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 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.
Therefore, I have drafted a list of the best Binance alternatives you will find out there. Here you go.
Best Alternatives to Binance Exchange:
1. 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.
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.
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.
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.
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.
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. 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)
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 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.
5. 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:
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 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.
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.
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.
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.
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