You’ve already added Bitcoin to your wallet but now you want to get your hands on some altcoins.
But where do you go to buy altcoins in Canada? The simple answer is a cryptocurrency exchange.
However, the exchange you choose matters. Why? Do you want to suffer the same fate as those who lost thousands in the QuadrigaCX scam?
To avoid losing your hard-earned money, you’ll want to use reputable exchanges like CoinSmart, Bitbuy, Coinberry, and Wealthsimple.
We’ve done the legwork and dug deeper into each of these exchanges. That means you’ll have the information you need to determine which platform makes the most sense for you when you’re ready to buy altcoins.
What is an Altcoin?
Simply put, an altcoin is any cryptocurrency, digital asset, or digital token that is not named Bitcoin.
According to CoinGecko, there are over 13,000 altcoins in the market. However, some altcoins, like Ethereum, have huge market caps while others, like Shiba Inu, trade at less than a penny.
What is a Cryptocurrency Exchange?
The easiest way to get your hands on altcoins in Canada is through a cryptocurrency exchange.
This is a platform that is easily accessible for crypto beginners and gives them a way to buy, sell, and trade altcoins. For the most part, these exchanges sell at market rates.
However, they make their money on fees, so keep a close eye on those so you’re not wasting your money.
Where to Buy Altcoins in Canada?
Okay, enough stalling. Let’s get to it. Here are the best places to buy altcoins in Canada.
1.Bitbuy – Best Exchange for Low Fees
First up on our list is Bitbuy. This cryptocurrency exchange is trustworthy and reliable. It offers low trading fees, which start at 0.2%. You can choose between 17 different cryptocurrencies, which should be plenty of options for beginners.
Bitbuy has a clean, easy-to-navigate app that’s excellent for first-time crypto buyers. Plus, the site has top-tier customer service, something that isn’t very common among crypto exchanges.
Users can also download the Bitbuy mobile app to track their crypto on their Android or iOS devices.
Lastly, the platform is recognized by the OSC (Ontario Securities Commission) as a Registered Marketplace and Investment Dealer. As a result, you know you’re using a safe exchange that keeps your crypto secure.
Supported altcoins:
You can buy the following altcoins on the Bitbuy platform: Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM), Polkadot (DOT), Uniswap (UNI), Sushiswap (SUSHI), Polygon (MATIC), Solana (SOL),Cardano (ADA),Dogecoin (DOGE), Litecoin (LTC), and others.
Bitbuy fees:
- Account creation – Free
- Deposit fees – 0.5%
- Withdrawal fees – 1%
- Trading fees – 0.2%
2.Wealthsimple Crypto – Best Exchange for Altcoin Variety
If you want to use an exchange based in Canada, Wealthsimple might be the exchange you want. This Toronto-based platform offers support for more than 35 altcoins and is home to over one million crypto users.
Wealthsimple offers users reasonable trading fees, but not as good as you’ll get with other exchanges. You can typically expect to pay between 0.5% and 2.00% when trading.
However, the site does offer 24/7 support through both email and live chat. Again, that’s not too common in the crypto world.
It doesn’t hurt that the site also offers users a way to trade stocks, which means you can easily move your funds between your crypto portfolio and your stock portfolio.
Nifty, right? Wealthsimple is a solid and reputable platform that keeps your crypto secure.
Supported altcoins
The following altcoins are available on Wealthsimple Crypto: Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Aave (AAVE), Chainlink (LINK), Compound (COMP), Cosmos (ATOM), Curve (CRV), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Polygon (MATIC), Polkadot (DOT), Terra (LUNA), and many others.
Wealthsimple Crypto fees:
- Account creation – Free
- Deposit fee – Free
- Withdrawal fee – Free
- Trading fees – 0.5% – 2.00%
3.CoinSmart – Best Exchange for Security
It’s no secret that the crypto market is extremely volatile, which is why it’s imperative that you select an exchange that will keep your funds safe.
CoinSmart is a Registered Marketplace by the OSC, and it’s regularly audited by a third-party company. That means your crypto is kept extra secure.
There are 16 cryptocurrencies available for purchase on the CoinSmart platform, so if you’re just getting started, there are plenty of options available. Account creation is free and the website is great for both novice and advanced traders.
Trading fees on the exchange are 0.2%, so you’re not paying an arm and a leg any time you want to trade. CoinSmart also offers instant account verification, so you can start trading right away.
You don’t have to wait hours (or even days in some cases) for the site to confirm your identity.
