Crypto Trading Bonuses: Are They Worth it in Canada?
Cryptocurrency has become very popular in Canada over the last couple of years. Canadians owe the growth of the crypto currency mostly to crypto trading. In fact, the majority of the transactions that take place in the crypto industry in Canada are through trading.
But did you know that crypto exchanges offer trading bonuses to their users? If you didn’t already know it, you’re in luck. Simply because that’s exactly what we’re going to discuss today. We’re going to talk about crypto trading bonuses and whether or not they are worth your time.
What is Crypto Trading?
Before we start talking about crypto trading bonuses, we need to understand what crypto trading is. To understand that we need to go back to basics. Let’s talk about trading first.
For starters, trading is the act of buying and selling financial instruments with the goal to make a profit. What are financial instruments in this context? You must have heard about stocks, shares, and funds. These are the things that we’re referring to as financial instruments. Needless to say, they’re very popular among Canadian traders.
But financial instruments are not limited to just these three. In fact, there are different markets that have their own financial instruments. You can even trade bonds, IPOs, and ETFs if you wanted to.
The way you trade with these is very simple. These assets are all assigned a financial value. But that value is not fixed. The trading is done depending on the direction the value goes, either up or down.
But then what is crypto trading and is it any different? Let’s find out.
What is Crypto Trading?
Crypto trading is done in two ways. You’re trading on whether the value of the coin is going up or down relative to the fiat currency. Another way of crypto trading is comparing two different cryptocurrencies.
For understanding purposes, let’s say you have two cryptocurrencies in your wallet. Bitcoin and Ethereum. If you’re trading on Bitcoin, you’ll be trading based on which coin’s price will go up or down. You make a prediction and make money if you’ve predicted it correctly.
Differences Between Trading and Crypto Trading
Now let’s see how it is different from regular trading. For starters, the asset type is completely different. In regular trading, be it stocks, bonds, or funds, you’re trading in fiat currencies. But in crypto trading, you’re dealing with digital assets that are stored on the blockchain.
Another key difference is the ownership of assets. When you’re in regular trading, you’re typically buying shares in a company. You’re a part owner of the company. But you have no authority over how the company performs which affects the value of your shares.
In crypto, however, due to the use of blockchain technology, there is no option for any partial ownership. You are the owner of your own crypto coin. And since cryptocurrency is much easier to own than stocks, more people are starting to trade in cryptos.
But fiat currency trading is much more reliable. Because, unlike cryptos, they are not volatile. So, rarely there’s a sudden change in the value. This has its good and bad sides. If you’re lucky, you can get a really big payout. But if you’re not, well then, some financial trouble may come your way.
Another reason why traders are slowly shifting towards cryptocurrency is the low fees. Since most of the crypto trading takes place through crypto exchanges, traders are subject to relatively affordable fees. Compared to that the stock market has strict rules and regulations and also imposes a heavy trading fee on traders.
Crypto Trading Bonuses: What You Need to Know
When you hear the word bonus, the first thing that pops into your mind has to be the value. How much is the bonus worth? If you know the amount beforehand that lets you plan how you want to deal with future trades.
While knowing the bonus amount is important, that’s not all that you need to watch out for. When you read about bonuses on a crypto exchange platform, what most newcomers don’t know is that there are conditions attached to these bonuses. It’s important to be aware of these terms and conditions before claiming the bonus.
It doesn’t matter if it’s an online casino or a crypto exchange, no company will state these terms with the bonuses themselves. Because doing that seems to turn away many users from claiming any bonuses.
Think about it yourself. If someone tells you about a promotional offer but they bombard you with boring details, you won’t be as interested to use that promotional offer. Casinos and crypto exchanges understand that which is why they put the terms and conditions separately.
Here’s what you should always do before claiming a bonus. You should look for the terms and conditions associated with the particular bonus. You need to go through them carefully and understand all the conditions before claiming the bonus.
Let’s see some of the things that will come up in the terms and conditions of crypto trading bonuses.
Type of Bonus
You should first check to see what kind of crypto trading bonus you’re dealing with. There are some exchanges that don’t require anything from the user except signing up. But in most cases, you will need to fulfil some conditions before the bonus is cashed into your account.
Minimum Deposit Requirement
Some bonuses are tied in with a minimum deposit amount. Basically, what it means is that you need to make a first deposit of a minimum amount or more to enjoy the bonus. Unless you meet this requirement, you won’t be able to get the bonus anymore. That’s why it’s always wise to read the T&C.
Minimum Trading Requirement
You will also run into bonuses that require you to trade a minimum amount before getting the bonuses. This trade can be made with fiat currencies or cryptos. You can find the exact details by reading through the terms and conditions.
There are also bonuses that combine a minimum deposit and a trading requirement. In cases like this, you will have to fulfil both requirements to enjoy the bonus. There is no scenario where you can enjoy a partial bonus by fulfilling half of the requirements unless stated otherwise.
Bonus on Referrals
Referral bonuses are the most common types of bonuses in the crypto industry. Since most crypto exchanges are relatively young, they want to expand their community using referral bonuses. When checking out a bonus you should see if it’s a referral bonus or not. If it is, you will need to refer to someone you know to enjoy that particular bonus.
The Best Trading Bonuses in Canada
There are multiple crypto exchanges in Canada where you will enjoy multiple benefits on top of getting trading bonuses. These crypto exchanges have different features that attract different customers. Some will come with a user-friendly interface while others will have advanced features for high-volume traders.
You should always choose a crypto exchange depending on the type of trader that you are. Go through the features of each crypto exchange before you finally settle on one.
