Bitbuy vs Binance Crypto Exchange Comparison
Making Crypto Simple
You’d be hard-pressed to find a (Canadian) trader who hasn’t considered Binance or Bitbuy as their trading venue at some point in their crypto venture. The justification for this claim is apparent.
While Binance is the world’s most popular cryptocurrency exchange and the largest in terms of trading volume, Bitbuy is one of the most trustworthy and safe Canadian-native platforms that provide financial services to the residents of this country.
There’s no straightforward way to tell which exchange is superior to its counterpart. Therefore, we’ll compare Bitbuy and Binance side by side, attempting to highlight all of the upsides and downsides of trading on either of these platforms. Let’s take a more in-depth look, shall we?
- A registered platform compliant with the FINTRAC and OSC regulations;
- The trading costs are cheaper than those of its main competitors;
- High-volume trades through its Private Wealth feature (formerly labelled as OTC desk);
- Cold storage for 95% of client funds;
- An insurance policy on user funds available through BitGo.
- No passive earning options through staking;
- The Canadian Dollar (CAD) is the sole kind of fiat currency that can be used to make payments on the Bitbuy exchange;
- Exclusive to the residents of Canada;
- A restricted selection of trading instruments and crypto assets;
- The Instant Buy processing fees can be very costly.
- The most liquid and largest exchange in the industry by trading volume;
- The largest number of altcoins among the other exchanges;
- Two global Binance platforms – a basic one for the beginners and an advanced trading platform for the experienced traders;
- US residents can trade cryptos through Binance.US;
- Anonymous trading;
- Credit/debit card payments;
- Over 40 fiat currencies, including CAD, USD, AUD, GBP, EUR, JPY, etc.
- Users can withdraw their CAD holdings directly to their Canadian bank account;
- The trading fees on Binance are some of the lowest in the industry.
- An unregulated exchange with some regulatory issues;
- Doesn’t support PayPal payments;
- The platform was hacked in 2017, resulting in a loss of 7,000 BTC.
Bitbuy vs Binance – How It All Started?
The Bitbuy founder Adam Goldman launched this native-Canadian trading platform in June 2016, making it one of the most successful crypto exchanges on the Canadian market.
This Toronto-headquartered exchange provides more than 400,000 crypto investors in Canada with a safe and reliable platform for trading roughly 20 different cryptocurrencies. Bitbuy is operated and run by Bitbuy Technologies Inc., a subsidiary of First Ledger Corp., engaged in cryptocurrency investing.
Goldman saw the limitless potential of blockchain technology to solve a wide range of financial issues in the Internet Age, so he launched this crypto project to promote and build the Bitcoin economy.
Bitbuy provides brokerage and exchange services for cryptocurrencies, making it one of the best alternatives for Canadians wishing to engage in the emerging digital asset market.
When it comes to trading cryptocurrencies, Binance is by far the most popular platform worldwide. The exchange provides its users with a vast assortment of trading capabilities, which can be accessed through desktop or mobile dashboards.
These features include access to an incredible range of cryptocurrencies, trading options, payment methods, market indicators, and numerous digital currencies.
In addition, the platform’s trading costs are among the most competitively priced in the business. Binance also offers the option for anonymous trading for users who would rather not reveal their personal information.
Because the exchange is dedicated to providing clients with a significant amount of anonymity, customers will never be forced to provide any personally identifying information while performing a transaction on the platform or withdrawing money from their Binance trading account.
However, there’s a limit of up to 2 BTC per day on all anonymous trades and withdrawals.
Bitbuy vs Binance: The Crypto Exchanges Comparison
Opening an Account
Due to the streamlined sign-up procedure, it is simple to register an account with Bitbuy and start trading in a short amount of time. The platform has partnered with an international identity verification firm, Trulioo, to expedite the onboarding process. This company strictly follows the KYC (Know Your Customer) guidelines and regulations.
If the automated verification process fails to authenticate your identity, you must present a government-issued photo ID, such as a driver’s license, and take a selfie to complete the process. If these options don’t aid the user verification process, you’ll have to provide additional documents, such as a bank statement, utility bill, government-issued photo ID, and a selfie holding the ID.
Registering for a Binance account is pretty simple, and you can do so through the Binance mobile app or the Binance desktop app by entering your email address or phone number. Binance’s identity verification procedure is optional, but it’s good to know that it allows users to increase their daily fiat deposit and withdrawal limits.
