Best Binance Alternatives: 7 Platforms With Better Features

Last Updated August 17th 2022
15 Min Read

The Binance exchange has more than 90 million users and processes as much as $80 Billion worth of crypto trades daily. Binance is also available in nearly 200 countries and territories worldwide and lists 600+ cryptos. All these explain why Binance is dubbed the world's largest and most popular exchange.

But the centralized exchange is not without flaws. For starters, it is at loggerheads with most regulators worldwide and isn’t even available in several states in the U.S. It has also been criticized for running a not-so-user-friendly interface. And these and other Binance shortcomings have investors and traders searching for the best Binance alternative. 

In this guide, we will introduce you to what our analysts – and the larger crypto community – consider the best alternatives to Binance.

Read on.

Top 7 Binance Alternatives In 2022

Here is an outline of what most consider the best alternatives to the Binance crypto exchange today and their unique features.

  • eToro -  Overall Best Binance Alternative
  • Coinbase -  Highly Regulated Alternative To Binance
  • Crypto.com -  Best Binance Alternative For DeFi Investing
  • Huobi -  Best Binance Alternative With A Solid Reputation
  • Uphold -  Best Binance Alternative For Ease Of Use
  • Uniswap -  Best Decentralized Exchange Alternative To Binance
  • Kraken -  Best Binance Alternative For Safety Of Client Assets

 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

All these Binance alternatives have their core strengths, and we will discuss them in detail below. Compare them all to find the best Binance alternative that works for you.

The Best Binance Alternatives Reviewed

The crypto exchange’s shortcomings heavily influenced our search for the best alternative to Binance. We set out looking for crypto trading platforms that not only mirrored its core features but one that also addressed its shortcomings. Ultimately, we settled on the following seven equally popular and feature-rich exchanges.

Let us discuss them all in detail, explore their key features, and explain why they made to this list:

1. eToro – Overall Best Binance Alternative

etoro crypto exchange

eToro tops our list of best Binance alternatives because it integrates most of Binance’s core strengths and addresses most of its shortcomings. For starters, both are massively popular crypto exchanges and are available in virtually all crypto-friendly nations worldwide. They also list virtually all the most popular crypto assets. And are also preferred because of their ultra-fast transaction processing speeds and commitment to the security and integrity of client assets and private data.

In addition to matching all these Binance features, eToro supports more deposit and withdrawal methods. While Binance will only support bank and crypto deposits and direct most other deposits to fiat-to-crypto onramps, eToro processes direct deposits from virtually all the most popular payment options. These include banks, credit cards, debit cards, eWallets like PayPal, Skrill, and Neteller, and direct crypto transfers.

Further, eToro is a pro-regulation exchange and, therefore, the most reputable and reliable exchange. While Binance faces off the different national government and regulatory bodies across the world, eToro has subjected the company and its services to licensing and regulation by all the top-tier financial regulatory agencies in the world. These include SEC and FINRA in the U.S., FCA in the U.K., AISC in Australia, and CySEC in Europe.

eToro could also be said to be user-friendly. It maintains a quick and straightforward client onboarding process, followed by an easily navigable and simplistic resource-rich trading interface, before extending to a quick crypto buying process. In addition to these, eToro integrates social and copy trading tools – appealing to both beginner and expert investors.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Coinbase – Highly Regulated Alternative to Binance

coinbase crypto exchange

Coinbase has for the longest time been Binance’s fiercest competitor. And even though Binance has already overtaken Coinbase as the most used crypto exchange internationally, Coinbase fights to remain the most relevant trading platform in the U.S.

We list Coinbase among the best Binance alternatives not because of this competitiveness but due to the fact that the two popular exchanges share a lot of similarities. They, for instance, are incredibly secure crypto trading platforms, are the two most liquid exchanges, are available in hundreds of countries, and list hundreds of cryptos and trading pairs.

Despite all these, Coinbase ranks highly among the top Binance alternatives because it addresses some of the CZ-led exchange’s shortcomings.

For starters, Coinbase is available in all U.S. states – except Hawaii – while Binance is only allowed to operate in 46 states. In Canada, Binance was recently banned from operating in Ontario after the exchange crashed with the Ontario Securities Exchange (OSE) over licensing and regulation.

