Cryptocurrencies have made a revolution in the global financial industry. Ever since they hit the market, many people became fond of them and started using them in the process of trading. The goal of trading is making a profit. Also, you can use crypto to buy cars, houses or even to play in online casinos. Canadian are able now to play their favourite slots and live casino games using Bitcoin, Ethereum, Doge and many other popular cryptocurrencies.
Many cryptocurrencies have a fantastic value and allow Canadian traders to make thousands of dollars in profits. An additional interesting fact about trading with cryptocurrencies is the fact that some research stated that there may be as many as 100,000 millionaires who made their fortune by selling these digital assets.
At the heart of the process of trading lie trading platforms. They are sort of marketplaces where all traders, including Canadians, can trade crypto and make a profit. One of the most reputable trading platforms today is Binance.
Binance Exchange Overview
Binance is a crypto trading platform and it resides in the Cayman Islands. In April 2021, it was named the largest cryptocurrency exchange in the world. The creator of this platform is Changpeng Zhao, a skilled developer who is known for creating high-frequency trading software.
Some of the features that made Binance such a popular cryptocurrency exchange are the huge selection of cryptocurrencies available, the fact that it is one of the cheapest platforms, as well as the massive selection of transaction types.
Credit, debit cards and P2P Interac e-Transfer are some of the accepted payment methods for Canadian casino players. Not only that, but they can also deposit and withdraw using their bank accounts via SWIFT transfers. If the deposit is made early in the day and during bank hours, the funds are transferred on the same day.
There are plenty of things that every trader should know about this platform. This Binance review will take a deeper look into the process of trading, its components, mobile trading, and will list some of the pros and cons of Binance.
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Binance History
First things first, let’s start with the history of Binance. One of the most mesmerizing facts about Binance is that it was established in 2017 by Changpeng Zhao. It was originally based in China, but due to the fact that the government there increased the restrictions on cryptocurrencies, the company transferred its HQ to Japan. But, by March 2018, Binance had to transfer yet again, this time in Taiwan.
Thanks to the fact that it had a market capitalization of $1.3 billion, Binance became the world’s largest cryptocurrency exchange in January 2018. In the period between 2018 and 2019, this cryptocurrency exchange had quite a few deals.
• Memorandum of Understanding (Signed in April 2018)
• Fund of a $32 million stable coin project (stable coins would provide traders with a cryptocurrency without the volatility rate of Bitcoin and other digital assets)
• Partnered with Simplex in January 2019
Each of these deals was of massive importance to the cryptocurrency exchange. For example, the partnership with Simplex allowed traders to use VISA and MasterCard, as well as other credit and debit cards for deposits and withdrawals.
Additionally, the company announced Binance Jersey in 2019. Binance Jersey is an independent entity that was established with the idea of increasing European influence.
But, two of the biggest achievements of Binance are likely the cryptocurrencies that it developed itself. First, Binance released Binance Coin in June 2017, and then, Binance Smart Chain in September 2020.
Few words about Binance CEO
The CEO of Binance is Changpeng Zhao. He is commonly referred to as CZ. He is a Chinese native who moved to British Columbia, Canada in the late 1980s. Zhao attended McGill University and majored in computer science.
In 2005, Changpeng founded Fusion Systems, which became one of his greatest accomplishments as it invented some of the fastest high-frequency trading systems. His interest in cryptocurrencies began in the 2010s. In 2013, he already worked on numerous cryptocurrency projects and in 2017, he left OKCoin to start the cryptocurrency exchange which is the main topic of this review – Binance.
Binance BEP-2
BEP-2 is a technical standard that is used for token issuance and implementation on the Binance Chain. While many refer to it as special software, BEP-2 is actually a set of technical specifications. Thanks to the rules that it implements, tokens in the Binance Chain ecosystem can interact with each other.
BNB, or also known as Binance Cash, powers the ecosystem and is its native asset. It is used to pay for fees which are why traders are always required to possess a certain amount of BNBs if they want to transfer their BEP-2 tokens.
And if you are wondering where can BEP-2 tokens be traded, the answer is a decentralized exchange called Binance DEX. As for storing these tokens, one of the best options for Canadian traders is Trust Wallet, which is a hot e-wallet. The good thing is that Binance also supports a few cold wallets including Coolwallet S, Trezor Model T, Ledger Nano S, and Ledger Nano X.
Trading At Binance
As mentioned earlier, Canadian traders have a lot of available cryptocurrencies that they can trade with, including Bitcoin, Ethereum, and Ripple. The process of trading at this cryptocurrency exchange involves a few steps.
Opening an Account at Binance Exchange
Logically, in order for Canadian traders to use the services that Binance offers, they need to have a registered account. The process of opening an account here is simple. You just need to head over to their website and click on the register button.
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Once you register at Binance, you will be asked to verify your identity. The good thing is that once the verification process is completed, your withdrawal limit will be increased. The documents that Binance needs to make sure that you are a real person and the one that you claim to be in the registration form are the following:
• Residential address
• ID card photo
• Selfie which clearly shows your face
• First and last name
• Date of birth
You have the option to not verify your account, not sending any documents, but you will have a 2 Bitcoin withdrawal limit / day. If you want more, then you will need to submit your documents. But for many regular crypto investors, 2 Bitcoin / day is more than enough.
