What kind of service are you using?
- Centralised exchange
- A custodial account: the operator holds the keys. You rely on its security, records and withdrawal process.
- Broker app
- A service that handles a purchase or sale for you. Read its custody and withdrawal terms rather than assuming an app balance is a wallet you control.
- Decentralised exchange (DEX)
- An exchange through wallet transactions and smart contracts. You need to understand what you sign and what access an approval grants.
- Peer-to-peer
- You deal with another person. Understand the payment, release and dispute process before taking part.
Compare fees, spreads, withdrawal limits and supported networks. A simple-looking interface can hide important conditions.
How can you check registration in Canada?
Check the operator's exact legal name and website using official records. Do not rely on a registration badge or screenshot supplied by the platform.
- Search the FINTRAC money services business registry.
- Find your provincial or territorial securities regulator through the Canadian Securities Administrators.
- Check the Canadian Investment Regulatory Organization (CIRO) where applicable.
Requirements depend on the service and where you live. A FINTRAC entry is not a substitute for checking securities registration. Ask your regulator what applies; registration checks do not guarantee safety or protect you from every loss.
How can you protect the account?
- Use a unique password and enable two-factor authentication (2FA).
- Understand account recovery and protect recovery codes.
- Find the genuine website and app publisher independently. Search ads and messages can lead to copies.
- Keep login details and one-time codes private. Do not approve an unexpected login prompt.
- Review active sessions and withdrawal settings using the real service.
What should you check before a withdrawal?
Check that the asset, destination network and receiving address match. Read the withdrawal fee, minimum and limits before confirming.
If you choose to use a platform, a small test withdrawal can help you check the process before a larger transfer. Confirm receipt at the destination. A successful test does not prove the platform will remain safe or available.
Do not accept help from a stranger who asks for remote access or a recovery phrase to complete the withdrawal.
What happens if a platform fails?
If a custodian stops operating or freezes withdrawals, your login may still display a balance while you cannot access it. Recovery can depend on the custody arrangements, applicable rules and any failure process.
Read what the terms say about who holds assets, whether customer assets are kept separate, and what happens in insolvency. Do not assume bank-like protection or immediate repayment. If you cannot understand the answer, pause.
Keep your own account and transaction records. After a failure, use verified official communications and watch for fake recovery agents.