The Binance exchange has more than 90 million users and processes up to $80 billion in crypto exchanges per day. Binance is also available in nearly 200 countries and territories around the world and lists over 600 cryptocurrencies. All this explains why Binance is dubbed the largest and most popular exchange in the world.
But centralized exchange is not without flaws. To begin with, it is at loggerheads with most regulators around the world and is not even available in several U.S.
states. It has also been criticized for running a not-so-user-friendly interface. And these and other shortcomings of Binance have investors and traders looking for the best alternative to Binance.
In this guide, we’ll introduce you to what our analysts – and the wider crypto community – consider the best alternatives to Binance.
Table of Contents:
Top 7 Alternatives to the Binance Platform
Here’s a breakdown of what most consider the best alternatives to Binance crypto exchange today and their unique features.
- eToro – Best Alternative to Binance Ever
- Coinbase – Highly Regulated Alternative to Binance
- Crypto.com – Best Alternative to Binance for DeFi Investments
- Huobi – The best alternative to Binance with a solid reputation
- Uphold – The Best Alternative to Binance for Ease of Use
- Uniswap – Best Decentralized Exchange Alternative to Binance
- Kraken – The Best Alternative to Binance for Customer Asset Security
All of these Binance alternatives have their main strengths and we will discuss them in detail below. Compare them all to find the best Binance alternative that works for you.
Binance Alternatives reviewed
The shortcomings of the crypto exchange have strongly influenced our search for the best alternative to Binance. We started looking for crypto trading platforms that not only reflected its main features, but also addressed its shortcomings. In the end, we opted for the following seven equally popular and feature-rich exchanges.
Let’s discuss them all in detail, explore their key features and explain why they entered this list:
1. eToro – Best Alternative to Binance in General
eToro tops our list of the best Alternatives to Binance because it integrates most of Binance’s strengths and addresses most of its shortcomings. To begin with, both are very popular crypto exchanges and are available in virtually all crypto-friendly nations around the world. They also list virtually all of the most popular crypto assets. And they’re also preferred for their ultra-fast transaction processing speeds and commitment to the security and integrity of customer assets and private data.
In addition to meeting all these features of Binance, eToro supports multiple deposit and withdrawal methods. While Binance will only support bank and crypto deposits and direct most other deposits to fiat-to-crypto onramps, eToro processes direct deposits from virtually all popular payment options. These include banks, credit cards, debit cards, eWallets such as PayPal, Skrill and Neteller and direct crypto transfers.
In addition, eToro is a pro-regulatory exchange and, therefore, the most reliable and trustworthy exchange. While Binance addresses different national government and regulatory bodies around the world, eToro has subjected the company and its services to licensing and regulation by all high-level financial regulatory agencies in the world. These include SEC and FINRA in the US, FCA in the UK, AISC in Australia and CySEC in Europe.
You could also say that eToro is easy to use. It maintains a quick and easy client onboarding process, followed by an easily navigable and simplistic resource-rich trading interface, before extending to a quick cryptocurrency buying process. In addition to these, eToro integrates social and copy trading tools – targeting both novice and experienced investors.
2. Coinbase – Highly Regulated Alternative to Binance
Coinbase has long been Binance’s fiercest competitor. And although Binance has already surpassed Coinbase as the most widely used cryptocurrency exchange internationally, Coinbase strives to remain the most relevant trading platform in the United States.
We list Coinbase among Binance’s best alternatives not because of this competitiveness but because the two popular exchanges share many similarities. For example, they are incredibly secure crypto trading platforms, are the two most liquid exchanges, are available in hundreds of countries, and list hundreds of cryptocurrencies and trading pairs.
Despite all this, Coinbase ranks among Binance’s best alternatives because it addresses some of the shortcomings of the CZ-led exchange.
For starters, Coinbase is available in all U.S. states — except Hawaii — while Binance is only allowed to operate in 46 states. In Canada, Binance was recently banned from operating in Ontario after the exchange crashed with the Ontario Securities Exchange (OSE) for licensing and regulation.
