Binance Alternatives – 12 Better Platforms

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 significant disadvantages.

In this guide, we will review where Binance falls short and list the top Binance alternatives that are arguably better platforms when it comes to regulation, features, safety, and fees.

Best Alternatives to Binance in December 2024

Best Binance Alternative in December 2024 – Reviews

1. Bybit – Tier-1 Exchange Offering Leverage Trading

Bybit is one of the industry leaders in futures trading. It is a leading tier 1 cryptocurrency exchange platform that has adopted flexible strategies catering to the customer’s convenience. Currently ranked among the top 5 crypto exchanges as per Coinmarketcap, Bybit is one of the fastest-growing crypto companies in the world.

Bybit, a cryptocurrency derivatives exchange platform, offers up to 100x leverage on cryptos, making it a favourite of experienced traders. At the same time, it is also a preferred platform for buying spot cryptocurrencies.

Fees for spot trading are 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 Platform

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. At the time of writing, newly registered users have the chance to get a bonus of 5030 USDT.

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, explicitly outlining the market trends, fluctuations, and strategies enabling the customer to make a suitable investment. Another unique feature of Bybit is its test net site, wherein users are free to use and try out any strategy they prefer without encasing real money.

This benefits beginner 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.

2. OKX – Exchange Offering Advanced Financial Analysis Tools

Since its launch in 2017, OKX, a crypto exchange with headquarters in Malta, has supported millions of customers from more than 100 countries. The exchange offers multiple classes of financial assets along with new altcoins like Tamadoge on its platform.

Its trading fees commence from 0.10% and reduce as transaction volumes or stakes in OKX’s currency, the OKB token, rise. The exchange allows users over 100% annual interest rate for staking some cryptocurrencies.

OKX Platform

Like most prominent cryptocurrency exchanges, OKX provides an active trading facility for moderate to experienced traders and an easy form ideal for learners. OKX has an easy registration process for its users, allowing them to purchase crypto assets in a matter of minutes with their credit or debit card, bank account transfer, Apple Pay, Google Pay, and other payment options.

Through its asset analysis feature, OKX gives its users their portfolio’s profit and loss (PnL) performance trend for a specified duration of time. Advanced financial tools like pool mining, financial analytics, and data analysis can manage investment portfolios on this platform.

Suppose any user is not acquainted much with the technicalities involved in the crypto market. In that case, he can understand it by using the educational materials offered by OKX Academy on this exchange.

In addition, the exchange has unique semi-offline multi-signature technology for ensuring the complete protection of crypto assets of their users. For keeping their cryptocurrencies safe and secure in one place, OKX offers a robust OKX wallet to its users, which encapsulates different Web3, DeFi, and GameFi features.

On a side note, OKX also has a DEX platform for those unable to use its CEX.

3. Kraken – Reputable Exchange with 6 Supported Fiat Currencies

As an exchange launched way before Binance, Kraken is one of the most reputed exchanges in the space. Headquartered in San Francisco, the exchange employs around 5000 people and has offices worldwide. Kraken was founded by its current CEO Jesse Powell and is owned by Payward Inc. It is one of the most prominent players in the exchange category and is currently the sixth-largest option by volume traded.

Created in 2011, Kraken was officially launched in 2013, with solid security and multiple features that are being enjoyed by users even today. It has two products. One is the essential Kraken exchange, which is more suitable for beginners in the industry, while the other is Kraken Pro, created for experienced traders and investors. Kraken Pro is a preferred choice, too, since it charges less fee and has advanced trading options.

The FinCEN regulates it in US and FinTRAC in Canada. For other locations globally, too, it is constantly audited by recognized financial institutions. The platform hosts over 120 cryptocurrencies and is an excellent alternative to the Binance exchange.

4. KuCoin – Wide Variety of Cryptocurrencies and Low Fees

Since its launch in 2017, KuCoin has evolved into a promising cryptocurrency exchange, servicing a vast user base of 30 million individuals spanning more than 200 countries. With a portfolio encompassing hundreds of cryptocurrencies and over 1000 trading pairs, KuCoin stands out by promptly listing lesser-known but promising projects, a notable attribute setting it apart from its counterparts.

