Best Binance Alternatives | That You Should Use As Well
Jack Moreau
Mar 2024
5 min read
Fact checked
Introduction: Navigating the complex world of cryptocurrency trading platforms can be a daunting task. While Binance has emerged as a leading global platform, there are several other crypto exchanges that are worth exploring. Below we have outlined the top 9 Binance alternatives in 2023!
Uphold which was founded in 2013 by Halsey Minor is a versatile digital money platform based in London. With over 300 employees, Uphold is available in 184 countries, although it is restricted in certain regions such as Argentina, Australia, Austria, Belgium, Germany, Netherlands, and others.
Uphold Website
As a user-friendly platform, Uphold enables users to trade a variety of financial instruments, including cryptocurrencies, precious metals, and fiat currencies.
Uphold supports over 300 cryptocurrencies, including popular options like Bitcoin and Ethereum, as well as traditional currencies and commodities such as gold and silver.
To sign up on Uphold, users simply need to provide an email, password, and select their country of residence. KYC verification is required for all users and involves providing additional personal information and government ID. Uphold's verification process typically takes a few hours to get verified.
With a user base of 10 million users and over 5 million downloads of its Android app, Uphold offers a clean and simplified interface that is suitable for beginners.
Buying crypto with a card is possible on the platform, subject to a 1% fee. Uphold charges a fee of $0.99 USD for cryptocurrency transactions under $100, with a spread ranging from 0.9% to 1.8% for trades above that amount. The spread fees are closer to 0.9%-1.2% in the US, EU, and UK.
Uphold supports three fiat currencies: USD, EUR, and GBP. Fiat deposits can be made through debit/credit cards, bank transfers (ACH/Wire) for USD, SEPA for EUR, and Faster Payments (FSP) for GBP.
Kucoin was founded in 2017 by Michael Gan and is a global cryptocurrency exchange operating under the subsidiary MEK Global Limited registered in Seychelles. With over 600 employees, Kucoin is available in over 200 countries. However, it is restricted in the United States and China.
Kucoin Exchange
As a popular cryptocurrency exchange, Kucoin offers a wide range of services including spot trading, margin trading, futures, staking, lending, and an NFT marketplace called Windvave.
It supports over 800 cryptocurrencies, including well-known ones like Bitcoin and Ethereum, as well as 100s of hard to get altcoins. With a user-friendly interface, competitive trading fees, and a vast selection of hard-to-find altcoins, Kucoin has attracted an impressive user base of over 20 million users.
Signing up for Kucoin is a quick process, taking less than a minute as only basic email signup is required. KYC verification is not mandatory on Kucoi which allows unverified accounts to buy and sell the same cryptocurrencies as verified accounts.
Kucoin offers spot and margin trading for a wide range of altcoins, futures trading, leveraged tokens, and trading bots. It also provides financial services such as lending and borrowing, offering users the opportunity to earn interest on their digital assets. The user experience on Kucoin is generally positive, with an easy-to-navigate interface and a good variety of products.
In terms of liquidity, Kucoin consistently ranks in the top 10 exchanges, with daily spot trading volumes ranging from $600 to $900 million. The platform offers competitive trading fees, starting at 0.10% for spot trading and 0.02% for futures trading. Kucoin supports deposits of 28 fiat currencies, including EUR, AUD, CHF, GBP, RUB, and SEK.
Bitget was founded in 2018 and registered in Seychelles with its headquarters in Singapore where it has over 1,000 employees, Bitget is available in 100 countries but is restricted in certain regions such as the United States and Canada.
Bitget Exchange
Since its launch in 2019, Bitget has gained significant traction in the crypto derivatives market, serving over 8 million users across 100 countries.
To sign up on Bitget, users simply need to provide their email, password, and a verification code sent to their email. While KYC is not required for crypto-to-crypto trading, it is mandatory for users who want to buy crypto with fiat or deposit fiat currencies.
Bitget offers a wide range of products and services, including spot trading, futures, margin trading, copy trading, staking, earn products and trading bots. The user experience on Bitget is user-friendly, providing a variety of offerings without overwhelming the user.
With an average daily spot trading volume exceeding $500 million, Bitget demonstrates its robust liquidity. It offers leverage of up to 125x for futures trading and varying leverage levels for margin trading, such as 3x for cross margin and 10x for isolated margin.
Bitget supports spot trading for over 500 cryptocurrencies, including popular ones like Bitcoin and Ethereum. Buying crypto with a card is possible on Bitget, although a commission fee of 1-3% applies. Trading fees on Bitget are competitive, with a 0.10% fee for spot trading and 0.02% for futures trading.
