However, this centralized exchange also has some downsides, like it offers only a few cryptocurrency options to trade and is not available to all U.S. states. Here are some of the Best Crypto exchanges which is capable to replace Binance. Each of these exchanges has its own unique benefits and features, so be sure to compare them before making your choice.
BEST Binance Alternatives
1) Crypto.com – Best For Mobile app Traders
Crypto.com cryptocurrency exchange has been around since 2016. The exchange, headquartered in Singapore, has continued to grow, and boasts over 4,000+ employees. It is an excellent platform that is good for both beginning and advanced traders. Crypto.com has an NFT marketplace where users can buy and sell NFTs. The platform has several trading options, including spot, margin, and derivatives.
Features:
The platform is supported on desktops, Android, and iOS mobile phones. Traders are insured directly and indirectly against third-party theft, damage, and destruction of the assets stored on the exchange. KYC verification is required to use the platform. The exchange has its own Visa card that has up to 5% cashback on crypto purchases.
Key Specs:
Payment Options: Crypto.com supports various payment methods, including bank transfers, PayPal, credit cards, SWIFT, Fedwire, and cryptocurrency. Depositing into this exchange is free, and there are no limits for depositing crypto. However, for bank transfers (ACH), there is a 500 USDC limit. Crypto.com supports several fiats, including USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, and JPY. The exchange requires you to fulfill KYC requirements before trading or depositing at any level. Coins & Token: The platform has over 250 cryptocurrencies available for users to trade. Moreover, it supports popular coins like BTC, ETH, SOL, UNI, LINK, and MATIC. The platform supports NFTs and has its own NFT marketplace where traders can buy and sell their NFTs. In addition to margin trading, crypto.com also offers spot and derivatives trading options. Transaction Fees: Crypto.com charges affordable fees. There are 0% deposit fees for both crypto and fiat currencies. However, there is a 4% fee when buying crypto using a debit or credit card. There is a 0% fee for the first 30 days after joining Crypto.com. Spot trading attracts a maximum maker and taker fee of 0.4%. This fee is reduced as your 30-day trading volume increases to a minimum of 0.04% maker and 0.1% taker fees. Visit Crypto.com »
2) Kraken – Best Low fee exchange
Kraken is one of the first cryptocurrency exchanges on the market, established in 2011. Signing up on the Kraken requires several KYC details, including national I.D., social security number for U.S. clients, a selfie, and proof of residence. You can buy and sell cryptocurrencies in over five different fiat currencies through Kraken.
Features:
Kraken is available in the United States, Europe, and various other countries. The platform supports both Android and iOS mobile apps. The exchange supports margin, spot trading, crypto loans, futures, and OTC trading options. Users can stake their cryptocurrencies and earn interest on them. Kraken allows users to trade USD/JPY and other foreign exchange (currency) pairs.
Key Specs:
Payment Options: When using bitcoins, there is no minimum deposit requirement at Kraken. Numerous payment options are supported by the site, including bank transfer (ACH), Fedwire, SWIFT, wire transfer, Apple Pay, Google Pay, SEPA, Debit/Credit card (not for U.S. citizens), bank transfer/OSKO, FPS/BACS, CHAPS, and SIC. Fedwire and SWIFT fiat deposits have a $150 minimal deposit amount. Users can buy crypto with several fiats, including USD, EUR, GBP, JPY, CAD, CHF, and AUD. KYC verification is required in order to deposit and trade on Kraken. Coins & Token: The exchange has over 185 cryptocurrencies available, which is relatively small compared to its direct competitors. Unfortunately, Kraken does not support NFT storage or trading. The exchange has most of the world’s top cryptocurrencies, including BTC, ETH, XRP, BCH, EOS, LTC, and ADA. The platform has margin trading in addition to spot, futures, and OTC. Transaction Fees: Kraken charge 1.5% per transaction for every buy/sell trade. This fee also applies to any crypto conversion on the exchange. However, if you buy stable coins using another stablecoin, the fee is only 0.9%. Apart from these fees, Kraken also charges 0.16% maker and 0.26% taker fees for spot trading. These figures reduce when the trading volume increase. Futures trading fees are lower, starting at 0.02% for makers and 0.05% for takers. Margin trading incurs a 0.02% fee that increases by 0.02% every 4 hours. Visit Kraken »
3) PrimeXBT – Best Anonymous Exchange
PrimeXBT is known for offering margin trading of cryptocurrencies. It has a wide range of assets beyond cryptocurrencies. With over 40 cryptocurrencies and over 50 forex pairs, PrimeXBT offers commodities and stocks such as TSLA and forex. The platform offers forex, commodities, and stocks in addition to crypto trading.
