Buy Bitcoin in Canada
Canada is serviced by a few great exchanges. Local deposit options, good altcoin coverage, and enough liquidity to get into the market at good prices.
Our exchange preference is based on four aspects. The most important is btc/cad exchange volume, getting the most bitcoin for the buck, followed by the integration of local payment options, and finally the initial verification times.
Coinsquare
Coinsquare was a decent but highly flawed Canadian bitcoin and crypto exchange. The relaunch has greatly improved the product, though the liquidity gap with Quadriga is difficult to over come.
- Relaunched platform much improved
- Local deposit and withdrawal options
- Volume and CAD markets are limited
Bitcoin
Ethereum
Litecoin
Bitcoin Cash
Dash
Dogecoin
- Maker .1%-.2%, Taker .2%-.4%
- Canada
- CAD
- Credit Card, Bank Wire, interac, Flexepin
Coinsquare mercifully updated their user interface at the end of 2017 and it is head and shoulders above the previous product. The site has been hemorrhaging customers for about the last year, and the relaunch has probably staunched the bleeding. Coinsquare has now limited it’s Canadian markets to btc/cad, which has pretty decent volume, and sometimes demonstrates better spreads than Quadriga did. They do charge more on the withdrawal side it should be noted.
The one area in which they are superior to both Kraken and at times Quadriga is their verification, partially due to more limited verification requests.
International Exchanges that Accept Canadian Deposits
Kraken
Kraken is one of the top exchanges for the European markets -and puts a good argument for taking the top spot. Good EUR liquidity and tons of cryptos available.
- Great platform and tons of cryptos
- Lost their local deposit options
- CAD volume below both Quadriga and Coinsquare
- Bitcoin
- Ethereum
- Litecoin
Augur- Bitcoin Cash
Cardano- Dash
EOS
Gnosis
Monero
Ripple
Tether
Zcash
- Maker: 0.16-0.0%; Taker: 0.26-0.1%
- Canada, European Economic Area
- EUR
- Credit Card, Bank Wire, SEPA
There are two reasons you might choose Kraken over QuadrigaCX. First, the trading fees are lower. Though Quadriga’s volume and spreads during Canadian trading hours more than compensates for the 0.2% trading fee difference, Kraken offers greater liquidity during non-Canadian trading hours. If you trade at those times, maybe Kraken makes sense.
Additionally, Kraken offers a XRPCAD market, so anybody who wants to try their luck on the Ripple train, Kraken is your only Canadian Dollar market. We do not find the additional cryptocurrencies offered in USD or cross markets to be much of an advantage. Once you have exchanges your Canadian dollars into bitcoin, there is nothing to stop you from engaging with the largest international exchanges for the buying or trading of any number of additional coins. I would not recommend Kraken solely to, for instance, buy Monero. You would be better off converting your CAD to bitcoin at Quadriga and freely transferring the bitcoin to a different exchange offering Monero markets.
Honorable mention goes to:
Coinbase
Insured accounts, massive liquidity volumes, and integrated debit cards against questionable priorities, overzealous compliance, and shoddy support. Get $10 free at the top bitcoin Exchange in the USA.
- Closure of Vogogo was effective end of Coinbase in Canada
- Has not prioritized a local product
- Still a great exchange if you are willing to convert into USD
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin Cash
- Maker: 0%; Taker: 0.25-0.1%
- Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Netherlands, Norway, Poland, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States
- USD, EUR, GBP
- Credit Card, Bank Wire, ACH, Faster Payments
In 2016 it looked like Coinbase was poised to dominate the Canadian market. Cooperation with Canadian turnkey payment processor Vogogo allowed Coinbase to cruise in on their reputation and product and pick up massive amounts of volume. However, Vogogo closed and Coinbase proved unwilling to allocate the resources necessary to run a local Canadian business. This meant that deposit fees drastically increased, making it uneconomical to use the exchange as a Canadian dollar on ramp. Coinbase users flocked back to QuadrigaCX, where it was cheap or free to deposit or withdraw.
Comparison of Canada’s Top Three Bitcoin Exchanges
QuadrigaCX had distinguished itself definitively as the number one cryptocurrency exchange by way of volume in the Canadian market, and it is not particularly close. With the really tragic collapse of the exchange, we are waiting to see who emerges as top dog.
There was a moment that Kraken seemed to be challenging for the spot. Quadriga had a distinct advantage over Kraken in that it lives and breathes the Canadian cryptocurrency market. It is likely safe to say that in terms of Kraken’s priorities, macro issues, like platform stability, which has been a concern as of late, as well as specific issues relating to its leading euro market platform, would simply be prioritised above local Canadian issues. This is why, for instance, the local deposit options that were once available to Cavirtex customers have been disabled and only bank wire is available.
