There is no doubt that cryptocurrencies have become a popular topic in the past few years. They have been around for a long time and are a part of many people’s lives. Cryptocurrencies can be used for various purposes and people have made millions through investing in these digital assets.
Canada is a significant player in the world of cryptocurrency, with the country’s economy driven by its strong financial sector (Rae, & Mastersmith, 2019). They not only have a large number of essay writing service Canada-based companies but they also have several platforms for exchanging cryptocurrencies. Each one has distinct advantages and hazards. The finest option is the one that best suits your requirements and objectives. Here is a list of the top ten cryptocurrency trading platforms in Canada to aid you in navigating the market if you are a newbie.
What is Cryptocurrency?
Cryptocurrency is a digital currency that uses cryptography to secure transactions, control the creation of new units, and verify the transfer of assets. The first cryptographic currency to be created was Bitcoin, which appeared in 2009. Since then, thousands of other cryptocurrencies have been created. Cryptocurrencies are not controlled by any centralized authority, which makes them appealing to those who want to stay anonymous while making their money work for them (DP, 2023).
10 Best Cryptocurrency Platforms in Canada
If you’re looking to invest in cryptocurrency, Canada is the place to be. The country has a growing number of cryptocurrency platforms that are more than ready to accommodate the rising demand for digital currencies.
Here are 10 of the best cryptocurrency exchanges in Canada:
A Canadian Bitcoin trading platform called BitBuy was established in 2016. It provides a dependable, practical, and safe means to purchase different cryptocurrencies.
BitBuy’s cold-stored assets were delivered to BitGo Trust Company in line with Canadian laws. The latter is a business that specializes in digital asset storage. Customers may use BitBuy with confidence knowing that all assets stored by BitGo are fully insured.
Only Canadian dollars (CAD) and deposits from the regional banking sector are accepted for trading on BitBuy. Payments made using US dollars, euros, or British pounds are not accepted on the platform.
Shakepay is the ideal platform for anyone who wishes to enter the cryptocurrency market for the first time. The simplest sort of trading available on this Canadian platform is the buying and selling of cryptocurrencies. This app is created for newcomers who want to learn more about the Bitcoin industry.
Shakepay doesn’t charge any transactional fees. Transactions are conducted with the platform directly rather than between users. Shakepay makes money by adding a few pennies to the price of buying cryptocurrency and taking a few cents off the price of selling them.
Newton bills itself as Canada’s first no-fee platform. It utilizes the buy/sell price disparity to generate revenue, just like Shakepay. The three allowed payment options are available on the Newton platform:
- Pre-authorized bank transfers
- Transfers coming from outside portfolios
Newton also stresses the significance of information protection. User data is only kept in Canada. The majority of Bitcoins are kept in safe spaces without internet connectivity.
With its simple interface, the NDAX.IO platform is ideal for starters. This platform provides several features that make it simple to maintain and handle your portfolio of cryptocurrencies. It also offers rapid money transfers in Canadian dollars, cheap trading costs, a smartphone device, an ATM, and a variety of additional tools.
Bitvo is one of the few platforms that provides 11 various cryptocurrencies, including QCAD, a stable currency endorsed by the Canadian dollar. If you are used to online banking, the Bitvo platform is user-friendly and simple. It’s an excellent exchange for both new and professional cryptocurrency investors. It provides both an easy interface and a sophisticated trading platform that supports more complex transactions including transactions and limits economic loss.
A Canadian bitcoin exchange company called MyBTC. Although it continues to be the dominant cryptocurrency, the MyBTC tool also allows you to purchase additional cryptocurrencies like Ripple, Litecoin, etc.
The MyBTC platform accepts payments using International Pvt and bank transfers, atm cards, and Flexepin coupons. Additionally, cash transactions are accepted.
Crypto.com is among the most well-known cryptocurrency exchanges worldwide. This platform, which has over 10 million members, is appropriate for traders of all experience levels.
This platform has a lot of benefits, including:
- Fee-free deposits.
- Free trading for three months for all new users.
- Charge reduction of up to 50% for discussions between application users.
- Instant cryptocurrency transfers between users.
- There is no transaction charge when buying Bitcoin.
Coinberry is situated in Toronto. With a passion for innovation, it helped the communities of Innisfil and Richmond Hill introduce bitcoins taxable income. Additionally, the Coinberry platform also charges no fees for transactions.
Along with many of its opponents, Coinberry generates revenue by applying a fluctuating margin, which can range from 0% to 2.5%, to the pricing of various cryptocurrencies, according to changes in the market.
One of the services with the greatest options is CoinSmart, which offers nine distinct sorts of cryptocurrency.
Credit and debit cards are among the four deposit options offered by the CoinSmart platform. These sorts of transactions are instantly processed. Additionally, you have the option of using bank checks, Interac e-transfers, or bank transfers.
Gemini is another great choice for Canadian users looking to buy/sell cryptocurrency. Its mission statement is simple: “Gemini seeks to build bridges between fiat currencies (USD & CAD) & digital assets”. This means that they want to make it easy for Canadians to invest in cryptocurrencies without having to move funds offshore or out of their country altogether.
Just like when you need assistance in essay writing you search for different platforms such as essay help Canada to provide you with the best service. Similarly, with the high growth of cryptocurrencies, it is essential to conduct research before investing in a new project. There are so many options that you can find. However, it is challenging for a beginner to differentiate where to start investing in promising coins. To help you find the best cryptocurrency platform in Canada to support, this guide is composed that will help you in deciding the best platform for trading.
DP.2023. What Is Cryptocurrency? Everything You Need To Know! Online Available at: https://www.dissertationproposal.co.uk/guide/what-is-cryptocurrency-everything-you-need-to-know/ (Accessed: 7 Jan 2023).
Rae, S. W., & Mastersmith, L. (2019). Crypto Asset Trading in Canada: Entering a New Era of Regulation. Banking & Finance Law Review, 35(1), 153-185.