Nobody wants a repeat of QuadrigaCX - the once most popular crypto exchange in Canada that unexpectedly shut down in 2014 after losing 850,000 BTC. So which is the best crypto exchange in Canada to keep your crypto safe?
After a multitude of crypto platforms halting withdrawals - or projects falling victim to outright rug pulls - many Canadian crypto investors are asking questions like 'is my crypto safe?', and 'which is the safest crypto exchange?'
A lot of work goes on behind the scenes to keep your crypto safe in exchanges - multiple security protocols, state of the art asset storage following best practice and individual account security features - all to stop would-be hackers getting their hands on your investments.
But the best Canadian crypto exchanges don't just have security as a priority - you also want a reliable, trustworthy Canadian crypto exchange that's user-friendly and comes with all the investment options you want. That's why we've put together our list of some of the best crypto exchanges in Canada based on safety, the unique products they have on offer, the cryptocurrencies they support, whether they have a mobile app, how many other people use them and other key points like their fees, deposits, withdrawal limits and more. From the best centralized Canadian crypto exchanges to the best decentralized crypto exchanges - when it comes to how to avoid a crypto hack - we’ve got you covered with options. Let’s dive in.
Wealthsimple actually offers a bunch of investments to their users, including stock and ETFs - but it is one of the best crypto exchanges in Canada too! What makes it a top crypto exchange in Canada? Well, it's got a user-friendly platform where investors of any experience can get started trading crypto from as little as $1 - making it an accessible option for all Canadian investors. You can rest assured your investments are safer with Wealthsimple too, as the platform is regulated and protected by the Canada Deposit Insurance Corporation (CDIC). Overall, it's little wonder that Wealthsimple has attracted more than 2 million users trading 57 cryptocurrencies.
- Is Wealthsimple safe? One of the many reasons Wealthsimple is considered one of the best Canadian crypto exchanges is how secure it is. All coins at Wealthsimple are held by Gemini Trust Company LLC - one of the largest regulated crypto custodians and insured for $200 million on assets in cold storage. Not only this, but your assets are also protected by Coincover to insure against theft. Wealthsimple also follows best practice for storing data by encrypting all financial information, utilizing 2FA protection for accounts, and offering a bug bounty for white-hat hackers to find and resolve security flaws.
- Has Wealthsimple been hacked? No, Wealthsimple has not had any major security breaches or been hacked to date - although individual accounts may have been compromised due to user error.
- Will Wealthsimple refund me if I'm hacked? It's very likely that Wealthsimple would refund users if the platform was hacked as they have multiple insurance policies with Gemini Trust and Coincover for crypto assets. Got cash in there too? Wealthsimple cash accounts are covered by the CDIC.
- Do you own your keys on Wealthsimple? No, Wealthsimple wallets are custodial wallets - so you don't own your private keys. But you can rest assured your assets are protected by Wealthsimple.
- Can Wealthsimple freeze accounts? Yes. Wealthsimple can freeze accounts, although they're unlikely to unless you break their terms and conditions. You should contact customer support if your account has been frozen.
- How many cryptocurrencies are on Wealthsimple? There are currently 57 cryptocurrencies available on Wealthsimple, from mainstays like BTC and ETH to popular DeFi tokens like UNI and SUSHI, and gaming tokens like MANA and SAND.
- Does Wealthsimple have a mobile app? Yes - the Wealthsimple app is available free on Google Play and iOs for those who want to check their portfolio on the go.
- What are the fees on Wealthsimple? Wealthsimple is quite unique in that they earn no revenue from investors trading crypto on their platform - so they don't charge commission fees or deposit and withdrawal fees. Instead, Wealthsimple charges a simple 1.5% - 2% operations fee per transaction to cover third-party custodian expenses for Gemini. If you're staking on Wealthsimple - for example staking Solana (SOL) - the fee is a flat 30%.
- Are there any deposit and withdrawal limits on Wealthsimple? There is no minimum deposit with Wealthsimple, so you can invest as little or as much as you want. For withdrawals, cryptocurrency accounts have a $25,000 daily withdrawal limit.
- Does Wealthsimple have KYC? Yes, Wealthsimple has KYC for individual investors and KYB for business clients. You'll need to upload documents verifying your identity to use Wealthsimple.
