Binance Alternatives - Best Similar Apps You Can Choose From
We are not asking you to stop using Binance; it is a great platform in many ways, but you would agree with us that no brand is perfect. Besides, what's good for Tom may not be good for Jerry. Therefore, we offer this article to serve as a reliable guide for you to find a Binance alternative that can better meet your needs.
What is Special About Binance?
Before 2017, which was the year Binance was founded, there were already similar crypto platforms such as Kraken (2011), Coinbase (2012), Coinmama (2013), Bittrex (2014), Paxful (2015), and Crypto.com (2016). At the time of writing this post, Binance stands as one of the leading crypto exchanges in the world. It is arguably the largest in the industry despite not being the first to be launched. This shows that if you know how to launch a fintech startup or any other company, you can introduce a formidable brand in any market of your choice.
In terms of coin listings, the Binance crypto exchange platform holds more than 350 cryptocurrencies and offers cheap (sometimes free) trading of Bitcoin. Also, it has more than 120 million registered users and a 24-hour high trading volume of US$38 billion on February 25, 2023. These are all indicators that Binance is a great brand.
In addition to the aforementioned unique features, Binance offers a marketplace for users to trade and invest in highly liquid non-fungible tokens (NFTs). There, you can find digital artwork and collectibles of all kinds. The platform connects creators, artists, buyers, sellers, and crypto enthusiasts who are interested in making the most of NFTs by minting, trading, and investing in them.
Furthermore, the company provides the infrastructure and tools that merchants need to accept crypto payments safely, securely, and seamlessly, enabling them to reach more customers through its borderless technology.
Crypto enthusiasts and investors in digital assets can also use the Binance platform to hold crypto and earn high returns from flexible and fixed investment plans. This is made possible through the Binance Earn product of the company, which serves as a one-stop hub with dozens of digital assets.
Switching Exchanges: Why You Might Need a Binance Alternative
The Binance platform has some imperfections, for which it might be better for you to consider its alternatives. The most notable disadvantage (or con) of using Binance is that the company is not fully compliant with the legal requirements of many countries, which include the United Kingdom, the United States of America, and more than 20 others. And the situation has led to the placement of restrictions on the company, limiting its features, available trading options, and crypto coins.
In the United Kingdom, for example, following worries over Binance’s weak consumer protection, the Financial Conduct Authority (FCA) ordered the company to stop its operations in the country last year. According to a report by The Guardian, afterwards, some crypto-friendly banks in the country barred their customers from making money transfers to the Binance crypto exchange. This kind of experience is not good for users of the platform as it disrupts the steady control they want to have over their finances and investments.
Similarly, in the United States, Binance was accused of money laundering in September 2022. It was not the first time, as an investigation into the company had been ongoing since 2018. According to a CNBC report, a team of federal prosecutors in the US has asked the company to show evidence from internal records that it is not involved in money laundering. This action was taken after the collapse of the FTX crypto exchange in 2022. The specific requests were that Binance should present proof of compliance with anti-money laundering (AML) checks and show that it did not violate the Bank Secrecy Act, which demands that cryptocurrency exchanges get registered with the Treasury Department. The general public is still waiting to see the end of this investigation.
Aside from territorial trading restrictions in different countries, there are some other strong reasons why you might want to switch from Binance to another of its alternatives. They include:
- the complicated nature of its platform—it is not the simplest to use; and
- its vulnerability to cyberattacks, such as that of October 2022, which led to the loss of about US$570 million of the BNB token to hackers, according to a report by The New York Times.
How to Choose a Crypto Exchange: Nine Factors to Look For
There are a few factors you need to consider when switching from one crypto exchange to another. We outline them below.
1. Regulation and reputation of the platform
This is the most important factor to consider when switching from one crypto exchange to another. It gives you confidence in the safety of crypto trading and investment platforms.
