5 Binance Canada alternatives

Binance is the world’s largest crypto exchange in terms of daily trading volume, providing an online trading platform where users can buy and sell over 350 cryptocurrencies. If you’ve landed on this guide, you’re probably wondering if you can use Binance in Canada.

While the answer is no, the good news is that there are several legit crypto exchange alternatives you can choose from.

Is Binance exchange available in Canada?

No, Binance is no longer available in Canada. While Binance previously operated in Canada, it announced its withdrawal from the Canadian market in 2023, citing regulatory restrictions.

So, if you’re searching for a cryptocurrency exchange in Canada, you’ll need to consider other options.

What is the best Binance alternative in Canada?

Compare these five exchanges to help you find the best Binance alternative in Canada.

Coinbase

9.5Excellent Coinbase

9.5Excellent

288

1

Buy your first crypto and get $10 in BTC with code BTCCA10. Canadian users only. T&Cs apply.

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Why we like it Coinbase is one of the largest crypto exchanges in the world by trading volume. You can deposit funds for free via Interac e-Transfer, and instantly purchase crypto via debit. Coinbase offers a user-friendly platform and a highly rated mobile app. Like Binance, Coinbase offers the option to earn crypto rewards by watching learning videos and completing quizzes. Pros & cons Pros Easy signup process Trade BTC, ETH, ADA, SOL, DOT, LTC and 280+ more cryptos Free e-transfer deposits Instant withdrawals to most banks Discounted volume pricing with Coinbase Advanced Registered with the Canadian Securities Administrators (CSA) and Ontario Securities Commission (OSC) Cons Only hold CAD in Canadian accounts No credit card purchases in Canada No margin, futures or options trading in Canada

Kraken

9.5Excellent Kraken

9.5Excellent

379

7

Earn rewards by holding USDC on Kraken. All Kraken users earn 1.75%, while Kraken+ members earn 4.25%. Rewards accrue automatically based on your USDC balance. T&Cs apply.

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Why we like it Ranked as one of the world's top 10 cryptocurrency exchanges by CoinMarketCap, Kraken is a user-friendly exchange that supports trading over 200 CAD pairs. You can deposit CAD to your Kraken account via credit or debit card, wire transfer, Interac e-Transfer or in person at a Canada Post outlet, and there's 24/7 support if you need any help. Like Binance, the platform is easily accessible for beginners while also offering advanced tools for experienced traders. Pros & cons Pros Founded in 2011 (that's old in crypto terms) 24/7 customer support Large trading volume Pre-registered with the Ontario Securities Commission (OSC) Cons Watch out for fees Margin and futures trading not available Slow processing time for Pro account verification

KOHO

8.2Great KOHO Crypto Exclusive

8.2Great

14

1

Finder exclusive: New users get $40 using code FINDER4026. T&Cs apply.

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Why we like it While KOHO is most widely known for its high-interest savings plans, it has expanded its offerings to include crypto trading. Backed by Ndax, KOHO now allows users to buy and sell BTC, ETH, XRP, DOGE and 15+ more cryptocurrencies. You can buy crypto using funds directly from your KOHO account, eliminating the need to shuffle funds around for each trade. Pros & cons Pros Transparent fee structure with no hidden spreads Crypto assets are held in cold storage and regulated custodial arrangements Held crypto may be insured Earn interest on your CAD balance through KOHO's standard plan Set up scheduled crypto purchases and price alerts Cons KOHO plans come with a monthly or annual fee Limited number of coins to purchase Trades can cost 0.5% to 1.5%

Paybis

7.9Great Paybis

7.9Great

83

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Why we like it Paybis was founded in 2014 and aims to make it easy to buy crypto with fiat currency. You can buy instantly with your credit or debit card, and it's simple to sign up for an account and get started. This Binance alternative in Canada offers dozens of cryptos to choose from plus a user-friendly app so you can trade on the go. Pros & cons Pros Easy to use Buy BTC, ETH, XRP, ADA, DOGE and 70+ more cryptocurrencies Supports a wide range of deposit methods Quick and easy to use Multiple payment options available 24/7 customer support Cons You can only sell a limited range of cryptos Other platforms have lower fees Paybis Wallet is not available in Canada

VirgoCX

8.2Great VirgoCX

8.2Great

45

2

Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.

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Why we like it Canadian crypto exchange VirgoCX lets you buy USDC, BTC, ETH, LTC, SOL, DOGE and 35+ more cryptocurrencies. It's quick and easy to buy crypto with CAD, while free cash deposits and withdrawals are another big selling point. If you're a frequent trader, you can take advantage of discounted spreads through the platform's tiered rewards program. Pros & cons Pros Canadian crypto exchange User-friendly platform Free deposits and withdrawals Multilingual support Cons Spreads of 0.95%-1.6% Watch out for fees for credit and debit card deposits Not as many cryptocurrencies as some other platforms

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What is the Binance crypto exchange platform?

