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Binance vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

In this comparison, we delve into the features, security, compliance, and customer support of two leading crypto exchanges – Binance and BitMEX. While Binance stands out for its comprehensive range of cryptocurrencies and extensive features, BitMEX is recognized for its focus on Bitcoin derivatives, high liquidity, and robust security measures.

Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over BitMEX.

Description

Binance was founded in 2017 and is based in Malta. It averages $2 billion in daily volume and executes 1.4 million transactions per second. Canadians can purchase and trade hundreds of different coins with advanced order types. Binance stopped operating in Canada in July 2022.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

Coins

400+ including BTC, ETH, XRP, DOGE, USDT

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

Fees

Low
0.1% to 0.02% buy fee depending on VIP level

  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

Pros

  • Good for Canadians looking to buy and trade altcoins
  • DEX/P2P trading
  • Advanced order types
  • Margin trading
  • Derivatives and futures trading
  • Stock token trading
  • 400+ coins
  • Low fees
  • Simple or advanced interface
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

Cons

  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

N/A

Low

App

Methods to buy

Credit/debit, SWIFT bank transfer with USD

Security

2FA, coins held in cold storage with multi-signature wallets, KYC verification process

  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Binance's trading platforms are available on web, desktop, and mobile devices. Despite the high ratings for their iOS and Android apps, their intricate features can become overwhelming for beginners. Similarly, BitMEX also provides a complex user interface with detailed tools and indicators, available on both desktop and mobile platforms. While their advanced features might pose a challenge for novices, they can be highly useful for professional traders.

Binance Canada

Binance has a rating of 4.6 stars on the Apple App Store with 22,000 ratings. On Google Play, it has 4.5 stars with 271,000 ratings.

Binance’s app allows its users to switch between the Lite and Pro interfaces making it suitable for both beginners and experienced traders.

Binance’s app interface also closely resembles its desktop counterpart, though, at first glance, it does not seem as user-friendly and intuitive as Coinbase. Binance offers its users multiple ways to purchase crypto depending on the type of trade you want. On its desktop platform, you can select “Convert” for a quick debit or credit purchase, or “Classic” or “Advanced” for more trading types.

Binance desktop platform (Convert)

Binance Convert

Binance desktop platform for advanced users

Binance Advanced

Binance Lite App for beginner users view

Binance Lite App for beginner users

Binance Advanced mobile view for Canadians

Binance App for advanced users

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

Security Compliance

Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.

As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Binance ensures security with two-factor authentication (2FA), withdrawal address whitelisting, and an emergency insurance fund to cover potential losses. Despite these measures, it has suffered from a major hacking incident in the past. BitMEX, on the other hand, employs a multilevel security system, with multisignature deposits and withdrawal schemes, offline storage, and additional security via Amazon Web Services. To date, BitMEX has not experienced any major security breaches

Regulatory Compliance

Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type. 

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Regulatory compliance presents challenges for both platforms in Canada. Binance has announced its decision to exit the Canadian market by October 2023, making it unavailable for Canadian residents in the near future. BitMEX, on the other hand, doesn't offer its services to residents of Ontario due to new regulatory measures, but is accessible in other parts of the country.

Customer support

Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Binance offers 24/7 online customer support, but their support system prioritizes self-help with support articles, and live interactions usually involve bots. BitMEX provides customer support via email, a ticketing system, and a comprehensive FAQ section on their website, with general user feedback reporting satisfactory interactions.

Conclusion

Overall, both Binance and BitMEX offer advanced features that cater to experienced traders. While Binance provides a wider range of cryptocurrency offerings and additional features, its complex interface can deter beginners, and its planned exit from the Canadian market reduces its appeal for Canadian residents. On the other hand, BitMEX offers high liquidity and robust security measures, although its access in Canada is limited, and its interface might also be challenging for beginners. Therefore, potential users in Canada should consider these factors, alongside their trading needs and experience level, when choosing between these platforms.

Initially, we recommended choosing Binance over BitMEX for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over BitMEX.

Binance nor BitMEX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen. 

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