Binance is a leading cryptocurrency exchange that offers one of the most comprehensive product lists of any digital asset trading platform. Despite Binance’s wide range of products, there are a few areas where it falls short and its competitors shine. This guide looks at some of these areas and highlights four of the best Binance alternatives to consider if these factors are important to you.
INTRODUCTION
Binance, a cryptocurrency exchange launched in China in 2017, was founded by Changpeng Zhao, who is more popularly known as CZ (his initials).
CZ previously worked for Blockchain.info and as CTO for cryptocurrency trading platform OKCoin. The exchange was launched through an initial coin offering (ICO), a fairly ubiquitous fundraising method for blockchain projects at the time.
Despite its relatively recent entry onto the cryptocurrency exchange scene, Binance has managed to capture the majority of the market share. The platform now reports more than $2 billion in daily trading volume on a consistent basis, with these figures increasing during peak seasons or periods of high trading volatility.
Binance has faced increasingly restrictive regulatory policies since its launch date, and to avoid them, the exchange’s management opted to take advantage of regulatory arbitrage. It moved its headquarters to Japan from Hong Kong, and then to Malta. As of 2021, the company has no headquarters and the public is unaware of its officially registered public offices.
Unsurprisingly, this situation has not been addressed with some regulators, which have officially banned Binance from operating within their jurisdictions. Some of the countries that have banned Binance include Singapore, Japan, Malaysia and the United States.
Regarding the United States, Binance has launched a more regulatory compliant subsidiary called Binance America (Binance.US), which operates in over fourty states and offers limited features compared to the globally available Binance.com.
If you reside in one of these locations where you cannot access Binance.com, or are not completely satisfied with Binance’s service, you may want to consider a viable alternative. Below, we will consider the four best Binance alternatives, including Coinbase, Kraken, Uphold and KuCoin.
It will become clear why they are highly recommended and how well they compare to Binance, from the features they offer their users to their regulatory compliance and global accessibility. Binance may have a more comprehensive list of features, but it falls short in the compliance department and therefore most of its alternatives will be accessible platforms in highly regulated regions.
Before considering Binance’s alternatives, let’s first review some of its selling points and the drawbacks of using the leading cryptocurrency trading platform. With this information, it will be easier to compare with its competitors and objectively decide which exchange best meets your needs.
Binance features
Brokerage service: Binance users can buy, sell and convert between multiple cryptocurrencies (over 300 at the time of writing). Initially, Binance never supported fiat currencies such as USD, Euro or GBP. However, now with the integration of multiple conventional currencies, users can buy or sell cryptocurrencies to and from bank accounts, using payment cards or through third-party channels effortlessly.
Trading service: Unlike most of the alternatives provided in this list, Binance supports different trading functions, such as margin, derivatives, spot, leveraged tokens, peer-to-peer (P2P) and over-the-counter (OTC). Its users have access to hundreds of altcoins in most of these trading verticals.
Staking & Mining: For those who would love to contribute to the development and security of their pet projects or would love to earn with their idle tokens, Binance offers a way to stake or mine through staking and mining pools, respectively. Some of the supported coins and tokens offer attractive returns.
Yield farming, savings, lending: these are all passive ways to earn additional tokens on the platform. Savings and lending services allow users to lend and borrow from each other at affordable rates. See our detailed guide to Binance crypto lending for more information.
Storage: With Binance, users are encouraged to store their crypto assets within their accounts because they have the greatest utility in the web wallet than if they are withdrawn to an offline location. However, if users prefer, the exchange also operates a separate mobile wallet called Trust Wallet that is fully integrated with the Binance ecosystem.
Binance Pay: The exchange allows its users, both individuals and merchants, to send and receive cryptocurrencies within the Binance ecosystem at no cost. Even non-Binance users can receive crypto payments, but will have to register for an account to redeem funds.
Binance Visa Card: Payment cards remain convenient financial tools for purchasing and accessing funds globally, and Binance has partnered with global payments company Visa to develop a crypto debit card. With the Binance Visa card, users can spend crypto assets within their accounts cheaply and effortlessly wherever Visa cards are accepted worldwide.
