Choosing the right cryptocurrency exchange in Ontario, Canada, is crucial for both new and experienced investors. With a variety of platforms available, each offers unique features, fees, and cryptocurrency selections tailored to different needs. This article highlights the best crypto exchanges available in Ontario as of June 2025, based on user experience, fees, security, and more. Below is a curated list of top exchanges, their key strengths, and factors to consider when selecting the best platform for your crypto trading needs.
Top Crypto Exchanges in Ontario
The following exchanges stand out for their accessibility, features, and suitability for Ontario residents:
- Bitbuy: Ideal for beginner investors, offering a user-friendly platform with 50+ cryptocurrencies and a strong security record.
- VirgoCX: Best for OTC trades, providing 90+ cryptocurrencies with competitive fees and free deposits/withdrawals.
- CoinSmart: Great for quick deposits, with a beginner-friendly interface and low fees.
- Coinbase: Perfect for learn-and-earn opportunities, featuring 200+ cryptocurrencies and robust educational resources.
- Kraken: Suited for advanced traders, with low fees and advanced trading tools.
- Wealthsimple: Best for robo-advised portfolios and stocks, offering crypto trading alongside traditional investments.
- NDAX: Known for low fees, with a flat 0.2% fee and staking rewards.
- Crypto.com: Excellent for prepaid card rewards, with 400+ cryptocurrencies and interest-earning opportunities.
- Newton: Focused on user experience, with a seamless interface for beginners.
Detailed Breakdown of Top Exchanges
1. Bitbuy
- Best For: Beginner investors
- Cryptocurrencies: 50+
- Fees: 0.5–1.85% (up to 3.85% in some cases)
- Why Choose It: Bitbuy, originally Instabit, is a Canadian-based exchange catering exclusively to Canadian investors, using CAD for trading pairs and account funding. It has a strong security track record, having never been hacked, making it a reliable choice for Ontario residents new to crypto.
2. VirgoCX
- Best For: OTC trades
- Cryptocurrencies: 90+
- Fees: 0.95–1.6% spread
- Why Choose It: Founded in Toronto in 2018, VirgoCX offers a wide range of cryptocurrencies and low fees. Free cash deposits and withdrawals make it cost-effective for Ontario traders, particularly those engaging in over-the-counter (OTC) trades.
3. CoinSmart
- Best For: Quick deposits
- Cryptocurrencies: 15+
- Fees: 0.2–0.3%
- Why Choose It: CoinSmart, another Canadian exchange founded in 2018, is designed for ease of use. Its beginner-friendly interface and fast account setup process make it a great option for Ontario residents looking to start trading quickly.
4. Coinbase
- Best For: Learn and earn
- Cryptocurrencies: 200+
- Fees: 0.05–0.60% (may vary with market conditions)
- Why Choose It: As a globally trusted exchange, Coinbase offers a vast selection of cryptocurrencies and educational resources that reward users for learning about crypto. This makes it ideal for Ontario investors seeking to deepen their knowledge while trading.
5. Kraken
- Best For: Advanced traders
- Cryptocurrencies: 175+
- Fees: 0–0.40%
- Why Choose It: Kraken, established in 2011, is known for its low fees and advanced trading tools, catering to experienced Ontario traders. Its global reputation and robust platform make it a top choice for those needing sophisticated trading options.
6. Wealthsimple
- Best For: Robo-advised portfolios and stocks
- Cryptocurrencies: 70+
- Fees: 0.5–2%
- Why Choose It: Founded in Toronto in 2014, Wealthsimple combines crypto trading with its robo-adviser platform, allowing Ontario investors to diversify into stocks and other assets. It’s ideal for those seeking an integrated investment experience.
7. NDAX
- Best For: Low fees
- Cryptocurrencies: 40+
- Fees: 0.2% flat fee
- Why Choose It: Based in Calgary and founded in 2018, NDAX offers a low, flat trading fee and staking rewards. It’s a cost-effective choice for Ontario investors prioritizing affordability and passive income opportunities.
8. Crypto.com
- Best For: Cryptocurrency prepaid cards
- Cryptocurrencies: 400+
- Fees: 0–0.5%
- Why Choose It: Crypto.com provides a vast cryptocurrency selection and unique features like prepaid cards with rewards. Ontario investors can benefit from its low fees and interest-earning options, making it a versatile platform.
9. Newton
- Best For: User experience
- Cryptocurrencies: 70+
- Fees: 1.1–1.6%
- Why Choose It: Newton, a Toronto-based exchange founded in 2018, prioritizes a seamless user experience. Its intuitive interface makes it an excellent choice for Ontario beginners looking for an easy-to-navigate platform.
How to Choose the Best Crypto Exchange in Ontario
Selecting the right exchange depends on your priorities. Here are key factors to consider:
- Fees: Compare trading and withdrawal fees. NDAX offers the lowest at 0.2%, while Bitbuy can reach up to 3.85% in some cases.
- Cryptocurrency Selection: If variety is important, Crypto.com (400+) or Coinbase (200+) are top choices. For smaller selections, CoinSmart (15+) may suffice.
- User Experience: Newton and CoinSmart excel in beginner-friendly interfaces, while Kraken suits advanced traders.
- Security: Look for exchanges with strong security records, like Bitbuy, which has never been hacked. Consider transferring crypto to a secure cold wallet for added protection.
- Additional Features: Evaluate offerings like staking (NDAX), prepaid cards (Crypto.com), or educational resources (Coinbase).
- Accessibility: Ensure the exchange is available in Ontario and complies with local regulations. All listed exchanges are accessible to Ontario residents.
- Trading Volume: High trading volume ensures liquidity, reducing slippage. Kraken and Coinbase are known for strong liquidity.
Types of Crypto Exchanges
Understanding the types of exchanges can help you decide:
- Centralized Exchanges (CEX): Managed by a single organization, these are user-friendly and allow CAD-to-crypto conversion. Examples include all listed exchanges (Bitbuy, Coinbase, etc.). They require KYC compliance but face hacking risks, mitigated by offline storage and insurance.
- Decentralized Exchanges (DEX): These distribute trade verification across a network, offering transparency but less user-friendliness. DEXs are less common in Ontario due to the need for pre-owned crypto and slower peer-to-peer trades.
Security Tips for Ontario Investors
Crypto exchanges are targets for hackers, so take precautions:
- Use Cold Wallets: Transfer crypto to offline wallets to reduce hacking risks.
- Diversify Exchanges: Spread purchases across multiple platforms to minimize exposure.
- Check Security Records: Opt for exchanges like Bitbuy with no history of hacks.
- Enable Two-Factor Authentication (2FA): Add an extra layer of account protection.