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 vs Coinbase Canada: Fees, Pros & Cons

    Binance Canada Review
    4.5
    4.5/5

    Read Disclaimer

    Coinbase Review
    4.0
    4/5

    This Binance vs Coinbase article compares Binance Canada and Coinbase Canada. In gathering our findings the team performed exhaustive research considering crypto availability, payment methods, security features, etc. We also used both platforms to come up with our final verdict.

    Binance vs. Coinbase: Verdict

    Our pick is Binance as it offers a lot more features and is less expensive for both beginner and advanced traders.

    Binance Logo

    Pros

    Cons

    Coinbase Logo

    Pros

    Cons

    Unique Features of Binance

    Binance Coin (BNB)

    Binance Coin is the cryptocurrency of the Binance cryptocurrency exchange. It was launched in 2017 at an ICO and has a maximum supply of 200 million tokens. Binance Coin is traded with the BNB symbol.

    At its launch, the Binance Coin was based on the Ethereum network but is now based on the Binance blockchain.

    BNB is used to settle transaction fees on the Binance Smart Chain and pay for goods and services. It can also be traded on various crypto exchanges. BNB holders also have access to participate in exclusive token sales. 

    BNB holders get to save 25% on both margin trading fees and spot trading fees and 10% on futures trading fees. BNB can be used to invest in Exchange Traded Funds (ETFs) and stocks. Some cryptocurrency exchanges also allow BNB holders to use the coin as collateral.

    Every quarter, Binance spends some of its revenues to buy back Binance Coins and burn them. The burned coins are destroyed and permanently taken out of circulation. Binance intends to do this until it has destroyed half of the token’s original maximum supply. This is aimed at increasing the rarity of the coin which will in turn result in an increase in the value of the coin in the crypto world.

    Binance Card

    Binance Visa Card

    The Binance card is a Visa debit card that allows Binance customers to spend crypto directly from their Binance account. The card is a prepaid card, which means that it has to be pre-loaded with crypto before being used. It is accepted wherever Visa cards are accepted worldwide. 

    The card supports 12 cryptocurrencies, this includes BNB, USDT, BUSD, BTC, EUR, ADA, ETH, SXP, LAZIO, PORTO, DOT, and SANTOS. 

    Cardholders do not need to convert their cryptocurrencies to fiat before using the card. Binance does the conversion at the point of payment when the need arises.

    Depending on a customer’s monthly average on Binance Coin, they can get up to 8% cashback. The cashback is paid in BNB directly into the customer’s Binance account.

    Unique Features of Coinbase

    Coinbase Wallet Extension

    Coinbase Wallet

    This is a web browser wallet extension that enables Coinbase users to store and trade crypto. The Coinbase Wallet extension is a non-custodial software wallet, which allows Coinbase users to interact with various dApps in the DeFi space. The Wallet is compatible with the Chrome browser. Users can access yield and lending products directly from the wallet.

    The Coinbase Wallet also supports Ethereum-based wallets. Users can interact with NFT marketplaces directly from the wallet extension. They can also buy, hold and sell NFTs from their wallet.

    Coinbase Earn

    Coinbase Earn is a feature that allows Coinbase users to earn cryptocurrencies while learning about them. With Earn, users have access to educational videos that teach them about various cryptocurrencies and the crypto market. Once the user is done learning, they can take a simple quiz on a particular cryptocurrency. Once the quiz is completed, the learner is rewarded with free cryptocurrencies in their Coinbase Wallet. 

    The crypto reward earned can be converted to other cryptocurrencies or sold for cash.

    Winner in Unique Features

    Binance wins in unique features as it has more features tailored towards meeting the need of its customers both within and outside the crypto space.

    Cryptocurrencies Available on Binance

    Binance supports more than 600 cryptocurrencies. Crypto assets on the exchange include BNB, BTC, ETH, GAL, GMT, USDT, ADA, DOT, XRP, LTC, LINK, PHP, SHIB, QNT, DOGE, etc.

