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Coinbase vs. Binance 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

Today, we're looking at two of the worlds largest crypto exchanges: Binance vs. Coinbase. For this comparison, we used Canadian accounts and collected 40+ features so you can find out which platform is best.

Read on to see the summary, coins offered, spreads, features, and much more.

The Bottom Line:

Binance offers more features and is significantly cheaper. Binance has 600+ coins, a 0.00% spread on Bitcoin, and a total BTC/CAD purchase fee of 1.60%. On the other hand, Coinbase has 140+ coins, a 3.07% spread and a 4.54% total purchase fee.

Other than fees and features, there are some other factors to consider. Coinbase is the better choice for beginners (despite very high fees) and unfortunately, Binance is not available in Ontario (KuCoin is our top alternative).

Summary:

  • Binance has 600+ altcoins versus 140+ on Coinbase
  • Binance has low fees and spreads, Coinbase has an expensive, confusing fee structure
  • Coinbase is beginner friendly, Binance is not
  • Both platforms are well-known and trusted
  • Binance is unavailable in Ontario
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
  • High trading volume low 0.10% trading fees
  • Advanced trading and features
  • Tons of features like staking, earning, margin, lending, borrowing and more
  • Banned in Ontario
  • Credit card purchases, P2P trading or crypto deposits only 
  • Difficult for beginners
Coinbase

About Coinbase

Coinbase is also one of the worlds largest crypto exchanges with 90m registered users. It's very beginner friendly, has 140+ coins and is a publicly traded company which adds a layer of safety.

Pros & Cons

  • Beginner and advanced trading features
  • Great user-interface
  • Great reputation and safety (90m users, $255m insurance, publicly traded, and more)
  • Earn free crypto with "Learn and Earn" feature
  • High spreads and very expensive
  • Confusing fee structure
  • Credit card or debit card purchases only

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+

140+

Total BTC Purchase Fee

1.60%

4.54%

Total BTC Selling Fee

N/A (can't cash out CAD)

5.50%

CAD Trading Pairs?

🚫

🚫

CAD Deposit Fees

N/A

$0.99 up to 3.84%

Interac e-Transfer?

🚫

🚫

Beginner Friendly

🚫

βœ…

Advanced Trading

βœ…

βœ…

BTC Withdrawal Fee

0.0005 BTC

Dynamic (network fees)

Headquarters

Remote Company

Remote Company

πŸ’° Promotion

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

$13 free when you trade $130

Sign Up

Features

Best Features Overall

βœ… Winner

Cell

Number of Features

30+

10+

Coins

600+

140+

Mobile App

βœ…

βœ…

Web App

βœ…

βœ…

Beginner Trading

βœ… (app only)

βœ…

Advanced Trading

βœ…

βœ…

Staking

βœ…

βœ…

Lending/Borrowing

βœ…

🚫 (Yes, but not available in Canada)

Other Rewards

βœ…

βœ…

Crypto Credit Card

🚫 (Yes, but not available in Canada)

🚫 (Yes, but not available in Canada)

Margin Trading

βœ…

🚫

Futures

βœ…

🚫

OTC

βœ…

βœ…

Native Token

βœ… (BNB)

βœ… (USDC)

Affiliate Program

βœ…

βœ…

24/7 Support

βœ…

🚫

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

βœ… Winner

Cell

*Total BTC Purchase Fee

1.60%

4.54%

*Total BTC Selling Fee

N/A (can't cash out CAD)

5.50%

CAD Deposit Fee

1.80% (*Instant purchase with credit card)

$0.99 to 3.84%

CAD Withdrawal Fee

N/A

$0.99 to 3.84%

Trading Fee

0.10% or less

Free

Spread (BTC)

0.00%

3.07%

Ref. Price Difference

Buy: -0.30%

Sell: -0.30%

Buy: +1.54%

Sell: -1.51%

BTC Buy Price

$55,607

$56,635

BTC Sell Price

$55,607

$54,946

Reference Price (Google)

$55,774

$55,774

Sign Up

Deposits & Withdrawals

Best Overall

Cell

βœ… Winner

$CAD Funding Options

Credit Card

1.80%

Instant


P2P Exchange

Time, fees & limits vary

Credit Card

$0.99 fee up to 3.84% fee

Instant

$CAD Withdrawal Options

P2P Exchange

Time, fees & limits vary

PayPal

$0.99 fee up to 3.84% fee

BTC Withdrawal Fee

0.0005 BTC

Dynamic (network fees)

ETH Withdrawal Fee

0.005 ETH

Dynamic (network fees)

Security

Best Security Overall

Cell

βœ… Winner

Year Founded

2017

2012

Uses Cold Storage?

βœ…

βœ…

FINTRAC Regulated

βœ…

βœ…

Insurance Policy

βœ… (SAFU)

βœ… ($255m)

Any Hacks or Incidents?

βœ… (2019)

βœ… (2021)

2FA

βœ…

βœ…

Address Whitelisting

βœ…

βœ…

View Login History

βœ…

βœ…

Crypto Withdrawals Allowed

βœ…

βœ…

KYC

βœ… (Partial)

βœ… (Mandatory)

Publicly Traded

🚫

βœ…

Headquarters

Remote Company

Remote Company

User Interface

Binance

Binance App Home
Binance App Trade
Binance App Wallet

Coinbase

Coinbase Mobile App Home Dashboard
Coinbase Mobile App Portfolio
Coinbase Mobile App Convert

What's Better… Binance or Coinbase?

When you look at Binance and Coinbase side-by-side, Binance is the clear winner.

Binance is the best altcoin exchange for Canadians who want 600+ coins and low spreads. On the other hand, Coinbase is easier to use, but it has only 140 coins and is the most expensive platform in Canada that we tested. 

When Should You Use Binance?

  • You want 600+ altcoins
  • You want some of the lowest spreads and fees in the industry
  • If you can fund your account with crypto (buying with CAD is expensive)
  • You want lots of features: advanced trading, staking, trading bots, and much more
  • If you don't live in Ontario

When Should You Use Coinbase?

  • You want something beginner-friendly
  • You don't mind paying the highest fees
  • You want to earn some free crypto with the "Learn and Earn" feature

Overall, I don't recommend Coinbase at all because the fees are higher than any other platform in Canada. Instead, beginners should use Newton or NDAX which are far better. 

Get Started:

Binance

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

Coinbase

Get $13 free when you trade $130

πŸ”Ž Compare More Crypto Exchanges

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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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