Coinbase, on the other hand, continues to operate in all Canadian provinces. Internationally, Coinbase’s pro-regulation stance allows you to continue operating in Jurisdictions where Binance has been banned – like Singapore.

Coinbase is also listed among the best alternatives to Binance because it is considered user-friendlier. Granted, both exchanges maintain intuitive and resource-rich exchanges and straightforward client onboarding processes.

However, Coinbase takes this a step further by coming up with two trading platforms – the basic version for beginners and intermediate traders and Coinbase PRO for expert traders. Coinbase even allows these beginners to buy Bitcoin and other cryptos instantly.

Additionally, Coinbase opens up its website to support more payment methods. Unlike Binance, Coinbase supports different forms of bank deposits (wire and ACH checks), cards (debit and credit), and a wide range of eWallets – like PayPal - and direct crypto transfers.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

3. Crypto.com – Best Binance Alternative for DeFi Investing

crypto.com exchange

Crypto.com and Binance share a lot of similarities and minimal - largely inconsequential differences. And this is the primary reason why we feature the Singaporean crypto trading platform among the best alternatives to Binance.

Though Crypto.com launched earlier (June 2016) than Binance (July 2017), the latter blew up faster. Today, Crypto.com is playing catchup by integrating into its platform all the key features that helped Binance become the go-to crypto trading platform in the world, starting with the launch of the Cronos Chain – the Binance Smarty Chain equivalent.

These extend to simplifying their client onboarding process and maintaining a standard/user-friendly trading platform – on both the web trader and mobile app. Both are feature-rich and relatively easy to use. However, critics have accused Binance of overpopulating its trading platform – especially the mobile app – with features that they believe overwhelm beginner and intermediate traders.

We also list Crypto.com among the top Binance alternatives because – like Binance – it too creates passive income-generation avenues for investors. These include the Crypto.com Staking and Lending programs. Through staking, crypto investors earn competitive interests – up to 14.5% P.A. – while lending allows them to borrow up to 50% of their deposited crypto and pay it back in 12 monthly instalments – at competitive interest rates.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

4. Huobi – Best Binance Alternative with a Wide Range of Supported Assets

Huobi crypto exchange

Huobi is one of the most reputable exchanges in the world. It is also one of the oldest, having been established in 2013. Like the rest of the crypto exchanges that we have featured here, Huobi has a lot in common with Binance. For starters, both operate the standard multi-platform trading interface with an easy onboarding process. They are also deeply liquid and ultra-fast in processing crypto transactions.

But the similarities aren’t the only reason why we feature Huobi among the best Binance alternatives in 2022.

We also feature it here because of its unique features that address Binance’s shortcomings. For starters, both maintain resource-rich trading platforms – designed to appeal to beginner and expert traders. And they achieve this by integrating the widest range of educational, market research, trading, and risk management tools.

Huobi, however, eases trading on its platform by giving all its clients access to a free and highly successful trading bot. This proprietary bot has consistently been ranked among the top 20 most effective crypto trader bots.

We also rank Huobi highly among the best alternatives to Binance because it supports a wide range of cryptocurrencies. Today, you can buy 500+ cryptocurrencies on Huobi and interact with 1000+ crypto trading pairs.

These can be purchased with some of the most popular deposit options – including credit and debit cards, bank transfers, popular eWallets, and direct crypto transfers. We must also add that Huobi supports one of the widest ranges of fiat currencies and fiat-to-crypto pairs.

We also include Huobi here because it gives its platform users some level of control over the exchange - through Huobi’s HADAX. Holders of the token not only get to enjoy discounted trading fees but also voting rights. This allows them to vote on such decisions as coins to add or delist from the exchange.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. Uphold – Best Binance Alternative for Ease of Use

Uphold crypto exchange

Unlike the rest of the online investing platforms that we have discussed in this post, Uphold is not a pure crypto exchange. Rather, it is a multi-asset digital trading platform that lists 200+ cryptocurrencies and tokens, 50 U.S. stocks, forex, and environmental assets like Bitcoin zero. Nevertheless, it still makes it to our list of best alternatives to Binance.

