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2021-02-19 05:30:00

Top 10 Binance Alternatives: Crypto Exchanges Similar To Binance

Owning cryptocurrencies is all about being your own bank.

It is also to enjoy the perks and privileges of a decentralized and distributed world where you control your money without any censorship.

But one who has been here for some time might have realized that some of the critical areas of this cryptoland are still prone to a single point of failures and hence undistributed.

For example, take cryptocurrency exchanges.

We all have our favorite cryptocurrency exchange, and we are heavily dependent upon them. Another fact is, most of these exchanges are centralized. Which means they might shut down any time or stop taking new registrations (as we have seen in the past).

Hence, why it is wise to distribute your crypto portfolio across different exchanges and reduce your risk of being exposed to just one.

I know most of you love Binance. I do too, but it is always a good idea to be cautious and to spread your risk by using Binance alternatives simultaneously. Moreover, when Binance announced that they closing doors for U.S users from September 2019, the hunt for best Binance alternative has begun. To make your life easier, I have listed some of the best alternatives that you can use to trade cryptos.

  1. FTX exchange (A lot more options for coins)
  2. Bybit ( An alternative to Binance margin trading platform)
  3. Coinbase ( Company registered in the USA)
  4. Kraken (A reliable Binance alternative for 🇺🇸 citizens)
  5. CEX
  6. eToro (Perfect for U.S. users as well)
  7. KuCoin
  8. Huobi.pro
  9. Bittrex
  10. BitFinex

Therefore, I have drafted a list of the best Binance alternatives you will find out there. Here you go.

10 Best Alternatives to Binance Exchange:

1. FTX Exchange:

FTX Exchange was established in May 2019 by FTX Trading Ltd. Its offices are based out of Hong Kong. The exchange is growing at a rapid pace because of its very interactive user interface and many unique offerings in the spot and derivatives crypto market.

Based on the trading volume, FTX is the 4th largest exchange after Binance, Huobi, and OKEx.

The USP of the exchange is its team, which has relevant and dynamic experience in the crypto and traditional trading sector. The FTX team comes from some leading Wall Street quant funds and tech companies: Jane Street, Optiver, Susquehanna, Facebook, and Google. The team has ample exposure to the traditional secondary market. Members have backgrounds in equity derivatives trading and seem to have an understanding of how derivatives are traditionally designed, and what kind of derivatives are in demand. FTX’s motto is “by the traders, for the traders”.

Like Binance, the exchange offers services such as:

  1. Spot Trading
  2. Futures Trading
  3. Margin Trading
  4. ETF Trading 
  5. Staking
  6. Leveraged Tokens Trading

However, it also provides some unique services such as:

  1. Tokenised Equity Stocks
  2. Prediction Markets
  3. OTC Transactions

The exchange has a user-friendly interface and an interactive mobile application. They also allow staking and lending feature, which has become an essential feature of any crypto exchange. 

Read our full review on FTX here.

Create account on FTX (5% discount)

2. Coinbase Pro

Coinbase Pro, formerly GDAX, is an order book marketplace for cryptocurrencies owned and maintained by Coinbase. It is also like Binance where one can see orders placed by others and can buy or sell at the market price.

Also, one can set their limit orders and browse charts to see patterns if they are competent enough. But their biggest USP is that they allow fiat currencies and have homologous volumes also.

As we speak, GDAX is in the top 10 cryptocurrency exchanges in the world with pairs such as  BTC/USD, ETH/USD, BCH/USD, LTC/USD, ETH/BTC, etc.

And as of now, they are servicing in countries such as US, Europe, UK, Canada, Australia, and Singapore. The list of the countries and states it doesn’t serve is listed here.

And here AML/KYC is mandatory to get started and below shown is their maker & taker fee schedule:

Coinbase Pro Fee
Join Coinbase Pro Now

3. Kraken

Kraken is another exchange based out of USA, and is also registered as a Money Services Business (MSB) with

  • FinCEN in USA — registration number 31000136371793.
  • FINTRAC in Canada — registration number M19343731.

The number of altcoins on Kraken is limited, but the volume is good, and those who are looking for a Binance alternative based out of USA, this is a good option. 

Join Kraken

4. BitMax

For all the U.S. Citizen looking for the best alternative to Binance, look no further than BitMax. This exchange is as optimized as Binance and offers features such as:

  • Spot trading
  • Margin trading

This is also a unique exchange that let you trade (spot + margin) exchange coins like BNB, HT, OKB, GoChain, and a few others. BitMax also has a native token called BTMX which has utility and looks like a profitable investment instrument just like BNB.  BitMax mining feature rewards users in BTMX token for trading on the platform. This is one of the factors that is fueling the growth of this fast-growing exchange. Overall this is #1 alternatives to Binance for U.S. and Non-U.S. users. BitMax also offers a mobile app to trade from your mobile phone.

Create a Free BitMax Account

5. KuCoin

KuCoin

KuCoin is another international cryptocurrency exchange which has a significant amount of liquidity on their platform.

As we speak, KuCoin is trading more than 340 cryptocurrency pairs and is in the top 50 exchanges by volume on the CMC list.

It is a crypto-to-crypto only exchange, with its native currency called KCS (KuCoin Shares), just like Binance has BNB. KCS, however, functions differently.

And the real benefit is for KCS holders, who are rewarded for holding KCS tokens and get 50% of the trading fees of KuCoin exchange daily in reward as KuCoin bonus.

KuCoin-Shares-Chart

Apart from this benefit, their fee structure of trading is rather cheap at just 0.1% as the trading fees. The deposits of supporting cryptocurrencies are free, and withdrawal charges are as per this chart.

