Compare top 7 best crypto exchanges in Canada for 2024

Our panel of crypto analysts, experts, and traders periodically test 50+ leading exchange services to find the best crypto exchange in Canada.
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Updated: Feb 20, 2024
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To create this list, our expert panel performs a series of tests to identify the strengths and weaknesses of the best cryptocurrency exchanges in Canada. The tests include creating an account, placing trades, and transferring money to a secure crypto wallet.

We then research the specific needs of Canadian crypto investors, such as which payment methods are available, which currencies you can deposit, and the trading fees in Canada.

Each expert assigns a score, which is combined with the results of further research to create a final ranking to answer the question: what are the best crypto exchanges in Canada for Canadian users? 

Learn more about our panel and how we rate and review platforms. Or read on to find out what is the best Canadian crypto exchange.

What is the best crypto exchange Canada in 2024?

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Our expert rankings reveal that AvaTrade is the best cryptocurrency exchange in Canada.

The list below shows the three best Canada crypto exchanges that excelled in our tests by combining low trading fees, high security, and ease of use.

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1
$ 100
Best offer
9.8
Trade top Cryptos such as Bitcoin
Litecoin and Ethereum plus more
Zero commissions and no bank fees on transactions
:
American Express, Bank Transfer, Credit Card, Debit Card, Discover, Mastercard, MoneyBookers, PayPal, Rapid Transfer, SEPA, Visa, WebMoney, Wire Transfer, neteller, , skrill
:
ASIC, FSA, FSCA, MiFID
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
2
$ 100
Best offer
9.9
Trade the world’s largest Crypto derivatives offering. Choose from 250+ Crypto CFDs
Multiple funding and swift withdrawal options. Choose from PayPal and more
Ultra-low spreads across all Crypto derivatives
:
Credit Card, Cryptocurrencies, PayPal, Wire Transfer, neteller, skrill
:
ASIC, CySEC, FCA
74-89% of retail CFD accounts lose money
3
$ 1
Best offer
9.5
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
:
:

Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.

Top 7 best Canadian crypto exchanges, reviewed

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1. AvaTrade. Best regulated broker for secure trading

From 0.13%

Fees

$100

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform
Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Overview

We love AvaTrade because it offers powerful trading software to anyone who wants to trade professionally. AvaTrade is a CFD broker where you can trade more than 800 markets, including forex, stocks, commodities, indices, ETFs, bonds, and cryptocurrency.  

AvaTrade integrates with trading software like MetaTrader 4 and 5 and boasts its own bespoke and award-winning mobile app software, AvaTradeGo. AvaTrade has been around since 2006 and is extensively regulated in Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.

The fees: There is no commission on any trading. AvaTrade makes money from the Bid/Ask spread instead. Stock spreads start from 0.13 and forex spreads start at 0.7 pips. Positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £50 per month is applicable if you don’t log in to your account for three consecutive months. 

Highlights

Visit AvaTrade AvaTrade Review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

2. Eightcap. Best online broker for choice of trading platform

Up to $3.5 RT

Fees

$100

Minimum deposit

800

No. assets

Yes

Demo/virtual account

Pros & Cons

Low trading fees for CFDs Trade directly from the TradingView platform Regulated by top-tier authorities Leverage up to 1:500 Partnered with multiple proprietary trading firms
Some markets are not available to all regions Customer support does not operate 24/7

Overview

We love Eightcap because you have several trading platforms to choose from. You can choose between MetaTrader 4, MetaTrader 5, and TradingView. All of these platforms are favourites among retail traders. With the MetaTrade suite of platforms, you can access lots of technical indicators, custom tools, and expert advisors. 

TradingView with Eightcap allows you to trade directly from your charts while accessing the hundreds of tools and features available. Eightcap a selection of over 200 crypto CFDs so there’s an excellent range to choose from. You can trade the biggest coins like BTC/USD and many altcoins like DOGE/USD.  

The fees: Eightcap is a CFD broker and charges spread, commissions, or a combination of both. There are two account types available, RAW, and Standard. The RAW account has ultra-low spreads starting from 0.0 pips but charges $3.5 RT per lot. The standard account is commission-free for most assets and spreads start from 1 pip.

Highlights

Visit Eightcap Eightcap Review
74-89% of retail CFD accounts lose money

3. Uphold. Best for building long term wealth

$0.99

Fees

...