But we’re here to give you the list of crypto exchanges based on the trading bonuses. Let’s see what these have to offer.
For traders that are looking for an MSB that is registered, BitBuy is a perfect choice. The crypto exchange is part of FINTRAC and registered for crypto assets by the Ontario Securities Commission. They deal in Canadian dollars for fiat currencies making it an excellent choice for any Canadian.
Although it offers limited cryptocurrency options for trading, it makes up for that with a clean-looking interface and phenomenal customer support. You can do Express trading, Pro trading, and OTC trading as well with this crypto exchange.
The trading bonus offered at BitBuy comes in the form of a referral bonus. By referring a friend with a unique referral code, you stand to win a bonus for yourself and your friend. Get C$20 worth of free cash when your friend makes an initial deposit of C$250 or more. Your friend will also get C$20 so it’s a win-win for both of you.
- Licensed MSB from Ontario Securities Commission
- Excellent customer service available 24/7
- Very low trading fees with free deposits
- 95% cold storage for coins
- Small liquidity
- Available only for Canadians
- Doesn’t support advanced features such as staking and wallet
Coinbase is excellent for newcomers to get into crypto trading. They have some excellent learning programs that can help you get started with the basics. You can choose what you want to learn which makes it viable for intermediate traders as well.
Coinbase also has an amazing mobile app that lets you trade on the go. You get access to all of Coinbase’s features even if you’re on the phone. Traders also get access to a Coinbase debit card which can be used to withdraw funds from your account.
The trading bonus at Coinbase is only given to users after they’ve traded a minimum amount. You’re required to trade at least C$100 worth of crypto. Once you’ve done that, you’ll get a C$10 bonus which you can use to trade more crypto.
- A huge collection of cryptocurrencies offered
- Chance to earn free money through learning courses
- Well-designed mobile interface
- Staking and interest opportunities are limited
- High fees on certain transactions
- Fee structure is confusing for beginners
Newton helps traders get started on trading with the help of their instant verification. Due to this, traders don’t have to wait at all to start trading through Newton. Newton also offers zero fees on everything. You don’t have to pay anything extra to withdraw your money when you make it on a trade.
Like the other recommendations in our list, Newton also offers an excellent mobile app for its users. You can keep track of your trades, access trade history, and so much more with the mobile app. In a nutshell, you can do pretty much everything on the app that you can do on the desktop version of the platform.
Similar to BitBuy, Newton also has a referral program for the trading bonus where you and your friend both will get a bonus. You can refer your friends to Newton through your unique referral link. Once they join Newton and make a trade of a minimum of C$100 or more, both of you get C$25 worth of bonus for trading.
- Beginner-friendly interface
- Several options for crypto trading
- Low network fee of C$5
- Lower spreads with high liquidity
- Available for Canadian citizens and permanent residents
- Withdrawal is stalled unless fiat payments are cleared
VirgoCX is one of those crypto exchanges that look to make crypto trading easy, and affordable for every Canadian. They use cutting-edge technology to create their user interface which adds to the trading experience.
VirgoCX also has superior liquidity which makes it excellent for high-volume trades. The platform also boasts high security, so you can rest assured that your money is safe with VirgoCX.
VirgoCX has one of the best trade bonuses in the Canadian crypto market. You get a C$30 bonus when you deposit a minimum of C$100 into your account. You get C$10 just for completing the KYC process and C$20 after you’ve deposited and traded that C$100.
- Multiple selections of cryptocurrency offered to Canadians
- Sign up process is catered to beginners to help them get familiarized with crypto
- VirgoCX is a registered and regulated crypto trading platform
- 0% fees on trading and wire transfers
- Only available to traders in Canada
- Small liquidity compared to similar platforms
Nexo is amazing in terms of security for your cryptocurrency. They offer two-factor authentication that ensures that no one else can access your account and trades other than you. The sign-up process is also really fast and traders can get started instantly after their account is verified.
One of the great things about trading at Nexo is the fact that you get a daily interest on the money stored on your Nexo profile. This starts getting calculated from the moment you deposit funds into your account.
The trading bonus at Nexo is given to you when you deposit a minimum amount into your Nexo account. You need to deposit at least C$100 to get the bonus of C$10 worth of Bitcoins.
- Simple interface for both desktop and mobile app
- Withdrawal can be made at any time without any lock-ins
- No withdrawal, deposit, and trading fees
- Free Nexo card for transactions
- Fewer education resources for beginners
- Nexo tokens can be complicated to understand.
Do all crypto exchanges offer bonuses?
You can find at least one form of bonus at the best crypto exchanges in Canada. In some cases, there might be more than one bonus. You can enjoy these bonuses after meeting the requirements that come with them.
What’s the minimum settlement time for crypto exchanges?
Although this time period varies from one exchange to another, in most cases, it takes up to two working days for a trade to be settled.
How to claim a crypto trade bonus?
The first thing you need to do is check out the terms and conditions. You need to understand the requirements completely before claiming the bonus. Once you’ve understood everything clearly, you can then go ahead and start fulfilling the requirements to claim the bonus. The most common requirements are minimum deposits or a minimum amount traded.
How do I withdraw money from a crypto exchange?
You can find the withdrawal option in your account. There should be an option under the wallet of the platform. From there you want to transfer your money to your external wallet that you need to have set up. Once you enter the amount and authorize the transaction, you should find the money ready to be used in your external wallet.
How to refer someone to a trading platform?
It’s going to depend on the platform you’re on. Some crypto exchanges like to use referral codes. You’ll also find ones that provide you with a unique referral link. Just give the referral code or link to your friend and ask them to sign-up to the platform using that.