One of the primary factors that analysts considered when deciding to add Uphold to the list of best Binance alternatives is that it allows anyone to buy anything with anything. This implies that its platform users can buy virtually any crypto with any other supported asset – be it cash, commodities, or even equities. This, then, makes Uphold one of the world's most convenient crypto trading platforms.

It also makes it to the list of best Binance alternatives because of its solid reputation and commitment to the security of client funds. Unlike Binance, for instance, Uphold is a multi-regulated online trading platform licensed by the likes of FinCEN in the U.S. and FCA in the U.K. Further, Uphold publishes all transactions in real-time and doesn’t loan out client deposits or invest them with third parties, which ensures that it is always fully reserved.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

6. Uniswap – Best Decentralized Exchange Alternative to Binance 

Uniswap crypto exchange

Uniswap is the fastest-growing decentralized exchange in the world. This is evidenced by the fact that the exchange has onboarded 3 million crypto investors and traders to its platform, its uptrending daily trade volumes, and the $1 Trillion worth of crypto trades it has processed since launch.

Like Binance, Uniswap is a user-friendly trading platform. It has an easy onboarding process, features an intuitive user interface, and a straightforward crypto buying and trading process. Uniswap also presents its platform users with a wide range of supported cryptocurrencies and an even wider selection of crypto trading pairs. 

Like Binance, Uniswap allows its platform users to diversify their investments and accelerate portfolio growth by presenting them with passive investing opportunities. It allows virtually anyone to contribute liquidity to the multiple liquidity pools.

In return, you are rewarded with a share of the transaction fees generated by the pool. This allows you to earn doubly on your crypto investment – from the appreciating value of your crypto coins and by way of revenues earned from liquidity farming.

When Binance started, some of its strongest appeals to investors were its anti-regulation stance and the fact that it allowed anyone to buy/sell/deposit/withdraw huge sums of crypto without demanding identity verification. But as its popularity soared, governments and regulatory agencies pounced on it, forcing it to implement KYC/AML checks and cut down on maximum daily deposit/withdrawal limits.

By virtue of being a decentralized exchange, Uniswap doesn’t subject its clients to KYC/AML checks. It, therefore, is the best Binance alternative for anyone looking to invest in or trade crypto anonymously.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

 7. Kraken – Best Binance Alternative for Safety of Client Assets

kraken crypto exchange

Launched in 2011, Kraken is arguably the oldest large-cap crypto exchange in the world. It is a highly reputable trading platform, it is deeply liquid, and it maintains one of the most user-friendly trading interfaces. These are some of the primary factors that our analysts put into consideration when adding Kraken to this list of best alternatives to Binance.

But in addition to running a quick and straightforward client onboarding process, Kraken has moved to establish itself as a more beginner-friendly exchange. It seeks to achieve this by creating two separate trading platforms – Kraken and Kraken PRO.

Kraken is dedicated to beginner and intermediate traders and even features the buy crypto instantly feature. It integrates a lot of educational content and the most intuitive interface. Kraken PRO, on the other hand, is dedicated to expert traders and integrates the widest range of research materials, trading, and risk management tools.

Kraken also makes it to the list of top Binance alternatives because the two integrate a wide range of features into their platform. These range from integrated passive income generating options like staking. But Kraken takes this a step further and provides users with a dark pool that one can use to trade pseudonymously.

Above all, Kraken is one of the best Binance alternatives because it is safer and more transparent. We must observe that even though Kraken has been around for more than a decade, the crypto exchange has never been hacked. Additionally, it was the first large-cap crypto exchange to conduct and publish a proof of reserves audit.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Factors To Consider When Choosing The Best Binance Alternatives

Crypto trading and investing are all the rage right now, and much of it can be attributed to the industry's stellar past performance and promising future. Today, Binance dominates this sector - attracting millions of traders and processing billions of dollars in trades daily. But there is a need for Binance alternatives to cater to the crypto giant’s shortcomings.