Minimum deposit

300

No. assets

Yes

Demo/virtual account

Pros & Cons

Wide range of cryptocurrencies available Zero deposit and withdrawal fees Crypto wallets to store your coins Low minimum deposits and fast account set up
Spreads can be high for some cryptocurrencies Services vary depending on region Customer support is limited

Overview

We love Uphold because it’s a regulated and transparent digital asset platform. There are 160+ cryptocurrencies available to hold and trade, along with three fiat currencies; GBP, EUR, and USD. 

Uphold’s key features include the ability to schedule transactions to avoid trying to time the market. With a focus on long term wealth building, Uphold also offers the ability to earn rewards of up to 25% on staked crypto, as well as 4% cashback paid in XRP for purchases made with the Uphold card.

The fees: Crypto spreads start from 0.9% and are usually lower than 1.3% for BTC and ETH. Other cryptocurrency spreads are higher. Average spreads on fiat currency are 0.2%. There is a $0.99 fee for transactions under $100 made with the Uphold card.

Highlights

Visit Review

Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.

4. Binance. Best crypto platform for trading altcoins

0.1%

Fees

...

Minimum deposit

400

No. assets

Yes

Demo/virtual account

Pros & Cons

Supports the trading and storage of over 360 coins Offers multiple trading pairs (BTC, ETH, BNB, and USDT) High maximum daily withdrawal limit Available globally Low trading fees, particularly when using BNB (Binance Coin)
Occasionally slow customer support Centralised, rather than decentralised

Overview

We love Binance because it’s the largest crypto platform in the world. More than 30 million people use Binance to trade 350+ cryptocurrencies. Binance also offers a range of other services, such as staking, crypto loans, and derivatives markets such as futures and options.

The Binance app is designed to appeal to everyone, regardless of your experience. The ‘Lite’ version slims everything down to the basics, while the regular app is one of the most advanced crypto trading platforms out there. 

The fees: There are no fees for trading Bitcoin. All other cryptocurrency spot trades come with a 0.1% fee. If you own Binance coin (BNB), you receive a 25% discount on all trading fees. Binance does not charge deposit fees but withdrawal fees are variable depending on the crypto.

Highlights

Visit Binance Binance Review

5. Bitstamp. Best for professionals & trading with APIs

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Low trading fees and no spreads Supports multiple fiat currencies Regulated platform
Limited number of coins available Major fees on deposits and withdrawals Liquidity has suffered due to the limited selection of coins and most liquidity is concentrated in top names like Bitcoin and Ether

Overview

We love Bitstamp because it has a proud reputation for top performance over more than decade. Bitstamp offers trading on 75+ cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, while staking is available on Ethereum and Algorand. 

Bitstamp was one of the first crypto platforms to set up shop in 2011 and has built up trust since. It’s designed with institutional traders in mind, so it prides itself on near 100% uptime. It stores 95% of assets in cold storage and offers a sliding scale of fees so that high volume traders get the best rates.

The fees: There are no trading fees if you trade less than $1,000 in a rolling 30-day period. Above that, fees start from 0.4% and decline the higher your trading volume is. There is a 15% charge for staking. Withdrawals are charged a flat €3 fee.

Highlights

Visit Bitstamp Bitstamp Review

6. OKX. Best for futures and margin trading

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Stake ETH to freely mint FIFA WORLD CUP 2022 NFTs & big prizes 350+ cryptocurrencies & NFTs available across 650+ trading pairs Crypto spot & derivative markets available Pay using hundreds of local payment methods
Not available in the US Lack of fiat withdrawal options

Overview

We love OKX because it’s an adaptable and flexible exchange, with an app that’s available in three different versions depending on how you trade. Choose from the beginner-friendly Lite version, Web3 option for NFT traders, or the Pro version for a plethora of trading tools. 

From an app or desktop you can trade 350+ crypto coins on one of the world’s top crypto exchanges. You can fund your account easily, through a variety of simple payment methods, and a sliding scale of fees that means you can access discounts by holding the OKB token or trading high volumes.

The fees: Regular users pay a 0.1% fee on spot crypto trades. OKB crypto holders are entitled to a discount, up to 0.02% off for holding more than 2,000 coins. High volume traders are also entitled to a discount, with the cheapest fees available for traders with a 30 day trading volume above $10,000,000,000.

