Choosing the right cryptocurrency exchange is important, but it can take forever. There are dozens of exchanges in Canada and 400+ worldwide according to CoinMarketCap. That's why here at RankFi, we've reviewed over 50 exchanges total and 20 Canadian exchanges so you can find the best choice. Here is an overview of our top picks for beginners:
Our Top Picks
Why We Picked It
What We Looked For
The best beginner crypto exchanges will have easy account opening, low fees, a good user interface and easy deposit/withdrawals from a Canadian bank account. However we looked at many other variables as well like:
- Security & Reputation
- Fees & Liquidity
- Coin Selection
- Features & Trading Tools
- Deposit & Withdrawal Options
- And More
Every platform on this list is considered safe and has its own review if you'd like to learn more. Let's jump in.
Many platforms in Canada are considered beginner-friendly, but Shakepay was the easiest and most intuitive out there. It's also has over 1,000,000 Canadians registered so you know you'll be using a legitimate platform.
Shakepay only has a few buttons which makes the design incredibly easy for anyone regardless of their experience level. You can buy Bitcoin or Ethereum in minutes using e-transfer or wire transfer because registration is super quick. You can also set up recurring purchases if you want to dollar cost average.
When it comes to fees, Shakepay makes money in the spread and everything else is free. Deposits, withdrawals, crypto withdrawals and trading fees are all free. When tested against 15+ platforms, Shakepay's total BTC purchase fee was 1.03% which was 4th place in Canada.
Considering all of this, if you just want to buy Bitcoin or Ethereum. Shakepay is the best platform for beginners in Canada.
Next on the list is Newton, a low-cost crypto exchange based in Toronto. Newton has a sleek mobile app and web app that is easy to follow. Canadians can access 70+ cryptocurrencies for some of the best rates in Canada.
Newton is slightly cheaper than Shakepay since it has lower spreads and you get a wider selection of cryptocurrencies. Deposits, withdrawals and trading fees are all zero. It's also easy to fund and cash out with e-transfer or wire transfer.
Newton is our #1 overall exchange in Canada and our #2 overall pick for beginners.
If you want the cheapest beginner-friendly platform, look no further than NDAX. It's the only platform on this list with trading fees but it was still the lowest cost because of its low spreads. In our test of 15+ platforms, the total BTC purchase fee was 0.49% which was 1st place in Canada.
NDAX offers both beginner and advanced trading features if you want a platform you can grow into. Other key features include recurring purchases and staking. The downsides are the crypto withdrawal fees are higher than Shakepay and Newton. It also has a fixed $5 fee to cash out Canadian Dollars, whereas the others are free.
Didn't Make The Cut
We went through many beginner-friendly crypto exchanges. Most of them did not make the list because of high fees or the choices above were better. But, if you still want to compare more options, here are the most common beginner-friendly platforms in Canada:
There are many crypto exchanges out there. But it's hard to compare them on fees, features, security and overall quality. The best platform will have low fees, security, lots of coins, and more. Hopefully this list saved you time so you can pick the best crypto platform for your needs.
Want more help navigating the crypto world? Here are some guides specific for Canadians: