Binance is one of the world’s most popular cryptocurrency exchanges because it is easy to use, allows a great deal of liquidity due to the large number of cryptocurrencies that it supports, and offers a significant discount for users who pay their transaction fees with the platform’s internal currency.
However, as all cryptocurrency users should know, relying on a single platform is unwise because of the assets’ unique legal environment, concerns with privacy and security, and the abundance of new businesses that can offer more favorable deals.
Top Cryptocurrency Exchange Alternatives to Binance
Thus, even Binance users who swear by the platform should consider some of the following alternatives; depending on the volume that they trade and the country that they live in, they might find that some of these options offer a simpler experience, lower fees, or a greater degree of security.
Bitfinex is one of the world’s most popular cryptocurrency exchanges. The company, currently based in Hong Kong, has operated since 2012 and claims to have one of the highest volumes of trades with USD for Bitcoins. The company requires strict know-your-customer authentication, and users typically need to wait between 15 and 20 days for their identity to be verified before they can trade on the platform. Users must also deposit at least $10,000 USD in either fiat or cryptocurrency in order to use the platform. Bitfinex is not open to users from the United States and several other countries.
Bittrex is among the top 25 cryptocurrency exchanges in the world in terms of trading volume. The platform supports over 280 cryptocurrency pairs, allowing users to develop a diverse portfolio, and users can also trade using fiat currencies like the US dollar. The company, which was founded in Seattle in 2013, requires only a simple email registration to deposit funds and begin trading, but in order to withdraw money, users must complete a more thorough know-your-customer verification.
Coinbase Pro (formerly GDAX, the Global Digital Asset Exchange) is a branch of the popular brokerage service Coinbase which offers more features and the ability to directly trade with other users. Coinbase offers support for most countries’ citizens, including those which many other platforms can’t accept such as the United States and Singapore, but the platform requires extensive know-your-customer verification.
Bibox is very similar to Binance insofar as it offers a fast exchange with a great deal of liquidity, but its most significant difference is that it uses artificial intelligence to find optimized trades, and relies on strong encryption to protect users’ security. Like Binance, it offers its own internal cryptocurrency, the BIX token, which can be used to pay the platform’s transaction fees.
Huobi is a cryptocurrency exchange that’s operated for over five years, first in China and currently in Singapore. It is one of the world’s most popular exchanges, and supports at least 244 pairs of cryptocurrencies, guaranteeing that users should never face any issues when liquidating their assets. The platform has released mobile apps for both Android and iOS, making it easy to trade cryptocurrencies from anywhere.
While KuCoin hasn’t attracted the same volume of trades as many of its competitors – CoinMarketCap states that it’s only in the top 50 exchanges – it supports a particularly large number of cryptocurrencies, with over 340 pairs of currencies available for trade. The platform only supports crypto-to-crypto trades, so users cannot directly buy cryptocurrencies with US dollars or other fiat currency. KuCoin’s most unique benefit is that owners of its internal cryptocurrency, the KCS token, receive a daily dividend of the exchange fees collected by the platform.
Gate supports more than 300 pairs of cryptocurrencies, and is among the 25 highest-volume exchanges according to CoinMarketCap. In addition to its website, the platform has released a mobile app from which users can both deposit and withdraw funds. The platform occasionally offers discounts on its trading fees, and has offered a 10% price reduction for much of 2018.