Bitbuy was founded in 2016 and has established itself as one of the best crypto exchanges in Canada, boasting more than 400,000 Canadian investors and supporting 24 cryptocurrencies. Based in Toronto, Bitbuy is FINTRAC registered as a Money Service Business (MSB) and follows best security practices so you can rest assured your assets are safe with one of the best Canadian crypto exchanges.
- Is Bitbuy safe? Worried about whether your crypto is safe on Bitbuy? Don't be. Bitbuy is a highly compliant and transparent crypto exchange. 95% of user funds are kept offline in cold storage, and transaction data is live-monitored for patterns to pick up red flag activities early. Bitbuy account security is also strong - you can opt for 2FA via Google Authenticator or Authy.
- Has Bitbuy been hacked? No, Bitbuy's security protocols have withstood the test of time so far, and the exchange has not been hacked.
- Will Bitbuy refund me if I'm hacked? Although Bitbuy hasn't been hacked before, it's likely that if you lost your funds due to a security flaw at Bitbuy that you would be refunded. Bitbuy has a comprehensive insurance policy with BitGo to cover investor's assets in the event of a hack.
- Do you own your keys on Bitbuy? No, Bitbuy is a centralized crypto exchange - although as one of the best crypto exchanges in Canada with comprehensive insurance, it's likely you can trust Bitbuy to hold your private keys.
- Can Bitbuy freeze accounts? Yes. Bitbuy can freeze accounts - but they're unlikely to unless compelled by government agencies. Most recently, Bitbuy was ordered to freeze cryptocurrency wallets associated with the trucker's vaccine-mandate protest, to halt donations supporting the demonstrations.
- How many cryptocurrencies are on Bitbuy? Bitbuy supports 24 cryptocurrencies - mainly focusing on the most popular coins like BTC, ETH, SOL and ADA.
- Does Bitbuy have a mobile app? Yes, Bitbuy has a mobile app available on Google Play and iOS to download for free.
- What are the fees on Bitbuy? Bitbuy offers express and pro trades - each with a different fee structure. Pro trades are cheaper at an average of 0.1% maker and 0.2% taker fee. For express trades, the fees are slightly higher and will depend on the cryptocurrency you're buying, selling or trading.
- Are there any deposit and withdrawal limits on Bitbuy? Bitbuy has a minimum deposit of $50 for most payment methods and a maximum withdrawal limit of $10,000 every 24 hours. You'll also pay between a 0.5% and 1.5% deposit and withdrawal fee depending on your payment method.
- Does Bitbuy have KYC? Yes, because Bitbuy is registered with FINTRAC they must have KYC verification processes to legally operate in Canada - so you'll need proof of identity to use Bitbuy.
Coinsmart prides itself on being one of the best Canadian crypto exchanges in Canada - focusing on four pillars; accessibility, community, accountability and honesty. A publicly traded company, Coinsmart is highly compliant and OSC and FINTRAC registered, as well as insured by BitGo and protected by blockchain security service provider Fireblocks. Since being founded in 2018, Coinsmart has attracted more than 180,000 Canadian crypto investors trading 16 popular cryptocurrencies. While it's not the largest crypto exchange, Coinsmart's customer guarantees make it one of the top crypto exchanges in Canada.
- Is Coinsmart safe? Yes. Like all of the best crypto exchanges in Canada, Coinsmart utilizes cold storage for investor's assets, and follows industry best practice for the distribution and security of those assets. For account security, Coinsmart users must enable 2FA via the Google Authenticator app to log in.
- Has Coinsmart been hacked? No - Coinsmart hasn't been hacked before. However, hackers have previously targeted Coinsmart users with phishing emails, so always be wary when opening any emails or clicking any links.
- Will Coinsmart refund me if I'm hacked? Because Coinsmart hasn't been hacked before, we don't know for certain whether they would refund users. However, as the exchange is insured by BitGo, it's likely that Coinsmart would refund users if the hack was due to a security fault on the platform.
- Do you own your keys on Coinsmart? No, Coinsmart is a centralized exchange so you don't hold your own keys.
- Can Coinsmart freeze accounts? Yes - Coinsmart can freeze accounts, but they're unlikely to unless they believe your account is involved in illicit activities that fall below the standard of Anti-Money Laundering (AML) compliance. Coinsmart partners with Chainanalysis to vet transactions and flag high risk transactions for review.
