Best Binance Alternatives of 2024 — Which Exchanges Compete?

While Binance is a leading name in the crypto exchange industry, exploring other options can often be beneficial.

In this article we list the best Binance alternatives, highlighting their features and benefits. We also explore why you might opt for these alternative, and how they compare to Binance.

The Best Binance Alternatives Reviewed 

After reviewing Binance’s available assets and trading fees in our Binance review, if you still want to compare it with Binance competitors, we have reviewed six of the best alternatives to Binance in the following sections.

1. Coinbase — Best Platform for Beginners

Coinbase is one of the most popular crypto exchanges, offering one of the best crypto apps to over 98 million verified users.

Coinbase is an excellent platform designed for beginners who are interested in investing. It is incredibly user-friendly and has a familiar interface. Moreover, the platform is complemented by extensive educational resources and a real-time market feed, providing users with up-to-date information.

The Coinbase platform supports a standard platform and Coinbase Pro — its advanced trading platform that gives users access to more cryptos and technical indicators to assist in trades. With the standard platform, users can invest in 100+ crypto assets and buy Bitcoin and other popular digital currencies.

Coinbase charges a 1.49% commission per trade and a 0.50% maker/taker fee per transaction. The platform also charges a hefty commission of 2.99% for credit card transactions.

On the other hand, Coinbase Pro supports 250+ crypto assets. Users can also buy cryptos with credit cards for no additional fees. Coinbase Pro supports multiple order types like limit and stop orders, which the standard platform does not offer.

Coinbase offers excellent customer support, which is highly important for new investors.

The platform stores 98% of all users’ assets in cold storage.

Coinbase vs Binance

2. Kraken — Crypto Exchange with 7 Supported Fiat Options

Kraken is a centralized and U.S.-based crypto exchange that trades over 120 crypto assets.

This exchange provides low transaction processing times and high liquidity levels by supporting the instant trades of popular assets like ETH, XRP, BTC, and more. The Kraken exchange offers a selection of 185 cryptocurrencies but does not support NFT storage or trading.

Kraken also supports payment options such as SEPA, wire transfers, e-wallets, and Apple Pay. Each payment method may charge a differing transactional charge. For example, users pay a 0.50% fee when depositing money with bank transfers.

Kraken Pro is an advanced trading option that allows users to access high-risk options like margin and leverage trading. The fees on Kraken Pro follow a maker/taker pricing structure. Users pay a fee beginning at 0.16%/0.26% per transaction.

On the other hand, standard platform users must pay a 1.5% trading fee for cryptocurrencies or a 0.9% trading fee for stablecoins.

Kraken and Binance differ in terms of security. Kraken is transparent and stores 95% of client crypto assets in cold storage to protect against cyber attacks. Binance experienced a major breach in 2019 and has legal troubles. Kraken has never been hacked and received a Special Purpose Depository Institution Bank Charter (SPDI), allowing it to become the first US-based bank to store cryptocurrencies.

What We Like

Kraken vs Binance

3. OKX — Best P2P Exchange

OKX is a DEX that supports 320+ digital assets, 500 trading pairs, and 40+ blockchains. Its member base includes over 18 million users, and its daily trading volume is $4.76 billion. This crypto exchange also supports futures, spot, option, and margin trading.

Moreover, OKX is the best peer-to-peer trading platform with zero fees. P2P traders can conduct their trades using over 900 payment options and OKX’s native Web3 wallet and token.

OKX is tailored for experienced daily traders. It offers advanced trading tools, trading bots in pre-created modes, and flexible loans that range from 15 to 120 days. The loans also come with an APR of 1% and instant approvals.

In addition, this Binance alternative offers an on-chain earning option. This option allows its users to participate in PoS staking and BRC-20 staking.

OKX uses a maker/taker model for its trading fees. However, its fees for spot limit orders are lower than those on Binance—0.08% vs. 0.1%.

What We Like

OKX vs Binance

4. MEXC — Best Binance Alternative for Leverage Trading

Next on our list of the best Binance alternatives is MEXC. This CEX supports 2,000+ digital assets and 2,350 trading pairs, three times more than Binance. Moreover, this platform offers spot and futures trading with zero maker fees. MEXC allows its members to trade up to 30 BTC without going through the KYC verification process.

This CEX offers higher leverage than Binance, which goes up to 200x for specific coins. Its members will also be able to use its trading bots, demo account, and automatic trading mode.

Another feature that makes MEXC stand out is its leveraged ETFs and airdrops. This exchange has completed over 1,000 airdrops via Kickstarter and Launchpad. MEXC holds about 30 airdrops every week, and anyone who holds MX tokens in their spot wallet can participate. MX token holders will also get a 50% discount on trading fees.

What We Like

MEXC vs Binance

5. Margex — Best Exchange for Perpetual Futures

Margex is a suitable alternative to Binance if you're into derivatives trading. This centralized crypto exchange supports 36 perpetual futures with up to 100x leverage, making it an ideal platform for trading BTC futures.

The platform also offers isolated and cross-margin systems with a minimum requirement of 1%. Moreover, this CEX supports multi-collateral wallets and generates liquidity from 12 providers.

Its other notable features include staking and copy trading. When it comes to the former, traders can stake their coins for an APY that goes up to 5%. When it comes to the latter, investors can copy the trading techniques of experienced traders. They can also use Margex's demo account to practice their skills.

This platform offers two mobile apps, the Leverage Trading app and the Copy Trading app, which makes it suitable for both beginners and advanced traders.