KuCoin’s offerings rival those of Binance, supporting diverse trading options such as spot trading, futures, margin trading, and staking, all coupled with competitive fees. Its spot trading fees are notably minimal, starting at 0.1%, and it facilitates futures trading with leverage of up to 100x, a feature highly favoured by traders seeking increased leverage for their transactions.

Distinguished by its user-friendly and visually appealing website interface, KuCoin places a paramount emphasis on security. Implementing advanced security measures including micro-withdrawal wallets, robust encryption, and multi-factor authentication, the platform also prioritizes transparency by offering proof of reserves, enhancing overall trustworthiness. Furthermore, KuCoin users benefit from an API for automated trading and a mobile app for convenient on-the-go transactions.

Introducing its native token, KCS, KuCoin provides users with perks such as trading fee discounts, participation in token sales, and dividends. Features like KuCoin Spotlight for IEOs and a Trading Bot for automated strategies have propelled the platform ahead in the industry, securing its position as the 5th largest exchange by traded volume. As a comparable alternative to Binance, KuCoin encompasses most, if not all, of Binance’s features, making it an excellent choice worth considering.

5. Best Wallet – User-Friendly Crypto Wallet that makes buying and trading crypto easy

Best Wallet stands out as a top alternative to Binance for crypto enthusiasts looking for a streamlined and secure buying experience. Launched with a focus on user accessibility, Best Wallet simplifies the process of purchasing cryptocurrencies, offering seamless on and off-ramps to convert fiat to crypto and vice versa. With over 20 trusted onramp providers, including Stripe and Revolut, users can fund their accounts easily through various payment methods, ensuring a hassle-free experience.

One of its standout features is the Upcoming Tokens section, which allows users to browse, buy, and claim promising ICO projects directly within the app. Additionally, Best Wallet supports cross-chain swaps, enabling users to diversify their portfolios efficiently without navigating multiple exchanges. The platform’s intuitive interface caters to both beginners and seasoned investors, making it easy to track investments and manage assets.

Best Wallet prioritises security, employing advanced measures to protect user funds while maintaining compliance with regulatory standards. With its combination of user-friendly features and robust security, Best Wallet is an excellent alternative for anyone looking to explore the cryptocurrency market beyond Binance.

6. MEXC – High-Speed Transactions and Vast Crypto Selection

Established in 2018, MEXC has emerged as a highly reputable and in-demand cryptocurrency exchange, experiencing significant growth in recent years. Its continuous system upgrades have positioned the platform among the swiftest, facilitating a staggering 1.4 million transactions per second. With a diverse selection exceeding 1700 cryptocurrencies, MEXC serves over 10 million users presently.

Headquartered in the Seychelles, MEXC has established itself as a global entity available in more than 170 countries and regions. The platform prioritizes user fund security, integrating robust security features, and ensuring compliance with key regulatory entities across all accessible jurisdictions. While currently unavailable in some regions, MEXC is progressively expanding its reach, aiming to cover additional countries and regions in the coming years.

While Binance remains a viable option, MEXC sets itself apart by providing access to a broader range of cryptocurrencies, encompassing both popular and lesser-known ones. Additionally, MEXC plans to list new tokens, offering an advantage for investors seeking tokens in their early stages for potentially greater profits. Therefore, for those exploring Binance alternatives, MEXC emerges as a compelling option to consider.

7. eToro – Global Crypto Exchange with Advanced Trading Features

There’s absolutely no one in today’s crypto world that has never heard of eToro. Renowned for its special features, eToro has become one of the most widely-used crypto exchanges on the planet.

At the heart of eToro’s market dominance lies the principles of accountability and transparency. The exchange has an excellent reputation when it comes to complying with stringent standards. eToro is fully regulated by the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC), positioning it as one of the most reliable alternatives to Binance. 

Another key attraction for eToro is its robust security system that ensures adequate protection of customers’ finances and personal information. Since its emergence, the famous platform has maintained a flawless security track-record. It has never been the target of hackers nor had any of its users lose their funds to cyber-attacks. 

For those seeking the best spot to trade a huge collection of promising cryptocurrencies, eToro is an ideal place to visit. It supports some of the most popular crypto coins (100+) like Bitcoin, Ethereum, Binance Coin, Ripple, Dogecoin, Bitcoin Cash, Cardano, Decentraland, Dash, Curve, Chiliz, and many more. Other than cryptocurrencies, eToro also supports 680+ ETFs and 5500+ stocks.

