8 Best Binance Alternatives
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Binance is a world-class exchange that has been a mainstay in the cryptocurrency trading arena for many years. However, the exchange is continually under regulatory and legal pressure in several countries. This article will list and compare the best alternatives to Binance that can be considered a like-for-like replacement.
Best Binance Alternatives For 2023
- ByBit (Binance alternative for futures trading)
- Coinbase (best alternative to Binance for USA)
- Kraken (alternative for margin trading)
- KuCoin (better option for trading altcoins)
- Huobi (an all-round good alternative to Binance)
- OKX (simple, modern and easy to use)
- Bitfinex (well-established option for crypto traders)
- MEXC (Binance alternative for copy-trading)
List of Alternatives to Binance: Reviewed
Binance Alternative #1 - ByBit
ByBit is currently the 5th largest exchange for derivatives trading volume in the world and the leading exchange in this article behind Binance. It is a top margin platform for trading cryptocurrency due to its intuitive and modern user experience and mobile app that is superior to Binance Futures. Traders can long or short coins like Bitcoin, Ethereum, EOS and XRP with up to 100x leverage compared to maximum leverage of 50x on Binance. The most popular markets on Bybit for trading include the spot exchange, inverse perpetual, USDT perpetual, and inverse futures.
The spot trading fees are 0.1% which is the same for Binance. Moreover, Binance fee rebates and tiers are based on trading volume and holding a BNB balance. ByBit also offers trading fee rebates for its leveraged market however works differently as there is no requirement to stake or hold any coins. All Bybit users that provide liquidity to the exchange (i.e. limit orders) will earn a 0.025% rebate.
In short, ByBit is a suitable alternative platform to Binance for margin traders due to its increased leverage amounts, sophisticated user experience and fee rebates. However, ByBit is not available for users that are located in the USA which is a disadvantage.
Read our full ByBit review and ByBit vs Binance comparison.
Binance Alternative #2 - Coinbase
Coinbase Exchange is our top pick for the best alternative to Binance. The exchange is widely known as a safe and reputable Bitcoin and crypto exchange that is trusted by thousands of customers worldwide. There are several similarities to Binance in terms of features which include a spot market, an advanced trading terminal (Coinbase Pro), recurring buys, mobile app, cryptocurrency staking and a secure mobile wallet.
For newer investors and traders, Coinbase is a better platform due to its ease of use which will suit beginners. The downside of Coinbase compared to Binance is the limited number of supported coins and markets for serious crypto traders. However, Coinbase still has 250+ coins that can be bought or sold on its exchange which is a close second in terms of trading volume and overall liquidity to Binance. This means reduced slippage and spreads compared to other exchanges.
In terms of fees, Coinbase has a maximum trading fee of 0.5% compared to 0.1% on Binance. Therefore, users will need to take into consideration there is a small increase in fees which may not be suitable for day traders for example. Despite the higher fees, Coinbase is our top pick for beginners that are looking for an easy-to-use and safe platform that is available worldwide including the USA to buy, trade, store and sell digital currencies.
Read our full Coinbase review and Binance vs Coinbase comparison.
Binance Alternative #3 - Kraken
Kraken is a Bitcoin and cryptocurrency exchange that was founded in 2011 that is based in San Francisco, California. During this time, Kraken has become a leading exchange with a high reputation for ease of use, safety and competitive pricing. The platform is suited for experienced crypto investors to make quick fiat deposits and withdrawals. It is also a great tool to visualize crypto holdings in a single location and has one of the best crypto trackers for an exchange.
Kraken is a licensed and regulated crypto exchange in the US with FinCEN, except for customers in Washington state (WA) and New York (NY). Featuring an advanced trading terminal, Kraken is geared for serious cryptocurrency traders. Given its availability in the US, Kraken is a great alternative to investors in the USA and overall one of the best crypto exchanges for its selection of trading pairs.
Compared to Binance and Binance.US, the spot trading fees on Kraken are slightly higher but still competitive in the market. The fees start from 0.16% and 0.26% for maker and taker orders. Users with larger accounts can reduce their fees based on trading activity over the past 30 days for all cryptocurrency pairs.
There are some negatives of using Kraken such as the basic user interface that can be complicated for beginners without trading experience. For example, the process to enter trades is difficult to use and lacks a simple order form. Other disadvantages include a limited number of supported crypto assets and markets, no demo trading account an outdated charting platform.
