Crypto Welcome Bonuses: Should It Matter to Your Decision?

Welcome bonuses are a concept that can be applied to any kind of business. Sure, the iGaming industry might have popularized the idea on the Internet by offering amazing bonuses. But the very idea of offering a reward to newcomers has existed for a long time.

When new employees join a company, they often receive a welcome package to celebrate their employment. Same with banks. New customers in different industries can enjoy a wide variety of bonuses. However, today the welcome bonus that we’re here to talk about is crypto welcome bonuses.

In this article, we’ll be going over what crypto welcome bonuses are and how they are different from a casino or sportsbook bonus. We’ll also be recommending our top picks for crypto exchanges with the best crypto welcome bonuses. Let’s start.

What is a Welcome Bonus?

Let’s talk about welcome bonuses for a second. What are they?

In simple words, they are bonuses that are offered to newcomers to congratulate them for joining. A welcome bonus can apply to a customer in practically any business.

You can get a welcome bonus for getting a new credit card. This may also apply if you deposit a certain amount as your first deposit in your bank account. Of course, these banks are not very commonly found in Canada. Welcome bonuses are always a treat for new customers.

The most common use of welcome bonuses at present is in the iGaming industry. The term welcome bonus is associated with almost every online casino and sportsbook. These bonuses allow casino players to get more bang for their buck, by boosting their bankroll.

Did you know that welcome bonuses are also a thing in crypto exchanges too? New users who sign up for these exchanges enjoy amazing offers by fulfiling certain conditions. But since cryptocurrency has a bad rep for being volatile, not too many people know about it. Even if they do, they don’t want to venture into that world.

This is why we’re here to explain crypto welcome bonuses. And show you that they’re not the scary monster you think they are. By the time you finish reading, you will be eager to get a bonus of your own.

How is a Crypto Welcome Bonus Different from a Casino/Sportsbook Welcome Bonus

We’ve already talked about how a welcome bonus is used mostly in online casinos and sportsbooks. It’s very different from what you get in the casinos and sportsbooks. But how are they any different? Shouldn’t the core concept remain the same? Let’s explore that a bit more.

Casino/Sportsbook Welcome Bonuses

Welcome bonuses apply to all online gambling sites. No matter which country the operator is based in, they will offer welcome bonuses to new players. It’s their way of bringing in fresh players to their establishments.

The way these bonuses work is very simple. All you need to do is create a new account with the casino or sportsbook to get started. There are different kinds of casino welcome bonuses available. These can either be deposit bonuses or no deposit bonuses.

Deposit bonuses require the new player to create a new account and deposit a minimum amount to enjoy the bonus. This is the most common form of welcome bonus that you can find in almost all online casinos. The bonuses are usually a cashback reward with additional free spins that can be used on slot games.

No deposit bonuses on the other hand are not that common. But they do in fact exist. To enjoy this kind of bonus, new players don’t need to deposit any money. They can enjoy the bonus by simply creating a new account. No deposit bonuses are typically free cash with free spins thrown in there occasionally. For sportsbooks, you will get free bets instead of cash.

And although new players can enjoy the welcome bonuses if they join the casino through referrals, it’s not mandatory. They can create a new account on their own and still enjoy the same bonus.

Crypto Welcome Bonus

When it comes to crypto welcome bonuses, these are tied in with referral bonuses. These bonuses generally come from the referral of others. But there are a handful of crypto exchanges that straight up offer sign-up bonuses which is also a form of the crypto welcome bonus.

For crypto welcome bonuses from referrals, you need to deposit a minimum amount after your account is verified. Only then can you enjoy the welcome bonus. And it’s not just you who receives the bonus. The person who referred you will also receive a bonus on your first deposit.

In most cases, the bonuses will have additional requirements to them, such as trading a minimum amount with the first deposit.

Differences Between Casino Welcome Bonus and Crypto Welcome Bonus

So, from what we’ve mentioned, the key difference between the two welcome bonuses is account verification. Casino bonuses don’t require your account to be verified before giving you the bonus. You can enjoy it directly as long as you meet the other requirements.