Two-Factor Authentication
Binance will ask Canadian traders to set up two-factor authentication in order for them to secure their accounts. In doing so, each time that traders log in or perform activities like withdrawing money, they will receive a unique code on their phone which must be entered in order for those activities to be completed.
Depositing Money At Binance
Canadian traders have quite a few available deposit and withdrawal methods. It is worth mentioning recently, Binance made it possible for them to deposit funds using credit and debit cards. Not only that but the fees were reduced by 50% until September 30, 2021.
Moreover, bank transfers are also available and some of the banks that Binance has partnered with in Canada are:
• DCBank
• EQ Bank
• TD Bank
• RBC Royal Bank
• BMO
• CIBC
Depositing with cryptocurrencies is also an option for Canadian traders.
Trading as the Last Step
Deposits are very fast at Binance. Once you make a deposit request, it takes around 10-20 minutes for the funds to be credited to your account. Once you head over to the Exchange tab, there are two options available. The first one is Basic and the second one is Advanced.
Novice traders should opt-in for Basic, while experienced traders can choose Advanced.
The Cryptocurrencies That Binance Exchange Accepts
As mentioned earlier, Canadian traders have a plethora of cryptocurrencies that they can use on this exchange platform. Some of them include Ethereum, Binance Coin, BAT, Bitcoin Cash, Bitcoin, BitTorrent, Dogecoin, Tether, VeCHain, TomoChain, MATIC, and Paxos Standard.
Since Binance Coin is developed by the exchange itself, it is worth sharing a few words about it so that Canadian traders can get familiar with what it represents and why they should use it.
Binance Coin
Binance Coin, or also referred to as BNB, is the native coin of this exchange. It has tons of uses, including, paying for trading fees on the exchange, paying for goods and services online and in-store, booking hotels and flights, paying for transaction fees, etc.
It was launched in 2017 and it was originally issued as an ERC-20 token that runs on the Ethereum network. Later on, BNB tokens were swapped with BEP-2 BNB. The ratio of these exchanges was 1:1. After the launch of Binance Smart Chain back in September 2020, BNBs had three different forms:
• BNB ERC-20 on Ethereum
• BNB PEP-2 on Binance Chain
• BNB BEP-20 on Binance Smart Chain
In most cases, Binance Coin is used to pay transaction fees and when traders use it to trade cryptocurrencies on the Binance Exchange, they come with a standard fee of 0.1%. Paying the fees can be completed in two ways. First, you can choose to pay them with the assets that you are trading or with BNB. It is worth mentioning that all traders that decide to pay fees with BNB get special discounts.
BscScan
BscScan is the BlockExplorer for the Binance Smart Chain. If you are wondering what a BlockExplorer is, it is the search engine through which users can confirm and verify transactions that have been made on its blockchain. It is not funded or managed by the creator of Binance Smart Chain. On the contrary, BscScan is an independent establishment whose main goal is to facilitate transparency by recording all transactions on the BSC blockchain.
It is important to note that BscScan does not act as an e-wallet because it does not store private keys. Thanks to BscScan, Canadian traders have a transparent and very accessible way to look at all of the transactions made in the Binance Smart Chain.
Trading Fees at Binance
When it comes to the trading fees for Canadian traders, Binance has a tiered system in which these expenses depend on the trader’s level in that system. As for the levels themselves, there are a total of 9. Trading fees vary between 0.1% for maker and taker to 0.02%/0.04%.
But, as mentioned earlier, if traders are using Binance Coin (BNB), makers and takers will receive discounts that can be as high as 25%. The margin borrows interests also depend on the VIP level of the trader.
The withdrawal fees at Binance also depend on the chosen cryptocurrency. The minimum and maximum withdrawals also vary. Some of the fees that are applied for withdrawing funds at Binance are:
• Centra: 35
• IoTeX: 0 – 0.1
• MATIC: 1.52-183
• CDT: 465
• DOCK: 193
Mobile Trading with Binance
Not only can Binance traders from Canada exchange cryptocurrencies on their desktop devices, but they will be pleased to know that this platform allows them to trade on their mobile devices. It has optimized apps for Android and iOS. Those who are using an Android smartphone can download Binance via Play Store, while those that have iOS software can download Binance via the App Store.
Customer Support at Binance
The Customer Support team at Binance is there to help Canadian traders with any questions or concerns that they may have. It is extremely responsive and is available 24/7. There are two available options.
Once players click on the Support Center button, which is located at the bottom of the page, they can browse their FAQ section to find answers. There is also a self-service section that can help them with password resetting, changing email addresses, resetting Google Authenticator, account unlocking, etc.
Additionally, they can send the Support team a message and wait for a response. As stated earlier, they are very responsive and will help with all inquiries.
Security and Privacy
One of the greatest features of Binance is the fact that its network is extremely secure and users will experience a high level of privacy. The first security measure that Binance implements is the two-factor authentication that we previously mentioned.
