Top 8 Binance Alternatives & Competitors in 2021: Services Similar To Binance

Binance Alternatives

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For a quick reference, the following is the summary of Binance alternatives that you can use. I have personally used them for a fair amount of time and have practically explored most of their features. You may read further and explore why these exchanges are no less than Binance and why you should not only keep all your funds on Binance.

ExchangeMode of Deposit and WithdrawalQuick Link
1. FTXCrypto & FiatTrade Now
2. Huobi GlobalCrypto & FiatTrade Now
3. KrakenCrypto & FiatTrade Now
4. Coinbase ProCrypto & FiatTrade Now
5. KuCoinCrypto & FiatTrade Now
6. AscendEXCrypto & FiatTrade Now
7. BybitCrypto & FiatTrade Now
8. MEXC GlobalCrypto & FiatTrade Now

All crypto geeks agree to the fact that owning cryptocurrencies is all about being your bank.

The crypto world allows us to enjoy the perks and privileges of a decentralized and distributed world where you control your money without any censorship.

However, this lack of centralization and regulation also makes our money prone to fraud and theft. Moreover, most of the exchanges we use to deal with crypto assets are themselves centralized and thus make them prone to a single point of failure.

We all have our favorite cryptocurrency exchanges, and we are heavily dependent upon them. This means that the safety of our wealth relies on the security and integrity of the exchange we use. An exchange may shut down, stop taking new registration, fraud, etc. (as we have seen in the past).

Therefore, it is wise to distribute your crypto portfolio across different exchanges and reduce your risk exposure.

Everyone loves Binance. I do too. But it is always good to stay cautious and skeptical and spread your risk by using Binance alternatives simultaneously. It’s not rocket science, try and keep your eggs in different baskets rather than in one (i.e., Binance).

Moreover, when Binance announced that they closing doors for U.S. users from September 2019, the hunt for the 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.

So, here is my list of the 8 best Binance alternatives for you. Have a look!

List of Top Binance Alternatives

1. FTX

FTX Crypto Exchange

FTX Exchange was established in May 2019 by FTX Trading Ltd. Its offices are based out of Hong Kong. The exchange is growing rapidly 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 Global, and Coinbase.

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 understand 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:

  • Spot Trading
  • Futures Trading
  • Margin Trading
  • ETF Trading 
  • Staking
  • Leveraged Tokens Trading
  • Tokenised Equity Stocks

However, it also provides some unique services such as:

  • Prediction Markets
  • OTC (over-the-counter) trading for crypto whales

The exchange has a user-friendly interface and an interactive mobile application. They also allow staking and lending features, which is an essential feature of any crypto exchange as it will enable you to earn passive income on your crypto assets.

The exchange is restricted for the users of the United States of America, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, or Antigua and Barbuda.

Read our full review on FTX here.

2. Huobi Global

Huobi Global Crypto Exchange

Huobi Global is the world’s second-largest crypto exchange after Binance in terms of trading volume. The exchange is based in Seychelles, East Africa, and was established in 2013. Huobi Global is an international cryptocurrency exchange that originated in China but now has moved across the world to serve a maximum number of investors. 

The exchange has a very experienced founding team with a workforce spread across the globe. 

The exchange provides all the necessary features such as:

  • Spot, Margin and Derivatives trading
  • OTC (over-the-counter) trading for crypto whales

In addition to the above, Huobi Global has some unique features such as:

  • Bot Trading for automating your trading income.
  • Staking to earn passive income on your crypto assets
  • Crypto loans to earn passive income on your crypto assets

The exchange has a world-class user interface. In addition to this, it has a mobile application for Android and iOS users

The exchange has outsourced its Security and Risk control to Goldman Sachs. It has a Decentralized structure and anti-DDOS protection system. Further, Huobi has a dedicated Security Reserve Fund of 20,000 BTC.

Huobi Global is restricted for the residents of the USA and Japan.

Read our full review of Huobi Global here.

3. Kraken

Kraken Crypto Exchange

Kraken is one of the oldest exchange to exist in the cryptocurrency industry. It was established in 2011 by a California-based Institutional Brokerage Company called Payward Inc. the headquarters of the exchange is situated in San Francisco.

The features of Kraken are as follows:

  • Spot, Margin and Derivatives trading
  • Staking to enable passive income earning options
  • OTC (over-the-counter) trading for crypto whales

Kraken is a highly secure exchange that can be trusted for crypto trading. 95% of the funds are kept by the exchange in cold storage. The exchange has a bug bounty program that rewards users to identify a potential security breach on the platform.

In addition, with this, a user gets features like 2-factor authentications, no phone/SMS account recovery, SSL encryption, etc.

The exchange has a very interactive web version and has a mobile application in Android and iOS versions.

Except for Washington State and New York, services of Kraken are available for residents of the U.S. Thus, Kraken is a good option for people who are based out of the U.S. and looking for a Binance or Coinbase alternative.

Further, the exchange is restricted to the residents of Afghanistan, Congo-Brazzaville, Congo-Kinshasa, Cuba, Iran, Iraq, Libya, North Korea, Syria, Tajikistan.

4. Coinbase Pro

Coinbase Crypto Exchange

Coinbase is the third-largest crypto exchange globally in terms of trading volume after Binance and Huobi Global. It was established in June 2012 in San Francisco, California, United States.

With over 56 million users, the exchange operates in more than 100 countries and has more than 1700 employees worldwide.

Not only this, U.S. residents who are restricted by most of the crypto exchanges can use Coinbase. However, some features are still restricted for U.S. residents.

In terms of legitimacy, Coinbase Global Inc. (parent company of Coinbase Exchange) is the only crypto exchange-based company that is listed on Nasdaq. As the company is listed in the United States, it not only adheres to self-implicated security and compliance protocols, but it also gets green light on SEC (Security Exchange Commission) regulatory compliance.

