Binance Canada Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?
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Finally, it’s worth mentioning that Binance has been busy drastically expanding its customer support (CS) team to ensure the highest service quality. According to the CEO, the platform’s CS team has recently grown 5-fold. At present, the tradable assets and pairs available tend to be limited to the ecosystem of the chain the exchange runs on and the limitations of cross-chain interoperability. On the Binance Futures platform, you can go long or short with leverage to hedge against risk or seek profits in volatile markets.
Account Types
While Binance offers 9 fiat currencies, CAD trading pairs and CAD bank accounts are not on the list. Your three choices are to use a credit card, peer to peer trading, or a crypto transfer. Once you have USDT on your Binance account though, you get very competitive rates. It features hundreds of different cryptocurrencies, so you’re more than likely to find the crypto assets you intend to invest in. As the largest crypto exchange on the planet, Binance must offer excellent security measures to protect itself and its users.
When it operated in Canada, Binance was 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. In 2021, the Ontario Securities Commission (OSC) banned Binance, Gate.io, and other crypto exchanges for not complying with the Ontario Securities Act. Rather than comply, which would have taken lots of resources, Binance decided to seize its operations in Ontario all together.
It means you must move purchase crypto elsewhere and transfer it into your Binance account or conduct a foreign exchange transaction, which is a lot of work. Binance uses a volume-based maker/taker fee structure that rewards active traders with reduced fees. The standard spot trading fees on Binance are 0.1% for each transaction (e.g., buy/sell). Additionally, Binance supports cryptocurrency deposits for every tradable asset and enables users to deposit fiat and purchase digital assets directly using a credit or debit card. However, going this route can incur fees as high as 2% per purchase.
Binance Review: Does It Work for Canadians?
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In 2019, the crypto exchange lost over $40 million worth of cryptocurrency to hackers, but all the affected users were fully compensated. In addition to Binance, you can use several other crypto trading platforms in Canada, including CoinSmart, NDAX, Newton, Coinberry, and Shakepay. Binance supports anything crypto, and it’s like a hub for all your cryptocurrency needs. Users can trade over 600+ crypto tokens on the platform at extremely low fees of 0.1% and below.
- However, going this route can incur fees as high as 2% per purchase.
- At the moment, the complex UI of the Binance site limits this exchange to experienced traders for the most part.
- Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms.
- Many Canadian users accept Interac e-Transfers, making transactions convenient and accessible.
- If you can get around the fact that they don’t accept Canadian dollars as fiat currency, Binance is worthy of consideration.
So far, users can stake six crypto tokens on Binance, including AXS, BNB, ETH, USDT, BTC, and BUSD. You can deposit or stake your crypto holdings on Binance Earn and earn staking rewards at an APY rate of 0.8% to 123% depending on the crypto coin staked and the duration. You can access the Binance exchange through the browser, desktop app, or on your mobile device through the Binance app.
Best Crypto Trading Platforms in Canada
- The Binance NFT marketplace is simple to use as it integrates seamlessly with the rest of the Binance ecosystem.
- Binance Canada supports Bitcoin, Ethereum, Solana, Litecoin, Polkadot, Shiba Inu, Chainlink, Dogecoin, etc.
- This feature will be highly suitable for beginners who don’t want to actively use a crypto day trading platform.
- Each asset can be traded against Bitcoin, altcoins, fiat currencies, or stablecoins, bringing the total number of spot trading pairs to 1,395.
- Additionally, Binance supports cryptocurrency deposits for every tradable asset and enables users to deposit fiat and purchase digital assets directly using a credit or debit card.
The charts in this mode have more analytical functionality to support more complex technical analysis. Owning it gives you special benefits, like reduced trading fees, access to token sales, and more. BNB coins are burned every 3 months which permanently reduces the supply. This will continue until 100 million BNB have been destroyed forever, which is 50% of the total supply. If you want a similar altcoin exchange, MEXC is one of the closest Binance alternatives.
How You Traded On Binance
The exchange supports 346 cryptocurrencies, including BTC, ETH, USDT, and XRP, that can be staked on the platform using a fixed-term or flexible arrangement. Dollar-cost-averaging (DCA) is considered one of the best crypto investment methods for retail investors. Binance has created a system enabling users to purchase crypto at predetermined intervals automatically. Customers can choose between daily, weekly, biweekly, and monthly purchases, and Binance will complete the purchase using a linked payment method.
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. Binance keeps track of its users’ account activity, allowing you to check on your account in real-time. Kevin started in the cryptocurrency space in 2016 and began investing binance canada review in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms.
Fees are even lower on Binance’s futures trading platform, starting at 0.02% for makers and 0.04% for Takers, with a 10% discount on trading fees paid with the BNB token. The platform is available to customers worldwide and charges some of the lowest crypto trading fees. Binance is the largest crypto exchange in the world by trading volume. It’s also one of the fastest and lowest-cost exchanges, processing over 1.4M+ transactions per second at a maximum fee of 0.1% per transaction. Binance charged a maximum trading fee of 0.1% to buy crypto tokens. If you used Binance Coin (BNB) to pay your trading fees you’d receive a 25% discount.
U.S. regulators investigated the exchange for alleged money laundering and tax offenses. In response, Binance opened Binance.US, a separate exchange to serve the U.S. customer base. This version of the exchange is more limited in the products and features it offers. For example, Binance.US only supports 65 crypto coins and does not have an NFT marketplace. Given the recent closure of competitors Paxful and LocalBitcoins, the Binance P2P platform is one of the bigger P2P exchanges to use. Binance is a crypto exchange that has tens of millions of registered users.