Bitbuy and Binance are both very popular cryptocurrency exchanges. Bitbuy is one of the best exchanges for Canadian traders, buyers and sellers. While Binance is a great, all round, global exchange.
When comparing fees, security and ease of use for Canadians, Bitbuy is a clear winner. You can get $20 when you sign up here.
Here’s how they compare on security, fees and other features.
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| About | Bitbuy is one of Canada’s most trusted and secure exchanges. | Binance is one of the world’s largest crypto exchanges. |
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| Direct Deposit | ||
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| Currencies Accepted | CAD, etc | Most |
Bitbuy
Pros
- Security – Only exchange in Canada to offer 1:1 insurance on Bitcoin.
- Great Customer Support
- Personalized OTC services for users looking to trade $50K+.
- Friendly user for Beginner Trade or Pro Trade.
Cons
- Limited to about seven major cryptocurrencies
- Higher trading fee (when compared to Binance)
- Higher deposit and withdrawal fee (when compared to Binance)
Bitbuy is a Canadian cryptocurrency exchange platform that was launched in the year 2016. The platform supports seven digital currencies: Bitcoin, Litecoin, Bitcoin Cash, EOS, Ethereum, XRP, and Lumen.
In 2019, however, the exchange platform rebranded and relaunched itself with a series of new features. They surveyed their customers to understand their requirements better and reworked a few specifics on the platform.
For Canadians, Bitbuy is a great exchange. With competitive fees and great customer support, their service is hard to beat.
Binance
Pros
- Trading fee structure
- No deposit fee
- Over 300+ cryptocurrencies
- Diverse features
Cons
- Security
- Unavailable in seven US States
- Regulatory issues
- Poor Customer Service and No Live Chat
Binance is the world’s largest cryptocurrency exchange platform launched in the year 2017. Binance supports over 300 digital coins and virtual tokens including Bitcoin, Ethereum, and numerous other ones. It also supports over 20 fiat currencies on its platform.
Binance has its own cryptocurrency known as the Binance Coin. Within a short period, Binance went on to have the largest trading volume in the crypto world.
To sign up to a global exchange with lots of crypto options.
Bitbuy vs Binance: An Exchange Comparison
Deposit & Withdrawals
Bitbuy
Bitbuy has two primary deposit methods:
- Wire transfer
- Interac e-transfer
The deposit fee varies depending on the deposit method. A wire transfer would cost you a fee of 0.5%, whereas an Interac e-transfer would cost you a fee of 1.5%.
The same fees apply for a withdrawal of funds in CAD. It would take a maximum of 24 hours to process an Interac e-transfer, while a bank wire would take 2-3 business days.
Binance
Binance allows you to deposit funds in the form of cryptocurrencies and fiat currencies. For fiat currencies, the methods are:
- Credit/Debit cards
- Bank transfers
- Buying with a cash balance
While Binance doesn’t charge any deposit fee, the withdrawal fee depends on the market status and keeps adjusting accordingly.
🏆 Winner: Binance
No charges for any deposit fee, the withdrawal fees depends on the market status and keep adjusting accordingly.
Trading Fees
Bitbuy
Bitbuy has two types of trading options on its platform:
- The pro trading option is the cheaper among the two. Here you’ll be charged 0.1% as a taker fee and 0.2% as a maker for all cryptocurrency trades. This is relatively cheap when compared to other Canadian exchanges.
- The second one is the express trading option. Here you’ll be charged a flat 0.2% on all trades including CAD/Crypto trades.
Binance
Binance has a unique VIP tier level system. It has divided the trades in terms of volumes. The higher the trade volume, the higher your VIP level and the lower your trading fee.
The VIP levels are from 0 to 9, and the corresponding trading fees are from 0.02% to 0.1%. Besides this, you also get a 25% discount if you trade in Binance Coin (BNB).
Keeping the system incentive-based not only drives more customers but also makes them feel rewarded. So, a system where a person who trades in larger volumes is charged a lesser trading fee is quite sensible.
