Best Binance Alternatives for Cryptocurrency Trading in Canada (2022)

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by Enoch Omololu

Updated

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Binance, the world’s largest cryptocurrency exchange suspended its operations in the province of Ontario at the end of last year.

If you have had to close your account and move your crypto assets off the platform, you may be looking for a Binance alternative.

This article covers the best Binance alternatives in Canada to buy and sell crypto, what they offer, their fees, and more.

7 Best Binance Alternatives in Canada

Below are some of the best cryptocurrency exchanges and brokerage platforms you can use in place of Binance.

None of them provide all the features you can find on Binance e.g. the number of coins, derivatives, etc., however, they are available across Canada.

1. CoinSmart

CoinSmart is my top choice for a Binance crypto alternative.

This platform is designed with beginners and experts in mind and offers 16+ popular coins including Ethereum, Litecoin, Bitcoin, Cash, Shiba Inu, Chainlink, USD Coin, Polkadot, and more.

New clients are verified within minutes, and they can fund their accounts using Interac e-Transfer, bank wire, bank draft, credit cards, and more.

While CoinSmart is a Canadian company, it also has operations in several European countries.

In addition to fiat-crypto trades, CoinSmart also supports one-click crypto-crypto swap trades.

On the fees front, you pay 0.20% trading fees which are some of the lowest in Canada. Most deposits are free, there is a 1% fiat withdrawal fee, and crypto withdrawals vary.

You receive a cash bonus when you open an account and fund it (see offer below).

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $30 bonus when you deposit $100

2. Bitbuy

Bitbuy works for both basic and advanced trading. Like Binance, it offers deep liquidity so you can get your crypto at the best prices possible.

This platform currently supports 15 coins including popular ones like Bitcoin, Ethereum, Polygon, Solana, Cardano, Dogecoin, and more.

Fiat funding is via Interac e-Transfer and bank wire. You can also deposit cryptocurrency.

Bitbuy’s trading fee ranges between 0.10% and 0.20%. There is a 0.50% to 1.50% fee on CAD deposits/withdrawals. Crypto withdrawal fees vary.

When you open a new Bitbuy account and make an initial $250 deposit, you receive a $40 bonus.

Bitbuy

bitbuylogo

Trade 15+ coins

Great for new & advanced traders

0.10% to 0.20% trading fee

Get $40 bonus after initial deposit of $250+

3. Wealthsimple Crypto

Wealthsimple Crypto is a great platform for beginners who want a versatile and intuitive interface to trade cryptocurrencies.

It supports 42 coins, including several DeFi coins.

Unlike Binance, you can also use Wealthsimple to trade stocks by using the Wealthsimple Trade app. This is an advantage since you can access the stock and crypto markets using a single app.

Wealthsimple Crypto users can fund their accounts with fiat using bank transfers. You can also transfer in some crypto, however, this functionality is not yet fully rolled out.

Wealthsimple Crypto

wealthsimple logo

Trade 40+ cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $100 bonus when you trade $300

4. Newton

Looking to trade as many coins as possible? The Newton platform is the closest platform to Binance in this regard.

While this brokerage platform does not offer advanced trading tools, you can use it to buy and sell 70+ coins including less popular ones like Storj, dYdX, Celo, Harmony, Chromia, Chiliz, Hedera, and more.

Instant verification is the norm and you can fund your new account using Canadian dollars or existing crypto from your external wallet. (e.g. Ledger).

Newton’s trading fees are up to 0.70% and fiat deposits and withdrawals are free.

When you open a new account and trade $100 worth of crypto, you get a $25 bonus.

Newton

newtonlogo

Trade 70+ popular coins

Excellent crypto broker for newbies

Up to 0.70% trading fee

Get a $25 bonus when you trade $100

5. Shakepay

Shakepay was one of the first crypto trading sites in Canada. It supports only Bitcoin and Ethereum and has been used to trade over $5 billion worth of cryptocurrency.

After funding your account using Interac e-Transfer, you can buy, sell, and withdraw funds within minutes.

The company also has a cash back card, the Shakepay Card that pays you up to 2% in bitcoin rewards. This is one of a few crypto prepaid cards in Canada.

The trading fee varies and is in the 1% to 3% range. Deposits and withdrawals are free.

When you open a new Shakepay account and trade $100 of crypto, you receive a $30 bonus.

Shakepay

ShakepayLogo

Trade Bitcoin & Ethereum fast

Works for new & advanced traders

1-3% trading fee, free withdrawals

Get a $30 bonus when you trade $100

6. NDAX

NDAX is a Canadian crypto exchange based in Alberta.

This platform offers 28 coins including hard-to-find ones like Terra, Fantom, Hedera, Avalanche, Algorand, Axie Infinity, Compound, Decentraland, and more.

Fiat funding can occur using Interac e-Transfer, wire transfer, and bank draft. You can also deposit crypto.

The trading fee on NDAX is 0.20%. Cash deposits are free and you pay a $25 flat fee when withdrawing fiat. Crypto withdrawal fees vary.

When you open a new NDAX account and deposit $100, you receive a $10 bonus.

NDAX Crypto Exchange

ndax

Trade 30+ popular coins

Access to one-click trades and advanced tools

0.20% trading fee

$10 bonus when you deposit $100

7. Coinbase

Coinbase is the largest crypto exchange in the U.S., and it also operates in Canada and many other countries.

You can use it to trade 100+ coins.

You can fund your account with fiat using a debit/credit card, bank transfer, and wire transfer. You can also deposit crypto.

Trading fees for the standard platform can be high at 0.50% or higher. On Coinbase Pro, fees are a bit lower. Fiat funding costs up to 3.99%, and other fees may apply.

Coinbase

coinbase logo

Trade 99 crypto assets

Works for new & advanced traders

0.50% trading fees; other fees may apply

Binance Alternatives: Conclusion

You should consider several factors when choosing a crypto exchange. Is it secure? What are the trading fees? What coins does it offer?

All the Binance alternatives listed above advertise that they keep a majority of coins in cold storage.

They are also registered with regulatory authorities, such as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

My top choice for a Binance alternative is CoinSmart.

All the other options also work well, and you can take advantage of the promotional offers by visiting the sites using the links above.

Related:

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $30 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$30 instant bonus when you deposit $100.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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