Best Cryptocurrency Exchanges for Altcoins
in Canada 2023
Making Crypto Simple
If you’re new to crypto trading and wondering how to get into the market without putting your house up for sale for a single Bitcoin purchase, investing in altcoins appears to be a pretty good idea.
However, if we consider that the market is flooded with an astonishing number of cryptocurrencies and equally as many trading platforms and options, choosing the most suitable altcoin gateway suddenly seems more daunting than picking a cost-effective and bankable altcoin now, doesn’t it?
This is, naturally, the part where we take the stage and inform you about the best altcoin exchanges. But, before we present our selection of trading platforms, let’s brush up on the basic idea behind altcoins.
|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||20+ Currencies||400+ Cryptocurrencies||0.4%||Crypto.com Review||Visit Site|
|3.5/5||USD||30+ Cryptocurrencies||4%||Coinbase Review||Visit Site|
|3/5||USD, GBP & EUR||50+ Cryptocurrencies||0.26%||Kraken Review||Visit Site|
|3/5||20+ Currencies||150+ Cryptocurrencies||0.1%||KuCoin Review||Visit Site|
|3/5||USD & EUR||300+ Cryptocurrencies||0.35%||Bittrex Review||Visit Site|
|3/5||EUR, GBP & USD||90+ Cryptocurrencies||Daily Fees||eToro Review||Visit Site|
|2.5/5||6+ Currencies||50+ Cryptocurrencies||0.35%||Gemini Review||Visit Site|
|2.5/5||CAD, USD & EUR||17+ Cryptocurrencies||0.2%||Coinsmart Review||Visit Site|
The Best Cryptocurrency Trading Platforms for Altcoins for Canadians 2023
As browsing through the enormous offer of crypto exchanges and analyzing their features in a short time can be a rather daunting task, we took our time and carefully selected the exchanges that offer the widest range of altcoins and the best purchase conditions.
1. Bitbuy Exchange
BitBuy supports some of the most popular cryptocurrencies on the market and lets you exchange them for Canadian dollars (CAD). Alongside Bitcoin, this Canadian exchange supports Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), Dash (Dash), Stellar (XLM), Bitcoin Cash (BCH) and more.
The trading fees are another strong point that makes us like this exchange. Namely, with fees that start as low as 0.1% per trade, swapping altcoins through BitBuy seems like the real deal to us. The exchange also boasts some of the most outstanding customer services in the industry, including live chat help and a highly secure platform.
- Great customer support;
- Low trading fees;
- User-friendly platform;
- Fast registration process;
- Regulated and safe exchange.
- Supports a small number of cryptocurrencies;
- Expensive Interac deposits;
- Doesn’t support credit/debit card payments;
2. Binance Exchange
There are a number of contributing factors to Binance’s position as the leading cryptocurrency exchange in the industry. One of them is the unrivalled offer of altcoins that includes over 500 cryptocurrencies. You can effortlessly buy and sell your preferred coin through this platform for some of the industry’s lowest fees, starting from 0.1%.
The fees can drop even further if you have some Binance Coins (BNB) in your account’s balance. Namely, covering your fees with the BNB coin can earn you a 25% fee discount on the total cost. Additionally, users can stake the BNB coin for substantial financial benefits.
However, be mindful of the extra costs that come with choosing different payment methods for fiat-to-crypto purchases. Credit card payments, for example, might add up to 1.8% to your overall trading costs.
- A leading exchange by trading volume and liquidity;
- Has the widest selection of supported altcoins in the industry;
- Enables ETF trading;
- Appropriate for both beginners and seasoned traders;
- Offers some of the lowest fees in the industry;
- Provides a separate www.binance.us platform for its American users due to the financial regulations in the US;
- BNB holders are eligible for a further reduction of up to 25% on the trading charges.
- Regulatory issues in several countries, including Canada (Ontario), the United States and the United Kingdom.
3. Crypto.com Exchange
With over 400 cryptocurrencies available for trading on its platform, Crypto.com comes close to the top of our list of exchanges with the best altcoin offering. Even though this Hong Kong-based exchange mainly offers professional trading tools, it also provides a variety of trading tools that could be useful for less-experienced traders.
With Crypto.com’s maker/taker fee model, liquidity providers can enjoy a fee of 0.04% if they trade $200,000,001 or more. In comparison, the fees for takers range between 0.1% for the highest 30-day trading volume and 0.4% for trades up to $25,000.
Furthermore, Crypto.com clients can use a Visa debit card to make cryptocurrency purchases online and in shops. When you use the Crypto.com Visa debit card for daily or crypto purchases, you will get up to 8% cashback and free CRO tokens that can earn you the benefit of lower trading fees.