- How many cryptocurrencies are on Coinsmart? There are 16 cryptocurrencies available on Coinsmart exchange including popular coins like BTC, ETH and USDC.
- Does Coinsmart have a mobile app? Yes - the Coinsmart app is available on android and iOS as a free download.
- What are the fees on Coinsmart? Coinsmart has a flat trading fees structure - you'll pay 0.20% for single trades (CAD to crypto or BTC crypto trades) and 0.30% for double trades (all other crypto to crypto trades).
- Are there any deposit and withdrawal limits on Coinsmart? Coinsmart has a SmartGuarantee that all deposits are credited to accounts the day they're received and all cash withdrawals are processed within 5 days - if they fail to meet these guarantees, they'll waive all fees. Coinsmart has a minimum deposit of $100 for most payment methods and a maximum withdrawal limit between $5,000 to $10,000 for most payment methods.
- Does Coinsmart have KYC? Yes. Because Coinsmart is FINTRAC registered, all Coinsmart users must complete a comprehensive identity verification process in order to use the exchange.
Coinberry is a top crypto exchange in Canada, based in Toronto, where more than 220,000 Canadian crypto investors trade 38 different cryptocurrencies. Coinberry launched in 2017, as a FINTRAC-registered platform and since then surpassed $1 billion in trading volume and most recently became a part of WonderFi - a FinTech company focused on revolutionizing the financial system. So what makes Coinberry one of the best crypto exchanges in Canada? Let's find out.
- Is Coinberry safe? Coinberry follows the industry standard practices of cold storage for user assets, alongside military-grade encryption for customer data. The platform undergoes regular penetration testing, as well as taking a proactive approach to digital security by undergoing dark web scanning and account takeover prevention. All Coinberry accounts must have 2FA via Microsoft or Google Authenticator.
- Has Coinberry been hacked? No - at the time of writing, Coinberry hasn't been hacked making it one of the safest crypto exchanges in Canada historically.
- Will Coinberry refund me if I'm hacked? As Coinberry has never been hacked, we don't know if they would refund users in the event of a hack. However, as they're regulated by FINTRAC, it's very likely they'd be compelled to cover customers' losses in the event of a platform security breach. As well as this, Coinberry has CDIC insured segregated banking - so customer funds are held separately from company funds.
- Do you own your keys on Coinberry? No, Coinberry is a centralized crypto exchange, so they protect your private keys on your behalf.
- Can Coinberry freeze accounts? Yes - like all crypto exchanges, when you sign up to Coinberry you agree to their terms and conditions. So if you break them, for example by accessing Coinberry from a restricted country, your account may be frozen.
- How many cryptocurrencies are on Coinberry? There are 38 cryptocurrencies on Coinberry including staples like Bitcoin and Ethereum, as well as popular altcoins like Atom, Fantom and Polygon.
- Does Coinberry have a mobile app? Yes - Coinberry has a user-friendly mobile app on iOS and android.
- What are the fees on Coinberry? Coinberry trading fees are between 0% to 2.5% depending on the cryptocurrencies.
- Are there any deposit and withdrawal limits on Coinberry? Coinberry doesn't charge any CAD deposit or withdrawal fees and there's no minimum deposit unless your payment method is wire transfer. The maximum daily withdrawal depends on your payment method - $5,000 for interac e-transfers and $100,000 for wire transfers.
- Does Coinberry have KYC? Yes - KYC is a pain, but all of the best Canadian crypto exchanges have it, including Coinberry. As a FINTRAC registered service, Coinberry must have KYC processes to make sure funds aren't being used for criminal purposes.
NDAX is considered one of the best crypto exchanges in Canada with a strong focus on security and safety for customers' assets. Thanks to a robust compliance regime, including registration with FINTRAC, NDAX banking services are provided by a Canadian-based financial institution and user funds remain onshore in a segregated bank account, separate from NDAX operating capital. Based in Calgary, the large product offering attracts investors to this top crypto exchange in Canada, including NDAX Wealth OTC desk, staking and a strong selection of 33 popular cryptocurrencies to buy, sell and trade.
- Is NDAX safe? Yes - NDAX make account security a priority. The majority of user funds are held offline in a multi-signature wallet with Ledger Vault. As well as this, user fiat is segregated from NDAX operating capital in a dedicated Canadian Crown-owned financial institution bank account - so you never have to worry about your funds in the event of insolvency. NDAX accounts have mandatory 2FA for deposits and withdrawals, as well as email notifications for logins.
