Binance is amazing, but it may not be available in your location, or perhaps you just want to diversify. Don’t you want to mix things up? We did too, so we searched the market for top Binance alternates.
One of the largest crypto platforms, Binance allows users to trade thousands of coins and tokens. However, the site is only available in select regions. In addition, it may take weeks or months to get your account approved. That means if you’re looking for an alternative, you should consider one of these sites instead.
Luckily, there are several great alternative exchanges out there and by reading through them, you will be able to determine which one is best suited for you.
About Binance
Binance is the best exchange for trading cryptocurrencies. There’s no arguing with that.
Binance was founded in China but later relocated its headquarters to Malta. It now has satellite locations across North America and Europe.
As a decentralized exchange, Binance allows its users to trade cryptocurrencies directly with one another.
It has some notable features including:
- both fiat and cryptocurrency exchanges including altcoin and other high-risk cryptocurrencies
- A common interface for electronic wallets for storing multiple cryptocurrencies and digital currencies
- Advanced trading options such as spot and margin trading, futures, leveraged cryptocurrencies, and cryptocurrency swaps
- Low fees and commissions
- Large volume trading for large profits
- Visa-powered crypto-backed debit cards
It has been a great success story attracting a large user community that relies heavily on its services. Binance even offers some of its own cryptocurrency tokens (BNB and BSUD) with plans to expand into nonfungible assets.
Disadvantages of Using Binance
Most crypto investors use Binance because they think it’s a good place for them to trade their cryptocurrencies. However, Binance isn’t perfect and there are some things you should know before using it.
Its main limitations include its restrictions in 29 different jurisdictions, which limit the number of functions, cryptocurrencies, and trades available to you. BNB may not be fully compliant with all local legal requirements and regulations in these states as well.
Other notable problems include:
- It’s a complicated and complex platform
- Services restricted to markets and/or orders
- Open to attack by hackers and other malicious actors
- Leverage Trading
- Withdrawal limits and limited depo locations
Many people were concerned about this issue and allegations of money laundering and other dubious activities, so they sought out viable alternatives.
Binance Alternatives
We’ve selected these exchanges because they offer low trading costs, high liquidity, and good customer service.
1. eToro Exchange
Founded in 2018, eToroSocialTrader is one of the largest cryptocurrency exchange platforms in the world. More than four million people use the platform to trade and invest in various cryptocurrencies. It is also among the most secure cryptocurrency exchanges, having been approved by the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).
eToro Platform Features
- Easy to use, ideal for beginners and advanced investors
- 15 cryptocurrencies and assets that support trading pairs with bitcoin
- CySEC, FSCA, and ASIC regulated with various types of payments
- Cryptocurrency educational materials available
- $200 minimum deposit
- 0.1% conversion fee
- Free trades and withdrawals
- Doesn’t offer cryptocurrency pairs
2. Coinbase
One of the most trusted exchanges for beginners, Coinbase allows them to easily purchase and sell a wide range of cryptocurrencies.
The platform offers an easy-to-use mobile application for traders located in the United States (except for Hawaii). It is fully compliant with all U.S. laws and regulations.
The Regular Coinbase Platform
The standard Coinbase platform provides one of the best overall experiences for using cryptocurrencies and digital assets. It doesn’t offer a full trading platform, but it allows you to buy, sell, and exchange between various cryptos and assets.
Coinbase Pro
You can find the pro features on Coinbase Pro if you’re willing to pay an extra fee. While the regular site doesn’t offer much beyond basic buying and selling options, the pro service offers more advanced tools such as margin trading and limits on how much you can buy or sell per day.
Coinbase Wallet and Card
With both the Coinbase mobile app and web interface, you get automatic deposit functionality.
With the Coinbase wallet, you start transactions by dropping your wallet into the application. It makes them easier than ever before.
The wallet even allows you to withdraw your cryptocurrency using a Coinbase debit card. However, you need to go through an ACH withdrawal to get them out.
