Binance Canada Review (Sep 2022): Why We Don’t Like It

August 6, 2022
Reviews

Binance is the world's largest crypto exchange by trading volume. It was founded in 2017 and has many interesting features, such as advanced charting tools and access to its Binance Earn and Binance Visa Card. However, because Binance doesn't accept Canadian dollars (and charges high currency conversion fees), I can't suggest using it as a Canadian.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until September 30, 2022), I can't recommend CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends September 30, 2022.

What Is Binance?

Binance is an international cryptocurrency exchange, and is currently the world's largest crypto exchange by volume. Headquartered in the Cayman Islands, Binance began operations in 2017.

The founder of Binance is Changpeng Zhao, a software developer who previously developed high-frequency trading software. The platform began operations in Hong Kong but has relocated its headquarters to the Cayman Islands due to increasing intervention in cryptocurrencies coming from the Chinese government.

Binance Features

1. Advanced Trading Platform

Binance's trading platform is very robust, offering a range of helpful features for experienced traders. It has built-in advanced charting tools, allowing traders to place market, stop-loss, take-profit, and other more complex orders to limit potential losses and secure profits.

Binance Canada Trading Platform

In the screenshot of Binance's trading platform above, you can see the current market price on the left side, with the sell orders above it in red (ascending in price) and the buy orders below it in green (descending in price). On the right side, there's a list of other cryptocurrencies you can buy and sell.

There's a lot more going on on that screen as well—far more than I can cover here—so rest assured that if you're looking for a powerful crypto trading platform, Binance has got you covered.

Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Withdraw your money at any time (and keep the $50).

Click below to claim your $50 bonus today. Offer ends September 30, 2022.
CLAIM MY $50 BONUS
Offer ends September 30, 2022.

2. Binance Visa Card

The Binance Visa Card lets you spend your crypto immediately and without difficulty. The Binance Visa Card exchanges your crypto into fiat when the transaction occurs, so retailers don't need to accept crypto or buy any special hardware to accept the card.

The Binance Visa Card supports Google Pay and Samsung Pay, and gives you additional exposure to crypto by exchanging your crypto at the last possible moment. This means that rather than making frequent and costly crypto-to-fiat transfers, you can hold your crypto all the way up until you spend it.

Binance Canada Visa Card

After you've received your card, you just need to move your cryptocurrency from your spot wallet to your funding wallet inside of Binance. After that, you'll be able to use your card wherever Visa is accepted, anywhere in the world.

3. Binance Earn

Binance Earn allows you to stake your crypto and earn rewards at an APY rate of 0.8% to 123% depending on the coin and how long you stake it for.

Users can stake 6 different cryptocurrencies on Binance right now: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Axie Shards (AXS), and Binance USD (BUSD). Stakers can also earn double payouts in instant trading and pooling tokens on Binance Liquid Swap, an extra bonus for staking your coins.

4. Binance Mobile App

Binance's mobile app is available in the Canadian app stores, and it's well-rated on both iOS and Android:

  • In the Google Play Store, Binance maintains a 4.6/5 rating across more than 800,000 reviews.
  • In Apple's App Store, Binance scores a 4.7/5 rating across more than 100,000 reviews.
Binance Canada Mobile App

However, some of the features the app advertises—such as converting fiat to crypto with zero fees—doesn't hold true for Canadians, since Binance doesn't accept Canadian dollars and charges hefty currency conversion fees for converting CAD into USD or other currencies.

Cryptocurrencies on Binance

Binance supports over 300 cryptocurrencies and over 50 fiat currencies. Here are some of the cryptocurrencies Binance currently supports:

Bitcoin (BTC) Tether (USDT)
Ethereum (ETH) TrueUSD (TUSD)
Bitcoin Cash (BCH) Stellar (XLM)
Ripple (XRP) TRON (TRX)
Binance Coin (BNB) Paxos Standard (PAX)
Litecoin (LTC) Dash (DASH)
Basic Attention Token (BAT) Cosmos (ATOM)

Unfortunately, the Canadian dollar is not one of the fiat currencies Binance supports, which makes it quite expensive to use as a Canadian.

Binance Fees

Binance's fee structure is pretty complex, but I'll do my best to simplify it here.

Crypto deposits are free with Binance, while crypto withdrawals carry a transaction fee ranging from 0% to 2.5% depending on the cryptocurrency. Fiat deposits cost between 0% to 4.5%, depending on the deposit method and the fiat currency involved.

Binance charges a maker-taker fee structure with different tiers in place. Binance Coin (BNB) holdings and your trading volume will influence how much you pay in fees. Here are some of the Maker-Taker fees that Binance charges:

Binance Canada Fees

As you can see, Maker fees range from 0.02% to 0.1%, while Taker fees range from 0.04% to 0.1%. If you use the network's native currency, Binance Coin, to pay for gas expenses, the fees will be lower.

Binance also offers a cheaper futures trading platform, with makers paying 0.02% and takers paying 0.04%. There's also a 25% discount on trading fees paid with the BNB token, which are reflected in the screenshot above.

If you want to buy or sell coins instantly (a market order), you'll have to pay higher fees. For instant buy/sell trade, you'll incur a flat trading fee of 0.5%; you'll also incur a 4.5% trading fee if you use your debit/credit card to purchase cryptocurrency directly.

My Recommendation

Even though the platform has prestige as the largest crypto trading platform in the world, there's one big setback that doesn't allow me to recommend Binance for Canadians, and it's the fact that it doesn't accept Canadian dollars.

Binance Canada Review

This is still the case despite Binance being allowed to operate again in Canada for more than 6 months now, and suggests that Binance doesn't have plants to add Canadian dollar support any time soon. Because of this and some of the other drawbacks mentioned above, I recommend that you consider using CoinSmart instead. Here are a few additional reasons why:

Introducing CoinSmart: Canada’s #1 Crypto Platform

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends September 30, 2022.

★★★★★

Rated 4.9/5

I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it's the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), it's an official member of the anti-money laundering group TRUST, and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

CLAIM MY $50 BONUS
Offer ends September 30, 2022.

In Summary

Binance is currently the world's largest crypto exchange by volume of daily trading activity. It's currently headquartered in the Cayman Islands and began operations in 2017. However, because Binance doesn't accept Canadian dollars (and charges high currency conversion fees), I can't suggest using it as a Canadian.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until September 30, 2022), I can't recommend CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends September 30, 2022.

Binance FAQs

How To Withdraw From Binance In Canada

To withdraw crypto funds from your Binance account, you only have to follow these steps:

  1. Log in to your Binance account.
  2. Choose “Withdraw” and then “Crypto”.
  3. Select the network you wish to use and the cryptocurrency you wish to withdraw.
  4. Choose “Receive”.
  5. Enter the address of your personal crypto wallet.
  6. Choose “Send Code”.
  7. Enter your 2-factor authentication code.

Is Binance Safe?

Yes, Binance is a safe and secure cryptocurrency exchange. It has a variety of security measures to keep your crypto assets secure, including:

  • Cold storage for digital assets
  • 2-factor authentication support
  • Additional security settings such as whitelisting devices, anti-phishing codes, and withdrawal address management
  • Security tips for its users to increase their account safety

Is Binance Legal In Canada?

Yes, Binance has operated legally in Canada under the legal name Binance Canada Capital Markets Inc since December 2021. It's registered as a Money Services Business with FINTRAC with the MSB registration number M21783493. You can see more details about Binance's MSB license here.

Still, there's no telling whether Binance will be able to operate in Canada in the future, so if you'd rather use a crypto exchange that's authorized in all of Canada and follows all of the country's regulations, I recommend using CoinSmart.

Binance Referral Code

Unfortunately, there are no Binance referral codes available at this time.

Does Binance Report To The CRA?

Yes, as a Money Services Business, Binance is legally required to report all large transactions to the Canada Revenue Agency (CRA). Large transactions are those over $10,000 CAD.

Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Trade with low fees and withdraw your money at any time.

Click below to claim your $50 bonus today. Offer ends September 30, 2022.
CLAIM MY $50 BONUS
Offer ends September 30, 2022.