Introducing and comparing the best alternatives to Binance
At first glance, choosing a reliable exchange to start investing in digital currencies may seem easy, but the complexities and different rules of exchanges make this choice difficult. Binance exchange, with its diverse services, will undoubtedly be the first choice of many users, but in this article, we will introduce the best Binance alternatives.
Contents:
• An important feature in choosing an exchange instead of Binance
• Introducing Binance Exchange
• The best alternatives for Binance
- Coinbase Exchange
- Kraken Exchange
- Kucoin Exchange
- FTX Exchange
- Gemini Exchange
- Bitstamp Exchange
- Bittrex Exchange
• What are the Main Criteria for Choosing the Best Alternative to Binance?
• UI (User Interface) and UX (User Experience)
An important feature in choosing an exchange instead of Binance
Liquidity is one of the most important reasons for choosing an exchange. The greater the liquidity in an exchange, the greater its credibility and the faster it can buy and sell. Liquidity is very important for users because if the liquidity of an exchange is high, if users feel threatened, they can sell their coins easily and in the shortest time possible and avoid possible losses and risks.
In the table below, we have prepared a list of the best Binance alternative exchanges, along with their rating and average liquidity.
| Exchange Name | Rank | Liquidity Average |
| Binance | 1st | 806 |
| Coinbase | 2nd | 707 |
| FTX | 3rd | 734 |
| Kraken | 4th | 737 |
| Kucoin | 5th | 573 |
| Gemini | 10th | 674 |
| Bitstamp | 12th | 617 |
| Bittrex | 26th | 390 |
Note: Average liquidity means the total amount of liquidity for each day divided by the total number of working days. For example, the Binance exchange ranks first among exchanges with an average liquidity of 806.
Introducing Binance Exchange
Binance is a leading cryptocurrency exchange founded in Hong Kong in 2017 by Chang Peng Zhao. This platform is considered one of the best digital currency exchanges in the world, with its main focus on trading altcoins.
Binance is the largest exchange in the world, with support for 500 valid cryptocurrencies. Also, this exchange has the largest volume of daily transactions among all its competitors.
Like other cryptocurrency exchanges, Binance offers services for trading, listing, investing, and sending or withdrawing digital currencies. Cryptocurrency enthusiasts who want to launch their own tokens can use Binance to raise funds through an Initial Coin Offering (ICO).
The name Binance is an acronym for Bitcoin and Finance. This exchange has the highest security factor in transactions. The team also claims to have the capacity to process more than 1.4 million orders per second.
The best alternatives for Binance
There are many alternatives to Binance, and in this section, we will introduce some of the best.
1. Coinbase Exchange
Coinbase is the number-one choice for beginners and the right alternative exchange to Binance. Coinbase supports a wide range of digital currencies and is a good option for newcomers. A Coinbase mobile app with an easy user interface is also available for individuals.
It is also connected to its own dedicated wallet, the Coinbase wallet. This wallet automatically stores your purchases from the Coinbase exchange. Of course, if you wish, you can transfer funds from this wallet to your personal wallet whenever you need.
One of the special features of this exchange is the speed of cryptocurrency transfers. In addition to the possibility of manually entering the address of the source or destination wallet, users are also provided with the possibility of using QR scanning.
Reasons for choosing Coinbase instead of Binance:
- High speed of cryptocurrency transfer
- Dedicated wallet
- Mobile application
2. Kraken Exchange
Kraken, a secure foreign exchange and one of the best alternatives to Binance
Kraken Exchange is the next alternative exchange to Binance. Registration and authentication on Kraken are not as complicated as Binance’s and are usually confirmed faster. Another advantage of the Kraken exchange is its superior security features, making it a good choice for those who are concerned about security and privacy when using Binance. This exchange has about 70 different coins. In terms of fees, however, Kraken charges relatively more than Binance.
Reasons for choosing Kraken instead of Binance:
- Fast Registration confirmation and authentication
- 70 top cryptocurrencies Support
- High security in transactions
- Support via chat and email
- Reasonable fee
3. Kucoin Exchange
Kucoin is another popular exchange. You don’t need authentication for trading at the basic levels of this exchange, and you can use the facilities of this exchange simply by registering. Be aware that this exchange will require authentication for high-volume transactions and withdrawals.
One of the reasons for using Kucoin instead of Binance is to use the native token of this exchange, i.e., KCS. This token is similar to the BNB token, and you can use it to facilitate your transactions on the Kucoin exchange. Just as buying BNB can be used to trade smart contracts on the Binance smart contract chain through decentralized exchanges like Pancakeswap, KCS can be used to trade smart contracts on the KuCoin community chain through exchanges like KoffeeSwap. Another similarity of KCS with BNB is its low fees and high transfer speed. Also, KCS is much, much cheaper than BNB.