Also, they have mobile apps for both iOS and Android users who like to manage their crypto portfolios on the go. (Download KuCoin Android app | Download KuCoin iOS app)

Join KuCoin Now

6. Huobi Pro

Huobi Pro

Huobi Pro is an international cryptocurrency exchange that originated in China but now has moved across the world to serve a maximum number of investors. It is based out of Singapore and has been operating in this space successfully for the last five years.

As we speak, it occupies the #3 spot on CoinMarketCap’s list of exchanges by volume and has 244 cryptocurrency pairs. Hence, needless to say, of this, you will never face liquidity problems on this exchange.

They also have mobile apps for both Android and iOS for users who want to trade cryptos on the go.

Huobi Pro App

Their registration process is also pretty simple and straightforward, so go ahead and do the needful. Oh, and just so you know, the exchange fee is also pretty low. Have fun.

  • Do read, Huobi Exchange Review & Benefits of HT token: Can It Pull Off Another Binance?
Join Huobi Pro

7. Bibox

Bibox

Bibox is another excellent alternative to Binance.

I stumbled upon this exchange late in 2017 while researching for Binance alternatives as Binance had temporarily paused new registrations.

I found its business model and approach to be very similar to Binance but realized over time that there are some technical differences.

Binance is a high speed, large liquidity provider exchange which has its native token (BNB) for managing its token economics, whereas Bibox is an AI -enhanced, encrypted digital exchange, with improved security and its own native token BIX. And just like BNB holders, if you have BIX, you can use it to pay the trading fee and avail the discount.

BIX-Token-Fee-Schedule

And Bibox follows maker and taker fee model as shown below:

  • Taker: 0.10% trading fee
  • Maker: 0.00% trading fee

To start on Bibox, you need to register and login using your email ID. At the time of updating this post, Bibox does not accept registration from following countries:  China mainland, Hong Kong, Taiwan, Cuba, Iran, North Korea, Crimea, Sudan, Syria, Malaysia, the United States, Guam, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Kazakhstan

They have also been constantly updating their mobile app to make it one of the best in the industry for people who like to trade cryptocurrencies on the go. (Android App | iOS App)

Join Bibox Now

8. Gate.io

Gate-crypto-exchange

Gate is a promising cryptocurrency exchange that offers all significant coins. They also have a mobile app which is functional and lets you trade cryptocurrencies on the move. Also, they are currently running a promo that entitles users to a 10% discount on trading fees.

Gate.io trades more than 300 cryptocurrency pairs and is in the top 25 exchanges by volume on the CMC list.

Gate.io also offers multiple trading pairs such as BTC Market, ETH Market, USDT Market, QTUM market. The mobile app is decent for trading on the move and is as fast as the Binance app. You can also deposit or withdraw funds using the mobile app.

Join Gate.io Now

9. Bittrex

Bittrex is a US-based cryptocurrency exchange headquartered in Seattle, Washington, and is operating in this space since its foundation in 2013. It is well-regulated and compliant with all of the current US rules, so crypto users need not worry about the safety of their funds.

Moreover, one does not need to worry about the liquidity on this exchange as it has quite a decent volume. So much so, it is in the top 25 cryptocurrency exchanges of the world.

It lists more than 280 cryptocurrency pairs against other currencies. And a thing to note is, it also supports USDT/TUSD-like stablecoins, and USD too.

To get started with Bittrex, you need to register and log in through your email ID, but to withdraw funds, you need to do a KYC by submitting your ID documents and phone number. You can visit Bittrex and open a Bittrex account by following this official step by step guide here.

  • Do read, Bittrex Review: Still Good, But A Long Road Ahead To The Top
Check out Bittrex

10. Bitfinex

Bitfinex is another popular cryptocurrency exchange that can be used as an alternative to the Binance exchange. Moreover, this exchange is operating in this space from 2012 and is based out of Hong Kong as of now. It is also one of the busiest exchanges in terms of USD volume for BTC.

Another good thing is that it allows both fiat and crypto pairs for trading and has functional mobile apps to help traders trade on the go! (Bitfinex’s Android and iOS mobile apps.)

To get started on Bitfinex, you need to register, verify your ID, and authenticate yourself. It typically takes 15-20 business days after submitting valid ID proof before you’re accepted into the platform. But on opening an account on Bitfinex one needs to deposit fiat or crypto to achieve minimum account equity of USD 10,000 before they can start trading.

Bitfinex serves all countries except the United States, Bosnia, Herzegovina, Democratic People’s Republic of Korea (North Korea), Ethiopia, Iran, Iraq, Syria, Uganda, Vanuatu, and Yemen.

  • Do also read, Bitfinex Exchange Review: Is It Safe To Trade On It?
Check out Bitfinex

Conclusion

Binance AlternativesCrypto/FiatRatings
KrakenCrypto & Fiat10/10
MXC exchangeCrypto, No Fiat8.5/10
FTX exchangeCrypto, No Fiat10/10
Gate.ioCrypto, No Fiat8/10
CoinbaseCrypto & Fiat9.5/10
BittrexCrypto & Fiat8/10
BitfinexCrypto & Fiat8/10

For now, these are the popular Binance alternatives that you can use.

I will be updating this list as and when I find more new exchanges during my research.

Until then, share this list of Binance alternatives with your friends and family. And let’s keep learning about the cryptocurrency revolution together.

Here are a few hand-picked articles that you should read next:

  • 7 Best Cryptocurrency Exchanges In The World To Buy Any Altcoins
  • Looking To Buy Monero/XMR? Here Are The Top 5 Sites For You
  • Best Bitfinex Alternatives To Buy/Sell Cryptocurrencies
  • Binance Exchange Review: Is It Safe And Reliable?
  • Top 5 Websites To Buy Ripple (XRP)
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