Binance Coin (BNB): today, there are several cryptocurrency trading platforms with native tokens, but the concept was popularised by Binance with its BNB coin. Exchange users can take advantage of holding BNB to claim discounts on trading fees and lend the coin for interest, among other uses.
Binance Chain (BC) and Smart Chain (BSC): Binance operates two independent blockchain networks that it uses to complement its vast ecosystem. The BC network is used to support Binance’s decentralised exchange (DEX), while the BSC is a full network that mimics Ethereum’s smart contract functionality.
Binance Launchpad: the Launchpad is a section of the Binance website where new blockchain projects are presented and offered to potential investors. This fundraising model is called initial exchange offering (IEO), popularised by binance exchange when ICO faced public and regulatory backlash in 2017/8. So far, more than 50 projects have been successfully launched through Launchpad.
Binance NFT : Binance launched the non-fungible token marketplace in Q3 2021 to capitalise on the NFT hype. The platform allows Binance users to create, buy, sell and trade rare art created on Binance Smart Chain and Ethereum.
Binance Academy: this section of the Binance website contains informative, educational and entertaining content about the vast blockchain space ideal for beginners and experts looking to expand their understanding of cryptocurrencies.
The above list is not conclusive as Binance has many more features, but we have highlighted some of the most popular ones. You can visit Binance for the full list of products and services the exchange has to offer its users.
Drawbacks of Binance
Binance exchange may be the largest cryptocurrency trading platform, but it is not a perfect choice for cryptocurrency investors. It has several drawbacks that make it less than ideal for many individuals and institutions.
Some of these downsides include:
Its lack of corporate transparency: Binance has a murky corporate structure that diminishes its trustworthiness, especially towards regulators. This is the reason why Binance has been banned from operating in several jurisdictions such as Singapore and Malaysia.
Regulatory non-compliance: In some highly regulated regions, such as the United States and China, Binance was unable to comply with KYC and related policies forcing it to cease operations. For US residents, the exchange has launched a local subsidiary that operates in most US states and adheres to strict regulations. However, Binance.US lacks most of the features available on the international version (Binance.com).
Unintuitive user interface: Most cryptocurrency novices will find Binance’s user interface overwhelming because the exchange offers several options to all its users. Compared to other exchanges with a more intuitive platform such as Coinbase, Binance is a long way off for most newbies. However, the exchange offers a scaled-down version of its interface on the mobile interface called Binance Lite that is easier to interact with.
Lacks FDIC insurance: Binance’s international version does not insure USD deposits as it does with its US-based subsidiary. Some of its other competitors provide this feature which makes them more reliable and trustworthy.
THE BEST ALTERNATIVES TO BINANCE
Overview
Binance offers several options to its users, which makes it harder to recommend any of its other competitors. However, since it has some drawbacks that may affect some potential users, it is important to consider some of the other options available.
To be considered a worthy alternative to Binance, a cryptocurrency trading platform must offer what Binance does not. Since Binance’s product list is quite comprehensive, we have to look elsewhere, such as availability, security or user experience.
Most of the recommendations in this section are cryptocurrency exchanges that shine in these areas where Binance falls short. Moreover, some of them offer most of the highly demanded features that Binance offers. Therefore, if a user opts for one of these Binance alternatives, they may not be missing out on much.
Binance Vs. Coinbase
Coinbase is a US-registered and regulated cryptocurrency exchange that was launched in 2012. It is one of the most recognised trading platforms with a long history of providing cryptocurrency-related services. The exchange now offers services to individuals and institutions alike.
In 2021, after nine years in operation, Coinbase finally debuted on the public market, listing its shares on the NASDAQ exchange, becoming the first cryptocurrency exchange to do so.
Coinbase features
When it comes to features offered, Coinbase is extremely generous despite the highly restrictive regulations it has to comply with within the United States. Compared to the Binance.US exchange available in the US, Coinbase users enjoy more options, including accessibility in more US states, support for more crypto assets and payment methods.
