An exchange is a port of entry on this map. Understand the type of platform and who controls the coins before you compare fees or use an account.
Educational content only. Not financial advice.
What type of platform are you looking at?
- Centralised exchange
- A custodial account. Ask who holds the keys, what withdrawal rules apply and what happens if the platform fails.
- Broker app
- A platform for arranging transactions. Check its custody terms and whether, how and when you can withdraw coins.
- Decentralised exchange (DEX)
- A different platform category to investigate. Do not infer custody or safety from the word “decentralised”; identify how the particular service works.
- Peer-to-peer
- A route involving another participant. Establish who the parties are, how a trade completes and how disputes are handled.
Who holds the keys at this port?
Custody is about control. The common saying “Not your keys, not your coins” asks you to notice when another party controls the keys. Here it is a prompt to understand the arrangement, not a recommendation.
Read the terms for access, withdrawals and platform failure. An account balance and control of keys answer different questions.
Which checks belong on your list?
- Registration: check the relevant regulator's current official records where you live.
- Custody: identify who holds the keys and what happens if the platform fails.
- Costs: look at fees and spreads together.
- Access: read withdrawal limits and conditions before relying on access to coins.
Where can you check in Canada?
Check the official FINTRAC money services business (MSB) registry and the securities regulator for your province or territory. Consult CIRO's official information where relevant to the firm or service.
Read what each entry covers and which legal entity it names. A registry entry answers a specific registration question; it does not answer every custody or risk question.
Rules and registry entries can change. These links are starting points for checking the current official information; this guide does not assess any firm.
What if you cannot answer a check?
Write down the missing detail and look for a direct answer in the platform's terms or the regulator's records. A familiar interface does not fill in an unanswered custody question.
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