    Cryptocurrencies Available on Coinbase

    Coinbase supports over 150 cryptocurrencies. This includes BTC, SOL, ETH, USDC, USDT, AVAX, DOGE, MATIC, etc

    Winner in Crypto Availability

    Both Binance and Coinbase offer a wide selection of cryptocurrencies. But Binance wins in crypto availability as it supports more cryptocurrencies than Coinbase.

    Can You Buy and Sell NFTs on Binance?

    Binance NFT Home Page

    Yes, you can buy, sell and mint NFTs on Binance via its Binance NFT marketplace. However, Binance only supports pre-approved artists for its minting services. The Binance NFT marketplace features low fees (1% trading fee) and NFT trading primarily for gamers. But you can also trade several collectibles, sports, arts, and a host of other categories. Binance NFT isn’t accessible to United States residents.

    You’ll also need to hold BUSD, BNB, or Ethereum in your spot wallet to use the marketplace. Supported wallets include the Binance Chain Wallet, MetaMask, and WalletConnect. The platform also features a host of educational resources that makes it easy to use. Lastly, Binance NFT offers a wide range of NFTs in comparison to other crypto exchanges. Binance NFT has more than 1000 artists on board and has listed over 2.5 million NFTs and has partnerships with leading brands like Jimmy Choo, Balmain Paris, Vogue Singapore, The Associated Press, etc.

    Can You Buy and Sell NFTs on Coinbase?

    Yes, you can buy and sell NFTs on the Coinbase NFT marketplace. However, the platform which was recently launched had a lackluster start. Coinbase NFT opened its NFT doors to the public on the 4th of May 2022 but since then it has failed to pull in enough users and also keeps losing its acquired users daily. Besides its obvious launch disappointment, Coinbase NFT offers popular NFTs like Bored Apes that users can purchase by entering a minimum and maximum price to discover available NFTs within that price range.

    At the moment, users cannot mint NFT on Coinbase, but the feature is in the works. For transaction fees, users will have to pay Ethereum gas fees, which are quite expensive.

    Winner in NFTs Availability

    Both Binance and Coinbase support NFTS, but Binance is the winner in NFT availability as it offers a wider range of NFTs and also charges lower transaction fees than Coinbase NFT.

    Binance Canada Fees

    For transaction fees, Binance uses the taker and maker model based on a VIP-level structure that is assigned by the user’s monthly trading volume. Users can get discounts on trading fees based on their current BNB holdings on the exchange. 

    Here’s an overview of Binance’s spot trading fees:

    Regular User

    • 30 day trading volume (BUSD): < 1,000,000 BUSD or ≥ 0 BNB
    • Maker/Taker Fee: 0.1000% / 0.1000% Maker/Taker Fee with BNB 25% discount: 0.0750% / 0.0750%

    VIP 1

    • 30-day trading volume (BUSD): ≥ 1,000,000 BUSD and ≥ 25 BNB
    • Maker/Taker Fee: 0.0900% / 0.1000% Maker/Taker Fee with BNB 25% discount: 0.0675% / 0.0750%

    VIP 2

    • 30-day trading volume (BUSD): ≥ 5,000,000 BUSD and ≥ 100 BNB
    • Maker/Taker Fee: 0.0800% / 0.1000% Maker/Taker Fee with BNB 25% Discount: 0.0600% / 0.0750%

    VIP 3

    • 30-day trading volume (BUSD):≥ 20,000,000 BUSD and ≥ 250 BNB
    • Maker/Taker Fee: 0.0700% / 0.1000% Maker/Taker Fee with BNB 25% Discount: 0.0525% / 0.0750%

    VIP 4

    • 30-day trade volume (BUSD): ≥100,000,000 BUSD and ≥ 500 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 5

    • 30-day trade volume (BUSD): ≥ 150,000,000 BUSD and ≥ 1,000 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 6

    • 30-day trade volume (BUSD): ≥400,000,000 BUSD and ≥ 1,750 BNB
    • Maker/Taker Fee with BNB 25% Discount: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 7