Coinbase, on the other hand, continues to operate in all Canadian provinces. Internationally, Coinbase’s pro-regulatory stance allows you to continue operating in jurisdictions where Binance has been banned, such as Singapore.
Coinbase is also listed among the best alternatives to Binance because it is considered easier to use. Of course, both exchanges maintain intuitive, resource-rich exchanges and simple client onboarding processes.
However, Coinbase goes a step further with two trading platforms: the basic version for beginners and intermediate traders and Coinbase PRO for experienced traders. Coinbase allows even these beginners to buy Bitcoin and other cryptocurrencies instantly.
In addition, Coinbase opens its website to support multiple payment methods. Unlike Binance, Coinbase supports different forms of bank deposits (bank checks and ACH), cards (debit and credit), and a wide range of eWallets – such as PayPal – and direct crypto transfers.
3. Crypto.com – The Best Alternative to Binance for DeFi Investments
Crypto.com and Binance share many minor similarities and differences – largely irrelevant. And this is the main reason why we present Singapore’s crypto trading platform among the best alternatives to Binance.
Although Crypto.com launched earlier (June 2016) than Binance (July 2017), the latter exploded faster. Today, Crypto.com is playing the game of catching up by integrating into its platform all the key features that have helped Binance become the world’s leading crypto trading platform, starting with the launch of Cronos Chain – the equivalent of Binance Smarty Chain.
These extend to simplifying the client onboarding process and maintaining a standard/user-friendly trading platform – both on the web trader and on the mobile app. Both are feature-rich and relatively easy to use. However, critics have accused Binance of overpopulating its trading platform – especially the mobile app – with features that they believe overwhelm beginner and intermediate traders.
We also list Crypto.com among the best alternatives to Binance because, like Binance, it also creates passive avenues for income generation for investors. These include the Crypto.com Staking and Lending programs. Through staking, cryptocurrency investors earn competitive interest – up to 14.5% P.A. – while the loan allows them to borrow up to 50% of their deposited cryptocurrency and repay it in 12 monthly installments – at competitive interest rates.
4. Huobi – The Best Alternative to Binance with a Wide Range of Supported Resources
Huobi is one of the most renowned exchanges in the world. It is also one of the oldest, having been established in 2013. Like the rest of the crypto exchanges we’ve presented here, Huobi has a lot in common with Binance. For starters, both handle the standard cross-platform trading interface with an easy onboarding process. They are also deeply liquid and ultra-fast in processing crypto transactions.
But the similarities aren’t the only reason we present Huobi among the best alternatives to Binance in 2022.
We also present it here because of its unique features that address Binance’s shortcomings. For starters, both maintain resource-rich trading platforms, designed to attract novice and experienced traders. And they achieve this by integrating the widest range of educational, market research, trading and risk management tools.
Huobi, however, facilitates trading on its platform by giving all its clients access to a free and highly successful trading bot. This proprietary bot has consistently been ranked among the top 20 most effective crypto trader bots.
We also rank Huobi among the best alternatives to Binance because it supports a wide range of cryptocurrencies. Today you can buy over 500 cryptocurrencies on Huobi and interact with over 1000 cryptocurrency trading pairs.
These can be purchased with some of the most popular deposit options, including credit and debit cards, bank transfers, popular eWallets, and direct crypto transfers. We must also add that Huobi supports one of the widest ranges of fiat currencies and fiat-to-crypto pairs.
We also include Huobi here because it gives users of its platform some level of control over the exchange – through Huobi’s HADAX. Holders of the token can not only enjoy discounted trading fees, but also voting rights. This allows them to vote on decisions such as coins to be added or removed from the exchange.
5. Uphold – The Best Alternative to Binance for Ease of Use
Unlike the rest of the online investment platforms we discussed in this post, Uphold is not a pure cryptocurrency exchange. Rather, it is a multi-asset digital trading platform that lists over 200 cryptocurrencies and tokens, 50 US stocks, forex, and environmental assets such as Bitcoin zero. However, it is still on our list of the best alternatives to Binance.