Read our full Kraken review.
Binance Alternative #4 - KuCoin
KuCoin is an established exchange for trading altcoins and is often referred to as The People's Exchange' due to its popularity. Established in late 2017, KuCoin has surged to become a premium platform for altcoin traders and speculators. Boasting more than 700 coins to trade compared to around 400 on Binance, the exchange is a great option for serious traders that swap between digital currencies. Moreover, KuCoin is often referred to as the best altcoin exchange with its large selection of coins and is also stated on their website.
KuCoin offers a variety of markets to trade such as spot, leveraged tokens, derivatives and a top peer-to-peer exchange for beginners and experienced traders. In terms of trading volume, KuCoin is a top 5 exchange with a 24 hour trading volume of 2.4 billion at the time of writing. Moreover, the exchange is a top-shelf equivalent to Binance based on the products and services offered that are beyond its trading markets. The available features include staking, DeFi lending service to earn interest on crypto assets and instant spot trading with zero fees.
The trading fee uses a taker and maker model based on the 30-day trade volume (BTC) for all cryptocurrency pairs. The fee starts from 0.1% and gradually decreases with higher trading volumes. The fee is comparable to Binance and a like-for-like exchange based on transaction costs. However, the margin trading fees of 0.2% and 0.6% are expensive compared to other exchanges in the industry. Overall, KuCoin is a reputable alternative to Binance for users outside of the United States with a similar offering of products, services, markets, and coins.
Read our full KuCoin review and KuCoin vs Binance comparison.
Binance Alternative #5 - OKX
OKX is widely known for its reliability and the cutting-edge blockchain technologies on which it operates. The platform has been re-designed and now provides global users with a multitude of trading features and benefits including 366 supported cryptocurrencies that can be traded across 826 spot, futures, margin, and perpetual markets. The margin platform in particular is well-laid out and has a similar appearance to Binance Futures.
Another useful feature that may appeal to existing Binance users is the OKX Earn platform. This includes earning interest on cryptocurrencies, obtaining crypto-backed loans, and staking. With the latter, OKX has a diverse range of staking terms and rates for Proof-of-stake tokens.
Similar to Binance's zero-fee on Bitcoin trading pairs, OKX has a feature that lets users swap one cryptocurrency for another with zero fees and no spreads. Other fees for trading on the spot exchange are 0.08% (maker) and 0.10% (taker) for users with less than 500 OKB tokens. Overall, the low trading fees and progressive financial management products are a benefit, however, those located in the US cannot use OKX.
Read our full OKX review.
Binance Alternative #6 - Huobi
Huobi is a global leader in the cryptocurrency industry that has grown exponentially since being founded in 2013. The exchange services tens of millions of users in more than 195 countries worldwide with over 60 payment methods for converting fiat into crypto. Huobi is an all-in-one financial platform with a variety of products and services for users to buy, trade, swap, store, borrow, earn, stake and sell digital currencies.
For beginners and newer investors that want to buy and sell crypto without trading, Huobi has a fiat-to-crypto onramp that supports 57 fiat currencies such as USD, EUR, GBP, AUD, CNY and many others. Each fiat currency can be deposited to Huobi with more than 60 payment options such as international wires, bank transfers, WeChat, AliPay and credit/debit cards.
Huobi is ideal for advanced users with a variety of cryptocurrency markets. There is the option to buy and sell on the Spot Exchange, Margin Exchange, Futures Market, Options and USDT-Swaps with leverage up to 125x. This gives the option for experienced traders to hedge spot their positions by short-selling Bitcoin or another crypto to balance a portfolio against sudden volatility or downtrends.
A unique feature that Huobi has released is Automated Grid Trading using algorithms to place orders within a defined rectangle or range. At the time of writing, the Grid Trading bot has a back-tested 7-day return on investment of 101.76% APY. In short, Huobi is a world-class provider in the cryptocurrency space with similar features to Binance. The con is that citizens in the US can't use Huobi or any of its trading products or services.
Read our full Huobi review.
Binance Alternative #7 - Bitfinex
Bitfinex is a top crypto trading platform that is popular with experienced and professional traders. The exchange features an innovative trading experience and a wide selection of markets to trade with excellent liquidity. Bitfinex is also behind the stablecoin Tether (USDT). The coin is backed 1 to 1 with the US Dollar and is a reliable digital currency used by many crypto exchanges, including Bitfinex.
