Amidst the latest regulatory suppression that Binance is facing worldwide, you might be looking for platforms that provide the same assortment of services that Binance does. Therefore, we bring you the 5 best Binance alternatives, which can cater to all your needs without compromising on other things.
Table of Contents
Summary
Why should you look for Binance alternatives?
Binance is under fire globally for not complying with regulations resulting in the banning or suspension of its activities in the UK, Japan, Germany, the US, and Malaysia, among the few. In addition, many countries allege that the platform was involved in money laundering and distributing tokens illegally.
Binance Leveraged Token Limitations, What’s the alternative now?
If the ban or suspension of its activities continues, it could mean trouble for the people holding assets on the platform. Therefore users must withdraw their investments and hold in on another platform that equates to the world’s largest bitcoin exchange or crypto exchange. So now the question is which platform can provide almost all the services Binance does.
Best Binance Alternatives
KuCoin, Bybit, or Coinbase can be the best alternatives to Binance. Furthermore, if you are in a region where Binance has taken a hit from the regulatory authorities, you might want to quickly and carefully plan your next steps. It starts with moving your assets to a safer alternative to Binance.
Let us discuss the features of the 5 platforms you could turn to in the meanwhile.
1. Cheapest Binance Alternative: Kucoin
Kucoin exchange provides numerous services to its users. It is a well-known platform with a mobile application and good customer support. Furthermore, to understand the platforms working better, read the KuCoin review.
Features
- The interface design of both the web exchange and the mobile application seems intuitive.
- You can buy crypto via various methods on the exchange.
- Credit/ Debit card- Supports multiple currencies along with payment methods and channels.
- P2P- Fiat/crypto trade with zero transaction fees. It is easy and secure.
- Fast Buy- allows you to buy BTC/ ETH/ USDT/ PAX with a relatively low fee rate and multiple secure payment options.
KuCoin Products
The following products are integrated with the exchange.
- Spot Trade
- KuCoin Margin Trading
- Contract or Futures
- Pool-X
- KuCoin Lending
- KuCoin Staking
Also, read 9 Best Crypto Lending Platforms.
With the help of these products, you can trade, stake, earn, borrow and swap cryptocurrencies.
- More additions to the platform functionalities include an inbuilt KuCoin crypto trading bot. Furthermore, the KuCoin trading bot comes under the five best GRID bots in the market.
- Further, the platform also has a native Kucoin token called KCS.
- Moreover, it has provisions for enabling Two-Factor Authentication (2FA) and setting a trading password required while making a trade.
KuCoin Fee Structure
There are different fees applicable for various purposes and the fee schedule the spot market is as below:
To learn more, read KuCoin fees.
KuCoin: Pros and Cons
| Pros | Cons |
|---|---|
| Fees are relatively low, | Technical knowledge is required. |
| The solid groundwork for trading services. | Bank transfer only supported for P2P. |
| Compliant with digital currency regulations. | Since it is an online exchange, it is prone to hacks. |
| Unverified (without KYC) accounts can perform activities with restrictions | KYC process takes approx 3-5 days for verification. |
2. Best Binance Alternative: Coinbase
Coinbase is a popular platform that aims to give accessibility to users across the globe. It was founded in 2012 and has expanded globally since. Furthermore, the platform offers one of the best crypto wallets in the market. To learn more, read the Coinbase review.
Coinbase Features
Its interface (web or mobile) is pretty easy to use. It has quite an intuitive web design with minimum elements, which are helpful. Coinbase Pro is an advanced trading platform for professional traders.
Coinbase Products
- For Individuals
- Buy, sell and use crypto
- Coinbase Wallet
- Coinbase Earn- Learn and earn crypto
- Private Clients
- Coinbase Card
- Coinbase Pro- for advance trading
- For Businesses
- Coinbase Prime– brokerage platform for institutions
- Coinbase Commerce– to accept crypto as payments
- Asset Hub– List asset and grow an audience
- Coinbase Custody– offline storage
- Analytics– Powering crypto compliance to real world
- Coinbase Ventures– investments for startups
Security Measures
- It has security provisions to keep the crypto safe. ~98% of the funds are stored offline. Also, the data is stored in an encrypted and distributed manner.
- Additionally, it provides 2-step verification on all accounts.
