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Binance vs. Crypto.com: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we will explore two prominent cryptocurrency exchanges in Canada: Binance and Crypto.com. Both Binance and Crypto.com provide a wide array of features and services that cater to the needs of users interested in buying, selling, and trading cryptocurrencies. While Binance is renowned for its extensive selection of cryptocurrencies and advanced trading options, Crypto.com stands out with its unique offerings such as crypto Visa cards, NFT marketplace, and staking rewards.

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 Crypto.com.

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.

Crypto.com is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. Crypto.com offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.

Coins

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

150+

Fees

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

  • Free deposits
  • Variable Withdrawal fees
  • Send crypto to other crypto.com users for free
  • 0.04 to 0.4% maker/taker fees

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
  • Wide range of coins available
  • Suitable for beginners and pro traders
  • Interac e-Transfer available
  • Deposits take up to one day to process
  • Visa cards
  • Staking
  • NFT marketplace
  • 20+ fiat currencies supported
  • Free deposits

Cons

  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • No crypto education articles
  • Poor customer service

Account Limits

N/A

Low

Methods to buy

Credit/debit, SWIFT bank transfer with USD

  • Interac e-Transfer

Security

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

  • 100% coins held in cold storage
  • Ledger Vault partnership
  • Multi-factor authentication
  • Mandatory whitelisting of withdrawal addresses

Mobile and Desktop Trading

Binance offers a user-friendly mobile app and a comprehensive desktop platform, catering to both beginners and experienced traders. The mobile app enjoys a stellar rating on both the App Store and Google Play, demonstrating its widespread popularity and favorable user experience.
Crypto.com provides an intuitive and feature-rich mobile app that covers all essential trading functions. It has a solid rating on the App Store and Google Play, offering a user-friendly experience for beginners. The desktop exchange offers advanced charting and order types, but it may be more complex for novice 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

Crypto.com

In the crypto.com app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use crypto.com’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The crypto.com app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types. 

Crypto.com advanced trading view

Advanced Desktop Trade

List of coins available for trading on Crypto.com desktop app

List of coins

Crypto.com app interface

Crypto.com app interface

Crypto com app while trading

Crypto.com app interface while trading

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.

Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more. 

Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft. 

Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication  - such as FaceID - to

Binance prioritizes security and adheres to international AML and CTF regulations. By implementing robust security measures like two-factor authentication (2FA) and providing cold storage for customer funds, the platform ensures advanced protection and enhances the safety of user assets.
Crypto.com places a strong emphasis on security and safety. It stores 100% of customer funds in cold storage, ensuring enhanced protection against unauthorized access. The platform also implements two-factor authentication and collaborates with leading cybersecurity firms to maintain a secure environment.

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. 

Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.

As a global exchange, Binance complies with international regulations, including AML and CTF requirements such as the US Bank Secrecy Act and the FATF recommendations. It operates in Canada but faced restrictions from the Ontario Securities Commission (OSC) in terms of carrying out business in the province.
Crypto.com has achieved a significant milestone by signing a pre-registration undertaking with the Ontario Securities Commission (OSC), making it the first global crypto exchange to demonstrate compliance with the OSC's regulations in Canada. This partnership highlights Crypto.com's commitment to adhering to regulatory requirements and providing a trustworthy platform for Canadian users.

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.

The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down. 

Binance provides round-the-clock customer support, ensuring assistance is available whenever needed. Users can benefit from a live chat feature and a comprehensive help center, which offer reliable resources and prompt solutions to inquiries. Users can easily access assistance and find answers to their queries.
While Crypto.com's customer service has received mixed reviews, the support team generally handles issues within 24 hours. The exchange could benefit from improved educational resources and a knowledge center on its website to assist users with troubleshooting.

Conclusion

Both Binance and Crypto.com are reputable crypto exchanges with their own strengths. Binance is known for its robust trading platforms, wide range of supported cryptocurrencies, and strong compliance with international regulations. On the other hand, Crypto.com offers a comprehensive suite of features, including staking, NFTs, and crypto Visa cards, along with a secure and user-friendly mobile app. While both exchanges have their merits, Binance emerges as the winner due to its extensive offerings and reputation in the crypto industry.

Initially, we recommended choosing Binance over Crypto.com 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 Crypto.com.

If you find that neither Binance nor Crypto.com 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.