Reasons for choosing Kucoin as an alternative to Binance:
- Optional authentication
- Low fees
- Use of the Kucoin Native Token (KCS)
- Possibility of using native KCS tokens on Koffeswap
- Support via chat and email
4. FTX Exchange
FTX is a secure and high-performance trading platform with a set of tools for professional traders. This exchange supports more than 100 popular coins on the market. One of the positive points of this exchange is the possibility of currency pairs such as BTC/USDT and ETH/USDT.
Reasons for choosing the FTX as an alternative to Binance:
- Suitable for professional transactions
- The possibility of buying and selling based on other tokens
- Exchanges of currency pairs
- Reasonable fee
- Support via chat and email
5. Gemini Exchange
The Gemini exchange was founded by Tyler and Cameron Winklevoss (the same Winklevoss twins who sued Mark Zuckerberg for stealing their idea for Facebook). This exchange enables the purchase of digital currency through fiat currency along with the exchange of cryptocurrencies. The fees for this exchange are totally less than other major exchanges, but the list of tradable tokens is limited to 40. You need authentication to use the Gemini exchange.
Reasons for choosing the Gemini as an alternative to Binance:
- Buying and selling through fiat currency
- Support for the top 40 tokens on the market
- High security in transactions
- Exchanges of currency pairs
- Email support
6. Bitstamp Exchange
Bitstamp is another cryptocurrency exchange founded in 2011. This exchange is the first fully licensed bitcoin exchange in the world. Users can trade cryptocurrencies on this exchange either peer-to-peer or through CFD trading. Bitstamp only supports about 40 digital currencies and a few stablecoins such as EURT, USDT, and USDC.
Reasons for choosing Bitstamp as an alternative to Binance:
- Official international license
- CFD trading
- Buying and selling in fiat currency
- Currency pair transactions
- Low fees
7. Bittrex Exchange
Bittrex is a US-based cryptocurrency exchange platform that offers the largest number of coins among US exchanges. This exchange was established in 2014, and after years of efforts, it was able to obtain a license to operate in the United States. This exchange operates under the laws of the American government, so you need to authenticate yourself in the exchange to use it.
Reasons for choosing Bittrex exchange as an alternative to Binance:
- Support for top 40 coins
- High security in transactions
- Low fee
- It’s a US-licensed and approved exchange
- Email support
What are the Main Criteria for Choosing the Best Alternative to Binance?
As the largest exchange in the world,Binance stands out from its competitors by providing first-class services in the field of cryptocurrency exchanges. Let’s check the criteria for choosing a reliable digital currency exchange.
· Authenticity and Security
Security is the most important feature of an exchange. The world’s top exchanges always emphasize the security of transactions and constantly update their security coefficients. Preventing the hacking of exchange users’ accounts is an important part of security. Many of the world’s top exchanges have activated two-factor authentication and verification to prevent phishing attacks. The credibility and security of a platform will guarantee the safety of your capital. Therefore, make sure that there are various security protocols in place to secure users’ funds in that exchange.
· Trading Methods
The strategy of buying digital currencies varies between platforms. Some platforms support direct buying and selling in fiat currency, while others only use digital currency for purchases. Read about the different payment options available on the platforms and choose the one that suits you best.
· Support for Multiple Coins
Almost all cryptocurrency exchanges support Bitcoin and Ethereum. However, there are thousands of other digital currencies in the world. The multitude of supported coins on an exchange shows its innovations in providing services to customers, because many new market coins have more complicated transfer conditions than Bitcoin and Ethereum.
· UI(User Interface) and UX (User Experience)
The user interface is an important factor in determining your success as a cryptocurrency trader or investor. The exchange makes cryptocurrency trading easier with a good user interface and experience. Of course, it should be noted that the user interface is a matter of taste and that it is not possible to determine specific instructions for it. However, when choosing the desired exchange, check its user interface and visual effects.
· Liquidity
The liquidity of an exchange shows its credibility. The higher the liquidity, the higher the volume of daily transactions on that exchange, and users can buy and sell digital currencies without worry.
· Transaction Fees
Along with security and liquidity, transaction fees are effective in choosing the right exchange. Although most of the exchanges charge similar fees, some of these exchanges have taken the lead from their competitors by offering discounted services. For example, some exchanges have considered tying discounts on fees to the volume of your monthly transactions.
· The Method of Saving Users’ Capital
Many exchanges use dedicated wallets to increase the security of users’ funds. Of course, keeping cryptocurrency in an exchange wallet is associated with the risk of being hacked. This is where some exchanges store users’ assets, cold or offline. In this case, if there is an attack on the wallet of the exchange, the capital of the users will be preserved.
Conclusion
For cryptocurrency traders looking for a variety of features, such as a mobile app, a web interface, and a wide range of supported coins, Binance is a popular option. One of the few exchanges that provides financing and margin trading services is Binance. Additionally, it is a key central exchange for the Binance smart chain.
However, this centralized exchange also has certain drawbacks, like the fact that it only provides a limited number of cryptocurrency trading alternatives and is not accessible in all U.S. states.
