Best crypto loans in Canada
Borrowers in Canada have two broad routes to a crypto-backed loan. The 5 DeFi protocols we track are permissionless software — accessible to anyone in Canada with a self-custodial wallet, no account required. The 5 CeFi lenders are companies whose availability in Canada depends on their licensing and where they choose to operate, so eligibility should always be confirmed on the platform itself.
The table below ranks every platform in our index by borrow rate. We do not gate it by region because DeFi access is global and CeFi terms change frequently; instead, use it to shortlist options, then verify that a given CeFi lender serves Canada before applying.
Every crypto lender we track, ranked by borrow rate. DeFi protocols are globally accessible; confirm CeFi availability for Canada.
| Platform | Borrow APR | Max LTV | KYC | Custody | Apply |
|---|---|---|---|---|---|
NexoCeFi | 1.9–18.9% | 50% | Required | Third-party | Apply |
CompoundDeFi | 2.7–6% | 83% | No KYC | Self-custody | Apply |
AaveDeFi | 4–8% | 80% | No KYC | Self-custody | Apply |
MorphoDeFi | 4–9% | 86% | No KYC | Self-custody | Apply |
MakerDAO (Sky)DeFi | 5–9% | 80% | No KYC | Self-custody | Apply |
YouHodlerCeFi | 5.9–12% | 90% | Required | Third-party | Apply |
LednCeFi | 9.25–11.9% | 50% | Required | Third-party | Apply |
FirefishDeFi | 10.9–15% | 50% | Required | Self-custody | Apply |
CoinRabbitCeFi | 11.95–16.8% | 90% | No KYC | Third-party | Apply |
UnchainedCeFi | 14–16.21% | 50% | Required | Collaborative | Apply |
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Regulation in Canada
Canada regulates crypto platforms through provincial securities regulators and federal anti-money-laundering rules administered by FINTRAC, and registered platforms must meet know-your-customer obligations. Some CeFi lenders serve Canadian residents under these frameworks; others restrict access. DeFi protocols are generally accessible to Canadians via a self-custodial wallet, with the usual self-managed risk.
This is general information, not legal advice. Rules change — verify the current position with a qualified professional in Canada.
Tax considerations in Canada
The CRA treats cryptocurrency as a commodity, so borrowing against it is generally not a taxable disposition, whereas a liquidation typically is and may be taxed as a capital gain or business income depending on circumstances. See our tax guide for the general approach and consult a Canadian tax advisor.
DeFi or CeFi in Canada?
For most Canada borrowers who already self-custody, a DeFi protocol is the most reliably accessible option — there is no jurisdiction check to pass, and rates start at 1.90% APR. The trade-off is that you manage the wallet, gas, and liquidation risk yourself.
If you want fiat paid to a local bank account, human support, or a fixed-style rate, a CeFi lender is the better fit — provided it serves Canada. Because licensing varies, two Canada residents can find different platforms available to them depending on product and timing, so treat our list as a starting point rather than a guarantee of access.
Frequently asked questions
- Can I get a crypto loan in Canada?
- Generally yes. DeFi protocols are accessible to Canada residents with a self-custodial wallet, and a number of CeFi lenders serve the region too — though CeFi availability depends on each platform's licensing, so confirm eligibility before applying.
- Are crypto loans legal in Canada?
- Using a crypto-backed loan is generally permissible for individuals, but Canada applies its own regulatory framework and you remain responsible for compliance and reporting. This is general information, not legal advice — consult a local professional for your situation.
- Do I pay tax on a crypto loan in Canada?
- In most jurisdictions, taking a loan is not itself a taxable event because borrowing is not a sale — but a liquidation can be. The CRA treats cryptocurrency as a commodity, so borrowing against it is generally not a taxable disposition, whereas a liquidation typically is and may be taxed as a capital gain or business income depending on circumstances. See our tax guide and confirm with a local tax professional.
- Which type of platform is best for Canada borrowers?
- It depends on your priorities: DeFi protocols offer the most reliable access and lowest rates but require self-management, while CeFi lenders offer fiat payouts and support where they are licensed to serve Canada.
Related
- Crypto loan tax guideHow crypto loans, repayments and liquidations are generally taxed.
- DeFi vs CeFi loansWhich model fits you — non-custodial protocols or managed lenders.
- Crypto loan calculatorModel your loan, LTV and liquidation price before you borrow.
- Crypto loans in United StatesPlatforms, rates and tax notes for United States.
- Crypto loans in United KingdomPlatforms, rates and tax notes for United Kingdom.
- Crypto loans in AustraliaPlatforms, rates and tax notes for Australia.