Best Crypto Exchange For Day Trading: As the cryptocurrency world grows, its popularity continues to reach every corner of the globe.
Although intelligent investors have been playing in the market for a long time, new users enter this space every day for the first time. T
his environment can be difficult to access. Cryptocurrencies are significantly volatile assets, sometimes turning into huge percentages overnight.
Before you start trading cryptocurrencies, choose the most suitable exchange for your activity. The Canadian Exchange may have different features depending on your trading needs.
From Toronto-based websites that offer no more than 10 crypto resources to hundreds of tokenized multinationals, you should explore and learn which exchange is more convenient for your needs.
Table of Contents
Best Crypto Exchange For Day Trading – What is day trading crypto?
When you trade crypto – you are speculating about the short-term value of a digital currency like Bitcoin or Ripple.
Similar to the nature of forex, you will trade pairs. For example, if you want to trade the value of Etherium against the US dollar – it will be displayed as ETH / USD.
In this example, you would trade a crypto-to-fiat pair. Because half of this pair is crypto-assets and the other is Fiat currency.
Then you have a crypto-to-crypto pair, which will have two digital currencies. For example, it may include ETH / XRP – which means you are trading Ethereum as opposed to Ripple.
What is the best crypto for day trading?
Thousands of cryptocurrencies can be traded online and more in pairs. However, make no mistake about it – Bitcoin is by far the best crypto for day trading.
We should say one step further that the BTC / USD pair is the best market to focus on – especially if you are new to day trading.
Trading Volume: The pair BTC / USD attracts the highest trading volume of all time. This means you will never struggle to find liquidity.
Volatility: Although all crypto pairs are indeed volatile – BTC / USD is less parabolic than other markets.
Spreads: Since BTC / USD benefits from maximum volume and liquidity, you will find that the spreads of this pair are usually the most competitive.
Best Crypto Exchange in Canada
The Canadian crypto market continues to grow year after year, trying to adapt to this highly competitive environment.
In addition to popular global exchanges such as Huobi Global, Kraken, or Binance, Canadian companies also wanted to be a part of this complex and dynamic world.
Although the Canadian government has not imposed any restrictions on the use of cryptocurrencies, the tax rules apply to any other digital currency transactions as well.
Canada is no less than its online exchange. With a secure and reliable platform, they are at the level of other major exchanges available worldwide.
So before choosing your trading platform, you need to understand what each exchange offers and which one is best suited to your needs.
What to look for in Canada’s Best Crypto Exchange?
The most important things to consider when searching for the best crypto exchanges in Canada are:
Fee: How much does it cost to buy and sell? If the trading fee is too high, your profit will be negatively affected.
User Interface: New crypto traders should avoid trading platforms that are extremely difficult to use. Although these exchanges offer extra freedom, it can be scary if you are new to cryptocurrency.
Deposit and Withdrawal Options: Check if the exchange offers the appropriate funding options for your needs. The combination of bank transfer, interactive e-transfer, and crypto deposit is ideal.
Also, check to see if there are any costs associated with each option, as those charges will also reduce your profits.
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Regulations: Check whether they are licensed to operate, as well as the type of asset protection available. Although no crypto exchanges in Canada currently offer CIPF (Canadian Investor Protection Fund) protection, make sure they have approved and required coverage.
Account Security: For maximum security, you want to be able to transfer your coins to and from the exchange to a secure crypto wallet. Make sure the exchange uses cold storage to protect users’ coins and find out what their policies are on privacy, account security, and insurance.
Advanced Trading Tools: Experienced crypto traders may need charting tools, different types of orders, a live order book, an OTC desk, and other features. If you are new to crypto trading, these may not be important to you.
Customer Support: Do they provide 24/7 customer support? Is it easy for customers to contact customer service and get answers?
Supported Coins: 10,000+ cryptocurrencies exist, the more support your exchange has, the better.
What is the best crypto exchange in Canada?
There are hundreds of crypto platforms and bitcoin exchanges that allow you to buy, sell and trade digital assets online. However, most of these are uncontrolled.
On top of the license, you need to consider what crypto market the platform offers, fees and commissions, trading tools, and the types of payments support.
CoinSmart is a great second choice for Canadians looking for a reliable, trusted crypto exchange. Like Bitbay, CoinSmart’s trading fee is only 0.2%, they provide excellent customer support available 24/7 via phone, live chat, and email, and user accounts are instantly verified.
CoinSmart has been designated by the Ontario Securities Commission (OSC) as a registered marketplace, which means they are a highly secure exchange. They also maintain a 95% cold storage policy, which makes your crypto extra secure in all situations.
As a new CoinSmart user, you will receive a $ 20 bonus when you fund your account, which you can use to buy any of the 13 assets supported by Bitcoin, Ethereum, or CoinSmart. If you are looking for a highly secure, respectable exchange, CoinSmart is an excellent choice.
Crypto.com is a major global player that brings together a mature, proven exchange for Canadian crypto investors. It supports 100+ cryptocurrencies, making it suitable for anyone looking to invest in publicly overlooked altcoins.
Crypto.com offers some unique features that are unmatched by any other Canadian cryptocurrency exchange. Users can trade options and futures contracts, earn interest by betting on their coins, and leverage up to 10x when they feel particularly confident about a coin.
