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In case you want to start investing in crypto, it may take you many hours or even days to choose an online exchange. The point is that you must take into account a vast variety of aspects, including regulation, fees, asset diversity, and convenience of use. In this guide, we are going to provide expert recommendations and assistance to potential traders from Canada.
If you are new to this sphere, you probably want to make sure that the use of digital coins is legal in your country, in the first place. Then, we have exciting news for you ― in Canada, crypto is fully legal. More to the point, certain businesses even accept it as payment means for their goods and services.
Another point every potential investor must be aware of ― in this country, crypto exchanges are regulated by the Canadian Securities Administrators, the Investment Industry Regulatory Organization of Canada, and the Financial Transactions and Reports Analysis Centre of Canada. So, all crypto exchanges Canada must fully comply with the rules and restrictions set by these authorities.
To make your choice of an exchange easier, let us mention the most essential features you must pay attention to:
- Serving Canadian residents.
- Operation within the local laws.
- Accepting Canadian dollars as a payment currency (so that you do not have to waste money on exchange fees).
- A wide selection of available altcoins. Most experts would advise you to diversify your portfolio, so you will probably decide to invest in several coins.
- Fees and commissions. Keep in mind that a service can charge you both for making trades and for other operations like deposits or withdrawals. Also, there can be maintenance fees.
- Payment methods and transfer procession terms.
- A user-friendly interface. To evaluate it, you can make a demo account and try trading with virtual money (most sources offer such an opportunity).
- Clients’ feedback. No sense to read reviews published on the website itself, instead, surf the Internet and find a few independent sources.
Yet, we understand that finding a decent exchange often takes a few days. Hence, to save your time and narrow the search, we provide the top list of services chosen by our experts based on the criteria specified above ― Coinbase, Gemini, Binance, Paxful, Kraken, BitMex, Crypto.com, Huobi Global, CryptoHopper, and Cex.io.
In sum, any of the websites mentioned would be an advantageous choice for you, so look through the list, compare their fees, product diversity, and functionality, and make your choice.