Best Bitcoin Exchanges in Canada According to Reddit Users

Canada has a growing interest in cryptocurrency, particularly Bitcoin. With an increasing number of exchanges available, it can be challenging to determine which platform is the most reliable, cost-effective, and user-friendly. Reddit, a community-driven platform, offers valuable insights from experienced users who have tried various exchanges. In this article, we'll explore the best Bitcoin exchanges in Canada, as recommended by Reddit users, and provide a detailed comparison of their features, fees, and overall performance.

1. Wealthsimple Crypto

Wealthsimple Crypto is often mentioned on Reddit as one of the top Bitcoin exchanges in Canada. It is a division of Wealthsimple, a well-known Canadian investment management service. What makes Wealthsimple Crypto appealing is its simplicity and integration with existing Wealthsimple accounts, making it easy for existing users to diversify their portfolios with cryptocurrencies.

• User Experience: Wealthsimple Crypto offers a straightforward interface that is accessible to beginners. Reddit users praise its simplicity and ease of use.
• Security: Wealthsimple Crypto is regulated by the Canadian Securities Administrators (CSA) and is partnered with Gemini Trust Company, which is one of the most secure crypto custodians globally.
• Fees: The exchange charges a spread of 1.5%-2% on trades, which some Reddit users find to be on the higher side compared to other exchanges. However, the overall convenience and security provided by Wealthsimple Crypto often outweigh the higher fees.
• Customer Support: Wealthsimple offers robust customer support through multiple channels, including email and phone, which is a significant advantage over some other platforms that only offer online chat support.

2. Shakepay

Shakepay is a Montreal-based cryptocurrency exchange that is frequently recommended on Reddit for Canadian users looking for a quick and easy way to buy Bitcoin.

• User Experience: Shakepay’s mobile app is particularly popular for its user-friendly interface and the “Shake” feature, which rewards users with free Satoshis (small units of Bitcoin) daily when they shake their phones.
• Security: Shakepay offers two-factor authentication (2FA) and stores the majority of user funds in cold storage, which is a security feature that many Reddit users appreciate.
• Fees: Shakepay does not charge fees on deposits or withdrawals, and it offers free e-transfers. The platform makes money by charging a small spread on buy and sell prices, which users find reasonable.
• Customer Support: Shakepay is known for its responsive customer support team, which is available via email and social media. Reddit users frequently mention their positive experiences with Shakepay’s support.

3. NDAX (National Digital Asset Exchange)

NDAX is a Calgary-based exchange that is highly regarded on Reddit for its wide range of supported cryptocurrencies, including Bitcoin, and its competitive fees.

• User Experience: NDAX provides a professional trading interface that caters to both beginners and experienced traders. It offers advanced trading tools, which are a significant draw for more experienced users.
• Security: NDAX is compliant with Canadian regulations and offers features like 2FA, cold storage, and insurance on user funds. Reddit users often highlight NDAX’s strong security measures as a key reason for choosing this exchange.
• Fees: NDAX charges a flat 0.2% trading fee, which is considered low compared to other Canadian exchanges. There are no fees for deposits made via e-transfer, which adds to its appeal.
• Customer Support: NDAX offers customer support via email, phone, and live chat, and it has received positive reviews on Reddit for its quick and helpful responses.

4. Bitbuy

Bitbuy is another popular choice among Canadian Reddit users. It is one of Canada’s oldest cryptocurrency exchanges and has built a solid reputation over the years.

• User Experience: Bitbuy offers both a simple Express Trade option for beginners and an advanced Pro Trade platform for experienced traders. Reddit users appreciate the flexibility that Bitbuy offers, catering to different levels of experience.
• Security: Bitbuy is a fully regulated exchange in Canada and stores 95% of user funds in cold storage. It also undergoes regular third-party audits, which provides users with an added layer of trust.
• Fees: Bitbuy’s fees are slightly higher than some other exchanges, with a 0.5% fee on Express Trades and a 0.1%-0.2% fee on Pro Trades. However, Reddit users often argue that the fees are justified by the platform’s security and reliability.
• Customer Support: Bitbuy has a strong reputation for customer service, with support available via email, phone, and live chat. Reddit users frequently commend the support team for their professionalism and responsiveness.

5. Coinsquare

Coinsquare is one of the largest and most established cryptocurrency exchanges in Canada. It has been around since 2014 and continues to be a favorite among Canadian Reddit users.

• User Experience: Coinsquare offers a sleek and intuitive interface that is easy to navigate for both beginners and experienced traders. It also offers a wide range of cryptocurrencies, making it a versatile platform for those looking to diversify their portfolios.
• Security: Coinsquare is known for its strong security measures, including 2FA, cold storage, and SSL encryption. The platform is also compliant with Canadian regulations, which adds to its credibility.
• Fees: Coinsquare’s fees are slightly higher than some competitors, with a 0.2% trading fee and a spread on transactions. However, the platform offers various promotions and referral programs that can help offset these costs.
• Customer Support: Coinsquare provides customer support through email and live chat. While some Reddit users have reported slower response times during peak periods, the overall consensus is that Coinsquare offers reliable support.

Conclusion

When it comes to choosing the best Bitcoin exchange in Canada, Reddit users provide valuable insights based on their personal experiences. Wealthsimple Crypto, Shakepay, NDAX, Bitbuy, and Coinsquare are consistently mentioned as top choices due to their user-friendly interfaces, strong security features, and responsive customer support. Each platform has its strengths, so the best exchange for you will depend on your specific needs, such as ease of use, fee structure, or the variety of cryptocurrencies offered. By considering the feedback from the Reddit community, you can make a more informed decision and find the exchange that best suits your requirements.