Brokerage services: Coinbase was originally created as a crypto brokerage service provider that allows its users to easily buy, sell and exchange their assets. This service has been maintained and enhanced to accommodate transactions through a wider range of payment options including PayPal. Institutional customers are offered the same services through the Coinbase Prime product.
Trading services: Coinbase has separated its user interface to cater to two different customers. The main platform called Coinbase.com is geared towards offering brokerage services, while the other, called Coinbase Pro, is geared towards more advanced crypto investors. The Pro platform is ideal for active traders who require sophisticated tools such as charting software, limit orders and access to the order book. Transaction fees on the Pro platform are also very competitive.
Coinbase Commerce: The commerce function offered by Coinbase allows traders to accept online cryptocurrency payments on websites, web apps, mobile apps and offline via integrated payments. The service currently has built-in integration with major e-commerce platforms such as Shopify and WooCommerce.
Coinbase Earn: newcomers to blockchain can learn about crypto projects and be rewarded in tokens from the same project they learn about. This is a great way to incentivise people to invest the time to learn about a new topic.
Coinbase Wallet: Similar to Binance’s Trust Wallet, the Coinbase Wallet is a standalone mobile and web wallet that can be used outside of the Coinbase platform. It can store most of the available cryptocurrencies, interact with decentralised applications (dApps) and store Ethereum-based NFTs. The wallet inherits the intuitive user interface implemented in the Coinbase consumer interface, which makes the wallet ideal for beginners.
Staking pool: Staking is becoming more popular as more blockchain projects adopt the environmentally friendly consensus mechanism. Coinbase is keen to buck the trend, having launched a staking pool that currently supports staking of at least six digital assets, including Tezos (XTZ), Cosmos (ATOM), Algorand (ALGO) and Ethereum 2.0 (ETH2).
Coinbase Card: Coinbase has also partnered with Visa to create a cryptocurrency-compatible payment card that is acceptable at millions of merchant shops and ATMs worldwide. The card uses crypto assets in a user’s Coinbase consumer account.
Coinbase pricing and trading fees
Coinbase charges brokerage fees on a flat fee per transaction combined with a percentage of the transaction value. However, the exchange switches to a maker/taker pricing model on the professionally focused Coinbase Pro platform.
To buy, sell and convert cryptocurrencies on Coinbase.com, the exchange will charge between $0.99 for transactions valued below $10 and $2.99 for transactions not exceeding $200. Anything above $200 will attract a variable fee of 1.49% for standard payment methods and 3.99% for payment cards.
Bank transfers attract a deposit and withdrawal fee of $10 and $25 respectively. PayPal transactions are charged at a rate of 2.5%.
Betting services are some of the most expensive on Coinbase, with commission fees of up to 25%.
Coinbase Security
Coinbase enjoys a long history of lack of security incidents, except for one that occurred between April and May and was reported in October 2021. In this isolated incident, fraudsters employed elaborate phishing schemes against Coinbase users, managing to breach the accounts of at least 6,000 users.
Aside from the incident highlighted above, Coinbase has not had any other publicly reported incidents, making it a relatively safe platform. The company insures all USD deposits through the FDIC (Federal Deposit Insurance Corporation) to the tune of $250,000.
Other security measures implemented to safeguard systems and accounts include:
KYC verification;
Secure asset storage with up to 98% of customer assets stored in cold wallets;
Data encryption using the robust AES-256 encryption standard;
Multi-factor authentication (2FA) for secure login.
Pros and cons of Coinbase
Pros
Highly regulated;
User interface is intuitive to use, especially for beginners;
USD deposits are FDIC insured;
Available in all US states;
Supports more crypto assets than Binance’s US subsidiary, Binance.US;
The exchange supports multiple payment methods, including PayPal.
Cons
The exchange offers less crypto services than Binance.com;
Its brokerage and wagering fees are high, and especially compared to Binance, it is very expensive;
Coinbase has narrower coverage outside the United States and offers even fewer services to global residents;
It supports a small fraction of the crypto assets available with Binance.
