In the realm of cryptocurrency exchanges, two notable names that have made their mark are Uphold and BitMEX. From a Canadian perspective, however, this comparison is entirely academic: neither platform is available to Canadians. Uphold exited Canada on June 11, 2025, and BitMEX has listed all of Canada as a restricted jurisdiction since late 2023.
Uphold Vs BitMEX: Which Is Better For Canadians?
Neither is an option for Canadians today. Uphold stopped supporting accounts for Canadian residents on June 11, 2025 and says it hopes to return. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
What Are The Key Differences Between Uphold And BitMEX?
Uphold Vs BitMEX: Side By Side
Uphold
BitMEX
Description
Uphold is a multi-asset platform offering 200+ cryptocurrencies, precious metals and national currencies, with its signature Anything to Anything trading. As of 2025-06-11 it stopped supporting Canadian accounts due to changes in its operating environment, and says it is working on plans to return in the future.
BitMEX was a veteran crypto derivatives exchange offering futures and perpetual contracts with up to 100x leverage. You could not deposit fiat, only crypto, and it was aimed at experienced traders. Canada was a restricted jurisdiction in BitMEX's terms before closing, and the exchange ceased all operations on 2026-09-23.
Coins
200+ cryptocurrencies, not accessible from Canada.
Perpetual and futures contracts on major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano and Avalanche. None were accessible from Canada.
Fees
Uphold priced trades with spreads, historically around 1.8% on crypto for Canadian users and higher on metals, and its fees always ran high compared with dedicated crypto exchanges.
Free crypto deposits and free BTC withdrawals (network fees could apply on other assets). Low, tiered maker/taker fees on derivatives. Balances now face a monthly fee, per CoinDesk.
Pros
Wide range of cryptocurrencies, including lesser-known assets
Multi-asset trading across crypto, metals and currencies
Anything to Anything swaps in seconds
Recurring buy and sell orders
Deep derivatives liquidity and one of the longest track records in crypto futures
Low, tiered maker/taker fees
Advanced order types
Handy leverage slider for adjusting risk per trade
Cons
Not available in Canada since 2025-06-11
High spreads compared to dedicated exchanges
Canadians who missed the 2025-09-08 withdrawal deadline had remaining crypto converted to CAD
Closed on 2026-09-23
Canada was a restricted jurisdiction before closure
Not suitable for simply buying crypto, no fiat deposits
Only suitable for traders who understood contract trading
Checkered regulatory history in the US
Security
2FA required before transferring funds, roughly 90% of digital assets in cold storage, compliance with OFAC and Bank Secrecy Act requirements, published reserve information and regular audits.
All BTC held in cold storage, multi-signature wallets, withdrawals audited by hand by BitMEX employees, 2FA. Never hacked in over a decade of operation, per our old row.
Methods To Buy
Canadians cannot buy on Uphold. The withdrawal deadline was 2025-09-08 and remaining crypto was converted to CAD, which accounts with balances can withdraw by Interac. Do not leave it sitting there, since unclaimed funds may eventually be surrendered under unclaimed property laws. Vault users can withdraw through the Vault Recovery Site while they hold their private keys; Uphold keeps its Vault key for only 12 months after account closure.
Canadians could not use BitMEX. Funding was crypto only (BTC, USDT and other supported assets), with no fiat rails.
App
iOS app rated about 4.6. Google Play rating Not verified (our old rows disagree). For Canadians the app only serves to log in and withdraw CAD.
BitMEX had iOS and Android apps, inaccessible to Canadians and now closed.
Account Limits
New Canadian accounts cannot be opened. Existing accounts are CAD-withdrawal-only via Interac, with limits of CAD 10,000 per transaction and CAD 100,000 per day.
Not applicable. Full KYC was required before trading elsewhere.
How Do You Fund And Cash Out Uphold And BitMEX In Canada?
Uphold: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Not published
Not published
CAD 10,000 per transaction, CAD 100,000 per day
Not published
BitMEX: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Crypto withdrawal via website
Not published
Not published
Not published
Not published
Canadian crypto remaining after 2025-09-08 was converted to CAD. Withdraw by logging in. Unclaimed funds may eventually be surrendered under unclaimed property laws. BitMEX never accepted fiat.
What Do Uphold And BitMEX Offer Beyond Buying And Selling?
Uphold Only
Anything to Anything: One-step swaps between crypto, metals and currencies. Not available to Canadians.
Vault: Self-held Vault accounts can be recovered through the Vault Recovery Site while you hold your private keys; Uphold keeps its Vault key 12 months after closure.
BitMEX Only
Futures and perpetual contracts (closed): Up to 100x leverage on crypto derivatives. Trading ceased 2026-09-23.
What Happens To Your Money If Uphold Or BitMEX Fails?
