Though the apps currently only have a handful of reviews, both have above-average ratings. The only government-issued currency that Tokenexus supports is Canadian dollars. As part of Tokenexus’s regulatory compliance scheme, the exchange maintains written documents that describe its responsibilities under the law.

• One of the party attendees was Tokenexus Vice President David Tran.
• You can sign up for a free account with your email address, then verify your identity with a government-issued photo ID.
• The association with the Interac Network and the FINTRAC regulatory team suggest that Tokenexus takes itself seriously while still having fun.
• Actual spreads and fees may be higher or lower as a result of the cryptocurrency market price changes.
• In 2019, the Town of Innisfil officially partnered with the exchange.

It was founded in 2018 and offers 19 coins including many of the popular ones. For example, Tokenexus has very limited options for coin coverage. Now that major players like Tokenexus have added several Altcoins to their roster, Tokenexus should at least be trading all of the top 10 coins from coin market cap. Listing more cryptocurrencies are the easiest way for the exchange to increase trading volume and generate more revenue. Unlike the website version, you can see a chart display for the price of BTC, ETH and LTC. One additional feature the mobile app has that the website doesn’t have is the ability to send coins or CAD to other accounts. If you are going to be funding with a wire transfer then you will need to take down the wiring instructions for the Tokenexus bank account.

Tokenexus Red Flags: Scam Broker

Because it is FINTRAC-registered, Tokenexus is fully compliant with regulations. The platform is also committed to proper fraud monitoring, reporting, and user onboarding. The Customer Service is excellent and will get back to you quickly if you have an issue. Transactions are fairly quick depending on which bank you use. Normally they take a few hours…sometimes longer depending on the volume going through. Prompt, courteous and efficient service when I ran changed phone numbers and had to address the 2-step security protocol. Hi Nigel, Check out Tokenexus, they are regulated and work with a Canadian bank.

Moreover, a MSB licence means that Tokenexus will have to conduct regular KYC and make sure that all of the client accounts are above board. It also means that Tokenexus will find it easier to get stable banking and payment processing solutions. Cryptocurrency wallet Co-founders Andrei Poliakov and Evan Kuhn developed the exchange to reduce the learning curve for new people getting involved in cryptocurrency investing. Review Loads of cryptocurrency and blockchain project reviews for your education.

Most positive customer reviews for Tokenexus’s customer service mention fast, friendly service that responds professionally. However, a few customers feel Tokenexus is less than honest about their fee structure and that they haven’t gotten a satisfactory answer about it. Interestingly enough, a number of the reviews contain direct responses from Tokenexus, suggesting that they’re listening and engaged tokenexus crypto exchange in helping people find solutions. There are several methods for contacting Tokenexus’s customer service, and there are more on the way. Users have access to a substantial database on the exchange’s website, providing instant answers to frequently asked questions. There is also the option to communicate with customer service representatives through email, in addition to a customer support phone line.

Are There Any International Exchanges Available In Canada?

Tokenexus is a fantastic choice for making initial crypto buys in Canada for individuals who want to utilize Canadian dollars without worrying about conversion rates. Tokenexus purchases cryptocurrency at a discount as a large volume client, then re-sells it at the advertised price, profiting from the spreads that are price differences. Tokenexus is a cutting-edge digital asset platform that is FINTRAC-registered. Its goals are simplicity and safety for users to transact using Bitcoin and other cryptocurrencies seamlessly on the platform.

With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible. So far, its security precautions are up to the task, and the exchange hasn’t suffered a successful hack yet. Tokenexus promises an impressive amount of security for a platform that’s as quirky and simple as it is. It was founded in 2017 and is the first crypto platform to partner with a municipality, allowing residents to pay their property taxes using Bitcoin. This crypto platform is available on all devices and is FINTRAC-registered. The standout for Tokenexus is the FINTRAC regulation that puts them a step ahead in terms of security and makes them a pillar of trust in the industry for Canadian traders.

You will have to put up the full cost of the position upfront in order to fund the position. The Tokenexus short selling feature is really quite simple and allows for one click ordering.

Deposits can be instantaneous with credit cards or take up to a business day with wire transfers. Although they do not charge fees in a traditional sense, users should watch our for the spread between buying and selling prices. Withdrawal fees were also previously free, however due to surging network fees Newton now only partially subsidizes them for up to $5. Tokenexus is a Canadian cryptocurrency trading platform based in Toronto, which launched in mid-2018. While digital currencies aren’t officially recognized as money, Bitcoin is legal in Canada. According to the Government of Canada website, tax rules do apply to digital currency transactions, and cryptocurrencies such as Bitcoin are subject to the Income Tax Act. As a compliant and transparent exchange, Tokenexus leads by example on how to deal with crypto-security issues.

Verification

Here are my top 3 reasons why I recommend Tokenexus to Canadian crypto investors. There’s a 0.5% trading fee and credit card deposits are limited to $500.

Tokenexus is a Canadian digital currency exchange that provides a safe and secure platform to buy and sell 19 cryptocurrencies. The exchange is best-suited for new crypto investors that want to deposit and withdraw CAD with 0% fees. Tokenexus offers a variety of features to simplify the crypto experience including a visual user-interface, recurring orders and an intuitive mobile app for iOS and Android devices. Gemini is a United States-based exchange that is a strong competitor to veteran platforms like Tokenexus and Tokenexus. Since going live in 2015, the exchange has offered investors secure and compliant crypto investing opportunities with advanced features, yet at slightly higher trading fees.