Binance Vs. Uphold
Uphold is not a full-fledged cryptocurrency trading platform with all the bells and whistles desired by professional crypto investors. The exchange provides brokerage services for a wide range of assets, including traditional and digital financial institutions.
It provides the necessary tools ideal for a conservative investor seeking exposure to multiple asset classes, which include precious metals, cryptocurrencies, equities and fiat currencies. In addition, the process involved in switching between the various assets is smooth, effortless and intuitive.
The reason one can compare Uphold to Binance, despite their vast differences, is that, unlike Binance which focuses purely on cryptocurrency, Uphold is more diverse. Traditional investors who are used to buying conventional assets such as gold, silver and stocks may be looking to expand their investment portfolio into digital assets without giving up their current portfolio.
Uphold makes it possible to buy, sell and trade between various assets such as gold and Bitcoin within the same account easily and profitably.
Uphold features
Brokerage services: Uphold makes it easy for investors to buy, sell and trade between a variety of different assets, including cryptocurrencies, precious metals, US-based equities and domestic currencies. Users have access to more than 70 crypto assets, including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP).
Currently, the precious metals supported on Uphold are gold, silver, platinum and palladium. The exchange also provides investors with exposure to over 27 fiat currencies, including USD, EURO and GBP.
Uphold also offers customised environmental assets ideal for investors interested in helping to combat climate change by investing in carbon credit tokens minted by the exchange. Two such assets are available to investors: UPCO2 and Bitcoin Zero (BTC0).
Staking: Decentralised blockchain projects rely on consensus mechanisms to propagate the network and decide on governance decisions. Staking is one of the most common forms of consensus building that is growing in popularity. Uphold allows users to participate in staking activities for Polkadot (DOT) and Ethereum 2.0 (ETH2). Cardano (ADA), Cosmos (ATOM) and Solana (SOL) will be added in the future.
Uphold debit card: The Uphold payment card has been developed in partnership with MasterCard, allowing users of the exchange to spend assets in their accounts at millions of merchant locations and ATMs worldwide.
Limit orders: Uphold allows its users to set up self-executing transactions at pre-determined prices. Trades are executed through the limit order function. Essentially, if you want to buy or sell an asset at a certain price, set up the trade and as soon as the price is reached, the order will be executed and the assets will be deposited or withdrawn to or from your account automatically.
Autopilot trading: this is an interesting feature through which Uphold users can automatically invest in their favourite assets. This feature facilitates the execution of the DCA (dollar cost averaging) investment technique effortlessly. Investors can set up a regular trade to occur at a predetermined date and time.
Maintain prices and fees
Uphold does not charge a flat fee for its services, nor does it charge a commission. Instead, it includes a spread cost on each transaction. It is worth noting that spreads vary depending on the asset and the region in which the trader resides.
Cryptocurrency transactions typically attract a spread between 0.8 and 1.2% for leading assets such as Bitcoin (BTC) and Ethereum (ETH) for traders in the US and Europe. Outside these regions and for small assets, that figure rises to a maximum of 1.8% or more, especially in times of extreme market volatility.
Precious metals, national currencies and stock exchange transactions have a spread rate of 3%, 0.2% and 1% respectively.
Maintaining security
Security is an important consideration for any online platform, especially a value transfer exchange, and fortunately Uphold pays close attention to the security of its systems. Here are some measures it has implemented to help protect its own assets and those of users:
Encrypting data using sophisticated algorithms;
Routinely auditing accounting and security systems to keep up with modern security standards;
Maintain active surveillance of critical infrastructure such as data servers;
Conduct appropriate due diligence checks on contractors and other external service providers with particular attention to those dealing with sensitive information;
Train employees on how to maintain high security hygiene standards;
Running a bug bounty programme to incentivise independent security systems analysis to poke holes in Uphold’s security infrastructure.
