Binance Review (2024): The World's Best Crypto Exchange?
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Below we will review Binance in more detail, the features or functionalities it offers and explain why it might be the right choice for you.
What is Binance?
Binance is the largest cryptocurrency exchange platform in the world in terms of daily trading, volume and cryptocurrencies.
As a cryptocurrency exchange platform, the goal is to match buyers and sellers of cryptocurrencies. There are two types of cryptocurrency exchanges, and they are classified as local and global. For example, a local exchange would be to convert local legal currencies, such as Canadian dollars, to one of the main cryptocurrencies like Bitcoin. On the other hand, a global exchange would be considered a trade of cryptocurrencies and coins.
Binance Coins are the native asset on Binance Chain, a blockchain software system developed by Binance and the community.
With Binance you can also get new coin listing alerts, new Binance listings, and they also have an NFT marketplace.
Good to know
Binance was founded and created by Changpeng Zhao, a Chinese-Canadian citizen, in 2017. The company was initially based in Hong Kong, but after cryptocurrency regulation started to become more strict in China, the company is now registered in the Cayman Islands.
Our review of Binance
Binance is one of the world’s largest and best-known cryptocurrency exchanges. It has some nice advantages, but there are a couple of disadvantages to be aware of.
Binance Pros
- A well-known platform with a solid reputation
- Competitive fees
- Over 150 cryptocurrencies are available
- A safe and secure integrated wallet
- Software accessible on multiple devices including internet and mobile
- Various payment options
Binance Cons
- Fees on credit card payments
- A centralized exchange platform
- Unavailable in Ontario
- Unavailable in the United States (as a result, the group is now operating a different exchange called Binance.US)
Want to see how Binance stacks up to the competition? You can right here:
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What is Binance coin?
Binance Coin (BNB) is the cryptocurrency issued by the Binance exchange. It trades under the BNB symbol. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin etc.
How to use Binance in Canada?
Binance is one of Canada’s most prominent cryptocurrency trading platforms and allows users to trade crypto in over 180 countries. Binance can be used everywhere in Canada except for Ontario, due to regulatory issues. Below we explore buying and depositing money into your Binance account and withdrawing from it.
How to buy crypto on Binance in Canada?
In Canada, you can buy crypto in a few different ways. By debit or credit card, P2P trading, and third-party payment.
Credit/Debit card
Paying by credit/debit card is the quickest and easiest way because the transaction is processed instantly. To purchase crypto with your Canadian card, go to “ Buy Crypto” at the top of the dashboard, click “credit/debit,” and enter the amount you want. Something to note is that the minimum transaction is $20. After choosing the dollar amount, you can select what type of crypto you would like to buy.
P2P trading
Binance also allows you to purchase cryptocurrency on a peer-to-peer exchange (P2P). With this method, you can trade cryptocurrency with other users. The P2P exchange only supports six currencies, some of which are BTC, BNB, ETH and USDT.
Third-party payment
Third-party payment is also an option when using Canadian dollars. Binance supports two options: Simplex and BANXA. Simplex allows you to pay with Visa and MasterCard, and with BANXA, you can pay with Visa, MasterCard or Bank Transfer. If you choose these options, you will leave Binance and complete your transaction with your preferred third party.
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What coins are available on Binance?
More than 600 currencies are listed on Binance. Some of the most popular ones include:
- Bitcoin
- Shiba Inu
- Safemoon
- Dogecoin
- BabyDoge
- BTC/USD
- Pancakeswap
- Ethereum
- And many, many more.
Lots of people are searching for the following coins:
| Cryptocoin | How to buy on Binance |
|---|---|
| How to buy Shiba on Binance | You can buy Shiba coins on Binance in a couple of different ways. The first one is by credit card, Visa or MasterCard or by bank transfer. If you choose to do a wire transfer, you have to wire money from your account to the providers of these coins. Then, use these stable coins to buy Shiba coins on the Binance exchange. On the other hand, paying by credit card offers a more direct route. You can use your credit card on the Binance platform to directly purchase Shiba coins. |
| How to buy Dogecoin on Binance | You can easily buy Dogecoin (DOGE) with the lowest fees and highest security anywhere Binance is available. First, you can create a free account on the Binance website or the app. Then, choose your method of payment. You can pay by debit/credit card, bank deposit, P2P trading and third-party payment, and store your Dogecoin in Binance. |
| How to buy Safe Moon on Binance | You can’t buy SafeMoon on the Binance platform, but there is a way around it by connecting your crypto wallet platform to a decentralized exchange (DEX) using your Binance account to buy the base currency. First, download a Binance Wallet and set up your account. Next, buy BNB Chain as your base currency and send Binance to your crypto wallet. Then choose a Decentralized exchange (DEX), connect your wallet and trade your BNB Cain with the coin you want to get. If SafeMoon doesn’t appear, find its Smart Contract and apply the swap. |
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How to deposit money into Binance in Canada?
