Binance vs. Bitbuy: What Works Better For Canadians?

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.

Bitbuy is one of the safest crypto exchanges for Canadians. The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.

Both Bitbuy and Binance are secure crypto exchanges. Binance is a major player in the crypto space, offering peace of mind by ensuring your assets are with a reputable company.  However, being a giant also makes you a target for hackers. Binance has in fact been hacked before. In 2019, hackers stole 7,000 BTC, which was about 2% of Binance’s Bitcoin holdings at the time. Luckily, that was all the hackers could get their hands on as Binance keeps almost all assets in cold storage. 

As for Bitbuy, the Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen. Bitbuy is one of the top Canadian crypto exchanges when it comes to security. 

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. 

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. 

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. We think Bitbuy is doing a stellar job of complying with Canadian laws and regulations.

Binance on the other hand has faced some recent trouble regarding regulations in Canada. Since Binance allows futures trading on its platform, they have recently stopped operating in Ontario rather than comply with Ontario securities regulations. Some fear that Binance may face regulatory action in other provinces as well. However, on 29 December 2021, Ontario Securities Commission (OSC) allowed Binance to continue its operations in Canada and resume business in Ontario. As a result, Binance officially became fully legit in Canada.

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.

Binance has FAQs and a knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.

Binance and Bitbuy have FAQs and knowledge centres on their websites. Binance makes it hard for you to contact support by trying to get you to read their support articles first. Bitbuy, however, makes it easy to submit a support ticket.

Conclusion

Although Binance has hundreds of cryptocurrencies available, it isn’t easy or cheap for Canadians to purchase them. There is no Interac e-Transfer option available unless you go through a third-party provider which incurs fees. Additionally, not all Canadian banks allow credit or debit card crypto purchases. This makes it a hassle to deposit funds.

Bitbuy is dedicated to making it easy for Canadians to trade cryptocurrency and we would encourage you to support Canadian crypto exchanges like Bitbuy for this reason. 

Additionally, Bitbuy is one of the cheapest Canadian crypto exchanges, the most secure, and the most trusted. We think Bitbuy is the best choice for Canadians looking to trade crypto. Sign up by using this link and get free $20 when you trade $250 CAD or more.

On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.