Ontarios Best Crypto Exchanges

Last Updated: Apr 20, 2023

Best Crypto Exchanges in Ontario

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Choosing the best crypto exchange is challenging, especially if you're an Ontario resident where many popular platforms like Binance and Gate.io are banned in the province.

The good news is, despite bans and heavy regulations in Ontario, residents can still trade thousands of altcoins at low fees if they know where to go.

In this post, we'll discuss the best crypto exchanges available in Ontario, including both OSC-approved and unregistered platforms. We'll also discuss factors such as safety, reputation, fees, and more so you can pick the best crypto exchange for your needs.

Top Picks

Looking for a quick answer? Here are our top 3 picks for buying and selling cryptocurrencies in Ontario.


Best Overall

  • 30+ cryptocurrencies
  • Low fees
  • Based in Canada
  • Free Interac e-Transfers
  • Low volume on some coins
  • High fiat and crypto withdrawal fees
  • Slow CAD withdrawals

Best for Altcoins

  • 700+ cryptocurrencies
  • Low fees and high liquidity
  • Optional KYC
  • Derivatives and advanced trading tools
  • Unregistered & unregulated
  • No CAD trading pairs
  • Not beginner-friendly


  • 60+ cryptocurrencies
  • Low fees
  • Based in Canada
  • Free Interac e-Transfers
  • Free crypto withdrawals for many coins
  • Low volume on some coins
  • UX can be better

What Crypto Exchanges Can You Use In Ontario?

As of April 2023, the Ontario Securities Commission has greenlit 10+ trading platforms to offer crypto products in Ontario, with another 12 in the pre-registration process. While these are the only platforms that are OSC-approved, it's important to note that Ontario residents can still access many unregistered platforms and decentralized exchanges at their own risk.

List of OSC-Approved Exchanges

What Are The Ontario Regulations?

Since March 2021, the Ontario Securities Commission (OSC) has mandated that all crypto trading platforms must register with them to legally operate in the province. This mandate was put in place to help protect investors. However, it's important to note that Ontario residents can still access many unregistered platforms and decentralized exchanges.

Our Methodology

Before we dig into the list, here is how we compiled it. We opened accounts on 25+ Canadian cryptocurrency exchanges and assessed over 60 different data points on each platform. The published results can be found on our comparison tool. The factors we assess when reviewing crypto exchanges are:

  • Fees: 21 fee types.
  • Security: 12 data points.
  • Features: 13 types of features and services.
  • Deposit and Withdrawals: 13 data points.
  • Other Factors: Ease of use, reputation, online reviews, and more.

Best Crypto Exchanges Ontario

While we tested over 25 platforms, these are the best overall crypto exchanges in Ontario. We've also written reviews on each one if you'd like to learn more.

  1. NDAX: Best Fiat On-Ramp
  2. KuCoin: Best Altcoin Exchange
  3. VirgoCX: Low All-Around Fees
  4. Newton: Best User Experience
  5. Wealthsimple: Safest Overall

1. NDAX: Cheapest Fiat On-Ramp

NDAX Web App Home Page

NDAX is a Calgary-based crypto exchange founded in 2018 and it checks nearly all of the boxes for a great crypto exchange. It's has beginner and advanced trading tools, fast Interac e-Transfer deposits, and low fees for trading Bitcoin, Ethereum, and other major cryptocurrencies.

Our tests showed that the total purchase fee for Bitcoin on NDAX was 0.49%, which is first on our list. Overall, it's a great choice if you want a low cost way to buy major cryptocurrencies quickly from your bank account.

NDAX is also secure, with cold storage for your digital assets and various account security features. They are in the pre-registration process with the OSC, demonstrating its commitment to regulatory compliance.

What To Look Out For

Although NDAX offers low fees on the major cryptos, it's not the best for smaller altcoins due to low trading volume. For the best rates and a wider selection of altcoins, you can use a dedicated altcoin exchange such as KuCoin while still using NDAX as a reliable fiat on and off ramp.

Additionally, be mindful of NDAX's fees for withdrawing funds, including a $4.99 CAD cash out fee and fixed crypto withdrawal fees.


  • Low fees for BTC and large-cap coins
  • Fast sign up and verification process
  • Beginner and advanced trading tools
  • Quick, free deposit with Interac e-Transfer


  • Limited selection of altcoins (30+)
  • Low trading volume on smaller altcoins
  • Relatively high crypto and fiat withdrawal fees
  • Fiat withdrawals take ~2 business days + no e-transfer withdrawals

Get $10 free when you deposit $100

2. KuCoin: Best Altcoin Exchange

KuCoin Web App Trading Interface

With over 10 million users, KuCoin is one of the most popular crypto exchanges globally and has more coins than any Canadian-based exchange. While NDAX is great for buying large-cap coins with Canadian dollars, it can be expensive to buy smaller altcoins, and the selection is limited. KuCoin, which has 700+ coins, can be used in combination with NDAX to get access to more altcoins at great rates.

KuCoin's key features and benefits include high trading volume, low fees, advanced trading tools, and different account types like spot, margin, and futures. It also one of the largest crypto exchanges without KYC if you want a place to trade quickly. Users can sign up and withdraw up to 1 BTC per day with just their email address. It's also a great Binance alternative as it offers a similar user interface and features.

What To Look Out For

While KuCoin is still servicing Ontario residents, it's important to note that they are unlicensed in Ontario and fall under the OSC's warning list. Some other drawbacks include that KuCoin is less beginner-friendly, and there are no CAD trading pairs. You have to deposit crpyo and cash out with crypto as well. But if you're willing to put in the effort to learn the platform, KuCoin can be an excellent choice for altcoin trading.


