Sep 23, · Wealthsimple has the first regulated crypto trading platform in Canada You can now buy and sell bitcoin and ethereum with Wealthsimple Crypto. Kraken is more than just a Bitcoin trading platform. Come see why our cryptocurrency exchange is the best place to buy, sell, trade and learn about crypto. Here you see the best Bitcoin brokers for Canadian citizens at a glance. On those platforms your are welcome to trade Bitcoin from Canada. Unfortunately, for legal reasons the province of Québec is usually excluded from Bitcoin margin brokers.
Canadian bitcoin tradeCanadian Economist Thrashes Bitcoin, Calls It Massive Bubble | Finance Magnates
Cryptocurrencies are stored in cold storage that is located in an offsite, third party financial institution and only accessible via multiple signatures.
If you wish to execute your order, you will need to complete KYC to use the service. With two forms of KYC verification, you can choose between submitting your identity requirements to their verification team for internal review, or you can complete it in-person at Canada Post. If you choose the In-house method, you will be prompted to submit a close-up of your government-issued photo ID and a selfie of yourself holding your ID via their secure and encrypted file upload tool.
You will need to bring your government-issued photo ID, proof of residence document and display the unique barcode, emailed to you by MyBTC. For more information you checkout the funding option here. If you need high-touch support you can communicate with them through email, phone call, text or Facebook messenger. Users looking to sell their Bitcoin will need to look elsewhere, however, as it appears to be a buy only platform.
Overall, MyBTC. Kraken is a well established international cryptocurrency exchange, originally based out of San Francisco. Kraken allows users to fund their accounts in Canadian dollars and has several Canadian dollar trading pairs.
Kraken operates a small office in Halifax, Nova Scotia, that handles their Canadian operations and support. Kraken has limited funding options compared to other Canadian exchanges. Currently, the only way to deposit Canadian dollars onto Kraken is by bank wire, meaning you will need to physically travel to your bank and process a wire transfer in order to use the service.
Certainly not the most convenient funding method, but if you are willing to complete the process, Kraken is a good platform to use for advanced features. Maybe their best feature, Kraken allows users to margin trade, meaning users can borrow funds to buy digital assets.
This is an advanced tactic that can be tricky, but it can profitable if you know what you are doing. Kraken also offers discounts to high volume traders, something not many other exchanges offer. Although Kraken offers some of the best feature sets and a selection of many altcoins, it suffers from a lack of popularity in Canada.
Some of the CAD pairings that they offer have low trading volume, meaning if you are planning on buying a large amount, you may encounter price slippage and pay a higher price that you would have hoped for your digital currency. Kraken benefits from being a top international exchange and has good support as well as constant upgrades. Officially, the soft launch was in May and they have not been marketing aggressively in the marketplace.
The platform itself offers instant verifications, several CAD deposit methods, and some advanced order types. In addition to market and limit orders, they also offer the more advanced fill-or-kill, stop, stop-limit and trailing stop order types. These would certainly be of interest to advanced traders. The problem so far with NDAX is that not many people are using the exchange. Until the NDAX volume picks up, traders will have difficulty fully taking advantage of the advanced features available.
Coinfield is another relatively new exchange in the Canadian cryptocurrency space, having just launched in February However, in several months, Toronto-Dominion Bank expressed skepticism towards cryptocurrency October This is the third-largest bank in Canada by market capitalization and deposit volume. It serves over 20 million clients in 55 countries all around the globe. Its headquarters are located in Toronto and it has several subsidiary companies.
In February , the bank representatives admitted that they were reviewing the cryptocurrency policy of the bank taking into consideration all the risks involved.
At the beginning of March, clients of Scotiabank were deprived of the possibility to purchase cryptocurrency with both credit and debit cards. The bank which takes the fourth place in deposit amounts and was founded in is Bank of Montreal. It provides different financial services and one of the banks listed by Forbes. This multinational banking corporation announced about blocking cryptocurrency transactions in March together with other Canadian banks.
The bank issued a document — Ops Bulletin dated March 28, — which was sent to the clients by email to announce the restrictive measures undertaken. One more bank with a long history was founded in and its headquarters are located in Toronto. Moreover, users mention the fact that the bank holds funds for a long period of time unreasonably even after closing accounts.
Except for banks that accept BitCoin, there are other methods to purchase cryptocurrency. The most popular alternative methods are the following ones:. These are platforms which offer buyers and sellers to find each other. This can tell us if they are amateurs just getting off the ground, or if they are established players that operate like well-oiled machines selling millions of dollars of crypto assets on a daily basis.
Also, with Canadians still stinging over QuadrigaCX, corporate transparency, proof of solvency and insured offerings are newer themes that customers are looking to for their crypto platform of choice.
Working alongside Tokamak, we were able to take a look at the publicly available market data. We also made trades on all of the platforms mentioned to measure pricing and to see if there were any additional fees incurred that were not mentioned in the affiliated fees page. Funding: Interac e-Transfer funding has emerged as the most convenient and easy way to fund your cryptocurrency account in Canada.
Most platforms in Canada offer Interac e-Transfer and bank wires are also a common funding option which is used for larger amounts. Notable platforms that do not offer e-Transfer funding are Kraken Coinbase and Wealthsimple. They offer alternative ways to fund your account such as wire transfer, pre-authorized debit or credit card.
It should be noted that credit cards are typically not a great way to buy cryptocurrency because credit card companies often consider buying cryptocurrency a cash advance, since you are trading one currency for another. Funding your account with cryptocurrency is also an important feature you may want if you are looking to move crypto assets from a secure wallet or another exchange to your account.
All reviewed platforms offer this functionality with the exception of Wealthsimple. Withdrawals: Interac e-Transfers, wires and direct debit are all great ways to withdraw funds from your account. There is also the matter of withdrawing cryptocurrency from your account to secure wallets or another exchange. Withdrawing your crypto to a personal wallet is considered best practice and most platforms allow this, however you will need to read the fine print to make sure the platform you want to use offers this.
Trading: As for the trading experience, some key areas of focus are limit orders, availability of coins, and a reliable OTC concierge service. As we mentioned previously, crypto can be extremely volatile.
Being able to set your own price with a limit order can help users trade more responsibly, and create a predictable entry and exit points for their positions. Of the platforms listed, Kraken has the most trading features including limit orders, futures, stop loss, take profit and settle position orders.
Coinsquare, NDAX and Bitbuy are other Canadian Bitcoin Exchanges that offer limit orders and live order books if trading transparency is important to you. Security: Platforms conducting proof of reserves audits are an emerging trend, with Kraken, Bitbuy and Shakepay all recently completing them.
Also, how crypto is stored is incredibly important. Most of the platforms listed use cold storage for client funds, but having that cold storage insured is a step only a few platforms seem to have taken. Bitbuy, Shakepay and Coinberry are the Canadian Bitcoin Exchanges that recently announced insurance for some or all of their crypto holdings. Transparency: There are two main ways platforms can push transparency. First off, transparency in how they make money, by disclosing their full fee model.
Secondly, transparent exchanges with order books will publicly display trading volume, via an API or site aggregator such as CoinMarketCap. Although different exchanges offer different coins and trading pairs, the one common denominator is Bitcoin. Tokamak used existing connections to tap into publicly available market data. They also conducted trades on all of the platforms listed where API data is not available in order to stack up the pricing.
We chose this price because it would typically be the most common way a Canadian would check the price of Bitcoin at a given moment if they were not active on any platform. Buy price: At the time of the snapshot, Bitbuy had the lowest buy price compared to the reference price, with only a 0.