Binance is a global cryptocurrency exchange that supports a wide range of cryptocurrencies; it’s an excellent option for more seasoned traders who want to invest in various digital currencies. It has several interesting features, including Binance Earn and Binance Futures Battle.
Binance has a referral program for new clients: by using the referral code 59498724 (or the link), you will receive a fee rebate on all your transactions of up to 20%. You will also receive your own referral code, and an additional $100 if you complete a couple of easy tasks.
Alternatively, if you’re looking for the best way to invest in crypto in Canada, I recommend Kraken, my #1-ranked cryptocurrency exchange. Kraken has over 10 million satisfied users, offers the lowest trading fees in Canada by a mile, and is offering a $10 signup bonus (no referral code required) from now until December 22, 2024.
How To Use Your Binance Referral Code
Binance has a referral program for new traders. When you sign up with the code 59498724, you will receive a rebate of up to 20% of the fees associated with transactions. You can also complete simple tasks to earn up to $100 – keep in mind that you have seven days to complete these tasks (starting from the day you create your account). These tasks are First Fiat or P2P deposit, first crypto deposit, and Spot trading.
To use the promo code:
- Visit Binance‘s page. Click on the Register Now button. Â
- Enter an email and create a password. (important: you have to use the referral code 59498724 before continuing – you will not be able to use it after you create your account, and you will miss out on the bonus).
- Complete the verification process.
What Is Binance?
Binance is a cryptocurrency exchange that is currently the world’s largest volume of daily trading activity. It began operations in 2017 and is based in the Cayman Islands.
Binance’s founder, Changpeng Zhao, is a software engineer who previously created high-frequency trading software. Binance was originally founded in Hong Kong but subsequently moved its headquarters outside of the country due to growing government intervention in cryptocurrencies.
What Coins Does Binance Offer?
Binance supports over 300 cryptocurrencies and over 50 fiat currencies. This is easily one of the largest arrays of supported crypto coins across Canadian and international crypto exchanges. Here are some of the top cryptocurrencies they currently support:
Bitcoin (BTC),   Tether (USDT), Ethereum (ETH), TrueUSD (TUSD), Bitcoin Cash (BCH), among many others. For the full list of cryptocurrencies available, here’s our complete Binance review.
Binance Features
Some of Binance’s best features include:
- Advanced Trading Platform, access to advanced charting tools, and you can place stop-loss and take-profit orders to limit your losses or secure profits.
- Binance Visa Card.
- Additionally, Binance Earn, allows you to stake some crypto coins and earn staking rewards at an APY rate of 0.8% to 123%.
Binance Fees
When you deposit cryptocurrency tokens from an external wallet to your Binance wallet, you will not be charged any crypto deposit fees.
- 0%-3.5% fee when depositing fiat money into your account (depending on the deposit method).
- 0%-2.5% fee when withdrawing cryptocurrency from your account (depending on the cryptocurrency token you’re transferring).
You can read our full Binance review for all the details.
Binance charges a maker-taker fee. Binance Coin (BNB) holdings and your trading volume will influence how much you pay in fees. If you use the network’s native currency, Binance Coin, to pay for gas expenses.
- 0.02%-0.1% Maker fee
- 0.04%-0.1% Taker fee
Binance also offers a cheaper futures trading platform. There’s also a 10% discount on trading fees paid with the BNB token.
- 0.02% Maker fee
- 0.04% Taker fee
However, if you want to buy or sell coins instantly, you’ll have to pay higher fees. For instant buy/sell trade, you’ll incur a flat trading fee of 0.5%; you’ll also incur a 4.5% trading fee if you use your debit/credit card to purchase cryptocurrency directly.
How To Sign Up With Binance
#1 Visit Binance‘s website. Click on the Register Now button.Â
#2 Enter an email and create a password. (important: you have to use the referral code 59498724 before continuing – you will not be able to use it after creating your account, and you will miss out on the bonus).
#3 Fill in some basic information and complete the verification process.
#4 Alternatively, you can complete the process through the app.
Binance’s Referral Program
After creating your Binance account, you will find your referral link by entering your profile and clicking on the Referral menu. After you receive your code, you can:
- Share your code via text, email, or your social media audience.
- Once referee signs up, you will receive a kickback of up to 40% (if you have over 500 BNB in your account).
- There’s no limit to how many people you can invite.
Is Binance Safe?
Yes, Binance is a safe and secure cryptocurrency exchange. It has a variety of security measures to keep your crypto assets secure, including:
- Cold storage for digital assets
- 2-factor authentication support
- Additional security settings such as blacklisting devices, anti-phishing codes, and withdrawal address management
- Security tips for its users to increase their account safety
Is Binance Legal In Canada?
Although Binance is not completely banned in Canada, it has been banned in Ontario for failing to adhere to OSC regulations. If you’re searching for a crypto exchange authorized in all of Canada and follows all of the country’s regulations, I recommend that you use CoinSmart, VirgoCX or Bitbuy.
Our Recommendation: Kraken.
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
Best In Canada
|
Total Fees: ~0.16% |
★★★★★ Rated 4.9/5 |
Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.
For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.
Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.
If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.
Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.
Features
- Extremely low trading commissions (0.16%)
- Extremely low spreads (0.0003%)
- Trade 100+ cryptocurrencies
- Stake 100+ cryptocurrencies
- Simple, intuitive user interface
- Kraken Crypto Watch allows you to keep track of the crypto market
- NFT trading inside the Kraken app
- 24/7 customer support via phone, email and live chat
- Plenty of free educational resources available to users
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0.16% (spot trades cost 0.26%)
- Spreads: 0.0003%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: $10 CAD
Best For
Canadian cryptocurrency investors looking to trade with the industry's lowest fees.
If you're not necessarily looking for the lowest fees possible but rather the best customer experience, I can recommend Newton and Shakepay as Binance alternatives.
The Bottom Line
Binance is a global cryptocurrency exchange that supports a wide range of cryptocurrencies; it’s an excellent option for more seasoned traders who want to invest in various digital currencies. It has several interesting features, including Binance Earn and Binance Futures Battle.
Binance has a referral program for new clients: by using the referral code 59498724 (or the link), you will receive a fee rebate on all your transactions of up to 20%. You will also receive your own referral code, and an additional $100 if you complete a couple of easy tasks.
