Binance, the world’s largest cryptocurrency exchange, suspended its operations in Ontario last year, and it will soon leave Canada entirely by September 30, 2023.
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.
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. Bitbuy
Bitbuy is suitable for both basic and advanced trading. Like Binance and CoinSmart, it offers deep liquidity, allowing you to purchase crypto at the best possible prices.
This platform currently supports 45+ coins, including popular ones like Bitcoin, Ethereum, Polygon, Solana, Cardano, Dogecoin, and more. It was recently acquired by WonderFi, the same company that now owns CoinSmart.
Fiat funding is via Interac e-Transfer and bank wire. You can also deposit cryptocurrency.
Bitbuy’s trading fee ranges between 0% and 2%, depending on your trading level. Crypto withdrawal fees vary, and fiat deposits are free.
When you open a new Bitbuy account and make an initial deposit of at least $250, you receive a $50 bonus.
Bitbuy Crypto Exchange
Get a $50 bonus if your initial deposit exceeds $250
Trade over 50 popular coins
Great for new & advanced traders
0% to 2% trading fee
2. 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 2.5%, 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
Trade several popular coins
Excellent crypto broker for newbies
Up to 2.20% trading fee
Get a $25 bonus when you trade $100
3. Shakepay
Shakepay was one of the first crypto trading sites in Canada. It supports only Bitcoin and Ethereum and has been used for trading 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 $10 bonus.
Shakepay
Trade Bitcoin & Ethereum fast
Works for new & advanced traders
1-3% trading fee, free withdrawals
Get a $20 bonus when you trade $100
4. Wealthsimple Crypto
Wealthsimple Crypto is an excellent platform for beginners who want a versatile and intuitive interface to trade cryptocurrencies.
It supports 50+ 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
Trade several cryptocurrencies
Excellent trading platform
1.5% to 2% trading fee
5. 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, or 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.
6. CoinSmart (now part of Bitbuy)
CoinSmart is one of my top choices 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 operates 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 $50 cash bonus when you open an account and fund it with at least $250.
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 Bitbuy.
All the other options also work well, and you can take advantage of the promotional offers by visiting the sites using the links above.
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