Uphold: Uphold's pre-registration undertaking was withdrawn and its Canadian MSB registration expired, so no Canadian regulator covers a leftover balance. Crypto left after 2025-09-08 was converted to CAD and can still be withdrawn by Interac; do not leave it there, because unclaimed funds may be surrendered under unclaimed property laws. Vault users must act within the 12-month key window. Uphold says it hopes to return, but no date exists.
BitMEX: BitMEX says it closed by owner decision after a business review and that it is unrelated to legal or regulatory issues, per CoinDesk. If you still have a balance, withdraw through the website, since API withdrawals ended on 2026-09-28 and balances face a monthly fee. No Canadian regulator covers BitMEX, so there is no compensation scheme for crypto left behind.
How Are Uphold And BitMEX Treated For Tax In Canada?
Uphold: The forced conversion to CAD after 2025-09-08 was a disposition, and trades on Uphold were dispositions for CRA purposes. Export your full history while you can still log in. Export formats: Not published.
BitMEX: Derivative gains and losses on BitMEX were taxable for CRA purposes. Export your trade and wallet history now. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, Uphold Or BitMEX?
Choose Uphold If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
Choose BitMEX If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To Uphold?
Left Canada
Uphold stopped supporting accounts for Canadian residents on June 11, 2025, and it says it hopes to return. It never appeared on the CSA's list of authorized platforms. It had filed a Pre-Registration Undertaking with the CSA on March 27, 2023, and delivered a notice of withdrawal on May 29, 2025, a couple of weeks before it pulled the plug.
Its FINTRAC registration for the Canadian entity, UPHOLD OPERATING CANADA LTD., is listed as expired on January 27, 2026. So there is no regulated Uphold service for Canadians today, whatever the website says about a comeback.
What Should Uphold Users Do Now?
If you still have a balance, the clock has already run. The withdrawal deadline for Canadian users was September 8, 2025, and after that date any crypto still in an account was converted to CAD. Accounts with balances can now only withdraw CAD by Interac, with limits of CAD 10,000 per transaction and CAD 100,000 per day.
Log in, withdraw the CAD, and move on. Do not wait for a relaunch before acting on money that is already yours.
What Happened To BitMEX?
Closed
BitMEX shut down its exchange on September 23, 2026, so no one, Canadians included, can trade there any more. BitMEX's own Legal page says it ceased trading on 23 September 2026. The operator was HDR Global Trading Limited of the Seychelles. Canada was already listed as a restricted jurisdiction in BitMEX's terms before the closure.
Only withdrawals remain. According to CoinDesk, withdrawals through the website stay open, API withdrawals end on September 28, 2026, and balances left on the platform face a monthly fee.
What Should BitMEX Users Do Now?
If you hold a balance, withdraw it through the website and do not leave it sitting there. API withdrawals end on September 28, 2026 and, per CoinDesk, idle balances will be charged a monthly fee.
Do not expect to replace BitMEX-style leverage on a registered Canadian platform. Kraken says Canadian clients cannot trade margin or derivatives, and Coinbase's derivatives, launched on September 2, 2026, are for eligible Canadian investors only.
What Should Uphold And BitMEX Users Use Instead?
Wealthsimple Crypto: An Available Option
Registered mainstream Canadian platform with simple CAD funding for a casual multi-asset buyer. That is the nearest fit for Uphold users.
Wealthsimple Crypto: key facts
Item
Wealthsimple Crypto
Trading Cost
Flat 0.5% fee plus a spread on market orders (limit orders carry no spread); the fee schedule's example is 0.50% plus 1.00% spread, or 1.50%. With Active Trader status the spread is 0% and the fee runs 0.5% under CAD 10,000 of 30-day volume, down to 0.05% at the top tiers. CAD 1 surcharge on orders under CAD 100.
CAD Funding
Free Interac e-Transfer, up to CAD 10,000 each
Coins
170+
Registration
CIRO investment dealer member; CSA decision December 18, 2023 (amended December 22, 2025)
Sign-Up Offer
None confirmed
Wealthsimple takes free Interac e-Transfer deposits of up to CAD 10,000 each, or whatever your bank allows. Crypto withdrawal limits are up to CAD 10,000 a day and CAD 25,000 a week across all coins, according to a summary of the help centre. A CAD withdrawal fee was not found.
Wealthsimple Investments Inc. is a CIRO investment dealer member and sits on the CSA list (decision December 18, 2023, amended December 22, 2025). Wealthsimple says crypto is held in trust and that its custodial partners each carry over $75M of cold storage coverage. Cash is covered by CIPF, crypto is not.
Wealthsimple's iOS app is rated 4.62 across 129,832 Canadian ratings, a very large base, and Google Play shows 4.1 from 81K reviews.
Wealthsimple Crypto: Pros And Cons
Pros
With Active Trader status the spread drops to 0% and the fee can fall to 0.05%
Free Interac e-Transfer
CIRO investment dealer member
170+ coins
Sits next to your other Wealthsimple accounts
Cons
Without Active Trader status you pay 0.5% plus a spread on market orders
CAD 1 surcharge on orders under CAD 100
Crypto is not covered by CIPF
30% of staking rewards go to Wealthsimple on Core and Premium
Registered in Canada with a deep altcoin list, so it is the practical replacement for a wide menu. That is the nearest fit for BitMEX users.
