Here are the best contenders

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Cryptocurrency trading gained ground across the globe in 2021. Canadians have jumped on the bandwagon in record numbers, and TSX-listed stocks have found a formidable competitor in crypto assets like Bitcoin and Dogecoin.

While the traditional stock market offers options for passively investing in cryptocurrencies through ETFs, direct investing has its own charm – and some underlying risks as well. Risks aside, here are the top three crypto exchanges in Canada that investors can use to bet on these volatile assets.

Also Read: The Next Cryptocurrency Is Set To Explode In 2022

1. Bitbuy

Bitbuy might not be as popular as the other two on the list, but it does bring its own benefits.

Advantages

First, the Bitbuy exchange is headquartered in Toronto. This means that the entity must comply with local regulations and compliance.

Second, Bitbuy users can take advantage of the security features provided by the Bitbuy exchange in the form of 95% cold storage, which means keeping tokens in offline mode, and Bitcoin Insurance, which was obtained. by partnering with Knox Insurance to cover theft and loss. risks that affect the crypto world.

Third, Bitbuy offers a choice of two different accounts – Express and Pro – depending on user preferences.

The inconvenients

For now, Bitbuy only offers to trade a limited number of crypto assets. These eight assets include the popular Bitcoin, its closest rival and the second largest crypto Ether, AAVE and LINK. Popular cryptos like Dogecoin, Shiba Inu, and Axie Infinity cannot be traded using the Bitbuy crypto exchange.

Also Read: Top Cryptos By Market Cap That Ruled In 2021

2. Coinbase Canada

Coinbase is a global crypto exchange and one of the most popular with regular mentions in international media.

Advantages

First, Coinbase is a global entity, listed on the NASDAQ, which places it under the regulatory oversight of the exchange.

Coinbase’s scale of operations makes it a top exchange with regular updates to its user interface. It also has a feature for users to earn cryptocurrency rewards by watching the educational and informative videos uploaded to the platform.

Finally, users can also participate in the staking process which means being a validator in the network and earning more crypto tokens.

The inconvenients

The regulatory crackdown on crypto exchanges all over the world is having a major impact on the operations of global exchanges. For example, the crackdown in China led to a drop in Coinbase bonds.

Data provided by CoinMarketCap.com

Also Read: Explained: Cryptocurrency Categories – DeFi, NFT, Metaverse

3. Binance Canada

Another major global cryptocurrency exchange, Binance has the largest number of cryptos listed on its trading platform. Binance’s dominance is so high that any crypto it lists experiences an increase in price points.

Advantages

Binance offers the ability to trade hundreds of crypto assets, including meme currencies and games based on blockchain technology.

Binance allows users to take out crypto loans, in addition to enabling staking as it is available in Coinbase

Binance also has its own blockchain project with the native Binance Coin or BNB. Its blockchain network is used by many other blockchain projects, which adds to the credibility of the exchange.

The inconvenients

The Binance exchange had a rough time in 2021. It halted its services in Ontario after a regulatory crackdown. However, this allowed users to exit the platform smoothly.

Besides the above three, Coinberry Canada, another Canada-based exchange, and Kraken are two other popular crypto exchanges in Canada.

Also Read: Is Bitcoin Better Than Gold To Protect Against High Inflation?

Popularity of cryptocurrencies

The total market capitalization of all cryptocurrencies is over $ 2,000 billion. Bitcoin’s market capitalization makes it one of the top ten assets on Apple’s top list. Bitcoin, Ether, Dogecoin, Axie Infinity, and Solana are some of the top cryptos that gained in 2021.

At the end of the line

Just like choosing any favorite cryptocurrency, choosing the best crypto exchange in Canada is a matter of individual choice. Risks in the volatile crypto market; However, the returns of cryptos that offer a perfect hedge against inflation cannot be overlooked. This makes cryptos and exchanges that support their trade under close scrutiny as we head into 2022.

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