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Bitbuy vs. Binance: Fees, Pros & Cons
Swen Keller
- Headquarter: Toronto, CA
- Year Founded: 2016
- No. of Cryptos: 23+
- Fiats Available: CAD
- Fees: 0% to 1.50%
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Desktop, Mobile
- Security Features: Approval by Ontario Securities Commission, Cold storage, FINTRAC Regulation
- Headquarter: Cayman Islands
- Year Founded: 2017
- No. of Cryptos: 600+
- Fiats Available: CAD, EUR, USD, +39
- Fees: 0.1%
- NFTs Available: Yes
- Native Coin: BUSD and BNB
- Beginner Friendly: No
- Platform App: Desktop, Mobile
- Security Features: 2-Factor Authentication, IP and Address whitelisting, API access control
Bitbuy vs. Binance: Verdict
Our pick in this comparison is Binance due to the platform’s broad range of features and offerings.
Pros
- Regulated by the Ontario Securities Commission
- User-friendly interface
- Low trading fees
- Narrow spreads
- Free fiat deposits
Cons
- Only available in Canada
- High withdrawal fees
- The only fiat currency accepted is CAD
Pros
- Free deposits
- Supports more than 100 digital currencies
- Low trading fees
- High liquidity
- Supports futures trading
- Fast order processing time
- Has its native token
- Largest exchange platform
- Offers many payment options
Cons
- No phone support
- Not available in Ontario
Bitbuy vs. Binance: Unique Features
Unique Features of Bitbuy
1 – Bitbuy Private Wealth
Bitbuy Private Wealth is an over-the-counter trading desk built for high-net-worth individuals and institutions that wish to trade CAD 25,000 or more on crypto exchanges. Bitbuy’s Private Wealth is different from the regular Bitbuy platform as it offers specific features that cater to its target users. Private Wealth features enhanced liquidity aimed at preventing slippage during trading and competitive fees.
Private Wealth account holders have access to a dedicated account manager that helps them trade and manage their accounts. Bitbuy Private Wealth also supports over 100 crypto assets and gives account holders early access to newly approved coins on the Bitbuy platform.
2 – Express Trade
Express Trade is a Bitbuy feature designed for beginners in the crypto world that enables them to quickly set up their account and use certain features that they need when getting started with the crypto market.
The Express Trade Bitbuy account grants users access to popular crypto assets on the Bitbuy platform and simplifies and speed up purchases. Express Trade accounts can be funded via wire transfer and Interac e-transfer.
3 – Pro Trade
Pro Trade accounts, unlike Express Trade, are designed for advanced crypto traders. Bitbuy cryptocurrency exchange users with this account have access to an advanced trading interface and professional trading tools.
Bitbuy Pro Trade account holders have access to the following features: Live order book, order history, and status, trading view charts, break-out screens, live trading, and market statistics. Account holders can also view how large their orders can be at certain prices.
Pro Trade account holders also have access to 15 BTC and CAD trading pairs. This includes: EOS/BTC, ETH /BTC, LTC, BTC/CAD, ETH/CAD, LINK/CAD, LTC/CAD, etc.
Unique Features of Binance
1 – Binance Gift Card
The Binance Gift Card is a card that allows users to receive cryptocurrencies in an easy and customizable way from both Binance and and other crypto exchanges at zero fees.
The Binance gift card is a way to send customized crypto gifts to friends and family. This is different from the Binance code which allows crypto exchange and transfers through prepaid crypto vouchers in the form of secured codes.
The gift card supports almost all the digital assets available on the cryptocurrency exchange platform. Binance users can send and redeem gift cards free of charge. Once a gift card is redeemed the crypto will be credited to the recipient’s Binance wallet.
The Binance gift card can be purchased with fiat currencies or other methods from Binance-verified distributors and merchants.
2 – Binance Pay
Binance Pay is a secure, contactless, and borderless payment service designed by Binance that enabled users to send and receive cryptocurrencies from their mobile devices. With Binance pay, Binance users can send cryptocurrencies to their family and friends through email, Binance ID, Pay ID, and email. All this is done without incurring any gas fees.
Binance Pay is available to all Binance users who have registered and completed their identity verification on the platform. Transactions using the feature are often confirmed instantly. They cannot be reversed so it is important to check the payment details before confirming the transaction.
Winner in Unique Features
Binance is the winner in unique features as it offers more features than Bitbuy.
Bitbuy vs. Binance: Cryptocurrencies Available
Bitbuy supports 25 cryptocurrencies. This includes BTC, ETH, USDT, AVAX, SOL, DOGE, MATIC, CRV, UNI, LINK, XLM, etc
Binance supports over 600 cryptocurrencies including BTC, ETH, USDT, AVAX, ADA, LTC, VET, XRP, XTZ, etc.
Winner in Crypto Availability
Binance is the winner in crypto availability. It supports more cryptocurrencies than Bitbuy.
Bitbuy vs. Binance: Can You Buy and Sell NFTs?
You can buy and sell NFTs on Binance through the Binance NFT marketplace.
The platform enables users to buy and sell NFTs in several categories like sports, collectibles, arts, etc. For each trade, the Binance NFT marketplace charges a 1% fee.