It takes only a couple of minutes to finish this procedure, which involves checking your account details, submitting a government-issued ID, and providing a selfie. After this, you can fund your account and proceed by planning out your next move on the crypto markets.
Bitbuy is dedicated to providing a limited number of financial services, each of which has been carefully chosen to assist traders of all experience levels in executing their strategies. To be more specific, Bitbuy acts as a standard cryptocurrency brokerage, a professional cryptocurrency trading platform, and an asset custodian.
The Express Trade feature on Bitbuy enables Canadians to instantly obtain their coins with their local fiat currency, the Canadian Dollar (CAD).
The Pro Trade service is ideal for experienced cryptocurrency traders since it provides them with almost all of the tools they need to make profitable trades, such as TradingView market charts, order books, sophisticated order types, OTC trading, and the chance to check your trading history.
Bitbuy safeguards its customers against both failed trades and the possibility of fraud that may be hiding behind a questionable cryptocurrency project by choosing to support only the most prominent coins.
Therefore, only the most widely traded and well-accepted cryptocurrencies are supported on the Bitbuy exchange, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Eos (EOS), etc.
Binance is the largest cryptocurrency exchange in the world regarding the total number of cryptocurrencies it supports. This global cryptocurrency exchange not only supports Bitcoin but also provides customers access to more than 600 alternative cryptocurrencies, stablecoins, tokens, and other digital assets, including BTC, ETH, LTC, EOS, Ripple (XRP), Cardano (ADA), Bitcoin Cash (BCH), Dogecoin (DOGE), Stellar Lumens (XLM), Solana (SOL), Polkadot (DOT), etc. As a result, clients can easily pick their favourite coins and trade an incredible amount of trading pairs.
Interac e-Transfer and wire transfers from a bank are the two methods of payment that can be used on Bitbuy to fund your trading account. The first payment method is suitable for deposits of up to 20,000 Canadian dollars, whilst the second option works better with greater sums.
In addition, if you want to get your coins promptly through Bitbuy, you will be required to pay a significant charge for the instant transaction processing, equaling 0.50% of the total amount.
On the other hand, Binance accepts crypto and fiat currency deposits, albeit the latter is subject to your resident country’s regulations. To add funds to your account, you can use various payment methods, including cryptocurrencies, debit cards/ credit cards, bank transfers, and more.
This exchange accepts deposits in any of the cryptocurrencies it lists as marketable. Traders can use hundreds of different cryptocurrencies to finance their Binance accounts. The most significant advantage of making a crypto deposit on Binance is that it eliminates the need to reveal any private data during the registration process, which only applies to trade volumes lower than 2 BTC per day.
However, a Know Your Customer (KYC) process is necessary if you intend to finance your Binance account with a debit/credit card or a bank transfer.
Trading Fees and Limits
The Bitbuy fees are pretty reasonable, and a transaction will cost you 0.2% of the trade’s value. Traders will incur this fee regardless of whether they buy or sell cryptocurrencies. When you make a wire transfer deposit, you will be charged a fee of 0.50% of the transaction. On the other hand, the costs associated with making a deposit or withdrawal using an Interac e-Transfer are equal to 1.5% of the trade.
If you’re a trader who does business regularly, you will be subject to the maker-taker fee schedule. According to this particular fee structure, the costs for market makers begin at 0.1% of the deal, while the fees for market takers start at 0.2% of the trade.
There is no minimum amount required to deposit or withdraw from Bitbuy. Still, the fees associated with withdrawals and the required minimum withdrawal amount differ based on the blockchain’s condition of the currency used in the transaction.
In comparison, Binance has some of the most competitively cheap fees for its services with market fees that range from 0.02% to 0.10%. Because holders of Binance coin (BNB) are eligible for a rebate of 25% when using the exchange’s utility token to cover the trading expenses, the fee drops even lower.
Also, If you choose to fill your Binance account with crypto, you are not required to make a minimum deposit. Using a debit or credit card to make deposits requires a minimum of 15 CAD.
How Safe Are Bitbuy and Binance?
Bitbuy is the first Canadian cryptocurrency exchange to get regulatory clearance as a FINTRAC-registered Money Service Business (MSB) and Restricted Dealer.
This platform’s Proof-of-Solvency mechanism ensures that all digital assets are transparently registered. Bitbuy also undergoes external audits, regular platform vulnerability scans, and transactional accounting evaluations for proof of reserves. The purpose of carrying out these audits is to ensure that the exchange is operating in compliance with the provisions and legislation currently in effect.
