Cryptocurrency exchanges can often be unfriendly to Canadians, making it difficult to fund accounts. This challenge has led many to resort to expensive or unreliable methods like Bitcoin ATMs or defunct platforms such as QuadrigaCX. Fortunately, we’ve compiled a list of the best Canadian exchanges to buy Bitcoin, along with key insights into deposit options, fees, and usability.
Top Canadian Bitcoin Exchanges
1. Kraken
Founded in 2011, Kraken is one of the oldest and most reputable exchanges, ranking third in daily trading volume behind Binance and Coinbase. It supports 53 cryptocurrencies and six fiat pairs, including CAD.
Deposit Methods for Canadians:
Credit Union Atlantic Wire Transfer:
- Fee: C$25–C$35 (bank-dependent)
- Processing Time: 2–3 business days
- Minimum Deposit: C$100
Bank Frick SWIFT Transfer:
- Fee: C$25–C$35 + C$3 (Kraken fee)
- Minimum Deposit: C$40
In-Person Payment (IPP) via Canada Post:
- Fee: C$1.25 + 0.25% of transaction
- Processing Time: 30–60 minutes
| Deposit Option | Fee | Minimum Deposit | Maximum Deposit |
|------------------------------|------------------------------|------------------|------------------|
| Credit Union Wire Transfer | C$25–C$35 | C$100 | C$300,000 |
| SWIFT Transfer | C$25–C$35 + C$3 | C$40 | C$5,000,000 |
| IPP | C$1.25 + 0.25% | C$20 | C$500 |
👉 Start trading on Kraken today
2. Bitbuy
A Toronto-based exchange founded in 2013, Bitbuy specializes in CAD transactions and offers instant verification.
Key Features:
- Interac E-Transfer: 1.5% fee, 24-hour hold
- Wire Transfer: C$25–C$35, min. C$20,000
| Deposit Option | Fee | Minimum Deposit | Maximum Deposit |
|------------------------------|------------------|------------------|------------------|
| Interac E-Transfer | 1.5% | C$20 | C$10,000 |
| Wire Transfer | C$25–C$35 | C$20,000 | C$500,000 |
3. CoinSquare
Despite past regulatory issues, CoinSquare remains popular for its Interac E-Transfer funding (no fee since 2021).
Deposit Options:
- Interac E-Transfer: No fee, min. C$20
- Wire Transfer: C$25–C$35, min. C$10,000
4. Newton
A no-fee trading platform supporting eight major cryptocurrencies.
Highlights:
- Interac E-Transfer: Instant, no fee
- Wire Transfer: C$25–C$35 (+C$50 fee for <C$10,000)
5. Shakepay
Offers Bitcoin and Ethereum with no deposit fees but limited coin options.
Unique Feature:
- Shakepay Change: Round-up purchases to invest spare change in crypto.
6. CoinBerry
Supports six cryptocurrencies with zero deposit fees but higher trading charges.
7. Coinbase
While user-friendly, Coinbase charges high fees (up to 4.49%) for debit card purchases.
👉 Compare fees across exchanges
Exchanges to Avoid
Binance
- Does not accept CAD deposits.
FAQs
Q: What’s the fastest way to buy Bitcoin in Canada?
A: Use Kraken’s In-Person Payment (IPP) or Newton’s Interac E-Transfer for instant funding.
Q: Which Canadian exchange has the lowest fees?
A: Newton and Shakepay offer zero deposit fees.
Q: Can I use Binance in Canada?
A: No—Binance does not support CAD deposits for Canadian users.
Bottom Line
Canadian-focused exchanges like Newton and Kraken provide the best balance of low fees, convenience, and security. For quick purchases, Kraken’s IPP or Newton’s Interac E-Transfer are top choices.
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