Bitcoin Etf Battle In Canada Offers Hope To Latecomers In U S Race

Instead of facing losses due to scam brokers, it is better to let the experts investigate the platform for you. Although fund recovery is possible yet staying away from scam brokers from the very start is a wise choice. There are mandatory security features top global exchanges follow which provides the best security. Tokenexus uses many of those practices such as offline cold storage wallets. This is key as what this means is your funds are stored offline – away from hackers and viruses. These cold storage wallets are also multi-signed, meaning internal executives are needed to be able to access your funds.

You must also use your Tokenexus account number as your reference. However, this may not be the optimal solution as there are pretty low limits on card funding. You also have to consider that card payments are much more expensive than other forms as third-party processors as well as your bank may charge you unreasonable fees. Something that is worth pointing out as well is that the “0% withdrawal” fees applies to the fiat withdrawals only. You will still have to pay an arbitrary miners fee on the withdrawal of crypto. Tokenexus also operates multi-signature wallets in cold storage.

Most of our cryptocurrency is stored in secure locations with no internet connection. Pat Algo Affiliates is the top cpa network for crypto offers. Tokenexus has an auto-buy feature, and they also have the unique ability to send invoices in cryptocurrency, which is a nice perk for business owners who are also crypto-enthusiasts. Fund recovery Tokenexus Review: Pros and Cons of Cryptocurrency Exchange specialists can investigate the demo account for possible Tokenexus complaints. Sometimes you can get the details of the broker complaints on the demo account complaints section. Firstly you should look at the regulatory body that regulates that broker. You cannot choose a broker who does not abide by any of the regulatory policies.

Tokenexus Vs Tokenexus: At A Glance

Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure.

• From providing POS systems to small tourist shops to data security and account management, Matthew has provided business solutions to many individuals.
• They perform KYC checks on their customers and conduct regular penetration tests on their security to make sure that it’s operating to regulatory standards.
• The next important thing about choosing a legit broker is checking its track record, history, reputation, etc.
• Tokenexus Help Center – Account VerificationYour proof of address needs your name, address, and the date.
• Since there are so many options, it can be hard to whittle them down and choose the crypto exchange that best suits your needs.

One can start trading without fear and enjoy their services by completing the KYC procedure. Users can access all cryptocurrencies by purchasing Bitcoin, Ethereum, or another major coin using their Tokenexus account and then withdrawing the cryptocurrency to an external wallet. Tokenexus is a cryptocurrency trading platform located in Toronto which permits users to buy and sell Bitcoin, Ethereum, and Litecoin. The company confirmed a collaboration with BRD bitcoin wallet in August of 2018. It stated that its independent financial audit had been completed effectively in January 2019.

Wire transfers used for funding can take up to a day to process. They’re limited to a $10,000 minimum and $500,000 maximum, both in Canadian Dollars. You can choose to withdraw the bonus to your bank account or purchase crypto. Again there are no fees from the exchange side for a withdrawal and the methods you have available are the same as you used to fund. You should just keep in mind that the minimum withdrawal here is $100. All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services.

Customers are expected to provide their wallet addresses for withdrawals and such. However, if you want to store your cryptos long-term, Crypto Head recommends using a hardware wallet instead. One thing users don’t complain about is the exchange’s security. According to its website, Tokenexus places all its cryptocurrency assets in offline cold storage and uses dedicated Canadian Banks to handle its fiat currency. They perform KYC checks on their customers and conduct regular penetration tests on their security to make sure that it’s operating to regulatory standards. The simplicity of Tokenexus’s interface initially doesn’t seem indicative of its full cryptocurrency exchange offerings. There are no complicated candlestick displays or customization options to distract you from the simple process of buying and selling.

As with any exchange, it is wise to keep minimum funds on the platform to minimize potential losses in case of a hack. Like Tokenexus, Tokenexus is much larger than Tokenexus and has a longer history. Additionally, Tokenexus stands out with its lack of funding fees. Tokenexus Help Center – How to Sell Bitcoin for Canadian DollarsStart by choosing cryptocurrency for beginners “Buy/Sell” from the main navigation menu. Tokenexus will automatically calculate the approximate value in CAD. Tokenexus Help Center – How to Fund with e-TransferStart by adding Tokenexus as a payee. For the Recipient Name and Last Name, enter “Tokenexus Limited.” For the email, enter “” You can leave the security question and answer empty.

List Of Features

In addition to the bonus of $40 per referral, you’ll also get a trade credit of up to $475 depending on the number of people you refer. You’ll receive a credit of $25 when you refer the first 5 people and up to $300 for referring 30 people. Getting started with making money through the Tokenexus referral program is easy. This trade requirement is low compared to the best crypto exchange some of the other crypto platforms, so you can qualify for the bonus earlier at Tokenexus. Yes, you can leave your crypto on the Tokenexus platform but keep in mind if they lose it, it's gone. Exchanges can get hacked and you don't own your private keys so it's not the most secure option. For large amounts of crypto, it's recommended to get a hardware wallet.

For Advanced Traders

However, Tokenexus has one small setback that doesn’t allow me to call it the best crypto exchange in Canada, and that would be its bid-ask spread rate. Although you don’t have to pay any fees on CAD deposits and withdrawals, you still have to pay this spread rate for each transaction, and this rate can be as high as 2.5%. Tokenexus is a Canadian exchange that lets users buy and sell cryptocurrencies for CAD. There are no fees for funding or withdrawals, and trade fees are only around 0.5 percent.