Crypto.com has invested heavily in the security of its platform, which makes trading with them extremely secure. The exchange is fast (prices are updated dozens of times per second), which gives day traders a top hand over the rest of the market.
Overall, Crypto.com is a strong exchange for investors looking to cash in on brand new altcoins. If you want to buy more mainstream coins like Bitcoin and Etherium, I recommend BitBuy or CoinsSmart instead.
(3): Wealthsimple Crypto
Wealthsimple Crypto is a Toronto-based crypto exchange that has been around for years. It supports large coins like Bitcoin, Ethereum, and Dogecoin, as well as 35 coins like Litecoin, Away, Ox, 1inch, Curve, Cosmos, Ren, Shiba Inu, Polygon, Polkadot, and many more.
Wealthsimple provides 24/7 customer support via live chat and email. Users can trade stocks from one place by transferring funds seamlessly between their stock portfolio and crypto portfolio.
Doing business with Wealthsimple is extremely secure, as it is a regulated platform with a 95% cold storage policy. They have partnered with Coin cover to protect your coins from theft and are backed by a $ 200 million insurance policy against potential losses.
More than 1 million Canadians use WealthSimple, and for good reason: it’s a respectable, solid platform for crypto trading. If for some reason you don’t like Bitbuy or CoinSmart, you can claim your $ 50 signup bonus.
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Coinberry supports 18 cryptocurrencies and charges a zero fee for CAD deposits and withdrawals. Users can make instant deposits via credit card and Intrac e-transfer, and while Coinberry has not reached the widespread application of Bitcoin’s choice, it is still an excellent, highly secure exchange.
One of the most preferred features by Coinberry users is the Coinberry Autopilot, a time-tested investment strategy that allows users to automatically purchase cryptocurrencies known as dollar cost averages.
The dollar cost average is one of the best performing investment strategies on the planet, and Coinberry is the only Canadian exchange to offer this functionality.
(5): Local bitcoin
LocalBitcoins takes a different approach than the others on this list: instead of trading with a larger market, you actually buy and sell with individual merchants.
It has gained a trusted user base for its overall ease of use, and is one of the oldest cryptocurrency markets of today.
However, I prefer LocalBitcoin mainly because of its low barrier to entry. Since you’re trading with other people and not with LocalBitcoins, it’s easy to verify your account and start trading.
However, LocalBitcoins users should proceed with caution; It is possible to be deceived by other users of the site, especially when cash Bitcoin is sold.
A common scam is, for example, a buyer who pays you through PayPal and then files a PayPal dispute after receiving your Bitcoin.
Other payment methods (such as Intrac Transfer and Bank Wire) are much more secure, but be careful. If it sounds too good to be true at LocalBitcoins, it probably is.
Headquartered in Calgary, BitVo supports 11 cryptocurrencies – including Cardano, Dash and QCAD – and offers competitive spreads across all businesses.
They have a user-friendly interface with a powerful advanced trading platform and process all deposits and withdrawals in one day.
Bitvo is a registered financial services business with Fintrack, and puts 95-100% of customer’s funds into cold storage for extra security.
Most accounts are instantly verified, and the platform is supported by 24/7 live customer support.
(7): Mogo Crypto
MogoCrypto is a relatively new cryptocurrency exchange formed by Mogo Inc. Trading on the NASDAQ and the Toronto Stock Exchange is a Canadian fintech aggregate. MogoCrypto only allows users to buy and sell Bitcoin, not any other cryptocurrency.
CAD deposits take at least 30 minutes to process and all deposits up to $ 1,000,000 are free. When you trade $ 10,000 or more, MogoCrypto offers 0.5% cashback on Bitcoin on all trades in one month.
In addition to MogoCrypto, Mogo offers other products like free credit scores, personal loans, mortgages and much more.
Netcoin is a beginner-friendly exchange that supports 9 cryptocurrencies (Bitcoin, Ethereum, Lightcoin, Bitcoin Cash, Tether, Ripple, QCAD, USDC and Stellar) and charges a 0.5% trading fee. Fiat deposits and withdrawals are free, and allow users to set coin purchase and sale limit orders when they reach a certain price level.
Best Crypto Exchange Type
Although brokers and exchanges are both ways to acquire digital currency, it is important to know the differences between them.
Basically, an exchange is a platform where buyers and sellers trade their crypto assets. The exchange charges a fee for most transactions.
A broker, on the other hand, is an individual or company that acts as an intermediary between an investor and the market.
Brokers can often provide additional (and paid) services and processes to their users, such as investment planning, research and professional insights. It gives the investor personal advice on how to manage his funds.
Best Crypto Exchange Regulation in Canada
Although the Canadian government has endorsed cryptocurrency and blockchain technologies, Canada confirmed in March 2021 that it would continue to regulate cryptocurrency public notices from the CSA and the Canadian Investment Industry Regulatory Organization (IIROC). The government is trying to ensure that exchange platforms remain within the country’s regulatory framework.
The Best Crypto Exchange For Day Trading scene is now a multi-billion dollar industry. For example, there are hundreds of online platforms, exchanges and brokers that offer cryptocurrency trading markets.