Binance Canada Review

Binance Canada Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated May 13, 2022

If you’re looking to buy and sell crypto, you’ve got plenty of crypto exchanges to choose from, including Binance. 

Binance is one of the top crypto exchanges in the world, and many Canadians use it to trade their favourite crypto coins.

Let’s take a closer look at the Binance crypto exchange, including how to use it, its features, and where it’s available.

Can You Legally Use Binance In Canada?

Binance is available everywhere in Canada except Ontario. In 2021, the Ontario Securities Commission (OSC) started cracking down on cryptocurrency exchanges operating in Ontario that did not comply with the Securities Act. Exchanges were given a deadline of April 19, 2021, to meet these regulations, but a handful did not. 

Binance decided to cease operations in Ontario in order to avoid any hassles of trying to remain in compliance with the Act. At the end of June 2021, Binance stopped serving Ontario-based crypto clients. 

While Binance may not be operating in Ontario, it still appears to be serving clients throughout the rest of Canada.  

Who Is Binance? 

Binance is a popular cryptocurrency exchange that operates all over the world, including Canada (except Ontario). Originally headquartered in Hong Kong, Binance is now based out of the Cayman Islands. 

The platform offers a wide range of features that experienced crypto traders will find attractive. More than 300 cryptocurrencies are available to trade on the platform. Traders can also take out cryptocurrency loans to help fund their investments. 

Binance also has its own cryptocurrency, Binance Coin.

Binance Features

The Binance crypto exchange features several interfaces for traders with different levels of trading experience:

Convert – For Beginners

Newbie crypto traders will find the Convert interface easy to use. Simply select the type and amount of cryptocurrency you want to purchase to initiate your trade. As long as you link your card to your account, you can buy hundreds of cryptocurrencies quickly and easily. 

Classic Or Advanced – For Advanced Users

The Classic interface is the next step up from Convert and is suitable for traders with a little more experience who are looking for a few more features to help them make sound purchasing decisions. This mode includes a stop-loss option, which allows you to set a limit on trades. That means your crypto will sell automatically as soon as the price reaches a specific level, or buy automatically when the price drops. The charts in this mode have more analytical functionality to support more complex technical analysis.

Margin For Those With An Appetite For High Risk

Highly advanced traders looking to maximize profits might want to take a look at the Margin trading mode, which features a combination of spot and futures trading. This allows traders to leverage crypto trades using borrowed funds. While the risk of buying on margin is higher, the potential returns are also much greater. 

Find out whether it’s better to buy crypto directly or as an ETF

Types Of Crypto Assets Offered By Binance

Binance offers over 300 cryptocurrencies. Here are just a few of the more popular ones available:

  • Bitcoin
  • Ethereum
  • Binance Coin
  • Tether
  • Ripple
  • Bitcoin Cash
  • Shiba Inu 
  • Litecoin
  • Cardano
  • Monero
  • Dogecoin
  • Solana
  • Theta

How To Open A Binance Account In Canada

You can open a Binance account through your mobile device, via email, or on the Binance app. No matter which platform you wish to open your account with, you’ll need to complete the following steps: 

  1. Create An Account – Go to Binance.com and click “Register” to create an account. You’ll need to enter your mobile number or email address (depending on which way you’re registering) and choose a password for your account. 
  2. Read The Terms And Conditions – Read and agree to the Terms of Use, then click Create Account
  3. Confirm Your Verification – Complete the Security Verification (if creating an account on the app, you’ll need to complete the Security Verification puzzle). Wait for a verification code to be sent to your mobile phone or email address, then enter the code within 30 minutes. For added security, go to the dashboard and enable 2-factor authentication.

Transferring Money To Your Binance Account

You can fund your Binance account in one of 2 ways: using fiat currency or cryptocurrency. The process to transfer either one is simple:

Transferring Money To Your Binance Account Using Fiat 

If you don’t already possess cryptocurrency, you can get started by funding your Binance account using fiat currency. Binance accepts several fiat currencies, such as USD, GBP, EUR, AUD, HKD, RUB, PHP, and others.

