While cryptocurrency exchanges offer a range of digital asset trading and the ability to store cryptocurrencies in e-wallets, they face security threats and often charge high fees and commissions.
For example, Binance is one of the largest cryptocurrency exchanges in the world, but it also has some significant shortcomings.
In this guide, we’ll review where Binance falls short and list some Binance alternatives that may be better in terms of regulation, features, security, and fees.
Best Binance Alternatives for January 2024
eToro: Buy over 120 cryptocurrencies on a regulated platform
MEXC: High-speed transactions and a wide range of cryptocurrencies
KuCoin: Offering a Diverse Range of Cryptocurrencies and Low Fees
Coinbase: The most trusted and widely used platform
Kraken: A highly respected exchange that supports 7 fiat currencies
OKX: An exchange that provides advanced financial analysis tools
Bybit: A first-class exchange offering leveraged trading
Uphold: Simple web and app transactions
Huobi: An established exchange with strong fundamentals
Crypto.com: An exchange with an NFT marketplace
Bitfinex: Also offers leveraged trading
Best Binance Alternatives for January 2024
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Best Binance Alternatives for January 2024 - Reviews
1. eToro - Overall Best Binance Alternative
eToro is one of the world's largest and most trusted cryptocurrency trading platforms, providing traders with unique trading opportunities.
eToro is a leading platform that is user-friendly and easy to use. This applies to both beginners and experts as the trading experience can be adjusted to the user’s needs to strike the right balance.
For example, the Copy Trader feature allows novice traders to follow the strategies of advanced traders with years of experience. In our eToro vs Binance guide, we extensively analyzed how this Copy Trader feature makes eToro a great alternative choice.
eToro has over 20 million users and supports over 2,000 financial assets and short-, medium- and long-term investment options.
eToro is also considered a safe cryptocurrency trading platform and is also allowed to be used in the United States. Regulatory issues with eToro are not as prevalent as those of Binance, and the platform is regulated by CySEC, FCA, GFSC, FinCen, FINRA, and ASIC, which is a comfort to all users.
They are also covered by insurance from Lloyd’s of London. Therefore, customers can rest assured that any financial issues that may arise with the platform in the future will be taken care of.
In addition to charging only 0.1% for conversion fees, eToro also supports a variety of payment methods such as debit/credit cards, wire transfers, PayPal, etc., allowing users around the world to enter cryptocurrency trading with just a click of a button. For more details, check out our eToro review.
eToro’s cryptocurrency trading app and eToro Money Wallet app, both available on Google Play and the App Store, are desktop-optimized and make it easy for users to manage and diversify their portfolios.
eToro Wallet is very important because it can send and receive digital assets between wallets and can store various types of cryptocurrencies at the same time. As one of the best cryptocurrency wallets, it provides an instant, secure and cost-effective user experience.
eToro's excellent customer service, quick response and problem-solving capabilities are a testament to its commitment to customer satisfaction. Due to its solid reputation and good business practices, eToro is the best platform for cryptocurrency trading and investing.
Visit eToro
Please do not invest in crypto assets unless you are ready to lose all your invested funds.
2. MEXC - High-speed transactions and diverse cryptocurrency selection
Founded in 2018, MEXC is a reputable and in-demand cryptocurrency exchange that has experienced significant growth in recent years. Its continuous system upgrades have made the platform one of the fastest exchanges, processing up to 1.4 million transactions per second. MEXC currently serves more than 10 million users.
Seychelles-based MEXC has established its own global entity, providing services in more than 170 countries and regions. The platform puts user funds security first, integrates powerful security features, and ensures compliance with the requirements of important regulatory entities in all accessible jurisdictions. Although it is currently unavailable in some regions, MEXC is gradually expanding its coverage and plans to cover more countries and regions in the next few years.
