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Binance Review for Canadians

Last Updated: Sep 27, 2022  |  Published: Mar 31, 2022


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Binance is one of the world's most popular cryptocurrency exchanges, but does it live up to the hype? And is it good for Canadians specifically?

This review will cover a wide range of topics like fees, spreads, funding methods, and more. At RankFi, we've reviewed 20+ Canadian exchanges since 2017. We've tried and tested the most popular apps so I'll tell you why Binance is one of the best and also where it falls short. Let's jump in.

The Bottom Line

Binance is the best altcoin exchange for Canadians with low fees. It has 600+ coins, 0.10% trading fees, and the lowest spreads in the industry. Plus, it has 30+ other features and services. On the downside, Binance is banned in Ontario and is not the best for beginners. 

Overall, you should use Binance if you want to trade altcoins or access many features that aren't available on Canadian exchanges. But it doesn't replace a Canadian exchange. You'll still need a local exchange as a fiat on-ramp/off-ramp for Canadian Dollars.

Pros & Cons

  • Lowest Fees in the Industry: Binance is the largest exchange in the world by trading volume so it has competitive spreads and 0.10% trading fees or less
  • 600+ Coins: Lots of altcoins and trading pairs. Plus, low fees like mentioned above
  • 30+ Features: If 600 coins is not enough, Binance has staking, derivatives, trading bots, NFTs, and much more
  • Pro Trading Terminal: Advanced traders have live order books, charting tools, access to spot trading, leverage trading, and more
  • Great Reputation: Lots of security features plus 90 million users trust Binance around the world
  • No Support for Canadian Dollars: There is no CAD wallet or trading pairs. You'll need a local Canadian exchange like Newton or VirgoCX to fund and withdraw crypto from Binance
  • Banned in Ontario until 2024: Binance announced they will be come back to Ontario in 2024. Until then, KuCoin is the best alternative and no KYC is required
  • Not Beginner-Friendly: The mobile app has "lite mode" for beginners but overall, Binance can be overwhelming
Binance

Overview

Total Fees & Spreads: Mar 02, 2022

Coins Offered

600+

Total BTC Purchase Fee

1.60% (7th place)

Total BTC Selling Fee

N/A (can't cash out with CAD)

BTC Spread

0.00% (🏆 1st place)

Trading Fee

0.10% or less

Funding Methods

Credit card or P2P Exchange

CAD Deposits

1.80% (credit card)

CAD Withdrawals

Not supported (only in P2P Exchange)

BTC Withdrawal Fee

0.0005 BTC

Notable Features

600+ altcoins

Lowest spreads in the world

30+ features and services

Advanced trading

Video Review

Don't want to read? Watch the video review published on Apr 23, 2021. Some info in the video could be outdated so refer to the rest of the blog post as well.

Binance

About Binance

Binance is one of the largest cryptocurrency exchanges in the world with 90M+ registered users and billions in daily trading volume. They were founded in 2017 and have no official headquarters because they are a remote company.

The main appeal for Binance is they have 600+ cryptocurrencies and the lowest fees and spreads in the industry. Since it's the largest exchange in the world by trading volume, you can get great rates. And for their 5th anniversary, they even cut Bitcoin trading fees to zero globally. 

In addition, you can also use Binance for a huge selection of features like advanced trading, staking, bots, NFTs, research, data, and much more. They also have their own native utility token called Binance Coin (BNB) which is a top 10 cryptocurrency by market cap. Basically, you can do it all with Binance.

More Info

  • Founded in 2017
  • World's largest crypto exchange by trading volume
  • 90+ million registered users around the world
  • 10+ million downloads on just the Google Play app
  • 3500+ employees according to LinkedIn

Binance in Ontario

Binance has been back and forth in Ontario and it's hard to keep track. In 2021, the Ontario Securities Commission (OSC) accused Binance of not complying with the Ontario Securities Act. Rather than comply, Binance decided to cease operations in Ontario altogether.

Can Ontario Use Binance Right Now In 2022?

No, Ontario residents are still restricted from using Binance. For regulatory reasons, Binance and many exchanges ceased operations in Ontario. On the bright side, in June 2022, Binance announced they will be coming back to Ontario in 2024 at the latest.

