Top 11 Crypto Exchanges in Ontario for April 2024 (With $50 Bonus)

With Binance, a popular cryptocurrency exchange, no longer operational for Ontario users, many are searching for alternatives. Thankfully, there are several other exchanges approved by the Ontario Securities Commission (OSC) that residents can use for their cryptocurrency trading needs.

This guide explores the top 11 crypto exchanges in Ontario for April 2024, including Bitbuy, Coinbase, Newton, and Wealthsimple Crypto, to help you find the perfect platform for your crypto trading journey.

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Choosing the Right Crypto Exchange in Ontario

Selecting the right crypto exchange is crucial for anyone interested in buying cryptocurrency in Canada. Here’s what to consider when making your choice:

  • Fees: Look for exchanges with competitive trading and transaction fees that won’t significantly impact your investment returns.
  • Platforms: Consider if the exchange offers both a web interface and a mobile app for trading on the go. Thankfully, most Ontario exchanges provide mobile apps for convenient crypto trading.
  • Trading Tools: Depending on your experience level, you may want access to advanced trading tools for in-depth analysis.
  • Regulation: Ensure the exchange is regulated by Canadian authorities such as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and/or the OSC for added security and peace of mind.
  • Funding Options: Choose an exchange that supports quick and convenient funding methods like Interac e-Transfers. Also, check if it allows deposits and withdrawals in cryptocurrency.
  • Security: Evaluate the exchange’s cold storage policy, whether they conduct third-party audits, and if staff withdrawals require multi-signature approvals for enhanced security.
  • Cryptocurrencies Offered: Verify if the platform supports the cryptocurrencies you want to buy and sell. You can even consider using different exchanges for various coins.
  • Reputation: Research online user reviews to get a sense of the company’s reputation and customer service practices.

Top 11 Crypto Exchanges in Ontario

Here’s a comprehensive list of the top 11 crypto exchanges in Ontario, along with their key features and benefits:

1. Bitbuy (Overall Best Crypto Exchange in Ontario)

    • Pros: Beginner-friendly, robust coin selection (over 40 coins), competitive trading fees (0% to 2%), OSC-registered marketplace, multiple funding options (Interac e-Transfer, bank wire, debit card, bill payment, crypto), excellent security features (most crypto in cold storage, regular audits), $50 signup bonus when your first deposit is at least $250 or more.
    • Cons: Might not offer all the advanced trading features some experienced users require.

    2. VirgoCX

      • Pros: Top crypto trading platform, extensive coin selection (over 60 coins), access to NFTs, FX, and OTC services, multiple funding options (Interac e-Transfers, wire transfers, crypto deposits), supports CAD and USD deposits, relatively low trading fees (0.50% to 2.50%).
      • Cons: Might have a slightly steeper learning curve for complete beginners.

      3. Newton

        • Pros: Excellent platform for beginners, a wide variety of coins (over 70 coins), good selection of altcoins and stablecoins, multiple funding options (Interac e-Transfers, wire transfers, bank drafts, crypto deposits), low trading fees included in the spread (up to 2.20%), $25 bonus when you trade $100 worth of crypto.
        • Cons: Lacks some of the advanced features that experienced traders might prefer.

        4. Shakepay

          • Pros: Easy to use, suitable for beginners, supports Bitcoin and Ethereum trading, used by over 900,000 Canadians, recently secured $44 million in funding, fast account funding with Interac e-Transfer, wire transfer, and crypto deposits (BTC and ETH only), low trading fees included in the spread (1% to 3%), no fees for deposits or withdrawals.
          • Cons: Limited coin selection (only two cryptocurrencies).

          5. Wealthsimple Crypto

            • Pros: Beginner-friendly, regulated crypto app, over 50 coins supported, ability to set limit orders, transfer assets between Wealthsimple Crypto wallet and Wealthsimple Trade for stock trading, funding with Canadian dollars (electronic funds transfer) and some crypto assets, all-inclusive 2% trading fee, bonus when you open an account and deposit at least $200 within the first 30 days.
            • Cons: Lacks some advanced features and may not be ideal for experienced traders.

            6. CoinSmart (Currently Not Accepting New Sign-Ups)

            Top 11 Crypto Exchanges in Ontario for April 2024 (With $50 Bonus)
              • Pros: Recently acquired by WonderFi, competitive trading fees (0.20%), multiple funding options (Interac e-Transfer, bank wire, bank draft, credit and debit cards, crypto), easy signup with instant verification for most users, 24/7 customer support (email and live chat), $50 bonus via exclusive referral offer (Bitbuy).
              • Cons: Not accepting new sign-ups at this time. WonderFi recommends Bitbuy, another licensed Canadian crypto exchange they own.

              7. Netcoins

                • Pros: Canadian crypto brokerage, supports Bitcoin and many other cryptocurrencies, owned by a publicly traded company (BIGG Digital Assets), multiple funding options (Interac e-Transfer, bank wire, online bill payment), supports both CAD and USD fiat, relatively low trading fees (0.5%), free cash withdrawals.
                • Cons: Limited selection of advanced trading features, and security measures might not be as detailed as some competitors.

                8. Coinberry (Now Part of Bitbuy)

                  • Pros: Beginner-friendly, quick setup process, supports over 29 coins, multiple funding options (Interac e-Transfer, wire transfer), allows for some crypto withdrawals, secure storage with most cryptocurrencies held offline in hardware wallets (cold storage).
                  • Cons: Limited coin selection compared to some other exchanges, trading fees included in the price can be up to 2.5%.


                    • Pros: Global leader in crypto exchanges, vast coin selection (over 250 crypto assets), offers a crypto credit card for payments accepted anywhere Visa is used, staking crypto available, multiple funding options (debit card, Interac e-Transfer, crypto), competitive trading fees (0.04% to 0.40%).
                    • Cons: Might be overwhelming for beginners due to the extensive features, and withdrawal fees can vary.

                    10. NDAX

                      • Pros: Beginner-friendly and caters to experienced investors, legal in all Canadian provinces and territories, instant verification for new users, multiple funding options (Interac e-Transfer, wire transfer, bank draft, crypto deposits), supports over 30 popular cryptocurrencies, relatively low trading fees (0.20%), free fiat deposits, low $4.99 flat fee for fiat withdrawals.
                      • Cons: Lacks some of the more advanced charting tools some experienced traders might prefer.
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                      11. Coinbase

                        • Pros: US-based exchange also legal in Ontario, large platform (second only to Binance globally), supports over 100 coins, beginner-friendly interface, good reputation.
                        • Cons: Higher trading fees compared to some competitors (up to 1.50%), variable fees for deposits and withdrawals.

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