It is always a good decision to have a clear idea of the best alternatives to Binance. This cryptocurrency exchange is one of the largest and one of the platforms that offer some of the most advanced solutions to traders from all over the world. However, it could go down (as it usually does when there are large trading volumes) or it could be down due to other reasons.
Because of these things and more, you might want to know which are the best alternatives to the Binance exchange. In the next sections, we share with you some of the most popular alternatives to the Binance exchange. Although not all of them offer the same services, some of them were able to reach a large audience.
What is Binance?
Binance has launched thanks to an Initial Coin Offering (ICO) where they sold the Binance Coin (BNB) token. In the last years and thanks to an expansion of the crypto industry, Binance was able to become one of the largest digital currency platforms in the world.
Nowadays, the exchange is offering not just simple trading services to users but it has built an entire ecosystem around its platform. This is why it became so important to investors in the cryptocurrency market. If the exchange goes down for whichever reason, it could leave millions of users without access to their virtual currencies.
Binance is also known for its BNB digital currency that is now one of the largest in the world. At the same time, Binance has launched a set of other solutions including a blockchain network (Binance Smart Chain (BSC)).
The exchange is also using the BNB virtual currency to reduce the fees paid by traders. In this way, they could become more profitable when they trade. Additionally, the integration with BNB has been massive. Several services offered by Binance require users to hold BNB tokens, which has helped the price of the token to skyrocket in recent months.
The exchange is now working with a wide range of payment methods and fiat currencies. In the next section, you will get more detailed information about it.
Binance has a large number of services offered to clients. And this is because they want to be leaders in the cryptocurrency industry, and indeed they are. The basic solution that you could expect the Binance exchange to have is the traditional crypto exchange.
Indeed, you can trade cryptocurrencies on the spot exchange in just minutes after registering to the platform. You can buy and sell virtual currencies through hundreds of different trading pairs that have been approved by the Binance team.
Thanks to a large number of deposit methods and solutions, users can deposit funds no matter where they are. This can be done in just minutes and, depending on your region, seamlessly. You can use debit or credit cards, bank transfers, or even purchase digital currencies through a P2P exchange Binance has built for some jurisdictions.
At the same time, most advanced traders have the possibility to use the futures contracts platform Binance has created. Binance is offering quarterly contracts and perpetual contracts for several virtual currencies. With the futures contracts platform, investors can trade with leverage and increase their exposure to certain trading pairs.
Binance Smart Chain
Binance has also created the so-called Binance Smart Chain for users that want to enjoy decentralized finance (DeFi) solutions and decentralized applications (dApps). Thanks to these solutions, users are able to avoid the high fees on the Ethereum (ETH) network.
The exchange has also created a solution called Launchpad. During the Initial Coin Offering (ICO) craziness between 2017 and 2018, several investors lost their money to fake ICOs and scam projects. This is why Binance decided to work on a Launchpad project where curated crypto projects could launch their own tokens. Only users that have access to BNB could buy the tokens and participate in Initial Exchange Offerings (IEOs).
Lending and Borrowing
In order to keep with the demands from investors and customers, Binance has also added a lending and borrowing section. Users can borrow funds and also lend their savings. Everything depends on their needs and the use they want to give to their digital assets.
Binance knows that several customers have deposited coins to the platform that could be easily staked. These PoS tokens could be rewarding users just by holding them in a wallet. This is why the exchange has announced staking support for several virtual currencies, including Tezos (XTZ) or Ethereum (ETH), among others.
Despite the fact that Binance has launched its own BSC network, they are also offering some DeFi solutions to users on its platform. Although these solutions are very limited, they help individuals that do not feel comfortable using DeFi apps to directly get exposure to the DeFi market by using Binance.
There are many other features and solutions offered by this exchange. However, we have focused on the most popular solutions currently available. Binance works on a regular basis to add more services and products to users.
Best Alternatives to Binance Exchange
Now that we have analyzed what is Binance and its main features, we could focus on which are the best alternatives to Binance. Indeed, when we search for alternatives to Binance, we want to make sure they have similar trading volumes, services, or solutions for users.
Additionally, if there are some things that Binance is not offering and another platform has already deployed, this would be considered very bullish for that exchange.
This is one of the most popular alternatives to Binance right now. It has always been one of the main options for users that didn’t want to undergo KYC or AML controls and wanted to get access to dozens of virtual currencies.