One of the main factors that analysts considered when they decided to add Uphold to the list of the best alternatives to Binance is that it allows anyone to buy anything with anything. This implies that users of its platform can buy virtually any cryptocurrency with any other supported asset, be it cash, commodities, or even stocks. This, therefore, makes Uphold one of the most affordable crypto trading platforms in the world.
It also enters the list of the best alternatives to Binance due to its solid reputation and commitment to the security of client funds. Unlike Binance, for example, Uphold is a multi-regulated online trading platform licensed by the likes of FinCEN in the US and FCA in the UK. In addition, Uphold publishes all transactions in real time and does not lend client deposits or invest them with third parties, which ensures that it is always completely confidential.
6. Uniswap – The Best Decentralized Exchange Alternative to Binance
Uniswap is the fastest growing decentralized exchange in the world. This is evidenced by the fact that the exchange has integrated 3 million cryptocurrency investors and traders on its platform, its increasing daily trading volumes, and the $1 trillion worth of crypto exchanges it has processed since launch.
Like Binance, Uniswap is a user-friendly trading platform. It has an easy onboarding process, features an intuitive user interface, and a simple process of buying and trading cryptocurrencies. Uniswap also presents its platform users with a wide range of supported cryptocurrencies and an even wider selection of crypto trading pairs.
Like Binance, Uniswap allows users of its platform to diversify their investments and accelerate portfolio growth by presenting them with passive investment opportunities. It allows virtually anyone to contribute liquidity to multiple liquidity pools.
In return, you are rewarded with a share of the transaction fees generated by the pool. This allows you to earn doubly on your crypto investment – from the appreciable value of your crypto coins and the revenues earned from liquidity farming.
When Binance started, some of its strongest appeals to investors were its anti-regulatory stance and the fact that it allowed anyone to buy/sell/deposit/withdraw huge sums of cryptocurrencies without requiring identity verification. But as its popularity has increased, governments and regulatory agencies have pounced on it, forcing it to implement KYC/AML controls and reduce maximum daily deposit/withdrawal limits.
By virtue of being a decentralized exchange, Uniswap does not subject its clients to KYC/AML controls. Therefore, it is the best alternative to Binance for anyone looking to invest or trade cryptocurrencies anonymously.
7. Kraken – The Best Alternative to Binance for Customer Asset Security
Launched in 2011, Kraken is arguably the oldest large-cap cryptocurrency exchange in the world. It is a highly reliable trading platform, is deeply liquid and maintains one of the most user-friendly trading interfaces. These are some of the main factors that our analysts take into account when adding Kraken to this list of the best alternatives to Binance.
But in addition to performing a quick and easy customer onboarding process, Kraken has moved to establish itself as a more beginner-friendly exchange. Try to achieve this by creating two separate trading platforms: Kraken and Kraken PRO.
Kraken is dedicated to beginner and intermediate traders and also features the buy cryptocurrencies feature instantly. It integrates a lot of educational content and the most intuitive interface. Kraken PRO, on the other hand, is dedicated to experienced traders and integrates the widest range of research materials, trading and risk management tools.
Kraken also enters the list of the best alternatives to Binance because the two integrate a wide range of features into their platform. These range from integrated passive income generation options such as staking. But Kraken goes a step further and provides users with a dark pool that can be used to exchange pseudonyms.
Above all, Kraken is one of the best alternatives to Binance because it is safer and more transparent. We must note that even though Kraken has been around for more than a decade, the crypto exchange has never been hacked. In addition, it was the first large-cap cryptocurrency exchange to conduct and publish a proof of asset audits.
Factors to Consider When Choosing the Best Binance Alternatives
Trading and investing in cryptocurrencies is all the rage right now, and much of it can be attributed to the stellar performance of the industry’s past and promising future. Today, Binance dominates this industry, attracting millions of traders and processing billions of dollars in daily trades. But alternatives to Binance are needed to meet the shortcomings of the cryptocurrency giant.
So what do you consider when looking for the best alternative to Binance? Here are 5 must-have factors for any viable Binance alternative:
- Ease of Use: Your preferred alternative to Binance should be easy to use. It should have a simple client onboarding process, an intuitive trading interface, and a quick buying process. It should also support a wide range of deposit/withdrawal methods.
