They want you to try to solve the problem yourself and you have to interact with a support bot most of the time. Peer-to-Peer exchange allows you to buy and sell cryptocurrencies directly from other users. Buying this way can work out cheaper and most of the Canadian users accept Interac e-Transfer.

They also provide tons of payment options and currencies, which has been helpful. Binance is also a very easy-to-use platform compared to other platforms, they also leave help notes on every page so you know how to use each feature and that is very helpful. I am most excited because Binance has added a platform for buying and selling gift cards with is super helpful. Binance accepts 15 fiat currencies for deposits and all supported crypto assets. Fiat currency deposit fees are either non-existent or vary depending on the method of deposit. Blockchain fees still apply, though, and crypto deposit times vary by blockchain network and congestion.

binance canada review

Capitalism is an economic system where private individuals own the means of production and where production levels are based on free market competition. Binance.USis headed by Brian Brooks, the former Chief Legal Officer of rival Coinbase and former acting head of the Office of the Comptroller of the Currency. Both Brooks and CZ maintain thatBinance.USis an entirely separate company that operates completely independently from Binance, but the look and feel of the site is nearly identical. It could be the case that Binance will launch an Ontario subsidiary, just like it has done in other jurisdictions that have prevented it from operating or offering certain services. Binance was founded in China in July, 2017, just a couple of months before the 2017 Bitcoin bull run, where Bitcoin surged to $19,500—and didn’t reach those levels until late 2020.

Ideally, you should choose an exchange that allows you to deposit and withdraw funds using multiple methods. This includes both traditional options (e.g. bank transfers, credit cards and debit cards) and newer ones (e.g. e-wallets, crypto cards). Binanceis one of the most popular cryptocurrency trading platforms currently online. Different from cryptocurrency exchanges like Poloniex , Binance is primarily a crypto-to-crypto trading platform.

How to Sell

In the years since its launch, it has become the number one exchange in the world by trading volume. Yes, you can make or lose money trading or staking crypto assets on the binance canada review Binance exchange or Binance Trust wallet. Plus, crypto trading is a delicate game, so make sure you never put more than you can afford to lose on the Binance exchange.

binance canada review

The Binance mobile app is available for all mobile platforms and devices. Android users can get the Binance mobile app through Google Play, while iOS users may get it via the Apple App Store. Traders may utilize the Binance mobile app to stay active in the cryptocurrency market even while traveling.

Customer Ticketing Support

We explore what it offers, pros and cons, fees and more in our review. Binance supports over 600+ crypto tokens and 50+ fiat currencies. Thus, you’re sure to find many offerings to buy, sell, trade, exchange, or stake. You can swap crypto-to-crypto or trade fiat-to-crypto on the platform. For the most part, using a cryptocurrency exchange shouldn’t be too difficult.

You can contact them via email or live chat, and they’ll usually get back to you within a few hours at most. Creating accounts is mainly a hassle-free process, although you will need to go through a more in-depth verification step than some of the other options. Whether this is an issue or not will depend on your level of comfort with providing personal information. Should you have some trouble along the way or need clarification on a certain process, you can contact customer support through the in-app live chat feature or check out their blog and FAQ section.

The Trezor Model T from SatoshiLabs is a bitcoin hardware wallet of the futur… One of the first Bitcoin exchanges that is still in business today is called … Your Bitcoin is stored safely in Trust Wallet, which is a mobile wallet. KeepKey is a well-known bitcoin hardware wallet that was first introduced to … The Binance Identity Verification process takes around 15 minutes. In most cases, the Binance verification procedure takes less than one hour.

  • Binance offers margin, P2P, and OTC trading accounts to professional and experienced traders.
  • The platform is best suited for existing Wealthsimple clients to hold crypto without moving to another crypto trading platform.
  • However, this can mean that funds become locked on Binance for anywhere from a few hours to a few days.
  • 79% of retail CFD accounts lose money.Plus500 stands during volatile times to offer the best possible trading experience under all market conditions.

Despite the challenges encountered by some users, some feedback is encouraging. Numerous Binance users report a positive and largely frictionless experience with the site. Binance has a Twitter account (@BinanceHelpDesk) for customer service and invites consumers to tweet the firm with their difficulties. You must assume this risk if you choose to store assets on the Binance market for day trading purposes.

Fees are reduced even further if you use the network’s native coin, Binance Coin, to pay for gas. When gas fees are paid using the BNB token, both the makers and the takers receive a 25% reduction on their trading expenses. Furthermore, Binance provides derivatives known as “Leveraged Tokens,” which enable UP and DOWN contracts based on the price of specific cryptocurrencies. These give the customer leveraged exposure to cryptocurrencies without the risk of being forced to sell.


Binance is a crypto wallet that can be used to trade in digital cryptocurrencies. For both maker and taker trades on its spot exchange , fees are just 0.1% for people who trade under 50 BTC a month—far lower than other exchanges in its league. These fees decrease for people with lots of BNB tokens, who trade a lot or who have referred their friends.

It offers discounted transaction costs when used to pay fees, and having 50 or more BNB in your Binance account for 30 days cuts transaction fees according to the amount held. Being among the top cryptocurrency exchanges in the world makes you a major target for hackers. Binance has been compromised, but as long as you take measures and transfer your bitcoin to an external wallet, you should be secure.

Binance assesses a flat transaction fee when withdrawing cryptocurrency from your Binance account to your crypto wallet. How much you pay varies depending on the crypto token you’re moving. Binance doesn’t charge any crypto deposit fees when depositing crypto tokens from an external wallet to your Binance wallet. The platform is available to customers worldwide and charges some of the lowest crypto trading fees. The mobile app is far more simple than Binance’s desktop or web platforms all over Canada.

The identity verification step is crucial for using a Binance account. After registering on the Binance website, there is a “user-center” and “identity” area. After submitting the required documentation, the user must click “Verify” here. This component of the application requires many steps, including the submission of photocopies of identification and proof of address. After these papers are uploaded, the KYC procedure is launched.

To date, they are still sitting on thousands of my dollars with no response and not unlocking my account, despite my doing everything they asked. Coinbase Wallet has a simple, clean, and user-friendly interface. It is best suited for new beginners but not suitable for pro traders. • Binance has been accused of using its ICO launching platform Binance Launchpad, to artificially pump the value of questionable altcoins.

Binance’s fiat markets also provide a vast assortment of crypto-to-fiat pairings. With a Binance Visa Card, you can spend your crypto, saving you from having to exchange it for fiat currency and then withdrawing it from your account. The Visa card converts your crypto to fiat currency at the transaction time.

Diversity & Inclusion at Binance

While it isn’t based in Canada, its founder and CEO Changpeng Zhao is a Canadian citizen. The exchange was originally based in Hong Kong, but the headquarters is now in the Cayman Islands, allowing users to trade crypto from over 180 countries and counting. You can earn in different ways with the different tools that Binance offers you, plus you have many options to buy cryptocurrencies and with low commissions. You can rest assured that your money is safe and while it is saved you can earn passive income with the different products that Binance offers you. This is the present and the future to move capital from one place to another.

Binance Safety and Security

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 slash that cost by transferring money into your Binance account first, then taking advantage of the low Spot Trading fees. Based on these factors, users are ranked from VIP 0 to VIP 9, and fees decrease based on your VIP level. Binance Coin is the native utility token on Binance Chain and is used for trading cryptocurrencies and paying for gas on the Binance network. At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry.