Binance vs. Bitbuy: What Works Better For Canadians?

Oleg Galeev

3 weeks ago

Binance vs. Bitbuy feratured image

BitBuy is probably the most reputable crypto platform in Canada, while Binance is one of the world’s biggest and well-known cryptocurrency exchanges available for Canadians. How do they fare for Canadians looking to buy crypto? The OCryptoCanada team did some extensive research to see how these two popular crypto exchanges compare.

Description

Binance is one of the largest crypto exchanges in the world. It has a two billion average daily volume, 1.4 million transactions per second, and over 350 coins to choose from.

Bitbuy was founded in 2016 and it offers nine of the most popular cryptocurrencies. It has an Express platform for beginners and a Pro platform for more experienced traders. Bitbuy is one of the most secure and trusted Canadian crypto exchanges.

Coins

350+ cryptocurrencies available

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI) and Polygon (MATIC)

Fees

  • 3.5% credit/debit card fee for purchases
  • 0.1% trading fees
  • Lower trading fees for BNB holders
  • 1.5% CAD deposit and withdrawal fees for e-Transfer
  • 0.5% fee for wire transfer
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee

Pros

  • Huge variety of coins available
  • Reputable exchange
  • A multitude of fiat currencies accepted
  • P2P Trading
  • Futures contracts and options available
  • 24/7 support
  • Staking offered
  • Crypto loans available
  • Binance pay
  • Reduced trading fees for BNB holders
  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available
  • Industry leader in compliance and security

Cons

  • Interac e-Transfer only available via Banxa
  • Complicated and confusing
  • Has been hacked before
  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • Low Android app rating

Account Limits

N/A

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers

Methods to buy

  • Debit/credit card
  • Third-party bank transfer
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • Two-factor authentication
  • Whitelisting wallet addresses
  • Security keys and anti-phishing code available
  • Up to 98% of assets in cold storage
  • Up to 98% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Bitcoin backed 1:1 with Knox insurance policy

Mobile and Desktop Trading

Binance and Bitbuy have well-designed desktop platforms and mobile apps that make it easy to trade on the go.

Binance

Binance can be used on the web, desktop or mobile. Unfortunately, all of their platforms can be quite overwhelming, even for experienced traders. Binance is hard to navigate and it can become confusing quite quickly. 

Binance’s iOS app has a 4.6-star rating with 24,000 reviews and its Android app has a 4.5-star rating with 337,000 reviews. This shows just how highly rated Binance is as a crypto exchange. 

The mobile app is far more simple than Binance’s desktop or web platforms. You can easily deposit, trade, and withdraw without the confusing options and features.

Binance Lite App for begginer users

Binance App for advanced users

 

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 Convert

 

Binance Classic

 

Binance Advanced

If you’re a seasoned investor and wish to access all of Binance’s trading tools such as advanced charting, then the advanced tool will be most suitable for you. Navigating the Binance dashboard, however, can be quite confusing. Binance has so many features that it’s difficult just to locate the wallet you want.

Bitbuy

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. According to reviewers, the Android app has bugs that prevent them from logging in and verifying their account. They also claim customer support is poor. 

The iOS app is easy to use and offers a modern interface like the desktop platform. There is live charting where you can find volume and order book data. Easily deposit funds to your account, and click on your profile tab for your referral details. 

Bitbuy’s Express Trade is suitable for beginners or anyone seeking a quick market trade. The Pro Trade platform is geared toward more experienced traders who wish to place advanced order types.

 

Express Trade

Express trade view for Bitbuy

Pro Trade

Express trade on Bitbuy app

 

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Bitbuy app interface while trading

 

Security

Both Bitbuy and Binance are secure crypto exchanges. Binance is a giant in the crypto space and with that comes peace of mind knowing your assets are in the hands of 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

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 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.