Deposit Fees
| In CAD | QuadrigaCX | Kraken | Coinsquare | |||
|---|---|---|---|---|---|---|
| Fee | Daily Limit | Fee | Daily Limit (Tier 3) | Fee | Daily Limit | |
| Interac | 1.5% | $4,000 | - | - | 2.5% | $3,000 |
| Bank Wire | 1% | $500,000 | Free* | $25,000 | .5% | $300,000 |
| Flexepin | 2.5% | $2,500 | - | - | 2.5% | $500 |
| Credit Card | - | - | - | - | 7% | $500 |
| Bank Draft | - | - | - | - | 2.5% | $9,000 |
| Money Order | - | - | - | - | 2.5% | $1,000 |
*International bank wire Fees apply
Withdrawal Fees
| in CAD | QuadrigaCX | Kraken | Coinsquare | |||
|---|---|---|---|---|---|---|
| Fee | Daily Limit | Fee | Daily Limit (Tier 3) | Fee | Daily Limit | |
| Bank Wire | Free | $500,000 | Free | $25,000 | .5% | $100,000 |
| EFT | Free | $100,000 | - | - | - | - |
| Cheque | 1% | $500,000 | - | - | - | - |
| Gift Card | $5.85 | $100 | - | - | - | - |
| Direct Bank Deposit | 2% | $100,000 | - | - | 1% | $9,000 |
Note that QuadrigaCX covers the mining fee when withdrawing crypto.
Trading Fees
| Exchange | Fees |
|---|---|
| QuadrigaCX | From 0.5% to 0.2% depending on the pair. |
| Coinsquare | from 0.4% to 0.1% based on pair and maker/taker split. |
| Kraken | Volume based, Maker from 0.16% to 0%; Taker from 0.26% to 0.1% |
Canadian Dollar / Crypto Markets
QuadrigaCX: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Bitcoin Gold
Kraken: Bitcoin, Ethereum, Ripple
CoinSquare: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Doge, Dash
Verification Times
You might get luck at Coinsquare and get auto verified from their third-party KYC processor. However, if that process does not work, expect to wait a much longer time for Coinsquare’s manual checks. It is difficult to specify how long Kraken takes to verify – it can take weeks if the market is hot. In general, QuadrigaCX is the most dependable, though Coinsquare can beat it a good amount of the time.
Canadian p2p exchanges
P2p bitcoin exchanges are good for a few things. They decentralize the buying and selling process, connecting buyer and seller directly for each transaction. The platform is basically used as a tool to display offers, as well as for escrow and dispute arbitration functions. This means that cryptocurrencies are not stored in platform wallets – although often the seller’s coin will be held there for release to buyers; there is usually limited or no KYC information needed. Local p2p sellers will generally use local payment options as well.
Quebex
It seems to have better pricing than other Canadian p2p competitors, but verification is like a trip to the proctologist. Quebex takes the privacy out of p2p.
- Good pricing compared to other local p2p exchanges
- Intrusive KYC requirements and support gets poor marks
- 1% fee is tagged on to all your transactions
- Bitcoin
- Ethereum
- Litecoin
- 1%
- Canada
- CAD
- Bank Draft, Paypal, interac
Quebex is a great p2p exchange when it comes to pricing and local payment options; however, it is actually MORE intrusive than standard exchanges when it comes to KYC, and it is often said that the support is insufficient. It is our opinion that a p2p exchange without a heightened level of privacy is not really needed in markets with quality exchange options.
LocalBitcoins
No matter where you live, LocalBitcoins will connect you with bitcoin sellers that will accommodate local conditions to ensure the most comfortable bitcoin buy possible.
- Usually has wider spreads than Quebex
- KYC required after a certain volume of trading
- No additional fees added
- Bitcoin
- Set by seller
- Global
- USD, EUR, GBP, AUD, BRL, CAD, CHF, CNY, DKK, HKD, HUF, IDR, INR, JPY, KES, KRW, MXN, MYR, NGN, NIS, PLN, RON, RUB, SEK, SGD, ZAR
- Credit Card, Bank Wire, ACH, SEPA, Paypal, Debit Card, interac, Cash, OKPay, Perfect Money, Crypto Only, e-transfer, Neteller, Skrill, Money Transfer
Local bitcoins offers slightly worse pricing than Quedex – the spreads between buy and sell orders are often wider. However, enhanced verification is only a requirement after a certain amount of trading, and the enhanced verification is not nearly as intrusive. Note also that, while the spreads are wider, they don’t add any additional fee, while Quedex tags on 1%.
Bottom Line
Whether you mean to buy and hold or actively trade cryptocurrencies, opening an account with a local Canadian exchange is a must. Coinsquare now has the most trading volume by a long shot, which means it is the most cost effective way to buy bitcoin in Canada. Local deposit and withdrawal options makes it a breeze to get your cash in and out of the exchange.