While Binance is still a viable option, MEXC sets itself apart by offering a wider range of cryptocurrencies, including both popular and lesser-known cryptocurrencies. In addition, MEXC plans to list new tokens, providing an advantage for investors seeking to capture greater profits at an early stage. Therefore, for those who are looking for an alternative to Binance, MEXC is an attractive option to consider.
Visit MEXC
3. KuCoin - Diverse Cryptocurrencies and Low Fees
Since its launch in 2017, KuCoin has grown into a promising cryptocurrency exchange, serving 30 million users in over 200 countries. KuCoin’s portfolio includes hundreds of cryptocurrencies and over 1,000 trading pairs, and it has distinguished itself from its competitors by quickly listing some lesser-known but promising projects.
KuCoin’s trading options are on par with Binance, supporting a variety of trading options such as spot trading, futures, leveraged trading, and staking, and its fees are highly competitive. Its spot trading fees are very low, starting at 0.1%, and it offers futures trading with leverage up to 100x, which is an important feature for traders looking to increase trading leverage.
KuCoin is known for its user-friendly and visually appealing website interface, and it takes security very seriously. The platform uses advanced security measures, including micro-withdrawal wallets, strong encryption, and multi-factor authentication. It also prioritizes transparency by providing proof of reserves, enhancing overall credibility. In addition, KuCoin users can perform automated trading through APIs and trade conveniently through mobile applications.
KuCoin offers users benefits such as trading fee discounts, token sale participation, and dividends by launching its native token, KCS. Features such as KuCoin Spotlight for IEOs and trading bots have made it a leader in the industry, firmly securing its position as the fifth exchange in terms of trading volume. As a comparable alternative to Binance, KuCoin covers most of Binance's features and is an excellent option to consider.
Visit KuCoin
4. Coinbase - The most trusted and widely used US platform
Coinbase is one of the most well-known, reputable, and trusted cryptocurrency exchanges in the world.
It supports more than 100 cryptocurrencies (and ERC-20 tokens to date), but the main attraction for most beginners is its flexible payment methods, such as PayPal, bank account transfer or credit card.
Coinbase charges a deposit fee of 3.99% when using a debit card, which is high compared to other platforms. However, bank transfers have lower fees.
There is also an option to use Coinbase Pro, which is generally intended for professional traders and features more trade types and limit orders (with a fee of 0.1%), while stop orders are not available on the non-Pro version of Coinbase.
The Coinbase mobile wallet is a useful feature that allows users to securely store a variety of cryptocurrencies, including ERC-20 tokens.
There is no doubt that Coinbase has the most advanced security measures. Coinbase can set up delayed withdrawal locks, multi-signature logins, Google verification code links, and two-factor authentication systems. 98%'s cryptocurrency is stored in a safe in offline cold storage.
However, one of Coinbase’s most significant issues is its customer service; in this regard, it falls short compared to its competitors, as customer support is slow to resolve issues. Many users have been locked out of their Coinbase accounts for seemingly no reason, as Coinbase is stricter than other cryptocurrency exchanges in terms of identification requirements and KYC.
Visit Coinbase
5. Kraken - A highly respected exchange that supports 7 fiat currencies
As an exchange established before Binance, Kraken is one of the most prestigious exchanges in the cryptocurrency industry. The San Francisco-based exchange has about 5,000 employees and offices around the world. Founded by its current CEO Jesse Powell, Kraken is owned by Payward Inc. and is one of the most important players in the trading category, currently the third largest exchange by trading volume.
Kraken, founded in 2011, officially launched in 2013 with solid security and a variety of features that are still used today. It has two products. One is the basic Kraken exchange, which is more suitable for industry beginners, while the other is Kraken Pro, which is aimed at experienced traders and investors. Kraken Pro is also preferred because it charges lower fees and has advanced trading options.
Its activities are regulated in the United States by FinCEN and in Canada by FinTRAC. For the rest of the globe, it is also subject to ongoing audits by accredited financial institutions. The platform hosts over 120 cryptocurrencies and is a good alternative to the Binance exchange.
