Centralized Crypto Exchange Information / Guides / Pricing / Comparisons

  • WHAT IS A CENTRALIZED CRYPTO EXCHANGE

    A centralized crypto exchange is a platform where you can buy or sell digital assets. Here, you have to trust a third party to monitor the transaction and secure the assets on behalf of the buyer and the seller. Their deals aren’t tracked on the block chain. Such exchanges require you to submit your personal information for verification.




  • Advantages of Centralized Exchanges

  • USER FRIENDLY

    Centralized exchanges offer beginner investors a familiar, friendly way of trading and investing in cryptocurrencies. As opposed to using crypto wallets and peer-to-peer transactions, which can be complex, users of centralized exchanges can log into their accounts, view their account balances, and make transactions through applications and websites.

  • RELIABLE

    Centralized exchanges offer an extra layer of security and reliability when it comes to transactions and trading. By facilitating the transaction through a developed, centralized platform, centralized exchanges offer higher levels of comfort.

  • LIQUIDITY

    Centralized cryptocurrency exchanges have more liquidity because multiple users make particular orders according to market trends. So if an asset is in demand, various users will purchase or sell it accordingly. Moreover, it has market makers who add further liquidity to the platform.

  • SPEED

    Fast transaction speeds on centralized exchanges contribute to better user experiences as well as enable complex trade types

  • VOLUME

    Centralized exchanges still account for the vast majority of trading volume




  • Disadvantages of Centralized Exchanges

  • TRANSACTION FEES

    Unlike peer-to-peer transactions, centralized exchanges often charge high transaction fees for their services and convenience, which can be especially high when trading in large amounts.

  • HACKING RISK

    Centralized exchanges are operated by companies that are responsible for the holdings of their customers. Large exchanges usually hold billions of dollars worth of Bitcoin, making them a target for hackers and theft.

  • STRICT REGULATIONS

    Centralized exchanges are licensed by the government. As a result, they have to follow strict government norms. The know your customer (KYC) norms at some of these exchanges are equivalent to those of big banks. Centralized exchanges deal with a wide variety of regional and federal government agencies. The data at these exchanges may also be accessed by these agencies. These strict regulations are a deal-breaker for many investors who prefer privacy.

  • FEWER OPTIONS

    Investors on centralized exchanges end up trading variety for safety. In most centralized exchanges, only 40 to 50 types of cryptocurrencies are available for trading. This is a small fraction of the total number of cryptocurrencies in the crypto universe

  • RISK OF BANKRUPTCY

    The centralized exchanges are also private corporations. Hence the money which is in their custody is in effect a loan which an investor has given to them. Wherever there is a loan, there is always a chance of default. Up until now, there has not been any news of the bankruptcy of any exchange. However, there is always a possibility that this might happen in the future.

Comparisons of Canadian Centralized Exchanges

CANADIAN CEX FOUNDED BREACH / HACK COLD STORAGE FINTRAC REG. 2FA WITHDRAWAL ACCOUNT
BITBUY 2016 NO 95% POLICY YES YES YES OPEN ACCOUNT
COINBASE 2012 NO YES YES YES YES OPEN ACCOUNT
CRYPTO.COM 2016 NO 100% VIA LEDGER VAULT YES YES YES OPEN ACCOUNT
COINBERRY 2017 ALLEGEDLY (2020) YES VIA GEMINI YES YES YES OPEN ACCOUNT
GEMINI 2014 NO YES YES YES YES OPEN ACCOUNT
KRAKEN 2011 NO 95% POLICY YES YES YES OPEN ACCOUNT
NETCOINS 2014 NO YES YES YES YES OPEN ACCOUNT
SHAKEPAY 2015 NO YES YES YES YES OPEN ACCOUNT
VIRGOCX 2018 NO 95% VIA LEDGER VAULT YES YES YES OPEN ACCOUNT
WEALTH SIMPLE 2014 NO YES VIA GEMINI YES YES YES OPEN ACCOUNT
CANADIAN CEX E-TRANSFER WIRE TRANSFER CONNECTED BANK ACCOUNT DEBIT / CREDIT OTHER ACCOUNT
BITBUY 1.5% FEE .5% FEE NO NO - OPEN ACCOUNT
COINBASE NO NO NO MIN 3.99% FEE PAYPAL WITHDRAWAL OPEN ACCOUNT
CRYPTO.COM FREE FREE NO MIN 3.5% FEE - OPEN ACCOUNT
COINBERRY FREE FREE NO NO - OPEN ACCOUNT
GEMINI FREE FREE FREE 3.49% FEE - OPEN ACCOUNT
KRAKEN NO $11.50 FEE NO NO CANADA POST (IN PERSON) OPEN ACCOUNT
NETCOINS FREE FREE NO 5% + FEES ONLINE BILL PAYMENT OPEN ACCOUNT
SHAKEPAY FREE FREE NO NO - OPEN ACCOUNT
VIRGOCX FREE DEPOSIT FREE DEPOSIT NO NO - OPEN ACCOUNT
WEALTH SIMPLE NO NO FREE NO - OPEN ACCOUNT
CANADIAN CEX COINS MOBILE APP WEB APP LIMIT ORDERS RECURRING ORDERS STAKING FUTURES ACCOUNT
BITBUY 9 YES YES YES NO NO NO OPEN ACCOUNT
COINBASE 40+ YES YES NO YES YES NO OPEN ACCOUNT
CRYPTO.COM 100+ YES NO NO YES YES NO OPEN ACCOUNT
COINBERRY 19 YES YES YES YES NO NO OPEN ACCOUNT
GEMINI 97 YES YES YES YES YES NO OPEN ACCOUNT
KRAKEN 50+ YES YES YES NO YES YES OPEN ACCOUNT
NETCOINS 7 YES YES YES NO NO NO OPEN ACCOUNT
SHAKEPAY 2 YES YES YES YES YES NO OPEN ACCOUNT
VIRGOCX 30+ YES YES YES NO NO NO OPEN ACCOUNT
WEALTH SIMPLE 30+ YES YES YES NO NO NO OPEN ACCOUNT
CANADIAN CEX BEST ALL IN PRICE STANDARD TRADING FEE CAD DEPOSIT FEE ACCOUNT
BITBUY 2.29% 0.1% / 0.2% 1.50% OPEN ACCOUNT
COINBASE 4.55% 3.99% N/A OPEN ACCOUNT
CRYPTO.COM 1.52% FREE FREE OPEN ACCOUNT
COINBERRY 2.83% FREE FREE OPEN ACCOUNT
GEMINI 0.5% - 3.99% FREE FREE OPEN ACCOUNT
KRAKEN 0.80% + $1.25 0.16% / 0.26% $1.25 + 0.25% OPEN ACCOUNT
NETCOINS 1.41% 0.50% FREE OPEN ACCOUNT
SHAKEPAY 1.43% FREE FREE OPEN ACCOUNT
VIRGOCX 0.66% FREE FREE OPEN ACCOUNT
WEALTH SIMPLE 3.48% 1.48% FREE OPEN ACCOUNT