Some exchanges have been operating under extremely dangerous models for a long time. This is because they were largely unregulated, which caused serious liquidity problems and gave them a bad reputation. Some platforms have been forced to shut down or cease operations as a result of a financial regulator finding that they were not operating in accordance with government legislation in one or more of the jurisdictions in which they operate.
Thankfully, there are some cryptocurrency exchanges that actively seek to cooperate with the authorities and employ appropriate risk and liquidity management strategies. The best Binance alternatives discussed in this article are regulated by reputable institutions and have a good reputation.
2. Crypto exchange size and trading volume
A larger cryptocurrency exchange will have greater liquidity. This is crucial since it ensures that you can swiftly and affordably buy and sell Bitcoins or any other cryptocurrencies as you wish.
Strongly related to size is trading volume, which is also a crucial factor to consider when looking for Binance alternatives in the cryptocurrency market. This is because it supports a number of technical indicators, including liquidity, market trends, market strength, accumulation, and market reversal.
3. Digital coins supported
This factor cannot be overemphasised. If the cryptocurrency exchange you are considering choosing does not list the digital coins you are interested in trading or investing in, you should let it go, no matter how "attractive" it looks. The reason is that you would end up getting dissatisfied with its offerings and would not be able to buy and sell your favourite crypto.
4. Security features
Ensure that your chosen Binance alternative has multiple layers of security. It should include authentication and data encryption. It would also be a plus if it has a cold-storage crypto wallet, which offers strong security for being offline, although it can be inconvenient.
5. Payment methods
The more payment methods a cryptocurrency exchange accepts, the easier and more convenient it is to use. So, you should look for a platform that offers a variety of payment options, especially the ones that you have and can easily use for your transactions. Examples of what to expect include support for direct bank deposits (via the ACH network or any other network), wire transfers, debit/credit cards (payment cards), m-wallets, and digital wallets (e-wallets).
6. Support for fiat currencies
The surest way to cash out your Ether, Bitcoin, or any other cryptocurrency, especially in times of need, is by ensuring that your trading and investment platform also supports fiat money, such as USD, GBP, and EUR, which are popularly traded currencies. So, your Binance alternative should not only allow fiat-to-crypto conversion during the onboarding of new users, but also enable crypto-to-fiat transactions.
7. Customer support
Many cryptocurrency platforms lack the resources required for customer support because too many rapidly expanding exchanges fail to scale up their resources in proportion to the number of customers they serve. Therefore, you should ensure that your Binance alternative has a reachable and fast customer support team that you can contact when you need to voice your concerns.
8. Variety of fees
The reason cryptocurrency exchanges impose fees is to generate revenue. They often take a tiny cut of each transaction to cover costs and maintain their operations.
When choosing a Binance alternative for trading or investing in cryptocurrency, be sure to check the exchange's fees since they might differ significantly. While some exchanges have extremely low fees, others have rather expensive ones. Do not join a crypto platform that is too expensive for you.=
9. Options for trading
A crypto exchange can have a few or many trading options. So, when making a choice among Binance alternatives, try to choose the one that offers the trading options you are interested in. Look for the exchange’s futures, spot, margin, derivatives, and over-the-counter (OTC) trading.
Best Binance Alternatives
We analysed many crypto exchanges and key players in the US and European markets based on several facts, including regulations, reputation, and security. In the end, we arrived at a reliable list of the best Binance alternatives to choose from. They are the following industry leaders:
Gemini
Gemini is a leading crypto exchange that offers a simple platform for people to buy, sell, and store more than 90 cryptocurrencies, including Bitcoin and Ether. This Binance alternative has its own coin—Gemini USD—and also offers an over-the-counter trading platform (Gemini eOTC), which is fully electronic.
Gemini has a crypto credit card for making payments and receiving instant rewards. It is a Mastercard card issued by WebBank under a bank-fintech partnership agreement between both parties.
Apart from cryptocurrencies, Gemini has its own (acquired) NFT marketplace, which is named Nifty Gateway. It is an Ethereum-based platform that enables the sale or exchange of creative artworks.