Uphold users are also provided with tools to protect their accounts at all times, including:
Verifying their identities (KYC provisions);
Multi-factor authentication via SMS, email and authentication applications;
Use of secure internet connections via SSL.
Defending the pros and cons
Pros
The exchange is highly regulated, complying with FinCEN regulations in the US and the FCA in the UK;
Uphold offers several different products, including cryptocurrencies, precious metals, US equities and domestic currencies;
It has automated trading through the AutoPilot feature that allows users to automate their investment activities;
The platform is highly secure with robust security processes to protect users;
The exchange has a simple and easy to use interface;
Minimum investment of $1 for any desired asset thanks to fractional ownership;
The platform allows direct trading between different assets.
Cons
Low-liquidity assets are charged higher spreads, making them costly to invest in;
Compared to Binance, Uphold only supports a fraction of available assets;
Staking is only available for two assets so far, and the feature is currently enabled for a select number of Uphold users;
Professional traders may find Uphold lacking in the features department, as it lacks things like charting tools, the order book and a wider variety of order types.
Binance Vs. KuCoin
KuCoin is a Singapore-based cryptocurrency exchange that is more similar to Binance than most of the alternatives listed here. It has the most feature-packed service that rivals what Binance has to offer and charges extremely low trading fees. Its history dates back to 2013, making it one of the oldest cryptocurrency trading platforms in existence.
Features of KuCoin
Cryptocurrency brokerage: KuCoin allows its users to buy and sell digital assets effortlessly via payment cards, bank transfers on the P2P platform and third-party service providers such as Banxa and Simplex.
Cryptocurrency trading: KuCoin users have access to various trading options, including spot, margin, futures and leveraged tokens. There is even an integrated trading bot to automate trading activities.
KuCoin Earn: KuCoin’s exchange provides several avenues for its users to earn additional income from their digital assets, such as loans, bets, promotions and savings. There are 15 assets supported by the gambling platform, including Cardano (ADA), Polkadot (DOT) and Chainlink (LINK).
KuCoin mining pool: The mining pool service allows users to contribute their hash rate to mine particular coins for profit. KuCoin supports three currencies within its mining pool service: Bitcoin, Bitcoin Cash (BCH) and Ethereum (ETH).
KuCoin Shares (KCS): KCS is KuCoin’s answer to Binance’s BNB token, a utility token used throughout Binance’s expansive ecosystem. KCS is also used within the KuCoin ecosystem in a similar way, but is especially used to claim discounts and invest in new blockchain projects through the Spotlight service.
KuCoin Spotlight: New blockchain projects can be launched through KuCoin Spotlight thanks to the initial exchange offer (IEO) trend that was ignited by the launch of the Binance Launchpad platform. Interested individuals are invited to invest in these new projects in exchange for new tokens that can potentially increase in value once the project goes live.
KuCoin indices: the exchange aggregates several data points to provide more accurate prices for its assets to active traders who also engage in arbitrage activities. The KuCoin indices collect data from multiple competing exchanges, including Coinbase, Binance, Bitstamp and Gemini, for four main cryptoassets: BTC, ETH, XRP and Litecoin (LTC).
KuCoin pricing and fees
Like Binance, KuCoin’s fees are extremely competitive in the market. Unlike Coinbase or Uphold, KuCoin uses a maker/taker pricing model where the higher an individual’s trading volume, the lower their payout.
Fees are currently set at a maximum of 0.1% for both makers and takers and a minimum of 0% for makers, and 0.05% for takers. Larger traders can obtain rebates on their trading volume of up to 0.005% / 0.025% for manufacturers / takers, respectively.
Using KCS to pay trading fees entitles the trader to a 20% discount on already low fees.
KuCoin security
The KuCoin exchange has taken several measures to ensure that its systems and customer assets are secure. Here are some of those that have been disclosed to the public:
The platform uses multi-factor authentication;
Users are encouraged to create strong passwords;
KuCoin uses micro-withdrawal wallets to provide additional anonymity and security when withdrawing assets from the platform;
The exchange has adopted a multi-layered encryption system to safeguard customer data and wallet details;
KuCoin keeps the majority of its assets in cold storage (although it does not disclose the percentage of assets in cold and hot wallets);
There is a dedicated risk monitoring and mitigation department at KuCoin tasked with analysing security risks and implementing appropriate measures.