But for crypto welcome bonuses, your account will need to be verified before you can taste any of the bonuses. In some crypto exchanges, the verification process can take a while. But the best crypto exchanges in Canada provide the instant verification feature. With that, there should be no downtime in getting your bonuses.

Best Crypto Welcome Bonuses in Canada

To make sure that you’re not wasting any time in finding the best crypto welcome bonuses in Canada, we have compiled a list of recommendations for you. These crypto exchanges offer tons of other cool features that will make your crypto trading experience a blast. Let’s check them out.

Newton

Newton is a new addition to the crypto exchange industry. But don’t let that fool you. The minds behind Newton have worked hard to create the best user experience for crypto exchange in Canada. In the domain of crypto exchange, it’s something that’s not easy at all.

The welcome bonus at Newton is one of the very best in Canada. By depositing and making your first trade over C$100, you will get C$25 free cash by signing up. This cash can be used to exchange for crypto. You can also choose to use it directly for trading.

Pros

Offers cryptocurrency options that aren’t offered by others
Clean and crisp interface for a smoother user experience
The platform is being updated constantly and updated with new features.

Cons

Withdrawals can take from 2-4 days if fiat payments are not cleared
Pervasive bank account access required for funding

Binance

Our list of recommendations wouldn’t be complete if we didn’t add this. Binance is the largest crypto exchange in the world. It allows Canadians to trade their cryptos using their platform. Binance supports over 300 crypto coins. You can use these coins to trade as well as for crypto staking.

Binance offers not one but two welcome bonuses to new users. By signing up with a promo code, new traders can enjoy a 20% lifetime discount on trading fees. The other welcome bonus is a free cash bonus. You can get C$100 free cash by completing specific tasks that you can find on the website.

Pros

Huge variety of coins available for trading
Accepts multiple fiat currencies
24/7 customer support available
Loans are given for cryptos
Very low trading fees from 0.1% to 3.5%
Mobile app for trading on the go

Cons

Interface can be confusing for beginners
Not available in the Ontario province

VirgoCX

VirgoCX offers some of the best crypto trading experiences in Canada. It offers features like zero trading and deposit fees. Not only that, but the crypto exchange also comes with its low withdrawal fees. Offering more than 10 cryptocurrency trading options for Canadians, it should be on your list of crypto exchanges worth looking into.

Newcomers can sign up and get C$10 just by verifying their account. No deposits are required for this welcome bonus. New users can also enjoy another welcome bonus of C$20 by depositing and trading at least $100. The welcome bonus alone makes checking it out worthwhile.

Pros

Multiple cryptocurrency options for all Canadians
Sign-up process helps beginners to get familiar with crypto
Free deposits and trading with very low withdrawal fees
100% secure for crypto trading

Cons

Services are not available worldwide
Small liquidity compared to platforms like Binance

Coinbase

Coinbase is a great choice if you’re starting out in crypto trading. The platform features a user-friendly design that helps newcomers learn the ropes of crypto trading. But that doesn’t mean it doesn’t offer more advanced features. Experienced traders will find access to advanced tools that will help them trade efficiently.

Coinbase is also one of the most secure crypto exchange platforms that you can place your trust in. And that’s not all. You also get to choose from a large selection of offered cryptocurrencies to trade with.

As for the bonus, it’s similar to other platforms that you will find on our list. You can enjoy a C$10 crypto welcome bonus after you’ve deposited and traded C$100 worth of cryptocurrency.

Pros

Extensive selection of cryptocurrencies is offered
Offers beginner-friendly trading tools as well as an advanced tool
Highly rated mobile app
Users have the option to get the Coinbase debit card for transactions

Cons

Fee structure is complex
Higher fees on certain transactions
Interest opportunities are limited

Bitbuy

If you want a crypto exchange with deep liquidity in Canada, then you can’t go wrong by picking Bitbuy. The company is headquartered in Toronto, Canada which makes it the perfect crypto exchange option for local Canadians. Bitbuy is well known in the crypto circles because of its excellent customer service.