- Exchange Security: Your choice of the best alternative to Binance should also be safe. It should have put in place measures to safeguard its network and the personal data and digital assets of its customers.
- Supported Tools: The Alternative to Binance should also support your preferred deposit and withdrawal methods.
- Cost of trading: It’s also important that your preferred alternative to Binance maintains competitive trading costs, both transaction fees and non-trading fees such as deposit and withdrawal processing fees.
- Liquidity: The best alternative to Binance must also support a good range of cryptocurrencies and cryptocurrency trading pairs. It must also be deeply liquid and able to process even the largest buy or sell orders in the shortest possible time.
What are the benefits of using Binance?
In less than 5 years, Binance has transformed into the world’s largest cryptocurrency exchange, attracting over 90 million users in the process. Here are the benefits of using Binance. These are the factors that its current and previous users have enjoyed most about trading on the cryptocurrency exchange:
- Support for a wide range of assets: Binance supports a wide range of high-level and emerging crypto tokens. At the time of writing, Binance supports over 600 coins and tokens and over 1500 cryptocurrency trading pairs. It also integrates crypto futures, options and NFT.
- Deep Liquidity: Binance is the most liquid cryptocurrency exchange in the world, processing an average of $70 billion in cryptocurrency exchanges per day.
- Ultra-low transaction fees: Binance also maintains some of the most competitive crypto trading fees. It does not keep hidden fees, charges between 0.1% and 0.004% per transaction, has a 25% discount on fees paid with BNB coins, and currently does not charge any trading fees on selected Bitcoin pairs.
- Digital Asset Security: Binance is one of the most secure crypto trading platforms. Not only does it provide users with free wallets and hold customer funds in offline vaults, but it has also set up a $1 billion insurance fund for its customers.
- Passive Income Generation: Binance offers its customers a wide range of passive income opportunities. These include Binance savings, staking, lending, and contributions to the liquidity pool.
What are the disadvantages of trading on Binance?
Despite its remarkable basic features, however, Binance is not without flaws. Like most other crypto exchanges, Binance has its fair share of disadvantages, which is part of the reasons why analysts have tried to control the market and identify the most suitable Binance alternatives.
Some of the biggest shortcomings of Binance are:
- Unregulated: To begin with, Binance is not a regulated crypto trading platform and constantly confronts national governments and financial regulatory agencies about regulatory and licensing requirements. This has had it banned in countries like Singapore, states like New York in the United States, and provinces like Ontario, Canada.
- Complex interface: Binance has crammed a lot of features on its trading platform, especially on the mobile trading app, which makes the trading platform quite complicated and not so suitable for beginners.
Conclusion – Best Alternatives to Binance
In five short years, Binance has broken multiple barriers to emerge as the world’s largest and most popular cryptocurrency exchange. It is also the most liquid crypto trading platform, is available in virtually every crypto-friendly country/territory in the world, and recently surpassed Coinbase to become the exchange with the most Bitcoins.
But his anti-regulatory stance has put him at loggerheads with several national governments and international financial regulators. It has even been banned in several countries, states and regions.
This and all the other downsides, such as running a sophisticated trading platform, create the need for an alternative to Binance. And in this post, we discuss what we consider the seven best alternatives to Binance in 2022. These mirror the core features of Binance and others that address the major shortcomings of the CZ-led trading platform.
Frequently Asked Questions about the Best Binance Alternatives
Which exchange should I use instead of Binance?
In this guide to cryptocurrency exchange, we have discussed the seven best alternatives to Binance. Read this post again, identify the exchange that best suits your cryptocurrency trading needs, and register a crypto trader account with them.
What is the best alternative to Binance?
Our analysts are of the opinion that eToro is the best alternative to Binance.
What will be the next big cryptocurrency to explode in 2022?
The market is still contracting, which makes it impossible to say which cryptocurrency will explode before the end of the year. Some like Ethereum, GMT, Chiliz and NEXO are already expected to release big moves before the end of the year.
Is Kraken safer than Binance?
You could also say that Kraken is safer than Kraken, especially when you consider the fact that it has never been hacked.
