Binance Canada Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Binance is the world’s largest cryptocurrency exchange. As someone who has tested over 50 crypto exchanges since 2016, I signed up for a Binance account to evaluate its suitability for Canadians in 2024. Here’s our detailed Binance review.

In a recent update, Binance has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget. With a user-friendly interface resembling Binance, this reputable crypto exchange offers a seamless trading experience. Moreover, as a special promotion, they are generously providing a promo code that grants you 50 USDT upon a deposit of $500 USD or more if you sign up with our referral link.

Binance Summary

Alongside Coinbase and Crypto.com, Binance ranks as one of the world’s most popular cryptocurrency exchanges. It offers an extensive range of cryptocurrencies for purchase, from major players like Bitcoin and Cardano to niche coins like Burger Swap and Skycoin. Binance also features its native cryptocurrency, Binance Coin (BNB). With a massive daily trading volume of $2 billion and the ability to process 1.4 million transactions per second, Binance’s scale is unmatched.

Operating in 180 countries, Binance accepts fiat deposits in over 50 currencies. For Canadians, you can deposit Canadian dollars using third-party services like Simplex and Banxa, which support Interac e-Transfers and various bank transfers. Crypto can also be purchased using debit or credit cards (if permitted by your bank) or via the peer-to-peer marketplace. However, Binance does come with its share of downsides, which are worth considering.

Binance Canada Features

Binance Canada offers an extensive array of features, making it a giant in the cryptocurrency world.

Binance Pay enables users to send and spend crypto without incurring fees. Businesses like Travala accept Binance Pay, and the Binance Marketplace makes it easy to find other merchants that do too.

Through Binance’s Peer-to-Peer exchange, you can buy and sell cryptocurrencies directly with other users, often at lower costs. Many Canadian users accept Interac e-Transfers, making transactions convenient and accessible.

Binance goes beyond simple trading by offering futures contracts, options trading, and the ability to get a crypto loan by using your digital assets as collateral. You can even contribute to the Binance charity, which focuses on fighting poverty worldwide.

For trading, Binance offers three options: Convert for quick crypto-to-crypto trades, Classic for advanced charting and features, and Advanced for professional-level trading tools. Additionally, Binance includes an NFT marketplace where users can explore, buy, or create NFTs.

However, some limitations exist. Binance’s Visa card is unavailable in Canada, and the platform is discontinuing stock trading with crypto. Also, Binance is banned for residents of Ontario, restricting its accessibility within Canada. Despite these drawbacks, the sheer breadth of Binance’s features makes it impossible to cover them all in one go.

Binance Registration and Verification For Canadians

Registering with Binance Canada is straightforward. It’s no different to signing up with any other exchange. Enter your personal information such as email and phone number, then provide proof with a government-issued ID and a selfie. This is usually enough for most people but if you wish to trade more than $200k per day then you will also need to upload proof of address.

Binance Fees For Canadians

Binance has low trading fees at 0.1%. If you hold Binance Coin (BNB), you can take advantage of trading discounts. As for deposit and withdrawal fees, because you cannot connect a Canadian bank account directly, there are none applicable. In order to deposit Canadian dollars, you must use a third-party provider such as Banxa, or purchase cryptocurrency on a Canadian exchange and then transfer that crypto to Binance. A reason you might do this is if you are looking to purchase one of the 350+ altcoins that Binance has but most other exchanges don’t. If you have other currencies in other bank accounts that you would like to deposit. Note that in order to use Binance in the USA you must use Binance.US which is a trimmed-down version of Binance and does not offer the same features.  

You can, however, purchase crypto on Binance Canada either using the P2P exchange which does not have deposit fees because you pay the user directly or via credit and debit cards so long as your bank allows the transaction. Card payments will incur a 3.5% fee. 

Binance Security and Safety

Is Binance safe for Canadians to use? Yes, it is. Binance provides robust security features like two-factor authentication (2FA) and withdrawal address whitelisting to ensure unauthorized access or withdrawals are prevented. You can also enhance your account security with options like a security key and an anti-phishing code.

As one of the largest and most reputable crypto exchanges globally, Binance generally provides a secure platform for its users. However, it hasn’t been immune to breaches. In 2019, hackers stole 7,000 Bitcoin, along with users’ 2FA codes and API tokens, by employing phishing and viruses. Fortunately, Binance’s security protocols limited the damage—most digital assets were stored in cold wallets, and only 2% of Bitcoin holdings in the hot wallet were affected. Binance covered the losses using its emergency insurance fund, ensuring no users lost funds.

