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.
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
Binance prioritizes security and implements robust measures, including two-factor authentication (2FA), cold storage for customer funds, and collaborations with renowned cybersecurity firms. These advanced security practices demonstrate Binance's commitment to safeguarding user assets and maintaining a secure trading environment.. Binance has a strong reputation for its security practices, providing users with a secure trading environment.
Uphold focuses more on compliance than detailing its technological security measures. It is a registered money services business in the United States and complies with relevant regulations. However, specific information about cryptocurrency storage and insurance coverage is not readily available.
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.
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
Compliance in Canada is an important aspect for cryptocurrency exchanges like Binance and Uphold. In Canada, crypto exchanges are subject to regulatory oversight to ensure adherence to anti-money laundering (AML) and know your customer (KYC) regulations. Both Binance and Uphold strive to comply with these regulations to operate within the Canadian market. As for Binance, it has taken significant steps to enhance compliance in Canada.
Binance became the first global crypto exchange to sign a pre-registration undertaking with the Ontario Securities Commission (OSC) in 2021. This agreement demonstrates Binance's commitment to complying with the OSC's regulations and operating within the boundaries set by Canadian authorities. Moreover, Binance has been actively collaborating with regulators and government agencies to establish robust compliance frameworks. This includes participating in industry discussions, sharing best practices, and working towards regulatory compliance in various jurisdictions, including Canada.
Uphold, on the other hand, operates as a multi-asset platform that offers cryptocurrency trading along with other asset classes. Uphold ensures compliance with relevant regulations and is registered as a MSB. While specific information regarding Uphold's compliance efforts in Canada is not explicitly mentioned, as a reputable exchange, Uphold likely adheres to applicable regulations to facilitate its operations within the Canadian market. Overall, both Binance and Uphold understand the importance of compliance in Canada and work towards meeting regulatory requirements to provide a secure and trustworthy trading experience for their Canadian users.
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.
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
Binance ensures round-the-clock customer support, offering live chat and a comprehensive help center to promptly address user queries and concerns. Users have a diverse range of resources and assistance at their disposal to aid them in their endeavors. On the other hand, Uphold provides customer support through an online ticketing system on their website, along with a helpful FAQ section and educational resources. Users have consistently shared positive feedback about Uphold's support team, commending their responsiveness and willingness to provide assistance.
Conclusion
Both Binance and Uphold are well-established and trusted cryptocurrency exchanges, providing a diverse array of features and services to cater to users' needs. However, Binance stands out as the winner in this comparison. It provides a user-friendly mobile app, advanced security measures, compliance with regulations, and comprehensive customer support. With its strong track record and commitment to user satisfaction, Binance is the preferred choice for many cryptocurrency traders.
Initially, we recommended choosing Binance over Uphold 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 Uphold.
If you find that neither Binance nor Uphold 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.
