Binance Cryptocurrency Exchange Review for Canadians 2018

In This Guide

Fastest growing cryptocurrency exchange and second most popular in the world by trade volume.

Pros

  • Quick and easy sign up process
  • Supports deposit, trading & withdrawal of 100+ different cryptocurrencies
  • Verification not required to withdraw less than 2 BTC per 24h
  • Offers 2 factor authentication via SMS or Google Authentication
  • Site available in English, Mandarin, Korean, Japanese, Russian, Spanish, French and German.
  • Free to deposit, low 0.1% trading fee
  • Binance Coin (BNB) reduces trading fee to 0.05% for first year.
  • Very high liquidity
  • Competitions and bounty programs for the community
  • Backed by high profile investors such as Morgan Stanley, SBI Group, Nomura and Accenture

Cons

  • Withdrawal fee varies from coin to coin
  • Some users have reported delays when withdrawing certain coins
  • Occasional trading suspensions or shutdowns may simply be growing pains, but they can be inconvenient and costly to traders
  • How the regulatory actions by the Chinese government will impact the exchange is not yet clear
  • Binance does collect some user data such as IP addresses

Why I Use Them

I starting investing in cryptocurrency by buying Bitcoin and Ethereum using QuadrigaCX, but after reading up on some of the the other digital currencies (“alt coins”) listed on Coin Market Cap, I decided to start investing in some of the ones I decided had great long-term potential.

After spending quite a bit of time finding all of the exchanges available to Canadians, reading reviews and creating a spreadsheet to compare all the features of the best options, I decided that Binance was the best choice. This review will outline why I chose Binance and you can see the information I collected about the other top cryptocurrency exchanges here.

To start, Binance offers over 100 different cryptocurrencies – far more than just the 5 that QuadrigaCX supports, so I was able to buy coins such as Cardano (ADA), IOTA (MIOTA) and Monero (XMR).

Other than verifying your email address, there are no verification requirements to withdraw up to 2 Bitcoin every 24 hours, so I could buy as soon as the transfer of Litecoin from QuadrigaCX arrived in my Binance account.

The other reason I chose them is that it is free to deposit cryptocurrency and their fee on completed trades is one of the lowest at 0.1%.

What is Binance?

Binance is the fastest growing and second largest cryptocurrency exchange in the world (by volume). Based in Shanghai, they launched in July 2017 after a successful initial coin offering (ICO). Led by CEO Changpeng Zhao, the platform’s matching engine can process 1.4 million orders per second and is available via web, iOS and Android apps, HTML5, WeChat and PC client interfaces.

NameDescriptionFoundedSupportedDeposit Methods & FeesTrading FeesWithdrawal Methods & Fees


Binance
Fastest growing crypto exchange in the world and second largest by volume.2017100+ digital currencies including NEO, XRP, NANO, BNBAny of the 100+ supported cryptocurrencies for free.0.1% on completed trades.Any of the 100+ supported cryptocurrencies. Fees here.

What is Binance Coin (BNB)?

Binance’s coin BNB was issued during their ICO to raise funds for the operation and expansion of the exchange. It can traded on the platform, but is currently primarily used to pay for trading fees. Users who opt to pay their trading fees in BNB get a 50% discount on fees for their first year of trading.

Binance has committed to using 20% of their profits to buy back BNB and destroy (“burn”) them until 50% of all BNB are destroyed – leaving just 100 million in circulation. This reduces the supply of BNB every month, making the remaining BNB more valuable and rewarding those who invested in Binance.

What Cryptocurrencies Can I Buy/Sell?

Binance offers 100+ cryptocurrencies for sale:

Available Countries

Binance is available globally to anyone who has an email account and cryptocurrency to deposit.

Payment Methods Accepted & Deposit Fees
You can deposit any of the 100+ digital currencies that Binance supports for free.

Binance is a crypto to crypto exchange, so they do not accept any fiat currency deposits (such as Canadian dollars) or offer any fiat to crypto trading pairs (eg. BTC/CAD).

If you have Canadian dollars and want to buy Bitcoin or another coin, you have to first trade your CAD for cryptocurrency on an exchange that accepts Canadian dollars such as QuadrigaCX, transfer the crypto to Binance and then trade those funds for the coin you want to buy.

For an example of how to do this, see our how to buy Ripple guide that will walk you through step by step and applies for any other currency Binance supports.

Withdrawal Options & Fees

The fee to withdraw cryptocurrency from Binance varies from coin to coin. Here are some examples of the fees to give you an idea of how much they cost and how much they vary:

Cheapest Coin to Withdraw From Binance?