Being a massive platform does make Binance an attractive target for hackers. While Binance’s measures offer strong protection, it’s wise to take extra precautions. Transferring your crypto to an external wallet is the safest option. If you prefer to keep assets on the exchange for day trading, be aware of the associated risks.

Binance Mobile and Desktop App

Binance is accessible on web, desktop, and mobile platforms. However, its interface can be overwhelming for beginners. The exchange’s layout is complex, and navigating through the features may quickly become confusing for new users.

Despite this, Binance’s mobile app is more user-friendly compared to its desktop and web versions, especially in Canada. With the app, you can easily deposit, trade, and withdraw without being bogged down by the advanced options and features.

The mobile app is highly rated, with a 4.6-star rating from over 24,000 reviews on iOS and a 4.5-star rating from 337,000 reviews on Android. These ratings reflect its popularity and widespread use among crypto enthusiasts worldwide.

If you’re a beginner or want to trade on Binance quickly, then we recommend using their app. 

Binance Design and Usability

This is the Binance dashboard on the web.

The Deposit button is straightforward, but once clicked, you’ll notice there’s no direct option to deposit CAD. Scrolling down, you’ll see your portfolio overview, open orders, and details about your trading fees. Keep in mind that trading fees vary depending on your user level and the amount of Binance Coin (BNB) you hold. On the left side of the interface, you can access options for security settings, account preferences, and rewards.

To purchase cryptocurrency, navigate to the top menu and click the Buy button. From here, you can choose to pay with credit or debit cards, use the P2P marketplace, or access third-party payment processors for your transactions.

We believe the easiest way to purchase crypto using CAD is through your credit or debit card. If you’re unsure which Canadian banks support crypto payments, check out our previous article, which covers this in detail.

If you’ve already purchased crypto on another exchange and transferred it to Binance, you can easily trade it for another cryptocurrency using Binance’s Convert tool. This feature simplifies the process, making crypto-to-crypto trades quick and hassle-free.

If you’re a seasoned investor and wish to access all of Binance’s trading tools such as advanced charting, then the advanced tool might be for you. 

The classic interface is just as daunting, but you can use the menu at the top to view your orders, wallet, and more.

Binance Customer Support

Binance provides 24/7 online customer support, but the experience can be frustrating. While you can submit a ticket on their website, they prioritize directing users to their support articles first. Binance does not provide an email address or phone number for direct contact, relying heavily on a support bot for initial interactions.

Based on this approach, we would rate Binance’s customer support as 2 out of 10, as it often leaves users to resolve issues on their own with limited direct assistance.

Conclusion

Binance is a powerhouse in the crypto exchange world, offering an impressive array of features, applications, and access to 350+ altcoins. It’s ideal for experienced traders or day traders, providing virtually everything you might need. However, it falls short for Canadian users in one key area: direct CAD deposits. This limitation forces you to rely on credit or debit cards, which many Canadian banks restrict for crypto purchases. While debit cards are more likely to work than credit cards, both methods incur additional fees. Alternatively, the P2P marketplace is available, but it requires prior knowledge to navigate effectively.

Binance is decidedly not beginner-friendly. The interface can feel overwhelming, with too many menu options and unfamiliar terms like “spot” or “margin” that may confuse newcomers. This complexity often leads to decision paralysis. Additionally, reaching a customer support agent is challenging, as the platform heavily relies on bots for assistance.

In summary, Binance is a solid choice for experienced traders but not recommended for beginners or residents of Ontario, where it is banned. For Canadians looking for an easier, more user-friendly option, we recommend Bitbuy, rated as the #1 crypto exchange for Canadians. You can find out why in our Bitbuy review.

In a recent update, Binance has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget. With a user-friendly interface resembling Binance, this reputable crypto exchange offers a seamless trading experience. Moreover, as a special promotion, they are generously providing a promo code that grants you 50 USDT upon a deposit of $500 USD or more if you sign up with our referral link.

However, if you know what you’re doing and perhaps you want to try your hand at futures or options trading, use a P2P marketplace, or take advantage of Binance’s other features, then we would recommend it. Binance can’t be beaten in the number of coins they offer, so it really is the only choice if you’re looking to trade some of the more obscure coins. The number of coins and low fees are the most common reasons why many Canadians choose Binance. You can sign up here.