Top 4 Exchanges to DCA Bitcoin in Canada

We put over 50 apps to the test to find the best Canadian crypto exchanges in 2024. Explore the results below to find the best platform for your needs.

Updated May 2024   |  Affiliate Disclosure

Highlights

  • There are numerous safe and low cost crypto exchanges to DCA Bitcoin in Canada. We compared dozens of platforms so you don't have to.
  • The best overall is NDAX, because it has the lowest fees and supports 30+ cryptocurrencies. However, it's not fully automated. You'll always have to make sure there is $CAD in your account.
  • You can also use Beaver Bitcoin. It will withdraw funds directly from your bank account at set intervals, making it fully automated.

How Do DCA Bots Work?

DCA Bots (aka recurring purchases) let you buy/sell crypto automatically over a specified period of time. You can set up the amount, the day, the time, and the interval (daily, weekly, monthly) you'd like to make a purchaseInvestors use DCA bots because it's a set-and-forget approach. You will be more likely to follow your strategy if you automate and remove your emotions.

Some exchanges will automatically withdraw the money from your bank account, while others require you to pre-fund your accountHowever, the purchases themselves are automatic.

Best DCA Bots in Canada

It's important to pick the right crypto exchange because some have high fees or spreads, which can eat away at your profits. Here are the best platforms for recurring purchases in Canada:

  1. NDAX - Lowest Fees & Spreads
  2. Beaver Bitcoin - Fully Automated Choice
  3. VirgoCXAnother Low-Cost Choice
  4. Shakepay - The Easiest Choice

Unfortunately, recurring bank transfers are unavailable on most Canadian platforms, so you must pre-fund your accounts for the purchases to go through. But there is a workaround which I explain at the bottom of this post to set up automatic bank transfers as well.

1. NDAX

With NDAX, you can create recurring purchases for 35 cryptocurrencies. For as little as $10 per purchase, you can set up daily, weekly, or monthly payments. If you want, you can even set up multiple orders for different coins.

NDAX is a top choice because it's one of the cheapest exchanges in Canada. On the same day and time, we tested 18 platforms, and NDAX had the lowest total purchase fee, including the 0.20% trading fee. CAD deposits are also free via e-transfer or wire.

Among other things, NDAX offers beginner trading, advanced trading, low fees, and more. You might end up using it more than just for recurring purchases.

Join NDAX and get $10 free when you deposit $100 on the platform. Or, see my full NDAX review here.

2. Beaver Bitcoin

Beaver Bitcoin is second because it's the only platform that can withdraw funds directly from your bank account, letting you buy Bitcoin 100% on autopiliot.

It only supports Bitcoin (no other coins) and has a fixed fee of 1.50% on all transactions. However, it's the easiest platform if you want a "set and forget" approach. 

It's also a non-custodial platform, meaning the BTC is sent directly to the Bitcoin wallet that you provide. This adds a lot of safety and is one the best ways to stack sats in Canada on autopilot.

3. VirgoCX

VirgoCX offers about 69 coins on the platform, with 12 of them available for recurring orders. It's likely they will add more coins over time, since this feature just launched in July 2022. 

You can create recurring purchases for as little as $1. There are four timeframes to choose from: daily, weekly, 1st and 15th, and monthly. In addition, if you need to skip a purchase, you can do so in one click without canceling the order altogether. 

In terms of fees, VirgoCX was right there with NDAX. In terms of total BTC purchase fee, it was 2nd cheapest out of 18 platforms (it had a slightly higher spread than NDAX). CAD deposits and withdrawals are free, and there are no trading fees. One of VirgoCX's advantages over NDAX is free cryptocurrency withdrawals on lots of coins. 

I found this video showing how VirgoCX works:

Join VirgoCX and get $30 free when you deposit $100 on the platform. Or, see my full VirgoCX review here.

4. Shakepay

Shakepay is a popular platform used by over 1 million Canadians. With it, you can purchase Bitcoin and Ethereum, earn Bitcoin cash back, earn free Bitcoin, and more.

With the recurring buy feature, you can buy Bitcoin or Ethereum every day, every week, every two weeks, or every month. And you can place orders for as little as $1. With Shakepay, you can deposit and withdraw CAD and crypto for free.

One of the main reasons to pick Shakepay is because it's the easiest to use and doesn't require any expertise. Plus, there are free ways to earn Bitcoin through shaking your phone and a Visa card. 

On the downside, it only has 2 coins. And while the spread was higher than NDAX and VirgoCX, the prices are still fair. Shakepay had the 4th cheapest total BTC purchase fee out of 18 platforms.

Join Shakepay and get $30 free when you trade $100 on the platform. See my full Shakepay review here.

How to Set Up Automatic Bank Transfers?

Most of the DCA Bots listed require Canadian dollars pre-funded in your account. There are no automatic bank transfers yet unless you use Beaver Bitcoin.

The good news is that there is a workaround if you want to completely automate this process. You can simply set up a recurring Interac e-Transfer from your bank account. Here is how to set it up:

Recurring Interac E-Transfer
  1. Login to your bank's website
  2. Setup an Interac E-Transfer and fill out the details for your exchange
  3. Click "More Than Once"
  4. Set up how often and for how long you'd like to do the e-Transfer
  5. Click submit

This might look slightly different for each bank, but the overall process is the same. 

Summary

Dollar-cost averaging is a great way to invest for the long-term, as it helps smooth out price fluctuations. And now, you know the best choices in Canada with the lowest fees so you can pick the best exchange for you.

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


Compare Canada's

Crypto Exchanges

Save hours of research. We signed up for every crypto exchange and brokerage so you don't have to.