How to Buy Cryptocurrency in Canada [2025] | Top 3 Platforms

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Buying cryptocurrency in Canada has never been easier, with secure, regulated platforms offering fast onboarding, low fees, and seamless fiat-to-crypto transactions. Whether you're a beginner exploring digital assets for the first time or an experienced trader looking for advanced tools, this guide breaks down everything you need to know—from understanding what crypto is, to choosing the best platforms, deposit methods, and security practices.

We’ll explore the top three trusted platforms in Canada: VirgoCX, Wealthsimple Trade, and Coinbase, comparing their features, fees, and user experience to help you make an informed decision.

👉 Discover the fastest way to start trading crypto in Canada today.

What Is Cryptocurrency?

Cryptocurrencies—also known as digital currencies, cryptos, or virtual assets—are decentralized digital forms of value secured by cryptography and recorded on a public ledger called a blockchain. Unlike traditional money such as the Canadian dollar (CAD), cryptocurrencies operate independently of central banks and governments.

Popular digital assets like Bitcoin (BTC) and Ethereum (ETH) can be bought, sold, and traded on specialized platforms known as cryptocurrency exchanges. These operate similarly to foreign exchange markets but are open 24/7 and accessible globally.

While crypto isn’t considered legal tender in Canada, it is legally recognized as a commodity under securities law. This means you can buy, trade, mine, and use it for online purchases where accepted—but it’s not backed by government insurance like bank deposits.

The Evolution of Crypto in Canada

Canada has long been at the forefront of cryptocurrency adoption. It was the first country to implement anti-money laundering (AML) regulations for crypto service providers, ensuring consumer protection and transparency.

Since 2013, the Canada Revenue Agency (CRA) has treated cryptocurrency transactions as taxable events, subject to capital gains or business income rules depending on usage. Crypto platforms are regulated as Money Service Businesses (MSBs) under FINTRAC, adding another layer of oversight.

A major milestone came in 2013 when Vancouver launched the world’s first publicly accessible Bitcoin ATM, followed by Toronto in 2014. Today, North America dominates global Bitcoin ATM installations, with over 90% located in the U.S. and Canada due to strong demand and regulatory clarity.

Additionally, cryptocurrency mining is legal and regulated in provinces like Quebec, where Hydro-Québec allocated 300 megawatts (MW) of energy to blockchain operations in 2019—showcasing institutional support for the industry.

Best Platforms to Buy Crypto in Canada

While Bitcoin ATMs offer instant access, most Canadians prefer using regulated crypto trading platforms for better rates, security, and ease of use. Below are the top three trusted platforms available in Canada.

1 VirgoCX – Best for Low Fees & Fast Transfers

VirgoCX is a leading Canadian-regulated cryptocurrency exchange founded in 2018. Designed for both retail and institutional investors, it offers high liquidity, robust security, and one of the most competitive fee structures in the country.

The platform supports major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Shiba Inu (SHIB)—all tradable against CAD and USD.

Key Features:

👉 Start trading crypto with zero commissions and instant CAD deposits.

How to Buy Crypto on VirgoCX

  1. Create an Account: Sign up via the website or mobile app (iOS/Android).
  2. Complete Verification: Submit ID and personal details to pass KYC.
  3. Fund Your Account: Use Interac e-Transfer (instant) or wire transfer.
  4. Buy Crypto: Choose “Quick Trade” for simple purchases or “Advanced Trade” for limit orders and charts.

Once verified, you can begin trading within minutes. The platform also offers real-time price tracking, order history, and portfolio management tools.

Funding Options

All fiat deposits (CAD/USD) are fee-free. Withdrawals follow similar rules, with crypto sent directly to your external wallet.

Trading Interface

VirgoCX stands out for its speed, transparency, and Canadian focus—making it our top recommendation.

2 Wealthsimple Trade – Best for Beginners

Wealthsimple Trade is part of Canada’s largest online financial advisor platform. Its crypto service offers a clean interface ideal for new investors who want simplicity without sacrificing security.

Users can trade 29 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—with no minimum balance required.

Key Features:

Fees

Wealthsimple charges a 1.5%–2% spread on all trades—higher than competitors like VirgoCX. For example:

Buying $100 worth of Ethereum at a 2% spread = $2 fee included in the price.

There are no deposit or withdrawal fees for fiat transfers via linked bank accounts.

How to Buy Crypto

  1. Open the app and tap “Crypto.”
  2. Search for your desired coin.
  3. Enter amount and select “Buy.”
  4. Confirm order using market or limit orders.

Note: Crypto withdrawals are not currently supported, meaning you cannot transfer coins to an external wallet—a limitation for self-custody advocates.

Despite this, Wealthsimple excels in education and automation, making it ideal for long-term holders who prefer hands-off investing.

3 Coinbase – Best Global Exchange

Launched in 2012, Coinbase is one of the world’s largest and most trusted cryptocurrency exchanges, serving over 56 million users across 100+ countries.

Though U.S.-based, it’s fully accessible to Canadians and offers strong compliance with KYC/AML laws—ensuring a secure environment for buying digital assets.

Key Products:

Supports over 200 cryptocurrencies including BTC, ETH, ADA, SOL, and more.

How to Buy Crypto on Coinbase

  1. Link a debit card (only supported method for CAD users).
  2. Complete identity verification (KYC).
  3. Deposit funds instantly.
  4. Buy crypto with one click.

Unlike VirgoCX or Wealthsimple, Coinbase does not support Interac e-Transfer or bank account linking for Canadian users—a significant drawback.

Fees

This makes Coinbase one of the most expensive options in Canada—best suited only if you value its global reputation and wide asset selection over cost efficiency.

Frequently Asked Questions

Is cryptocurrency legal in Canada?

Yes. The Canadian government recognizes crypto as a commodity. Buying, selling, trading, and mining are all legal activities regulated under securities and anti-money laundering laws.

How do I start buying crypto in Canada?

Begin by choosing a regulated platform like VirgoCX, Wealthsimple Trade, or Coinbase. Complete identity verification (KYC), fund your account via Interac or debit card, then place your first trade.

Which platform has the lowest fees?

VirgoCX offers commission-free trading with tight spreads (~0.5%), making it the most cost-effective option. Wealthsimple charges 1.5%–2%, while Coinbase costs up to 4.5% including spreads.

Can I withdraw crypto to my personal wallet?

Yes—on VirgoCX and Coinbase. However, Wealthsimple currently does not allow withdrawals to external wallets.

Are my crypto assets insured?

Most platforms use cold storage and third-party custodians. VirgoCX and Coinbase insure digital assets against theft and hacks. Wealthsimple partners with Gemini and Coincover for comprehensive coverage.

How are crypto gains taxed in Canada?

The CRA treats cryptocurrency as a taxable asset. Gains from selling or trading are subject to capital gains tax (50% of profit included in income). Mining or staking income may be taxed as business income.

Ready to take control of your financial future? With clear regulations, fast on-ramps, and secure platforms, Canada offers one of the best environments for entering the world of digital assets.

👉 Join millions worldwide already trading crypto with low fees and high security.