Binance Ontario Timeline

  • Jun 2022: Binance expects to return to Ontario by 2024 at the latest (Financial Times)
  • Mar 2022: Binance continued to operate. They will cease operations for real this time (Cointelegraph)
  • Dec 2021: All users must close their positions by Dec 31, 2021
  • June 2021: Binance announces they will cease operations in Ontario (Cointelegraph)

What Is The Best Binance Alternative for Ontario?

KuCoin is the most similar platform to Binance and Ontario users can sign up with just an email address. No KYC required. Trade 700+ altcoins with 0.10% trading fees and low spreads. Plus, get lots of other features like derivatives, trading bots, and more.

Get 10% off KuCoin's trading fees.

Screenshots

  • Web app

  • Mobile App

Platform & Features

Binance leads the crypto industry in total trading volume and quantity of features. If trading 600+ cryptocurrencies at low fees is not enough, you'll still find 30+ services and features for those wanting to explore the crypto space.

This ranges from trading bots and derivatives to token launchpads, staking, and a lot more. Some features could be geo-restricted in Canada for regulatory reasons but let's see everything Binance offers below. 

Features Overview

  • iOS, Android and Web app
  • 600+ cryptocurrencies
  • Advanced Trading
  • Binance Lite (beginner trading in the mobile app)
  • Recurring Buys
  • Binance Earn (interest accounts, staking, etc)
  • Liquidity Pools
  • Binance Coin (BNB: Their own native utility token)
  • 24/7 Customer Support
  • Binance Academy & Research
  • NFT Marketplace
  • Referral Program
  • Token Launchpad
  • Loans (lending & borrowing)
  • Binance DEX (decentralized exchange)
  • And more...

1. 600+ Cryptocurrencies

Binance has a variety of 600+ coins to trade. There are many trading pairs and users can trade spot, margin, and futures. And like I mentioned earlier, you get 0.10% trading fees and the lowest spreads in the industry which makes Binance an attractive platform. Leading platforms in Canada like Newton only offer 70 coins. So Binance is a good compliment to a Canadian exchange if you want lots of coins.

2. iOS, Android and Web App

Binance Mobile App

Binance has a sleek U/X with many features that can be accessed on all of your devices. The Google Play app has over 10 million downloads with a 4.5-star rating at the time of this review.

3. Advanced Trading

Binance Advanced TradeAdvanced Trade Layout 2

4. Binance Lite (mobile app only)

Binance Lite for Beginners

5. Recurring Buys

6. Binance Earn

Binance Earn

Binance has many offers to start earning interest on your crypto. You can pick different options based on your risk-level which range from staking, locked savings (7-90 days), flexible savings (withdraw anytime) and more. The interest rates range anywhere from 0.50% to 60% APY in some cases.

7. Binance Coin (BNB)

BNB Utility Token

Binance has their own native utility token called BNB. It can be traded like any other cryptocurrency and owning it can give you special perks such as reduced trading fees, access to token sales and more

Also, every 3 months Binance burns some BNB which permanently reduces the supply. At the time of this writing, over 31 million BNB have been burned so far. The quarterly burns will continue until 100 million BNB are destroyed forever which is 50% of the total supply.

8. Token Launchpad

Binance Launchpad

9. Crypto Loans (Lending & Borrowing)

10. NFT Marketplace

Binance NFT Marketplace

11. Other Binance Features

  • Referral Program
  • Binance DEX (decentralized exchange)
  • Binance Academy & Research
  • Institutional & VIP Services
  • OTC Trading
  • Binance Pay
  • Trust Wallet (owned by Binance)
  • Binance Charity
  • APIs
  • Binance Academy (education, learn & earn)

Customer Support

If you need to contact customer support, Binance has a 24/7 support team via live chat on their website. They also have an extensive help center with FAQs, tutorials and videos. I have not tested their support so I can't review the response time. However, I've been using Binance since 2017 and have never even needed to use their support team.

Binance Customer Support

Fees & Spread

Binance had a BTC spread of 0.00% (1st place) when tested. The total BTC purchase fee was 1.60% (7th place) for buying with Canadian dollars. This total purchase fee is not bad, but it's high because credit card is the only option for Canadians.

The best way to use Binance in Canada is to fund your account with crypto. Then, Binance is the cheapest crypto exchange in Canada for buying 600+ altcoins because of its low spreads and 0.10% trading fees. I recommend Newton or VirgoCX as your fiat on/off ramp because you can get low fees and free crypto withdrawals.