The platform also focuses on education, delivering free trading courses for beginners and advanced users. Extended trading hours ensure that investors don’t miss an investment opportunity. With important filters, the platform’s UI is enhanced as assets can now be filtered based on several parameters.

Another enhancement to the UI has happened because of AI, which dispenses all the information about best investors, popular crypto stocks, daily movers and more easily.

eToro is also suitable for passive earnings, as it gives a 4.8% interest on unused capital. With the addition of an economic calendar, dividend calendar, upcoming IPO calendar, quarterly report calendar, and others, customers can now be constantly updated about market developments. 

Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

Contributing to its market credibility is its diverse range of sophisticated trading features. The most popular among them is copy trading which allows beginners to follow the strategies of successful traders in an automated manner. Apart from Skrill and Rapid Transfer, users can also make deposits into eToro with PayPal, bank transfers, iDeal, and POLi, amongst others. 

8. Uphold – Licensed By Top Regulators

Uphold stands out as a reliable alternative to Binance, thanks to its vast trading options. The exchange has earned a good reputation as a regulated digital assets trading platform recognized by the Financial Crimes Enforcement Network (FinCEN) and the Financial Conduct Authority (FCA).

As one of the best alternatives to Binance, Uphold supports more than 300 cryptocurrencies including BTC, ETH, USDT, USDC, BNB, SOL, AVAX, BNB, LTC, XRP, LINK, ADA, and DOGE. Uphold also provides a staking option for traders, allowing them to put their idle assets to best use and earn passive income.

In addition, users can earn interest on their USD savings balance, which further underlines the extensive offerings of Uphold. With a market presence in more than 150 countries, Uphold has cemented its market position across the globe.

One of the major offerings of Uphold that has attracted huge traders to the platform is its trading segment. On the platform, investors can access top trading tools like take profit, trailing stop, repeat transaction & limit orders, allowing them to minimize their losses and increase their gains.

There is also a “Baskets” option on Uphold that ensures strategic portfolio diversification. This solution categorizes assets based on various market sectors to enhance effective monitoring and management. Also, Uphold, unlike its peers, has a crypto card that increases users’ spending power in the real world.

The aforementioned components of the exchange are complemented by its user-friendly and fashionable layout design, making it easy for everyone to navigate.

9. PrimeXBT – Excellent Crypto Trading Services

PrimeXBT earns a place on our list of the top Binance alternatives this year because of its ability to deliver an excellent trading experience. It covers a host of industry-standard markets like crypto, forex, commodities, indices, and more, making it a great choice for seasoned traders. 

To help you maximize your trading endeavors, PrimeXBT offers a diverse range of advanced tools. First, this exchange provides up-to-date price charts so that users can have detailed insights into the past and present performances of any of the supported markets. Studying the charts helps users make informed trading decisions. 

Other features that users can harness while navigating PrimeXBT include long/short trading, Bitcoin leverage, and copy trading, amongst others. The presence of these innovative tools on PrimeXBT provides the opportunity for users to explore a wide range of markets. In addition to this, PrimeXBT charges low fees, making it a great destination for those who want to enjoy maximum profits in their trading endeavors. 

PrimeXBT has a cryptocurrency academy. The sole purpose of this academy is to expose newbies to the pros and cons of the virtual assets market. With the academy, PrimeXBT has successfully onboarded scores of users into the cryptocurrency landscape and nurtured them into trading experts. Therefore, the cryptocurrency exchange is the go-to platform for newbies. 

Overall, PrimeXBT prioritizes the safety of users’ data and funds. Therefore, it comes highly recommended to those who want to safely trade their crypto assets. You can create an account with the platform in a few seconds by providing your valid email address and favorite password. Whenever you make your first deposit on PrimeXBT, you will earn $100 for free.

10. Margex – User-Friendly UI & Highly Competitive Fees

Margex has become a household name in the crypto trading landscape. Since its establishment in 2020 by Margex Trading Solutions Ltd, the exchange has been providing products and offerings that are in line with the emerging trends in the crypto town. With its headquarters in Seychelles, Margex seeks to expand the popularity and adoption of crypto assets across the globe. 

