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

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.

Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.

Two-factor authentication is available to help keep your account secure.

Binance prioritizes security and implements robust measures, including two-factor authentication (2FA), cold storage for customer funds, and partnerships with leading cybersecurity firms. Binance has established a strong reputation for its emphasis on security.

On the other hand, Netcoins, owned by BIGG Digital Assets, a publicly traded company, provides an added layer of trust and transparency. It is registered as a MSB with FINTRAC and employs services to monitor wallet addresses and transactions for potential fraud and criminal connections. However, there is no explicit information available regarding the storage of customer funds.

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. 

Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.

Binance operates globally and has specific compliance measures in place, including adherence to international AML and CTF regulations. However, it's important to note that Binance does not currently operate in Ontario due to regulatory considerations.

Netcoins is specifically designed for Canadians and is fully regulated and compliant in Canada. It is registered as a MSB with FINTRAC, which ensures adherence to Canadian regulatory requirements.

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.

Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.

Binance ensures round-the-clock customer support, offering live chat assistance and a comprehensive help center to promptly address user queries and concerns. Users have access to an extensive array of resources and support services to effectively address any concerns or difficulties they may encounter during their usage of the platform.

Similarly, Netcoins also provides 24/7 support, including live chat, email, and even phone support, which is a rare feature in the crypto exchange industry. Netcoins has earned a positive reputation for its customer service, with users appreciating the quick response and helpfulness of the support team.

Conclusion

Both Binance and Netcoins have their strengths, but Binance emerges as the preferred choice. Binance offers a user-friendly mobile app, advanced desktop trading tools, robust security measures, and operates globally. While Netcoins is designed for Canadians, its high trading fees, unclear fund storage information, and limited selection of cryptocurrencies may be drawbacks. Binance's global presence, extensive features, and strong security measures position it as the winner in this comparison.

Initially, we recommended choosing Binance over Netcoins 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 Netcoins.

If you find that neither Binance nor Netcoins 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.