By: Alex Dabek

Last Updated: Mar 10, 2021

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4.2

NowFuture Rating:

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.

Binance Exchange

Binance Overview

Overall:

4.2

Coins Available:

300+

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

Pros & Cons

  • Trade 300+ altcoins
  • High volume and low trading fees
  • One of the largest and most trusted exchanges in the world
  • Tons of features for crypto enthusiasts
  • Might be difficult for beginners to navigate
  • Not good for buying/selling with CAD$

This is the Binance app:

Binance Exchange Mobile App

Binance List of Features

  • Web, iOS, and Android 
  • Binance Lite for beginners
  • P2P Trading
  • Liquidity Pools
  • News and Research
  • Margin
  • Staking
  • Crypto Loans
  • Referral Program
  • Futures

Binance vs. the Competition

How I Tested This

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.

Header
Binance Exchange
Newton Exchange

Coins Offered

300+

9

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

$30 free when you trade $100

Best Purchase Fee

2.24%

0.76%

1.58%

Cell


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.

Binance Exchange
  • Trade 300+ cryptocurrencies
  • Tight spreads and low fees
  • Get 10% off your trading fees
Newton Exchange
  • Fast funding and super low fees
  • Trade 9 cryptocurrencies
  • Get $25 free when you trade $100

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