- Has NDAX been hacked? No, to date, NDAX has not been hacked making it one of the best Canadian crypto exchanges for security.
- Will NDAX refund me if I'm hacked? Although NDAX hasn't been hacked, the exchange has excellent insurance policies, including a $5 million insurance policy on its cold wallets covering internal theft and hardware security module malfunction, a $3 million insurance policy on hot wallets and a $5 million insurance policy for general business liability. In other words, if NDAX was subject to a hack, it's very likely your funds are covered.
- Do you own your keys on NDAX? No, NDAX is a centralized Canadian exchange and your keys are held by the platform.
- Can NDAX freeze accounts? Yes - NDAX is clear in their user agreement that NDAX may freeze or close accounts without notice if required by law.
- How many cryptocurrencies are on NDAX? There are 33 cryptocurrencies on NDAX - with the usual contenders like Bitcoin, Ethereum and Cardano, as well as popular altcoins like ALGO, COMP and UNI.
- Does NDAX have a mobile app? Yes - the NDAX app is available on Play and iOS App Store.
- What are the fees on NDAX? NDAX attracts investors with a low, flat 0.2% buy and sell fee. There are no deposit fees and the withdrawal fee is a flat rate of $4.99 regardless of your payment method.
- Are there any deposit and withdrawal limits on NDAX? There are no minimum deposits or maximum withdrawals on NDAX and all payment methods take a maximum of 1 business day to process.
- Does NDAX have KYC? Yes, as part of their Anti Money Laundering policy and FINTRAC agreement - NDAX has a KYC identification procedure. NDAX state in most instances verification is instant.
If you're after the widest selection of cryptocurrencies - Newton may very well be one of the best crypto exchange in Canada for you. The exchange offers more than 70 different cryptocurrencies, all on a secure and user-friendly platform with no commission fees, competitive spreads and no deposit or withdrawal fees. With all this in mind, it's little wonder that investors consider Newton one of the top crypto exchanges on offer.
- Is Newton safe? Newton exchange prides itself on transparency and security. The exchange is partnered with Coinbase to provide institutional-grade storage for all customer assets, so it should come as no surprise that customer assets are held offline, in distributed locations. Newton also supports 2FA for accounts via Authy Push Authentication.
- Has Newton been hacked? Sort of. In 2021, Newton paused trading and withdrawals and issued a notification to users after their custodial partner was targeted with an advanced cyberattack, resulting in a loss of funds from a select few hot wallets. Withdrawals and trading were later resumed with no Newton funds impacted by the cyber attack.
- Will Newton refund me if I'm hacked? As Newton has never been subjected to a successful hack, we can't know for certain what their refund policy would be. However, as Newton is partnered with crypto custodian Balance, it's likely customer losses in the event of a platform hack would be covered by Balance's crime insurance policy.
- Do you own your keys on Newton? No, like the other exchange in this best Canadian crypto exchange list - Newton is a centralized exchange and you don't hold your keys.
- Can Newton freeze accounts? Yes, Newton can freeze customer accounts, but would likely only do so if there was a security risk. The Newton team is very responsive on social media to help users unfreeze accounts when necessary.
- How many cryptocurrencies are on Newton? Newton has one of the best selections of cryptocurrencies for Canadian investors with more than 70 cryptocurrencies available. You'll find all the popular coins you'd expect, as well as some DeFi favorites like MKR, YFI, CRV and SNX.
- Does Newton have a mobile app? Yes, Newton supports iOS and Android.
- What are the fees on Newton? Newton opts for the spread fee structure. The exact spread fee you'll pay depends on the cryptocurrency you're buying or selling but you can expect 1% to 2% on average.
- Are there any deposit and withdrawal limits on Newton? There are no deposit fees on Newton and they'll cover the first $5 in network fees for withdrawals, so withdrawals are often free of charge too. Depending on your payment method, the maximum withdrawal is $50,000 a week - excluding wire transfers.
- Does Newton have KYC? Yes, Newton must conduct identity verifications for all users as part of its agreement with FINTRAC. Automated verification is almost instant, only taking a couple of minutes to complete. Some users may need to use manual verification if they're unable to complete automated verification.
