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Binance vs. Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

In this comparison, we examine Binance and Bitvo, two cryptocurrency exchanges in Canada catering to different user bases and offering distinct features. While Binance is a global giant with a vast selection of cryptocurrencies and advanced trading options, Bitvo is a Canadian-focused platform with a user-friendly interface and unique offerings like their cash card. Continue reading to explore the main contrasts between these two exchanges and find out which one is the ideal choice for your specific requirements.

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 Bitvo.

Description

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.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

Coins

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

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

Fees

Low
0.1% to 0.02% buy fee depending on VIP level

The only fee you will pay is a 1% withdrawal fee

Pros

  • 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
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)

Cons

  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

N/A

A few withdrawal limits & deposit limit that could be found here

Methods to buy

Credit/debit, SWIFT bank transfer with USD

  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

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

  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

For mobile and desktop trading, both Binance and Bitvo offer user-friendly applications. Binance's mobile app has a 4.7-star rating with 147,000 reviews on the App Store and a 4.4-star rating with 1.330,000 reviews on Google Play, making it a popular choice for on-the-go traders. Bitvo's mobile app, though less popular, has a clean and functional design. Both exchanges also provide comprehensive desktop trading platforms, catering to the needs of various traders.

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

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

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.

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

In terms of security, both Binance and Bitvo have robust measures in place to protect their users' assets. Binance offers two-factor authentication (2FA), withdrawal address whitelisting, and security keys. Bitvo keeps 95%-100% of its digital assets in cold storage and maintains segregated bank accounts for its customers' fiat funds. While both exchanges prioritize security, Binance has experienced a hack in the past, which is worth considering when evaluating the safety of the platforms.

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. 

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

Regarding compliance in Canada, Bitvo is a registered Money Service Business and compliant with FINTRAC regulations. Binance, on the other hand, has faced some challenges in Ontario, where it is currently banned. While both exchanges operate under Canadian federal laws and regulations, Bitvo's status as a Canadian-focused platform gives it an edge in terms of compliance.

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.

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

The quality of customer support is vital for any trading platform, and both Binance and Bitvo provide valuable help to their users. Binance provides 24/7 online customer support through ticket submission, though interacting with a bot is more common than directly connecting with a support agent. Bitvo, in contrast, offers 24/7 support via live chat, email, and phone, making it more accessible and responsive to user needs.

Conclusion

In conclusion, both Binance and Bitvo are excellent choices for cryptocurrency trading. However, Binance emerges as the winner due to its extensive selection of cryptocurrencies, advanced trading features, and massive global presence. While Bitvo has a strong focus on the Canadian market and offers an impressive customer support system, Binance caters to a wider range of traders, making it the ideal choice for many users.

Initially, we recommended choosing Binance over Bitvo 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 Bitvo.

If you find that neither Binance nor Bitvo 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.

Author

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.