To use the marketplace users need to hold Ethereum, BUSD, or BNB in their Binance spot wallet. It also supports up to 3 wallets, which include MetaMask, Binance Chain Wallet, and WalletConnect. The platform currently hosts 1,000 artists and has listed more than 2 million NFTs.
Bitbuy does not give access to NFTs Markets.
Winner in NFTs Availability
Binance is the winner in unique features as it offers more features than Bitbuy.
Bitbuy vs. Binance: Fees
Bitbuy Fees
Bitbuy does not charge fees when you deposit funds with Interac e-transfer and other payment methods except for credit card buys and sells via Simplex for which the processor charges 6.25%. But for withdrawals, Bitbuy charges 1.5% for Interac e-transfer and wire transfers. Cryptocurrency withdrawal fees depend on the digital assets being withdrawn.
For trading fees, Bitbuy uses a tiered fee structure where each tier is based on the trading volume:
Binance Fees
Binance uses a tiered taker and maker model for its spot trading fees. However, it offers discounts based on the user’s BNB holding and BUSD 30-day trade volume.
All deposits are free except for credit card payments which cost 4.5% in fees.
Winner in Fees
Binance wins in fees as it offers lower fees than Bitbuy with the option of discounts.
Bitbuy vs. Binance: Payment Methods
Bitbuy offers 4 payment methods including Interac e-transfer, wire transfer, credit card via Simplex, and crypto deposits. The credit card via Simplex option cost 6.25% in fees and is near instant. Interac e-transfer is also near instant.
Binance offers numerous payment methods for fiat currencies and digital assets 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.
Winner in Payment Methods
Binance wins in payment methods. The exchange offers more options excluding Interac e-transfer.
Bitbuy vs. Binance: Security
Bitbuy Security Features
Bitbuy users FIPS140-2, ISO, SOC compliant cloud providers for its servers. It was also one of the first crypto exchanges registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada.
They also conduct routine financial audits using trusted third-party auditors. It also conducts monthly transaction reporting and security audits. Daily and weekly audits are conducted on suspicious activities on Bitbuy accounts.
Bitbuy accounts are protected with two-factor authentication.
Binance Security Features
Binance is registered with FINTRAC, but its restricted in Ontario because it is not registered with the Ontario Securities Commission.
The majority of Binance users’ assets are stored offline in cold storage. All Binance users’ personal information and data are encrypted.
Users’ accounts are secured with two-factor authentication. Updates of account details like password reset, 2FA rest, and email address changes are reviewed before approval. Withdrawals of fiat currencies and crypto assets from accounts with suspicious activities are suspended for at least 24 hours.
Winner in Security
Binance wins in security.
Bitbuy vs. Binance: Earn/Staking Rewards
Users can earn up to 104% APY by staking eligible cryptocurrencies via Binance Earn. The platform also features auto-invest, yield farming, and dual investment.
Bitbuy does not offer staking services.
Winner in Earn/Staking Rewards
Binance wins in staking rewards as Bitbuy does not offer any option for staking.
Bitbuy vs. Binance: Usability
Bitbuy offers 2 platforms, the Express and Pro platform. The Express platform is for beginners and supports only simple buy and sell orders while the Pro platform supports more advanced order types.
The Binance exchange is built for advanced crypto users, however, beginners can still find their way around the platform but this would require a steep learning curve. Binance supports the following types of orders; limit orders, market orders, stop-limit orders, trailing stop orders, post-only orders, peer-to-peer trading, margin trading, one-cancels-the-other order, and more.
Users can access it via their web browser or mobile app.
Winner in Usability
Bitbuy wins in Usability as it supports both beginner and advanced users. Also, Binance cannot be used in Ontario as it is restricted from operating in the location.
Bitbuy vs. Binance: Customer Service
Bitbuy customers with complaints can contact the customer support team via email or the support ticket in the support center.
Bitbuy customers can also check the support center for answers on how to set up their accounts and use the platform.
The Binance support team can be contacted via the live support chat box or by submitting a ticket on the website.
Binance also has a Twitter account that is dedicated to customers’ complaints.
There is also a fully equipped support center with relevant answers to frequently asked questions about different aspects of the platform.
Winner in Customer Service
Bitbuy wins in customer service. It offers fast and helpful service to its customers.
Conclusion: Final Verdict
Binance is the world’s largest exchange and easily outperforms Bitbuy in so many areas from its number of available cryptocurrencies to NFT availability. Bitbuy, however, succeeds in usability and customer service as it caters to both advanced and beginners.
Overall Winner
Binance wins in general as it offers more features to crypto enthusiasts in Canada.
FAQ
Most frequent questions and answers
- Go to your holdings section
- Pick the crypto you are withdrawing
- Complete your withdrawal request by inputting the account of crypto to be withdrawn and your Binance wallet address
Yes, Binance is legal in Canada except in Ontario.
Binance is the world’s largest crypto exchange that holds a product suite that includes the biggest digital asset exchange.
No, you can’t buy Shiba Inu ($SHIB) on Bitbuy.
Yes, you can buy BCH on the Binance exchange.
Yes, Bitbuy is a legitimate and regulated platform.
Yes, Bitbuy is regulated.
It is safer to keep crypto in cold storage.
Cold Storage simply means storing your digital assets offline.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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