Founded in 2018, VirgoCX has quickly grown to be one of the top crypto exchanges in Canada with the simple goal of becoming the one-stop-shop for Canadian crypto investors. One of the best Canadian crypto exchanges for selection, VirgoCX supports more than 60 cryptocurrencies, as well as NFTs and offers the VirgoCX Wealth OTC service for transactions over $30,000.
- Is VirgoCX safe? Security is a top priority for any of the best crypto exchanges in Canada. VirgoCX is approved as a restricted dealer by the Canadian Securities Administrators (CSA) and registered with FINTRAC as a Money Service Business (MSB) - so they're highly compliant with the storage and use of user funds. All fiat assets are held with a trusted banking partner in Canada, separate from VirgoCX operational funds. User crypto assets are stored offline with Coinbase Custody, a qualified and reputable crypto custodian. VirgoCX is regularly audited for security by trusted third-parties and assets are insured by both Coinbase Custody and Coincover.
- Has VirgoCX been hacked? No, VirgoCX has not been hacked to date, making it a very safe crypto exchange option.
- Will VirgoCX refund me if I'm hacked? VirgoCX hasn't been hacked, so they've not had to issue any refunds to users. However, as VirgoCX has a $1 million crime insurance cover for assets held with Coinbase Custody and a Coincover partnership, it's very likely that if you were hacked due to a security fault at VirgoCX - you'd be refunded.
- Do you own your keys on VirgoCX? No, VirgoCX is a centralized crypto exchange so you don't own your own keys - but with comprehensive insurance coverage and security protocols, you can rest assured your keys are in good hands.
- Can VirgoCX freeze accounts? Yes - VirgoCX can freeze accounts, but they're unlikely to unless they believe the account is being used for illicit activities. VirgoCX, along with many others of the best Canadian crypto exchanges in this list, are part of the Travel Rule Universal Solution Technology (TRUST) Group - an industry group aimed at combating money laundering.
- How many cryptocurrencies are on VirgoCX? VirgoCX supports more than 60 cryptocurrencies including the fan favorites like Bitcoin, Ethereum and Dogecoin.
- Does VirgoCX have a mobile app? Yes, VirgoCX has an app available on android and iOS.
- What are the fees on VirgoCX? VirgoCX applies a trading spread between 0.4% to 0.95% depending on the bid and ask prices and the cryptocurrency involved.
- Are there any deposit and withdrawal limits on VirgoCX? It's free to deposit CAD via interac e-transfer and wire transfer, although the latter has a minimum deposit of $3,000. You can withdraw a maximum $10,000 daily via interac e-transfer, or enjoy unlimited withdrawals via wire transfer. All fiat deposits and withdrawals are free.
- Does VirgoCX have KYC? Yes - as a FINTRAC and CSA registered exchange, VirgoCX has KYC identification in place. It usually takes between 1 to 2 days to verify.
This top crypto exchange in Canada is based in Montreal and is on a mission to usher in the Bitcoin golden age. Shakepay believes the future of wealth lies in crypto and has been working towards that goal since 2015, now amassing more than $7 billion in transactions to more than a million Canadian crypto investors. Of course, to be considered one of the best Canadian crypto exchanges, Shakepay also has some industry-leading security practices.
- Is Shakepay safe? A resounding yes. Shakepay stores the majority of digital assets offline in cold storage, with a regulated custodian who holds SOC 1 Type II and SOC 2 Type II certifications. As well as this, all assets in cold storage are insured for damage, theft and loss of private keys. Shakepay is incredibly transparent when it comes to the way they operate - anyone can read their proof of reserves and security report showing they store customer funds and assets separate from Shakepay operational funds. For account security, all accounts have SMS 2FA as standard and Shakepay recommends upgrading to TOTP 2FA, for withdrawals you can opt in for email confirmations and Shakepay app also supports biometric unlock. All these measures go a long way in making Shakepay one of the most secure and best crypto exchanges in Canada.
- Has Shakepay been hacked? No, Shakepay has not been hacked before, although individual accounts may have been hacked due to user error.
- Will Shakepay refund me if I'm hacked? Although Shakepay hasn't been hacked before, as they hold insurance on all their assets in cold storage, should there ever be a security breach, it's likely Shakepay would be able to refund customers in full if assets were stolen.
- Do you own your keys on Shakepay? No, Shakepay is a centralized crypto exchange. Shakepay actually recommends transferring your assets into your own cold wallet whenever you're not actively trading to keep your keys safe.
