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.
Spread: 0.03% (Mar 01, 2021)
Trading Fees: 0.05% - 0.10%
BTC Withdrawal Fee: 0.0005 BTC
Credit Card: 2.00% - Instant
Deposit Crypto: Free
Pros & Cons
This is the Binance app:
Binance List of Features
Binance vs. the Competition
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.
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
$10 free when you trade $100
Best Purchase Fee
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.
- Trade 350+ cryptocurrencies
- Tight spreads and low fees
- Get 10% off trading fees