Canadians have a growing number of cryptocurrency apps to choose from, but “best” depends on your specific needs: low fees, broad asset selection, strong security, or seamless CAD funding. This guide breaks down the landscape, provides a practical comparison framework, and highlights the risks you need to manage when choosing a platform.
The phrase “best crypto app” is inherently subjective. For a day trader, the best app is one with advanced charting and low trading fees. For a long-term holder, it is about security and staking options. For a beginner, it is about simplicity, educational resources, and responsive customer support.
When evaluating a crypto app, consider these core dimensions:
Canada has a unique regulatory and banking environment that influences which crypto apps are accessible and how they operate.
In Canada, cryptocurrency exchanges are considered money services businesses (MSBs) and must register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). They are also subject to provincial securities regulations. The Canadian Securities Administrators (CSA) has issued guidelines requiring platforms to comply with investor protection measures, including holding client assets in custody with a qualified custodian.
This means that reputable Canadian apps are registered and subject to compliance audits, offering a layer of protection compared to offshore platforms that may not be regulated. However, regulation does not eliminate risk; it merely establishes baseline standards.
A key differentiator for Canadian crypto apps is how they handle Canadian dollars. The most popular and convenient method is Interac e-Transfer, which allows near-instant funding from any Canadian bank account. Some apps also support wire transfers or bill payments. The availability and speed of CAD funding is often a deciding factor for Canadian users.
The Canadian market has several well-established platforms, each with its own strengths. Below is an overview of the most popular apps, based on user adoption, regulatory standing, and feature sets. (Note: This is not an endorsement; always do your own research.)
Shakepay is one of Canada’s most popular crypto apps, known for its simplicity and ease of use. It supports Bitcoin and Ethereum trading with a straightforward interface. Funding is via Interac e-Transfer, and the app offers a unique “ShakingSats” feature that rewards users with small amounts of Bitcoin for daily engagement.
Newton offers a wider selection of cryptocurrencies (over 70) and prides itself on “zero trading fees,” though it makes money through the spread (the difference between buy and sell prices). It supports Interac e-Transfer and wire funding, with a clean mobile app and competitive spreads.
NDAX (National Digital Asset Exchange) is a regulated Canadian exchange that provides a comprehensive trading platform with advanced order types, staking, and a broad range of assets (over 40 cryptocurrencies). It is a solid choice for more experienced traders who want depth and control.
Wealthsimple Crypto is integrated with the popular Wealthsimple investment platform, making it easy for Canadians to buy and sell crypto alongside their traditional investments. It supports a curated selection of major cryptocurrencies and offers a simple, branded experience.
Coinbase is a global exchange widely used in Canada. It offers a massive selection of assets, advanced trading features via Coinbase Pro, and robust security. However, it is less tailored to the Canadian market than local apps, and CAD funding may be more limited or carry higher fees.
Use this table to quickly compare the key features of the major Canadian crypto apps. All data is approximate and subject to change; always verify directly on each platform’s website.
| Platform | Trading Fees | Spread | # of Assets | CAD Funding | Security / Regulation | Best For |
|---|---|---|---|---|---|---|
| Shakepay | ~0.5% – 0.75% | Moderate | 2 (BTC, ETH) | Interac e-Transfer | FINTRAC registered | Beginners, Bitcoin & ETH only |
| Newton | 0% (spread-based) | Low to Moderate | 70+ | Interac e-Transfer | FINTRAC registered | Cost-conscious traders |
| NDAX | 0.1% – 0.2% maker/taker | Tight | 40+ | Interac e-Transfer, wire | FINTRAC registered | Advanced traders, staking |
| Wealthsimple Crypto | ~1.0% – 2.0% | Moderate | 50+ | Interac e-Transfer, bill pay | FINTRAC registered | Wealthsimple ecosystem users |
| Coinbase | ~0.5% – 1.0% (plus spread) | Wide | 200+ | Wire, debit (limited) | FINTRAC registered | Global asset selection |
Fees and features change frequently. Check each platform’s official fee schedule for the most current rates.
Before committing to any app, run through this checklist to determine which platform aligns with your needs and risk tolerance.
Background: Sarah is a 30-year-old professional in Toronto. She has never bought cryptocurrency before but wants to invest CAD 1,000 into Bitcoin and Ethereum. Her priorities are: (1) ease of use, (2) fast Interac e-Transfer funding, (3) reasonable fees, and (4) a mobile app she can manage on the go.
Action: Sarah compares Shakepay and Newton. She appreciates Shakepay’s minimalist interface and daily Satoshi rewards, but she wants the flexibility to buy other coins later. She opens a Newton account, completes KYC (which takes about 15 minutes), and funds via Interac e-Transfer. Within an hour, her funds are available. She buys $500 in BTC and $500 in ETH at the displayed market price, noting the spread.
Outcome: Sarah successfully completed her first crypto purchase. Over the following weeks, she monitors the app, reads educational articles within the app, and feels comfortable with the experience. She later decides to use NDAX for more advanced trading after gaining confidence.
Takeaway: Starting with a simple, regulated app that supports fast CAD funding is a reliable approach for Canadian beginners.
Security is paramount when selecting a crypto app, especially since you are dealing with your financial assets.
Using cryptocurrency apps and trading digital assets carries significant risks. This guide is for educational and informational purposes only and does not constitute financial, legal, or tax advice.
You are solely responsible for your own financial decisions. Never invest more than you can afford to lose entirely. Consult with a qualified financial advisor, legal professional, or tax specialist before engaging in any crypto-related activities.
By reading this guide, you acknowledge that you understand and accept these risks.
Shakepay and Newton are often recommended for beginners due to their simple interfaces, Interac e-Transfer support, and FINTRAC registration. Shakepay is ideal if you are only interested in Bitcoin and Ethereum, while Newton offers a broader selection of assets with a user-friendly experience.
Reputable Canadian crypto apps are registered with FINTRAC as Money Services Businesses and comply with provincial securities regulations. However, regulation does not guarantee safety from hacking or insolvency. Always choose apps with strong security practices and insurance coverage.
The most common and convenient method is Interac e-Transfer, which is supported by most major Canadian apps. Some apps also allow wire transfers or bill payments. Funding via e-Transfer typically takes minutes to a few hours.
Fee structures vary. Some apps charge a percentage trading fee (e.g., 0.5%–1%), while others use a spread model (marking up the price). Additionally, withdrawal fees for moving crypto to external wallets may apply. Always review the app’s official fee schedule for current rates.
Yes, the Canada Revenue Agency (CRA) treats cryptocurrency as a commodity. Any profit from buying and selling crypto is generally considered capital gains, and 50% of the gain is taxable at your marginal rate. You are responsible for tracking and reporting your transactions. Consult a tax professional for personalized advice.
Yes, most Canadian crypto apps support CAD withdrawals via Interac e-Transfer or wire transfer. Withdrawal times vary from a few hours to 2-3 business days. Check the app’s withdrawal limits and fees before initiating.
If a registered MSB becomes insolvent, your funds may be at risk. Unlike traditional banks, crypto apps are not covered by CDIC (Canada Deposit Insurance Corporation) insurance. This is why it is critical to withdraw your crypto to a self-custodial wallet if you are not actively trading.
Canadian apps generally offer faster and cheaper CAD funding, better regulatory alignment with Canadian laws, and are more likely to have customer support during local business hours. International exchanges may offer a wider selection of assets and advanced trading features, but they may not support Interac e-Transfer and may have higher or less transparent fees for Canadians.