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

Oleg Galeev

Last updated March 12, 2024

We will explore two prominent cryptocurrency exchanges in Canada: Binance and Uphold. While both platforms offer a range of trading options, Binance is known for its extensive selection of cryptocurrencies and user-friendly interface, while Uphold stands out for its multi-asset platform that allows users to trade cryptocurrencies, stocks, and precious metals in one place.

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 Uphold.


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.

Uphold is a multi-asset platform that allows you to trade more than 66 cryptocurrencies, 50 US stocks and four precious metals. You can trade crypto for stocks or stocks for crypto, instantly.


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



0.1% to 0.02% buy fee depending on VIP level

  • 1.8% spread on crypto for Canadians
  • 3% spread for precious metals
  • 1% spread for US equities
  • 3.99% credit card fee
  • $3.99 withdrawal fee to US/EU/UK banks
  • Free deposits from US/EU/UK banks
  • Free debit card purchases


  • 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 cryptocurrencies
  • Trade stocks and precious metals 
  • Swap crypto for stocks or metal in seconds
  • Recurring buy/sell orders
  • 50 simultaneous Limit orders allowed
  • Free debit card purchases


  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • High spreads
  • Uphold debit card not available to Canadians
  • Bank deposits/withdrawals not available for Canadians 
  • 3.99% credit card processing fee
  • Lack of search filters for equities

Account Limits



Methods to buy

Credit/debit, SWIFT bank transfer with USD

Debit card


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

Mobile and Desktop Trading

Binance offers a mobile app that is designed with user-friendliness in mind, catering to both iOS and Android users. It boasts a high rating of 4.7 stars on the App Store and 4.4 stars on Google Play, reflecting its popularity and positive user experience. The desktop app for Binance is also well-regarded and provides advanced tools for cryptocurrency trading.
Uphold provides a mobile app for seamless access to its platform, available on both the Apple App Store and Google Play. With a rating of 4.6 stars on the Apple App Store and 4.7 stars on Google Play, Uphold's mobile app offers users the flexibility to trade and manage their assets conveniently. While some users have reported issues with the app's performance, it provides functionality for buying and trading cryptocurrencies. Uphold's desktop platform is intuitive and easy to navigate, offering a seamless 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


Uphold’s app has a 3.5-star rating from 5,000 reviews on the Apple App store and a 3.2-star rating from 18,000 reviews on Google Play. Some reviewers have said the app is slow and buggy, with the verification process being particularly slow.

Uphold is easy to use for beginners. There is a quick trade option called “Anything to Anything”. All you need to do is enter the asset you want to trade, the amount, and the asset you wish to swap it for. You can trade crypto to stocks, stocks to metal etc. in just a few clicks. 

Uphold desktop trading app screenshot

Uphold desktop app

Uphold mobile app screenshot

Uphold mobile app while trading

Reviewing Uphold crypto exchange app and asset types for trading

Uphold main screen app

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.

To secure your Uphold account, you can enable two-factor authentication.

Uphold trading platform utilizes cold storage for your safety.

Binance prioritizes security and implements robust measures, including two-factor authentication (2FA), cold storage for customer funds, and collaborations with renowned cybersecurity firms. These advanced security practices demonstrate Binance's commitment to safeguarding user assets and maintaining a secure trading environment.. Binance has a strong reputation for its security practices, providing users with a secure trading environment.

Uphold focuses more on compliance than detailing its technological security measures. It is a registered money services business in the United States and complies with relevant regulations. However, specific information about cryptocurrency storage and insurance coverage is not readily available.

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. 

Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.

Compliance in Canada is an important aspect for cryptocurrency exchanges like Binance and Uphold. In Canada, crypto exchanges are subject to regulatory oversight to ensure adherence to anti-money laundering (AML) and know your customer (KYC) regulations. Both Binance and Uphold strive to comply with these regulations to operate within the Canadian market. As for Binance, it has taken significant steps to enhance compliance in Canada.

Binance became the first global crypto exchange to sign a pre-registration undertaking with the Ontario Securities Commission (OSC) in 2021. This agreement demonstrates Binance's commitment to complying with the OSC's regulations and operating within the boundaries set by Canadian authorities. Moreover, Binance has been actively collaborating with regulators and government agencies to establish robust compliance frameworks. This includes participating in industry discussions, sharing best practices, and working towards regulatory compliance in various jurisdictions, including Canada.

Uphold, on the other hand, operates as a multi-asset platform that offers cryptocurrency trading along with other asset classes. Uphold ensures compliance with relevant regulations and is registered as a MSB. While specific information regarding Uphold's compliance efforts in Canada is not explicitly mentioned, as a reputable exchange, Uphold likely adheres to applicable regulations to facilitate its operations within the Canadian market. Overall, both Binance and Uphold understand the importance of compliance in Canada and work towards meeting regulatory requirements to provide a secure and trustworthy trading experience for their 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.

Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app. 

You can contact Uphold’s customer support via their online ticketing system on their website. 

Binance ensures round-the-clock customer support, offering live chat and a comprehensive help center to promptly address user queries and concerns. Users have a diverse range of resources and assistance at their disposal to aid them in their endeavors. On the other hand, Uphold provides customer support through an online ticketing system on their website, along with a helpful FAQ section and educational resources. Users have consistently shared positive feedback about Uphold's support team, commending their responsiveness and willingness to provide assistance.


Both Binance and Uphold are well-established and trusted cryptocurrency exchanges, providing a diverse array of features and services to cater to users' needs. However, Binance stands out as the winner in this comparison. It provides a user-friendly mobile app, advanced security measures, compliance with regulations, and comprehensive customer support. With its strong track record and commitment to user satisfaction, Binance is the preferred choice for many cryptocurrency traders.

Initially, we recommended choosing Binance over Uphold 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 Uphold.

If you find that neither Binance nor Uphold 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.