Best Crypto Exchanges With Low Fees
in Canada 2022
Making Crypto Simple
One of the most significant elements to consider when choosing a crypto trading platform is the fees. After all, the ultimate goal of trading cryptocurrency is to get the best financial deal possible.
However, if the processing costs deduct a significant percentage of the final trading value, your choice of exchange may not have been the best in the first place.
We analyzed over 100 of the best exchanges offering their services to Canadian residents and prepared this comprehensive guide to help you avoid overpaying for your cryptos.
But before we give our attention to the top crypto exchanges with cheap trading costs, let’s first define the types of fees you’ll encounter while investing in the cryptocurrency market.
|Exchange Website||Rating||Currencies||Available Cryptocurrencies||Fees||Our Review||Visit Site|
|5/5||CAD||15 Cryptocurrencies||0.2%||Bitbuy Review||Visit Site|
|4/5||42+ Currencies||100+ Cryptocurrencies||0.1%||Binance Review||Visit Site|
|4/5||USD||30+ Cryptocurrencies||4%||Coinbase Review||Visit Site|
|3.5/5||USD, GBP & EUR||50+ Cryptocurrencies||0.26%||Kraken Review||Visit Site|
|3/5||USD||5 Cryptocurrencies||1%||Gemini Review||Visit Site|
|3/5||EUR, GBP & USD||90+ Cryptocurrencies||Daily Fees||eToro Review||Visit Site|
|3/5||20+ Currencies||150+ Cryptocurrencies||0.1%||KuCoin Review||Visit Site|
|3/5||CAD||10+ Cryptocurrencies||0.2%||NDAX.IO Review||Visit Site|
|2.5/5||20+ Currencies||400+ Cryptocurrencies||0.4%||Crypto.com Review||Visit Site|
|2.5/5||CAD||5 Cryptocurrencies||0.5%||Coinberry Review||Visit Site|
The Best Cryptocurrency Exchanges With Lowest Fees 2022
We’ve put together a list of the best local and international trading platforms with the lowest fees on the market so that you can find one that incurs the most reasonable costs.
1. Bitbuy Exchange
Bitbuy is the first licensed cryptocurrency trading platform in Canada, offering Bitcoin and other cryptocurrencies for trade. The exchange provides a user-friendly and trustworthy platform with streamlined financial products for purchasing Bitcoin and around 15 different cryptocurrencies.
This platform is appropriate for both novice and seasoned traders who prefer a wide range of complex trading instruments to conduct their trading strategy. Cryptocurrency investors can opt for one of the three major features of the BitBuy exchange: the Pro Trade market aimed at professional traders, OTC trading, or the Express Trade functionality that facilitates instant purchases.
Buying or selling cryptos on BitBuy will cost you 0.2% of your trade. The same fee applies to liquidity takers, while liquidity makers can enjoy trading with rebates for 0.1% per order. These trading charges are some of the most competitive ones in the industry, not only in Canada.
However, consider the deposit and withdrawal charges as well, as BitBuy levies a 1.5% fee for funding your account or withdrawing your cryptos in CAD through the Interac e-Transfer payment provider. On the other hand, the wire transfer fee will cost you 0.50% per trade.
Safety-wise, Bitbuy’s IT experts have incorporated a variety of top-notch, such as two-factor authentication (2FA), KYC/AML user verifications, and cryptographic technologies like SSL encryption of online communications. The exchange also holds 95% of cash in cold wallets, i.e. offline storage, to protect users’ funds in case of a security breach.
Finally, Bitbuy provides complete insurance protection through BitGo’s institutional digital asset custody, trading, and financing platform to safeguard the digital currencies stored or exchanged through the platform.
2. Binance Exchange
The Hong Kong-based trading platform provides the best liquidity on the market, and the lowest fees levied for trading a wide variety of crypto assets. Namely, the platform supports more than 500 crypto-to-crypto trading combinations, including DeFi tokens and meme coins.
Binance employs the market maker/taker fee system to determine the investor’s costs for trading various order types through this platform. Thus, the trading costs on Binance fluctuate according to crypto investors’ 30-day trading volume.
When you purchase or sell cryptocurrencies, you will generally have to pay a 0.5% transaction fee. If you place an order through the order book, this will incur a 0.1% spot trading cost.
