Safety comes first for Canadian crypto buyers. When I asked nearly 1,000 Canadians what matters most when they pick a crypto exchange, 41% said safety and security. Fees and spreads came second at 21%, and coin selection third at 14%. Everything else, from customer support to staking, was a single-digit concern.
I asked one simple question on OCryptoCanada and in our Canadian crypto Reddit community: “What’s the most important factor for you when choosing a crypto exchange?” Nearly 1,000 people answered, and I collected every response. These are the results, first published in December 2023, and they still drive how I score every exchange on this site.
What Is The Most Important Factor When Picking A Crypto Exchange?
| Rank | Factor | Share Of Respondents |
|---|---|---|
| 1 | Safety and security | 41% |
| 2 | Fees and spreads | 21% |
| 3 | Coin selection | 14% |
| 4 | Compliance with Canadian laws | 8% |
| 5 | Ease of use | 7% |
| 6 | Customer support | 3% |
| 7 | Brand reputation | 2% |
| 8 | Deposit methods | 2% |
| 9 | Staking opportunities | 1% |
| 10 | OTC desk | 1% |
Source: OCryptoCanada reader survey, nearly 1,000 responses, first published December 2023. You are welcome to cite these figures with a link to this page.
Why Does Safety Matter So Much To Canadians?
Security tops the list for good reason. I’ve seen too many Canadian crypto traders lose funds to hacks and exchange failures. Canadians remember QuadrigaCX, and the collapse of offshore platforms since then made the point again: if the exchange fails, your coins can go with it.
Add the 8% who put compliance with Canadian laws first, and almost half of all respondents were really asking the same thing: will my money be there when I want it back? That is why a platform’s registration with the Canadian Securities Administrators carries so much weight in my scores.
Which Exchanges Fit Each Priority?
| If Your Priority Is | Start With | Why |
|---|---|---|
| Safety and security | Coinbase, Newton, NDAX | CSA-registered platforms; move long-term coins to your own wallet |
| Fees and spreads | NDAX, Kraken Pro | NDAX charges a flat 0.20%; Kraken Pro starts at 0.40% maker and 0.80% taker |
| Coin selection | Kraken, Coinbase | The widest choice among CSA-registered platforms on my list |
| Compliance with Canadian laws | Wealthsimple Crypto, Newton | Both are CIRO investment dealers as well as CSA-registered |
| Ease of use | Coinbase, Wealthsimple Crypto | The simplest first purchase for a beginner |
| Bitcoin only, in your own wallet | Bull Bitcoin, Bitcoin Well | Non-custodial: coins go straight to your wallet |
Not sure which of these you are? Take my 60-second quiz, or see the full ranking of the best crypto exchanges in Canada, where these survey weights decide every score.
How Did I Run The Survey?
- The question: “What’s the most important factor for you when choosing a crypto exchange?” One answer per person.
- Where: a questionnaire on OCryptoCanada and a post in r/OCryptoCanada, our Canadian crypto community on Reddit.
- Responses: nearly 1,000.
- Published: December 2023.
- Limits: respondents are readers and community members, not a random sample of all Canadians, and each person picked a single factor, so the shares add up to 100%.
What Has Changed Since The Survey?
- : Robinhood closed its acquisition of WonderFi, which owns Bitbuy and Coinsquare, and began moving their customers to the Robinhood app.
- : Newton was admitted to CIRO as an investment dealer.
- : Wealthsimple disclosed a data breach caused by a third-party software package; no funds were reported lost.
- : Coinbase disclosed a customer data breach and refused to pay a USD 20 million extortion demand.
Frequently Asked Questions
What Matters Most To Canadians When Choosing A Crypto Exchange?
Safety and security. 41% of the nearly 1,000 Canadians who answered my survey named it as their single most important factor, ahead of fees and spreads at 21% and coin selection at 14%.
How Many People Took The Survey?
Nearly 1,000 people answered, through a questionnaire on OCryptoCanada and in the r/OCryptoCanada community on Reddit.
Which Exchange Is Best If Safety Matters Most?
Pick a platform registered with the Canadian Securities Administrators. On my list that means Coinbase, Kraken, Wealthsimple Crypto, Newton or NDAX. Then move long-term holdings to a wallet you control.
Which Exchange Is Cheapest In Canada?
Among CSA-registered platforms, NDAX's flat 0.20% trading fee is the lowest published rate on my list. Use the cost calculator to compare a buy of your size.
How Did You Use The Survey Results?
The percentages became the weights in my exchange scoring, so safety counts for 41% of an exchange's score and fees for 21%.