There are two different ways to fund your Binance account in Canada. You can use fiat or cryptocurrency, and the process is easy.
When using fiat to finance your Binance account, you can add funds in many different currencies such as GBP, TRY, EUR, KZT, AUD, HKD, RUB, PHP and more.
The funding method available will vary depending on the currency. For example, if you want to deposit GBP, you can only use Visa or Mastercard. But to deposit EUR, you can use Visa, Mastercard, SEPA transfer and P2P Express. The deposit fee you will pay on fiat will depend on the method and range from about 0% to 3.5%.
You cannot use CAD to fund your account; however, you can purchase crypto using a Canadian debit or credit card.
Another way of funding your Binance account is with cryptocurrency. Binance makes it easy to deposit cryptocurrency from another platform within as little as five minutes. Even better than the speed is this: cryptocurrency deposits are free.
How do you withdraw money from your Binance account?
It is possible to convert your cryptocurrencies into over 60 fiat currencies on Binance. Here's how to make a withdrawal from your Binance account, you will first need to log into your Binance account. Next select "Wallet", then "Overview" and finally "Withdraw". From here you will be able to choose the cryptocurrency that you wish to withdraw.
From here follow the steps carefully on the website or Binance app carefully.
Fees may be applied depending on the cryptocurrency, fiat currency and deposit method.
Watch out!
Transactions are not reversible, so be sure of your details!
How to close a Binance account?
You can close your account a couple of ways, either by deleting your account or deactivating it by going to the Binance website or via the app.
Before deleting or deactivating your Binance account, make sure to have a zero balance; otherwise, deleting and deactivating your account won’t be possible.
When closing the account through the app, go to account>Security>Disable Account. When you want to close the account from the website, first log in to your Binance.com account and go to Profile>Security and click Disable account. Before you completely disable your account, remember to read the reminders carefully because once your account is disabled, you will need to contact Binance support to reopen it.
Is Binance safe in Canada?
Yes, Binance is safe. Binance is one of the biggest and most reliable exchange platforms. The platform allows you to set up two-factor authentication or protect your account with a security key and an anti-phishing code.
Binance was founded in 2017 and initially based in China, but due to the Chinese government’s increase in regulation of cryptocurrencies, Binance is now registered in the Cayman Islands.
In Canada, Binance has been operating under the legal name Binance Canada Capital Markets Inc. since the end of 2021. It is registered as a Money Services Business with FINTRAC with the MSB registration number M21783493.
Does Binance report to the CRA?
Yes, Binance is a Money Services Business operating in Canada. It is therefore legally required to report all transactions over $10,000 CAD Canada Revenue Agency.
For tax purposes, cryptocurrency is considered a commodity in Canada. After mining, trading or selling cryptocurrencies, you create a capital gain, which you are responsible for reporting to the CRA. As always, taxes are a complicated subject. You should check with your accountant or tax professional about reporting cryptocurrency income.
How to add Binance Smart Chain to MetaMask?
To connect your MetaMask wallet to Binance Smart Chain, you just need to follow these steps:
- Go to the MetaMask extension and click on "Ethereum main network".
- Click on "add network" and fill in the fields with "Smart Chain" as the network name, "https://bsc-dataseed.Binance.org/" as the URL, "56" as the chain ID, "BNB" as the currency and "https://bscscan.com" as the Block Explorer URL.
- Click on "Save".
How to transfer from Shakepay to Binance?
Transferring your crypto from Shakepay to Binance is super easy. If you don’t have a Shakepay account, you can quickly sign up for one by following the step-by-step instructions below.
First, start by downloading the app or using the desktop version on your computer. The first thing that the app will ask you to do is choose your Shakepay username, enter your email and password, and press sign up.
Next, it will take you through a few additional steps, such as 2-step authentication. Once your account has been created, you can add some money with the add funds button and buy your crypto of choice.
After you have completed your purchase, you can transfer it to Binance. From your Binance account, click Wallet>Overview>Fiat and Spot, and then choose Deposit from the actions section either on the bottom left of the screen or the Deposit button on the top left. That action will generate an address to copy and paste on your clipboard and/or a QR code for you to scan.
Lastly, go to your Shakepay account, press Send, paste the code in there, Continue>Confirm and your crypto should be available to trade or use in your Binance account in 5 to 45 minutes, depending on how fast the network is.
Why is Binance banned in Ontario?
Binance suspended its operations in Ontario to avoid regulatory scrutiny from the OSC. However, there are no restrictions on using Binance in other Canadian provinces or territories.
Not sure if Binance is right for you? Compare it now to Canada's best cryptocurrency exchanges:
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