In case you hold BNB tokens and qualify as a liquidity maker or taker, Binance will automatically use these tokens to reduce your trading fees up to 25%, which can often lead you to a 0.075% trading fee.
Down this line, there are a number of payment options, including credit card/debit card payments issued by Visa or MasterCard, bank account transfers (P2P), wire transfers, or third-party payment services like Simplex.
While deposits into your Binance account are free, withdrawal fees and minimum withdrawal amounts are set by the blockchain network. As a result, they vary based on the blockchain condition of the digital asset in the transaction.
3. Coinbase Exchange
Coinbase is the most prominent crypto exchange in the U.S. by trading volume, and it is also one of the world’s most liquid exchanges, ranking second only to Binance in terms of trading volume and liquidity.
The Coinbase platform provides a beginner-friendly user interface and offers simple to use trading tools designed for rookie traders.
The Coinbase Pro, on the other hand, is a more advanced trading platform designed to assist expert traders. Cryptocurrency investors can effortlessly swap, buy and sell cryptocurrencies on both Coinbase sites.
This American exchange lists more than 150 digital assets for trade. The selection of payment methods on Coinbase is quite wide. For any transaction you make through this platform, you can pay using cryptos, linking your bank account, making direct deposits, using credit/debit cards, wire transfers, Apple Pay, Google Pay, PayPal, etc.
Transaction fees on Coinbase fluctuate in accordance with the value of the transaction. Based on the exchanged amount of currencies, the trading expenses on this platform range from $0.99 to $2.99 for each trade you make.
Furthermore, Coinbase charges fees for funding your account or moving your cryptos from the platform. These deposit and withdrawal fees are typically imposed by the payment method you use. For instance, credit/debit card payments cost the most, with a 3.99% fee on top of every order.
Finally, Coinbase provides FDIC insurance on users’ funds up to a maximum of $250,000 for each registered user, in addition to the platform’s rigorous security standards.
4. Kraken Exchange
Considered one of the safest trading platforms in the world, Kraken maintains 98% of the users’ funds in geographically distributed cold storage wallets to maximize their protection against any unauthorized access or hacking attempt.
Similarly to Coinbase, Kraken traders can select between two platforms: one for beginners with basic trading tools and one for advanced traders with detailed charting, CFDs trading, margin and futures trading, and other more complex trading activities. The fees for trading on both Kraken platforms are quite affordable.
According to the maker/taker fee model Kraken employs, the trading fees on this platform range from 0.00% for the market makers who have traded $10 million or more to 0.26% for the liquidity takers who have traded $50,000 or less. The trading costs are calculated on the basis of the investor’s 30-day trading volume.
When it comes to instant purchases, they impose a fee of 1.5% on purchases through the platform’s widget. On the other hand, crypto deposits on this exchange are generally free of charge, with a few exceptions that depend on the payment provider that you’ll choose to facilitate the transaction.
5. Gemini Exchange
The Gemini exchange, built on the Ethereum blockchain, allows users to trade Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), and over 50 other cryptocurrencies on a highly secure and regulated platform.
Gemini customers can buy and sell any supported crypto or fiat currencies through a credit/debit card, a bank transfer, or an automated clearing house (ACH).
The Gemini exchange charges two general types of fees for all trading activity carried out through its platform: commissions and transfer fees. The commissions or trading costs are determined with the maker/taker model.
At the same time, there are fees for moving coins outside of the platform or into your Gemini account.
This cryptocurrency exchange headquartered in New York does not charge any fees for cryptocurrency withdrawals. However, there’s one caveat: only the first 10 withdrawals are free. Any subsequent withdrawal will incur a mining cost based on the coin’s blockchain status.
Gemini does not impose any fees if you fund your account with cryptocurrency by ACH or wire transfer. The transfer of funds from your debit card to your trading account on the exchange, on the other hand, could incur a 3.49% fee on the total transaction amount.
6. eToro Exchange
Headquartered in London, UK, eToro is a social trading platform and global provider of financial services that specializes in cryptocurrency trading at both beginner and expert levels. You can easily construct your portfolio by investing in 20 different cryptocurrencies through the exchange’s user-friendly interface.
However, although the range of supported currencies is not particularly outstanding, eToro offers a unique trading function that makes this exchange stand out on the market.
Namely, with the help of eToro’s CopyTrader™ technology, you can easily replicate a more successful trading technique from another trader and automatically execute it when all of the requirements of the transaction are fulfilled.
The eToro platform charges no commissions on trades. To be specific, there are no fees associated with utilizing this exchange’s financial instruments to execute your trading strategies, nor are there any fees associated with purchasing cryptocurrency.
You simply keep the cryptos you buy through eToro without having to pay anything in exchange for this transaction.
The only fiat currency that can be used to finance your eToro trading account is the US dollar (USD), and the minimum deposit is set at 50 USD. To reimburse the currency exchange rates, eToro levies a 0.5% fee when using a bank transfer for this financial operation.
There’s a 1.5% fee for credit or debit card payments, bank account transfers, or using some third-party payment service, such as Skrill, Neteller, or PayPal.
On the flipside, eToro charges its members a $10 monthly inactivity fee if their trading account has been inactive for a year.
7. KuCoin Exchange
Due to the relatively low transaction charges levied for trading more than 200 digital assets and over 400 trading pairs, the KuCoin crypto trading platform is widely recognized as one of the most cost-efficient exchanges in the business.
The technologically advanced services of this exchange suggest that this platform aims at expert traders.
Staking, spot trading, margin trading, non-custodial trading, and lending coins to obtain passive income are all available on KuCoin, along with a unique set of complex financial instruments and trading options.
Newbies can try the lite version of this platform, where you can try KuCoin’s services in a more basic mode of operation, merely to buy cryptocurrencies.
With the exception of direct bank deposits, KuCoin accepts major forms of payment through which you can buy crypto with fiat currencies (USD, CAD, EUR, AUD, etc.), such as credit/debit card, SEPA wire transfer, Apple Pay, Simplex, or PayPal, to name a few.
KuCoin crypto traders with a balance of zero KCS or less than 50 BTC in the 30-day trading volume are subject to a maker/taker charge of 0.1% per spot trading transaction.
In comparison, users whose balance surpasses 150,000 KCS or have a 30-day trading volume of more than 80,000 BTC are subject to a maker/taker charge of 0.025% per spot trading transaction. The user’s KCS balance can also help reduce these fees to 0.005%.
8. NDAX.io Exchange
Since its establishment in 2017, NDAX.IO has operated as a fully regulated and highly trusted cryptocurrency trading platform among Canadian traders.
In accordance with the applicable legislation, the funds deposited on this trading platform do not exit Canada and are not transferred to any other jurisdiction. User funds are kept in a separate Canadian bank account as a way to increase the digital assets’ safety.
The NDAX users can easily swap Bitcoin (BTC) and over 30 other prominent coins in exchange for Canadian Dollars (CAD) while benefiting from some of the most competitive fees available on the Canadian and global markets.
This is because the exchange has a transparent fee model that charges the users’ trades from 0.20% onward.
Furthermore, this Calgary-based exchange does not charge any fees for depositing funds into your account, whether in CAD or crypto.
Alternatively, making a withdrawal by a bank or wire transfer will incur a one-time cost of $25. Moving your coins off of this platform will likewise entail a flat fee based on the cryptocurrency in question and its blockchain.
Crypto.com is a cryptocurrency exchange based in Hong Kong that offers its financial services to Canadians too. If you want to trade derivatives, make spot orders, or lend coins, you can do it through this exchange and gain access to various marketplaces and a high level of liquidity.
This trading website facilitates the purchase and sale of more than 250 different coins. Crypto.com charges its traders according to the maker/taker fee structure, which implies that liquidity providers are charged 0.2% of the transaction value.
In contrast, liquidity takers pay 0.4% per trade, which is comparable to the approach used by most other exchanges.
These costs can be reduced if you pay using the Crypto.com Coin (CRO), as CRO holders are eligible for a fee reduction if they reimburse their transaction expenses with the exchange’s native tokens or have a high trading volume in the previous 30-day period.
Lastly, Crypto.com is accessible through a desktop application or an Android and iOS-supported mobile app. As a result, crypto investors will be able to keep up with market trends and fluctuations and trade from any place, at any time.
9. Coinberry Exchange
Coinberry is one of the most regulatory-compliant Bitcoin and cryptocurrency exchanges in Canada. This beginner-friendly platform requires a trading account and verified identity before you can begin trading.