Highlights

Visit OKX OKX Review

7. Kraken: Best for simple, global cryptocurrency trading from your phone

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Cheap/ free deposits in EUR and cheap deposits for the USA Margin trading and Futures supported Transparency - it was the first exchange to carry out proof of reserves Low fees in comparison to other exchanges
Catered towards professional traders with large trading volumes Slow account verification in comparison to other brokers

Overview

We love Kraken because it’s a beginner-friendly crypto trading platform, one that’s designed to make it quick and convenient to buy and sell crypto on the go. Creating an account is free, then you’re ready to make your first step, with no time-consuming verification periods.

With 200+ crypto tokens at your fingertips, a 24/7 support system, and an extensive educational platform, Kraken is the perfect place to take your first steps into crypto. It’s perfect for international traders outside the US, and is available in 190 countries around the world.

The fees: Kraken charges a fee of between 0-0.26% on every crypto trade. There are no costs to set up an account and no flat trading fees.

Highlights

Visit Kraken Kraken Review

How to choose the best Canada crypto exchange

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With so many options out there, you should take care over picking the right Canadian crypto platform for you. The exchange fees, storage facilities, and range of coins available should all impact your choice. 

To help you make the right decision, here are some questions to ask yourself as you research each cryptocurrency exchange.

1. How much does the exchange charge to trade?

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There can be a big difference in the trading fees charged by each Canada based crypto exchange. While all exchanges generally offer low cost cryptocurrency trading, what they charge may vary widely. Taking the time to compare them can save you money. 

Trading fees are usually charged as a percentage of the trade. The best crypto exchange in Canada with low trading fees will charge 1% or less of the trade amount. Some services charge a lot higher. The information below compares the trading fees for three of the best crypto services in Canada.

Asset AvaTrade fees Eightcap fees Uphold fees
Stock CFDs From 0.13%
ETF CFDs From 0.13%
Forex CFDs From 0.9 pips
Crypto CFDs From 0.15% over market
Index CFDs From 0.03 over market
Commodity CFDs From 0.0015 over market
View more > Visit AvaTrade > Visit Eightcap > Visit Uphold >

In addition to trading fees, you may also be charged for making a deposit or encounter withdrawal fees. You rarely have to pay for depositing fiat currency via a bank account or credit or debit card, but you may be charged a flat withdrawal fee. There’s often a significant charge for withdrawals made in digital currency.

In addition to payment fees, you may encounter other charges such as inactivity fees, overnight fees, currency conversion fees, and more. Here’s a quick look at other types of fees applicable when trading crypto in Canada.

Fee AvaTrade fees Eightcap fees Uphold fees
Trading fees No Yes No
Inactivity fees Yes No No
Rollover/overnight fees Yes Yes, on certain assets Yes
Withdrawal fees No Yes, for certain payment methods No
Spreads Yes Yes Yes
Conversion fees No Yes, currency dependent Yes
View more > Visit AvaTrade > Visit Eightcap > Visit Uphold >

2. How does the exchange store customer funds?

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Crypto exchanges are available widely, but the important question is whether they are regulated in Canada. It’s regulation that protects if something happens to the exchange and you lose the money you hold on there.

You want to pick a reputable exchange that safely stores its customers’ funds. The best Bitcoin exchanges in Canada should store your funds in segregated accounts and, ideally, in cold storage (offline). Choosing a Canada crypto exchange that a reputable accountancy firm has audited can give you extra peace of mind.

3. Is the platform easy to use?

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A good user experience means more than being able to navigate the website easily. Think about how you plan to trade: will you trade from your phone? How are you going to manage your crypto portfolio? Are you after particular analysis tools, charts, or software integrations to make crypto trades?

Armed with that information, you can narrow your shortlist by considering if the exchange suits you. For instance, if you plan to do a lot of trading on the go, you should focus on the platform offering the best crypto app in Canada.

Use the table below to compare the various features and tools offered by the top three crypto brokers in Canada.

