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Binance Alternatives – 7 Better Platforms

Find out the major disadvantages of Binance and 7 alternatives with lower fees and more security.
binance
binance

While cryptocurrency exchanges offer a range of digital assets to trade and the ability to store crypto coins on electronic wallets, these exchanges are exposed to security threats and often charge high fees and commissions.

Binance, for instance, is the world’s largest cryptocurrency exchange but it has some major disadvantages.

In this guide, we will review where Binance falls short and list 7 Binance alternatives which are arguably better platforms in terms of regulation, features, safety and fees.

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    Best Alternatives to Binance in June 2022

    1. eToro: Purchase 120+ cryptos on a regulated platform
    2. Uphold: Simple web and app trading
    3. Huobi: Old Player with strong fundamentals
    4. Crypto.com: Comes with NFT marketplace
    5. Bybit: Offers Leverage Trading
    6. Coinbase: Most trusted and widely used platform
    7. Bitfinex: Also offers Margin Trading

    Top Binance Alternative in June 2022

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    Best Binance Alternative in June 2022 – Reviews

    1. eToro – Overall Best Binance Alternative

    eToro is one of the largest, most trusted cryptocurrency trading platforms across the globe, offering traders a unique opportunity to make transactions with its premium features.

    eToro is a leading platform that is user-friendly and easy to use. This is suitable for beginners and experts alike, as the trading experience can be altered based on the user’s needs, striking the right balance. For example, the CopyTrader feature allows novice traders to follow the strategies of more advanced traders with years of expertise.

    eToro hosts more than 20 million users as it supports more than 2000 different financial assets along with short-term, mid-term, and long-term investment options.

    Etoro buy Bitcoin

    eToro Platform

    eToro is also primarily regarded as a safe option for cryptocurrency traders and investors as it is also allowed in the USA. eToro has not had such widespread regulatory issues as Binance has and is regulated by CySEC, FCA, GFSC, FinCen, FINRA, and ASIC, which comes as a relief to all users.

    They also have insurance coverage from Lloyd’s London. Thus, the customers may rest assured in case of any financial issues that may arise in the platform’s future.

    Along with having a conversion fee of merely 0.1%, eToro also supports various payment options such as Debit/Credit Cards, Wire Transfer, PayPal, etc., allowing users from any corner of the world to get into cryptocurrency trading with the click of a button.

    The eToro Cryptocurrency Trading app and the eToro Money Wallet app available on both Google Play and the App Store optimize the desktop version and make it convenient for the user to manage and diversify their investment portfolio.

    The eToro Wallet is essential as it allows for the sending and receiving of digital assets between wallets and can store various types of cryptocurrencies simultaneously.

    eToro’s excellent customer service with instant response and resolution proves its commitment to customer satisfaction. eToro is the most suitable platform for crypto trading and investing due to its stellar reputation and good business practices.

    Visit eToro

    Your capital is at risk

    2. Uphold – Perfect platform for beginners

    Uphold is the perfect platform for beginners, as its application is more suited to novices than those with advanced trading knowledge. Uphold hosts a debit card and wallet service but is increasingly gaining popularity as a crypto trading platform.

    The fees are standard compared to many other up-and-coming trading platforms, with the top line being 1.25%. Interestingly, Uphold charges no convenience fee for stock transactions made via bank account transfer.

    Uphold boasts of supporting over 52 currency formats that offer equities, metals, and other commodities, making it a tailor-made option for those wishing to diversify.

    Uphold Buy bitcoin

    Easy UI and information on Uphold Platform

    While the Uphold Platform has ample security measures like the 2FA, a cold storage option, insurance against potential breach or theft, and a bug detection program, the Wallet app has effective private key encryption and the 2FA.

    The Wallet App is available on both Google Play and the App Store.

    Visit Uphold

    3. Huobi – Old player with strong fundamentals

    Huobi is quickly rising to the top of the charts regarding its cryptocurrency options since its launch in 2013. Huobi Global exchange allows its customers to buy/sell/stake/borrow a variety of cryptocurrencies, making this an investing-trading hub.

    It hosts almost 400 cryptocurrencies on its platform, making it a hot pick for most traders looking for range and diversification. It also has a free trading bot which is quite unique, both spot and margin trading feature (derivatives on leverage), a mobile app, and a welcome bonus.

