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Binance vs. Bitbuy for Canadians

To find the best platforms, we tested over 50 apps with Canadian accounts. Read our reviews to find the best crypto exchanges in the country in 2022.

Updated September 2022   |  Affiliate Disclosure

✅ Winner: Binance

*For Ontario residents, Binance is currently unavailable so Bitbuy wins by default.

Binance beat Bitbuy when it comes to fees, coins and features. Bitbuy won when it comes to CAD deposit and withdrawals and being an easier platform for beginners. Overall, we give the win to Binance.

Binance had a 1.60% total purchase fee when using CAD (versus 1.99% on Bitbuy), 400+ coins (versus 25), a 0.00% spread on Bitcoin (versus 0.41%) and 30+ features (versus 5-10). 

We recommend funding your Binance account with crypto because then you will get the lowest spreads and trading fees in the industry (and dramatically lower the 1.60% total purchase fee). We recommend Newton or VirgoCX to do that.

How We Tested

To compare these platforms, we broke them down into 5 main categories: Fees, Features, Deposit & Withdrawals, Security and Ease of Use. Then, we collected over 50 features and 100 data points using live accounts to decide the winner. 

RankFi tracks dozens of crypto products. Lean more about our methodology here.

Header
Binance

Binance

BitBuy

Bitbuy

BEST OVERALL

✅ Winner

Cell

FEES

✅ Winner

Cell

COINS & FEATURES

✅ Winner

Cell

CAD DEPOSIT & WITHDRAWALS

Cell

✅ Winner

SECURITY

Both platforms considered safe

EASE OF USE

Cell

✅ Winner

BONUS

10% off trading fees forever + up to $100 free

Get $40 free when you deposit $250

OPEN ACCOUNT

Fees

*All prices tested Mar 2, 2022 and are subject to change

Binance

Bitbuy

Cell

Winner

Cell

Total BTC Purchase Fee

1.60%

1.99%

Total BTC Selling Fee

N/A (can't cash out CAD)

1.72%

Trading Fee

0.10% or less

1.50%

Trading Fee Discounts

✅ Yes

✅ Yes

BTC Spread

0.00%

0.41%

BTC Buy Price*

$55,607 CAD

$55,936 CAD

BTC Sell Price*

$55,607 CAD

$55,708 CAD

Reference Price Difference

Buy: -0.30%

Sell: -0.30%

Buy: +0.29%

Sell: -0.12%

Reference Price (Google)*

$55,774 CAD

$55,774 CAD

CAD Deposit Fee

1.80% (credit card)

Free

CAD Withdraw Fee

Can't cash out CAD

1.50%

Crypto Deposits

Free

Free

BTC Withdrawal Fee

0.0005 BTC (SegWit)

0.00035 BTC

ETH Withdrawal Fee

0.00625 ETH (ERC 20)

0.007 ETH

USDT Withdrawal Fee

35 USDT (ERC 20)

USDT not supported

Features

Binance

Bitbuy

Cell

Winner

Cell

# of Features

30+

5-10

Coins

400+

25

Mobile App

✅ Yes

✅ Yes

Instant Buy (beginners)

✅ Yes

✅ Yes

Advanced Trading

✅ Yes

✅ Yes

Staking

✅ Yes

🚫 No

Lending/Borrowing

✅ Yes

🚫 No

Other Rewards?

✅ Yes

🚫 No

Margin

✅ Yes

🚫 No

Futures

✅ Yes

🚫 No

OTC

✅ Yes

✅ Yes

Native Token

✅ Yes (BNB)

🚫 No

Affiliate Program

✅ Yes

✅ Yes

24/7 Support

✅ Yes

🚫 No

Deposit Methods

Binance

Bitbuy

Cell
Cell

Winner

Buy With CAD?

✅ Yes

✅ Yes

Hold CAD In Your Account?

🚫 No

✅ Yes

Interac e-Transfer

🚫 No

✅ Yes - Free - Near instant

Wire Transfer

🚫 No

✅ Yes - Free - min $10k deposit - 3-5 days

Direct Bank Transfer

🚫 No

🚫 No

Credit/Debit

✅ Yes - 1.80% fee - Instant

🚫 No

Other

P2P Exchange

N/A

Withdrawal Methods

Binance

Bitbuy

Cell
Cell

Winner

Cash Out CAD?

🚫 No

✅ Yes

Interac e-Transfer

🚫 No

✅ Yes - 1.50% fee - Near instant

Wire Transfer

🚫 No

✅ Yes - 1.50% fee - min $20k withdrawal - 3-5 days

Direct Bank Transfer

🚫 No

🚫 No

Other

P2P Exchange

N/A

Security

Binance

Bitbuy

Winner

Both platforms considered safe

Year Founded

2017

2016

Headquarters

🌎 Remote Company

🇨🇦 Toronto, Canada

Uses Cold Storage

✅ Yes

✅ Yes

FINTRAC Regulated

✅ Yes

✅ Yes

Insurance Policy

Yes

Yes

Any Hacks or Incidents?

✅ Yes: 2019

🚫 No

2FA

✅ Yes

✅ Yes

Address Whitelisting

✅ Yes

🚫 No

View Login History

✅ Yes

✅ Yes

Crypto Withdrawals Allowed

✅ Yes

✅ Yes

KYC

✅ Yes

✅ Yes

Publicly Traded

🚫 No

✅ Yes: WNDR

Sign Up

Binance

Binance

BitBuy

Bitbuy

Bonus

10% Off Trading Fees Forever & Up To $100 Free

Get $40 Free When You Deposit $250

Referral Link

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RankFinance

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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