Visit Kraken
6. OKX - An exchange that provides advanced financial analysis tools
OKX, a Malta-based cryptocurrency exchange, has served millions of customers from over 100 countries since its launch in 2017. The exchange offers multiple financial assets as well as new cryptocurrencies such as Tamadoge on its platform.
Its trading fees start at 0.10% and decrease with trading volume or holdings in OKX’s currency, OKB tokens. The exchange allows users to stake certain cryptocurrencies at an annual interest rate of more than 100%.
Like most well-known cryptocurrency exchanges, OKX offers active trading features for moderate to experienced traders, as well as a simplified format ideal for beginners. OKX has a very simple registration process for its users, allowing them to purchase crypto assets in a matter of minutes using credit cards, debit cards, bank account transfers, Apple Pay, Google Pay, and other payment options.
Through its asset analysis feature, OKX provides users with the profit and loss (PnL) performance trends of their portfolios over a specified time period. The platform enables the management of advanced financial tools for portfolios, such as pool mining, financial analysis, and data analytics.
The educational materials provided by OKX Academy enable users to understand the technical details of the crypto market, even for users who are unfamiliar with how the crypto market works.
In addition, the exchange also provides a unique semi-offline multi-signature technology to ensure that users' crypto assets are completely safe. In order to keep their cryptocurrencies safely in one place, OKX provides users with a powerful OKX wallet that contains different Web3, DeFi, and GameFi functions.
By the way, OKX also has a decentralized exchange platform for those who cannot use its centralized exchange.
Visit OKX
7. Bybit - A top exchange offering leveraged trading
Bybit is one of the industry leaders in the futures trading space. It is a leading first-class cryptocurrency exchange platform that adopts flexible strategies to meet customer convenience. According to Coinmarketcap, Bybit is currently ranked among the top 5 cryptocurrency exchanges in the world and is one of the fastest growing cryptocurrency companies in the world.
Bybit is a cryptocurrency derivatives exchange platform that offers up to 100x leverage on cryptocurrencies, making it a preferred platform for experienced traders. It is also a preferred platform for buying spot cryptocurrencies.
Bybit's charging method is based on the fees of the order maker and the order taker, giving it an advantage over platforms such as eToro. The fee for spot trading is close to 0.1%, while the rebate for limit orders for leveraged trading is about 0.025%. It also provides the option of using a demo account, where users can fully understand the functions and process of futures trading.
Bybit offers the opportunity to conduct USDT and perpetual inverse contracts. Another advantage is that it offers referral and affiliate programs, which can be a source of passive income. At the time of writing, newly registered users have the opportunity to receive a bonus of 5030 USDT.
Bybit also uses top-level security systems with SSL communication, two-factor authentication, and a highly developed marking and index pricing system. It can handle more than 100,000 transactions per second and has built-in Tradingview charting tools and indicators, which are very helpful for technical analysis.
Bybit Learn is a very important charting tool for beginners that clearly lists market trends, volatility, and strategies, enabling clients to make suitable investments. Another unique feature of Bybit is its test network site, where users can freely use and try any strategy they like without using real money.
This can be very beneficial for beginners who may not be accustomed to instant trading and want to better understand the workings of the cryptocurrency market. The Bybit app is available on both Google Play and the App Store.
Visit Bybit
8. Uphold - Perfect platform for beginners
Uphold is the perfect platform for beginners as its app is more suitable for newbies rather than those with advanced trading knowledge.
Uphold offers debit card and wallet services, but it is increasingly gaining popularity as a cryptocurrency trading platform.
Fees are standard compared to many other emerging trading platforms, with a maximum of 1.25%. Interestingly, there is no convenience fee for stock trades made via bank account transfers.
Uphold supports over 52 currency formats and offers stocks, precious metals, and other commodities, making it a tailor-made option for investors looking to diversify.
The Uphold platform has an easy-to-use user interface and provides detailed information about the Uphold platform.