Kraken: key facts
Item
Kraken
Trading Cost
Kraken Pro: 0.40% maker and 0.80% taker at the entry tier, 0.30% and 0.60% from $2.5K of 30-day volume, 0.22% and 0.38% from $10K. Instant Buy: 1% plus a spread.
CAD Funding
Free: Interac e-Transfer (min CAD 5) and domestic wire
Coins
About 498 (derived; no official Canadian count)
Registration
CSA Restricted Dealer (decision April 1, 2025); FINTRAC MSB; not a CIRO member
Sign-Up Offer
None verified
Kraken takes free Interac e-Transfer deposits with a CAD 5 minimum and limits of CAD 10,000 per transaction and per day, CAD 30,000 per week and CAD 100,000 per month. Domestic wires are free, though a CAD 13.74 intermediary bank fee is noted. Debit card deposits cost CAD 0.25 plus 3.75%. Interac withdrawals cost CAD 10.
Payward Canada Inc. (Kraken) is a CSA Restricted Dealer under a decision dated April 1, 2025, and a FINTRAC-registered MSB. It is not a CIRO member, though press reports say it intends to apply. Kraken's Proof of Reserves snapshot for June 30, 2026 shows reserve ratios of 102.9% on BTC, 100.5% on ETH and 100.6% on SOL. Canadian clients also face a net purchase limit of CAD 30,000 over a rolling 12 months on assets other than BTC, ETH, LTC and BCH (CAD 100,000 for eligible investors), outside Alberta, BC, Manitoba, Quebec and Saskatchewan.
Kraken's iOS app is rated 4.62 from 5,662 Canadian ratings, and Google Play shows 4.2 from 55.1K global reviews. Instant Buy keeps the first purchase simple, and Kraken Pro is where the order book, charts and lower fee schedule live.
Kraken: Pros And Cons
Pros
Kraken Pro fees start at 0.40% maker and 0.80% taker and fall with volume
What Changed For Uphold And BitMEX In October 2026?
: Kraken republished its fee schedule page, with Pro spot still starting at 0.40% maker and 0.80% taker.
: API withdrawals on BitMEX end, per CoinDesk reporting.
: Wealthsimple updated its crypto fee schedule: 0.5% flat plus spread, Active Trader tiers down to 0%, and a CAD 1 surcharge on small orders.
: BitMEX ceased trading; only withdrawals remain.
: The CSA issued an amended decision for Wealthsimple Investments Inc.
: Withdrawal deadline for Canadian Uphold users; remaining crypto was converted to CAD afterwards.
Frequently Asked Questions
Is Uphold Available In Canada In 2026?
No. Uphold stopped supporting Canadian residents on June 11, 2025, and says it hopes to return. It is not on the CSA's list of authorized platforms.
Can I Still Get My Money Out Of Uphold?
Accounts with balances can withdraw CAD by Interac, with limits of CAD 10,000 per transaction and CAD 100,000 per day. The deadline to move crypto was September 8, 2025, and anything left after that was converted to CAD.
Is BitMEX Still Open?
No. BitMEX shut down its exchange on September 23, 2026. Only withdrawals remain, and Canada was already a restricted jurisdiction in its terms.
Can Canadians Use BitMEX-Style Leverage Elsewhere?
Not on a registered Canadian retail platform. Kraken says Canadian clients cannot trade margin or derivatives. Coinbase's derivatives, launched September 2, 2026, are for eligible Canadian investors only.
What Should I Use Instead Of Uphold?
Registered mainstream Canadian platform with simple CAD funding for a casual multi-asset buyer. The registered options with verified data on this page are Wealthsimple Crypto, Kraken.
Do Uphold And BitMEX Have Limit Orders?
Uphold: Not applicable. BitMEX: Yes globally, closed.
Which Coins Can You Buy On Uphold And BitMEX?
Uphold: 200+ globally, none for Canadians BitMEX: Derivatives only, closed
Is The Spread The Fee On Uphold And BitMEX?
Uphold: No longer applicable. BitMEX: No longer applicable.
Does CIPF Cover My Crypto On Uphold Or BitMEX?
Uphold: CIPF never covers crypto, and this platform no longer serves Canadians. BitMEX: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Uphold And BitMEX Available In Every Province?
Uphold: No longer available in any province. BitMEX: No longer available in any province.
Do Interac Deposits Work On Weekends On Uphold And BitMEX?
Uphold: No longer applicable. BitMEX: No longer applicable.
What Is The Minimum Buy On Uphold And BitMEX?
Uphold: No longer applicable. BitMEX: No longer applicable.
Can A Business Use Uphold Or BitMEX?
Uphold: No longer applicable. BitMEX: No longer applicable.
Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.
He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.
His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.