Keep in mind that to get your CRO discounts, you must stake your CRO coins on the Crypto.com exchange platform first and reimburse the trading charges with CRO. The exchange calculates the discount amount according to the number of CRO coins staked and the total amount of trading fees paid with CRO the day before you want to use the fee reduction.
For the time being, the Crypto.com debit card can be delivered to the residents of Canada, the United States, Europe, the United Kingdom, Brazil, and Singapore.
- Advanced trading platform;
- Provides derivatives and margin trading;
- Charges affordable trading rates;
- Doesn’t charge for CAD deposits;
- Great selection of supported altcoins and fiat currencies;
- Provides both a desktop app and an Android/iOS-supported mobile app.
- For those new to crypto trading, the vast array of complex financial services and products available can be somewhat daunting.
4. Coinbase Exchange
The Bitcoin and cryptocurrencies exchange Coinbase is among the world’s most popular and user-friendly crypto brokerages. This San Francisco-established trading platform with no physical headquarters is ranked #1 in the United States as the most liquid platform and second only to Binance in terms of trading volume, according to CoinMarketCap.
Coinbase offers nearly twice as few altcoins as Binance, but the range of supported coins provides equally ample trading alternatives for crypto investors.
Traders can also choose to trade on Coinbase (a beginner-friendly platform with basic functionalities) or Coinbase Pro (a platform aimed to serve professional traders), depending on their level of expertise.
Coinbase employs transaction fees represented as a percentage of the transaction, which fluctuates according to the value of the total amount of each completed trade. The costs range from $0.99 to $2.99, which usually takes off 0.5% of the final traded amount.
Furthermore, Coinbase charges withdrawal fees and deposit fees, depending on the payment method you use. The most expensive way to fund your Coinbase account is to use a credit or debit card. This alternative incurs a fairly large cost, calculated as 3.99% of the transaction.
- One of the most user-friendly and liquid exchanges in the world;
- Provides a platform for professional traders too;
- 98% of users’ funds are kept in offline cold storage;
- Provides advanced charting tools and a live order book on Coinbase Pro;
- Offers a vast selection of cryptocurrencies and payment methods.
- Making a purchase or funding your account with a credit card/debit card can be somewhat expensive.
- The exchange is facing regulatory challenges in some countries.
5. Kraken Exchange
Kraken is one of the industry’s veteran crypto exchanges, founded only two years after Bitcoin became the world’s first officially acknowledged cryptocurrency.
Over the years, this American exchange has grown from a Bitcoin-only outlet to an exchange that supports more than 80 altcoins and more than 460 trading pairs, including Monero (XMR), Cardano (ADA), Ripple (XRP), and Tether (USDT) among the others.
Kraken operates on a maker/taker fee system. Following this pricing model, market makers pay 0.16% of the traded amount up to $50,000. However, if their trading amount exceeds $10 million, makers will be entirely free of any trading fee (0.00%).
On the other hand, takers pay 0.26% for deals up to $50,000, while trades of $10 million or more are levied 0.10% of the total sum.
If you’re not a regular trader and want to use Kraken’s Instant Buy feature to buy some altcoins, be prepared to pay some extra processing fees.
Namely, there is a 0.9% fee for the instant purchase of stablecoins contrasted to a 1.5% transaction fee for all other digital currencies. Moreover, debit and credit card payments incur a 3.75% fee, while an ACH transfer incurs a 0.5% transaction cost.
- Low fees;
- Industry’s best platform security protocols;
- Excellent customer service with a 24/7 live chat;
- Suitable for both beginners and advanced traders.
- Using the Instant Buy feature on the basic Kraken platform can be costly.
6. KuCoin Exchange
KuCoin is one of the most popular trading platforms in the industry, with a wide range of cryptocurrencies and minimal transaction fees.
Aimed at advanced traders, the platform provides a variety of financial tools for making additional revenue, including margin trading, crypto lending services, staking, and so on.
Crypto investors can put their trading strategies into action by selecting their favourite coins from a list of over 200 cryptocurrencies, including Bitcoin.
Furthermore, the vast altcoin offer and wide range of trading tools are accompanied by an equally impressive selection of supported fiat currencies and payment methods, as well as some of the industry’s lowest trading fees, starting at 0.1% per trade.
- A large number of supported altcoins;
- Low fees;
- Live chat customer support;
- A vast number of payment methods.
- Provides advanced trading features which are not suitable for beginners.
7. Bittrex Exchange
Bittrex Global is one of the most secure cryptocurrency trading platforms available anywhere around the globe.
Built on Bittrex’s cutting-edge blockchain technology, the exchange provides an institutional-grade experience for advanced traders, but it also makes it simple for newbies to purchase their preferred cryptocurrencies using this platform.
Through Bittrex, you can trade over 250+ cryptocurrencies, and the number of available cryptocurrencies will most certainly continue to rise in the future.
