While Binance is one of the world’s top cryptocurrency exchanges, there are other exchanges that offer similar services and may as well serve as an alternative to the platform. As you read along, you would see our top 9 alternatives for Binance in 2022.
A cryptocurrency exchange just as Binance is an online marketplace where you may buy and sell digital currency. Exchanges can be used to trade one cryptocurrency for another or to purchase another one using money.
Credit card payments, wire transfers, and other modes of payment may be accepted through exchanges in exchange for digital currencies or cryptocurrencies.
There are two types of exchanges, Centralized and Decentralized. Centralized cryptocurrency exchanges serve as a middleman between buyers and sellers and generate revenue through commissions and transaction fees. You may think of a CEX as a stock exchange for digital assets.
Another sort of exchange that enables peer-to-peer transactions straight from your digital wallet without using a middleman is a decentralized exchange. Examples of some well-known crypto exchanges are Coinbase, Crypto.com, Gemini, and Binance.
Let us take a brief look at Binance, why it is a top pick for investors and other platforms that can serve as an aternative for it.
Binance
Initially based in China, Binance is a centralized cryptocurrency exchange that was established in 2017 by software developer Changpeng Zhao.
It is the biggest cryptocurrency trading platform in the world however, It is not especially user-friendly due to the wide range of trading options and services it provides.
Numerous trading features are available on Binance, including hundreds of cryptocurrencies and an excellent collection of market charts. Additionally, users have access to various order types and a range of trading alternatives, such as futures and options. Binance serves as an extensive instructional platform, an NFT platform, and more.Â
For users worldwide, Binance offers hundreds of coins. The global Binance site, however, differs from its American equivalent, Binance.us, which only provides 65+ coins.
Cryptocurrencies Available on Binance
Binance offers more than 365 cryptocurrencies for trade on its exchange, however, Only 65+ cryptocurrencies are available for trading on Binance’s exchange in the United States.
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), VeChain (VET), Dogecoin (DOGE), Matic Network (MATIC), Dash (DASH), Cosmos (ATOM), and Cardano (ADA) are a few of the cryptocurrencies that are accessible on Binance exchange.
It also accepts a number of fiat currencies for users outside of the United States, including USD, EUR, AUD, GBP, HKD, and INR.
Features of Binance
Binance crypto exchange posses some characteristic feature which makes it appealing to both new and existing traders and investors. some of these features are:
- Low Fees
- Customer service
- Account Administration
- Trading Knowledge
- Security
Low Fees
The fees charged by Binance are among the lowest in the market. Although U.S. users on Binance.us will pay a little bit extra, its fees are still lower than those on other top platforms. Because of Binance’s maker/taker fee structure, which is dependent on trading volume, trades with bigger volumes are likely to have lower fees.
Consumer Assistance
Binance provides three primary channels for customer assistance, including a chatbox in the bottom right corner of the support screen, a Twitter account for support, and a ticket submission and email support feature on the Binance website.
Account Administration
Users can download a mobile application or use a desktop browser to access their Binance dashboard.
You can monitor charts, marketing trends, your portfolio, and your most recent and previous trades using the dashboard. Simple deposit and withdrawal processes are available from the dashboard as well.
Trading Knowledge
A number of trading tools are available from Binance, including real-time charting tools with exponential and moving averages. Users can execute transactions using the Binance app, website, or desktop application. The Binance platform also allows traders to monitor the order book, price trends, portfolios, and transaction histories.
Security
Two-factor authentication (2FA) through the Google Authenticator app or SMS, address whitelisting, device management, and the ability to limit device access are just a few of Binance’s security features. Additionally, the Binance.us platform offers FDIC insurance on all accounts in US dollars.
Top 9 Binance Alternatives in 2022
- Coinbase
- eToro
- Kraken
- Gemini
- Robinhood
- Kucoin
- Crypto.com
- Polionex
- Uphold
COINBASE
One of the sites that comes the closest to Binance in terms of features is the American cryptocurrency exchange Coinbase. On the platform, you can purchase and sell a variety of cryptocurrencies. However, Coinbase charges slightly more for exchange fees than Binance.Â
You can trade more than 50 different cryptocurrencies on Coinbase, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Ripple. Additionally, Coinbase offers a rewards program and a Coinbase Earn account option where users can receive cryptocurrency as compensation for watching educational videos.
eTORO
More than 27 million users utilize this cryptocurrency trading website, which is accessible in more than 140 countries. The FCA, ASIC, FINRA, and CySEC are just a few of the prominent regulatory organizations that have registered eToro.