Despite the robust security measures in place, KuCoin suffered a security breach in September 2020 that saw the exchange lose $280 million to a hacker. However, according to an official announcement, the exchange managed to recover at least 80% of these funds.
Pros and cons of KuCoin
Pros
Ideal for professional traders where it offers tools such as charting software, limit order types, margin and derivatives trading at a very low fee;
Available to investors in most countries, except in highly regulated regions such as the US and UK;
Offers various trading, betting, mining, investment, savings and lending services;
Supports several altcoins, almost as many as Binance.
Cons
Binance still offers more services at even lower prices on most of them than KuCoin;
The exchange has a history of being hacked;
KuCoin is not as highly regulated as, for example, Coinbase, which limits its geographic reach. For example, it is not licensed to operate in the United States.
Binance vs. Kraken
Kraken is among the oldest cryptocurrency exchanges on the market, with its history dating back to 2011. However, the platform formally launched in 2013 after two years of development.
Based in San Francisco, California, Kraken is a highly regulated cryptocurrency trading platform available in the most restrictive regions, such as the United States, Japan and Australia.
As one of the best Binance alternatives, Kraken has a lot to offer its current and potential users. Here are some of the services available on the Kraken exchange.
Kraken features
Kraken may have started as a cryptocurrency brokerage service provider that allows its users to buy, sell and trade digital assets, but over time it has transformed into a more rounded company. It initially evolved to provide a healthy trading experience ideal for newcomers and professional traders as well. Now, there are all kinds of services that are related to investing in cryptocurrencies. These include:
Cryptocurrency brokerage: in essence, Kraken remains a cryptocurrency broker where users can buy and sell their favourite cryptocurrencies. The exchange supports a wide variety of fiat payment methods and fiat currencies.
Cryptocurrency trading: Kraken has a wide range of trading options to cover most investors, including spot trading, margin, cryptocurrency futures and over-the-counter (OTC) trading.
Crypto staking: Staking is a common passive revenue channel that Kraken users can enjoy with support for some of the most common and profitable assets, including Ethereum 2.0 (ETH2), Cardano (ADA), Polkadot (DOT), Kusama (KSM) and Solana (SOL).
Cryptowatch & Kraken Terminal: the latter is a set of trading tools used by professional traders, such as OHLC charts, charting tools, depth charts, etc., while the former is a data aggregator that extracts market prices for several of more than 25+ competing trading venues in a single interface. The tool has access to more than 4,000 cryptomarkets.
Kraken Apps – Kraken exchange has chosen to segregate its mobile apps to represent different sections of its platform. There are three apps available for download: the Invest app for brokerage needs such as buying, selling and trading digital assets; Pro App for advanced cryptocurrency trading functionalities, such as getting access to charting tools, the depth chart and order book, etc., while the Futures app is used for trading cryptocurrency futures.
Knowledge base: similar to Binance Academy or Coinbase Learn, the Kraken knowledge base is an archive of learning material on everything to do with cryptocurrencies. Beginners can use the knowledge base to gain access to cryptocurrency guides, podcasts, webinar recordings and complementary videos.
Kraken pricing and fees
Transaction fees on the Kraken platform are lower than most major exchanges such as Coinbase. Some of its services are free, such as staking, which means that staking rewards are paid in full to interested parties.
The fee schedule differentiates between brokerage and trading services where it is cheaper on the latter than the former. The exchange charges 3.75% + € 0.25 for credit card payments and 1.7% + $ 0.10 for bank and wire transfers.
When it comes to trading fees, Kraken uses the maker/taker pricing model where the fee rate changes according to which side of the trade the investor falls on and their previous 30-day trading volume. The highest rate the exchange charges is 0.16% for low-volume takers, and the lowest rate is zero for high-volume makers.
