Bitbuy vs Binance

Bitbuy vs Binance

Daniel Chan

November 17, 2021

Cryptocurrency

Bitbuy is a very popular crypto exchange in Canada and Binance is the largest crypto exchange in the world based on trading volume. How do these two stack up against each other, and which is best for Canadians to use? In this article, we'll have a look at these two crypto platforms and see how they compare across several aspects, so you can choose which one is better for your needs. For the majority of Canadian users, I would suggest Bitbuy over Binance, due to a simple and friendly user-interface, FINTRAC registration, ability to withdraw CAD and because it is the most secure and trusted Canadian crypto exchange.

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Fiat Currencies

CAD

CAD, USD, EUR, GBP, AUD, HKD, JPY & 35 more

Number of Coins

9

300+

Buy/Sell Fees

0.2%

0.1%

Deposit Methods

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Interac e-Transfer

Bank Transfer (ACH)

Wire Transfer

PayPal

Credit Card

Debit Card

Bank Draft

Cryptocurrency

Features

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User-friendly

Mobile app

Live Chat

Security

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2FA

Biometric security

FINTRAC registered

Offline cold storage

Website

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Fiat Currencies

CAD

CAD, USD, EUR, GBP, AUD, HKD, JPY & 35 more

Number of Coins

9

300+

Buy/Sell Fees

0.2%

0.1%

Deposit Methods

Cell
Cell

Interac e-Transfer

Bank Transfer (ACH)

Wire Transfer

PayPal

Credit Card

Debit Card

Bank Draft

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

FINTRAC registered

Offline cold storage

Website

Pros
  • User-friendly Express Trade feature
  • Pro Trade gives access to advanced charts and tools
  • Extremely secure crypto exchange with BTC insurance
  • Low trading fees of only 0.2% for Express Trade and 0.1%/0.2% Maker/Taker fees for Pro Trade
  • Interac e-Transfer and Wire Transfer deposits supported
Cons
  • Only available to Canadians
  • Only offers 9 different cryptocurrencies
Pros
  • Over 300+ different cryptocurrencies
  • Low trading fees of only 0.1% with 25% discount if you pay with Binance Coin (BNB)
  • Additional features such as staking, NFT marketplace, margin trading, futures trading
  • Largest crypto exchange in the world based on trading volume
Cons
  • Not available in Ontario
  • Cannot withdraw CAD from the exchange
  • Beginners may find it difficult to use

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 will incur a 1.50% fee with Interac e-Transfer, and 0.5% fee using Wire transfer.

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 0.2%.

If you use Pro Trade (trading on the market), the maker fee is 0.1% and the taker fee is 0.2%.

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 1.0% fee using 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.

Winner - Bitbuy

Although Bitbuy's trading fees are slightly higher than Binance's, their deposit fees are lower, plus they have the option to withdraw fiat currency back to a Canadian bank account. On Binance you need to transfer crypto to another exchange (incurring a network fee) before you can cash out your CAD.

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. 

Winner - Tie

There is no clear winner here, but instead it depends on what your preferred deposit method is. If you prefer e-Transfer or wire transfer, then Bitbuy is the exchange for you, whereas if you like to use credit/debit cards, you can use Binance.

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 9 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 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.

Winner - Binance

Binance is extremely feature-rich and has plenty to offer experienced traders. Bitbuy is more suited for newcomers to the crypto market, so it depends what you are looking for.

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 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.

Winner - Bitbuy

Bitbuy is the winner, as the most trusted and secure exchange in Canada and has never been hacked since its establishment in 2013. 

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 9 different cryptocurrencies, so if you are looking for a wider range, you may prefer to use Binance, with over 300+ 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.

Overall Winner - Bitbuy

User-friendly platform with top security, low fees and the ability to withdraw fiat currency (CAD) straight from the exchange makes Bitbuy the winner.

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.

Comparison Table of the Best Crypto Exchanges in Canada

Bitbuy
Binance
VirgoCX
Coinberry
NDAX
Crypto Exchange
Crypto Exchange
Bitbuy
Binance
VirgoCX
Coinberry
NDAX
Fiat Currencies
Fiat Currencies
CAD
CAD, USD, GBP, EUR, AUD, HKD, JPY & 35 more
CAD, USD
CAD
CAD, USD
Cryptocurrencies
Cryptocurrencies
BTC, BCH, ETH, LTC, XRP, XLM, EOS, AAVE, LINK
BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO & 300+ more
BTC, ETH, LTC, EOS, DOT, ADA & 17 more
BTC, ETH, BCH, LTC, XLM, ADA, DOGE, DOT & 10 more
BTC, ETH, LTC, XRP, EOS, DOGE, ADA & 12 more
Deposit Methods
Deposit Methods
Interac e-Transfer, Wire transfer, Cryptocurrency
Credit card, Debit card, Cryptocurrency
Interac e-Transfer, Wire Transfer, Cryptocurrency
Interac e-Transfer, Wire transfer, Credit card, Debit card, Cryptocurrency
Interac e-Transfer, Wire Transfer, Bank Draft, Cryptocurrency
Trading Fees
Trading Fees
Express Trade: 0.2%, Pro Trade: 0.1/0.2% Maker/Taker
0.1%
0%
Included in spread
0.2%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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