Due to the OSC crackdown, Binance announced that Ontario users have to withdraw all funds by December 31, 2021. On top of that, Gate.io, OKX, Huobi Global, Bitfinex, and other platforms also have to stop serving customers in Ontario.
Despite losing some of the best cryptocurrency exchanges in the world, there are still plenty of alternatives for Ontario residents to trade thousands of coins. I've rounded up the best crypto exchanges and closest Binance alternatives that are still available in Ontario. Watch the video below and read on to learn more.
Since this video was filmed on Oct 22, 2021, Gate.io has been banned
KuCoin is the best Binance alternative in Ontario because it has a very similar user-interface and features. You get access to 500+ cryptocurrencies, 0.10% trading fees and dozens of features. KuCoin also has billions in daily trading volume so the spreads are low.
Opening an account is easy because no ID is required to deposit, trade and withdraw crypto. KuCoin was technically banned by the OSC, but no actions were taken and there are no warnings or issues when using your account. Similar to Binance, the best way to fund your KuCoin account is with crypto.
Kraken is one of the longest operating and most reputable crypto exchanges in the world. Although you won't find as many coins or features as Binance, Kraken is still a good alternative with 60+ coins, 0.16%/0.26% trading fees, advanced trading, and staking.
Kraken requires KYC to start trading. It also supports CAD e-transfers and bank transfers.
AscendEx requires no KYC and has lots of features like 240+ coins, copy trading, rewards, staking, margin, futures, and more. The trading fees are 0.10% to 0.20% and unfortunately, the trading volume is significantly lower than Binance or KuCoin. KuCoin is a superior choice however, AscendEx is still another choice that Ontario residents have access to.
Decentralized Exchanges (DEXs)
Decentralized exchanges are permissionless and do not require ID or KYC to trade. All you need is a crypto wallet like MetaMask or Trust Wallet and you'll have access to 1000's of coins to trade. Every blockchain has its own DEX. Here are some of the largest ones out there:
- Uniswap (Ethereum and more)
- PancakeSwap (Binance Smart Chain)
- 1Inch (Multiple networks)
- And many more
Find Canada's Best
Even though Binance stopped servicing Ontario, there are still many platforms to choose from. You might also want to read: