Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Binance Canada Review: The Ultimate Guide 2022

    Binance Canada Review

    Our Opinion

    Binance Canada is one of the most reputable crypto exchanges in the country. Thousands of Canadian users login to the site every day to trade their crypto assets. After closely reviewing the exchange, it is not hard to understand why.

    Binance has one of the largest selections of crypto tokens in the country. In contrast to its competitors, such as Newton and CoinSmart, which do not have even 100 cryptocurrencies listed, Binance users can trade around 350 different crypto tokens. Similarly, you have multiple trading options at your disposal at a much lower trading fee. We love how flexible Binance is in the banking department too. Allowing funding through different methods makes it accessible for almost everyone. With that being said, there are some things that we didn’t like about the platform. Firstly, the interface could have been a bit more beginner-friendly. At the moment, the complex UI of the Binance site limits this exchange to experienced traders for the most part. Moreover, we wish the margin trading can also be available soon, so users can benefit from its maximum profit potential.

    An Overview of Binance

    Binance Dashboard

    Binance is the world’s largest crypto exchange and trading platform dealing in more than 500 cryptocurrencies. Since early 2018, Binance is considered the biggest cryptocurrency exchange in terms of trading variety.

    Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. He is currently serving as the company’s CEO. Interestingly, Binance was launched after an ICO that raised $15 million. Binance was initially based in China but later moved out of China due to the country’s intensifying regulation of cryptocurrency.

    Binance offers a substantial number of coins traded mainly against Bitcoin and Ethereum. On its launch, Binance offered support for hundreds of cryptocurrencies. The company has also established several partnerships with reputable companies and institutions worldwide.

    It has also created its own token, Binance Coin (BNB), which allows users to get a 50 percent discount on fees when trading cryptocurrencies on their platform. Binance provides the option of basic and advanced exchange views and has multiple language support and mobile apps for both Android and iOS versions. 

    Binance is one of the most popular cryptocurrency exchanges and trading platforms currently working all over the globe. It’s the biggest crypto exchange when it comes to trading volume. The platform’s site, Binance.com, allows users to directly buy and sell a wide range of cryptocurrencies using the Canadian Dollar (CAD). 

    Perhaps the most significant benefit of using Binance is its wide variety of payment methods, including credit cards and Interac e-Transfers in Canada. Moreover, as a trusted bitcoin exchange in Canada, Binance allows users to trade with over 600 cryptocurrencies. In this Binance Canada review, we’ll break down the platform’s fees, supported cryptocurrencies, account verification process, security measures, and more.

    Pros

    Cons

    Key Features of Binance

    • Start trading crypto in minutes with the easy-to-set-up account process.

    • Available Mobile app for iOS and Android and on the web.

    • 600+ of the most popular cryptocurrencies are supported.

    • Very Competive fees.

    • Wide range of transactions types available.

    • Binance Pay – pay and get paid in crypto.

    • Extremely secure – institutional-grade crypto protection.

    Cryptocurrencies Available on Binance

    Binance Cryptocurrencies available

    Binance offers digital assets for trading in Canada. The list of the most popular cryptocurrencies available for trading on Binance.com is as follows:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Bitcoin Cash (BCH)
    • Stellar (XLM)
    • Tether (USDT)
    • Tron (TRX)
    • Binance Coin (BNB)
    • Litecoin (LTC)
    • Dash (DASH)
    • Cardano (ADA)
    • Basic Attention Token (BAT)

    You can find the updated list here.

    Binance Fees

    No one likes to lose a considerable sum of their funds on fees each time they make a transaction. So, you’ll be more than glad to know that Binance fee charges are among the least in the country.

    Deposit Fees

    When depositing cryptocurrency coins into your Binance account, you don’t need to pay any crypto deposit fees. This is because the transaction fees are paid by the sending wallet and not the receiving wallet.

    However, you will incur a deposit fee when making a deposit using fiat currencies, such as Canadian Dollars (CAD). The size of this fee will vary from 0 to 3.5 %, according to the fiat currencies being deposited and the payment method used to make the deposit.

    Binance Withdrawal fees

    Binance exchange charges a flat price, while the withdrawal fee varies depending on the cryptocurrency. Below is a list of the current withdrawal fees:

    • CAD – Free
    • USDT – 10 USDT
    • BTC – 0.0005 BTC
    • ETH – 0.001 ETH
    • LTC – 0.001 LTC

    Trading fees

    Binance Trading Fees

    Binance Canada offers trading fees at 0.075% for both market takers and market makers (i.e., 0.15% for each trade). The trading fees paid are well below the global industry average, currently estimated at around 0.25%.

    The exchange also offers discounts on trading fees to those who hold Binance Coin (BNB) on the exchange, with a 50% discount offered in the first year and 25% in the second year. For further information, click here.

    Payment Methods

    You can use several payment methods to buy and sell crypto on this trading platform which supports a variety of payment sources such as debit cards, credit cards, bank transfers, and many more. The three most widely used funding methods are mentioned below.

    1. Debit or Credit Card: This payment method is quick, and transactions are completed almost instantly. You will be required to give your full card details for the first time to link the bank account.

    2. P2P Trading: Binance also allows you to buy funds directly from other users. It has a dedicated marketplace for peer-to-peer trading.

    3. Third-Party Payment Options: The two third-party payment options supported at the moment are BANXA and Simplex. 

    Binance Security

    Binance is a secure cryptocurrency exchange platform with many features to ensure that your crypto assets are safe in your Binance wallet.

    Two-Factor Authentication

    All users are required to use 2FA to access their Binance account. Binance Canada supports two-factor authentication methods through Google Authenticator, Authy, or SMS text message to secure your Binance account from phishing attacks.

    Account Activity

    Binance keeps track of its users’ account activity, allowing you to check on your account in real-time. In addition to the protections offered by the company’s security measures, Binance saves 10% of all trading fees in a separate account for customers that might need their funds returned if the platform is hacked.

    Withdrawal Whitelist

    You can set a withdrawal address whitelist to ensure your crypto assets are not sent to unfamiliar withdrawal addresses. This will help protect you from potentially malicious e-mails or messages asking you to send your crypto assets to a specific or unknown address.

    Staking Rewards

    Binance Earn

    Staking is one of the many options you have for earning income with cryptocurrency. If you’re unfamiliar with staking, it’s a way to earn interest on your holdings in an asset. The process simply involves holding your coins in a specific wallet and waiting until you reach your vesting minimum.

    Staking has become more popular recently, especially as the industry continues to mature and more platforms offer the service. Binance Canada is now joining the fray, adding support for staking to its crypto exchange.

    At the time of writing this review, the Binance exchange is offering staking on several cryptocurrencies, including Algorand (ALGO), ATOM, BAND, CELR, FET, and VET. Users can get staking rewards from 0.8 to 123 %, depending on their stacked coin and duration on Binance Earn.

    Opening a Binance Account

    Binance Sign up

    We’ve made it as simple for you as possible to get started with cryptocurrency trading in Canada. Just follow the quick steps below, and you’ll be ready to use your Binance wallet in no time! 

    1. Go to www.binance.com and click Register in the upper right corner. 
    2. Enter your e-mail address, select your country as Canada, and enter a secure password. Then click Register to continue.
    3. Check your e-mail inbox. Click the link in the e-mail to activate your account, then log in using the password you just created.
    4. If you want to turn on 2FA (two-factor authentication), click on My Account -> Security Settings -> Enable Google Authenticator, then follow the instructions on the screen (you’ll need to download an app onto your phone or tablet). This isn’t required, but we highly recommend turning on 2FA for security purposes.
    5. Check your e-mail for a confirmation e-mail.
    6. Click the link in the e-mail to confirm your identity! You’re now registered and can fund your account using any of these supported deposit methods: Debit card, Credit Card, Bank Transfer, etc.

    Trading Experience on Binance

    Binance Trading Experience

    In our opinion, the trading experience on Binance Canada is the best in the country. The team of developers and engineers at Binance makes sure that everything is running smoothly all the time with their crypto trading platform, which is why the platform is so popular among both newbies and pros and compare well with other crypto exchanges. 

    Binance Canada offers a variety of different options for trading, including spot trading and futures trading. The platform also provides several trading tools, like stop losses and price hit alerts. You will notice that everything runs efficiently, and order execution is rarely delayed. This is a cherry on top for all the scalp traders out there. 

    Moreover, Binance Canada also offers a VIP program for advanced traders where you earn a rebate on trading fees by holding BNB tokens. The rebate increases with VIP levels based on how much monthly volume you trade in USDT (Tether) terms.

    Binance Customer Support

    Binance Support

    First of all, you can solve most problems by visiting their FAQs section (which is very elaborative and helpful, unlike most exchanges). But if you still find yourself stuck somewhere, you can always reach out to the Binance support team.

    Binance has its own customer support service. It is available 24/7, ready to help you. On the official website of Binance, you will find a section, “Support,” where you can send a request for help. 

    To do this, you need to select the appropriate topic (General Question, Account Verification, Account Login, or System Error) and write your question or problem. Then enter your e-mail address and send a request. After that, the company’s specialists will contact you by e-mail. Considering the number of users the exchange accommodates, we found the responses reasonably quick.

    Account Management

    To put it simply, we have mixed views on the account management feasibility. For the most part, it’s pretty straightforward but can give you a headache sometimes.  

    When managing crypto accounts, the biggest concern for most users is the security of funds. You can follow the given steps to ensure the safety of your wallet.

    1. Verify identity
    2. Change password (both login password and fund password)
    3. Enable Google Authentication
    4. Set security questions (optional)
    5. Enable IP address whitelist (optional)
    6. Set deposit addresses to whitelist (optional)
    7. Activate on-exchange e-mail notification for deposits/withdrawals
    8. Close TAPI access if not in use

    Now moving toward managing funds, the Wallet Overview section gives a concise outline of your current holdings and all the earnings. However, things can become messy when you move to the next section to make a transaction. The lack of instructions and the overwhelming interface may result in confusing many new users. 

    Finally, if you ever wish to review your transaction history, you can easily do it by simply visiting the Orders section in the top right corner. The interface is divided with respect to order types, i.e., Spot Orders, Future Order, etc. You will find a dedicated order history page for each. 

    Binance Academy

    Binance have created an entire section, dedicated to the learning process of newbies and more advance crypto enthusiasts, called the Binance Academy.

    Is Binance Canada Right For You?

    If you are an experienced trader looking for a crypto platform that charges low trading fees or just a beginner looking to buy digital assets such as cryptocurrencies and NFTs, Binance is the perfect place for you. It features hundreds of different cryptocurrencies, so you’re more than likely to find the crypto assets you intend to invest in.

    Moreover, their educational section comprises a vast library with hundreds of helpful articles for someone just starting out. The trading experience is also rich with several different trading options. Hence, we are more than confident to recommend this exchange to both beginners and professionals.

    Binance NFT Marketplace

    Final Thoughts

    We always insist our readers to use only those crypto exchange platforms that are reliable and have a reputed history. But at the same, it is also essential to have multiple options at hand with a wide variety of featured crypto coins and tokens.

    Binance checks all these boxes. The trading fees are also lesser than most exchanges in the market. Moreover, they recently launched an NFT marketplace, which managed to gain over $100 million in total trading volume within the first six months of its launch.

    However, they can improve their interface and make it more beginner-friendly. It’s safe to say that Binance Canada is one of the best options when it comes to trading digital assets using the Canadian Dollar. 

    Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read our list of best crypto exchanges in Canada to find an alternative to Binance.

    FAQ

    Most frequent questions and answers

    In short, no. As of today, Binance is not banned in Canada, except for Ontario where it is currently unavailable. The dispute between Binance and OSC led the crypto exchange to cease its operations in Ontario.

    Moreover, considering the popularity and the number of active Canadian users, there are no signs that it will be leaving the Canadian market anytime soon.

    Yes, you can, but you’ll need to verify your account and deposit Canadian Dollars into your Binance account before you can make a purchase.

    Here’s how to withdraw your cryptocurrencies from Binance.

    • Click on the Withdrawals button in the Funds section of the main menu.

    • Search for your chosen coin in the Withdrawal History tab, or click on it from the list of coins.

    • Enter an address (e.g., from a crypto wallet) – you MUST make sure it’s correct, or you will lose your funds forever!​

    • Choose the amount you want to withdraw and click Submit.

    • You should get an e-mail with a confirmation code – enter it, and your withdrawal will be made.

    Another way to cash out your Binance in Canada is to use Binance Visa Card at ATM to withdraw the money.

    Binance does not report your information to the CRA. It is your responsibility to report all taxable income on your annual tax return.

    Yes, Binance is cheaper than Coinbase when it comes to trading fees.

    Binance charges 0.1% on every trade that a user makes, whereas Coinbase charges 1.49% for buying through bank accounts and 3.99% for buying through credit/debit cards.

    Binance Canada supports Bitcoin, Ethereum, Solana, Litecoin, Polkadot, Shiba Inu, Chainlink, Dogecoin, etc. It features almost every top cryptocurrency which you can buy using CAD. 

    Binance is safe and legit. Today, Binance is one of the most reputable cryptocurrency exchanges globally. It has over 25 million users and a daily trading volume of $1.4 billion.

      We always try to provide the most accurate information available, and make sure our team follow through.
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