There are several exchanges out there now that allow you to purchase cryptocurrencies. So which should you be using?

Before investing in cryptocurrency, it’s important to take the time to research your options because the exchanges you choose will have a direct impact on where you purchase, how you trade, and what fees you pay.

Below is a summary of the exchanges I currently use and recommend:  

Shakepay (MOST FUN!)

• Summary: This is my favourite app. If you're a beginner, it is super easy to use and one of the fastest ways to buy and withdraw crypto. If you are seasoned crypto trader with more complex investments, I highly recommend this as a secondary app. Even if you never use it to purchase coins, you can earn bitcoin every day simply by opening up the app and shaking your mobile device. Every consecutive day that you "shake" your device, earns you increasingly more BTC! It is really fun to use.
• Pros: Allows you to earn FREE crypto (which you can then transfer anywhere). The app is super user-friendly, purchases are quick (transactions are INSTANT as opposed to days), and the support team seems to be pretty responsive. 
• Cons: The app currently only supports BTC and ETC. It does not offer additional coins like XLM, COMP, GRT, etc. No watchlists, automation rules, news.
• Fees: 0.75% - $0 transaction fees for deposits and withdrawals. Fees are on the spread.
• Safety: Shakepay is regulated by FINTRAC and AMF.

Use this referral link and Shakepay will give you $30 when you trade $100: https://shakepay.me/r/YAVYYLQ

Coinbase (LONGEST HISTORY)

• Summary: This platform is actually a brokerage that has a long history and an excellent record with almost no security breaches. 
• Pros: Good track record. Offers additional ALTcoin (XLM, COMP, CELO, MKR, GRT, NU, BAND, ZRX, AAVE, DAI, DASH, etc.) Provides tutorials which allow you to earn a small amount of ALTcoin upon completion.
• Cons: Higher fees. Not all ALTcoin is supported (ADA, DOT). No watchlists, automation rules, news. Canadians🇨🇦 can only purchase cryto with a CAD via debit card or sell cryptos via PayPal.
• Fees: 4% - Trading fees are around 1.49% and card purchases incur a 3.99% fee per transaction. 
• Safety: Confidential data (including wallets and private keys) is secured with AES-256 SSL encryption and insured by the FDIC (Federal Deposit Insurance Corporation) on top of that. The insurance applies to US residents, to a maximum of $250,000.

Use this referral link and Coinbase will give you $10 when you trade $100: coinbase.com/join/close_av?src=ios-link

🇨🇦 Newton (LOWEST FEES)

• Summary: We are still watching this one since it is relatively new to the market but right now it has the lowest fees for trading.
• Pros: Lowest fees. Offers additional ALTcoin (XLitecoin, Tether, Lumens, USDCoin and QCAD, etc.)
• Cons: Newest exchange, which entered the market in 2018.
• Fees: 0.7% - $0 transaction fees for deposits and withdrawals. Fees are on the spread.
• Safety: Registered with FINTRAC, complies with AML and CFT regulations

Use this referral link and Newton will give you $25 when you trade $100: https://web.newton.co/r/2SVLFL

Crypto.com (MOST ALTCOINS)

• Summary: If you are comfortable using an international app that has different regulations than those based in North America, this is a good app for purchasing those ALTcoins that are not available on other basic apps.
• Pros: Provides the most variety of ALTcoins for purchase. Allows you to earn interest by staking coins. Provides a VISA card that allows you to spend crypto.
• Cons: Not user-friendly. Can be overwhelming for new users. Customer service is slow. 
• Fees: Crypto.com has a complex maker/taker fee structure for trading crypto. Depending on your 30-day trading volume, the maker fee can range from 0.036% to 0.10% and the taker fee can range from 0.090% to 0.16%. Also, note, the minimum and maximum withdrawal fee is different for each type of cryptocurrency.
• Safety: Crypto.com is NOT FDIC or SIPC insured. Additionally, It's based in Hong Kong, where regulations are very different. 

Use this referral link and Crypto.com will send you $25 when you trade $100:  https://crypto.com/app/u9cgew9gae

Wealthsimple Trade (EASIEST INTERFACE WITH ALL INVESTMENTS IN ONE PLACE)

• Summary: This app is easy to use but it has higher fees, with exception to Canadian stocks like BTTC.B (Bitcoin EFT).
• Pros: Nice user interface and very easy for beginners to use. 
• Cons: Slow funding (it takes 3-5 days to get your money) and fees are higher. Also, crypo cannot be withdrawn to an external wallet. You must sell in order to withdraw.
• Fees: Fees are hidden in the spread (3.53%) and an operational cost of 1.48%; however, $0 when you trade Canadian stocks.
• Safety: Wealthsimple Trade is a division of Canadian ShareOwner Investments Inc., an organization that has been around for 30+ years. Canadian ShareOwner Investments Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor's Protection Fund (CIPF), which you can read more about in our article here.

Use this referral link and Wealthsimple will give you $10 when you trade $100: https://my.wealthsimple.com/app/public/trade-referral-signup?code=EVBE-Q

Disclaimer:

Information provided on this blog does not constitute financial advice. This blog contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Every effort has been made to ensure that the information provided is accurate. However, information can change without notice. 

This post may contain referral links. We only recommend products and services that we have tested and use ourselves.