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

Oleg Galeev

Last updated March 12, 2024

In this comparative review, we delve into the specific features, strengths, and limitations of two popular cryptocurrency trading platforms: Binance and Wealthsimple Crypto. These platforms offer stark contrasts in terms of user experience, fees, and the range of services provided, with Binance being a global powerhouse offering an extensive array of cryptocurrencies and advanced trading features, and Wealthsimple Crypto providing a beginner-friendly, regulated platform primarily for Canadian users, albeit with a more limited crypto selection and higher fees.

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 Wealthsimple Crypto.


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.

Wealthsimple is a Canadian trading platform that offers several popular cryptocurrencies. You can connect your bank account, move funds from different investment accounts, and buy crypto in CAD.


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

Over 30 coins, e.g. Bitcoin, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), and a few stable coins.



0.1% to 0.02% buy fee depending on VIP level


  • 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
  • Offers 30 popular cryptocurrencies
  • Easy to use
  • Can transfer funds between investment accounts
  • Secure and trustworthy
  • You can set limit orders
  • $200M insurance
  • Free CAD bank transfers and withdrawals


  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • High trading fees
  • Cannot move crypto to a private wallet yet

Account Limits



Methods to buy

Credit/debit, SWIFT bank transfer with USD

CAD Bank transfer


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

  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID

Mobile and Desktop Trading

Binance offers a comprehensive trading experience on both mobile and desktop platforms. Its mobile app has a 4.4-star rating from over 1.3 million reviews on the Google Play Store and a 4.7-star rating from over 147,000 reviews on the Apple App Store. It provides an extensive array of features including spot trading, futures, margin trading, and more. Wealthsimple Crypto also provides a user-friendly experience on both mobile and desktop platforms. The Trade app has a 4.7-star rating from 123,000 reviews on the Apple App Store, and a 4.6-star rating from 71,000 reviews on Google Play. It offers a simpler interface focused on buying and selling cryptocurrencies, making it more suitable for beginners.

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

Wealthsimple Crypto

Wealthsimple’s Trade app has a 4.7-star rating from 121,000 reviews on the Apple App Store, and a 4.6-star rating from 41,000 reviews on Google Play.

The app makes it easy to switch between all of your investment accounts, and see exactly how much you have in each one. The desktop trading platform is essentially the same and allows you to deposit and withdraw, buy and sell, and view charting for different cryptocurrencies. It has a simple interface making it easy for beginners. 

Wealthsimple desktop app screenshot

Wealthsimple desktop app

Wealthsimple crypto trading main screen

Wealthsimple crypto trading main screen

Wealthsimple mobile app screenshot

Wealthsimple Crypto Mobile app

Buying crypto with Wealthsimple Crypto

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.

Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication. 

In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available. 

Binance uses multi-tier and multi-cluster system architecture for maximum security. It also offers two-factor authentication (2FA) for users. However, it has been the target of hacking attempts in the past.

Wealthsimple Crypto is a secure cryptocurrency trading platform. Coins are insured for $200 million by Gemini Trust Company LLC™. It offers two-factor authentication.

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. 

Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.

When it comes to compliance in Canada, both Binance and Wealthsimple Crypto operate within the country's regulatory framework. Wealthsimple Crypto is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF). This provides an extra layer of protection for users' investments. On the other hand, Binance is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This registration indicates that Binance is committed to adhering to Canadian regulations, including those related to anti-money laundering (AML) and combating the financing of terrorism (CFT). So, both Wealthsimple Crypto and Binance have shown commitment to following Canadian financial regulations and maintaining compliance, contributing to the safety and security of their users' investments.

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.

Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly. 

Binance provides a wide variety of customer support services.. First, it has an extensive Help Center with various guides and FAQs that cover most common issues users might encounter. For more specific inquiries, Binance provides 24/7 live chat support, which is a great feature for immediate assistance. Users can also submit a request through an online form for less urgent matters. Moreover, Binance has active social media accounts where they respond to user queries and provide updates. However, it's worth noting that some users have reported delays and less personalized service due to the sheer size of Binance's user base.

Wealthsimple Crypto, being a Canadian company, provides customer support tailored to its local users. It has a detailed Help Centre on its website and within the app, filled with articles about crypto and how to use their platform. For more direct assistance, Wealthsimple offers a 24/7 live chat, email support, and phone support. This breadth of contact options is quite comprehensive and ensures that users can reach out in the way that suits them best. Feedback from users indicates that Wealthsimple's customer support is generally responsive and helpful.


Both Binance and Wealthsimple Crypto are solid choices for cryptocurrency trading, each with its unique strengths. Nonetheless, if a choice must be made, we would incline towards Binance.. Its extensive array of cryptocurrencies, advanced trading features, and worldwide accessibility give it a broader appeal. However, for Canadian users, especially beginners who value simplicity, local regulation, and don't mind higher fees, Wealthsimple Crypto might be a suitable option. It's always best to consider your personal requirements, risk tolerance, and investment goals before choosing a platform.

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

If you find that neither Binance nor Wealthsimple Crypto 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.