Litecoin – Top three Crypto exchanges in Canada to buy bitcoin
Buy bitcoin – When trying to decide which cryptocurrency exchange to use, there is no exact science. It is much like shopping for a bank or a car; you just have to find the right fit. So you should shop around. The following review is of managed cryptocurrency exchanges based in Canada. If you are interested in decentralized exchanges, then you will need to look elsewhere.
Here are a few things to consider while shopping:
· The fee structure
· Which cryptocurrencies you can buy on the exchange
· Security, KYC, and cryptocurrency storage protocols
In this article we review 3 of the top crypto-exchanges in Canada:
· Bitbuy
· CoinSmart
· Newton
These three exchanges have a lot in common regarding regulatory compliance and the ability to link to Canadian bank accounts. The differences lie in the details of their services and the cryptocurrencies that they offer. And you will likely find that you prefer one interface over another. So check each one out.
Newton
Newton is a newer exchange on the Canadian crypto-scene, but they have a few things going for them. For starters, they are a no-fees exchange. Yes, no fees. How are they making money? They deal in larger sized cryptocurrency deals. And like banks and investment firms, they also earn interest off of your money.
The best thing about Canadian exchanges is that you can now buy Bitcoin with Interact and e-transfers right from your bank account. No, Newton does not accept credit cards. This is definitely a way to keep costs down, as credit card charges for merchants add up quickly.
They also have a strong security system with offline cold storage of their cryptocurrency holdings. They have a Plaid partnership, which is a Canadian security management company to protect data, but it is also linked to bank and credit bureau information.
An extra bonus is that they have an easy to use the mobile app, which is always nice.
The list of cryptocurrencies that you can buy is Bitcoin, Ethereum, Litecoin, Ripple, Monero, Tether, Bitcoin Cash, Stellar Lumens, USD Coin, and QCAD.
CoinSmart
CoinSmart is another Canadian exchange, and it has been around for a few years, which demonstrates good staying power. They have low, reasonable trading and transaction fees. There is a 0.2% commission for cryptocurrency sales and a 1% fee for withdrawals.
They also have secure SSL encryption and use cold storage for the majority of their cryptocurrency holdings. CoinSmart follows Canadian regulations, and so it collects necessary personal data, which is partnered with credit company Equifax and complies with FINTRAC standards.
A couple of perks of CoinSmart are the Smart Guarantee and their referral program. The Smart Guarantee means you can pay a fee to ensure that transactions are completed within a specific time period. And CoinSmart has a referral program that gives you a $25 credit for every person you refer who activates an account with them.
Luminus Financial is the Canadian bank that backs CoinSmart’s financials. This means that all of your money with CoinSmart remains in Canada. With the growing success and popularity of cryptocurrencies, regulations around digital assets are in constant flux. So it is wise to keep your funds in a country where you understand the fiscal policies. In the event that your money is in Denmark (let’s say), your finances would become subject to their regulatory policies. This can become an expensive headache.
CoinSmart has 10 cryptocurrencies on its exchange: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, DASH, EOS, NEO, Stellar (XLM), Cardano (ADA)
BitBuy
BitBuy is also a Canadian cryptocurrency exchange. Like the others, it complies with mandatory Canadian KYC standards and is FINTRAC registered. You can also use interact and e-transfers from Canadian banks with BitBuy.
Fees are similar to CoinSmart and are between a 0.1-0.2% commission. They also have high liquidity and a tight margin of the bid-ask spread. The major boon for BitBuy is their live customer support. If you need help, you can call BitBuy and speak to a real person.
The cryptocurrencies they offer are Bitcoin, Ethereum, Litecoin, XRP, Stellar (XLM), EOS, and Bitcoin Cash.
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