- Furthermore, it uses SSL encryption for websites and AES-256 bits encryption for storing private keys on wallets.
- There is a dedicated funds pool for US and non-US users as insurance in case of a breach or an attack.
- Deposit and Withdrawal on Coinbase is variable across various countries. You can find this information on their website.
Coinbase Fees
- Wallet service is free of charge.
- Furthermore, the platform incurs transaction fees depending on the network fees.
- Coinbase Card has a 2.49% transaction fee on transactions made in a currency other than USDC.
- The payable fees include consumer exchange rate + spread. Additionally, Coinbase also charges fees to transfer to or from bank accounts.
- Further, it charges 0.50% for cryptocurrency purchases and sales, which can be variable due to market fluctuations.
- For borrowers, if the collateral is to be sold off, Coinbase will charge a flat fee of 2% of the total transaction.
- Moreover, it charges a spread margin of 2% for crypto conversions.
- Coinbase Staking services incur a 25% commission.
Coinbase Pros and Cons
| Pros | Cons |
|---|---|
| Coinbase security is highly appreciable. | It incurs a slightly higher fee for services as compared to the market standards. |
| Highly developed products are available at an individual and business level. | Purchases take a longer time to process. |
| Insurance is applicable. | It is prone to online attacks. |
| Multiple payment methods, including Bank deposits, are available. | It might take a longer time to get verified as well. |
3. Binance Alternative: 7b Broker
7b Broker is a platform that makes crypto trading simple and available in the pocket. It is a new crypto broker powered by Binance and allows not only buying and selling cryptocurrency but also viewing current rates, tracking price ranges, managing user portfolio, and withdrawing crypto up to 2 BTC per day without KYC.
7b Features
- User-friendly interface suitable for both novice and experienced traders
- 400+ cryptocurrencies available for trading in one app
- No KYC required for trading and withdrawing
- 24/7 support team
- In-app fiat to crypto exchanges
7b Security
7b Broker provides users with an arsenal of instruments to protect their funds:
- 2FA system
- Pin-lock
- Email verification for every withdrawal
In addition, the deals are conducted by Binance, which makes them not only secure but also lightning-fast.
7b Fees
In 7b there is one of the lowest trading fee rates available on the market – just 0,1%. The deposits are free and the withdrawal fees depend on the coin you want to withdraw (you will see the amount of fee you are going to pay before confirming the transaction).
| Pros | Cons |
| Easy-to-use interface | Available on Android only |
| No KYC required | Limited amount of trading instruments |
| Advanced security | |
| Low commission | |
| 400+ coins available |
4. Binance Alternative: Bittrex
Founded in 2014, Bittrex trading platform is headquartered near the financial center of Zurich, in the Principality of Liechtenstein. Furthermore, the platform offers various products such as leveraged tokens, mobile app, the latest crypto news, etc. You can also read the Binance vs Bittrex article to differentiate the platforms better.
Bittrex Features
- The platform has a simplistic design that is easy to understand and not overwhelming.
- Bittrex Global has provisions for 2FA and requires a KYC verification before starting any activity.
- Further Fiat (euro) trading, deposits, and withdrawals are supported.
- Fiat currencies can be deposited in 3 ways:
- SEPA Credit Transfer.
- International Wire Transfer.
- Credit/ debit card.
- Moreover, it supports Crypto Trading, Fiat Trading, and Tokenized Stocks (derivatives that represent traditional securities). It also supports API trading.
- Certain coins can require a deposit of a minimum amount.
Bittrex Fees
There are no fees for deposits. Bittrex Withdrawal fees is again network fee dependent. To learn more, read Bittrex fees.
Bittrex Pros and Cons
| Pros | Cons |
|---|---|
| Reliable security measures and compliance with regulations | Bittrex Global does not support US citizens. |
| ~500 markets present across which buy/sell or trade can happen. | Customer support is not prompt for mobile applications. |
| A wide variety of tokens is supported. | Extensive ID verification. |
| Support for FIAT currencies. | Minimum trade size required. |
5. Biggest Binance Alternative: Huobi Global
Huobi crypto exchange platform has been operating since 2013. There are three exchanges present to cater to specific users, i.e., Huobi Global for users around the globe, Huobi Korean, and Huobi Japan. Furthermore, you can learn more from the Huobi review.
