While in Canada, you may have to face some legal restrictions when entering the cryptocurrency business.
Over the past few years, Canada has evolved as one of the leaders in digital currencies. It is right behind the US and UK in adopting blockchain technology and provides smooth, cost-effective and high-speed crypto transactions, which is one reason why it has become extremely popular in a short period of time.
Canadian law does not recognize digital currencies as legal payment or government currency. The Canadian dollar is the only official currency of the country. However, digital currencies can be used in online transactions, to buy goods and services, and on open crypto exchanges.
The CRA, or Canada Revenue Service, recognizes cryptocurrencies as a commodity and these are subject to ITA (Income Tax Act) laws. Canadian cryptocurrency trading, including ICOs (Initial Coin Offerings) and ITOs (Initial Token Offerings), is subject to rules issued by the CSA (Canadian Securities Administrators).
For crypto enthusiasts, we’ve outlined some of the best cryptocurrency exchanges in Canada here. Best Cryptocurrency Exchange in CanadaBinance
Binance is one of the world’s largest crypto exchanges, which started in China and then moved to Malta, the EU. Binance was launched in 2017 and has been a market leader ever since. Binance is not just an exchange that offers a bunch of services that include cryptocurrency spot exchange, decentralized exchange, P2P exchange, Staking platform, Launchpad Savings for new crypto projects, Debit cards, Crypto loans, and more.
It allows users to purchase cryptocurrencies with the help of debit/credit cards, p2p transfer, and fiat money transfer.
Join Binance Now!!! Coinbase
Coinbase is supported by more than 102 countries outside of Canada. Users can buy cryptocurrencies using their debit card. All transactions are subject to a 3.99% fee. It should be noted that for new users, Coinbase no longer supports new credit cards. For older credit cards, the platform may charge additional fees. Therefore, it is best to switch to debit cards for easy money transfer.
Some of the popular cryptocurrencies supported by the platform include BTC, XTZ, EOS, ETH, BCH, LTC, USD, etc. verification process and an insurance policy. You can also download the app to your Android or iOS phone.
Join Coinbase!!! CoinBerry
Coinberry is registered under FINTRAC and is compatible with PIPEDA and is one of the most trusted crypto exchanges recognized by the Canadian government. It supports multiple payment methods including credit/debit cards, e-transfer, and SWIFT bank transfers. The platform is super fast and registration and money transfer can be done within 60 seconds. Coinberry works with the Municipal Government of Canada and has seen 200% year-over-year growth.
There are no deposit or withdrawal fees, but the platform charges a minimum fee of 0.5% for trading. The app provides an easy mobile interface with 24-hour customer support and offline storage for your money. Some of the major cryptocurrencies supported by the platform are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Stellar, etc.
Join CoinBerry Now!!! Changelly
Changelly was founded in 2013 only for relaunch and was fully operational in 2015 with revised features and benefits. You can access the exchange platform with a minimum deposit. The platform offers complete anonymity to its users, who can open an account by registering through a valid email address.
The transaction fee is a fixed 0.25% and it only takes 5 to 30 minutes to complete a transaction. It supports more than 150 cryptocurrencies, including BTC, ETH, and XRP. Users can get some of the best market rates and 24/7 customer support. One of Changelly’s unique features is that users can trade crypto assets for a 0.5% crypto conversion fee without any verification or proof of identity.
Join Changelly Now!!! Coinsquare
Coinsquare is a Canadian cryptocurrency exchange and was founded in 2015. First-time users can purchase crypto assets with just $20 and get an additional $10 bonus for making their first deposit into their account. Credit card, SEPA, bank and bank transfer, e-transfer, Flexepin, etc. It accepts multiple deposit methods, including..
Trading fees are 0.1 to 0.2% and deposit fees can range from 0% to 3.5% depending on the form of payment. Withdrawal fees can be up to 2%. The platform supports 5 fiat currencies, including USD, Euro, CAD, British Pound and Swiss Franc. Users can use Litecoin, Bitcoin, XRP, Dash, Dogecoin, Ethereum, Ethereum Classic, etc. It can trade in 10 cryptocurrencies, including. All funds are verified through a two-factor authentication process and stored in offline cold storage for maximum security. Users can download the mobile app from Google Play or the App Store.
Join Coinsquare Now!!! BitPay
BitPay is a trusted cryptocurrency platform and is accepted worldwide for cryptocurrency payments. However, since May 31, 2017, BitPay will no longer pay in Canadian dollars or CAD. However, users can withdraw the money in USD or bitcoin.
BitPay transfers your money directly to your bank account with zero risk of volatility. Transaction fees on BitPay are 1%. Payments are usually made for 48 hours. Payments can be made via bank transfers such as SEPA or ACH. Some of the popular currencies are USD, Chinese Yuan, Euro, GBP, XRP, Bitcoin, Bitcoin Cash, Gemini Dollar, Mexican Peso, etc.