Choosing the right cryptocurrency exchange in Canada can make a significant difference in your investment returns—especially when fees vary so dramatically between platforms. After an in-depth analysis of 18 crypto services across 14 exchanges, we’ve uncovered which platforms offer the lowest costs for buying and selling Bitcoin, and why trading fees alone don’t tell the full story.
Our research reveals that NDAX and Kraken Pro stand out as the most cost-effective options, while Coinbase ranks as the most expensive—charging up to 19.5 times more than its competitors. If you're a Canadian investor looking to maximize value, this guide breaks down everything you need to know about real-world crypto trading costs.
Why Fees Matter in Crypto Trading
For both new and experienced investors, high fees can silently erode profits over time. Many users assume that a 0% trading fee means a platform is free, but hidden costs like wide spreads, deposit charges, and withdrawal fees often tell a different story.
To help cut through the noise, RankFi conducted a real-time, hands-on evaluation of Canadian crypto platforms. We purchased and sold Bitcoin on each service during the same five-minute window to ensure accurate comparisons. Our “all-in fee” metric captures the true cost by combining:
- Canadian dollar (CAD) deposit fees
- Trading fees
- Spread between platform price and the Bitcoin market index
This comprehensive approach gives a clearer picture than any single fee type could provide.
👉 Discover how low your crypto fees could be with the right platform.
Methodology: How We Tested 18 Canadian Crypto Services
Each year, RankFi publishes the most detailed review of Canadian cryptocurrency exchanges. This year’s study included 14 exchanges offering 18 distinct services, accounting for tiered platforms like Coinbase Advanced and Kraken Pro, which have separate fee structures from their retail counterparts.
All platforms reviewed met these criteria:
- Support CAD deposits and withdrawals
- Allow direct purchase of Bitcoin
- Are accessible to Canadian residents
Data was collected manually on May 16, 2024, between 11:15 AM and 11:20 AM EST. We logged into all platforms simultaneously to capture live BTC/CAD prices, minimizing timing discrepancies. While no method is perfect due to market volatility, this approach provides one of the fairest comparisons available.
Key Findings: The True Cost of Buying Bitcoin in Canada
Average All-In Fee to Buy Bitcoin: 1.90%
The average cost to buy Bitcoin across all platforms was 1.90%, but individual results varied widely—from just 0.41% on NDAX to a staggering 4.79% on Coinbase.
Top Performers:
- NDAX: 0.41% all-in fee — the cheapest option
- Kraken Pro: 0.69% — a close second
- Coinbase Quick Buy: 4.79% — 11x more expensive than NDAX
Interestingly, eight platforms advertise 0% trading fees, yet none ranked among the cheapest for actual Bitcoin purchases. Why? Because they compensate through wider spreads and less competitive pricing.
👉 See how much you could save by switching to a lower-cost exchange.
Selling Bitcoin: Cash Out Costs Vary Even More
When it comes to selling Bitcoin and withdrawing funds to your bank account, fees include:
- Trading fee
- Price deviation from the Bitcoin index
- CAD withdrawal fee
Average All-In Fee to Sell Bitcoin: 2.13%
- Kraken Pro led the pack with a mere 0.32% all-in fee (though it adds a fixed $10 e-transfer withdrawal fee not included in our percentage)
- NDAX followed at 0.51%, plus a low $1.99 fixed withdrawal fee
- Coinbase was again the most expensive at 6.24% — nearly 19.5 times higher than Kraken Pro
This shows that even if a platform seems affordable for buying, it may be extremely costly when cashing out.
Understanding CAD/BTC Spreads
The spread—the difference between the buy and sell price—is a hidden cost that affects every trade.
- The average BTC/CAD spread across Canadian exchanges was 1.90%
- Platforms like Coinbase Advanced offer tighter spreads but only for USD pairs, requiring Canadians to convert CAD to USD first—at an added cost
- Despite strong liquidity, high trading or conversion fees make some low-spread platforms more expensive overall
While Bitcoin typically has the tightest spreads, altcoin spreads on Canadian exchanges can exceed 6%, making global exchanges a better choice for alternative cryptocurrencies.
Canadian Dollar Deposits: Most Are Free, But Not All
Transferring money from your bank to your exchange should be simple and low-cost.
Key Insights:
- 12 out of 14 platforms offer free Interac e-Transfers
- Kraken charges a 0.50% deposit fee, making it unique—and notably more expensive unless you're using Kraken Pro with crypto deposits
- All platforms support Interac e-Transfer; many also accept wire transfers and credit cards
Had Kraken not charged this deposit fee, it would have beaten NDAX as the cheapest place to buy Bitcoin.
What About Global Exchanges?
Canadian-focused platforms often lack depth in altcoin selection and competitive pricing. However, global exchanges like Bitget and BYDFi offer:
- Lower all-in fees
- Tighter spreads
- More trading pairs and advanced tools
While they don’t support CAD directly, Canadians can access them by depositing crypto from a domestic exchange.
👉 Explore global trading opportunities with minimal fees and maximum flexibility.
Frequently Asked Questions (FAQ)
Q: Why is NDAX the cheapest platform to buy Bitcoin?
A: NDAX combines low trading fees with competitive pricing close to the Bitcoin index and no deposit fees. Its efficient pricing model makes it ideal for cost-conscious investors.
Q: Is Kraken really cheaper than Coinbase?
A: Yes—by a wide margin. Kraken Pro charges just 0.69% to buy Bitcoin versus Coinbase’s 4.79%. When selling, the gap widens further: 0.32% vs. 6.24%.
Q: Do 0% trading fee platforms actually save me money?
A: Not necessarily. Eight platforms offer 0% trading fees but recoup costs through wider spreads or poor execution prices. Always look at the all-in cost.
Q: Should I use a Canadian or global exchange?
A: For Bitcoin via CAD, stick with top Canadian platforms like NDAX or Kraken Pro. For altcoins or advanced trading, consider global exchanges that support crypto deposits.
Q: How often do crypto exchange fees change?
A: Fees can change at any time. Volume-based tiers, promotional periods, and regulatory updates may affect pricing. Regularly reassess your platform choice.
Q: Are there ways to reduce my crypto trading costs?
A: Yes: use limit orders instead of market orders, avoid express buy features, choose platforms with tight spreads, and consolidate trades to minimize fees.
Final Recommendations for Canadian Crypto Investors
Based on our analysis, here’s who should consider which platform:
- Best for low-cost Bitcoin trades: NDAX and Kraken Pro
- Best for altcoin variety and global access: International exchanges like OKX (accessible via crypto deposit)
- Avoid for frequent trading: Platforms with high all-in fees like Coinbase Express
Remember: the cheapest option isn’t always the one advertising “0% fees.” Look beyond headlines and evaluate the full cost of entry and exit.
Whether you're just starting out or scaling your portfolio, choosing the right exchange can significantly impact your long-term gains. Use this data to make informed decisions—and keep costs where they belong: as low as possible.