Bitbuy vs Binance Fees

Let's begin our comparison with a look at the various fees charged by Bitbuy and Binance.

Deposit Fees

Depositing CAD into Bitbuy is free of charge.

On Binance, you are not able to pre-fund your account using Canadian Dollars, but instead you pay using your credit or debit card at the time of purchase. There is a fee of 2% when you make a purchase with your card.

Trading Fees

On Bitbuy if you use Express Trade (the easiest way to buy and sell cryptocurrency), the fee is 1.5%.

If you use Pro Trade (trading on the market), the maker and taker fee is 1.5%.

Binance only charges 0.1% per trade, with a 25% discount if you pay using their own coin (BNB). If you are a high-volume trader, you can also access greater discounts.

Withdrawal Fees

Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer and Wire transfer.

On Binance you cannot withdraw Canadian Dollars, which is a big drawback. If you want to convert your crypto back to fiat currency, you need to send your crypto to another exchange (for example Bitbuy), then sell it there and transfer CAD to your bank.

Bitbuy vs Binance Deposit Methods

Bitbuy accepts deposits via Interac e-Transfer, Wire Transfer and Cryptocurrency.

Binance accepts Credit and Debit card payments and Cryptocurrency. 

Bitbuy vs Binance Features 

Bitbuy and Binance are two well-known cryptocurrency exchanges with plenty of features for their users. I won't go into detail about every feature offered on both of these exchanges, but if you wanted to learn more, read my Bitbuy review or Binance review. In this head-to-head comparison, I will mention a few key points that make Bitbuy and Binance stand out from each other.

Bitbuy has a very user-friendly interface, and it's so simple for beginners to use the Express Trade feature. A complete newbie with no knowledge of crypto would be able to navigate the Express Trade screen to buy or sell one of the 17 coins offered on Bitbuy.

Bitbuy also caters to more experienced traders, with the Pro Trade market displaying advanced charts by TradingView as well as access to limit and market orders.

Bitbuy has partnered with BitGo Trust Company to store 99% of their cryptocurrency offline. BitGo Trust Company is the world’s first qualified custodian, purpose-built for storing digital assets. All cryptocurrency assets held in custody with BitGo are covered by a comprehensive insurance policy, meaning that all cryptocurrency held in your Bitbuy account would be covered under the same policy.

Binance has a few ways for users to earn passive income with their cryptocurrency that is held on the exchange. Instead of having crypto sitting idly in a wallet, you can use it to earn more cryptocurrency, similar to how you earn interest on your fiat currency in a bank account. Here are the different staking options that Binance users can enjoy.

Binance has many additional features for experienced traders, such as margin trading, futures trading and derivatives. These are excellent options for advanced traders that have been around crypto trading for a long time, which can't be found on most crypto exchanges.

If you are interested in NFTs, Binance is a great platform for you because they have a marketplace where you can buy, sell and mint NFTs.

Bitbuy vs Binance Security

Bitbuy is the most secure and trusted cryptocurrency exchange in Canada. Their servers are secured across multiple world class cloud providers and disaster recovery locations. All providers are ISO, SOC, and FIPS 140-2 compliant. Bitbuy’s privately maintained codebase keeps core components closed source, so your intellectual property is secure. Bitbuy utilises 2FA and biometric login security features, and 99% of their cryptocurrency is stored in cold storage offline - partnered with BitGo Trust Company and covered by insurance.  

Binance also uses 2FA and stores the majority of their cryptocurrency offline in cold storage. However, no matter how secure an exchange is, it can vulnerable to attacks. Binance was hacked in 2019 and over $40 million of Bitcoin was stolen. Binance covered the loss in full, so none of their users were affected, which is an excellent response from a world-class exchange like Binance. This gives their customers peace of mind to continue using their exchange for trading. Moreoever, four months after the hack, Binance received ISO 27001 certification, after successfully passing an audit on their information security management. This demonstrates the commitment that Binance has to security, and they are continually investing in ways to improve their cybersecurity defense systems.

Verdict - Bitbuy

Binance is very popular around the world, especially with high-volume traders, but Bitbuy is my recommendation for Canadians, in particular those that are new to cryptocurrency. It is better suited to beginners because it is user-friendly, has extremely high security, is available around all of Canada, and users can withdraw CAD straight to their bank account. 

Bitbuy only offers 17 different cryptocurrencies, so if you are looking for a wider range, you may prefer to use Binance, with over 600+ coins. Note that Binance is not available in Ontario, and you cannot withdraw CAD from the exchange. If you want to use Binance, when it's time to sell your crypto, it's best to transfer it to another exchange that allows fiat withdrawals. 

If you want to check out some other cryptocurrency exchange options, read our article on the top Canadian crypto exchanges.

Still Researching?

For those that want to do more thorough research before deciding on a crypto exchange, you can find my in-depth reviews of Bitbuy (here) and Binance (here). I have also written an article on the top crypto exchanges in Canada which can help you in your search. Here's a quick comparison table with key information on these top exchanges.