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Binance is one of the largest and most comprehensive crypto exchanges in the world. However, it has come under increasing scrutiny from regulators around the globe. In contrast, Bitbuy is a much smaller operation which focuses solely on Canadian customers and is known for its compliance-focused approach to regulators. Here’s our Bitbuy vs Binance breakdown to help you choose the platform that’s right for you.
Must read: Binance is no longer available for Canadian-based users.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Round 1: Bitbuy vs. Binance on vital statistics
Looking at vital statistics, Binance does stand out for its size and features. As one of the largest platforms around it has a comprehensive amount of services including a debit card and the potential to earn returns on your crypto assets. However, Binance has experienced several issues with regulators in the past and is no longer operating in Canada.
While smaller in size, Bitbuy takes a compliance-focused approach to regulators. It is FINTRAC-registered as a money services business and is federally approved as a restricted dealer for digital assets in Canada. While it doesn’t have the same features as the larger exchanges, its Express Trade option is great for beginners.
For most crypto traders, Bitbuy’s variety of supported coins would be sufficient. It covers the major coins of BTC and ETH and a decent amount of altcoins. But for traders who are looking for something more, Binance has an extensive amount of coins. If you are looking for an obscure altcoin, the likelihood is that you will be able to find it on Binance.
If you are a Canadian user who is not particularly interested in using other fiat currencies, then Bitbuy keeps things streamlined by only supporting the Canadian dollar. However, if you think there is a scenario where you may want access the exchange with more than just the Canadian dollar, Binance has a good range of supported fiat currencies.
Binance has some of the lowest fees among cryptocurrency exchanges. Deposit fees are low or non-existent and its trading fees are very competitive for both maker and taker trades. In contrast, Bitbuy does not compare quite as well. Its slightly more complex fee structure includes charges for withdrawals, as well as trading fees and crypto withdrawal fees.
The Binance Wallet is a non-custodial wallet that is available as a browser extension. Users can keep control of their private keys, as well as connect to the Binance Smart Chain (BSC) and access DeFi services directly. Bitbuy has a built-in wallet for every account with insurance in place through BitGo to cover up to the full price of your assets. However, it is fairly limited in terms of functionality and the number of coins you can withdraw.
Winner: Binance
Round 6: Security
Bitbuy has some strong security credentials. It is a federally approved restricted dealer for digital assets in Canada and holds 95% of all its digital assets in cold storage. Security and regulatory issues seem to be Binance’s Achilles heel. It operates in a decentralized fashion but has come under increasing scrutiny from regulators across the world. It has been hacked in the past but the hackers were only able to access 2% of the Bitcoin reserves as the rest was held in cold storage. All affected users had their funds returned.
Winner: Bitbuy
Round 7: Ease of Use
While Binance has a lot to offer, it’s not necessarily the easiest exchange to use straight away. It’s easy to understand but difficult to master. But if you can persevere and familiarize yourself with its tools it can be very rewarding. Meanwhile, Bitbuy has an approachable UI that is easy to navigate for both new and experienced traders. Its Express Trade option means that new customers can get trading quickly and easily.
Winner: Bitbuy
Bitbuy vs Binance winner: Binance
It was a tough one to call in this battle, as both exchanges offer users something different. Bitbuy is smaller with a good beginner-friendly platform and strong security credentials. However, Binance narrowly wins based on its competitive fees and extensive range of services.
Kate Steere is a deputy editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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