Trading tool AvaTrade tools Eightcap tools Uphold tools
Charts Yes Yes Yes
News feeds No Yes No
Analyst recommendations No Yes No
Fundamental analysis Yes Yes No
Financial calendar Yes Yes No
MetaTrader integration Yes Yes
View more > Visit AvaTrade > Visit Eightcap > Visit Uphold >

4. What is the account verification process?

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When you create an account, you’ll often be asked to supply personal details and a form of ID to verify your identity. It’s normally a prerequisite for any crypto exchange to be regulated in Canada.

It’s a good idea to check the verification process before signing up. That way, you can have the relevant documents to create a seamless sign up process. Or, if you want to avoid supplying personal details, you can filter out a crypto exchange in Canada that demand verification to use it.

5. How many cryptocurrencies are available?

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You can buy Bitcoin in Canada through any cryptocurrency exchange, but beyond that, the number of available coins can vary. If you want to trade altcoins, look for a Canada crypto exchange that offers many coins and ‘crosses’, where you can swap from one crypto to another. 

Many of the best cryptocurrency trading platforms in Canada also offer other markets like forex, stocks, and commodities. Below, we’ve provided the number of cryptos available on the top Canadian crypto exchanges.  

Product AvaTrade assets Eightcap assets Uphold assets
Stock CFDs 612 600+
ETF CFDs 61
Forex CFDs 108 40+
Crypto CFDs 20 250+
Index CFDs 31 10
Commodity CFDs 19 4
View more > Visit AvaTrade > Visit Eightcap > Visit Uphold >

6. Which currencies can you deposit?

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For most people, a crypto exchange in Canada is a means to transfer local fiat currencies into cryptocurrency. However, many crypto exchanges in Canada only accept US dollar deposits, which can be an issue if that is not your primary currency.

If you don’t have access to US Dollars, then it might be best to choose a large exchange like Binance or a local exchange that’s specifically designed for crypto traders in Canada. 

7. Which payment methods are accepted?

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Decide how you want to pay for your crypto. Suppose you want to fund an account with the best Canada crypto exchange using bank transfers or debit card payments. In that case, most Canada crypto exchanges accept deposits from bank accounts and you don’t need to worry.

A crypto trading platform in Canada is less likely to accept alternative payment methods, like PayPal and other e-wallet services. The larger ones, such as Binance, accept a wide variety of payment methods, but it’s still a good idea to check whether you can pay how you want before signing up.

8. Does it offer additional features, like staking or lending?

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Think about what you want to use the exchange for to influence your decision. Do you want to store or stake your coins? Lend them to earn interest, or borrow crypto yourself?

You can buy crypto in Canada through any Canada based crypto exchange that’s regulated, but not all platforms offer all these services. You may be happy to juggle multiple logins and use different exchanges, but it’s normally easier to use one service, at least to start with.

What type of Canadian crypto exchanges are there?

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Most crypto investors use a centralised, global exchange like Binance or Coinbase. But cryptocurrency exchanges in Canada come in different forms. Here is a breakdown of the most common types:

  • Centralised. In a centralised exchange, an authority – in this case, a company – operates the service. You create an account and deposit money, and the entity holds the funds in the middle. When you make trades, they go through the central authority. The biggest crypto exchange, Binance, is an example of this platform type.
  • Decentralised. On decentralised exchanges, there is no central authority. Instead, buyers and sellers deal with each other directly, and the crypto trading platforms are just the mechanism for connecting them. You can’t create an account; the crypto assets are sent from one wallet to another when a transaction takes place.
  • Peer-to-peer (P2P). A peer-to-peer exchange operates like a decentralised exchange, but a central body still acts as the intermediary. Each side in a transaction makes the payment, and the central body releases the funds as soon as both sides have sent money.

Can I buy traditional financial assets on a crypto exchange in Canada?

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On some platforms you can, but a better option is to sign up for a dedicated service that offers the specific assets you want to trade. The best online brokers in Canada allow you to buy and sell stocks, while the best forex brokers in Canada is best for currency trading. The best CFD brokers in Canada offer a mixture of all these assets.

How to buy crypto on the best Bitcoin exchange in Canada

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Follow this short guide to learn how to buy Bitcoin in Canada. This method is simple and is the same whether you want to buy and sell Bitcoin or prefer to trade crypto instead. 

Step 1. Sign up to AvaTrade

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We recommend AvaTrade as the best cryptocurrency exchange in Canada for Canadian crypto investors.

