Binance vs. Netcoins: What Works Better For Canadians in 2023

Oleg Galeev

5 months ago

In this comparison, we will explore two popular cryptocurrency exchanges in Canada: Binance and Netcoins. Binance is a global exchange with advanced trading features and a wide range of cryptocurrencies, while Netcoins is a Canadian exchange designed for simplicity and ease of use. While Binance offers a more extensive selection and advanced features, Netcoins prioritizes user-friendliness and compliance with Canadian regulations.

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 Netcoins.


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.

Netcoins is a Canadian crypto exchange owned by a publicly-traded company called Bigg Digital Assets. Netcoins was founded by Mitchell Demeter who created the world’s first Bitcoin ATM in 2013.


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

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Algorand, XRP, Avalanche, Ethereum Classic, SHIB, DOGE, MATIC, AXS, Cardano, Solana, Polkadot


0.1% to 0.02% buy fee depending on VIP level

  • Free deposits
  • Free fiat withdrawals
  • 0.5% trading fees


  • 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
  • Free fiat and crypto deposits
  • Free fiat withdrawals
  • Interac e-Transfer available
  • Phone support
  • Instant verification
  • Licenced and regulated in Canada
  • Educational resources available
  • Great customer service


  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees

Account Limits


  • $10 min for Interac e-Transfer
  • $500 min for wire transfer
  • $50 min for online bill payment

Methods to buy

Credit/debit, SWIFT bank transfer with USD

  • Interac e-Transfer
  • Bank wire
  • Online bill payment


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

  • 2FA available
  • Registered with FINTRAC

Mobile and Desktop Trading

Binance offers a mobile app that is designed with user-friendliness in mind, catering to both iOS and Android users. The app has received positive ratings, with a high score of 4.7 stars on the App Store and 4.4 stars on Google Play, indicating its popularity and favorable user experience. Binance also provides a robust desktop trading platform with advanced features suitable for experienced traders.
Netcoins provides a mobile app specifically designed for iOS devices, which has garnered a rating of 4.0 stars on the App Store and 4.1 stars on Google Play Netcoins' desktop platform is designed to be beginner-friendly, providing a simple and intuitive trading experience.

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


Netcoins’ trading platform is simple to use with a sidecar offering all you need including options to buy, sell and trade. Your dashboard has two big options to either deposit funds or deposit crypto.

Buying crypto with Netcoins is easy thanks to its simple trade feature.

The Netcoins app has a 4.1-star rating from 171 reviews on the Apple App Store. It has a 3.6-star rating on Google from 127 reviews. 

The app is easy to use and beginner-friendly. It is almost an exact copy of the desktop platform but optimized for mobile.

Netcoins trading screen

Netcoins Desktop App (trading screen)

Funding money to our account with Netcoins

Netcoins Desktop App (funding account)

Netcoins vs Coinsmart trading mobile app

Netcoins Mobile App (balances)

Netcoins vs Coinsmart bitcoin transaction in mobile app

Netcoins Mobile App (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.

Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.

Two-factor authentication is available to help keep your account secure.

Binance prioritizes security and implements robust measures, including two-factor authentication (2FA), cold storage for customer funds, and partnerships with leading cybersecurity firms. Binance has established a strong reputation for its emphasis on security.

On the other hand, Netcoins, owned by BIGG Digital Assets, a publicly traded company, provides an added layer of trust and transparency. It is registered as a MSB with FINTRAC and employs services to monitor wallet addresses and transactions for potential fraud and criminal connections. However, there is no explicit information available regarding the storage of customer funds.

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. 

Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.

Binance operates globally and has specific compliance measures in place, including adherence to international AML and CTF regulations. However, it's important to note that Binance does not currently operate in Ontario due to regulatory considerations.

Netcoins is specifically designed for Canadians and is fully regulated and compliant in Canada. It is registered as a MSB with FINTRAC, which ensures adherence to Canadian regulatory requirements.

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.

Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.

Binance ensures round-the-clock customer support, offering live chat assistance and a comprehensive help center to promptly address user queries and concerns. Users have access to an extensive array of resources and support services to effectively address any concerns or difficulties they may encounter during their usage of the platform.

Similarly, Netcoins also provides 24/7 support, including live chat, email, and even phone support, which is a rare feature in the crypto exchange industry. Netcoins has earned a positive reputation for its customer service, with users appreciating the quick response and helpfulness of the support team.


Both Binance and Netcoins have their strengths, but Binance emerges as the preferred choice. Binance offers a user-friendly mobile app, advanced desktop trading tools, robust security measures, and operates globally. While Netcoins is designed for Canadians, its high trading fees, unclear fund storage information, and limited selection of cryptocurrencies may be drawbacks. Binance's global presence, extensive features, and strong security measures position it as the winner in this comparison.

Initially, we recommended choosing Binance over Netcoins 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 Netcoins.

If you find that neither Binance nor Netcoins 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.