Once you’ve verified your Coinberry account, you can fund it with cryptocurrency or Canadian dollars via your credit/debit card, wire transfer, or Interac e-Transfer.
Coinberry allows you to trade 29 different cryptocurrencies with ease. You’ll just have to pay a 0.5% service charge if you’re buying or selling cryptos on the platform. Moreover, there are no fees on CAD deposits and withdrawals.
However, you’ll need to cover the regular mining fee when withdrawing cryptocurrencies. Coinberry determines these dynamic withdrawal fees based on the respective blockchain’s network traffic at the time of the transaction.
Types of Fees Associated With Crypto Trading
If you’re new to crypto trading, it’s essential to understand that paying for the value of your purchased coins isn’t the only cost you’ll encounter during the process. Like the store-bought items whose price includes a value-added tax (VAT), your traded cryptos come with some extra costs.
Generally, you can incur two basic expenses while trading via a crypto exchange – trading (exchange) fees and network (mining) costs. Some exchanges would even promise zero fees if you trade through their platform, but most often than not, there are some ‘hidden’ fees, such as the currency conversion fees, crypto wallet fees, deposit fees, withdrawal fees, etc.
You’re probably wondering what the difference between the trading and mining fees is or why you sometimes have to pay both trading and mining fees. Here’s the difference.
Crypto exchanges will generally charge you a trading fee for using their services, i.e. for the trades made through their platforms. These exchange-imposed fees are usually flat-set on some predetermined present calculated on the total trade value, or they follow the maker/taker model.
With the latter, the platform charges market makers (traders who contribute to the platform’s liquidity) with slightly lower fees as opposed to market takers.
You should also take into account the deposit or instant purchase fees, determined by the method of payment you’re using to make a purchase or deposit through an exchange. Namely, the payment providers levy a fee to process your payment, which can be added to the trading fee, thus raising your costs even further.
Network fees, also known as mining or transaction fees, are the charges associated with using the blockchain to make a money transfer. Mining fees go to the cryptocurrency miners who try to solve a complex cryptographic task to validate your crypto transaction on the blockchain.
The mining fees are the most unpredictable since they are determined by the blockchain’s network congestion. The larger the number of incoming transactions, the higher the fees.
Since the mining fees are levied independently from the exchange you’re trading on, your overall cost will often include a combination of fees charged for both the exchange’s services and the crypto miners.
Frequently Asked Questions
Trading fees are an exchange’s primary source of profit. It is mainly through the fees that cryptocurrency exchanges generate revenue as a source of salary for the employees (the IT security engineers, customer support staff, etc.).
Moreover, the fees enable brokerages to invest in the platform’s architecture and security mechanisms to further improve their reliability and speed and increase their support for a larger number of cryptocurrency and fiat trading pairs for trade.
For a variety of reasons, many decentralized exchanges (DEXs) don’t levy trading fees. As many DEXs do not comply with financial regulations and rarely operate with large trading volumes, providing zero fees could be the incentive to attract more traders to participate in the crypto market via their platforms.
Also, DEXs often offer cheaper transaction processing expenses due to the absence of third parties in the transaction process. The fact that DEXs don’t rely on an intermediary distinguishes them from the centralized exchanges (CEXs) and lowers the cost imposed by the trading platform.
Therefore, before you start trading, you should compare your favourite exchanges to make sure you get the best offer.
The ‘hidden fees’ usually involve some processing fees imposed by your payment method of choice. Typically, the exchange doesn’t mention that you need to pay both the trading fee and mining fee of the cryptocurrency included in the transaction.
In the worst-case scenario, there could also be deposit and withdrawal fees that would lead you to overpay for a digital asset that you thought was a great deal in the first place.
In order to avoid overpaying for your crypto deals, it’s important to know all the costs that come with using the platform’s services, such as crypto exchange rates, trading fees, network and wallet fees, deposits and withdrawals in both crypto and fiat currency, as well as the payment service fees.
All of these costs can add up to make your crypto deals more expensive than they need to be, so remember to check them all and make the most suitable combination.
If you want to invest in bitcoins, BitBuy is the best crypto exchange to make a small and cheap Bitcoin investment in Canada. Aside from the minimal costs, the platform features bank-level security, thus providing a secure and safe trading environment.