Supported altcoins
You’ll find the following altcoin on CoinSmart: Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BTC), Stellar (XLM), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Shiba-Inu (SHIB), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Polygon (MATIC), and others.
CoinSmart fees
- Account creation – Free
- Deposit fee – Free
- Withdrawal fee – 1%
- Trading fees – 0.2%
4.Bitvo – Best for Advanced Trading Features
This Calgary-based cryptocurrency exchange is great for those who want to dip their toes into advanced trading.
Bitvo offers a user-friendly platform with competitive spreads so traders can do a little more than just buy and sell cryptocurrencies at market rates.
Accounts are verified quickly so you’re not sitting around to start trading. Plus, Bitvo process withdrawals and deposits on the same day, which gets you started even faster.
One feature that sets Bitvo apart is its Bitvo Cash Card, a card that allows users to spend any fiat in their account at merchants who accept Visa.
There are no trading fees with Bitvo but you will pay 1% on your withdrawals, which is how the platform makes money.
The site only supports 11 altcoins, so it’s catered more toward those who want more popular cryptocurrencies. However, it is registered with FINTRAC as a Money Services Business, so your funds are secure.
Supported altcoins
You can purchase the following altcoins on Bitvo: Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Uniswap (UNI), and others.
Bitvo fees
- Account creation – Free
- Deposit fee – Free
- Withdrawal fee – 1% with $15 minimum
- Trading fees – 0% + spreads
5.Coinberry – Best for Autopilot Feature
Last on our list is Coinberry, which is a Canadian-based cryptocurrency exchange that has free deposits and withdrawals so long as you’re depositing CAD.
If you want access to your funds right away, Coinberry has an instant deposit feature that uses INTERAC e-transfers.
Coinberry supports more than 25 different altcoins, along with a mobile app so you can track your altcoins while you’re on the go.
While Coinberry isn’t as well-known as some of the other exchanges on this list, it’s still a solid option for newbies.
One feature that sets Coinberry apart from its competitors is its Autopilot capabilities. This feature uses dollar-cost averaging, which is considered one of the best investment strategies in the market.
As far as we know, Coinberry is the only Canadian cryptocurrency exchange that offers this feature.
Supported altcoins
You can buy the altcoins on Coinberry: Ethereum (ETH), Aave (AAVE), Cardano (ADA), Bitcoin Cash (BCH), Curve (CRV), Compound (COMP), Dogecoin (DOGE), Polkadot (DOT), Litecoin (LTC), Terra (LUNA), Polygon (MATIC), Uniswap (UNI), Stellar (XLM), and others.
Coinberry fees
- Account creation – Free
- Deposit fee – No charge for CAD deposit
- Withdrawal – No charge for CAD withdrawal
- Trading fees – 0% – 2.5%
Factors to Consider when Looking for a Crypto Exchange
There are plenty of factors to consider as you look for a crypto exchange through which you can buy altcoins. Here are a few to keep in mind:
Security
This is arguably the most important feature you’ll want in a cryptocurrency exchange. This is largely due to the nascent nature of crypto along with its volatility.
Exchanges that keep your funds offline in a cold storage account are ideal, as this protects your coins from malicious hackers.
Before you sign up for an exchange, dig deeper into its account security, privacy, and insurance policies.
Fees
How much are you going to pay when you buy and sell altcoins? What’s the fee for deposits and withdrawals?
If you’re paying higher fees, you’re losing money that you might be saving if you used other platforms.
Supported altcoins
What’s the point in using a cryptocurrency exchange if it doesn’t offer the altcoin you want to buy?
Most platforms offer less than 100 altcoins but there are some that support thousands of cryptocurrencies. The most important thing is that your altcoin is available to buy.
Deposits and withdrawals
Review how you can fund your account before you sign up. Many platforms allow for bank transfers, credit card purchases, or cryptocurrency deposits.
The same applies to withdrawals. You want to be able to access your funds when you want them.
Interface
If you’re new to buying cryptocurrencies, you want to avoid complex and complicated trading sites. The best thing you can do is find a crypto exchange that’s intuitive and straightforward.
Yes, advanced exchanges offer additional features and trading freedom, but starting simple is your best bet if you’re a novice.
Conclusion
There are plenty of places to buy altcoins in Canada, which is why it’s important to do your due diligence before making a final choice. One of the cool things about cryptocurrencies is that you can stake some of them and earn passive income.
Determine which features are most important to you (we’d suggest security) and pick an exchange you like.
Not all exchanges are created equal but there are plenty out there that make buying altcoins easy.