Bitget is licensed by FinCEN, operating as a Money Services Business (MSB) in the US and Canada. It is also regulated by the Monetary Authority of Singapore (MAS).
eToro: Best Binance Alternative for Stocks & Commodities
eToro was founded in 2007 and is a global social trading and multi-asset investment platform. Registered in Seychelles, eToro has over 2,000 employees and operates in 140 countries. However, certain countries like Canada, China, India, Indonesia, New Zealand and Russia are restricted from using the platform.
eToro Exchange
With a user-friendly interface and innovative social trading features, eToro allows users to trade a variety of financial instruments, including stocks, commodities, indices, currencies, and cryptocurrencies.
It has gained popularity for its community-driven approach, enabling users to follow and copy the trades of experienced investors. Currently, eToro has amassed a user base of 30 million users, with over 10 million app downloads and a 4-star rating based on 100,000 reviews.
To sign up on eToro, the process is swift, taking only a minute. Users need to provide a username, email, and confirm the email verification. However, KYC verification is required to start trading on the platform.
eToro offers a diverse range of financial assets for trading. This includes 80 cryptocurrencies, 3,000 stocks from around the world, various indices, 30 commodities, over 300 Exchange-Traded Funds (ETFs), and more than 50 fiat currencies.
Trading fees on eToro include a 1% fee for buying and selling cryptocurrencies. The platform supports four fiat currencies: USD, EUR, GBP, and AUD. Deposits can be made using bank transfer, PayPal, Skrill, Neteller, and credit/debit card. Fiat deposits on eToro are free of charge. For fiat withdrawals, users can choose between bank account transfers or debit cards, with a $5 withdrawal fee.
eToro places a strong emphasis on security and regulatory compliance. It operates under regulatory bodies such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). T
Kraken: Best Binance Alternative for Margin Trading
Kraken was founded in 2011 and is a leading cryptocurrency exchange based in San Francisco, United States. The company is registered in the US and has over 2,000 employees. It operates in 190 countries and is known for its emphasis on security, reliability, and extensive support for both crypto and fiat currencies.
Kraken Exchange
With a user base of over 9 million mainly located in North America and Europe, Kraken offers a range of services including spot trading, margin trading, futures trading, and staking.
Kraken offers a diverse range of trading products, although it is more limited compared to some international exchanges due to US regulations. It supports spot trading for over 200 cryptocurrencies, cash-settled futures with various maturities, margin trading, staking (for non-US users), and an NFT marketplace.
Like many reputable exchanges, Kraken requires all of it’s users to go through a Know Your Customer (KYC) process to verify their identity.
In terms of liquidity, Kraken frequently ranks among the top 10 exchanges, with daily spot trading volumes ranging from $300 to $600 million. The platform offers competitive trading fees, with spot trading fees starting at 0.16% and futures trading fees as low as 0.02%.
Kraken supports deposits with seven fiat currencies, including USD, EUR, CAD, AUD, GBP, CHF, and JPY. Various deposit methods are available, such as Fedwire, SWIFT, ACH, SEPA, FPS, and more. Kraken offers free ACH deposits for USD, EUR, and CAD via bank transfers (ACH) and SEPA.
Kraken places great importance on regulatory compliance and is registered as a Money Services Business (MSB) with FinCEN, as well as being recognized by various regulatory bodies including FSP in Abu Dhabi, FCA in the UK, VASP in Italy, and APAC in Australia.
MEXC: Best Binance Alternative for Copy Trading & ETFs
MEXC Global, founded in 2018 by John Chen and registered in Seychelles, is a centralized cryptocurrency exchange with over 500 employees. The exchange operates in more than 200 countries and has over 6 million users with certain restrictions in place for the United States, Canada and OFAC countries.
MEXC Exchange
With over 6 million users and 1 million app downloads, MexC offers a comprehensive range of over 1,000 cryptocurrencies and 2,000 trading pairs. While KYC is not mandatory, completing primary or advanced KYC unlocks additional features and higher withdrawal limits.
MexC provides a wide range of trading products, including spot trading, leveraged ETFs, margin trading, quantitative trading, futures trading, copy trading, and demo trading. Additionally, the platform offers savings products through lending and staking, as well as a launchpad for new tokens.
The daily spot trading volume on MexC frequently exceeds $1 billion demonstrating its top 10 liquidity. The platform offers up to 200x leverage for futures trading and up to 10x leverage for margin trading.
