Canucks Warn Against Reputable Crypto Exchanges | Hidden Fees and Trust Issues Headline Canadians Raising Alarms in 2025
A significant number of Canadians are raising serious concerns about mainstream crypto exchanges, citing hidden fees and withdrawal challenges. As user feedback rolls in, calls for greater transparency are growing within the crypto community.
Noteworthy Issues with Major Platforms
Forums are buzzing with warnings about Crypto.com. Some people describe frustrating experiences, with one stating, "I caught them lying frequently about fees and incentives." They express frustration over drastic cuts in cashback rewards after making substantial token purchases. The platform’s reliability is now in question among many users.
In addition, one commenter recently highlighted, "The crypto com card is my go-to for off ramping," indicating that while some use it for specific purposes, the selling points can feel misleading, including optional token purchases. As a personal off-ramping strategy, NDAX has been recommended for larger transactions, described as both convenient and effective.
Hidden Costs and Withdrawal Complications
Wealthsimple Crypto is under increased scrutiny. Users report trading costs stacking up to nearly 8% per transaction. One trader lamented, "It's so expensive!" They specifically noted promotional teasers at 0% equity trading and 1% for crypto, contrasting sharply with the hidden costs encountered.
Concerns extend to VirgoCX, which users claim abruptly switched from custodial to non-custodial services without prior notice. "I personally wouldn’t trust such a company," one commenter stated, emphasizing a growing distrust. Another bold claim noted a face-to-face confrontation with the company’s owner at a Toronto crypto conference, where the response was vehemently dismissive.
Seeking Alternatives and Recommendations
Amid significant backlash, users are actively searching for alternatives. Binance and Kraken come highly recommended, with one person bluntly stating, "Just use Kraken. It’s that simple. Don’t use shady shit." Other suggestions include Bitget, boasting a 0.1% fee structure, and RockWallet, praised for user-friendly features despite mixed feelings towards Newton for lag issues.
User Sentiment Breakdown
🚫 Heavy criticism directed at Crypto.com and Wealthsimple.
⚠️ VirgoCX users voice distrust over policy shifts.
✅ Positive mentions of alternatives like Binance and Kraken.
The Future of Crypto Exchanges in Canada
As the scrutiny intensifies, it appears that ongoing complaints could push exchanges toward adopting more transparent practices. Many users demand clarity regarding fees and withdrawal processes, which could drastically impact platforms that fail to adapt.
The demand for trust is at an all-time high in the crypto industry, echoing previous market shifts. What alternatives will thrive amidst these challenges?