for fiat deposits.
- VirgoCX is registered with FINTRAC as Money Service Business
- The platform uses several security measures and policies to provide 100% encryption over the data for its users.
3. NDAX
- NDAX is deemed a pioneer crypto exchange that has one of the lowest fees, making it best suitable for cost-conscious crypto traders.
- It covers 30 plus coins such as Ethereum, Bitcoin, Dogecoin, Cardano, Shiba Inu, Polkadot, and several others.
- It is a user-friendly device that is available for both iOS and Android users.
- NDAX also allows its users to add Canadian dollars through Interac e-transfer, bank draft, and wire transfer and also supports crypto deposits.
- It is registered with FINTRAC and uses 2FA and cold storage to protect your account.
Highlights
| 1. | Lowest fees in Canada |
| 2. | Best user-friendly platform for both iOS and Android |
| 3. | Provides 24/7 live customer support · |
| 4. | Instant and easy ID verification |
4. Newton Canada
- Newton Canada supports more than 60 coins including hard-to-find coins also, such as AXS, ZEC, FTM, SHIB, SAND, and UMA.
- It is the best platform for cost-conscious crypto traders as it does not charge withdrawing or depositing crypto and fiat commissions.
- Newton Canada is registered with FINTRAC and uses various tools to protect user accounts.
5. Coinberry
- The last one is Coinberry founded in 2017 and based in Toronto.
- It supports more than 15 coins including- ETH, XLM, LINK, BAT, DOGE, and more.
- It is registered with FINTRAC in Canada and uses cold storage through Gemini TRUST company.
- The user accounts are protected using 2 step authentications.
Is Cryptocurrency Legal In Canada?
Yes, cryptocurrency can be used legally in Canada. You can easily trade with cryptocurrencies without breaking the law. But, there is no direction on how government updates regulations in the future and it may impact the crypto-verse.
