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.
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
Binance uses multi-tier and multi-cluster system architecture for maximum security. It also offers two-factor authentication (2FA) for users. However, it has been the target of hacking attempts in the past.
Wealthsimple Crypto is a secure cryptocurrency trading platform. Coins are insured for $200 million by Gemini Trust Company LLC™. It offers two-factor authentication.
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.
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
When it comes to compliance in Canada, both Binance and Wealthsimple Crypto operate within the country's regulatory framework. Wealthsimple Crypto is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF). This provides an extra layer of protection for users' investments. On the other hand, Binance is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This registration indicates that Binance is committed to adhering to Canadian regulations, including those related to anti-money laundering (AML) and combating the financing of terrorism (CFT). So, both Wealthsimple Crypto and Binance have shown commitment to following Canadian financial regulations and maintaining compliance, contributing to the safety and security of their users' investments.
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.
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
Binance provides a wide variety of customer support services.. First, it has an extensive Help Center with various guides and FAQs that cover most common issues users might encounter. For more specific inquiries, Binance provides 24/7 live chat support, which is a great feature for immediate assistance. Users can also submit a request through an online form for less urgent matters. Moreover, Binance has active social media accounts where they respond to user queries and provide updates. However, it's worth noting that some users have reported delays and less personalized service due to the sheer size of Binance's user base.
Wealthsimple Crypto, being a Canadian company, provides customer support tailored to its local users. It has a detailed Help Centre on its website and within the app, filled with articles about crypto and how to use their platform. For more direct assistance, Wealthsimple offers a 24/7 live chat, email support, and phone support. This breadth of contact options is quite comprehensive and ensures that users can reach out in the way that suits them best. Feedback from users indicates that Wealthsimple's customer support is generally responsive and helpful.
Conclusion
Both Binance and Wealthsimple Crypto are solid choices for cryptocurrency trading, each with its unique strengths. Nonetheless, if a choice must be made, we would incline towards Binance.. Its extensive array of cryptocurrencies, advanced trading features, and worldwide accessibility give it a broader appeal. However, for Canadian users, especially beginners who value simplicity, local regulation, and don't mind higher fees, Wealthsimple Crypto might be a suitable option. It's always best to consider your personal requirements, risk tolerance, and investment goals before choosing a platform.
Initially, we recommended choosing Binance over Wealthsimple Crypto 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 Wealthsimple Crypto.
If you find that neither Binance nor Wealthsimple Crypto 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.
