Cryptocurrency Banking in Canada: Best Options for 2025

How Canadians can combine crypto and banking — the best crypto-friendly apps, exchanges, and what to know about regulations.

Crypto and Banking in Canada

Canada is one of the world's most progressive countries for cryptocurrency regulation. The Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulate crypto exchanges as money services businesses. Buying, selling, and holding cryptocurrency is legal in Canada, and the country approved the world's first Bitcoin ETFs in 2021.

Traditional Canadian banks don't hold crypto directly, but several fintech platforms integrate crypto trading alongside conventional banking features — making Canada a leader in the crypto-banking convergence space.

Best Crypto-Friendly Platforms for Canadians

Platform	Type	Crypto Options	Banking Features
Wealthsimple Crypto	Investment app	50+ coins	Cash account, investing
Shakepay	Crypto exchange	BTC, ETH	Shakepay Card (Bitcoin back)
Newton	Crypto exchange	60+ coins	No banking integration
Bitbuy	Crypto exchange	30+ coins	CDIC-insured CAD balances
NDAX	Crypto exchange	30+ coins	Canadian-operated

Shakepay — Canada's Crypto Card

Shakepay is a Canadian crypto app that lets users buy Bitcoin and Ethereum and spend Canadian dollars with a Visa prepaid card that earns Bitcoin back on every purchase — similar to cash back but in Bitcoin. Shakepay has over one million Canadian users and offers a unique proposition: spend in dollars, accumulate Bitcoin automatically.

Wealthsimple Crypto

Wealthsimple's crypto product integrates with their cash and investment accounts, allowing Canadians to hold Bitcoin, Ethereum, and 50+ other cryptocurrencies alongside their stocks, ETFs, and cash savings in a single app. This is the most seamless crypto-banking integration available to Canadians in 2025.

What Canadian Banks Think of Crypto

Canada's Big Five banks don't offer crypto trading directly, but most have policies that allow customers to transfer funds to regulated Canadian crypto exchanges. Some banks have historically blocked crypto exchange transfers, though this practice has become less common as crypto regulation has matured.

None of Canada's traditional banks offer crypto savings accounts or crypto-collateralized loans — these products remain in the fintech domain.

Crypto Taxes in Canada

In Canada, cryptocurrency is treated as a commodity by the CRA (Canada Revenue Agency). This means:

• Selling crypto for CAD is a taxable event — capital gains or losses apply
• Trading one crypto for another is also a taxable event
• Using crypto to buy goods or services is taxable
• Mining crypto is treated as business income
• 50% of capital gains are included in taxable income (capital gains inclusion rate)

Is Crypto Safe to Hold with Canadian Platforms?

Crypto held on exchanges is not CDIC-insured — deposit insurance only covers Canadian dollar deposits at member institutions. However, Canadian-regulated exchanges like Wealthsimple, Bitbuy, and NDAX are registered with FINTRAC and subject to Canadian law. Keep large crypto holdings in a hardware wallet for maximum security.

For everyday Canadian banking without the volatility of crypto, KOHO remains the best free option — cash back on all purchases, high savings rate, and zero monthly fees. Use code 45ET55JSYA for a $20 welcome bonus.