Coinbase Features
- There are multiple ways to pay for things online. You can use wire transfers, check deposits, debit cards,
- 2.39%, 3.99%, 0%, 0%, 0%, respectively
- There are currently 86 different types of cryptocurrency supported by Binance
- Fully compliant with U.S. and European laws and regulations
- The Visa-backed debit card allows you to spend your cryptocurrency directly from your wallet.
- You can earn some extra cash by learning about cryptocurrency.
- Easy to use and easy to access
3. Kraken
Because Kraken is a U.S.-based cryptocurrency exchange, it complies with all U.S. laws and regulations, which makes it one of the most secure and transparent platforms in its marketplace.
The platform supports around 30 different cryptocurrencies and assets with one of the fastest verifications available. It even has one of the lowest fees on its platform as well. It also supports some fiat currencies.
Kraken is an exchange that offers multiple trading options for those who want to trade without having to learn a new language. However, its slow response time makes it unsuitable for beginners.
Kraken Features
- $5 transaction fee per wire transfer, free for SWIFT deposits
- Maker fees of 0.16%, taker fees of 0.28%. For orders below 50k EUR/USD.
- Leverage up to 50 times on futures contracts
- Fully compliant with US and EU laws and regulations
- 84 different cryptocurrencies and digital currencies
- Passive Income: What is staking?
- There is currently 30 fiat-to-cryptocurrency (fiat) exchanges available.
4. CEX.io
CEX.IO was founded in the United Kingdom, but today, it offers both crypto exchanges (cryptocurrency) and CFDs (contract for difference). It allows traders to buy and sell cryptocurrencies directly from their accounts.
Withdrawing funds from an exchange is usually free. However, some exchanges charge fees for depositing or withdrawing funds. The platform is fully regulated by the European Union.
CEX.io Features
- For every transaction made using a credit card, 2.99 percent of the total transaction fee plus $1.20 will be
- You can use free SEPA, wire, or ACH transactions for online
- Maker and Taker Fees: 0.16 percent and 0.25 percent respectively
- Fast transaction processing time, transactions are processed immediately.
- Can trade large volumes of shares at once.
- There are 81 different cryptocurrencies and assets that can be traded with two trading pairs.
- User-friendly mobile app
- Passive Income Staking Service
5. FTX
FTX has taken a more cautious stance than most other crypto exchanges. It aims to stay within regulatory boundaries wherever possible but may not be fully functional in certain countries due to its relatively recent launch.
It features a wide range of crypto trading tools including derivative products, volatility, and leverage. Its spot exchange even includes hundreds of crypto-to-crypto and crypto/finance pairs. And you can even trade stocks through its proprietary exchange.
FTX Features
- 102 supported cryptocurrencies and assets
- Hundreds of trading pairs
- Credit cards require a $10 minimum transaction fee.
- You need at least $20 to transfer funds from one account to another.
- Withdrawal fees range from 2 percent to 6 percent.
- Native FTTH (Fiber To The Home) cryptocurrencies come with extra perks and discounts of up to 60%.
- There are traditional stock markets where you can buy stocks and sell them at any
- Leverage, staked tokens, prediction markets, and futures contracts for cryptocurrencies
6. Gemini
Gemini is an easy-to-use, beginner-friendly exchange with various options for both beginners and experienced traders alike. It also has its own debit card which gives you rewards when you use it.
It offers both crypto-to-finance (fractional) and finance-to-cryptocurrency transactions. They offer an API that allows developers to integrate their own applications into the platform. However, they don’t currently provide any cryptocurrency wallets.
As long as the service is fully compliant, you need to supply some form of ID before you start trading on the Gemini exchange
The main downside of trading on Gemini is the cost. The exchange does charge a small amount for deposits in fiat currency, but they do not charge any withdrawal costs on cryptocurrency. This means that traders who wish to exit the market should be able to withdraw funds without losing money. However, it is important to note that the exchange may increase the value of your transactions if you are not careful.