If you’re not comfortable making trades as a newcomer, then you’ll love the welcome bonus at Bitbuy. You don’t need to trade a single CAD to enjoy this. All you need to do is open a new account and make an initial deposit of C$250. This will make you eligible to enjoy the C$20 cash bonus.

Pros

Bitbuy is licensed as a Money Services Business (MSB) from FINTRAC
Offer 95% cold storage of cryptos guaranteeing security for your cryptos
Lower trading fees compared to other exchange platforms

Cons

Small liquidity causes huge price swings when making large trades
Does not support advanced features such as staking or a wallet
Not available for users outside of Canada

CoinSmart

CoinSmart is based out of Canada, but its services are not limited to Canadians only. It offers its services to users all around the world. CoinSmart also offers instant verifications which means you don’t have to wait for verification to start trading.

CoinSmart also comes with a user-friendly interface which makes it an excellent choice for all kinds of traders. There are also advanced tools that can be used by high-volume traders for a better trading experience.

Similar to BitBuy, the welcome bonus at CoinSmart doesn’t require any trading to get the bonus. The only difference here is that you get the reward in BTC. By signing up and depositing a minimum of C$200, you can enjoy a BTC bonus worth C$50.

Pros

Instant verification for new users
Simple and easy-to-use interface
Funds can be deposited instantly
Supported by Canadian Bank
Round-the-clock customer support available

Cons

Restricted to users in the USA
Limited selection of cryptocurrency offered

NDAX

Here we have another cryptocurrency exchange that’s exclusively for Canadians. But even with that, it has a high number of active traders and investors. It supports several of the popular crypto coins and offers really low trading fees.

It’s also a great option for beginners who want to learn crypto trading. And to help beginners out, even more, NDAX offers free deposits with no extra fees. And it’s also a registered MSB in Canada, so you can rest easy trading your cryptos here.

The welcome bonus at NDAX is pretty straightforward. By depositing a minimum of C$100 or more, you can enjoy a C$10 cash bonus that you can use to buy free Bitcoins.

Pros

0.2% trading fees
Instant account verification
Free deposit options available
Good collection of cryptocurrencies is offered
24/7 customer support available for customers

Cons

Services are only available to Canadian residents
Fiat payments are valid for Canadian Dollars only

FAQ

Can welcome bonuses be enjoyed without a referral?

There are crypto exchanges where you don’t require a referral to enjoy a welcome bonus. You can simply sign up, fulfil the bonus conditions and enjoy the bonus directly. In other cases, you will need a referral before you can enjoy a welcome bonus.

What can you do with a crypto welcome bonus?

Typically, you won’t find any restrictions on what you can do with your crypto welcome bonus. But if there are any they will be mentioned in the terms. For most crypto exchanges though, you can use the bonus to buy more crypto, trade directly, or even withdraw them to your account.

Are there any other ways to earn bonus money other than crypto welcome bonuses?

In Canada, there are a lot of crypto exchanges where you can learn how to trade with crypto. These platforms are excellent for beginners who don’t know much about crypto trading. To encourage them to learn the basics, crypto exchanges will offer learning bonuses in the form of free cash.

Where do I use my referral code to claim the welcome bonus?

If you got a referral code from a friend to sign-up for a crypto exchange platform, you will find an option to use it when you’re creating your new account. Using the code there will apply it to your account and you don’t have to worry about using it anymore. All that’s left to do is fulfil the requirements and you should see the welcome bonus deposited in your account.

Do I need to pay any withdrawal fees when withdrawing my welcome bonus?

If the trading platform you’re on charges withdrawal fees on transactions, then you’ll have to pay them for withdrawing your welcome bonus as well. If there are no withdrawal fees you can withdraw your welcome bonus for free.