Spot trading is available for a variety of cryptocurrencies, and users can also buy crypto with credit/debit cards, albeit with a 2% purchase fee. Bank transfers for EUR and GBP are possible through SEPA transfers, and P2P trading is available for VND, RUB, and KRW.
Trading fees on MexC vary depending on the product. Spot maker fees are 0.2% but can be further reduced for those holding MX token. For futures trading, there are no fees for makers and a 0.02% fee for takers.
WhiteBIT is a centralized cryptocurrency exchange founded in 2018 by Volodymyr Nosov. Registered in Lithuania and headquartered in Estonia, Whitebit employs around 200 individuals. The platform is available in over 180 countries, with the exception of the U.S., Virgin Islands, Canada, Spain, and OFAC countries.
WhiteBIT Exchange
With an estimated user base of around 2 million, Whitebit primarily serves customers in Europe. The exchange offers a variety of services, including spot trading, margin trading with up to 20x leverage, futures trading with USDT as collateral and up to 20x leverage, and Earn products.
Whitebit supports over 270 cryptocurrencies, including popular options like BTC, ETH, SOL, ATOM, USDT, and XRP, along with over 350 trading pairs.
Signing up for Whitebit is a quick process that requires users to enter an email, password, and confirm their non-residency in restricted countries. However, to deposit cryptocurrencies or begin trading, all users must complete KYC verification.
Whitebit offers a good range of products, including spot trading, margin trading, futures trading, and financial products such as crypto lending. The user experience on Whitebit is generally pleasant, with a user-friendly interface suitable for beginners.
Bybit, founded in 2018 by Ben Zhou, is a rapidly growing cryptocurrency derivatives exchange based in Singapore and registered in the British Virgin Islands. With over 1,000 employees, Bybit is available in over 200 countries, excluding restricted countries such as the US, the UK, Singapore, Quebec, and Ontario.
Bybit exchange
Bybit specializes in advanced trading options, offering perpetual contracts, futures, and inverse contracts with leverage of up to 100x for over 350 cryptocurrencies like Bitcoin and Ethereum.
With a user base of over 10 million, Bybit has gained popularity primarily in Europe and Asia. The platform is also available as a mobile app for both iOS and Android, with over 5 million app downloads and an impressive rating of 4.2 stars based on over 60,000 reviews.
The signup process is straightforward, allowing users to register with their phone number or email. Without KYC verification, users can signup and start trading, but there are limitations on daily and monthly withdrawals and lack of access to fiat currencies deposits.
As a comprehensive cryptocurrency platform, Bybit offers a wide range of products, including spot trading, futures, margin trading, perpetual swaps, options, and leveraged tokens.
The platform also features trading bots for automated strategies, copy trading to replicate successful trades, lending and borrowing services, an NFT marketplace, and the Bybit card for everyday spending of digital assets.
Trading fees on Bybit are competitive with a fee structure of 0.10% for spot trading and 0.01% for futures trading. Fees can also be reduced for users who exceed the monthly trade volume threshold.
Bybit supports five fiat currencies, including USD, RUB, MXN, BRL, ARS, and TRY. Deposit methods include bank transfer, SEPA, FPS, QiWI, Advcash, and PIX, with a deposit fee of $8 for wire transfers and free bank transfers for other fiat currencies.
OKX was founded in 2017 by Star Xu and is a prominent cryptocurrency exchange registered in Seychelles and headquartered in Hong Kong. The exchange has over 1000 employees and operates in 180 countries, excluding the US, UK, and Canada.
OKX Exchange
OKX has emerged as a multifaceted exchange offering a diverse range of trading services, including spot, margin, perpetual contracts, futures, and options.
Additionally, OKX provides various features such as trading bots, demo and copy trading, earning products, a launchpad for new tokens, a web 3 wallet, and more.
With a user base of 20 million and over 1 million app downloads, OKX supports trading for over 350 cryptocurrencies. The signup process on OKX is simple, requiring only an email or phone number. However, basic KYC verification is mandatory for users who wish to trade on the platform.
The user experience on OKX is great featuring a modern interface that is easy to navigate. In terms of liquidity, OKX consistently achieves average daily spot trading volumes ranging from $500 million to $1 billion. The maximum leverage available for futures trading on OKX is 100X, while the maximum leverage for margin trading is 5x.
OKX charges competitive trading fees, with spot trading fees set at 0.08% for makers and 0.10% for takers. For futures fees, makers are charged a 0.02% fee and 0.05% for takers.
While OKX does not support fiat currency deposits, users can purchase cryptocurrencies on the platform using a credit/debit card or through third-party payment providers. The fees for buying crypto with a card or third-party service range from 1-2%.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
