Best Crypto Exchanges in Ontario

While some crypto exchanges like Binance and are banned in Ontario, there are still many regulated, unregulated, and decentralized platforms to choose from. See our top crypto exchanges for Ontario.

Updated: Apr 27, 2024

Ontarios Best Crypto Exchanges


  • Choosing the best crypto exchange is challenging, especially if you're an Ontario resident where many popular platforms like Binance and are banned in the province.
  • The best exchange is NDAX if you want the cheapest way to buy Bitcoin and Ethereum from your bank account.
  • BYDFi is the best pick if you want a no KYC platform. If you don't mind depositing crypto, you can trade 500+ altcoins, crypto futures, and more.

Top Picks

Having reviewed over 50 CEXs and DEXs here on RankFi, here's our top three picks for Ontario based on factors like fees, security, cryptocurrency selection, and other criteria.

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.25%/0.40% trading fees
  • Fiat withdrawal fees

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 500+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

Which Crypto Exchanges Are OSC Approved?

As of 2024, 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?

In March 2021, the Ontario Securities Commission (OSC) 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. MEXC: 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. MEXC: Best Altcoin Exchange

MEXC Account Dashboard

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. MEXC, which has 2,000+ coins, can be used in combination with NDAX to get access to more altcoins at great rates.

MEXC's key features include high trading volume for both spot trading and derivatives, zero spot trading fees and up to 200x leverage. It also one of the largest crypto exchanges without KYC if you want somewhere to trade quickly. Users can sign up and withdraw up to 30 BTC per day with just an email. It's also a great Binance alternative and KuCoin alternative.

With over 10 million users, MEXC is one of the largest crypto exchanges globally and has more coins than any Canadian-based exchange.

What To Look Out For

You have to use MEXC at your own risk. Canada is a restricted region on MEXC's terms of service. However, the platform does not require KYC so anyone can sign up. You might need to invest in a VPN like Surfshark or NordVPN  to protect your IP-address.

MEXC could introduce KYC in the future which means you'd have to withdraw your funds and find a new platform. In addition, MEXC is not licensed in Ontario or regulated in Canada.

Some other drawbacks are that it's less beginner-friendly, and there are no CAD trading pairs. You have to deposit crypto and cash out with crypto.


  • Large selection of 1,500+ altcoins
  • High trading volume and zero spot trading fees
  • Up to 200x leverage


  • Less beginner friendly
  • Not registered with the OSC
MEXC Global

Get up to a $1000 bonus

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 what 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 that 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.


Despite heavy regulations in Ontario, you can still trade thousands of altcoins at low fees if you know where to go. There are loads of CEXs and DEXs to choose from so there's no need to worry about Binance, KuCoin, and other platforms leaving.


Are Unregistered Crypto Exchanges Safe?

While you can feel more confident knowing a platform is OSC registered, there are still safe crypto exchanges that are unregistered. However, it's important do your own research.

Plus, 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?

Check out our full list of Binance alternatives.


At, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.

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