If you want a Binance alternative that offers industry-leading security and safety, Gemini has what it takes to protect your investment, including a high level of compliance with international safety and security standards. Moreover, via WebAuthn, Gemini offers a hardware security key that secures user accounts.
There are a few crypto exchanges that offer insurance coverage, and Gemini is a leader in this aspect. The company maintains insurance against some crypto losses.
Gemini is regulated by the New York State Department of Financial Services. It has also been authorised by the Financial Conduct Authority in the UK.
To find out more about Gemini, including its variety of low fees and free services, or to register an account with it as your Binance alternative, follow this secure link.
Crypto.com
Crypto.com is a leader in the crypto space. This digital platform is one of the alternatives to Binance to consider for several reasons. It has a good reputation and is trusted by over 80 million people who use it to buy and sell digital coins from different parts of the world.
You can trade more than 250 cryptocurrencies and over 20 fiat currencies on Crypto.com. The platform also offers different trading options, which include margin and derivatives.
The Crypto.com platform supports a variety of payment methods, which include credit/debit cards and bank transfers. Its users also enjoy up to 5% crypto back on their expenses with the Crypto.com Visa card. All these are provided without annual fees but with other low fees.
Crypto.com is respected for its high level of compliance with security certifications and institutional regulations concerning safe business operations. You do not need to worry about your investments when you use Crypto.com. Besides, it offers one of the most comprehensive cryptocurrency insurance coverages with verified proof of reserves.
Kraken
Kraken is one of the earliest Bitcoin trading platforms to be listed on the Bloomberg Terminal. On this digital platform, professionals can get real-time financial data and news on investments. This achievement was due to its high reputation.
Kraken was founded in 2011. Over the years, this marketplace has grown into a crypto exchange for everyone (in terms of coverage). Although it has around 9 million customers, this digital platform supports more than 190 countries. We encourage you to consider it among your Binance alternatives to choose from. It has more than 185 cryptocurrencies for users, who will only have to begin their digital asset investment on this platform with just US$10.
Users of Kraken also have the opportunity to earn up to 24% in annual rewards by staking their digital assets—more than 12 assets can be staked. Why is staking important? Read our post on how to make money through cryptocurrency to learn more.
The trading options on Kraken include spot, futures, and margin. You can use them to lower your average cost per transaction and trade large volumes easily at stable prices. The customer care team at Kraken is available 24/7 via email and live chat to give you the support you need with trading and investing on the platform.
In terms of security, Kraken is one of the most secure crypto trading and investment platforms to use. It has a world-class security team that ensures the protection of users’ assets. The security features on Kraken include two-factor authentication with Yubikey and Google Authenticator, email confirmation for withdrawals, account timeouts that can be configured as you wish, SSL encryption for secure browsing, and sensitive data encryption at rest.
Create an account with Kraken today to get a high-quality crypto management experience, trading in your favourite digital coins for fees as low as 0%.
Coinbase
Coinbase is a crypto exchange that serves as an easy platform for people to buy and sell Bitcoin, Ethereum, Cardano, Solana, and other cryptocurrencies. It is a Binance alternative for investors who would like to earn up to US$25 worth of crypto.
With Coinbase, you can keep track of your portfolio as you manage it in one place. The platform also allows you to schedule recurring purchases of digital assets and enjoy secure cold (offline) storage of your crypto while providing insurance up to US$250,000 on USD cash balances.
The Coinbase platform has a quarterly trading volume of US$145 billion and supports more than 100 countries. Follow this link to learn more about it.
eToro
eToro is not a newcomer in the financial services industry. It has been in operation since 2007. We added this platform to our list of the best Binance alternatives not because of its age but because of its rich features and high regulatory compliance.
