The Bottom Line: Binance is a great platform for Canadians who want to trade altcoins. They offer 300+ cryptocurrencies, 0.1% trading fees, plus many other features like staking, loans, margin, and more. The downside is it's expensive to use Canadian dollars on Binance so the best option is to buy crypto on Newton or Shakepay and then send it to your Binance account.
Spread: 0.03% (Mar 01, 2021)
Trading Fees: 0.05% - 0.10%
BTC Withdrawal Fee: 0.0005 BTC
Credit Card: 2.00% - Instant
Pros & Cons
This is the Binance app:
Binance List of Features
Binance vs. the Competition
I reviewed 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.
Best Funding Fee
Fastest Deposit Time
Best Trading Fee
BTC Buy Price
BTC Sell Price
Reference Price Difference
Crypto Withdrawal Fees
First $5 of network fees are covered
10% off your trading fees
$25 free when you trade $100
$30 free when you trade $100
Best Purchase Fee
This data was recorded March 01, 2021
Where Binance Shines:
Lots of Altcoins - Binance has over 300+ cryptocurrencies which is far more than any Canadian-based exchange.
Low Spreads - Binance is one of the largest and most popular exchanges in the world. With their high volume they are able to offer very tight spreads and low fees.
Lots of Features - Advanced traders can find a lot of stuff like futures, margin, liquidity pools, and so much more.
Where Binance Falls Short:
Buying/Selling with CAD$ - Currently, Binance only allows credit card purchases for Canadians which includes a 2.00% fee. There could also be an additional fee from your bank and some users report that their transaction doesn't go through.
Confusing for Beginners - When you open Binance, you might get overwhelmed with all the charts and features on the platform. They do have beginner features and express trades however platforms like Newton and Shakepay are still much easier for beginners to navigate.
Is Binance Right For You?
Binance is the best option for Canadians who want to access to hundreds of altcoins. The cheapest way to use it is to purchase crypto on Newton and then send it to your Binance account. Binance is also great for investors and traders who want lots of advanced features. However, if you're new to crypto or you only want to buy Bitcoin then you probably won't need a Binance account. In that scenario Newton or Shakepay will be the best fit.
- Trade 300+ cryptocurrencies
- Tight spreads and low fees
- Get 10% off your trading fees
- Fast funding and super low fees
- Trade 9 cryptocurrencies
- Get $25 free when you trade $100