Best Crypto Brokers and Trading Platforms in Canada
The top crypto wallets in Canada are the Ledger Nano X and Ledger Nano S hardware wallets. Hot wallets are apps on your phone or computer that connect to the internet. However, you can get a separate wallet and transfer your cryptos to it if you prefer.
Income earned through trading with Eightcap is subject to taxation under Canadian tax laws, as administered by the Canada Revenue Agency (CRA). The way trading income is taxed depends on whether the CRA classifies your activity as generating capital gains or business income. Day trading crypto lets traders profit from market volatility, but it’s a high-risk approach to trading.
Crypto.com was founded in 2016 and has over 10 million users worldwide. Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. Access over 45 popular coins and altcoins and staking to earn interest.
Regulatory monitoring in Canada will help prevent illegal activities and keep crypto prices stable. While it may be confusing to first time crypto holders in Canada, Canadian cryptocurrency is an internet-based digital currency. The database, or blockchain, keeps track of the Canadian and transactions from all over the world and who owns what. It is entirely decentralized, meaning that no central authority controls it in Canada. Crypto.com is a global crypto exchange that is available to users in Canada. It is beloved for its extensive selection of over 250 coins, making it a great alternative to Binance.
The more liquidity an exchange has, the quicker it will be to complete trades. Larger crypto exchanges tend to have higher liquidity than smaller ones. When you open an account with a crypto exchange, most of them will automatically provide you with a wallet.
Eightcap does not currently offer copy trading or social trading features directly within its proprietary services or platforms. During our evaluation, the broker demonstrated strong performance in areas such as trading costs, platform reliability, and asset diversity. With MetaTrader 4 and MetaTrader 5 platforms and competitive spreads starting from 0.0 pips, it caters well to active traders and those focused on forex and cryptocurrency markets. The inclusion of 250+ cryptocurrencies positions the broker as a leader in this segment compared to competitors.
The broker has received industry accolades, including the award for “Best Global Forex MT4 Broker” in 2020, highlighting its commitment to providing high-quality trading services. Eightcap’s user base has grown significantly, serving thousands of traders globally, although the exact number of active clients is not publicly disclosed. Proper risk management strategies, including using a reputable crypto exchange, are essential and can help increase your chances of success. However, crypto day traders must always be aware of various factors, including high commissions, liquidations and fatigue.
Software wallets, on the other hand, are encrypted non-physical programs that you download on your computer. Like a hardware wallet, it comes with a private key to access your funds and a recovery phrase to recover your coins in case of damage or hacking. While it is more quick and convenient to use, it being connected to the internet makes it vulnerable to any malware or virus running in the background.
Coinbase offers a variety of learning tools that help users understand the fundamentals of cryptocurrency and blockchain technology. The platform also provides incentives for users to learn, rewarding them with crypto for completing educational modules. This feature makes Coinbase not only a trading platform but also a great resource for personal growth in the crypto space. New users are verified instantly, and they can fund their accounts using Interac e-Transfer, wire transfer, bank draft, and crypto deposits. The Ontario-based crypto exchange has been around since 2016 and has been used for trading more than $7 billion worth of crypto assets.
The platform supports several digital assets, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, USDC, Stellar, Cardano, Chainlink, Shiba Inu, Uniswap, Dogecoin, Solana, Avalanche, Polygon, and EOS. It supports 50+ coins, including Ox, 1inch, Aave, Bitcoin, Cosmos, Curve, Doge, Litecoin, Ren, Shiba Inu, Polygon, Polkadot, and several others. Since its founding in 2016, the platform has been used by hundreds cryptocurrency broker canada of thousands of Canadians to trade over $5 billion in digital assets.
Before investing, your individual circumstances should be considered, and you may need to seek independent financial advice. Finally, for new investors to crypto, we generally recommend starting small. Your Bitcoin grew to $60,000, and you decided to use it to buy a Tesla. In this case, the difference between the cost basis ($10,000) and market value ($60,000) is $50,000, and the CRA will tax the $50,000 at your marginal tax rate. Join 500,000 people instantly calculating their crypto taxes with CoinLedger.