Cryptocurrency took the financial sector by storm, and over a decade later, it has now gained more acceptability and usability. Countries are now coming out with appropriate regulations for cryptocurrency activities which have been a subject of debate for some time now. An essential component of crypto trading is crypto exchanges platforms.
These platforms make it possible for users to buy and sell cryptocurrencies of their choice. There are numerous crypto exchange platforms in the crypto space today, and they are all separated by their features and the kind of services they offer. This article discusses the best crypto exchange platforms to look out for in 2023.
What are crypto exchange platforms?
Crypto exchange platforms, are used to facilitate the buying and selling of cryptocurrencies for other financial assets like fiat or other digital currencies. They can be said to be an intermediary between a buyer and a seller of crypto currency. These platforms make money through fees and commissions charged on the trading activities on their platform.
You can also convert one cryptocurrency to another on crypto exchange platforms. For example, you can convert your Bitcoin to Dogecoin if the exchange platform supports both currencies. It is usually said that there is no crypto exchange platform that is best for one individual. It is a matter of researching on the platform to see if what it offers aligns with your goals.
Types of crypto exchange platforms
All crypto exchange platforms belong to any of these 3 types, namely: Centralized, decentralized, and Hybrid.
Centralized platforms -This is the most common in the crypto space. They work for both crypto-to-crypto changes and fiat-to-crypto-exchanges. Centralized platforms act as intermediaries between buyers and sellers of cryptocurrencies and are usually controlled by the exchange platform company. known to be more reliable, with 99% of crypto transactions going through a centralized crypto platform.
Customer support, fiat gateways, various cryptocurrency trading pairs are some of the features and services you can get on a centralized crypto platform.A good example is Coincheck.
Decentralized platforms -On a decentralized crypto exchange platform, users can perform peer-to-peer transactions without an intermediary or any third party. Due to the issue mentioned about centralized platforms, some crypto traders prefer to transact on a decentralized platform.
The downside of decentralized crypto platforms is that it does not facilitate the transaction of cryptocurrencies with fiat currencies. In other words, you can only trade with the direct crypto swap. There is no central company that owns a decentralized platform.
Hybrid platforms – This type of platform, like the name suggests, combines the use of centralized and decentralized features. It combines the secured features of decentralized platforms with the speed of centralized platforms. These platforms are not famous yet; it is mostly still under development.
Top crypto exchange platforms in Canada for 2023
As it is everywhere around the world, Canada also has crypto exchange platforms that operate in and out of Canada. Choosing the top exchange platforms in Canada is not an easy task because there are a lot of crypto exchanges with good user reviews and services. However, after extensive research, here are the top 3 cryptocurrency exchange platforms to watch out for in 2023:
So far in 2022, Bitbuy is one of the top exchange platforms in Canada, according to user reviews. It offers a low trading fee at 0.20% and 0.1% for its Pro users. You can trade 15 cryptocurrencies on the platform. You get verified quickly, and you can fund your account directly from your bank account using Interac e-transfer or wire transfer.
Bitbuy is registered with Registered Marketplace and Investment Dealer, a body recognized by the Ontario Securities Commission (OSC). This exchange platform offers good customer support altcoin trading with an excellent mobile app for your trading.
Coinberry is a Canadian crypto platform that offers 18 different cryptocurrencies on its platform.
Signing up is fast, and you can purchase the cryptocurrency of your choice provided on the platform with your CAD. you can fund your account via e-transfer, wire transfer, and with your credit card. It is a safe and secure platform that uses industry-grade security systems to protect your digital assets
This is another top crypto exchange platform in Canada to watch out for in 2023. Coinsmart charges 0.2% trading fees with excellent customer support that is available 24/7. You can contact customer support via live chat, email, or phone. It offers a fast sign-up time.
The OSC recognizes it as a registered marketplace for trading cryptocurrencies.
Things to look out for in a crypto exchange platform
Security – The platform of your choice should be able to guarantee the safety of your digital assets, be it through insurance policies or industry-standard security systems.
Accessibility– is critical because some exchange platforms do not operate in certain regions. It is essential to go for a platform that is functional in Canada, and if you want to be able to trade outside Canada, go for a platform that allows you to do so.
Fees – While affordable prices are important, it is essential to note that the higher the fee, the faster the platform. Some platforms with extra features also have a higher trading fee, but trading fees should be as reasonable as possible.