On that note, there’s a widespread misunderstanding that Binance, as a corporation, is subject to financial regulation. Although the platform is legally permitted to handle fiat currencies by the respective law in each of the countries in which it operates, Binance does not currently hold a license.
Despite the status of an unregulated exchange, Binance is dedicated to providing its customers a reliable and secure trading marketplace since it is the largest crypto exchange in the world with a sizable number of registered traders.
For this, the Binance developers have implemented several top-tier security mechanisms, including the two-factor authentication (2FA) protocol, multiple encrypting algorithms for improved online data safety, cold wallet safekeeping of users’ assets, real-time surveillance of the platform and more, to ensure the protection of all users’ accounts and funds.
Bitbuy is known for having an exceptional customer support team that provides prompt responses. Emails and the help page are only some ways you can ask for support regarding any trading operations on this exchange.
While email is the preferred method of communication, you can also reach Bitbuy’s support team through their social media pages. Several reviews from consumers who do their crypto transactions using this platform state that their issues were resolved the same day and that they were pleased with the assistance.
If you need help with any of the trading capabilities that Binance offers, you can get in touch with their customer support team by emailing or using one of the exchange’s social media platforms. Additionally, customer service is offered in eight languages, while Binance’s products can be traded in more than 17 languages worldwide.
If you’re short on time but still want to keep pace with the crypto market, the Bitbuy app is your best bet. Namely, Bitbuy has introduced a user-friendly mobile app that gives users of seamless platform connectivity to all of the functions featured on the platform.
This cryptocurrency exchange platform provides instantaneous transactions with top-tier safety through its app, compatible with all Android and iOS devices. For instance, 95% of client assets are kept in cold (offline) storage, and the 2FA protocol must be activated for each transaction to be processed.
Binance’s mobile app is well recommended for installing it if cryptocurrency trading is something you intend to do regularly. Doing so will get you access to everything you’ve come to expect from the official webpage of the exchange.
If the marketplaces are showing signs of becoming bearish, for instance, and you have a long position in BTC/USDT, you may decide to close your position and take your profits. With the Binance mobile app, you can easily accomplish this operation with a single tap.
Bitbuy and Binance vs Other Exchanges
With the help of Coinbase, an exchange located in the United States that has gained immense popularity since its launch in 2012, you can quickly expand and diversify your crypto holdings.
This exchange primarily caters to novice traders by providing a secure environment where they can easily access the exchange’s fundamental features. But there’s also a Coinbase Pro platform that offers more advanced features suited to seasoned crypto investors.
Coinbase has higher trading fees than Binance, but it is a more beginner-friendly platform that adheres to the relevant financial rules in the supported countries. Furthermore, the exchange provides its services to clients globally, as opposed to Bitbuy, which solely serves Canadians.
Kraken is one of the oldest and most reputable cryptocurrency exchanges, officially launched two years after Bitcoin. Praised for its military-grade security and exceptional support service, Kraken promises a safe trading experience to all crypto investors, regardless of their experience.
Compared to Binance, which is an unregulated platform with several security breaches during its operation, Kraken has never been hacked.
While there’s a beginner-friendly exchange with an Instant Buy feature for the novices, the more advanced traders can utilize the Kraken Pro platform that offers sophisticated trading instruments, including margin and futures trading.
Kraken and Bitbuy are comparable in many ways, particularly when it comes to ensuring the security of trading operations, assets, minimal costs, and regulations. However, Bitbuy is exclusively available to Canadians, whereas Kraken is available globally.
BitBuy is the cryptocurrency exchange in Canada that you might want to consider for your trading needs if you prioritize safety, have minimal costs, and get excellent customer support. Both registering an account and trading cryptocurrency can be accomplished in a short amount of time on Bitbuy.
When we combine all of the trading benefits mentioned above with the robust security and the ability to get your coins for CAD, we can all agree that Bitbuy is a well-rounded, safe, straightforward, powerful crypto trading platform. The only criticism we have for the Bitbuy developers is that this exchange is only available to Canadians.
In this extensive assessment of Binance, we looked at the crypto exchange from every conceivable angle, covering the trading marketplaces, fees, payment options, ease of use, customer service, security, and various other factors.
The bottom line? If you like to be spoiled for choice in every aspect of your trading experience, Binance is the exchange that rules the global crypto sphere.