binance 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.
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.
5 Best Alternatives to Binance Exchange
KuCoin
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.
OKEx
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
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
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.
Kraken
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.
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