With over 30 million users, more than 3,000 digital assets, and support for more than 100 countries, eToro is among the best crypto exchanges to buy and sell Bitcoin, Ether, and over 60 other cryptocurrencies. One of the unique offerings of this company is "CopyTrader," a system that allows you to replicate the strategic moves of other crypto investors, ideally those you believe in.
Kraken is trusted by millions of investors worldwide because it is regulated by various financial authorities in the different regions where it operates. Moreover, with a Kraken account, you can enjoy top-tier security for your data and transactions.
Uphold
In case you are looking for an alternative to Binance because of its regulatory challenges, Uphold is a crypto exchange that is very committed to compliance and anti-money laundering. It is a FinCEN-registered money service business (MSB) in the United States and an FCA-regulated digital platform in the United Kingdom.
As a multi-asset trading platform, Uphold offers more than 250 cryptocurrencies to its over 10 million users in more than 150 countries. The platform enables users to trade between different assets without hassle. It offers secure and transparent trading with no hidden fees.
The Uphold crypto exchange offers state-of-the-art security to its customers. It uses sophisticated encryption, offers two-factor authentication, and manages a Security Operations Center that monitors activities on the platform 24/7 to ensure that threats are instantly detected and prevented.
We encourage you to visit Uphold now to obtain more information about it or create your secure crypto account.
Crypto Exchanges to Avoid Sanctions
Following the fifth and tenth packages of sanctions imposed on Russia by the European Union, Binance has prohibited payments for its services to Russians and residents of Russia. Hence, they will not be able to buy and sell EUR and USD, and likewise, European citizens will not be able to exchange RUB on Binance P2P. So, if you are reading this post from Russia, we recommend a couple of exchanges as an alternative to Binance.
Bybit
Bybit is a crypto exchange headquartered in Dubai, United Arab Emirates. Since its launch in 2018, it has attracted more than 10 million users across 160 countries. The mission of Bybit is to foster the empowerment of crypto enthusiasts with next-generation tools to unleash their full potential while levelling up with Web3.
You can buy and sell Bitcoin, Ether, and more than 270 other crypto assets with low fees on Bybit. The platform supports more than 50 fiat currencies and allows the use of credit and debit cards. In addition, it has an NFT marketplace where you can explore, buy, and trade unique non-fungible tokens.
Huobi
Aside from Bybit, Russians looking for a Binance alternative can also use Huobi. It is a Beijing-based crypto exchange for traders in mainland China and beyond. The company was founded in 2013.
Over the past decade, Huobi has become a leading crypto trading platform with more than 500 cryptocurrencies and over 10 million users in more than 200 countries and territories. It allows people to trade crypto from anywhere. On this platform, you can buy Bitcoin, Ether, HT (Huobi Token), Litecoin, and many other cryptocurrencies using USD, EUR, GBP, CNY, and many other fiat currencies
FAQ
There are many great crypto platforms in Europe. However, Uphold can be considered the best and most trusted among them because it is licensed and regulated by reputable financial authorities in the United Kingdom, and the United States.
There is no "best" crypto wallet for everyone. As people’s faces are different, so are their situations and preferences. Instead of looking for the best crypto wallet, you should focus on finding the one that suits you the most. So, first, you need to determine how you want to trade or invest in digital coins. Then, look through the list of the best crypto trading platforms for their wallets to find the one that's right for you.
No, Binance is not a future-free platform. It offers the Binance Futures product to help traders manage risks in a capital-efficient way.
Yes, you can use the EUR for transactions on Binance. This crypto exchange accepts many fiat currencies, including EUR, USD, CYN, RUB, AUD, and INR.
Conclusion
Although Binance is a major player in the cryptocurrency industry, some investors decide against using it because of its restrictions, security issues, and other drawbacks. However, there are a few excellent Binance alternatives available right now that provide comparable or superior functionality to Binance.
Despite the fact that some may contend that Binance remains the "best" option, that isn't always the reality. So, if you need an alternative platform, you should carefully consider each of the options on our list above before making a choice.