    • 30-day trade volume (BUSD): ≥800,000,000 BUSD and ≥ 3,000 BNB Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 8

    • 30 day trade volume (BUSD): ≥ 2,000,000,000 BUSD and ≥ 4,500 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 9

    • 30-day trade volume (BUSD): ≥ 4,000,000,000 BUSD and ≥ 5,500 BNB 
    • Maker/Taker Fee: 0.0200% / 0.0400% 
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    For Binance’s crypto deposit and withdrawal fees, the cryptocurrency exchange does not charge deposit fees for crypto. Withdrawal Fees are dependent on the blockchain network’s dynamic fees. For debit card purchases Binance charges 4.5% in fees.

    Coinbase Canada Fees

    Coinbase uses the taker and maker fee model just like Binance and is also based on pricing tiers:

    Pricing Tier: $0 – $10K

    • Taker Fee: 0.60%
    • Maker Fee: 0.40%

    Pricing Tier: $10K – $50K

    • Taker Fee: 0.40%
    • Maker Fee: 0.25%

    Pricing Tier: $50K – $100K

    • Taker Fee: 0.25%
    • Maker Fee: 0.15%

    Pricing Tier: $100K – $1M

    • Taker Fee: 0.20%
    • Maker Fee: 0.10%

    Pricing Tier: $1M – $15M

    • Taker Fee: 0.18%
    • Maker Fee:0.08%

    Pricing Tier: $15M – $75M

    • Taker Fee: 0.16%
    • Maker Fee: 0.06%

    Pricing Tier: $75M – $250M

    • Taker Fee: 0.12%
    • Maker Fee: 0.03%

    Pricing Tier: $250M – $400M

    • Taker Fee: 0.08%
    • Maker Fee: 0.00%

    Pricing Tier: $400M+

    • Taker Fee: 0.05%
    • Maker Fee: 0.00%

    Stable Pairs

    • Taker Fee: 0.001%
    • Maker Fee: 0.00%

    Fiat Deposit and Withdrawal Fees

    ACH

    • Deposit Fee: Free
    • Withdrawal Fee: Free

    Wire (USD)

    • Deposit Fee: USD 10
    • Withdrawal Fee: USD 25

    SEPA (EUR)

    • Deposit Fee: EUR 0.15
    • Withdrawal Fee: EUR 0.15

    Swift (GBP)

    • Deposit Fee: Free
    • Withdrawal Fee: GBP 1

    Winner in Fees

    Binance wins here as it offers lower trading fees than Coinbase and also provides opportunities to further lower the fee rate by holding BNB or trading BUSD.

    Binance Payment Methods

    Binance Canada offers a couple of payment methods including credit and debit cards, local bank transfers, third-party and e-wallets like Advcash, Convert an OTC portal, local P2P trading, and Bitcoin ATMs.

    Coinbase Canada Payment Methods

    Coinbase Canada users can only purchase cryptocurrency on the platform using 2 payment methods which include PayPal and Debit Cards. Both payment methods are instant.

    Winner in Payment Methods

    Binance offers a lot more options than Coinbase Canada in payment methods. For that reason, Binance is the winner in payment methods.

    Binance Security

    Binance stores the majority of its user’s finds and assets in cold storage offline. It also secures data in transit via end-to-end encryption. All users’ data and personal information are also encrypted

    Every withdrawal attempt, two-factor authentication reset, password reset, and email address change is analyzed before approval. If Binance suspects an unusual activity, withdrawals from the affected account are suspended for at least 24 to 48 hours. All Binance accounts are secured with two-factor authentication. Users also have the option of activating IP and wallet address whitelisting, device management, and API access control. 

    Binance is registered with the Financial Transactions and Reports Analysis Centre of Canada. But its activities are restricted to just about 40% of the population as the platform does not function in the Province of Ontario. Binance ceased operation in Ontario after it was discovered that it is not registered with the Ontario Securities Commission and as such holds no security registration in Ontario. 