Binance is the world’s largest crypto exchange. Founded in 2017, it was originally based in Shanghai, China before moving to Japan and then Malta. The platform claims to have 235 million registered users in over 180 countries.

Binance offers users the following features.

Trade over 350 cryptocurrencies

You can use Binance to trade over 350 cryptos, including major coins like bitcoin and ethereum as well as a wide range of altcoins. Spot trading and margin trading are available, while Binance also offers P2P trading and advanced features like bots and copy trading.

Multiple buying methods

Users can buy cryptocurrency on Binance using credit card, debit card, Apple Pay, Google Pay and their account’s cash balance. Crypto-to-crypto trading is also widely available on the platform.

Low fees

Binance maker and taker fees can start at around 0.10%. There are no fees for crypto deposits, but fiat currency deposit fees may apply, depending on the currency being used. Withdrawal fees may also apply.

BNB token

Binance also has its own crypto token, Binance Coin (BNB). BNB can be used to trade on Binance, and users receive a 25% trading fee discount when trading with BNB.

You can buy and sell BNB coin on platforms other than Binance. So, although the Binance platform isn’t available in Canada, you can still trade Binance coin on exchanges in Canada like Paybis.

Binance Earn

The Binance Earn platform allows users to earn interest on their crypto holdings. It offers access to a range of centralized and decentralized finance options to allow you to earn passive income from over 180 cryptocurrencies.

Why did Binance leave Canada?

Binance took to Twitter in May 2023 to announce that it would be withdrawing from the Canadian market.

“Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users…,” read the tweet.

The announcement came not long after the Canadian Securities Administrators (CSA) introduced strict regulations requiring mandatory registrations and investor limits for crypto exchanges as well as tightened rules around stablecoin trading.

“Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” Binance explained in a tweet.

Is Binance legal in Canada?

No, Binance is not legal in Canada. The platform withdrew from Canada in 2023 and now features Canada on a list of prohibited countries in its Terms of Use.

Binance also managed to fall foul of Canadian regulators. In May 2024, FINTRAC imposed a $6 million penalty on Binance for failing to comply with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.

Can you still use Binance in Canada?

Binance put its Canadian accounts into liquidation-only mode in October 2023. This means that you can no longer trade crypto on Binance, but you can use your account to make withdrawals—more on how to do that in a minute.

If you live in a country where Binance is still available, you’ll still be able to access your account while visiting Canada. However, you may need to use a VPN to access the platform.

How do I get my money out of Binance?

You can no longer use Binance to buy cryptocurrency in Canada, but it is still possible to withdraw your Binance holdings to CAD if you have an existing account. There are two options for withdrawing money from Binance:

• Move it to another exchange. You can then hold funds in your wallet on the new exchange, use it to buy crypto or withdraw it as CAD.
• Withdraw it to a wallet. Rather than storing your crypto on an exchange, you can move it to a wallet for which you own the private keys.

Learn how to withdraw funds from Binance Canada in our detailed guide.

Bottom line

Binance is no longer available in Canada, but there are several other popular crypto exchanges to consider if you’re searching for a Binance alternative. Compare a wide range of crypto exchanges to find the best platform for all your crypto trading needs.

FAQs about Binance alternatives in Canada

• Is Coinbase or Binance better in Canada?

  Coinbase is better than Binance in Canada because Binance is no longer available in Canada, making Coinbase your only option out of the two. That said, Coinbase is a really good option, offering some of the best features and fee structures of any crypto exchange platform in Canada.

• What organizations regulate crypto in Canada?

  There are multiple authorities in charge of regulating cryptocurrency in Canada, but the regulatory framework is still being developed. FINTRAC regulates money services businesses that deal in virtual currencies. Under Canadian regulations, these money services businesses must register with FINTRAC, report certain transactions and verify the identities of their clients.

  The Canadian Securities Administrators (CSA) also has a role to play, issuing guidance about the regulation of crypto assets in Canada and how legislation should apply to those assets. Provincial securities regulators like the Ontario Securities Commission (OSC) are responsible for ensuring compliance with CSA rules.

• Which crypto platform is best in Canada?

  There's no such thing as a one-size-fits-all "best" crypto exchange for everyone in Canada. The right platform for you will vary depending on factors like whether you want to buy with fiat currency or exchange one crypto for another, how much you know about digital currencies and how often you want to trade. Compare exchanges based on your trading needs to find the right platform for you.

• How can I buy cryptocurrency on Binance in Canada?

  Binance is no longer available in Canada. If you want to start trading cryptocurrency, you'll need to choose another crypto exchange. Learn how to get started in our guide on how to buy cryptocurrency.

Written by

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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