Kraken security
Although it is often advised that online users should take full responsibility for the security of their assets, platforms also play a very important role in ensuring that their users have all the necessary security tools to keep themselves safe. Exchanges also have to ensure that their systems are safe to use and that their customers’ assets are kept secure at all times.
Kraken is one of the few cryptocurrency exchanges that have a proven track record of maintaining the highest standards of safety and security. Some of the things it has done to ensure that include:
Keeping the majority of user assets (95%) in cold storage;
Encrypting customer data and account information;
Using company-owned servers rather than using third-party or cloud-based servers that allow them to have complete control over the infrastructure;
Perform regular security audits on the platform’s security infrastructure.
Tools available to Kraken users to protect their accounts include:
Keep the majority of user assets (95%) in cold storage;
Encrypt customer data and account information;
Use company-owned servers rather than using third-party or cloud-based servers that allow them to have complete control over the infrastructure;
Perform regular security audits on the platform’s security infrastructure.
Tools available to Kraken users to protect their accounts include:
Multi-factor authentication;
Global configuration lock (GSL) and master key;
Use of PGP for email privacy;
Restricted email functionalities;
Encryption of data in transit mode; etc.
Kraken Pros and Cons
Pros
Kraken is a highly secure platform with zero reported security incidents despite its decade-long history;
Fees on the trading platform are competitive even though Binance could be cheaper in most cases;
Staking is free on Kraken;
The exchange is highly regulated, making it accessible in more restrictive markets such as the US, Europe and Asia;
It supports multiple cryptocurrencies for trading and other crypto-related services such as staking;
Kraken caters to newcomers and experts alike with its intuitive user interface and segregation of mobile apps based on usage.
Cons
Its adherences to global financial regulations mean it cannot support most cryptocurrencies on the market;
Kraken’s fees are higher than Binance;
Compared to Binance, Kraken supports fewer coins in its betting service;
Leveraged trades on Kraken are limited to a multiple of 5X, while Binance supports leverage of up to 20X.
Visit Kraken
Read the Kraken review
FINAL THOUGHTS
Binance is a highly competitive cryptocurrency trading platform and one of the leaders in several aspects, including trading volume, supported assets and accessibility. It was difficult to come up with a list of the best Binance alternatives, but we believe the four options provided above are worthy of your consideration.
Three of them: Coinbase, Kraken and Uphold are based in the United States, which makes them an excellent alternative to the US-based Binance subsidiary. KuCoin may not be available in the US like Binance.com, but it offers most of the services you can get with Binance, and is compatible with some regions that Binance is not, such as Singapore.
Binance may be one of the best cryptocurrency trading platforms in many ways, but if you need an alternative, the four platforms highlighted above will probably be your best short.
Are you a cryptocurrency beginner? Read our full guide ‘The best cryptocurrency trading platforms’ for more information on how to properly choose your first digital asset exchange.
FREQUENTLY ASKED QUESTIONS ABOUT ALTERNATIVES TO BINANCE
What is Binance?
Binance is the largest cryptocurrency exchange by trading volume. It was established in 2017 by Changpeng Zhao (CZ) and company, initially based in Hong Kong, but later moved its headquarters to Japan and then to Malta. The exchange offers various crypto-related services, including trading, gambling, mining, early-stage investment, savings, storage and lending.
Why is Binance banned in the United States?
Binance is banned in the United States and some other jurisdictions because it does not comply with some financial regulations.
Is Binance good for beginners?
Binance offers a variety of services and products that can easily swamp a cryptocurrency beginner. If you are just starting out and looking for a great cryptocurrency exchange, you should consider some of the other Binance alternatives, such as Coinbase, which is highly regulated and has an intuitive user interface.
What is the best alternative to Binance?
Binance has several alternatives, and each shines in different places. The decision to choose between the four Binance alternatives offered above is highly subjective, and we encourage you to read through all the options and choose the one that suits your particular needs.