    Coinbase Security

    Coinbase holds 98% of its cryptocurrency assets in cold storage offline. The remaining 2% of the crypto assets held online are insured against loss. Coinbase cash balances are held in short-term US treasuries, US custodial accounts, and money market funds. These are also insured by the FDIC. 

    Two-factor authentication is mandatory for all Coinbase accounts. Accounts also have password protection. The Coinbase vault requires multi-approval for withdrawals.

    Winner in Security

    While both Binance and Coinbase have good security measures, Coinbase wins in security as it offers more regulatory security than Binance.

    Binance Canada Earn/Staking Rewards

    Binance Earn is the exchange’s staking platform and it offers users up to 104.62% APY on eligible held assets. Its high-yield staking option is a locked staking format that works on a first come first serve basis. Users can view locked staked tokens by visiting Wallets – Earn – Locked Staking – Locked. The unlock period for locked staking products is 1 day. Binance Earn also offers features like farming, dual investment, and auto-invest.

    Binance Earn

    Coinbase Canada Earn/Staking Rewards

    Coinbase offers up to 5.75% APY on staked assets. And the exchange offers staking rewards for only 6 assets. Also, Coinbase Earn supports DeFi yield rewards for 4 assets.

    Winner in Earn/Staking Rewards

    Binance is the winner in Staking rewards as the platform offers more cryptocurrencies eligible for staking and more earning opportunities. Binance also offers higher staking rewards than Coinbase.

    Binance Usability

    Binance has a steep learning curve and is better suited for advanced users who want to do more than simply execute buy and sell orders. The crypto exchange supports the following types of transactions; Limit order, market order, stop-limit order, trailing stop order, post-only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more. That said if you reside in Ontario due to regulatory issues you won’t be able to use Binance.

    Coinbase Usability

    Coinbase is best for beginners and supports basic transactions like buying, selling, sending, receiving, and exchanging crypto. It is also very easy to use in terms of user navigation and executing trades.

    Winner in Usability

    Coinbase is the winner in usability as it has better user satisfaction when compared with Binance. It is also easy to use and offers support for advanced and beginner traders.

    Binance Customer Service

    Binance has 24/7 live customer support. The live support is available in 8 languages. Users who have complaints can chat with the support team via the chat box on the support page. They can also reach the support team by submitting a ticket online or reaching out to them on Twitter. Binance has a dedicated support Twitter account. 

    Binance has a support center that is fully equipped with guides on how to use the platform and answers to frequently asked questions about different aspects of crypto trading on the platform.

    Coinbase Customer Service

    Customers can contact the support team or a virtual assistant via the chatbot on the website. Coinbase also offers live phone support to its users

    Coinbase also has a support center that is fully equipped with guides and blog posts on how to use the platform. It also has a FAQ section with answers to questions regarding the platform.

    Winner in Customer Service

    While both Binance and Coinbase have similar support features, Binance wins in customer service as it offers more responsive customer support than Coinbase.

    Conclusion: Final Verdict

    The winner in this Binance vs Coinbase is Binance. Besides its regulatory challenges, the crypto exchange surpasses Coinbase in crypto availability, payment methods, NFT availability, fees, and available fiat currencies.

    Overall Winner

    Binance

    FAQ

    Most frequent questions and answers

    Since Coinbase is easily accessible and easy to use for all types of users, it is one of the best crypto exchanges for Canadians.

    Yes, the Binance crypto exchange is legal in Canada but not in Ontario.

    No, Canadians can trade crypto on Binance. Binance is only blocked in Ontario.

    Yes, Canadians can cash out on Coinbase.

    Binance offers more NFT trading options.

    No Canadian bank works with Coinbase.

    No, trading cryptocurrency on Coinbase is legal in Canada.

    Yes, Canadian users can now deposit USD via their local banks.

    Coinbase is best for beginners.

    Coinbase is one of the best crypto exchanges in Canada