Furthermore, their highest trading fee is 0.1%, whereas, on Bitbuy, it goes up to 0.2%.
🏆 Winner: Binance
Binance has a remarkable VIP level framework and divided the trades in terms of volumes. The higher the exchange volume, the higher your VIP level and the lower your trading fee.
Security
Bitbuy
Bitbuy has never been hacked and is known to be the safest crypto exchange platform in Canada. They’ve got various security measures in place. Some of them are:
- KYC verification
- Two-factor authentication.
- A cold storage vault of 95% for all cryptocurrencies on the site.
- They’ve passed audits that test their security regarding client information handling, licensing, cold storage, and more.
- Furthermore, all their employees have passed a team risk test.
Bitbuy also has great insurance initiatives, in 2020, they partnered with Knox to provide 1:1 insurance making it the world’s first 1:1 insurance on bitcoin exchange deposits and Canada’s only exchange to offer insurance on Bitcoin.
Binance
Binance, the world’s largest crypto exchange, is also the most trusted one. It has two-factor authentication for additional security, cold storage, and other standard measures in place.
However, it has been hacked once in 2019, when hackers stole 7000 Bitcoins worth 40 million USD.
Since Binance is popular globally, it’s more prone to hackers and cyber attackers trying to penetrate the system. While there has been only one successful attempt, we know a failed attempt is merely a rehearsal for hackers. Since Bitbuy has never been hacked, I think my bet’s on Bitbuy.
🏆 Winner: Bitbuy
Bitbuy has never been hacked and is known to be one of the most secure crypto trade platforms in Canada.
Features
Bitbuy
Bitbuy has all the standard features present on any other crypto exchange platform but it also has several that stand out and bring a personalised service a larger exchange can not.
Firstly, Bitbuy has a Pro Trade platform for more experienced traders which has a range of trading tools.
Bitbuy also offers an API for expert users to be able to automate trading activity.
Additionally, Bitbuy offers OTC services for individuals and institutions looking to invest over $50K.
Binance
Binance has a range of features on the platform. Besides a full-fledged user-friendly mobile app, some of its most prominent features are:
Binance Futures: It allows you to protect yourself from the market’s volatility. The idea behind this is simple: to provide safety to its users from potential losses, thus driving them to invest and earn more.
Binance Finance: Binance allows users to make money off of their cryptos without having to trade. They can either use conventional methods such as savings (to get interested in cryptos) or loan cryptos for interest and even stake in exchange for the same.
Binance Fiat/Crypto Gateway: Binance allows over 40 fiat currencies, and people can make conversions on this platform on and off the ramp.
👔 Tie
Based on the features of both platforms, they each have a unique approach, and both are formidable in trading.
Customer Support
Bitbuy
Bitbuy has a live customer line and offers exceptional customer support that guarantees a reply within 12 hours. Their team is known to be quite warm and helpful to their customers.
Binance
Binance has a customer support chatbot available in about 15 languages, which seems quite inclusive. This is a tiny detail, but it goes a long way in showing how much they care.
However, I believe that judging Bitbuy only based on this little detail would be unfair. It is a Canada-specific platform, and the live customer line does serve that purpose. So, this one’s a draw.
Pros And Cons
Bitbuy
Pros:
- Security – Only exchange in Canada to offer 1:1 insurance on Bitcoin.
- Great Customer Support
- Personalized OTC services for users looking to trade $50K+.
- Easy to use platform with Express Trade for beginners or Pro Trade for more experienced users
Cons:
- Limited to about seven major cryptocurrencies
- Higher trading fee (when compared to Binance)
- Higher deposit and withdrawal fee (when compared to Binance)
Binance
Pros:
- Trading fee structure
- No deposit fee
- Over 300+ cryptocurrencies
- Diverse features
- Customer Support
Cons:
- Security
- Unavailable in seven US States