Binance Review for Canada 2023
Making Crypto Simple
Binance is the most popular and largest cryptocurrency exchange in the world. It offers the highest liquidity and the best prices for a wide range of digital currencies.
In this article, we will look at several aspects of Binance, from the trading fees to the security mechanisms built into the platform’s architecture. We’ll review the scope of financial services and the customer service and discuss which crypto traders would benefit the most from Binance’s financial services.
Unfortunately, at the time of writing, Binance isn’t operating in much of Canada, so if you’re looking for a local crypto trading platform, have a look at our list comparing the best crypto exchanges in Canada.
About Binance Exchange
Binance cryptocurrency exchange was founded in 2017 by Changpeng Zhao in China. The platform eventually relocated its offices to Malta due to China’s strict legislation on crypto trading.
Binance has more than 28 million active users. The platform has a sizable order book and offers a wide range of crypto services, including several derivatives markets. Both beginners and experienced traders can complete their crypto trades quickly and without slippage on the Binance platform.
Bitcoin and Other Supported Cryptocurrencies
Binance is a coin haven for traders. The platform offers all the major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and Dogecoin (DOGE), as well as several less-known altcoins. There are around 530 crypto-to-crypto trading pairs on the platform, including DeFi tokens and meme coins. Novel digital assets are continually added to deliver crypto investors the optimal trading experience.
The payment methods section is also rich with choices. Traders can purchase Bitcoin and other cryptocurrencies with a variety of payment methods, including bank account transfers (P2P), Visa or Mastercard credit cards or debit cards, wire transfers, or third-party payment providers like Simplex.
Furthermore, you can buy crypto with a wide range of fiat currencies, including CAD, AUD, USD, EUR, GBP, CHF, PEN, JPY, and others. You can also use stablecoins, such as the Coinbase USD Coin (USDC), Tether (USDT), or Binance USD (BUSD), to buy and sell crypto on the platform.
For more information on managing your payment options, go to the account tab and select any credit card, debit card, or bank account that you wish to use.
Binance Fees and Limits
Binance trading fees vary depending on your 30-day trading volume and your daily BNB balance. You typically incur a 0.1% spot trading fee and a 0.5% transaction fee when buying or selling cryptocurrencies.
Binance Futures trading fees are relatively cheap as well. The maker fees/taker fees can be as little as 0.000%/0.017%, allowing traders to retain more of their earnings. Holding BNB tokens reduces these expenses even more.
Binance does not charge any crypto withdrawal fees when you move the funds from your Binance account.
Please note that you can incur additional deposit fees depending on the payment method you use. Bank transfers are generally fee-free, while debit card transactions typically cost some transaction fees. For instance, if you use your bank card to deposit on the Binance exchange, you incur a 1.8% transaction fee.
Binance Exchange Features
The crypto trading platform provides a comprehensive user interface, ensuring that traders can find the most suitable tools to enact their strategies. The Binance dashboard features elaborate charts on current market dynamics, and you can check your portfolio to examine present and previous transactions. Trading options on the exchange include DeFi staking, liquidity farming, options trading, spot trading, margin trading, derivatives trading, crypto loans, swap farming, and more.
These options are great for experienced traders, but the newcomers to crypto trading could find the abundance of sophisticated trading instruments daunting. Fortunately, you can easily switch between the classic user interface, which includes the most basic trading options, and the advanced user interface, which allows access to all of the trading tools featured on the platform.
Here are some other most prominent features of Binance:
The Binance NFT Marketplace
The Binance NFT Marketplace is all about bringing designers, innovators, and crypto aficionados together to develop and exchange top NFTs. There are 3 main product categories on the marketplace:
- In the Events section, you can purchase unique NFTs designed by world-renowned creators.
- On the NFT Marketplace, you can mint, purchase, or bid on NFTs created by artists from all over the globe.
- Through the Binance NFT Mystery Box, you can win normal (N), rare (R), super rare (SR), or super-super rare (SSR) NFT items.
Binance Futures provides a broad assortment of cryptocurrencies. Futures traders can benefit from the low exchange rates and trading strategies like Grid Trading or TWAP.
Binance Futures offers considerable leverage for clients, helping them to expand their portfolios.
The platform has a $300 million insurance program designed to protect Binance users trading with volatile products from excessive losses.
The Binance Coin (BNB)
BNB is the native token of the BNB chain. The token enables the BNB chain operations.
BNB was created via an ICO that lasted from June 26th – to July 3rd, 2017. This was exactly 11 days before the Binance Exchange debuted on the market as a crypto trading platform.
BNB was initially launched as an Ethereum-based ERC-20 token with a total supply of 200 million coins. The ERC-20 BNB coins were later exchanged in a 1:1 ratio with the BEP-2 BNB tokens. The Binance Chain’s native coin, BEP-2 BNB, established its main net on April 18th, 2019, while the BNB Smart Chain (BSC) was launched a year later, in September 2020. This blockchain network operates alongside the BNB Beacon Chain.
As a result, the BNB token is now available in three types: BNB Smart Chain BEP-20 (former Binance Smart Chain), BNB ERC-20 on Ethereum blockchain, and BNB BEP-2 on the BNB Beacon Chain (former Binance Chain).