- Can Shakepay freeze accounts? Yes - Shakepay may freeze accounts if you violate their terms and conditions or if compelled to by law. Shakepay was recently compelled to freeze accounts relating to the Canada convoy protest to halt donations.
- How many cryptocurrencies are on Shakepay? Shakepay only supports two cryptocurrencies - Bitcoin and Ethereum.
- Does Shakepay have a mobile app? Yes - Shakepay has a mobile app on android and iOS, that supports biometric unlock for added security.
- What are the fees on Shakepay? Shakepay is commission free, instead they make money by setting their own BTC and ETH prices. You can see the current price on the buy & sell page in Shakepay.
- Are there any deposit and withdrawal limits on Shakepay? There are no fees related to CAD deposits or withdrawals on Shakepay, but there is a $5 minimum deposit and you can only withdraw a maximum of $10,000 per transaction.
- Does Shakepay have KYC? Yes - Shakepay has KYC because it is regulated by FINTRAC and Revenu Quebec.
Partnered with Bittrex, Mobilum and PrimeTrust - Catalyx is one of the best Canadian crypto exchanges, launching back in 2018. Since then, Catalyx has launched its own stablecoin (CADX) with help from Seattle FinTech Stably. The exchange is highly compliant - and registered with the Investment Industry Regulatory Organization of Canada (IIROC), FINTRAC and the Ontario Security Commission (OSC), making it one of the top crypto exchanges in Canada for security and compliance.
- Is Catalyx safe? Yes. Catalyx is an excellent option for your crypto exchange in terms of safety and security. The exchange is partnered with crypto giants like Bittrex and follows industry standards when it comes to storage and optional 2FA for accounts - though we always recommend you enable it.
- Has Catalyx been hacked? No - to date Catalyx exchange has not been hacked.
- Will Catalyx refund me if I'm hacked? As Catalyx has never been hacked, it's unclear whether they would refund users in the event of a security breach.
- Do you own your keys on Catalyx? No, Catalyx is a centralized crypto exchange.
- Can Catalyx freeze accounts? Yes - like the other best crypto exchanges in Canada on this list - Catalyx can freeze user accounts if they're found to be in violation of the user agreement.
- How many cryptocurrencies are on Catalyx? Catalyx supports 19 crypto-CAD markets, and many more USDT and BTC markets - including its own stablecoin CADX.
- Does Catalyx have a mobile app? No, Catalyx doesn't have a mobile app just yet.
- What are the fees on Catalyx? Catalyx is transitioning from a volume-based trade fee schedule with spread fees to a flat transaction fee of 0.75% on all trades from the 1st of September 2022.
- Are there any deposit and withdrawal limits on Catalyx? Fiat deposits and withdrawals are free with Catalyx, although there is a $100 deposit minimum and a $3,000 withdrawal maximum.
- Does Catalyx have KYC? Yes - like all FINTRAC registered exchanges, Catalyx has KYC and you'll need to upload a photo ID.
One of the old timers, MyBTC.ca was launched in 2016 by a Bitcoin OG. As a non-custodial platform - this top crypto exchange in Canada gives users the benefit of being in complete control of their own keys and crypto. As the name suggests, MyBTC.ca only supports Bitcoin - but for investors looking for a secure, fast way to buy, sell, send and receive Bitcoin, MyBTC.ca is a contender for best crypto exchange in Canada.
- Is MyBTC.ca safe? Yes. MyBTC.ca is a secure and FINTRAC regulated exchange that benefits from a non-custodial model. This means the exchange doesn't hold your assets in its own digital wallet - so MyBTC.ca is a far less appealing target for hackers than most exchanges. Your BTC goes directly to your private wallet or directly to the private wallet you're selling to.
- Has MyBTC.ca been hacked? No, MyBTC.ca has never been hacked before and is unlikely to be in the future due to the non-custodial wallet.
- Will MyBTC.ca refund me if I'm hacked? It's unlikely MyBTC.ca would refund you in the event of a hack. This is because of its non-custodial nature. The exchange never holds your crypto, it merely facilitates secure buys and sells, so if your wallet is hacked, it's unlikely to be related to MyBTC.ca security.
- Do you own your keys on MyBTC.ca? Yes! You connect your own Bitcoin wallet to MyBTC.ca - so you own your own keys for the ultimate control.
