Wealthsimple Crypto and Binance are among the best crypto trading platforms that allow Canadians to buy and sell cryptocurrencies.
Wealthsimple Crypto offers a simple way to dabble in Crypto, while Binance is a one-stop crypto hub that offers a myriad of crypto services.
To help you choose wisely between the two, this Wealthsimple Crypto vs Binance review compares their top features, supported cryptocurrencies, fees, pros & cons, and more.
*Update: Binance is leaving Canada in 2023.
What is Wealthsimple Crypto?
Wealthsimple Crypto is a commission-free crypto brokerage platform that allows Canadians to trade thousands of stocks and ETFs and 50+ cryptocurrencies in one platform.
It offers a simple, easy-to-use interface, hence great for beginners looking to diversify their investment portfolio with crypto.
Wealthsimple Crypto
Trade several cryptocurrencies
Excellent trading platform
1.5% to 2% trading fee
Get a $25 bonus when you deposit $200+
What is Binance?
Binance is the largest crypto trading exchange founded in 2017 by Changpeng Zhao.
The Binance exchange is available worldwide, supports more than 350+ crypto coins and 50+ fiat currencies, and offers some of the lowest trading fees in the crypto space.
Binance offers advanced trading features, charting tools, and many crypto services. It is great for experienced traders looking to actively analyze and automate their trades.
Binance
Trade hundreds of popular coins
Best for advanced crypto trading tools
Up to 0.10% trading fee
Get a 20% lifetime trading fee discount
Wealthsimple vs Binance Crypto: Top Features
Account verification
Wealthsimple Crypto offers both automatic and manual identity verification. Automatic verification is instant, but manual verification may take up to 24hrs.
Binance offers Express manual account verifications via the Binance app. Simply take photos holding your government-issued ID and a selfie photo of your face with the Binance app.
You’ll receive a notification about whether you’ve passed or failed the verification process within a few hours.
Funding methods
You can fund your Wealthsimple Crypto wallet by linking your bank account, using Wealthsimple Cash, or crypto deposits from an external wallet.
Binance offers several methods to deposit funds and buy crypto, including bank transfers, debit/credit card purchases, crypto deposits, and third-party payments via Paxos, Simplex, and Banxa.
The P2P platform supports 100+ payment methods.
Investment products & other services
Wealthsimple offers stocks, ETFs, and cryptocurrencies on one platform. It also offers tax services and customized investment portfolios at a fee via Wealthsimple Invest.
Binance offers crypto and crypto derivatives. You can also access several crypto services, including crypto loans, the Binance Crypto Visa card, and Binance Earn, where you can stake, invest, and join mining pools to grow your crypto holdings.
Trading platforms
Wealthsimple Crypto offers a basic web-based interface and the Wealthsimple Trade and Crypto app to allow you to trade and monitor your wallet on the go. It doesn’t offer advanced trading tools and order types.
Binance offers basic and advanced trading features/charting tools, and order types via its web/desktop interfaces and the Binance mobile app.
Security
Wealthsimple Crypto offers offline cold storage of digital assets with Gemini Custody and CoinCover insurance to keep your assets safe.
At the user level, your account is protected with 2FA and top-level data encryption.
Binance’s top security features include 2FA, cold storage of digital assets, whitelisting devices/withdrawal address management, and anti-phishing codes.
Wealthsimple vs Binance: Cryptocurrency List
Wealthsimple Crypto supports 50+ cryptocurrencies and only CAD as fiat. It’s great for trading popular cryptos.
Binance supports more than 350+ crypto coins and 50+ fiat currencies. It’s great for trading both popular and lesser-known low-cap tokens.
Wealthsimple vs Binance: Trading Fees
Wealthsimple Crypto offers commission-free trading and doesn’t charge deposit/withdrawal fees. Instead, you incur an in-built spread fee of 1.5% to 2% applied to the bid-ask price.
Binance uses a maker-taker fee structure and offers some of the lowest fees in the crypto space.
Maker fees range from 0.02% to 0.1%, while taker fees start and 0.1% and decrease to 0.04% based on your 30-day trading volume.
Binance deposit and withdrawal fees vary from 0% to 4.5% based on the method used or the coin you are withdrawing.
Wealthsimple vs Binance: Crypto Wallets
Wealthsimple Crypto allows you to trade cryptocurrencies with a custodial, non-registered account.
Your coins are then held securely with Gemini Custody. You can also transfer your coins to an external hardware or software wallet.
Binance offers both custodial and mobile wallets, the Trust Wallet. You can also transfer assets from your Binance wallet to any other non-custodial software or hardware wallet of your choice.
Wealthsimple vs Binance: Pros and Cons
Top Wealthsimple Crypto pros include an easy-to-use interface, commission-free trading, and the ability to build a portfolio of stocks, ETFs, and cryptos in one platform.
The downside is that it doesn’t offer advanced trading tools, has expensive spread fees, and supports only CAD as fiat.
Binance tops with its wide selection of cryptocurrencies, worldwide availability, basic/advanced trading features, and all sorts of crypto services.
The downside is that newbies may be confused by all the options on the Binance trading app.
Also, Binance is not available in Ontario and is exiting Canada entirely this year.
Wealthsimple vs Binance: Best For?
Wealthsimple Crypto is great for Canadian crypto beginners looking for a simple platform to trade stocks, ETFs, and cryptos in one place.
Binance is best for experienced traders in Canada and beyond who want to access both basic and advanced interfaces, charting tools, and all manner of crypto services.
Wealthsimple vs Binance: Summary
| Feature | Wealthsimple Crypto | Binance |
| Supported coins/fiat | 50+; only CAD as fiat | 300+; 50+ fiat currencies |
| Funding options | Bank transfer, debit card, crypto deposits. | Debit/credit cards, bank transfers, third-party payments; 20+payments option on the P2P platform |
| Trading fees | 1.5%-2% spread | A maximum Spot fee of 0.1% |
| Deposit/withdrawal fees | Free deposits and withdrawals. | 0%-4.5% based on the method used |
| Trading discount | n/a | 20% fee discount when paid with the BNB token. |
| Trading platforms | Basic web and mobile app | Basic and advanced web, desktop, and mobile apps. |
| Verifications process | Automatic and manual | Express and manual |
| Crypto wallets | Custodial | Custodial and mobile |
| Promotions | Get a cash bonus when you fund with $200 or more | 20% lifetime trading fee rebate |
Related:
- Best Crypto Wallets In Canada
- Crypto Exchanges In Ontario
- Shakepay vs Coinbase
- How To Buy Monero (XMR) In Canada
- Shakepay vs Newton
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.
