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Binance vs. Crypto.com 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

Binance and Crypto.com are both large cryptocurrency exchanges with dozens of features. In this comparison, we covered features, spreads, fees, safety and much more so you can pick the best one.

The Bottom Line: Binance has more coins, more trading volume and is much cheaper overall. Binance has 600+ coins and a 0.00% spread on Bitcoin versus 200+ coins and a 3.11% spread on Crypto.com. Crypto.com is better if you live in Ontario or want a Visa card with up to 5% cash back. 

Summary:

  • Binance has 600+ coins (versus 200+ on Crypto.com) and a 0.00% spread for BTC (versus 3.11%)  
  • Binance is better, but you need to fund your account with crypto which can be hard for beginners
  • Crypto.com has better support for $CAD, is available in Ontario and has Visa cards with up to 5% cash back
Binance

About Binance

Binance is the worlds largest crypto exchange based on trading volume, has tons of features and 0.10% trading fees. It's best used for trading 600+ altcoins for the lowest spreads and fees in the industry. 

Pros & Cons

  • 600+ altcoins
  • Largest crypto exchange in the world for trading volume (lowest spreads and low 0.10% trading fees)
  • Advanced trading and features
  • Tons of features like staking, earning, margin, lending, borrowing and more
  • Completely banned in Ontario
  • No CAD trading pairs or CAD deposits (best option is to fund your account with crypto)
  • Difficult for beginners
Crypto.com

About Crypto.com

Crypto.com offer 200+ coins and lots of features for Canadians to explore. It's best used for their cash back Visa cards and earning rewards on 50+ coins.

Pros & Cons

  • Offers multiple crypto credit cards with up to 5% cash back
  • Great rewards - Earn 0.50%-12.50% p.a. on 50+ cryptocurrencies
  • Tons of features like Visa cards, rewards, 200+ coins and more
  • Expensive for trading and high spreads (3.11% spread when tested which was 16th place)
  • User interface can be very confusing

Overview

How We Tested

To collect this info, we used real, KYC-verified accounts. We then broke it down into 5 categories: Fees, Features, Deposit & Withdrawals, Security and Ease of Use.

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

Coins Offered

600+

200+

Total BTC Purchase Fee

1.60%

1.68%

Total BTC Selling Fee

N/A (can't cash out CAD)

1.41%

CAD Trading Pairs?

🚫

CAD Deposit Fees

N/A

Free

Interac e-Transfer?

🚫

Beginner Friendly

🚫

🚫

Advanced Trading

BTC Withdrawal Fee

0.0005 BTC

0.0004 BTC

Headquarters

Remote Company

Singapore

💰 Promotion

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

$25 free when you stake for a Ruby Visa card or higher

Sign Up

Features

Best Features Overall

✅ Winner

Cell

Number of Features

30+

20+

Coins

600+

200+

Mobile App

Web App

✅ (Pro Exchange only)

Beginner Trading

✅ (app only)

🚫

Advanced Trading

Staking

Lending/Borrowing

🚫 (Restricted in Canada)

Other Rewards

Crypto Credit Card

🚫 (Yes, but not available in Canada)

5 Cards

Margin Trading

🚫 (Restricted in Canada)

Futures

🚫 (Restricted in Canada)

OTC

Native Token

Affiliate Program

24/7 Support

Sign Up

Fees & Spread

More Information

Both platforms were tested on Mar 2, 2022 at the same time and numbers are subject to change.

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

Best Fees Overall

✅ Winner

Cell

*Total BTC Purchase Fee

1.60%

1.68%

*Total BTC Selling Fee

N/A (can't cash out CAD)

1.41%

CAD Deposit Fee

1.80% (*Instant purchase with credit card)

Free

CAD Withdrawal Fee

N/A

Free

Trading Fee

0.10% or less

0% in App

0.40% on Exchange

Spread (BTC)

0.00%

3.11%

Ref. Price Difference

Buy: -0.30%

Sell: -0.30%

Buy: +1.68%

Sell: -1.41%

BTC Buy Price

$55,607

$56,710

BTC Sell Price

$55,607

$55,000

Reference Price (Google)

$55,774

$55,774

Sign Up

Deposits & Withdrawals

Best Overall

Cell

✅ Winner

$CAD Funding Options

Credit Card

1.80%

Instant


P2P Exchange

Time, fees & limits vary

Credit Card

3.50%

Instant


E-Transfer

Free

0-2 days

$CAD Withdrawal Options

P2P Exchange

Time, fees & limits vary

E-Transfer

Free

0-2 days

BTC Withdrawal Fee

0.0005 BTC

0.0004 BTC

ETH Withdrawal Fee

0.005 ETH

0.005 ETH

Security

Best Security Overall

Cell

✅ Winner

Year Founded

2017

2016

Uses Cold Storage?

FINTRAC Regulated

Insurance Policy

✅ (SAFU)

✅ ($750m)

Any Hacks or Incidents?

✅ (2019)

✅ (2022)

2FA

Address Whitelisting

View Login History

Crypto Withdrawals Allowed

KYC

✅ (Partial)

✅ (Mandatory)

Publicly Traded

🚫

🚫

Headquarters

Remote Company

Singapore

User Interface

Binance

Binance App Home
Binance App Trade
Binance App Wallet

Crypto.com

Crypto.com App Accounts Page
Crypto.com App Charts Page
Crypto.com App  Coins List

Binance or Crypto.com?

Overall, Binance has much lower fees than Crypto.com. When we did our test, Binance had a 0.00% spread for Bitcoin and Crypto.com was 3.11%. Binance also has 600+ coins (versus 200+) and more features.

That's not all though. Crypto.com has better support for Canadian dollars, good Visa rewards cards and is available in Ontario. On Binance, you need to fund your account with crypto which can be more difficult for beginners.

Sign Up:

Binance

Get 10% off your trading fees forever and up to $100 free

Crypto.com

Get $25 free when you stake for a Ruby credit card or higher

🔎 Compare More Crypto Exchanges

Check out the best (and worst) places to buy, sell, trade crypto in Canada

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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