Features:
Prime XBT is perfect for experienced traders due to its attention to detail. It allows traders to copy the most successfully through a copy trading feature. The platform is also available on iOS and Android for mobile users. Crypto users are required to provide KYC information in order to use the exchange.
Key Specs:
Payment Options: There are only two deposit methods on PrimeXBT, including cryptocurrency and Credit card. SEPA and Credit card payments can only be used to buy BTC. Accepted crypto deposits include BTC, ETH, USDT, USDC, and COV. The platform does not support PayPal, bank transfers, deposits, or buying crypto with fiats. Coins & Token: The platform has only about 50 cryptocurrencies, including BTC, ETH, LTC, and XRP. There is a chance you might miss the crypto you want to invest in on this platform. PrimeXBT does not have support for NFTs and NFT trading. They do, however, offer trading on margin. Transaction Fees: Because you cannot own cryptocurrencies on the exchange, there are no costs associated with purchasing them on PrimeXBT. They only offer crypto CFDs. The exchange, however, charges a 0.05% fee for trading cryptocurrency; 0.001% for forex and precious metals, 0.01% for stock indices; and 0.01% for gas and oil commodities trading. Visit PrimeXBT »
4) Gate.io – Best for New Altcoins
Gate.io is one of the best Binance alternatives that offers 1,000+ cryptocurrencies for trading. It stands out as one of the older generation crypto exchanges in the blockchain space. Founded in 2013, this strong competitor of Binance was initially based in China before it moved its base to the state of Virginia, USA, in 2017.
Features:
It has mobile apps for both Android and iOS. They also have desktop apps for computers. They have a KYC requirement for using the Gate.io exchange. The platform has a copy trading feature that enables novices to make successful trades. It supports spot, margin, futures, and ETFs, among other trading options. The exchange also has one-click buying and selling features.
Key Specs:
Payment Options: The platform allows users to deposit money in fiat currencies, including USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN, RUB, JPY, and ZAR. Gate.io also supports bank account transfers, Credit/Debit Card, and cryptocurrency deposits. All deposits are subject to varying fees depending on the method you choose to use. Unfortunately, it does not support PayPal. Coins & Token: There are over 1000 cryptocurrencies on the exchange. Some of the top ones include BTC, ETH, DOT, BNB, DOGE, and LINK. Gate.io also has a powerful NFT market that allows traders to buy and sell NFTs. Apart from margin trading, the exchange has a spot, ETF, futures, and derivatives trading options. Transaction Fees: Gate.io charges a 0.2% fee for both makers and takers. However, this fee reduces as the trading volume increases. The lowest trading fees include a 0.155% maker and a 0.165% taker fee. In futures trading, there is no maker fee. However, takers are charged a 0.05% fee. Link: https://www.gate.io
5) Gemini – Best For Security system
The Gemini exchange has been around for a while. It was launched in 2014 by the Winklevoss twins and is regulated by New York State financial regulators. The Gemini exchange is known for its security and regulatory compliance. The exchange offers more than 90 cryptocurrencies for trading. It also allows deposits in four different methods, including cryptocurrencies.
Features:
It is available in the United States and the majority of nations around the world. Gemini has a mobile crypto app for both Android and iOS systems. The platform also has KYC requirements if you want to access its full features. The Gemini pay feature allows users to spend their crypto in retail stores.
Key Specs:
Payment Options: Gemini offers a limited number of deposit methods. They include wire transfers, ACH, debit cards, and crypto. This Binance alternative does not support PayPal or direct bank deposits. Users can purchase crypto on the platform using USD, AUD, CAD, EUR, GBP, SGD, and HKD fiats. Trading on Gemini requires KYC verification. Coins & Token: The platform has only about 100 cryptocurrencies available for trade and does not support NFT storage or trading. They don’t offer trading on margin due to their regulatory oversight. Transaction Fees: Gemini charges a 0.5% convenience fee on every cryptocurrency purchase. For trades, the exchange charges 0.25% maker and 0.35% taker fees, which reduce as the trading volume of the user increases. Visit Gemini »
6) Coinbase – Best Crypto Platform for Beginners
Coinbase Exchange is one of the largest cryptocurrency trading platforms in the world. Located in San Francisco, the company provides its services worldwide. The exchange is best for beginners in cryptocurrencies and also for intermediate traders. This exchange is s established in 2012 that operates in all U.S. states except Hawaii. Due to its convenience, Coinbase has the highest number of retail investor accounts on this list.
