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

Oleg Galeev

Last updated March 12, 2024

CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!

Coinsmart and Binance are two popular cryptocurrency exchanges in Canada that allow users to buy, sell, and trade various cryptocurrencies. While Coinsmart is a Canadian-based exchange aimed at beginners, Binance is a global exchange known for its advanced features and tools. In this article, we will compare and contrast these two exchanges in terms of reputation, user interface, supported cryptocurrencies, fees, security, customer support, and availability to help you make an informed decision on which exchange is best for your needs.

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 CoinSmart.


CoinSmart is a Toronto-based Canadian crypto exchange that offers same-day deposits in CAD, EUR and USD. CoinSmart offers crypto trading for both beginners and advanced users.

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.


Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana and more

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


  • Interac deposit fee of 1% for deposits between $100 - $1999 
  • Free Interac deposits for deposits of $2000+
  • Free wire and bank draft deposits 
  • Withdrawal fees are 1% 
  • Various crypto withdrawal fees
  • Trading fees are 0.20% for a single trade or 0.30% for a double trade
  • Up to 6% fee for credit/debit card purchases

0.1% to 0.02% buy fee depending on VIP level


  • Low trading fees
  • Free deposits over $2000
  • Suitable for beginners
  • Advanced trading options
  • Interac e-Transfer available
  • $50 bonus
  • Trade crypto to crypto (no trading pairs needed)
  • Same-day verification
  • CAD, USD, EUR deposits
  • 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


  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • No Interac e-Transfer
  • Not available in Ontario at the moment

Account Limits

  • $100 min to $10,000 max for Interac deposits
  • $100 min to $5,000 max for credit/debit card buys
  • $10,000 bank wire min to $5M max


Methods to buy

  • Credit/debit cards
  • Interac e-Transfer
  • Bank wire
  • SEPA (for EUR)

Credit/debit, SWIFT bank transfer with USD


CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured.

CoinSmart offers two-factor authentication to help protect your account.

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

Mobile and Desktop Trading

Both Coinsmart and Binance offer user-friendly mobile trading apps for iOS and Android devices with high ratings on the App Store and Google Play. These apps provide real-time market data, price alerts, and portfolio tracking features. Additionally, both exchanges offer desktop trading platforms with advanced features and tools for experienced traders, including customizable charts, margin trading, and futures trading.


CoinSmart has a fun look with bright colours and cartoons. It is enjoyable to use. The dashboard shows everything you need to trade including options to buy, sell, and trade. You can also view your wallets, activity and simple market information. 

To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard. 

CoinSmart’s iOS app has a 3.4-star rating with 309 reviews. Its Android app has a 2.6-star rating from 94 reviews. Users of the app say the app crashes, is slow, and often freezes. This is why we would recommend using their desktop version.

accessing Coinsmart app

Coinsmart App

Cool usability and design of Coinsmart cryptoexchange

Coinsmart App trading screen

Coinsmart app mobile view

Coinsmart mobile app interface

Coinsmart mobile app interface while trading

Coinsmart mobile app interface while trading

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

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.

Both Coinsmart and Binance are well-established and reputable cryptocurrency exchanges that have taken measures to ensure the safety and security of their users' funds and personal information.

Coinsmart is a regulated Canadian cryptocurrency exchange that is required to comply with strict security and regulatory standards set by the Canadian government. The exchange uses a combination of hot and cold wallets to store users' funds and implements two-factor authentication (2FA) and SSL encryption to protect users' personal information and transactions.

Similarly, Binance has implemented various security measures, such as two-factor authentication, withdrawal address whitelist, anti-phishing codes, and email confirmations, to ensure the safety of users' funds and personal information. Binance also uses a Secure Asset Fund for Users (SAFU) to protect users' funds in case of a security breach.

Overall, both Coinsmart and Binance can be considered safe and secure platforms for trading cryptocurrencies in Canada, but it is important for users to take their own precautions, such as setting strong passwords, enabling 2FA, and not sharing their private keys or passwords with anyone.

Regulatory Compliance

Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).

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. 

Coinsmart is a registered Money Services Business (MSB) with FINTRAC and is therefore required to comply with the PCMLTFA regulations, which include KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, as well as reporting suspicious transactions to FINTRAC.

Similarly, Binance has also registered as an MSB with FINTRAC and is required to comply with the PCMLTFA regulations.

In 2021, the Ontario Securities Commission (OSC) accused several cryptocurrency exchanges, including Binance, of not complying with securities regulations in the province. As a result, Binance decided to cease operations in Ontario.

In comparison, Coinsmart has not faced any similar accusations or regulatory issues in Ontario or any other province in Canada. Coinsmart is required to comply with federal regulatory requirements in Canada, including KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.

Customer support

CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.

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.

In terms of customer support, both Coinsmart and Binance have options for customers to contact their support teams. Coinsmart offers email and phone support, as well as a live chat feature on their website. They also have a comprehensive FAQ knowledge center available on their website.

Binance, on the other hand, offers customer support through email and a live chat feature on their website. They also have a help center with frequently asked questions and a support ticket system.

In terms of customer satisfaction, both Coinsmart and Binance have generally positive reviews on Trustpilot, with Coinsmart having a slightly higher rating. Coinsmart has a 3.7-star rating on Trustpilot based on over 300 reviews, while Binance has a 2.1-star rating based on over 4000 reviews.

Some customers of Coinsmart praised the platform's user-friendly interface, fast and easy verification process, and excellent customer support. However, some customers also mentioned occasional delays in processing transactions or withdrawals.

Customers of Binance have praised the platform's wide range of available cryptocurrencies, competitive fees, and responsive customer support. However, some customers have complained about occasional delays in withdrawals and difficulties with account verification.

Both Coinsmart and Binance have customer support available 24/7, and response times are generally quick. However, it is worth noting that due to the high volume of customer inquiries, response times may vary.


Based on the comparison between Coinsmart and Binance, it is clear that both cryptocurrency exchanges are strong contenders in the Canadian market. They both offer a wide range of cryptocurrencies, competitive fees, and robust security measures. Additionally, both exchanges provide 24/7 customer support through various channels, including email, phone, and live chat.

However, when looking at the overall picture, Coinsmart emerges as the winner in this comparison. Coinsmart's commitment to regulatory compliance and its registration with FINTRAC demonstrate its adherence to Canadian financial regulations. Additionally, Coinsmart's mobile and desktop trading platforms offer a user-friendly experience, and their customer support team has received consistently positive reviews from customers.

While Binance is also an excellent option for trading cryptocurrencies, its recent regulatory issues in Ontario raise some concerns about its adherence to Canadian financial regulations.

Overall, if you're looking for a reliable and trustworthy cryptocurrency exchange in Canada, Coinsmart is the winner in this comparison.


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.