Here are some of the best crypto platforms in Canada for 2024
In Canada, purchasing and using cryptocurrency as a digital asset is legally permissible, although it doesn’t hold the status of legal tender. The Canada Revenue Agency (CRA) categorizes cryptocurrencies as commodities, and their platforms are predominantly regulated as money service businesses (MSBs) under provincial securities laws to ensure public protection. Since 2013, the Canadian Revenue Agency has imposed taxes on cryptocurrencies, and transactions involving digital assets are subject to the country’s tax regulations.
Cryptocurrency trading in Canada has become increasingly accessible, thanks to user-friendly platforms and diverse options. Whether you’re a seasoned trader or a beginner, navigating the crypto landscape has been simplified by top apps and platforms. This article delves into some of the top Canadian crypto platforms like Bitbuy, Wealthsimple Crypto, Netcoins, VirgoCX, Binance, CoinSmart, and Newton, offering a seamless experience for buying and selling cryptocurrencies from the comfort of your home.
Binance: A global exchange with a comprehensive range of cryptocurrencies, Binance is accessible on iOS, Android, and the web. As a prominent player, Binance operates internationally and offers a diverse set of trading options.
CoinSmart: A Canadian exchange available on multiple platforms, CoinSmart supports a wide array of cryptocurrencies. With a 0.2% trading fee, it facilitates funding via bank transfers, Interac e-Transfers, and wire transfers. CoinSmart prioritizes security, implementing 2FA encryption and maintaining a 95% cold storage security policy while being registered with FINTRAC.
Bitbuy: Based in Toronto, Bitbuy is a leading Canadian crypto trading platform founded in 2016. Acquired by WonderFi, it supports 40 coins, including Bitcoin, Ethereum, and others. Bitbuy is user-friendly, available on iOS and Android, and has facilitated over $5 billion in crypto trades. It boasts robust security measures, including 2FA encryption, and is regulated by FINTRAC and the Ontario Securities Commission.
VirgoCX: Offering a wide range of cryptocurrencies, VirgoCX is a Canadian exchange available on iOS, Android, and the web. With a 0.2% trading fee, it supports bank transfers, Interac e-Transfers, and wire transfers. VirgoCX adheres to stringent security measures, including 2FA encryption and a 95% cold storage security policy, and is registered with FINTRAC.
Wealthsimple Crypto: A subsidiary of Wealthsimple, a prominent Canadian robo-advisor, Wealthsimple Crypto offers a straightforward way to buy and sell Bitcoin and Ethereum. With a user-friendly platform available on iOS, Android, and the web, it charges a 1.5% trading fee. The platform is registered with FINTRAC, utilizing 2FA encryption and maintaining a 95% cold storage security policy.
Netcoins: Netcoins, a Canadian cryptocurrency exchange, provides access to a diverse range of top cryptocurrencies. With a 0.5% trading fee, it supports various funding options, including bank transfers and credit cards. Netcoins follows strict security protocols, including 2FA encryption and a 95% cold storage security policy, and is registered with FINTRAC.
Newton: Newton is a Canadian exchange with a user-friendly platform available on iOS, Android, and the web. Supporting various cryptocurrencies, it charges a 0.5% trading fee and facilitates funding through bank transfers, Interac e-Transfers, and wire transfers. Newton, registered with FINTRAC, emphasizes security through 2FA encryption and a 95% cold storage security policy.
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