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    7 Binance Alternatives To Use In 2022

    Updated: Aug 18th, 2022
    Kevin Groves
    Kevin Groves
    7 Binance Alternatives To Use In 2022

    Binance is a world-class exchange that has been a mainstay in the cryptocurrency trading arena for many years. Its popularity is undeniable and boasts the highest trading volume and liquidity in the world compared to other cryptocurrency trading platforms.

    However, the exchange is continually under regulatory and legal pressure in several countries including the United States, Canada, Singapore, UK, Japan, Germany, Thailand, Malaysia and China to name a few. This article will list and compare the best alternatives to Binance that can be considered as like-for-like replacements in the event Binance restricts its services within your country.

    Best Binance Alternatives In 2022

    These are the best alternatives to Binance that have similar features, products, markets and trading fees:

    1. Coinbase (suitable for beginners)
    2. FTX (best alternative for traders)
    3. Bybit (alternative to Binance Futures)
    4. KuCoin (great for altcoin traders)
    5. Kraken (solid trading platform)
    6. Huobi (similar markets and coins)
    7. Bitfinex (suitable for US traders)

    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.

    Similar Exchanges To Binance: Overviews

    1. 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 the 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. For a more in-depth comparison between the exchanges, read our article on Binance versus Coinbase.

    Buying Bitcoin using CoinbaseBuying Bitcoin using CoinbaseBuying Bitcoin using Coinbase.

    2. FTX

    FTX is a well-established and reputable cryptocurrency trading platform for spot and leverage trading. The exchange has surged in popularity in recent years and differentiates itself from its competitors by offering a wide variety of indices and leveraged tokens that can be traded on the futures or options market.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.7/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.02% / 0.07%
    Country:Global (USA allowed via FTX.US)
    Currency:Crypto & 13 fiat currencies
    Promotion:5% off trading fees
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarStar
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star
    Visit FTXRead our full FTX Review

    Like Binance, FTX is geared towards serious crypto traders and has a wide range of trading products for both retail and professionals which includes:

    • Futures – trade futures on coins such as BTC, ETH, EOS, XRP, and USDT. Each coin has three futures contracts: a contract that expires this quarter, a contract that expires next quarter and a perpetual future.
    • Leveraged Tokens – buy and sell tokens with up to 3X leverage that requires no margin requirements.
    • Options – suited for advanced traders can use options to hedge their open positions against price volatility.
    • MOVE – contracts that represent the absolute value of the amount the price of a coin moves over a time period. This market is not currently offered on Binance at the time of writing.
    • Spot – buy and sell cryptocurrency at the underlining price of the asset without margin or collateral.

    The platform features an advanced trading platform with Tradingview charting that is similar to Binance. FTX has been designed for beginners and professional cryptocurrency traders on the platform by offering a simple, easy to navigate and intuitive user interface. In our opinion, the user interface is better than Binance for browsing trading pairs, entering positions, managing trades and reviewing trade history.

    FTX Exchange user interfaceFTX Exchange user interfaceFTX Exchange user interface.

    FTX features an intuitive and modern trading app that is second to none. The app is feature-rich and includes the majority of services available on the desktop version. For active traders, the FTX app is excellent for opening and closing positions, or simply monitoring the market.

    Another benefit of FTX is the cheaper trading fees on the spot market compared to Binance. The maximum trading fee on FTX is 0.02% and 0.07% for maker and taker orders, compared to 0.1% and 0.1% on Binance. Both platforms do offer trading fee discounts based on the volume and staking of their native tokens. Overall, FTX offers better-value-for money at the entry level and is a top alternative to Binance. For a deeper comparison between the two exchanges, read our article on Binance vs FTX.

    3. 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.

    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.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.1%
    Country:Global (USA not allowed)
    Currency:USD, GBP, EUR, CNY & 46 others
    Promotion:Up to 500 USDT in bonuses
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    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.

    5. 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, visualize portfolio performance and track all digital assets in a single location.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.16% / 0.26%
    Country:Global (USA Allowed)
    Currency:USD, GBP, EUR, CAD, CHF, JPY & AUD
    Promotion:None available at this time
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    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.

    Placing orders with KrakenPlacing orders with KrakenPlacing orders with Kraken.

    There are some negatives with 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 out-dated charting platform.

    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 deposit methods to buy cryptoHuobi deposit methods to buy cryptoBuying crypto with cash using Huobi.

    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 with Huobi is that users that reside in the United States of America are prohibited from using the exchange's services and trading platform.

    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 order types and calculatorBitfinex order types and calculatorBitfinex order types and calculator.

    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.

    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 FTX.US 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.

    Conclusion

    In short, Binance is 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 FTX are the best alternatives to Binance that have similar features and fees to Binance with excellent security track records.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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