Highlights
What Is PayTrie?
PayTrie is a Canadian stablecoin exchange that lets you buy and sell two stablecoins: USDC and CADC. They used to have USDT, BUSD, and DAI but delisted them due to new Canadian regulations.
PayTrie is also a non-custodial exchange meaning that they do not hold onto users' funds. Instead, users must provide their own wallet address when making purchases and sales. Any wallet address can be used, whether it's from an altcoin exchange like MEXC, or a software wallet like MetaMask.
Their goal is to be a fast and secure fiat on-ramp and off-ramp for Canadians. Opening an account takes just 3 minutes and payments can be made via e-Transfer and Wire Transfer. The company was founded in 2018 by Kevin Zhang and Henry Chan. Both founders are from Toronto and went to the University of Waterloo.
Things To Know
Pros
- It's a non-custodial exchange, making it one of the most secure in Canada
Cons
How Does PayTrie Work?
Paytrie allows you to make payments via e-Transfer, and then stablecoins will be delivered to your wallet or exchange. Here is how it works step-by-step:
Choose your stablecoin and amount you wish to buy
Copy and paste the address of your wallet or exchange
Click submit to lock in your price
Check your email for an e-Transfer Money Request
Pay the e-Transfer then wait up to 60 mins for the transaction to be completed
You can fund any wallet address with PayTrie. It could be your Binance account or another cryptocurrency exchange. It can also be an external wallet, such as Metamask, Trust Wallet, etc.
Key Features & Benefits
PayTrie's is useful if you want to fund a crypto wallet or an altcoin exchange quickly with USDC.
Buy & Sell 2 Stablecoins
With PayTrie, you can buy and sell stablecoins across the Ethereum, Binance Smart Chain, and Polygon network with just a few clicks. Payments are made via e-Transfer (or wire transfer if you contact support), and there is no mobile app. On all transactions, PayTrie charges a 0.60% fee (minimum $5) plus gas fees. However, network fees are not charged on USDT-B and BUSD transactions.
Due to new regulations in Canada, PayTrie delisted all stablecoins except for USDC and CADC.
Non-Custodial Exchange
PayTrie is a non-custodial exchange, which means that your private keys are never held by PayTrie. In other words, the user has full control over their funds at all times. So if PayTrie were to get hacked or go bankrupt, your funds would still be safe since they are within your control. This also means that you are responsible for the security of your own funds. So if you lose your private keys, there is no way to recover them.
PayTrie is the only non-custodial exchange we have found in Canada. By its very nature, this makes it the safest crypto exchange in Canada.
CADC Token
CADC is a tokenized Canadian dollar stablecoin that is issued by PayTrie. According to PayTrie, CADC is backed 1:1 by Canadian dollars and compliant with FINTRAC regulations. For every CADC minted, 1 Canadian dollar is stored in a tier-1 Canadian bank account owned by PayTrie. When CADC is redeemed back to Canadian Dollars, the CADC is burned and removed from the total supply.
This token is available as an ERC-20 token and is accessible through any Ethereum wallet. If you are considering using CADC, make sure to do your own research.
OTC
PayTrie offers an over-the-counter (OTC) service for transactions larger than $10,000. That means you can trade large amounts of stablecoins without going through the regular process. All you need to do is contact PayTrie and they will help you process the transaction.
Referral Program
The PayTrie referral program is a great way to get discounts on future trading fees. For every person you refer who signs up and gets verified, you'll earn a credit worth up to $15. These credits can then be used to discount your own trading fees, making it cheaper to trade on the PayTrie platform.
Foreign Exchange
On PayTrie, you can convert USD and CAD at a flat 0.60% fee. However, the minimum is $25K per transaction. While it's cheaper than banks, Wise is the cheapest app I've found for currency exchange rates. It allows you to get the real exchange rate for over 50 currencies and has no monthly or annual account fees.
Customer Support
The PayTrie customer support team is responsive and claims to respond to inquiries within 24 hours or less. The team is available Monday through Friday from 10:00am to 6:00pm EST, excluding holidays. Customer support can be reached through the PayTrie website or by emailing support@paytrie.com
- Support Page (https://paytrie.com/support)
- Email (support@paytrie.com)
- Articles & FAQS: (https://faq.paytrie.com/help)
Opening An Account
PayTrie requires KYC, so it has to verify your identity under Canadian regulations. However, if you choose "Express Verification," the KYC is non-intrusive compared to some other platforms. The process takes only three minutes, making it one of the fastest for opening an account.
The easiest option is "Express Verification," where you can verify your account instantly and securely using your credit report. This is a soft credit check, so it does not affect your credit report or score. The other choice is "Manual Verification" which requires 2 pieces of ID and a selfie.
Requirements
Application Time | 3 minutes |
KYC | Mandatory |
Instant Verification | Yes |
Who Is Eligible? | Canadian residents at least 18 years old |
Sign Up Requirements |
|
Fees & Spread
- Trading Fees = 0.60% (min $5) + Gas Fees
- BEP-20 Trading Fees = 0.60% (min $5 and no gas fees)
- CADC Trading Fees = 0.05% (min $2) + Gas Fees
PayTrie charges a 0.6% fee on all transactions with a minimum of $5.00 CAD on transactions under $833.33 CAD. Additionally, you will pay the Gas fees, which are dynamic based on how busy the network is. No network fees are charged for BEP-20 (Binance Smart Chain) transactions.
To estimate gas fees and exchange rates, PayTrie calculates the average rate from multiple sources. For example, they will take the average CAD/USD exchange rate from major Canadian banks. According to PayTrie, they do not take a spread. In addition, they claim that they do not mark up or profit from network fees.
Deposit & Withdrawals
CAD Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | 0-60 minutes | Min $100 - Max $2,500 |
Wire Transfer | ? | ? | Min $10K |
CAD Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | 0-60 minutes | Min $100 - Max $10K |
Wire Transfer | ? | ? | Min $10K |
Security
PayTrie is very safe since it's one of the only non-custodial crypto exchanges in Canada, which means you have full control over your funds at all times. They're also regulated by FINTRAC in Canada and have never had any hacks.
Company Security Features
The Bottom Line: Is PayTrie Worth It?
PayTrie is a safe non-custodial exchange but charges a 0.60% trading fee and only has 5 stablecoins. It can be a good fiat on-ramp but users will also need another exchange or wallet to access a wider selection of coins. We recommend Binance or KuCoin.
If you don't want to use PayTrie, I recommend NDAX as the best crypto exchange in Canada. It's a good fiat on-ramp and off-ramp, inexpensive, and has 30+ coins. Although NDAX is safe, it is a custodial exchange making it less secure than PayTrie. So you should take the extra steps to store your crypto on a wallet where you control the private keys. Ideally, a hardware wallet.
Reasons To Use PayTrie
- Fast registration (3 minutes)
- Very safe, non-custodial exchange
- Easy to use
Reasons Not To Use PayTrie
- 0.60% trading fee is relatively high
- Only 5 stablecoins, you will need another exchange or wallet as well
- Low e-Transfer deposit limits ($100-$2500)
Buy & Sell Stablecoins in Canada
PayTrie Alternatives
While there are no other stablecoin exchanges in Canada, there are some non-custodial exchanges like StealthEx, Bull Bitcoin, and more. However, I've reviewed dozens of exchanges and when you factor in fees, security, altcoin selection and other factors, these are my top picks for the majority of Canadians:
NDAX had the lowest fee to buy Bitcoin with Canadian dollars (18 platforms tested). It's my top choice in Canada.
Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity.
One of the largest non-KYC exchanges. You can withdraw 30 BTC/day with just an email address.