BNB Token Use Cases
The BNB utility token can provide you with a variety of advantages. Holders of the utility token are eligible for a variety of perks, such as:
- Cheaper fees,
- Participating in the Binance reward programs by staking the BNB token,
- Receiving a percentage of Binance’s earnings,
You can pay for travel expenses or purchase merchandise and services with the BNB token if you have a Binance Visa card. Furthermore, BNB token holders can donate BNB to philanthropic causes through the Binance Charity Foundation (BCF) project.
Binance Charity Foundation (BCF)
Binance Charity is a non-profit organization that aims to harness the potential of blockchain technology to alleviate poverty, enable education for children from poverty-affected countries, and preserve the health of people and our environment.
The Binance changemakers envision a world in which blockchain technology contributes to the eradication of inequality and the advancement of environmental sustainability. Binance transfers donations straight to the beneficiaries through its blockchain-powered secure payment system to ensure transparency.
Binance Charity Wallet
The Charity Wallet is for contributors who want to leave the project selection up to BCF. Binance conducts a professional and comprehensive appraisal of the selected initiatives and their on-ground partners to ensure all donations go to where they’ll make the greatest impact.
Is Binance Safe to Use?
Binance employs a variety of security measures, such as Know Your Customer protocol (KYC), two-factor authentication protocol (2FA) activated through an SMS or Google Authenticator, as well as an Anti-Phishing Code to safeguard the platform and user accounts from cybercriminals and scams.
Binance Regulatory Issues
Binance has faced significant regulatory and legal hurdles in the United States, the European Union, and China. The crypto exchange has made headlines for offering non-regulated services and stock tokens.
According to Bloomberg, the US financial regulatory bodies are investigating whether Binance participated in insider trading or market manipulation, while the IRS’s role in the investigation suggests suspicion of money laundering and tax fraud.
The German regulators suggested that Binance stock tokens violate European Union securities rules. The vast majority of other regulatory problems concern Binance’s failure to comply with the local laws of the countries where it offers its services.
The Binance Hacking Incident
On May 7, 2019, Binance hot wallet was hacked by cybercriminals, and several high-net-worth accounts had their bitcoins stolen. The assets were withdrawn through a single transaction. Hackers were able to steal roughly 7000 bitcoins worth over $40 million US dollars from Binance by using phishing, ransomware, and other methods.
You can contact Binance customer support via email or social media. You can reach the Binance staff through a direct message on Twitter or leave a comment in the Weekly Binance Support section on the exchange community forum.
In addition to providing customer service in 17 different languages, Binance also features a Support Center where you can find answers to questions that cover practically every aspect of the Binance platform. In addition, the Support Center has a wealth of educational materials and videos to assist you with crypto trading.
Pros & Cons
- Deep liquidity;
- Low trading fees;
- Wide selection of cryptocurrencies and trading options;
- Suitable for professional traders;
- Separate platform for the US clients;
- Regulatory issues in several countries, including the US;
- A complex platform that might not be the best choice for beginners;
- The Binance.us platform offers limited financial services.
Binance is the world’s largest crypto trading platform, offering a broad assortment of financial instruments with low fees. The platform is designed to meet the demands of advanced traders. The UI is crammed with trading options, tools, and features, which might be daunting if you’re just getting started in the crypto world. It is a good idea to learn the basics of trading before commencing on your Binance crypto venture.
On the negative side, the exchange had a serious security breach, and continues to grapple with ongoing regulatory issues in several countries. Customer service is unfortunately lacking.
Despite these “hiccups”, Binance remains the world’s most popular exchange because you know what they say: customers are always right.
Frequently Asked Questions
Binance and Coinbase are two of the world’s most popular cryptocurrency trading platforms. While both platforms offer high liquidity and have earned the trust of millions of users, Coinbase is the more user-friendly platform, offering a sleek UI and simplified trading instruments. Coinbase is a great choice for crypto beginners with no prior trading experience.
Binance features a more comprehensive user interface, as well as a greater range of sophisticated trading instruments intended for expert crypto investors. This makes the platform a better choice for the more adventurous traders.
No. Binance.us is a platform for the United States residents and offers a limited selection of cryptocurrencies and trading options due to the restrictions imposed by the financial regulations in the US.
Yes. You can use fiat currencies to purchase Bitcoin and a wide range of altcoins on Binance. You must enable the two-factor authentication (2FA) protection and complete the identity verification process to buy cryptocurrencies with fiat currencies.
Binance acquired CoinMarketCap, the world’s most prominent cryptocurrency statistics provider, on April 2, 2020. However, CoinMarketCap and Binance are two separate businesses, and the latter has no impact on the former and vice versa. Traders can rest assured that CoinMarketCap will continue to deliver the most adequate and reliable cryptocurrency statistics.
Binance advertises the Trust Wallet as the platform’s official storage solution. Trust Wallet mobile app is available for both Android and iOS devices. You can monitor market volatility and instantaneously trade cryptocurrencies on the app without completing identity verification. Trust Wallet also allows you to buy coins with a bank card and earn interest by keeping crypto in your wallet.