The way you can fund your account depends on the exact fiat currency you’re using. For instance, GBP can only be used to deposit funds into your account using Visa or Mastercard. On the other hand, you can deposit EUR using Visa, Mastercard, SEPA transfer, and P2P Express. 

While there are no deposit fees for crypto deposits, there may be a deposit fee associated with funding your account using fiat, which can be as much as 3.5%.

Interestingly, you can’t fund your Binance account using CAD. However, you can still buy crypto with Canadian dollars by using a debit or credit card. Or, you can buy crypto on another platform with CAD, then transfer that crypto to your Binance account.

Transferring Money To Your Binance Account Using Cryptocurrency

If you already own crypto, you can use it to fund your Binance account. In fact, deposits made using crypto are free.  

To fund your Binance account using crypto, all you need to do is:

  1. Select “overview” under the Wallet tab. Then click deposit crypto. 
  2. Then choose the coin you want to deposit and the network it’s coming from. Be sure to choose the network that matches the withdrawal network. If not, you risk losing your assets during the deposit. 
  3. After you choose your coin and deposit network, you’ll be given the address to transfer the crypto, either via an alpha-numeric address or QR code. This usually takes just a few minutes, though it can take up to 24 hours to complete. 

Check out if you should store your coins in a hot or cold wallet.

How To Make A Trade On Binance 

There are other ways to buy crypto on Binance besides depositing money into your account. You can also buy cryptocurrency using CAD with a credit or debit card, through P2P Trading, or a third-party payment provider.

Using A Debit or Credit Card To Make A Trade On Binance

The fastest and easiest way to buy crypto is by using your debit or credit card, especially if you’re using CAD:

  1. Click on “Buy Crypto” on your dashboard
  2. Click “credit/debit” 
  3. Choose CAD as the currency
  4. Enter the dollar amount (minimum of $20)
  5. Select the crypto you want to buy 
  6. Enter your debit or credit card details to link it to your account

Using P2P Trading To Make A Trade On Binance

You can also buy cryptocurrency on a peer-to-peer exchange (P2P), which is a marketplace that allows crypto trades between other users. The P2P exchange supports 6 different currencies:

  • USDT
  • BTC
  • BUSD
  • BNB
  • ETH
  • DOGE
  • DAI

There are more than 150 payment methods available, and no fees are charged. 

Using A Third-Party Payment To Make A Trade On Binance

There are 2 options available for trading crypto using third-party providers on Binance: Simplex and BANXA. With Simplex, you can pay with Visa and MasterCard, while BANXA allows you to pay with Visa, MasterCard, or Bank Transfer

Binance Fee Structure

Deposit Fees

There are no fees for depositing crypto into your Binance account. To deposit fiat currency into your account the fee structure depends on the currency and method of deposit. Please check out Binance’s fee structure page for more information. 

Withdrawal Fees

There is a flat fee to withdraw crypto from your Binance wallet to an external wallet, depending on the crypto being transferred.  Binance’s withdrawal fees are automatically adjusted based on the market, for their up-to-date withdrawal fee structure, check out this page

Trading Fees

Binance charges a maximum trading fee of 0.1% to buy crypto tokens. If you use Binance Coin (BNB) to pay your trading fees you’ll receive a 25% discount. If you have BNB in your account, your trading fees will automatically be withdrawn from your BNB balance.

Binance FAQs

Is Binance safe?

Yes, Binance is safe to use. The exchange comes with many security features, including 2FA, a security key, and an authenticator app. Plus, Binance is legally registered in Canada.

Why is Binance banned in Ontario?

After the OSC took action against exchanges that were not adhering to the Securities Act in 2021, a dispute arose between Binance and the regulatory agency. Since then, Binance has banned Ontario residents from using its platform.

Is Binance good for beginners? 

Any trader, new or experienced can use Binance and benefit from its easy-to-use interface. Beginners may find the sheer number of options overwhelming, but seasoned traders will likely enjoy the variety. 

Final Thoughts

If you’re located outside of Ontario, you can use Binance to facilitate your crypto trades. With well over 300 cryptocurrencies available and multiple ways to fund your account and buy crypto, Binance may be an ideal platform to get your hands on these digital assets.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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