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Binance vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

Binance and Bitcoin Well are prominent names in the cryptocurrency exchange industry, each offering a distinct experience to users. While Binance stands as a global giant in the crypto world, Bitcoin Well provides a more localized approach for Canadians, making the comparison intriguing.

Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Bitcoin Well.


Binance was founded in 2017 and is based in Malta. It averages $2 billion in daily volume and executes 1.4 million transactions per second. Canadians can purchase and trade hundreds of different coins with advanced order types. Binance stopped operating in Canada in July 2022.

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.


400+ including BTC, ETH, XRP, DOGE, USDT

Bitcoin only


0.1% to 0.02% buy fee depending on VIP level

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 


  • Good for Canadians looking to buy and trade altcoins
  • DEX/P2P trading
  • Advanced order types
  • Margin trading
  • Derivatives and futures trading
  • Stock token trading
  • 400+ coins
  • Low fees
  • Simple or advanced interface
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency


  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits


  • minimum of $100 payment
  • $50,000 transaction limit.

Methods to buy

Credit/debit, SWIFT bank transfer with USD


2FA, coins held in cold storage with multi-signature wallets, KYC verification process

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Mobile and Desktop Trading

Binance boasts both desktop and mobile platforms. The Binance iOS app has a strong 4.7-star rating from 24,000 reviews and its Android counterpart holds a 4.5-star rating from 337,000 reviews. The mobile application is more user-friendly and straightforward than the web and desktop versions, ideal for quick trades. Binance’s desktop application is comprehensive, offering intricate tools for seasoned traders, but it can be overwhelming for beginners.

Exact ratings and detailed features of Bitcoin Well’s mobile app on App Store and Google Play are not available. Like Binance, Bitcoin Well also offers a desktop platform designed for efficient cryptocurrency trading, focused on the needs of Canadian users.

Binance Canada

Binance has a rating of 4.6 stars on the Apple App Store with 22,000 ratings. On Google Play, it has 4.5 stars with 271,000 ratings.

Binance’s app allows its users to switch between the Lite and Pro interfaces making it suitable for both beginners and experienced traders.

Binance’s app interface also closely resembles its desktop counterpart, though, at first glance, it does not seem as user-friendly and intuitive as Coinbase. Binance offers its users multiple ways to purchase crypto depending on the type of trade you want. On its desktop platform, you can select “Convert” for a quick debit or credit purchase, or “Classic” or “Advanced” for more trading types.

Binance desktop platform (Convert)

Binance Convert

Binance desktop platform for advanced users

Binance Advanced

Binance Lite App for beginner users view

Binance Lite App for beginner users

Binance Advanced mobile view for Canadians

Binance App for advanced users

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

Security Compliance

Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.

As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Binance offers robust security measures, including two-factor authentication (2FA), whitelisting withdrawal addresses, and anti-phishing tools. However, in 2019, Binance suffered a security breach where hackers stole 7,000 Bitcoin and some user data. Binance covered the loss using its emergency insurance fund, ensuring no user lost their assets.

Bitcoin Well also emphasizes security. Given its localized approach to the Canadian market, it understands the specific security concerns of Canadian users. Detailed incidents or breaches related to Bitcoin Well were not present in my last update.

Regulatory Compliance

Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type. 

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

Binance recently announced its decision to exit the Canadian market by October 2023. Additionally, Ontario banned Binance for its residents, which raises concerns about its compliance with Canadian regulations.

Being a Canadian-focused exchange, Bitcoin Well adheres to Canadian federal regulations and works in alignment with the country's financial guidelines. Canadian federal organizations do monitor crypto-related activities, and Bitcoin Well has shown compliance with these entities.

Customer support

Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

Binance offers 24/7 online customer support, primarily through a ticketing system. Direct interaction is usually with a support bot, and it can be challenging to get human assistance. Their support is often described as limited, receiving a score of 2 out of 10. 

Bitcoin Well, understanding its local clientele, is known for more personalized support.


Both Binance and Bitcoin Well are commendable exchanges in their own right. While Bitcoin Well caters directly to the Canadian audience with localized support and compliance, Binance's vast range of features and global recognition give it an edge. Despite some compliance hiccups in Canada, Binance's sheer volume, variety of tools, and extensive coin offerings make it the winner in this comparison.

Initially, we recommended choosing Binance over Bitcoin Well for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Bitcoin Well.

If you find that neither Binance nor Bitcoin Well meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.


Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.