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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 May 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

    What are some advantages of Binance?

    Binance is the world’s largest cryptocurrency trading platform. It is incredibly user-friendly because it involves a greater variety of trading options and features. Depending on their prior experience and expertise, investors may encounter a significant learning curve with Binance.

    Variety of Cryptocurrencies

    Binance offers a comprehensive range of trading options, including an excellent variety of cryptocurrencies. Users could also choose from several trading choices, such as futures and options trading, as well as a handful of other categories. Binance also provides a complete learning platform, as well as an NFT platform, in addition to its tools and services.

    Binance buy crypto

    Many options for users on Binance Platform

    For spot trading, Binance offers two distinct platforms, each with a set of features that will cater to a certain clientele, to cater to both novices and seasoned traders in terms of trading experience. Each platform features superb charting tools and a variety of technical indicators to help you maximize your investment.

    Low trading fees

    Another advantage of Binance is its low trading fee of 0.1% when making a trade; this fee can be further reduced by 25% if the user trades in Binance’s cryptocurrency- BNB.

    Using latest tech to make trading better

    Beyond its ease of use and its adaptability to new users, Binance enhances its industry reputation by granting access to the MetaTrader 4 trading application. This platform enables a trader to get real-time, instantaneous, accurate updates about the rising trends and nature of the cryptocurrency market.

    New research Binance

    Supporting new research and developments

    It is also very fluid in its presence as it caters to novice traders by providing the option of consulting “Expert Advisors”, so that they may benefit from professional, verified advice.

    Top-notch security

    Binance also has some of the best security features. While it is available in many countries and is actively working on formalized regulation, its main priority has been securing its customers’ funds. Users have access to the Google Authenticator 2FA to protect their investments.

    The Binance TrustWallet is one of the most sought-after storage options in the cryptocurrency market due to its high-tech, advanced security features. The multicurrency wallet also supports several blockchains and tokens, making the platform highly convenient to users.

    Seamless payments & Withdrawals

    Not only does it offer you more liquidity, it is a P2P platform that is also somewhat flexible in its payment options as it allows the user to make trades using debit and credit cards and via FIAT.

    Binance support for currencies

    But while Binance is the industry leader and is a suitable choice for many budding traders, it also has a few disadvantages. Whether these disadvantages may be deal breakers remains to be seen.

    To give our readers a comprehensive analysis, we map the potential problems one may face with Binance.

    What are some of the disadvantages of Binance?

    Overall, Binance is a decent cryptocurrency exchange. It offers more than 150 coins, it provides a crypto e-Wallet for its traders and has an advanced user-interface. But the biggest cryptocurrency exchange in the world has some major flaws:

    Prone to Glitching

    Binance has often been prone to issues relating to glitching, outages and malfunctioning.

    These glitches have often resulted in unprecedented trading losses, making the platform vulnerable to lawsuits and other legal troubles. Binance’s repeated plunges and mistaken crashes in the cryptocurrency market have left many traders and investors shocked.

    It is the largest cryptocurrency platform on the basis of volume traded. Yet, it remains to be seen whether Binance is well-equipped to handle such high volumes of trade.

    Difficulty in obtaining legal sanction

    Binance has had a history of running into legal trouble in countries all around the globe, especially in the USA. It has routinely been in the news for allegations of money laundering, tax evasion, and insider trading, which could negatively impact crypto prices.

    Its unavailability in seven states in the USA as well is problematic. The lack of a systemized regulatory mechanism has proved to be disadvantageous.

    Binance does not have a specific headquarters making it difficult for investors to place their trust in the platform, as it is difficult to take legal recourse.

    Customer Service-

    Most support requests and problem-solving have to be done via the Binance site’s email form. This creates a massive problem for the users, resulting in a delayed response.

    The customer service bot chat is also inefficient as most replies are automated and are often in Chinese.

    Another major issue concerning Binance is its potentially faulty account verification and 2FA services. Customers have reportedly struggled to withdraw their money and have not been able to trade or make investments.

    No option of Leverage or CFD trading

    It does not offer CFD or leveraged trading. If you are planning to execute a large number of trades, cryptocurrency CFD trading, a contract that allows you speculating on the price of an asset without owning the security, can be a better alternative to buy Ethereum with PayPal and holding tokens.

    The benefits of CFD trading are that you can trade on margin and instead of owning an asset, you simply speculate on the price of a security without actually owning the digital asset.

    In the past two years, online platforms such as eToro have entered the cryptocurrency market, offering leveraged positions for major digital assets.

    Below, we will explore such platforms, and explain why they are fantastic alternatives to Binance.

    • Binance is restricted in 29 countries, including the United States
    • Binance, similarly to any other cryptocurrency exchange, is exposed to hacking
    • Binance only provides market and limit order
    • The platform is complicated and complex
    • Limited deposit and withdrawal options
    • CFD trading unavailable

    Top Binance Alternative in May 2022

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    for $1000 you get0.0329 BTC
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    Copytrade winning investors
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    for $1000 you get0.0329 BTC
    68% of retail CFD accounts lose money.
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    Compare Binance Alternatives

    68% 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.
    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.
    Rating
    5.0
    4.9
    4.7
    4.7
    4.6
    4.5
    4.4
    4.3
    4.1
    Mobile App Rating
    10/10
    10/10
    9/10
    9/10
    8/10
    8/10
    9/10
    9/10
    9/10
    Mobile App
    Wallet
    Number of Coins
    13410859223412465215
    Trading Fees
    Spreads0.2%Spreads0.1%0.1%0.1%0.1%0.50%Spreads
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/AN/A0.0005 BTCN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCAN/ACySECN/AN/AN/AFCAFCACBI, MiFID
    Min. Deposit
    $50N/A100 EURN/AN/A$10$10$2$100
    Leveraged Trading
    N/A1-200xN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x
    Bitcoin
    $30374.69$40377.55$30493.14$30394.43$40391.88$40393.04$40404.41$40416.27$30477.95
    Ethereum
    $2107.65$2795.54$2082.83$2069.90$2796.11$2795.55$2797.45$2796.59$2075.59
    XRP
    $0.44$0.78$0.43N/A$0.23N/A$0.78$0.30$0.43
    Tether
    $1.00N/AN/A$1.00$1.00N/AN/A$1.00N/A
    Litecoin
    $71.45$108.99$70.47N/A$109.04N/A$109.10$109.04$70.54
    Bitcoin Cash
    $207.36$294.96$206.14N/A$506.41N/A$295.12$295.07$206.03
    Chainlink
    $7.70$14.68$7.72N/A$14.26N/A$14.68$14.67$7.82
    Cardano
    $0.59$0.83$0.59N/A$0.83N/A$0.83$0.83N/A
    IOTA
    $0.40$0.70$0.39$0.39N/A$0.70