By: Alex Dabek

Last Updated: Jul 9, 2021

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4.2

NowFuture Rating:

The Bottom Line: Binance is a great platform for Canadians who want to trade over 350 altcoins that aren't available on Canadian crypto exchanges. It also has low 0.1% trading fees, plus many other features like staking, loans, margin, and more.

The downside is Binance is not based in Canada so you can't deposit or withdraw to a Canadian bank account. The best way to fund your account is to buy crypto on Newton or any Canadian crypto exchange and then send it to your Binance account. Also, as of June 26, 2021 Binance announced it is not available for Ontario residents.

Binance Exchange

Binance Overview

Overall:

4.2

Coins Available:

350+

Fees:

Spread: 0.03% (Mar 01, 2021)

Trading Fees:  0.05% - 0.10%

BTC Withdrawal Fee: 0.0005 BTC

Funding Methods:

Credit Card: 2.00% - Instant

Deposit Crypto: Free

Pros & Cons

  • Trade 350+ altcoins
  • High volume and low trading fees
  • One of the largest and most trusted exchanges in the world
  • Many advanced features
  • Only requires an email address to open an account
  • Not available for Ontario residents
  • Overwhelming for beginners
  • Can't connect a $CAD bank account (must deposit crypto)
  • Slow support according to online reviews

This is the Binance app:

Binance Exchange Mobile App

Binance List of Features

  • Web, iOS, and Android app 
  • Binance Lite for beginners
  • P2P Trading
  • Liquidity Pools
  • News and Research
  • Stock tokens
  • Margin
  • Staking + Interest Accounts
  • Crypto Loans
  • Referral Program
  • Futures
  • Education centre

Binance vs. the Competition

How I Tested This

I compared 11 crypto exchanges at the same time to see how they compare in price and features. For the reference price, I used Google's price of Bitcoin (which takes data from Coinbase). This reference price was the baseline to compare all prices fairly.

Header
Binance Exchange
Newton Exchange

Coins Offered

350+

19

2

Best Funding Fee

2.00%

Free

Free

Fastest Deposit Time

Instant

5-30 minutes

Almost instant

Best Trading Fee

0.05% maker

0.05% taker

Spread

Spread

Spread

0.03%

1.27%

2.54%

BTC Buy Price

$62,173

$62,486

$62,945

BTC Sell Price

$62,156

$61,701

$61,387

Reference Price Difference

Buy: +0.19%

Sell: +0.16%

Buy: +0.69%

Sell: -0.58%

Buy: +1.43%

Sell: -1.09%

Reference Price

$62,058

$62,058

$62,058

Crypto Withdrawal Fees

0.0005 BTC

First $5 of network fees are covered

Free

Promotion

10% off your trading fees

$25 free when you trade $100

$10 free when you trade $100

Best Purchase Fee

2.24%

0.69%

1.43%

Cell


This data was recorded March 01, 2021

Where Binance Shines:

Lots of Altcoins - Binance has over 350+ cryptocurrencies you can trade. The most on any Canadian crypto exchange is around 19.

Low Spreads - Binance is one of the largest and most popular exchanges in the world. With their high volume, they are able to offer very tight spreads and low fees.

Lots of Features - Binance has endless features and advanced traders can find lots of stuff like futures, margin, liquidity pools and much more.

Where Binance Falls Short:

Buying/Selling with $CAD - Currently, Binance does not let you deposit or withdrawal from a Canadian bank account. You can use a credit card to purchase but this includes a minimum 2.00% fee and the transaction might get blocked by your bank. So, the best way to fund and cash out of Binance is by having a Canadian crypto exchange as well.

Overwhelming for Beginners - Beginners might get overwhelmed with all the charts and features on the platform.

Cheapest Way to Fund Binance in Canada

In this video, I explain the best way to fund your Binance account:

In summary, you need to buy crypto on a Canadian exchange and transfer it to your Binance account.

The cheapest way to do it is to deposit $CAD onto Newton, buy Stellar, then send the Stellar to Binance which will cost $0 in fees. Watch the video above for a full walkthrough.

The Bottom Line

Binance is one of the world's largest crypto exchanges and it's great for Canadians who want to trade hundreds of altcoins that they can't find on Canadian crypto exchanges. All you need is an email address to sign up however, you'll also need an account on a Canadian crypto exchange so you can fund and cash out of your Binance account effectively. 

Binance Exchange
  • Trade 350+ cryptocurrencies
  • Tight spreads and low fees
  • Get 10% off trading fees
Newton Exchange
  • Trade 20+ cryptocurrencies
  • Fast funding and super low fees
  • $25 free when you trade $100

More Info

About Binance

Binance was founded in 2017 and is one of the world's largest crypto exchanges by trading volume. They have over 350 cryptocurrencies and according to Google, they are headquartered in the Cayman Islands.

Is Binance Safe in Canada?

Binance is as safe as any other popular exchange. It's also the largest crypto exchange in the world by trading volume and has been around since 2017. They have various user security features such as 2FA, email confirmations for withdrawals and more.

Keep in mind in 2019, Binance was hacked for over $40 million. The positive thing is this was only 2% of their funds and Binance covered the losses for its users so no customers actually lost anything.

This goes to show that even a large exchange like Binance can be hacked. The safest way to store your crypto will always be a hardware wallet.

Does Binance Accept Canadian Credit Cards?

Yes, Binance says it accepts credit and debit cards using Canadian Dollars. However, your credit card company might block the transaction because it's a "suspicious" purchase. If this happens, you'll have to call your credit card issuer to let it go through. Binance also charges a 2.00% fee which is expensive. The best way to fund your Binance account is by depositing crypto from a Canadian exchange such as Newton.

How Do I Cash Out from Binance in Canada?

Binance is not based in Canada and does not let you cash out directly to a Canadian bank account. So to cash out from Binance, you must send your crypto to a Canadian crypto exchange such as Newton and then sell your crypto for $CAD to cash out to your bank.

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