The features of Coinbase pro are as follows:

  • Spot trading along with a recurring buy feature for dollar-cost averaging
  • Coinbase has an in-house wallet called Coinbase wallet 
  • Coinbase offers a Visa debit card called Coinbase card, which can be used for buying goods and services
  • There are many options to earn passive income on your crypto assets, such as staking
  • Coinbase has an “Earn while you Learn” feature which rewards you for watching crypto-related videos and resources

Overall, Coinbase Pro is a rock-solid exchange regarding the user base, security, and legitimacy. A list of supported countries by Coinbase can be referred to here.

Read our full review on Coinbase Pro here.

5. KuCoin

KuCoin Crypto Exchange

KuCoin Exchange is a renowned name in the crypto industry. Kucoin was established in 2017 and is based in Seychelles, East Africa. The founding team of KuCoin consists of technology and blockchain experts.

The features of the exchange are as follows:

  • Spot, Margin and Derivatives Trading
  • Leveraged Tokens
  • The platform supports 17 different languages

In addition to the above, KuCoin has some unique features such as:

  • Crypto Lending
  • Bot Trading to automate your earnings

In addition to this, the platform has an interactive mobile application for Android and iOS versions.

A good part of onboarding on KuCoin exchange is that it offers several low market cap gems that can make a life-changing money for you.

Further, the platform’s fee is also on the lower end of the market average.

Read our full review of KuCoin Exchange here.

6. AscendEX

AscendEX Crypto Exchange

AscendEX Exchange (previously known as Bitmax) was established in 2018 and is based in Singapore. The founding team consists of wall street veterans with extensive experience with investment banks, consulting firms, and blockchain digital asset industries.

Features of AscendEX are as follows:

  • Spot, Margin and Derivatives Trading
  • OTC (over-the-counter) trading for crypto whales
  • Staking

In addition to this, AscendEX has some unique features such as:

  • DeFi Yield Farming
  • Fixed Income Plans called BitTreasure
  • Copy Trading feature where you can review and copy trades of professional traders

The exchange has 2 Factor Authentication in terms of security and stores a substantial portion of its crypto assets in a cold wallet.

Further, the exchange has an in-house token called ASD which can be used on the platform for various purposes such as fee discount, staking, etc.
The exchange is restricted to the users of the United States of America, Algeria, Bangladesh, Bolivia, Belarus, Burundi, Burma, Cote D’Ivoire (Ivory Coast), Crimea and Sevastopol, Cuba, Democratic Republic of Congo, Ecuador, Iran, Iraq, Libya, Mali, Morocco, Magnitsky, Liberia, North Korea, Nepal, Somalia, Sudan, Syria, Venezuela, and Zimbabwe.

7. Bybit

Bybit Crypto Exchange

Bybit is a specialized derivatives exchange that was established in 2018. Currently, the exchange serves more than 2 million users.

The products offered by the exchange include perpetual as well as futures contracts. Further, the margin is available on these trades up to 100x.

The platform does not have a spot trading feature. However, the exchange plans to incorporate this feature in the near future.

For beginners, the exchange has an option of paper trading through which you can get the hang of derivatives trading and gradually master this skill.

In addition to this, the platform has an interactive mobile application for Android and iOS versions.

The exchange has a very reliable security protocol that includes 2-factor authentication, SSL communication, and an advanced mechanism of index pricing.

However, the exchange is restricted for the residents of the United States of America, Québec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, or Mainland China.

Read our full review on Bybit here.

8. MEXC Global

MEXC Global Crypto Exchange

MEXC Global Exchange (previously known as MXC Exchange) was established in 2018 in Seychelles, East Africa. The founding team comes from multinational corporations, including financial companies. Further, the team has sufficient experience in the financial and blockchain industry.

Features of MEXC Global Exchange are as follows:

  • Spot and Margin Trading
  • Derivatives Trading
  • Staking
  • DeFi Options
  • OTC (over-the-counter) trading for crypto whales

In addition to the above, MEXC Global has a unique feature of ETF (Exchange Traded Funds) Trading.

Loaded with all the necessary features, MEXC Global is one of the best platforms to find some of the low cap gems that can make life-changing money for you.

From a security point of view, MEXC Global has very comprehensive security and regulatory compliance policy. The platform has a dedicated state-of-the-art security risk control and an anti-DDOS system. Additional security aspects include multi-signature protocol, offline signature protocol, and layered architecture. Further, assets held by MEXC Global are kept in a cold wallet.

The platform has its in-house token MX Token, which can avail additional benefits on the platform, such as fee discounts and staking.

Overall, MEXC Global is a great exchange that can be trusted with our crypto assets.

However, the exchange is restricted for the residents of North Korea, Cuba, Sudan, Syria, Iran, Yemen, Zimbabwe, Belarus, Myanmar, Lebanon, Libya, Bolivia, Ecuador, Bangladesh, Somalia, Iraq, Crimea, Congo, Central African Republic, Kyrgyzstan, the United States, and the U.S. Virgin Islands.

Read our full review on MEXC Global here.

Conclusion – Best Binance Alternatives

This is it with the list of best Binance alternatives as of date. With so many good options of Top Binance Alternatives, you would be able to practice and learn the art of keeping your eggs in different baskets and thus keeping your risk exposure as low as possible.

These exchanges not only compete with Binance, but in some features, they are technically ahead of it. I would keep searching for other good crypto exchanges and would let you know through this post as soon as I get one.

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

Please note that I am not a financial advisor, and this is not a financial advice. You should consult your financial advisor before making any financial decision.

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