Gemini Features
- Passive income staking options
- You’ll earn 7.4% APL on select cryptocurrencies such as Dogecoin (DOGE), Dai (DAI) and the Gemini
- Fully compliant with US laws and regulations, ID required
- 40 supported cryptocurrencies and 39 trading pairings
- Fees for using fiat currency (e.g., USD)
- Fees for withdrawing cryptocurrencies from exchanges
- Streamlined, customizable, beginner-friendly interface
- Beginner and advanced options for active traders
- A user-friendly mobile app and digital wallet
7. KuCoin
Kucoin is based out of Singapore, and it offers a similar selection of cryptocurrencies as Binance. However, it does not offer KYC/AML compliance, so users should take extra precautions before trading on the site. Additionally, because it is not regulated, it may not be fully legal in all countries.
Despite this, Kucoin is secure enough that 25% of crypto investors use the platform every day. If you live in certain countries, you might be able to access some of these features, but if not, don’t worry; there are plenty of ways to get involved without having to buy any cryptocurrencies.
Beyond KCS and KCX, KuCoin offers all of the standard features you would normally associate with an online cryptocurrency trading platform. It differs primarily by offering lower trading fee rates than its competitors. It has a large selection of rare coins, too, as well as a variety of different markets available.
CryptoLending is another major KuCoin feature. It allows you to loan cryptocurrencies and digital tokens to others using margin trading. You can earn up to 12 percent annually by doing so.
KuCoin Features
- A good place to purchase and sell new and upcoming cryptocurrencies
- With low Maker/Taker trading fee rates (0.1%) and a 20%-discount for KCS users, we’re offering an attractive deal.
- User-friendly interface
- Some cryptocurrencies offer soft-staked services.
- Crypto lending options are available
- There are currently 410 crypto assets (cryptocurrencies) and tokens, which include new and upcoming coins.
- Multiple membership plans or VIP levels with different discount rates, trade options, and fees
- Not fully compliant with some laws and regulations
- Service restrictions in some regions
- Leverage allows traders to use small amounts of capital to trade large quantities of
What to Look for in a Cryptocurrency Exchange
While you may be tempted to jump from one cryptocurrency to another immediately, doing so without first evaluating each platform can lead to losing out on good opportunities. Instead, you should spend some quality research into which exchanges offer the best options for you.
Most people will find the best fit by using an established, audited, US-based exchange such as Gemini, Coinbase, or Robinhood. These publically traded companies usually have extra safety measures in place so they can protect their investors’ assets.
Beyond security, you’re looking for an exchange that offers the services and investment opportunities you require. Therefore, you might be interested in searching for exchanges with the best security features.
- Crypto offerings
- Promotions and prices
- Mobile app
- Customer service
- Security
- User experience
You may encounter issues with your platform of preference. However, if you’re able to accept the downsides of your chosen platform, then you’ll be fine. If your platform doesn’t meet these standards, you might want to consider another option.
Conclusion: Binance Alternatives
Binance is one of the leading players in the crypto world, but its restrictions, lack of transparency, and other problems make investing in it less desirable for some people. Fortunately, there are plenty of good Binance replacements out there that offer the same or similar services at lower prices. Some of these may even help you maximize your investment returns too!
Choosing the best crypto exchange can be difficult at first. There are too many exchanges out there to just pick one off the top of your head. You need to think carefully before making any decisions.
And while some people may argue that Binance is “the right” choice, that isn’t always the best option for everyone. You’ll need to look at our list of alternative exchanges above and make your own educated decisions.
We believe that any exchange has a good chance of being able to meet your needs. So the main thing to consider is which one will be the best fit for you.
If you have any questions regarding our exchange service, please contact us via email at support@coinbase.com. Our team will respond promptly. Thank you for reading through our FAQs.
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