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
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
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
Overview
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 | 🚫 | ✅ |
Advanced Trading | ✅ | ✅ |
BTC Withdrawal Fee | 0.0005 BTC | Dynamic (network fees) |
Headquarters | Remote Company | Remote Company |
💰 Promotion | 10% off trading fees forever + up to $100 free | $13 free when you trade $130 |
Sign Up |
Features | ||
Best Features Overall | ✅ Winner | Cell |
Number of Features | 30+ | 10+ |
Coins | 600+ | 140+ |
Mobile App | ✅ | ✅ |
Web App | ✅ | ✅ |
Beginner Trading | ✅ (app only) | ✅ |
Advanced Trading | ✅ | ✅ |
Staking | ✅ | ✅ |
Lending/Borrowing | ✅ | 🚫 (Yes, but not available in Canada) |
Other Rewards | ✅ | ✅ |
Crypto Credit Card | 🚫 (Yes, but not available in Canada) | 🚫 (Yes, but not available in Canada) |
Margin Trading | ✅ | 🚫 |
Futures | ✅ | 🚫 |
OTC | ✅ | ✅ |
Native Token | ✅ (BNB) | ✅ (USDC) |
Affiliate Program | ✅ | ✅ |
24/7 Support | ✅ | 🚫 |
Sign Up | ||
Fees & SpreadBoth platforms were tested on Mar 2, 2022 at the same time and numbers are subject to change.
| ||
Best Fees Overall | ✅ 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 | ✅ 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 | ✅ Winner |
Year Founded | 2017 | 2012 |
Uses Cold Storage? | ✅ | ✅ |
FINTRAC Regulated | ✅ | ✅ |
Insurance Policy | ✅ (SAFU) | ✅ ($255m) |
Any Hacks or Incidents? | ✅ (2019) | ✅ (2021) |
2FA | ✅ | ✅ |
Address Whitelisting | ✅ | ✅ |
View Login History | ✅ | ✅ |
Crypto Withdrawals Allowed | ✅ | ✅ |
KYC | ✅ (Partial) | ✅ (Mandatory) |
Publicly Traded | 🚫 | ✅ |
Headquarters | Remote Company | Remote Company |
User Interface
Binance
Coinbase
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:
Get 10% off your trading fees forever and up to $100 free
Get $13 free when you trade $130
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