The Bottom Line: Binance is the world's largest crypto exchange with 350+ altcoins. It has low 0.1% trading fees, huge volumes, tight spreads, and many advanced features like staking, loans, futures, margin, and more. The downsides are you can't connect a Canadian bank account and it won't be available in Ontario starting 2022.
The best way to fund your account cheaply is to buy crypto on Newton (or any Canadian-based crypto exchange) and then send it to your Binance account. Also, starting Dec 31, 2021, Binance announced it won't be available for Ontario residents.
Spread: 0.03% (Mar 01, 2021)
Trading Fees: 0.05% - 0.10%
BTC Withdrawal Fee: 0.0005 BTC
Credit Card: 2.00% - Instant
P2P Exchange: Free
Deposit Crypto: Free (recommended)
Pros & Cons
This is the Binance app:
Binance was founded in 2017 and is one of the largest crypto exchanges in the world by trading volume and users. They have over 350 cryptocurrencies and according to Google, they are headquartered in the Cayman Islands.
According to LinkedIn, Binance has over 3,000 employees worldwide. They have dozens of features, crypto products and even their own cryptocurrency called Binance Coin (BNB) which can be used to get a discount on their exchange.
Opening An Account
Registering on Binance is quick and instant. You can start trading with just an email address but later on you might need to verify your account for higher limits. There are three levels of personal verification which are Basic, Intermediate and Advanced verification.
Who Is Eligible?
- Canadian residents (except for Ontario starting in 2022)
- Anyone above the age of 18
- Unverified: Email address only (instant)
- Basic Verification: Name, date of birth, address (instant)
- Intermediate Verification: Government-issued ID, facial verification (up to 10 days to review)
- Advanced Verification: Proof of address (up to 10 days to review)
Funding and Withdrawals
Binance doesn't let you connect a Canadian bank account so it's harder or more expensive to fund compared to a crypto exchange based in Canada. The best option is to also have a Canadian crypto exchange so you can easily deposit crypto to Binance and have a reliable method to cash out as well. You can also check out the P2P exchange to pay and cash out with e-transfer however, it is not as fast for cashing out large amounts.
Deposit Options for Canadians
P2P Exchange (via e-transfer)
Varies on seller
Varies on seller
Varies for each coin
Withdrawal Options for Canadians
P2P Exchange (via e-transfer)
Up to 0.35%
Varies on buyers
Varies on buyers
Varies for each coin
Cheapest Way to Fund Binance in Canada
In this video, I explain the best way to fund your Binance account:
In summary, Binance doesn't let you connect a Canadian bank account. So, the cheapest option is to buy crypto on a Canadian exchange (like Newton) and transfer it to your Binance account.
The cheapest way to do it is to deposit $CAD onto Newton for free, buy Stellar, then send the Stellar to Binance which will cost $0 in fees and take under 1 minute to arrive. Watch the video above for a full walkthrough.
Binance has incredibly low spreads and minimal fees once you have funds on the platform. The only expensive part is actually funding your account unless you do it the right way. To do it cheaply, refer to the section and video above and the total BTC purchase fee will be 0.24% instead of 2.24%. You can also try the P2P exchange.
Total BTC Purchase Fee
2.24% (via credit card
Up to 0.10%
2.00% (credit card)
Spread (Mar 01, 2021)
BTC Buy Price
BTC Sell Price
Ref. Price Difference
Reference Price (Google)
Binance List of Features
Binance has tons of features which is why they are one of the largest exchanges in the world. Many of these features are not available on crypto exchanges based in Canada. Let's take a look at what they offer:
Before you use Binance, it's important to ask, "can this exchange be trusted?"
Binance is one the world's largest crypto exchanges and has many layers of security features. Let's take a look at what they are:
User Security Features
- Multiple 2FA options (Google authenticator, phone number verification, email verification, and hardware authentication such as Yubikey)
- Withdrawal whitelists available (only send crypto to wallet addresses you've saved)
- Whitelist certain devices and IP addresses
- SAFU (Secure Asset Fund for Users) - Binance pools 10% of their trading fees into this insurance account. If they are ever hacked these funds will repay users
Is Binance Safe?
Yes, Binance is as safe as any other popular crypto exchange. You can find multiple layers of security features like 2FA, email confirmations for withdrawals and Binance itself holds it's crypto in cold storage and has an insurance pool for its users incase they are hacked.
However, it's not recommended to hold large amounts of crypto on any exchange. That's because exchanges can be hacked so the safest option is always to get your own wallet, ideally a hardware wallet.
Has Binance Ever Been Hacked?
Yes, Binance was hacked back in 2019. The hackers took 7000 BTC worth over $40 million! The good news is this was just 2% of their funds and Binance covered the loss for its users so no customers actually lost anything. Today, Binance has the SAFU account. They pool 10% of their trading fees into this fund which will repay users if they are ever hacked again.
This goes to show that even the largest exchange in the world like Binance can be hacked. The safest way to store your crypto will always be a hardware wallet.
Binance offers an extensive self-serve help centre where there is a list of FAQs, walkthroughs and more. If you need to speak with a team member directly you can submit a request via their 24/7 live chat. According to reviews online, their live chat support can be slow, especially when the crypto market is surging.
Binance vs. the Competition
*Total BTC Purchase Fee
Best CAD Deposit Fee
BTC Withdrawal Fee
0.1% / 0.2%
0.1% / 0.2%
Network fees minus $5
0.80% + $1.25
0.16% / 0.26%
*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.
This table is up to date as of Aug 13, 2021
Best Binance Alternatives
If you live in Ontario, Kraken is a close alternative to Binance that also has advanced features, staking options, and 50+ altcoins you can trade. It was founded back in 2011 and it's one of the largest crypto exchanges in the world with one of the best reputations in the crypto industry.
Newton is my #1 pick for Canadians. It lacks advanced features but has the most coins on a Canadian based platform (25+) and some of the lowest overall fees in Canada. Low fees include free $CAD deposits and withdrawals, cheap crypto withdrawals, zero trading fees, and tight spreads.
NDAX is the best Canadian based crypto exchange that has advanced charts, a transparent order book, multiple order types and more. The benefit of a Canadian exchange is you can easily and cheaply deposit and withdraw funds to your bank account. NDAX is also very inexpensive for buying crypto and has 15+ coins. The downside is a $25 fee to withdraw $CAD and relatively high crypto withdrawal fees.
Where Binance Shines:
Lots of Altcoins - Binance has over 350+ cryptocurrencies you can trade. The most on any Canadian crypto exchange is around 25.
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. If you use the mobile app there is a beginner mode you can toggle on.
Binance is one of the world's largest crypto exchanges and it's great for Canadians outside of Ontario who want to trade 350+ altcoins that they can't find on Canadian crypto exchanges. All you need is an email address to get started however, you'll also need an account on a Canadian based crypto exchange so you can deposit and cash out of your Binance account cheaply.
Who Should Use Binance?
- If you want 350+ altcoins that can't be found on Canadian based exchanges
- If you want many professional and advanced features
- If you want large volume and low trading fees
- If you want to try Binance Earn to earn interest on your crypto
Who Should Not Use Binance?
- Beginners because they might get overwhelmed
- Anyone wanting to deposit $CAD from your bank account (it's unavailable, best option is to deposit crypto from a Canadian exchange)
- Ontario residents because it's unavailable for them
- Trade 350+ cryptocurrencies
- Tight spreads and low fees
- Get 10% off trading fees