Huobi Features
- It has a good, user-friendly interface and is available on both iOS and Android.
- Furthermore, 98% of the funds are stored in the multi-signature cold wallet. It has a distributed architecture and an anti-DDOS attack system.
- Huobi has a separate fund for compensating users in case of an attack.
- Its native token is HT which is ERC compliant.
- In addition, the platform supports different payment methods across the globe. You can buy/sell via quick buy/ sell or peer to peer Market. Local currencies are supported for buying crypto online.
Huobi Global Products
- Huobi Spot Trading
- Huobi Margin trading
- Derivatives- Futures, Coin-margined swap, USDT margined swap.
- Finance- Staking, Primepool (lock assets to get airdrops of new tokens), Huobi Earn, ETH 2.0, Crypto Loans, etc.
- Huobi trading bot
- Moreover, the platform also provides information on cryptocurrency under Learn tab for crypto enthusiasts.
Huobi Fee Structure
Apart from the above structure, Huobi provides VIP benefits for the users based on their trading volumes in each of the above categories.
Huobi Pros and Cons
| Pros | Cons |
|---|---|
| Good security measures. | KYC verification may take up to 7 days. |
| In-built Huobi trading bot. | |
| Support for an extensive range of tokens. | The mobile application may notice connection problems |
| Payment through local currencies is available for countries across the globe. |
6. Binance Alternative for Futures Trading: Bybit
Bybit is one of the newer exchanges to make its mark in the crypto world. It was established in 2018 by professionals from the banking and exchanges industries. However, it is the most popular crypto exchange for leverage and futures trading. Margin trading at Bybit comes with various perks such as up to 100x leverage, one of the lowest interest rates in the market, etc.
Features
- The platform has an excellent and intuitive interface and is available across mobile platforms as well.
- In addtion, Bybit has provisions for 2FA and stores 100% of deposited assets on cold storage with multi-signature features as a security measure.
- Bybit supports USDT.
- KYC is not mandatory, although getting verified increases your withdrawal limits.
- Furthermore, you can buy crypto online (BTC, ETH, USDT) via various Fiat currencies supported. The payment is made via 3rd party service providers.KYC is a requirement for this process.
- You can deposit BTC, USDT, ETH, EOS, XRP to your bybit account.
Bybit Products
- Spot Trading
- Derivatives: Inverse Perpetual (Perpetual contract using a coin as collateral), USDT Perpetual (using USDT as collateral), Inverse(Futures contract using coin itself as collateral)
- API support.
Bybit Fees
For every executed order, there is a trading fee that is incurred. In addition, there also exists a withdrawal fee that varies w.r.t the coin.
- Bybit Withdrawal Fees
- Derivatives Trading Fees
Bybit Pros and Cons
| Pros | Cons |
|---|---|
| Bybit is capable of doing high transactions per second. | Only 6 cryptos are supported. |
| Good rewards, comparatively lower fees. | It doesn’t support True USD or USD Coin. |
If you’re a trader from the US and cannot access Bybit, then try using Hola VPN. Then, read the complete guide on how to use Bybit in the USA for a detailed step-by-step process.
Binance Alternative: Conclusion
The crypto market is vast and mainly not as regulated as the traditional market. Until this gap between Regulation Authorities and Exchanges is bridged, one must always have a contingency plan or look for Binance alternatives.
Here, in the case of Binance, try to gauge the situation in your region and act accordingly. Of course, if you feel the regulatory authorities are about to ban users from accessing Binance, you can always use Hola VPN. However, if you wish to shift to a different platform itself, you can select from one of the exchanges mentioned below.
Moreover, you can alternatively store your funds in hardware wallets. Some of these wallets even let you earn staking rewards. For example, you can use the Ledger Live app to earn a passive crypto income on your assets. But, of course, it is also better to understand your priorities before choosing another platform.
Frequently Asked Questions
What is crypto security?
Crypto security is the security provided by the platform for the transactions and storage of private keys onto the wallet. It generally imbibes 2FA and encryption techniques to fend off hackers.
How to use Bybit in the USA?
Binance has strict regulatory regulations on crypto trading. Hence, you cannot use Binance or Bybit in the USA. However, there exists a thing called VPN, which can help you change your digital location to a country that supports Bybit.