While the Uphold platform has numerous security measures in place, such as two-factor authentication, cold storage options, insurance against potential breaches or thefts, and bug detection procedures, the wallet app has active private key encryption and two-factor authentication.
The wallet app is available on both Google Play and the App Store.
Visit Uphold
9. Huobi - An established exchange with strong fundamentals
Huobi has quickly risen to prominence in terms of cryptocurrency options since its launch in 2013. It has quickly risen to the forefront of the cryptocurrency exchange market since its inception. The Singapore-based exchange buys/sells/stakes/borrows a wide range of cryptocurrencies around the world, making it a hub for investment and trading.
Its platform hosts nearly 400 cryptocurrencies, making it a popular choice for most traders looking for range and diversification. It also has a free trading bot, which is quite unique, support for spot and leverage trading features (leveraged derivatives), a mobile app, and a welcome bonus.
For beginners or short-term traders, a particular advantage of Huobi is its liquidity. It provides liquidity for both ETH/USDT and BTC/USDT pairings, making it a popular platform of choice.
Huobi Exchange has nearly 1,000 global trading pairs and flexible payment methods, including bank accounts, PayPal, SWIFT, etc., facilitating crypto-to-crypto and crypto-to-fiat transactions.
Huobi’s base fee is only 0.2% (order maker and order taker), and Huobi Token holders can enjoy a variety of trading fee benefits and discounts.
In addition to OTC trading, it has also launched its own native token - HADAX. Huobi Autonomous Digital Asset Exchange (HADAX) is the first exchange with an autonomous function. The autonomy of this function allows users and developers to vote on the nature of the tokens listed and traded on the platform.
Visit Huobi
10. Crypto.com - Exchange including NFT marketplace
Crypto.com is a cryptocurrency trading platform that allows users to instantly access a variety of investment avenues. The platform provides services such as cryptocurrency trading, staking, exchange, NFT, etc.
With over 10 million users from more than 90 different countries, it’s a suitable choice for beginners and experts alike.
Crypto.com offers lower transaction fees than many of its competitors at just 0.40%, and can reduce fees further by obtaining discounts.
For spot trading, it supports more than 250 currencies, including but not limited to staking. Popular currencies on the platform include Bitcoin, Ethereum, Cardano, Dogecoin, and Polkadot.
Another advantage of choosing Crypto.com as your exchange platform of choice is the option of its native token, CRO.
By holding a large amount of CRO, you can enjoy lower transaction fees, higher staking rates, and impressive credit card reward points.
Crypto.com also offers users the option to stake their cryptocurrencies or keep them in a Crypto wallet. They may receive up to 14.5% interest on their crypto assets.
The Crypto.com app is available on both Google Play and the App Store and is the best choice for those who want a hassle-free trading experience.
Visit Crypto.com
11. Bitfinex- also offers leveraged trading
Bitfinex is a cryptocurrency exchange platform known for its diverse trading options, such as leveraged accounts, spot trading, derivatives, etc.
The Bitfinex exchange is designed to accommodate a diverse user base from beginners to experts, with over 50 trading pairs and a sophisticated, efficient graphical user interface.
In addition to OTC services, derivatives trading, staking and lending, Bitfinex's P2P leverage trading platform also offers up to 3.3x leverage, and traders can usually determine the borrowing conditions.
Its main advantage is its low transaction fee, which is only 0.20%, which makes it the leader in the market. It is very liquid and guarantees low spreads, which provides assurance for new traders.
Bitfinex also provides advanced charting tools and API access. The platform can also be customized according to the needs of the users; these features make it very user-friendly and convenient. It has a strong KYC verification process, including KYC, which enhances its security system.
But it has a history of violating regulations. It has also been fined for allowing unlicensed exchanges and promoting unauthorized over-the-counter transfers.
This can be worrying for many traders and investors, so caution is advised before using the platform.
Visit Bitfinex
What are some of the advantages of Binance?
