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.
Both Coinsmart and Binance are well-established and reputable cryptocurrency exchanges that have taken measures to ensure the safety and security of their users' funds and personal information.
Coinsmart is a regulated Canadian cryptocurrency exchange that is required to comply with strict security and regulatory standards set by the Canadian government. The exchange uses a combination of hot and cold wallets to store users' funds and implements two-factor authentication (2FA) and SSL encryption to protect users' personal information and transactions.
Similarly, Binance has implemented various security measures, such as two-factor authentication, withdrawal address whitelist, anti-phishing codes, and email confirmations, to ensure the safety of users' funds and personal information. Binance also uses a Secure Asset Fund for Users (SAFU) to protect users' funds in case of a security breach.
Overall, both Coinsmart and Binance can be considered safe and secure platforms for trading cryptocurrencies in Canada, but it is important for users to take their own precautions, such as setting strong passwords, enabling 2FA, and not sharing their private keys or passwords with anyone.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
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.
Coinsmart is a registered Money Services Business (MSB) with FINTRAC and is therefore required to comply with the PCMLTFA regulations, which include KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, as well as reporting suspicious transactions to FINTRAC.
Similarly, Binance has also registered as an MSB with FINTRAC and is required to comply with the PCMLTFA regulations.
In 2021, the Ontario Securities Commission (OSC) accused several cryptocurrency exchanges, including Binance, of not complying with securities regulations in the province. As a result, Binance decided to cease operations in Ontario.
In comparison, Coinsmart has not faced any similar accusations or regulatory issues in Ontario or any other province in Canada. Coinsmart is required to comply with federal regulatory requirements in Canada, including KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
In terms of customer support, both Coinsmart and Binance have options for customers to contact their support teams. Coinsmart offers email and phone support, as well as a live chat feature on their website. They also have a comprehensive FAQ knowledge center available on their website.
Binance, on the other hand, offers customer support through email and a live chat feature on their website. They also have a help center with frequently asked questions and a support ticket system.
In terms of customer satisfaction, both Coinsmart and Binance have generally positive reviews on Trustpilot, with Coinsmart having a slightly higher rating. Coinsmart has a 3.7-star rating on Trustpilot based on over 300 reviews, while Binance has a 2.1-star rating based on over 4000 reviews.
Some customers of Coinsmart praised the platform's user-friendly interface, fast and easy verification process, and excellent customer support. However, some customers also mentioned occasional delays in processing transactions or withdrawals.
Customers of Binance have praised the platform's wide range of available cryptocurrencies, competitive fees, and responsive customer support. However, some customers have complained about occasional delays in withdrawals and difficulties with account verification.
Both Coinsmart and Binance have customer support available 24/7, and response times are generally quick. However, it is worth noting that due to the high volume of customer inquiries, response times may vary.
Conclusion
Based on the comparison between Coinsmart and Binance, it is clear that both cryptocurrency exchanges are strong contenders in the Canadian market. They both offer a wide range of cryptocurrencies, competitive fees, and robust security measures. Additionally, both exchanges provide 24/7 customer support through various channels, including email, phone, and live chat.
However, when looking at the overall picture, Coinsmart emerges as the winner in this comparison. Coinsmart's commitment to regulatory compliance and its registration with FINTRAC demonstrate its adherence to Canadian financial regulations. Additionally, Coinsmart's mobile and desktop trading platforms offer a user-friendly experience, and their customer support team has received consistently positive reviews from customers.
While Binance is also an excellent option for trading cryptocurrencies, its recent regulatory issues in Ontario raise some concerns about its adherence to Canadian financial regulations.
Overall, if you're looking for a reliable and trustworthy cryptocurrency exchange in Canada, Coinsmart is the winner in this comparison.