What then do you consider when looking for the best Binance alternative? Here are 5 must-have factors for any viable Binance alternative:

  • User-friendliness: Your preferred alternative to Binance should be easy to use. It should have a straightforward client onboarding process, an intuitive trading interface, and a quick buy process. It should also support a wide range of deposit/withdrawal methods.
  • Security of exchange: Your choice of the best Binance alternative should also be secure. It should have put in place measures to safeguard its network and clients’ personal data and digital assets.
  • Supported instruments: The alternative to Binance should also support your preferred deposit and withdrawal methods.
  • Cost of trading: It is also important that your preferred alternative to Binance maintains competitive trading costs – both transaction fees and non-trading charges like deposit and withdrawal processing fees.
  • Liquidity: The best Binance alternative must also support a healthy range of cryptocurrencies and crypto trading pairs. It must also be deeply liquid and able to process even the largest buy or sell orders in the shortest time possible.

What Are The Advantages Of Using Binance?

In less than 5 years, Binance morphed into the largest crypto exchange in the world, attracting more than 90 million users in the process. Here are the advantages of using Binance. These are the factors that its current and previous users liked the most about trading on the crypto exchange:

  • Support for a wide range of assets: Binance supports a wide array of top-tier and emerging crypto tokens. At the time of writing, Binance supports 600+ coins and tokens and more than 1500 crypto trading pairs. It also integrates crypto futures, options, and NFTs.
  • Deep liquidity: Binance is the most liquid crypto exchange in the world – processing an average of $70 Billion in crypto trades daily.
  • Ultra-low transaction fees: Binance also maintains some of the most competitive crypto trading fees. It doesn’t maintain hidden fees, charges between 0.1% and 0.004% per transaction, has a 25% discount on fees paid with BNB coins, and currently doesn’t charge any trading fees on select Bitcoin pairs.
  • Safety of digital assets: Binance is one of the safest crypto trading platforms. It not only provides users with free wallets and holds client funds in offline vaults but has also established a $1 Billion insurance fund for its clients.
  • Passive income generation: Binance provides its clients with a wide range of passive income opportunities. These include Binance saving, staking, lending, and liquidity pool contributions.

What Are The Disadvantages Of Trading On Binance?

Despite its notable core features, however, Binance is not without fault. Like most other crypto exchanges, Binance has its fair share of drawbacks – which is part of the reasons why analysts sought to vet the market and identify the most suitable Binance alternatives.

Some of Binance’s biggest shortcomings are:

  • Not regulated: For starters, Binance is not a regulated crypto trading platform and is constantly facing off with national governments and financial regulatory agencies over regulation and licensing requirements. This had it banned in countries like Singapore, states like New York in the U.S., and provinces like Ontario, Canada.
  • Complex interface: Binance has crammed up a lot of features onto its trading platform, especially on the mobile trading app, which makes the trading platform rather complicated and not-so-beginner-friendly.

Conclusion – Best Binance Alternatives

In five short years, Binance has broken multiple barriers to emerge as the world's largest and most popular crypto exchange. It is also the most liquid crypto trading platform, is available in virtually every crypto-friendly country/territory in the world, and recently overtook Coinbase to become the exchange with the most Bitcoins.

But its anti-regulation stance has put it at loggerheads with several national governments and international financial regulators. It has even been banned in different countries, states, and regions.

This and all its other downsides – like running a sophisticated trading platform – create the need for a Binance alternative. And in this post, we discuss what we consider the seven best Binance alternatives in 2022. These mirror Binance’s core features and others that address the CZ-led trading platform’s biggest shortcomings.

eToro - The Best Platform To Buy Cryptocurrencies

Open an account with eToro, deposit some funds with USD, and finally – buy cryptocurrencies for just $10.

eToro cryptocurrency trading

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

FAQs On The Best Binance Alternatives

What exchange should I use instead of Binance?

In this crypto exchange guide, we have discussed the seven best Binance alternatives. Read through this post again, identify the exchange that best suits your crypto trading needs, and register a crypto trader account with them.

What is the best Binance alternative?

Our analysts are of the opinion that eToro is the overall best Binance alternative.

What will be the next big cryptocurrency to explode in 2022?

The market is still contracting, which makes it impossible to tell which cryptocurrency will explode before the end of the year. A few like Ethereum, GMT, Chiliz, and NEXO are already expected to post big moves before the end of the year.

Is Kraken safer than Binance?

Kraken could also be said to be safer than Kraken, especially when you consider the fact that it has never been hacked. 

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