Binance is the world's largest cryptocurrency exchange. It is very easy to use due to its wide range of trading options and features. Depending on the user's experience and needs, investors may encounter some learning curve when using Binance.
Diversified cryptocurrencies
Binance offers a comprehensive range of trading options, including a variety of cryptocurrencies. Users can also choose from a variety of trading methods, such as futures and options trading, as well as some other categories. Binance also provides a comprehensive learning platform, NFT platform, tools and services.
Many options for users to choose
For spot trading, Binance offers two different platforms, each with specific features to cater to different types of traders. Each platform is equipped with excellent charting tools and a variety of technical indicators to help you maximize your investments.
Low transaction fees
Another advantage of Binance is its low transaction fees, which only charge 0.1% when making a transaction; if users use Binance's cryptocurrency BNB to trade, this fee can be further reduced to 25%.
Improvements in trading using the latest technology
In addition to its ease of use and flexibility to accommodate new users, Binance has also enhanced its industry reputation by granting access to the MetaTrader 4 trading application. The platform enables traders to receive real-time, immediate and accurate updates on the rising trends and nature of the cryptocurrency market.
Supporting new research and development
Binance is very active in supporting new research and development. It enables newcomers to benefit from professional, proven advice by providing the option to consult with “Expert Advisors”.
Best-in-class security
Binance also has some of the best security features. While it is available in many countries and is actively working towards formal regulation, its main priority is ensuring the safety of customer funds. Users can protect their investments with Google Authenticator 2FA.
Binance TrustWallet is one of the most sought after storage options in the cryptocurrency market due to its high-tech, advanced security features. This multi-currency wallet also supports multiple blockchains and tokens, making the platform very user-friendly.
Seamless payments and withdrawals
Not only does Binance provide you with more liquidity, it is also a P2P platform that is quite flexible with payment methods as it allows users to trade using debit cards, credit cards, and fiat currencies.
However, while Binance is an industry leader and a suitable choice for many emerging traders, it also has some shortcomings. Whether these shortcomings will be a deciding factor remains to be seen.
In order to provide our readers with a comprehensive analysis, we have listed the potential issues that Binance may face.
What are some of Binance’s shortcomings?
Overall, Binance is a decent cryptocurrency exchange. It offers more than 150 currencies, a cryptocurrency e-wallet, and an advanced user interface. However, as the world's largest cryptocurrency exchange, it also has some significant disadvantages:
Prone to failure
Binance is often prone to glitches, downtime, and outages.
These glitches often lead to unexpected trading losses and make the platform vulnerable to lawsuits and other legal issues.Binance’s multiple crashes and erroneous crashes in the cryptocurrency market came as a shock to many traders and investors.
It is one of the world’s largest cryptocurrency platforms by trading volume. However, whether Binance can adapt to such high trading volumes remains to be seen.
Difficulty in obtaining legal recognition
Binance has been frequently embroiled in legal disputes around the world, particularly in the U.S. It is often in the news for allegations of money laundering, tax evasion, and insider trading, which can have a negative impact on cryptocurrency prices.
The fact that it is unavailable in seven states in the U.S. is also a problem. The lack of a systematic regulatory mechanism is proving to be a disadvantage.
Customer Service
Most support requests and problem solving had to be done via email from the Binance website. This caused a lot of problems for users and resulted in delayed responses.
The customer service bot chat was also inefficient, with most responses automated and often in Chinese.
Another major issue with Binance is its potentially faulty account verification and 2FA services. Customers reportedly had difficulty withdrawing funds and were unable to trade or invest.
No leverage or CFD trading options
Binance does not offer CFDs or leveraged trading. If you plan to execute many trades, a better option is to trade cryptocurrency CFDs, which are contracts that allow you to speculate on digital assets without actually owning them.
The benefit of CFD trading is that you can trade on margin. You don’t have to own the asset, you just speculate on the price of the security without actually owning the digital asset.
Online platforms, such as eToro, have entered the cryptocurrency market over the past two years, offering leveraged positions on key digital assets.
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