  • Large selection of 700+ altcoins
  • High trading volume and 0.1% trading fees


  • Less beginner friendly
  • Not registered with the OSC

Get 10% off trading fees forever

3. VirgoCX: Low All-Around Fees

VirgoCX Website

VirgoCX made it to the list because along with NDAX, it is one of the most affordable crypto exchanges for Canadians. Our tests showed that the total purchase fee for Bitcoin on VirgoCX was 0.66%, which is the second-lowest on our list. It also offers free Interac e-Transfers for deposits and withdrawals, as well as free crypto withdrawals for many coins.

The platform also offers over 70 cryptocurrencies with beginner and advanced trading dashboards. While it has many great features, the overall design and user-interface can be better.


  • Low fees for BTC and large-cap coins
  • Beginner and advanced trading
  • Free crypto withdrawals on many coins
  • Quick, free deposit with Interac e-Transfer


  • User interface can be better
  • Higher spreads on small altcoins

Get $10 free when you trade $100

4. Newton: Best User Experience

Newton is a solid crypto exchange for beginners looking for a straightforward way to get started with cryptocurrency trading. They offer 75 different cryptocurrencies, zero trading fees, and free fiat deposits and withdrawals.

The user interface is sleek and modern, making it easy to navigate and you can sign up and verify your account in minutes. Plus, you can fund your account and cash out quickly with Interac e-Transfer for free.

What To Look Out For 

While Newton used to be one of the cheapest platforms for Canadians, the spread they charge on all trades has increased recently. It also lacks advanced trading features and charts. It's more focused on providing a simple and user-friendly experience for those just starting out in the world of cryptocurrency.


  • Great user interface
  • Free Interac e-Transfers and bank transfers
  • Beginner-friendly
  • $5 off crypto withdrawals (1 per day)


  • Spreads have gotten higher recently (higher fees)
  • Higher spreads on small altcoins 
  • Lacks advanced trading features

Get $25 free when you trade $100

5. Wealthsimple: Safest Overall

Wealthsimple Crypto Web App Trading View

With over 2 million users, Wealthsimple is Canada's most popular "super app." Investors can access a wide range of financial products, including 50+ cryptocurrencies, thousands of stocks, roboadvisors, staking, and more all in one convenient and beginner-friendly platform.

On top of that, Wealthsimple is one of the safest platforms you can use. The platform is registered with the OSC, and it is publicly traded, which means it has to comply with strict regulations and financial reporting requirements. Additionally, all cryptocurrencies are stored in cold storage.

The downside of using Wealthsimple, however, is its high fees for crypto trading. Our tests showed it was one of the most expensive for buying Bitcoin, with a total BTC purchase fee of 2.94% (15th place) and a BTC spread of 3.17% (17th place). It's important to weigh the costs carefully before you decide to trade on the platform.


  • Safest platform overall
  • Super app for investors
  • Beginner-friendly
  • Instant deposits and funding


  • Some of the highest crypto fees
  • No advanced trading tools

Claim your free sign up bonus

How To Pick The Best Crypto Exchange

When selecting a crypto exchange, there are many factors to consider such as fees, security, altcoin selection, and more. No platform is perfect so it's common to use more than one crypto exchange depending on the features you need. The most common setup is a fiat on and off ramp and an altcoin exchange. Here are the main areas to consider to find the right platforms for your needs:

  • Fees: There are over 20 fee types which can eat into your profits. The most important to research are deposit fees, trading fees, spreads, withdrawal fees, and crypto withdrawal fees.
  • Cryptocurrency Selection: If you want to trade more than Bitcoin and major cryptocurrencies, you might need a platform specifically for altcoins. It's also important to consider the platforms trading volume, especially for lesser-known coins.
  • Features: There are dozens of services a crypto exchange can provide. This includes but is not limited to different account types like spot, margin, and futures trading plus other services like staking, interest accounts, crypto debit cards, and more.
  • Safety: Many cryptocurrency exchanges have collapsed over the years. Look for platforms with a good reputation and strong security features.
  • Deposits & Withdrawals: Check the different options they offer to deposit and withdraw funds and don't forget to look at the fees and time it takes. Some platforms charge high fees to withdraw crypto or fiat.
  • Ease Of Use: Some platforms are easier to use than others. Consider the mobile app, sign up process, online reviews, and more to see if it's an enjoyable user experience.


While some crypto exchanges like Binance are banned in Ontario, there are still many regulated, unregulated, and decentralized exchanges to choose from. NDAX and VirgoCX are our top picks for fiat on/off ramps and they can be used in combination with KuCoin if you want 700+ altcoins.


Is It Safe To Use Unregistered Platforms?

While you can feel more confident knowing a platform is OSC-regulated, there are many safe crypto exchanges that are not on this list, however you should proceed with caution and do your own research. Additionally, just because a platform is OSC-regulated doesn't mean you can't lose your funds. While these platforms face more regulation, your funds are not CDIC insured and you should still use your own crypto wallet.

Is Coinbase Available In Ontario?

Yes, Coinbase offers its services in Ontario and is currently in the pre-registration process with the OSC.

Is Binance Banned In Ontario?

Yes, Binance pulled its services from Ontario and users can no longer open an account, even with a VPN.

What's The Best Alternative To Binance In Ontario?

The best Binance alternative is KuCoin because of its similar features and fee structure. Check out our KuCoin Canada review and full list of Binance Ontario alternatives.

Recommended Products

Thanks for reading! You can also check out some of my favorite products:

  • KuCoin: Best No-KYC Exchange In The World (Get 10% off with that link)
  • ApeX: Bybit's Decentralized Exchange (No KYC + Low Fees)
  • Aurox Wallet: MetaMask alternative with more security & rewards
  • Blockstream Jade: Secure & Low Cost Bitcoin-Only Hardware Wallet
  • Keystone Pro: The Nicest Touchscreen Hardware Wallet

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