If you’re like me and you want to withdraw coins from Binance in order to sell them for CAD on QuadrigaCX, here are the Binance withdrawal fees compared in CAD as of February 2018:

Bitcoin: 0.001 BTC = $10.31 CAD
Ether: 0.01 ETH = $10.14 CAD
Litecoin: 0.01 LTC = $1.84 CAD
Bitcoin Cash: 0.001 BCH = $1.66 CAD

Trading Fees

Binance charges a 0.1% fee on each completed trade.

Users can choose to use Binance Coin (BNB) to pay their fees, which reduces the 0.1% fee by 50% for the user’s first year on the exchange, 25% in the second year and so on.

Basic Trading View


They offer separate Basic and Advanced trading interfaces. The Basic interface makes it easier for beginners to execute simple Market and Limit orders, while the Advanced interface provides features such as margin trading for professional traders.

Advanced Trading View

Transfer Limits & Verification Requirements

Binance allows withdrawal of up to 2 BTC every 24 hours without verifying your account. After verifying your identity, that limit is increase to 50 BTC per 24 hour period.

To get verified, Binance requires your full name, country, gender, a photo of your password or government ID and a selfie with the ID.

Is it Safe to Use Binance?

Binance has become one of the most trusted exchanges in the short time it has been in business thanks in part to its stability, adherence to the plans set out in the whitepaper (including burning BNB regularly as promised) and its CEO’s frequent communication on Twitter.

Binance’s platform adheres follows ISO/ICO_27001:2013 and CCSS security protocols.

To ensure that your account is as secure as can be, we recommend creating a strong, unique password and activating 2 factor authentication using the Google Authenticator. In addition, we recommend only holding small amounts of your digital assets for short periods of time within the exchange. For large amounts, or if you’re planning to hold for a long period of time, funds should be withdrawn and stored in your own private wallet.

To avoid phishing attacks, always check to make sure that you are on https://www.binance.com before logging in.

Their privacy policy states that they collect user information such as IP addresses, so users who are concerned with privacy should review Binance’s privacy policy before registering.

Next Steps: How to Get Started

You can view the markets on Binance without registering for an account, but to actually make a trade, you will need to sign up and log in:

Step 1) Sign Up for Binance

To get started, visit Binance, click the Register link at the top right to create an account and fill in your name, email address and a strong password:

can be found here

Step 2) Verify Your Email

Click the link in the email they send you to activate your account:

Step 3) Set Up Google Authentication (2FA)

To ensure your account is secure, set up 2 factor authentication using Google Authentication:

Step 4) Deposit Cryptocurrency

Under the Funds menu, select Deposits and select the coin you would like to deposit using the drop down menu:

A deposit address (or QR code if you’d prefer) for that coin will appear. Copy the address and use it to send funds from your personal wallet or another exchange to Binance:

Step 5) Trade Cryptocurrency

Finally, visit the Basic or Advanced trading page under the Exchange menu to trade for the cryptocurrency you’re interested in:

Example: Trading Bitcoin (BTC) for Ripple (XRP) With Market Order

On the top right hand side of the screen, select the currency you want to trade in: BTC, ETH, BNB or USDT – in this case BTC. Then, search for or scroll down the list to find the currency you want to trade for BTC – in this case XRP:

To have your order filled instantly at the current market price, select the Market tab, enter the amount of that currency you want to trade into either the Buy or Sell box and click the button below it.

Be care with this option (especially if you’re making a large trade) as cryptocurrency prices can be extremely volatile and you may end up getting a much different price than what it was when you clicked BUY or SELL. In most cases it is better to submit a Limit order and enter the maximum price you’re willing to pay/lowest price you’re willing to sell for:

What’s next for Binance?

Binance’s white paper mentions plans for margin trading, spot trading, futures contracts, anonymous instant exchanges and decentralized exchange. While a specific timeline for these features has not been provided, they are part of the vision for the future of the platform.

How are China’s regulations affecting Binance?

The Chinese government has been slowly but surely moving towards regulating cryptocurrency markets. In September 2017 they put regulation in place that prohibited ICOs in China. While the specifics of these regulations are still unclear, Binance announced at the time that they were working with regulators to ensure compliance and followed up by removing several Chinese ICO tokens from their platform and banned Chinese users from access their exchange. They are now focused on providing service to Western users. Their full statement can be found here.

Customer Support

Binance support is provided by the FAQ section of the site as well as a support ticket system submitted through an online form. Their Binance Angels are responsive and capable of resolving most issues by email. Unfortunately, there is currently no live chat or support phone number available.

Contact Information

Support Email: support@binance.zendesk.com
Support Site: https://support.binance.com/hc/en-us
Telegram: https://t.me/binanceexchange

Over to You

We’re interested to know – have you had a good or a bad experience with Binance? Let us know by leaving a comment below!

Disclaimer: This review of Binance should not be interpreted as a recommendation to invest. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risk.

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