Binance is one of the largest crypto exchanges in the world. It does a great job at almost everything, but that doesn’t mean that it is the best choice for everyone. Here, we take a look at 5 Binance alternatives and who should use them.
1. KuCoin
KuCoin is a platform that is most similar to Binance in the features that it offers. Just like Binance, it has spot and margin trading. It also allows users to earn interest on their crypto, and offers some of the best interest rates on USDT.
It also has the option to purchase digital assets through P2P bank transfers, giving users living in countries with limited financial services an alternative method to own crypto. Its fee structure is also quite similar to Binance, with users being able to stake KCS (KuCoin’s proprietary token) to avail discounts when trading.
The one area where KuCoin surpasses Binance is in the promotions department. Everything from the initial sign up bonus to the referral program offers more to the user than Binance. On top of that, KuCoin also runs numerous promotions that can allow users to receive further discounts on the platform.
However, it is important to remember that Binance as a whole is much larger than KuCoin. As such, KuCoin cannot match it in terms of the scale of the features offered. For example, the number of assets that can be traded using advanced methods (e.g. leverage) is much larger, and the amount of leverage is also greater on Binance.
2. Bybit
Bybit is an out and out trading platform, meaning that it tries to prioritize the user’s trading experience above all else. The features on offer include everything from spot and margin trading to futures contracts (both perpetual and inverse).
The first thing that users notice on Bybit is that the interface is quite similar to Binance. As such, those making the switch will find themselves right at home. The trading interface is also highly customizable, allowing users to make it as complicated or as simple as they would like.
As a trading platform, Bybit is one of the best alternatives to Binance. However, it does fall a little short on the DeFi side of things. While it offers a lot of features like dual mining, staking, and a launchpad for new coins, it cannot match Binance in terms of scale.
Users who primarily want to trade crypto and want a site just like Binance will find Bybit to be perfect for their needs.
3. MEXC
MEXC is a high-performance exchange. What that means is that just like Bybit, this is a platform that prioritizes trading above everything else. More importantly, MEXC wants to encourage high-volume trading and make it as easy as possible for professional traders to do what they want.
When it comes to the products on offer, there are areas where MEXC crosses even Binance. For example, it is possible for users to purchase crypto ETFs through MEXC, and of course, all the other trading options (margin, futures, etc.) are all present. One important thing to remember is that the spreads offered on MEXC futures are slightly better than the ones offered on Binance.
Compared to Binance, MEXC does not have significantly lower fees. However, it does have an extremely simple fee structure that even the most novice trader could understand. Still, it is important to remember that MEXC caters mainly to advanced traders, and is a perfect site for people that want an alternative to Binance for high-performance trading.
Lastly, while DeFi is not a huge area of focus for MEXC, almost every feature a user could ask for is there. Sadly, the quality of each individual feature is slightly worse than Binance.
4. Coinbase
Coinbase is the only exchange on this list that can match Binance in terms of scale. However, it takes a completely different approach to crypto when compared to Binance.
While users can easily trade on Coinbase, the platform’s main goal is to allow its users to use crypto just like fiat currency. As such, this is the best Binance alternative for users that do not plan to do a lot of trading, but want to be able to both hold and use crypto.
Just to be clear, Coinbase still has a capable trading platform. This is especially true for the ‘pro’ version of the website, which is designed with advanced traders in mind. It is just that Binance slightly eclipses it in almost every way.
Coinbase is also the ideal Binance alternative for businesses. The site offers some of the best features that a business could need, including the ability to set up a crypto payment gateway and access extremely secure offline storage for their digital assets.
For individuals, pretty much every single service that they would expect from their bank is offered on Coinbase, including the ability to earn interest, apply for a card, and take out a loan. When it comes to crypto payments, Coinbase is the perfect alternative to Binance.
5. FTX
FTX is the last Binance alternative on this list, and it is an ideal exchange for users that mainly want to trade crypto derivatives and non-crypto assets.
FTX is the best alternative for users that want to simultaneously trade crypto, fiat currencies, and stocks. While the fiat currencies and the stocks on offer are limited in number, there are more than enough assets for users to diversify their holdings.
The only thing to remember is that the amount of DeFi features available on FTX are paltry when compared to Binance. While there is an active NFT marketplace, most of the features that users expect (such as the ability to make payments and take out loans) are not present here.
As such, the only reason for users to go for FTX instead of Binance is if they want to be able to trade both crypto and traditional financial assets.