Step 2. Create an account

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You need to supply some personal contact details, such as your name and email address, in order to set up an account. Many Canadian crypto exchanges require a photo ID as verification before you can use your account to buy cryptocurrency in Canada.

Step 3. Deposit funds in your chosen currency

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Go to the bank or deposit section of your crypto trading platform account. Here, you can enter the amount you wish to deposit, choose your preferred payment method, such as a bank account, credit or debit cards, and transfer the money you want to use to buy crypto onto the exchange.

Step 4. Search your favourite crypto

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You purchase Bitcoin and other cryptocurrencies by typing the coin name or symbol in the search box. For example, to buy Bitcoin online, search for the symbol BTC. Then you enter the details of the trade. 

Step 5. Buy cryptocurrency in Canada

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Finally, to buy Bitcoin or any other crypto asset hit the ‘buy’ or ‘trade’ button. Fill in how much cryptocurrency you want to buy, and execute the trade.

Step 6. Transfer your cryptocurrency to a crypto wallet (optional)

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Your crypto assets will appear in your exchange wallet once the trade goes through. You can leave them there or move them to a dedicated crypto wallet. 

With a wallet, you have more control over your money, but it’s more inconvenient if you plan on trading regularly. You can learn more about how to find the best Bitcoin wallet in Canada below.

Quick answers to key questions

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Yes, cryptocurrency exchanges are legal in Canada and allow users to trade digital currencies. The biggest exchanges that operate in Canada include Coinberry, Netcoins, Bitbuy, and Coinsquare. These platforms have regulatory licences such as registration as a Money Services Business (MSB). These platforms enable over $500 million in monthly trading volume from Canadian crypto users.

Are crypto exchanges regulated in Canada?

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Cryptocurrency exchanges in Canada are regulated by provincial securities regulators like the Ontario Securities Commission as well as FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). 

Platforms must register as a Money Services Business, implement KYC procedures, and have security measures for holding crypto assets. This regulatory compliance provides security for Canadian crypto users.

In addition to regulation from OSC and FINTRAC, many of the best Canadian crypto trading platforms also hold licences from various regulators across the globe. Here’s a closer look:

Region AvaTrade regulators Eightcap regulators Uphold regulators
Africa FSCA
Asia FSA
Australasia ASIC ASIC
Europe CBI, MiFID, CySEC FCA, CySEC FSA
International BVIFSC, FRSA
North America FinCEN
South America
View more > Visit AvaTrade > Visit Eightcap > Visit Uphold >

Is crypto taxed in Canada?

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Yes, profits from cryptocurrency transactions are taxed similarly to other investment assets. Gains from buying and selling cryptocurrency are subject to capital gains tax and must be reported. Recently released guidelines also treat crypto as a commodity so commercial transactions can create income tax obligations.

Can I deposit using CAD to a Canadian crypto exchange?

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The top Canadian crypto trading platforms allow direct CAD deposits and withdrawals via EFT, bank transfer, or other convenient options. This makes it easy for Canadian crypto traders to fund accounts and cash out gains. Leading exchanges also support 5-figure CAD transactions for larger traders.

What documents are required to open an account with a Canadian crypto exchange?

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To adhere to KYC regulations, you’ll need to provide your name, address, date of birth, phone number, email address, and SIN number. You’ll also need to provide a photo ID such as a driver’s license to verify your identity. Some platforms may require proof of address as well. You may also need to produce proof of funds, via a bank statement or payslip. 

How do Canadian exchanges store crypto safely?

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Leading platforms use cold wallet storage to keep the vast majority of holdings offline away from threats. Savings are insured through partnerships with firms like Knox and Ledger Vault. Certifications like ISO27001 and custom hardware security modules also help to prevent hacks or losses.

What is the best crypto wallet in Canada?

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Wallets are private and unregulated, so they are available everywhere, to everyone, rather than being restricted according to where you live. MetaMask and Trust Wallet are a couple of the best crypto wallets and they are available all over the world. 

However, there’s a trend towards crypto services operating as all-in-one platforms so you can use one account that acts as your exchange and wallet. The best option for most beginners is to sign up for a service like Binance or Bitstamp, where you can buy crypto on the exchange and store it on the same platform.

Choose a Canada crypto exchange

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James Knight
Editor of Education

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.