The exchange offers its trading solutions to people from all over the world with just a few countries that are excluded. At the same time, the platform offers not only traditional spot trading but also futures trading, making it even easier for users to get access to the most advanced trading strategies in the market.
In addition, KuCoin has some of the lower fees in the cryptocurrency industry. Thus, the trading activities should be smooth and easy to conduct. Furthermore, one of the similar things that it has with Binance is related to its large number of trading pairs.
Although Binance has a large number of trading pairs, KuCoin has also added several other tokens and coins that Binance still does not support. This is why it is so important for users to know KuCoin is one of the best alternatives to Binance.
If you are into exchange currencies (for example Binance Coin), you should know that KuCoin has its native virtual currency called KuCoin Shares (KCS). The virtual currency can also be used to pay for fees and get access to other solutions offered by the platform.
The second of our alternatives to Binance is OKEx. This platform is known for its large trading volumes, the wide range of trading pairs available and also its availability to hundreds of countries and regions around the world.
If you are searching for the best alternatives to Binance, OKEx should definitely be among the top choices. You want to be sure you use a platform that has been running for several years. Although the company has been involved in some not clear situations (some claims says it has been hacked for $3 million some years ago), the platform is one of the best alternatives to Binance.
OKEx is also participating in the futures market. Traders can use leverage to increase their exposure to specific trades in a similar way as they do when they trade with Binance. However, nor OKEx neither KuCoin have a blockchain network such as the Binance Smart Chain.
OKEx has also a tiered fee scheme that rewards users with larger trading volumes. The maker fee for new users is currently 0.08% and the taker fee is now 0.10%. The larger the volume the lower the fees paid.
Coinbase is also one of the oldest and most recognized exchanges in the market, and it can certainly be considered one of the alternatives to Binance exchange. Coinbase is a platform that has been created in the United States in order to onboard newcomers to the cryptocurrency market.
If you liked Binance payment and deposit methods, then Coinbase would not let you down. Indeed, the exchange is known for being very user friendly and to make it very easy for users to get access to virtual currencies.
Advanced traders can get access to a more complete platform (Coinbase Pro) where they can analyse market trends and understand how the market is behaving. Furthermore, Coinbase has added several tokens to their platform.
As one of the alternatives to Binance, Coinbase is also allowing users to stake some of their coins, for example Tezos (XTZ). In this way, they show that they are able to offer better services to users and listen to the demand that users could have.
Nevertheless, it is worth taking into consideration that Coinbase fees are also higher for users that do not trade on the Coinbase Pro platform. Additionally, the platform didn’t launch its own virtual currency as KuCoin or Binance did.
ByBit is a cryptocurrency exchange that could be considered one of the alternatives to Binance due to its futures trading focus. Indeed, ByBit was one of the first platforms to compete against BitMex and its slow matching system.
This exchange offers users one of the fastest platforms to trade crypto futures. Although Binance has done a good job offering the most traded perpetual and quarterly futures in the crypto space, ByBit has also been competing against top-tier exchanges over the last few years.
If you are a trader that handles crypto futures and you are searching for an alternative to the Binance exchange, then ByBit could be a good option. Additionally, they have very attractive fees, making the whole experience much easier and faster for users.
However, ByBit additional services are not as wide as those offered by Binance. Indeed, Binance has a much larger offering to users. ByBit focuses on futures and Binance focuses on offering all the solutions that clients are searching for.
If you are searching for alternatives to Binance, then ByBit could be the right platform if you are used to trade in the futures market or you do not need to have access to all the other solutions offered by Binance.
If you care about safety and regulations, then Kraken is the right exchange to go. Although Binance is located in Malta and supports several fiat currencies, Kraken has been growing as one of the largest crypto exchanges in the United States.
The exchange has large volumes, decent trading pairs and it has also added support to fiat deposits. Thus, this exchange could work as one of the alternatives to Binance in just a few simple steps.
If you do not have an account, you can create one and in minutes you can get verified and deposit funds to start trading. Kraken is also a very respected platform. Few exchanges have received the regulatory permissions that Kraken got. Thus, as a Binance user searching for an alternative, you should consider Kraken as a secure and easy-to-use platform with fiat currency support and both spot and futures trading.
In terms of security, the platform is also very secure. The team stores most of the virtual currencies in cold storage and makes sure that users’ funds are protected at all times. Finally, Kraken is available and located in the United States, something that many other platforms cannot do or are not currently offering.