Next up, Google authentication and SMS authentication are used for withdrawals. Emails are used for withdrawals and other security modifications. All traders that want to check their security and modify it, can visit the Security option from the Account drop-down menu.
Binance Pros and Cons
As with any other fundamental in life, Binance is an exchange platform that has a few pros and a few cons. Let’s start with the pros first.
Pros
• Numerous available cryptocurrencies
• Cheap platform
• Many types of transactions
• Lower fees when using BNB
• 2FA verification
• Canadians welcomed to trade
Cons
• No built-in wallet
• Various limits on max withdrawals
As you can see, this platform has a few cons, but the advantages of using it outweigh the disadvantages by a margin. The biggest advantage that this platform has is probably BNB. Thanks to BNB, traders can purchase various goods, use it to trade cryptocurrencies, but will also pay lower fees.
Verdict
All in all, there’s no denying the fact that Binance is an industry that provides all of its registered users with top-notch services. Canadian traders will have no problems registering as the process is very simple and lasts just a minute.
After they register, they will be required to verify their profile. Thanks to the numerous security measures that Binance implements, Canadian traders can rest assured knowing that they will have a safe and secure trading experience and won’t have to worry about their sensitive data falling in harm’s way.
This is a very important feature considering the fact that one of the biggest disadvantages of the Internet is the numerous online scams. Research shows that millions of people fall victim to these scams each year, but Binance makes sure that this does not happen to its registered users.
More so, this exchange has produced such an effective system that it also includes a token of its own. It is called Binance Coin, or BNB, and there are many advantages for those that decide to trade with it, one of which being the reduced fees.
One of the things that matter the most for Canadian traders is the fact that they have a plethora of payment methods. Apart from being able to use cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, and Bitcoin Cash, they can also use credit and debit cards, as well as bank transfers. Deposits are very fast and it usually takes 10-20 minutes for the funds to be transferred to their account.
Although Binance may have a couple of flaws such as the fact that it does not have an integrated e-wallet, the advantages of this platform outweigh the disadvantages, which is why it managed to become such a reputable platform. Binance’s services are used by thousands of people in Canada and from around the world.
FAQ
Is Binance a reputable platform?
At the moment, Binance is the world’s leading trading platform. It is used by over 15 million users from all around the world, many of which are from Canada. Additionally, Binance uses the most advanced security system which protects its traders and keeps them out of harm’s way.
Can Canadian traders deposit funds with credit and debit cards?
Recently, Binance made it possible for Canadian traders to deposit funds using debit and credit cards, including VISA and MasterCard. Not only that, but traders that deposited money with these methods had a 50% discount until September 30, 2021. All deposits are instant and very secure.
What is BNB?
BNB, or also known as Binance Coin, is a token created by Binance. It is fully optimized for use on Binance’s platform and can be used for purchasing various products in-store and online, as well as to pay various fees connected to the process of trading. The best part about it is that traders who use BNB will have numerous discounts and smaller fees.
Are withdrawal fees charged for Canadian traders?
Yes, withdrawal fees are charged for Canadian traders and every trader for that matter. As for the amount, it varies, depending on the chosen withdrawal method.
How can Canadian traders register an account at Binance?
The process of registration at Binance has a few steps. First off, traders need to visit their website and click the Register button. Then, they fill out an online application form with some information about themselves. They can rest assured knowing that the data is protected as Binance utilizes the latest security system on the market.
After they’ve filled out the registration form, they will be asked to verify their account. To do that, they must provide Binance with a selfie, residential address, ID photo, first and last name, as well as the date of birth. After this information has been supplied, they can start the process of trading.
Is Binance secure?
Yes, Binance is a very secure platform as it uses the latest security system on the market. Additionally, traders are provided with two-factor authentication, Google authentication, SMS authentication, and email authentication.
What are some of the accepted cryptocurrencies?
Binance accepts over 500 cryptocurrencies, many of which are available to Canadian traders. Some of the most popular cryptocurrencies are Bitcoin, Bitcoin Cash, Binance Coin, Ethereum, Tether, BitTorrent, Compound, and MATIC.
Does Binance support mobile trading?
Apart from being able to trade on all desktop devices, traders can also use their mobile devices to buy and sell cryptocurrencies. Binance has fully optimized apps for both Andriod and iOS systems. Traders that are using Android can download their app via the Play Store, while traders who are using iOS can download it via Apple Store.
What are some of the biggest advantages of Binance?
Binance has quite a lot of advantages, which is why it became the number 1 trading platform in the world. First of all, it supports over 500 cryptocurrencies. Traders can use their services at any time and place, considering the fact that it has both mobile and desktop apps. Moreover, the fees that this platform charges are relatively low.
If traders decide to use BNB, they will receive even more discounts. Finally, it supports numerous types of transactions and Canadians are more than welcome here.
Who is the CEO of Binance?
The CEO of Binance is Changpeng Zhao. Even though he is a Chinese citizen, he moved to British Columbia, Canada, at a young age and majored in computer science. After being involved in a few cryptocurrency projects, he created Binance in 2017 and had major success and this trading platform became the best in the world shortly after.