Binance Fees

Amount

*Total BTC Purchase Fee

1.60% (7th place)

*Total BTC Selling Fee

N/A (can't cash out CAD unless using P2P Exchange)

Trading Fee

0.10% is the standard rate

20% discount if you pay fees with BNB

10% discount forever if you sign up with this referral link

CAD Deposits

1.80% (credit card)

CAD Withdrawals

Not supported (other than P2P Exchange)

BTC Withdrawal Fee

0.0005 BTC

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

0.00% (🏆 Tied for 1st place)

BTC Buy Price

$55,607

BTC Sell Price

$55,607

Ref. Price Difference

Buy: -0.30%

Sell: -0.30%

Reference Price (Google)

$55,774

Deposit & Withdrawals

Binance is not a good fiat on/off ramp for Canadian dollars. You can only use a credit card or P2P Exchange which is either expensive or confusing. The best way to fund your Binance account is with crypto from a local Canadian exchange like Newton or VirgoCX. It's worth it though because once your account is funded, you get access to everything Binance has to offer.

CAD Deposits

Type

Fee

Time

Limits (24 hours)

Credit / Debit Card

1.80%

Instant

Min $20 - Max $6.7k

P2P Exchange

(E-Transfer & More)

0.00%-0.35%

(Varies on seller)

Min $100

CAD Withdrawals

Type

Fee

Time

Limits (24 hours)

P2P Exchange

0.00%-0.35%

(Varies on seller)

Min $100

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.0005 BTC

0.001 BTC

Ethereum

0.002 ETH

0.01 ETH

USDC

10 USDC

50 USDC

XLM

0.02 XLM

40 XLM

Cheapest Way to Fund Your Binance Account in Canada

Security

Overall, Binance is a safe platform. Here are the security features rounded up in a list and info about their hack in 2019: 

List of Security Features

User Security

  • Multiple 2FA choices (Google authenticator, SMS, email, or security key)
  • Withdrawal whitelist feature
  • Anti-phishing code to identify legitimate emails
  • Add and remove trusted devices
  • View your account history for suspicious activity (logins, IP Addresses, dates, etc)
  • Disable account button for emergencies

Company Security

  • Assets are held in offline cold storage (we don't know how much)
  • SAFU (Secure Asset Fund for Users) - An insurance fund that will repay users if there is ever a hack. 10% of all trading fees are allocated to this insurance account. Currently, this fund is valued at approximately $1 billion
  • Compliant in many countries like the USA, Australia, Canada, and more
  • Automatically monitoring for suspicious activity 24/7
  • They launched Binance DEX, a decentralized platform that can be used with full control of your private keys
  • Suffered a hack in 2019 for $40M. Binance SAFU covered the losses so users lost funds

Binance Was Hacked in 2019

in 2019, Binance lost $40 million or about 7,000 Bitcoin to hackers. On the bright side, it was only 2% of Binance's total Bitcoin holdings. Also, Binance covered these losses for its users via the SAFU insurance fund so no users actually lost any crypto. Despite suffering a hack, no users were affected and Binance is still considered safe. 

Can You Trust Binance?

Yes, Binance is a safe cryptocurrency exchange. Their SAFU insurance fund has nearly $1 Billion which might be the largest insurance fund in the industry. Users also have lots of security features like 2FA, address whitelisting, and more. 

⚠️ Although Binance is safe, 44% of platforms we tested have had a hack or incident in the past. The safest way to store crypto for the long term is on a hardware wallet like the Ledger Nano or any wallet where you control the private keys.

Binance Compared

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool

Summary

In the crypto industry, not many platforms offer more coins and features than Binance. And they don't compete on fees either since Binance has the highest trading volume in the world. Binance is just missing support for Canadian Dollars but it's not difficult to fund your account with crypto.

Overall, Binance is the best exchange for trading altcoins plus it has 30 other features as well. It has 0.10% trading fees and the lowest spreads in the industry. However, it doesn't replace a Canadian exchange. You'll need to fund your account with crypto so make sure you sign up for a local exchange as well.

Reasons to Use Binance

  • Lowest trading fees and spreads in the industry
  • 600+ coins and 30+ features
  • Pro trading terminal with spot, margin, and futures
  • Great reputation and security

Reasons to Not Use Binance

  • No CAD fiat wallets or trading pairs
  • Banned in Ontario until 2024
  • Not beginner-friendly


Binance

Get $50 free and 10% off trading fees forever

Best Canadian Exchanges

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.

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