    A particular advantage for beginners or short-term traders that Huobi offers is its liquidity. It offers liquidity in its ETH/USDT and BTC/USDT pairs making this platform a popular choice.

    Huobi exchange has close to 1000 global trading pairs, for which the payment methods are flexible- ranging from Bank Account, PayPal, SWIFT, etc., facilitating Crypto to Crypto and Crypto to FIAT.

    Huobi Buy Bitcoin

    Detailed info on Huobi Platform

    Huobi’s base fee is merely 0.2% (maker-taker), along with which Huobi Token holders may avail several offers and discounts on the trading fees.

    Along with OTC trading, it has launched its native token- HADAX. Huobi Autonomous Digital Asset Exchange (HADAX) is the first. The autonomous feature of this function allows users and developers to vote on the nature of altcoins that are listed and traded on the platform.

    Visit Huobi

    4. Crypto.com – Includes NFT Marketplace

    Crypto.com is a cryptocurrency trading platform that allows users to access a variety of investment avenues in an instant. The venue hosts crypto trading, staking, swapping, NFTs, etc.

    With a clientele of over 10 million users from over 90 different countries, it is the right choice for beginners and experts alike.

    Crypto.com outmatches many of its competitors with its low trading fees of 0.40%, which may be further reduced by availing discounts.

    For spot trading, it supports over 250 currencies, including, but not limited to, for staking. Popular currencies available on the platform include Bitcoin, Ethereum, Cardano, Dogecoin, and Polkadot.

    Crypto.com buy Bitcoin

    Crypto.com Platform

    Another added advantage of opting for Crypto.com as your chosen exchange platform is the option to choose it’s native coin CRO.

    While holding a sizeable portion of CROs, you are entitled to lower trading fees, increased interest rates for staking, and impressive credit card reward points.

    Crypto.com also offers its users the option to stake their cryptocurrency or retain it in the Cryptowallet for a specified period. They may earn up to 14.5% interest on crypto assets.

    The Crypto.com app is available on Google Play and the App Store and is the best choice for those who want to engage in a hassle-free trading experience.

    Visit Crypto.com

    5. Bybit – Offers Leverage Trading

    Bybit is one of the industry leaders in futures trading. It is a leading cryptocurrency exchange platform that has adopted flexible strategies catering to the customer’s convenience.

    Bybit being a cryptocurrency derivatives exchange platform, offers up to 100x leverage on cryptos, making it a favourite of experienced traders. It currently supports 15 currencies on its platform, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tezos, Chainlink, etc.

    It’s charges are based on maker-taker fees, giving it an advantage over platforms like eToro. Fees for spot trading is close to 0.1%, whereas rebates for limit orders for margin trading are approximately 0.025%. It gives the user the option of using a demo account wherein they are educated thoroughly on the functions and processes involved in futures trading.

    Bybit has the chance of USDT and perpetual inverse contacts. A bonus is that it offers referral incentives and affiliate programs which could be a source of passive income.

    Bybit Bitcoin buy

    Bybit Platform

    Bybit also has a top-notch security system using SSL communication, 2FA, and a highly-developed Mark and Index pricing system. It is equipped to handle more than 100,000 transactions per second, and has built-in Tradingview charting tools and indicators, which are helpful for technical analysis (TA).

    Bybit Learn is a vital charting tool for beginners, specifically, which outlines the market trends, fluctuations, strategies enabling the customer to make the suitable investment.

    Another unique feature of Bybit is its testnet site, wherein a user is free to use and try out any strategy they prefer without encasing real money.

    This is beneficial for beginners who may not be comfortable with trading instantly and would like to understand the workings of the cryptocurrency market better.

    The Bybit app is available on both Google Play and the App Store.

    Visit Bybit

    6. Coinbase – Most trusted and widely used platform

    Coinbase is one of the most well-established, reputed and trusted cryptocurrency exchange platforms in the world.

    It supports over 100 cryptocurrencies, (as well as ERC-20 tokens like USDC so far), but what makes it the first choice for most beginners is its flexible payment methods such as PayPal, bank account transfer, or via debit/credit card.

    Coinbase exchange charges a deposit fee of 3.99% when using a debit card which is high compared to other platforms. However bank transfers have a lower fee.

    There is also an option to use Coinbase Pro which usually caters to professional traders, with more trade types and limit orders (0.1% fees) and stoploss orders which are not available on the non-Pro version of Coinbase.