Traders that are familiar with having access to a variety of markets and coins to trade will not be disappointed with Bitfinex. The platform supports 328 markets and 152 cryptocurrencies on the spot exchange with additional markets such as margin and derivatives trading products.
The long-established exchange has been a go-to destination for serious crypto traders due to its sophisticated trading platform that was world-class at the time it was launched. Experienced traders have access to a position calculator and several advanced order types. The available orders include limit, market, stop, stop-limit, trailing stop, Fill or kill (FOK), One-Cancels-the-Other (OCO) and Immediate or Cancel (IOC).
Bitfinex offers different rates for its spot market and derivatives products. The trading fee for crypto-to-crypto trades is 0.1% and 0.2% for makers and takers which is cheaper compared to the likes of Coinbase, Huobi and Crypto.com Exchange. Overall, Bitfinex is a well-rounded platform with reasonable liquidity that rounds out our list of viable alternatives to Binance.
Read our full Bitfinex review.
Binance Alternative #8 - MEXC
MEXC is next on our list of Binance alternatives that offer an excellent range of altcoins. There are 1,600 supported cryptocurrencies at the time of writing which can be traded on its spot or derivatives market. The rapid growth of MEXC has seen its trading volume surge on its spot and derivatives platform and 1.8 billion and 3.8 billion within the last 24 hours respectively.
In terms of markets to trade, MEXC is on par when compared to Binance. There is a spot market to buy and sell at live prices, or borrow funds to trade with margin. Moreover, the future platform has perpetual contracts settled in USDT and leveraged crypto EFTs to choose from. One aspect that MEXC provides for its users that is not currently available on Binance is the MEXC Copy-Trading Program. Users can find the most profitable crypto traders and copy their trades. While it isn't the biggest crypto copy-trade platform in the world, it's a great feature to learn from quality crypto traders.
When it comes to fees, there are none when trading spot. This is a promotion that applies to all spot trading pairs on MEXC. As for trading futures, MEXC uses a similar pricing model to Binance based on a maker-and-taker model. The fees are 0.02% and 0.06% respectively for makers and takers. Overall, MEXC is a suitable alternative with some distinct features that will appeal to certain traders.
Read our full MEXC review.
Binance Alternatives & Comparisons
These alternate exchanges to Binance have been selected due to similarities in features, supported countries, accepted currencies, ease of use, trading fees, security, and customer support. This comparison compares the exchanges based on the number of supported assets, trading fees, and overall rating.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|331 (608 trading pairs)||0% (spot), 0.06% / 0.01% (futures)|
|0% trading fees for 30 days (spot only)||Visit ByBit||ByBit Review|
|250+||0.4% (maker), 0.6% (taker)|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|222||0.16% (maker) and 0.26% (taker)|
|None available at this time||Visit Kraken||Kraken Review|
|Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
|None available at this time||Visit Huobi||Huobi Review|
|349||0.08% (maker) / 0.10% (taker)|
|None available at this time||Visit OKX||OKX Review|
|188||0.1% Maker / 0.2% Taker|
|None available at this time||Visit Bitfinex||Bitfinex Review|
MEXC Global Exchange
|1521||Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker)|
|10% discount on trading fees||Visit MEXC Globa...||MEXC Global Exchange Review|
Frequently Asked Questions
Binance stopped its cryptocurrency services within the United States in 2019 due to compliance issues with Government regulations. The company partnered with a local provider to launch Binance.US that meets applicable laws for eligible residents in the USA to buy and sell crypto.
Coinbase Pro and Kraken are suitable exchanges for residents in the United States that are looking for an equivalent or better platform than Binance.US. These exchanges offer higher trading volumes and support more cryptocurrencies to buy and sell.
In short, Binance is still one the best crypto exchange with the highest trading volume compared to any other exchange. While the platform's difficult user interface is not ideal for beginners, the platform is geared toward serious crypto traders that have an abundance of products, services, and features. Given the recent regulatory pressures faced by the company, Coinbase and ByBit are the best alternatives to Binance which have similar features and fees to Binance with excellent security track records. If these alternatives are better suited for you, we have a step-by-step guide on how to delete your Binance account.