Users can buy, sell, and trade a vast number of popular cryptocurrencies on Margex, positioning it as a top spot for traders who want to diversify their portfolios. Outside that, the prominent exchange also supports cryptocurrency derivatives trading, offering low fees, high leverage, and optimal security to users. 

Margex is renowned as one of the most reliable margin trading exchanges in the market right now. This is no surprise as the exchange usually processes users’ trading orders swiftly. Margex excels when it comes to providing a custom-built trading engine that is designed to process 100,000 transactions per second. This specially designed engine ensures that the average order execution time on Margex is 8 milliseconds. 

Above all, Margex has earned the trust of millions of users across the globe. Traders have, in recent years, attested to the efficiency of its tools in improving their trading skills and profits. Likewise, the exchange is one of the most popular choices for newbies, thanks to its simple and well-designed layout.

What are the Advantages of Binance

Binance is the world’s largest cryptocurrency trading platform. It is incredibly user-friendly because it involves many 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 various 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, an NFT platform, and its tools and services.

Many options for users on Binance Platform

For spot trading, Binance offers two distinct platforms, each with features that will cater to a specific 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 the latest tech to make trading better

Beyond its ease of use and 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.

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, but 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.

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 significant 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 shocked many traders and investors.

It is the largest cryptocurrency platform based on 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 must be made via the Binance site’s email. 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 money and cannot trade or make investments.

No option for Leverage or CFD trading

It does not offer CFD or leveraged trading. Suppose you are planning to execute many trades. In that case, cryptocurrency CFD trading, a contract that allows you to speculate 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. Instead of owning an asset, you simply speculate on the price of a security without actually owning the digital asset.

Online platforms like MEXC have entered the cryptocurrency market in the past two years, offering leveraged positions for significant digital assets.

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

How we analyzed the best Binance alternatives

Cryptocurrency trading is one of the most sought-after forms of ensuring financial security. And though, Binance has consistently been dominating this sector; we understand that there is a need to consider alternatives to make up for the shortfalls in Binance.

We have majorly conducted our analysis on the following metrics-

Safety and Security

While dealing with markets as volatile and anonymous as the cryptocurrency exchange market, it is essential to ensure that your digital assets and information are well secured. Many cryptocurrency trading platforms have been victims of hacking and security breaches.

While considering alternatives, we compare the effectiveness of their security measures and outline any specific weaknesses or areas in which a particular platform lacks.

Trading Volume Analysis

This is a significant indicator that is researched thoroughly. This metric is considered to fully understand a particular cryptocurrency trading platform’s market standing, credibility, and capability.

Supported Cryptocurrencies

Most investors and traders begin cryptocurrency trading to diversify their portfolios and capitalize on different investment opportunities.

By choosing an alternative with various flexible crypto assets and other trading options, we guarantee that the reader chooses a one-stop shop for all trading needs.

Fees and Other Charges

It is essential to consider the amount and nature of fees collected by the cryptocurrency trading platform to determine where the trader receives the highest profit.

Upfront fees and charges are more suited than hidden charges that may materialize throughout trading and reduce customer satisfaction.

Binance News – Latest Updates in 2024

• SEC probes Binance US over links with two market makers
• Binance CEO Changpeng Zhao says crackdown on crypto ads will not affect demand
• Binance becomes exclusive cryptocurrency sponsor for AFCON
• Pakistan investigating Binance for involvement in multi-million dollar scam
• Ontario Securities Commission reprimands Binance for misinforming Canadian users

Binance Alternatives – Final Thoughts

Binance is undoubtedly an appealing choice, but it has its limitations that a cryptocurrency trading platform like MEXC can successfully resolve.

Suppose you are planning to execute many trades. In that case, cryptocurrency CFD trading, a contract that allows you to speculate on the price of an asset without owning the security, is a better alternative to buying and holding tokens.

CFD trading is not offered on Binance, so we recommend trying the abovementioned CFD brokers.

Best Wallet is our recommendation for the best, most reliable alternative to Binance, as its disadvantages are fewer than the attractive benefits it offers. It is an essential choice due to its ability to dually provide top-class features to beginners and experts for short-term and mid-term traders and those prioritizing highly liquid assets.

Read more:

• Binance review
• Coinbase review
• How to buy Bitcoin with credit card

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