Features:
Coinbase Exchange is available in most countries around the world. To trade crypto at Coinbase, you must fill in your KYC verification when opening an account with them. The platform charges deposit, withdrawal, maker, and taker fees, among other fees. It has mobile apps for Android and iOS and can be accessed through web browsers. The exchange also allows debit card purchases.
Key Specs:
Payment Options: This cryptocurrency trading platform offers a wide range of deposit methods, including bank transfers, credit and debit cards, PayPal, Apple Pay, Swift, Fedwire, and even cryptocurrency. The platform also accepts several different types of fiats, including the U.S. dollar, Euro, GBP, MXN, HRK, and 10 more. Direct bank deposits are available using the ACH and SEPA bank transfers. Coinbase supports Fedwire and SWIFT, which are direct bank wire payment methods. The exchange also takes security very seriously and stores 98% of digital assets in offline storage. One of the security measures includes two-factor authentication and KYC, which are required during deposits and withdrawals. Coins & Tokens: Coinbase offers a wide range of cryptocurrencies to trade. The platform has over 160 of the most popular cryptocurrencies available for traders to buy, sell, and exchange. On top of this, it has high liquidity, and all of the major coins, including Bitcoin, Ethereum, Cardano, Solana, and Polkadot, are available. Coinbase also recently started supporting NFTs, which you can purchase on a separate branch that deals with NFTs called the Coinbase NFT. So far, the Coinbase NFT platform has sold 79 NFT with a 1.5 ETH volume. Transaction Fees: The transaction fees on Coinbase vary, and the fee structure is somewhat confusing. Coinbase charges trading, deposit, and withdrawal fees on its platform. The Coinbase trading fees include a 0.50% spread fee plus an additional Coinbase fee that is larger. You also have a flat fee and a variable fee in addition to this. The flat fee is charged for different transactional values. For $10 or less, the fee is $0.99, and the fee continues to increase as the value of the transaction goes up. The variable fee is charged on the different payment methods available. Debit cards or PayPal get the highest fee of 3.99%. Coinbase withdrawal fees also vary based on the location where you’re trading and the withdrawal method. Network fees are charged separately depending on which blockchain you’re using. For bank transfers it costs 0.15 euros, while U.S. wire transfers cost $25. Coinbase Pro charges fees that are way cheaper compared to Coinbase. The fees on Coinbase Pro are based on your 30-day trading volume, which means the more you trade, the lower the fees will become. The highest taker and maker fees are 0.5%, and these apply to the lowest trading volume of between $1 and $10,000. Above that, both the taker and maker fees drop significantly. Visit Coinbase »
FAQ:
❓ Which cryptocurrency exchange platform offers free purchase of cryptocurrencies?
While there is no exchange that allows users to purchase crypto for free, there are those that charge lower fees compared to their competitors. FTX, Crypto.com, and Kraken are some of the best low-cost crypto exchanges.
🏅 Which cryptocurrency exchanges are the best Binance alternatives?
This is not investment advice, but here are some of the best alternatives to Binance for all your trading needs:
Crypto.com Kraken Coinbase PrimeXBT Gate.io
👉 Things to Consider When Choosing a Cryptocurrency Exchange
When choosing an exchange to trade cryptocurrencies on, it’s essential to consider a few factors:
The size of the exchange: The bigger the exchange, the more liquidity it will have. This is important because it means you’ll be able to buy and sell cryptocurrencies quickly and at a reasonable price. The security of the exchange: Make sure the crypto exchange is secure, with multiple layers of authentication and encryption, and offers cold storage. The fees: Check the fees charged by the exchange before you buy or sell crypto, as they can vary quite a bit. Some exchanges charge very low fees, while others charge pretty high ones. The supported tokens: Make sure the crypto exchange supports the currencies you want to trade in. Payment Methods: Crypto exchanges with more payment methods are generally easier and more efficient. Trading Options: There are many trading options from futures, margin, spot, derivatives, and even OTC. The more trading options exchange has, the better it is for market exposure. Fiat Support: For onboarding new users to the crypto space, the ability to buy/sell crypto with fiat is an added advantage. Moreover, it makes investing and cashing out more straightforward and quicker in case of emergencies.