To get started, users must deposit $10 (U.S. and UK) on the platform. Credit/debit cards, bank transfers, and a variety of e-wallets are some of the accessible payment methods. To access historical data and significant market updates, eToro provides a wide variety of news and research alternatives. Additionally, users of eToro can interact with one another on its social platform and express their views on different coins.
KRAKEN
There are many similarities between this cryptocurrency exchange site and the infamous Binance. The app’s user interface is really intuitive, and the costs are very low. However, you can only purchase a $10 minimum amount of crypto.
You may use Kraken to purchase and trade more than 50 different cryptocurrencies legally. Kraken offers all the tools and features you require for your trades, regardless of how you choose to trade crypto assets. All of your investments are secure with Kraken.
GEMINI
The Gemini exchange is an additional one of the top Binance alternatives. First off, consumers gain access to BTC purchases with a 0.00001 minimum deposit. This is less than $1 in value. Gemini provides customers with a variety of incentive programs, educational materials, and earning opportunities in addition to investment opportunities in more than 50 cryptocurrencies.
Additionally, when consumers invest over $1,000 within 30 days of starting a new account with Gemini, they are eligible to receive $50 in free BTC.
ROBINHOOD
The no-commission trades are one of the benefits of using the Robinhood Crypto platform as an alternative to Binance. Major cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, and many more may be bought and sold on this cryptocurrency market. Of course, iOS and Android devices have mobile app versions of Robinhood Crypto.
With Robinhood Crypto, it’s rather simple to view charts, purchase or sell cryptocurrencies, and keep an eye on your assets. Even on the web version, the UI is simple to understand across all platforms. Furthermore, all of your funds are well-protected by Robinhood Crypto, which is extremely safe and secure.
KUCOIN
Kucoin, a well-known cryptocurrency exchange where you can trade different coins and assets, is used by top crypto traders. Kucoin has a ton of features that make trading cryptocurrency simpler and quicker. On the Kucoin platform, you may trade a wide range of popular cryptocurrencies, including BTC, ETH, LTC, KCS, and XRP.
The Kucoin market view is really simple to grasp and straightforward. For cryptocurrency trades, you can use the browser version or, if you’re on the go, the smartphone app.Â
CRYPTO.COM
You should also think about Crypto.com as a Binance substitute in 2022. Making and taking fees on Crypto.com start at just 0.40% for each transaction. Users have access to the Crypto.com DeFi wallet, a custodial wallet that provides users control over their private keys and allows them to store various cryptocurrencies, in addition to the mobile app.
Users will have easy access to one of the most user-friendly user apps to buy, sell, and trade cryptocurrencies with Crypto.com. The Crypto.com app offers the chance to acquire Ethereum, BTC, and numerous other coins as well as invest in more than 250 tradable assets. Credit cards, wire transfers, and e-wallets are all accepted forms of payment on Crypto.com.
POLIONEX
On Poloniex, you can buy and sell different cryptocurrencies just like on other cryptocurrency exchanges. It accepts numerous additional well-known and significant cryptocurrencies in addition to BTC, ETH, XRP, and DOGE. Furthermore, Poloniex offers a wallet where you can keep a variety of cryptocurrency assets. In place of Binance and other exchanges, it is the best substitute.
Additionally, Poloniex offers P2P trading, which functions similarly to Binance’s. Trading in crypto futures is only one of the many features that Poloniex has to offer. Both the Apple App Store and the Play Store offer the smartphone app for free. Almost anyone may learn cryptocurrency trading via the Poloniex app thanks to the user-friendly design and trading resources.
UPHOLD
An American cryptocurrency exchange platform called Uphold is based in San Francisco. Uphold, which was established in 2013, enables you to trade all significant digital currencies and precious metals. More tradeable assets are available on the Uphold platform than on Binance.
It has a really unique and simple-to-use UI. Both iOS and Android users can download the Uphold app for free. It’s interesting to note that Uphold doesn’t charge any trading commissions, withdrawal costs, or credit/debit card costs. XRP, Bitcoin, Litecoin, Basic Attention Token (BAT), Bitcoin Gold, and many other cryptocurrencies are available for holding on Uphold.
Conclusion
There are various cryptocurrency exchanges out there that an investor or trader you can pick from. We however have selected our top 9 alternatives for the infamous Binance exchange. It is also adviced that before you trade or engage with the exchanges listed here, you do your own research (DYOR).