Starting at 0.35%, Bittrex trading fees can be reduced even further based on the amount of cryptocurrency you trade.
- Vast selection of altcoins;
- Affordable fees;
- Cold offline storage for users’ digital assets;
- Highly secure trading platform.
- The customer service could use some improvement;
- Advanced trading tools can be challenging for beginners.
8. eToro Exchange
eToro is a worldwide popular social trading and investing platform where you can trade and invest in the most liquid digital currencies on the market.
Primarily aimed toward advanced traders, the platform provides various innovative trading possibilities, such as the CopyTrading instrument. Using CopyTrading, users can automatically copy any successful trading technique and apply it to their future trades.
Beginners in crypto investing also find the platform’s UI simple to use and can quickly learn some tricks of the trade.
Crypto investors that favour eToro services are provided with roughly 20 coins, which is not the widest variety on the market.
However, eToro focuses on delivering the most liquid altcoins for active investors, and the exchange’s support for cryptocurrencies appears to be sufficient for traders who are more interested in new trading products.
- Enables automatic CopyTrading;
- Demo trading account available;
- Most of the services on this platform are fee-free.
- A limited selection of altcoins;
- Withdrawals cost 5 USD.
9. Gemini Exchange
Gemini is one of the most well-known and safe trading platforms in the business. Established in 2015, this seasoned crypto exchange caters to the needs of less experienced crypto investors while also providing numerous trading options for the less crypto-versed.
Gemini users can choose their favourite coin to trade from over 50 supported cryptocurrencies. The Gemini exchange has a complicated fee structure that includes a lot of different types of fees.
Commissions and transfer fees are the two main types of fees that the exchange charges for all trading done via their platform. A dynamic maker/taker model is used to figure out the Gemini trading fees, which range from 0.35%-0.9%.
- Highly secured and regulated platform;
- Deep liquidity;
- FDIC-insured exchange;
- Excellent 24/7 customer support;
- Suitable for both beginners and advanced traders.
- High trading fees and complex fee structure.
9. Coinsmart Exchange
For both novice and experienced traders, Coinsmart is a popular Canadian trading platform. Beyond the user-friendly design, the platform is powered by SmartTrade, a popular technology that allows newcomers to understand the trading process in a relatively short period of time.
You can trade a limited number of cryptocurrencies on this exchange if you’ve got your heart set on it. The good news is that exchanging altcoins costs as little as 0.2% of the transaction value when you swap one for another.
One of the most prominent features of this exchange is SmartPay. With Coinsmart’s SmartPay tool, you can invoice your clients and then get reimbursement in cryptocurrency.
- Beginner-friendly platform;
- Backed by the Canadian Bank;
- Affordable trading costs.
- Doesn’t provide a mobile app for Android devices;
- Fiat currency withdrawals incur high fees.
What Are Altcoins?
A cryptocurrency is a type of electronic currency built on ground-breaking blockchain technology. This distributed ledger is established through a decentralized network of nodes secured by the means of cryptography.
As the first digital currency, Bitcoin set the stage for a massive number of crypto initiatives, vying to achieve Bitcoin’s popularity and prominence.
All cryptocurrencies developed after Bitcoin are seen as an alternative to the world’s first digital coin. Hence, they have been labelled as altcoins. Though all of them belong to the wide category of digital currencies, different altcoins have very different features.
For instance, altcoins differentiate themselves by implementing smart contracts, building a slightly improved blockchain architecture, or introducing new use cases.
The price of these alternative cryptocurrencies, like Bitcoin’s, is volatile too. However, altcoins are generally less expensive than BTC. As a result, if you start with an altcoin investment, you could join the crypto market without breaking the bank.
Frequently Asked Questions
To get started with cryptocurrency trading, you’ll first need to investigate the market and find the best Bitcoin exchange. We have created a handy guide that reviews the best exchanges in Canada to assist you.
If you’re dealing with a regulated exchange, you’ll almost certainly be required to go through the KYC user authentication procedure to access the platform’s trading options.
After successfully verifying your identity and registering your trading account, locate the dashboard tab to take you to a crypto buying widget (usually labelled with ‘Buy Crypto’). Fill out the form with the wanted Bitcoin sum, select your preferred payment method, and complete the transaction.
Ethereum is the most stable of all altcoins and comparable to Bitcoin in some respects. Ethereum or Ether (ETH) is the second most popular and valuable cryptocurrency, right after Bitcoin (BTC).
While Bitcoin is simply a virtual currency built on the Bitcoin blockchain, Ethereum’s developers took things a step further.
Notably, Ethereum offers a unique blockchain foundation for future developers where they can effortlessly design their blockchain-based decentralized apps (dApps) secured by Ethereum’s most powerful feature – smart contracts.