- Can MyBTC.ca freeze accounts? In theory they could, but it wouldn't affect you as your Bitcoin is held in your own wallet. You simply add your wallet address to MyBTC.ca to facilitate transactions.
- How many cryptocurrencies are on MyBTC.ca? MyBTC.ca only supports Bitcoin - but it is one of the best Canadian crypto exchanges for Bitcoin investors.
- Does MyBTC.ca have a mobile app? No, there is no MyBTC.ca app.
- What are the fees on MyBTC.ca? The fees you'll pay on MyBTC.ca all depend on your purchase method - but they're high, up to 9.75%, while selling fees are between $5 to $50 depending on your payment method.
- Are there any deposit and withdrawal limits on MyBTC.ca? Minimum deposit amounts depend on your payment method, but excluding bank wire, the minimum deposit is between $20 to $75. The maximum withdrawal also depends on your payment method and is between $2,500 to $100,000.
- Does MyBTC.ca have KYC? Yes. MyBTC.ca has KYC, as required by FINTRAC.
From humble beginnings to one of the top crypto exchanges in Canada - Netcoins started out as a virtual Bitcoin ATM solution provider in 2014, before changing gears and developing into one of the best Canadian crypto exchanges. Netcoins now offers more than 20 cryptocurrencies to buy, sell and trade on web and mobile. Although they’ve suffered a hack previously, Netcoins still remains a contender for one of the best crypto exchanges in Canada in terms of product and popularity.
- Is Netcoins safe? Netcoins follows industry best practice when it comes to security - including 2FA for accounts via Google Authenticator and Authy and Netcoins is BitBank verified and FINTRAC registered. Despite this, Netcoins was subject to a relatively small hack in 2022.
- Has Netcoins been hacked? Yes. In April 2022, many news outlets reported that Netcoins had experienced a security breach allowing a customer to fraudulently withdraw more than $1.5 million due to a software vulnerability. Fortunately, Netcoins froze the account within minutes and fixed the software vulnerability. In the grand scheme of crypto hacks, this is a relatively minor breach compared to the billions lost in exchange hacks overall.
- Will Netcoins refund me if I'm hacked? It's unclear whether Netcoins are insured or whether they would refund users in the event of a security breach on the platform. However, as a FINTRAC registered Money Service Business, Netcoins must meet high levels of compliance when it comes to protecting user funds - so they would potentially be compelled to refund users if there was a security breach on their end.
- Do you own your keys on Netcoins? No, Netcoins is a centralized crypto exchange. You do not hold your own keys.
- Can Netcoins freeze accounts? Yes - Netcoins may freeze accounts if they believe security has been compromised, or if funds are being used fraudulently.
- How many cryptocurrencies are on Netcoins? There are 36 cryptocurrencies on Netcoins, including popular coins like BTC, ETH and USDC and smaller altcoins like APE and GALA.
- Does Netcoins have a mobile app? Yes - Netcoins is available on android and iOS.
- What are the fees on Netcoins? Netcoins has a flat 0.5% trade fee, but no deposit or withdrawal fees for fiat.
- Are there any deposit and withdrawal limits on Netcoins? Netcoins has no funding fees and free cash withdrawals, with a minimum deposit of $10.
- Does Netcoins have KYC? Yes - Netcoins has KYC like all of the best crypto exchanges in Canada do. Netcoins offers automated KYC processes in most instances which will verify users in minutes.
Bonus: Best Decentralized Crypto Exchanges
Looking for something a little less centralized? A decentralized crypto exchange gives you complete control of your keys - and therefore your crypto. It’s appealing to many - especially in the current crypto market climate!
Some of the most trusted and best decentralized crypto exchanges include:
All you need to use any of these decentralized exchanges is a non-custodial wallet like MetaMask or Trust Wallet and you’re good to go. No KYC, no drama.
However, all this comes with risk.
Are decentralized exchanges safe?
A decentralized exchange is only as safe as you are. What we mean by this is you’re solely responsible for your keys - so you need to follow best security practices to keep your crypto safe because nobody is refunding you if you get hacked.
As well as this, even the best decentralized exchanges are vulnerable to bad faith actors and liquidity issues. Even in the list above, all of these dexes have had issues with security and lost millions in investor funds due to a variety of issues.
This isn’t to say don’t use them - just beware the risks before you do.