    Buy Bitcoin Coinbase

    Bitcoin price chart on Coinbase

    The Coinbase mobile wallet is a useful feature that allows users to safely store a range of cryptocurrencies, including the ERC-20 tokens.

    Undoubtedly, Coinbase has one of the most efficient security measures of all cryptocurrency measures. Coinbase enables a delayed withdrawal lock, multi-signature login, Google Authenticator link-up, 2FA system for the user, and most significantly, 98% of the coins are held in cold storage offline in safe-deposit boxes.

    However, one of the most critical concerns of Coinbase is its customer service; it falls short in this aspect compared to its competitors as customer support is slow to resolve issues. Many users also have their Coinbase account locked for seemingly no reason as Coinbase is stricter with ID document requirements and KYC than other crypto exchanges.

    Visit Coinbase

    Your capital is in risk

    7. Bitfinex – Also offers Margin Trading

    Bitfinex is a cryptocurrency exchange platform that is most known for its diverse range of trading options such as margin accounts, spot trading, derivatives etc.

    Bitfinex exchange is famous for its capability to cater to the needs of a diverse user base, from beginners to experts. It hosts over 50 trading pairs and features a sophisticated, efficient GUI.

    Along with OTC services, derivatives trading, staking, and lending, Bitfinex’s P2P margin trading platform offers leverage of up to 3.3x, and the terms of borrowing are usually determined by the user.

    Its main advantage is its low trading fees only up to 0.20%, which puts it far ahead in the market. It is extremely liquid and guarantees a low spread, reassuring new traders.

    Bitcoin buy Bitfinex

    Bitfinex platform

    Bitfinex also provides advanced charting tools and API access. The platform is also largely customizable, these features make it incredibly user-friendly and convenient to use. It has a robust verification process involving a KYC, making their security system stronger.

    But it has had a history of violating regulations. It has also been fined for allowing unlicensed exchanges and promoting unauthorized off-exchange transfers.

    This may be worrisome for many traders and investors, so it is recommended to exercise due caution before using the platform.

    Visit Bitfinex

    Compare Binance Alternatives

    68% of retail CFD accounts lose money.
    74% of retail investor accounts lose money when trading CFDs with this provider.
    The price and value of any investment in digital asset products can fluctuate.
    The traded price of digital tokens can fluctuate greatly within a short period of time.
    Market prices for digital tokens can be volatile and highly unpredictable.
    As with any asset, the values of digital currencies may fluctuate significantly.
    The value of digital currencies can go up or down frequently.
    71% of retail CFD accounts lose money.
    As prices of digital assets are highly volatile, users could lose all or a substantial portion of the value of any digital asset they purchase.
    Rating
    5.0
    4.7
    4.7
    4.6
    4.5
    4.4
    4.3
    4.1
    4.0
    Mobile App Rating
    10/10
    9/10
    9/10
    8/10
    8/10
    9/10
    9/10
    9/10
    10/10
    Mobile App
    Wallet
    Number of Coins
    14059223413535915115
    Trading Fees
    SpreadsSpreads0.1%0.1%0.1%0.1%0.50%Spreads0.2%
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/A0.0005 BTCN/AN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCACySECN/AN/AN/AFCAFCACBI, MiFIDN/A
    Min. Deposit
    $50100 EURN/AN/A$10$10$2$100N/A
    Leveraged Trading
    N/AN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x1-200x
    Bitcoin
    $21199.84$21282.51$21213.62$40391.88$40393.04$40404.41$40416.27$21271.91$40377.55
    Ethereum
    $1227.83$1213.37$1205.84$2796.11$2795.55$2797.45$2796.59$1209.16$2795.54
    XRP
    $0.37$0.36N/A$0.23N/A$0.78$0.30$0.37$0.78
    Tether
    $1.00N/A$1.00$1.00N/AN/A$1.00N/AN/A
    Litecoin
    $59.76$58.94N/A$109.04N/A$109.10$109.04$59.00$108.99
    Bitcoin Cash
    $116.37$115.68N/A$506.41N/A$295.12$295.07$115.63$294.96
    Chainlink
    $7.01$6.96N/A$14.26N/A$14.68$14.67$7.05$14.68
    Cardano
    $0.50$0.50N/A$0.83N/A$0.83$0.83N/A$0.83
    IOTA
    $0.31