Margex supports 200+ digital assets, it has over 500,000 registered users, and it utilizes rigid security measures.

What We Like

Margex vs Binance

6. Bybit — Best Platform for USDC Options

If you are looking for the best alternative to Binance for more advanced users, opt for Bybit. Bybit is a centralized exchange known for its low fees, derivatives trading, and USDC options. This CEX supports 1,230+ digital assets, as well as USDT perpetuals, inverse perpetuals, pre-market perpetuals, and USDC perpetuals.

However, what makes this platform stand out from the competition are its USDC options that come with pre-built contracts. These contracts come with daily, bi-daily, tri-daily, weekly, monthly, and quarterly expiration dates.

Bybit options also come with three types of fees: trading, delivery, and liquidation fees. Its maker and taker fee is 0.02%, while its delivery and liquidation fees are 0.015% and 0.2%, respectively.

Its other notable features include a fast matching engine that enables instant trades, multilingual support, crypto loans, and copy trading. Moreover, Bybit supports crypto margin trades, with leverage that goes up to 100x. However, this leverage is adjustable. I.e., it can be changed before and after opening a position.

What We Like

Bybit vs Binance

7. PrimeXBT — Best Binance Alternative for CFD Trading

PrimeXBT is a user-friendly alternative to Binance, with over 1 million users. This platform offers futures, copy trading, and CFD trading. Like Margex, PrimeXBT aggregates liquidity from 12 providers. This enables it to support 100+ cryptocurrencies, 50+ forex pairs, commodities, and indices.

When it comes to CFD trading, PrimeXBT offers up to 200x leverage on BTC and ETH pairs. At the same time, altcoin pairs, indices, and commodities come with a leverage of up to 100x. Meanwhile, forex pairs come with a leverage of up to 1000x. PrimeXBT has a fixed commission fee of 0.05% for cryptocurrencies. It also has a Compensation Fund through which it reimburses its customers with up to $20,000.

PrimeXBT has two dedicated mobile apps – PrimeXBT and PrimeXBT Futures Pro. The former is suitable for beginners, while the latter is designed for advanced traders. Both apps are compatible with Android and iOS devices. This award-winning platform also has a native wallet and a native token.

What We Like

PrimeXBT vs Binance

8. BingX — Best US-Friendly Crypto Exchange for Copy Trading

BingX is one of the best Binance alternatives in the US. This US-friendly CEX supports 750+ digital assets, spot, futures, and copy trading. BingX is suitable for professional and beginner traders as it combines an intuitive design with advanced trading tools.

What makes this CEX stand out the most is its copy trading system, which comes with multiple features. On that note, there’s the trending traders feature, the conservative trader's option and the newcomer traders feature. You can also choose between different modes, from Copy by Position Ratio to Copy by Fixed Margin and Spot Grid Copy. In addition to that, BingX offers three types of grid bots – spot grid, futures grid, and spot infinity grid bot.

In short, BingX is tailored for all types of traders. It's most known for its social trending features, high leverage (up to 150x for BTC), and competitive fees. You can also join the BingX Academy to become an expert in trading.

What We Like

BingX vs Binance

9. KCEX — Good Binance Alternative for Altcoin Futures

If you're looking for sites like Binance that don't require KYC verification, KCEX should be on your go-to list. This multi-lingual centralized exchange has over 1 million users. It supports 200+ digital assets, spot, and futures trading. It also offers multiple promotions, bonuses, and airdrops.

KCEX is a good platform for altcoin futures, as it offers low fees. On that note, the maker and taker fees for futures amount to 0% and 0.02%, while spots come with zero fees. KCEX has a beginner-friendly interface that can be customized and integrated with Tradingview. Each trading pair will have a dedicated page, which will include charts, order books, and trade history.

Another thing that makes this CEX stand out is its Deposit for Listing option. This option enables investors to deposit their favorite tokens to help them meet the listing requirements. If the conditions are met, the token will get listed on KCEX.

What We Like

KCEX vs Binance

10. KuCoin — Best Crypto Brokerage Program

KuCoin is a centralized exchange that supports 700+ digital assets and 1,250+ trading pairs. This platform is tailored for beginners and professional traders. Its 24-hour trading volume amounts to $4.01 billion, while its fee structure is formed like Binance's. I.e., it uses a maker/taker structure. However, traders who hold its native token, KCS, will get a 20% discount on trading fees.

KuCoin offers spot and futures trading, and a brokerage program that includes three models – API Broker, Prime Broker, and Exchange Broker. The API Broker model provides traders with trading and copy trading bots and open-source toolkits. The Prime Broker is tailored for professional traders. It includes institutional-grade trading solutions, while the Exchange Broker model includes independent trading platforms, wallet providers, and trading aggregators.

This platform also supports some of the best low-market-cap coins with huge growth potential.

What We Like

KuCoin vs Binance

Best Alternatives Compared to Binance

The table below compares the best Binance alternatives based on fees, available assets, regulations, etc. 

Why Use a Binance Alternative?

Despite being a good platform, Binance has some crucial issues that may push traders to seek alternatives. These include:

User Interface

First-time crypto investors may be unfamiliar with the Binance setup and platform interface. Binance provides various complex features like staking, leverage options, and more.

Staking Disadvantages

One of Binance’s unique features is Binance Earn. With this feature, users can stake cryptos and earn an APY at the end of their staking period. However, exchanges like Crypto.com offer more benefits from staking.

Lacking Beginner-Friendly Features

Binance does not have multiple beginner-friendly tools and features. Crypto.com offers diversification opportunities with an NFT marketplace and lets users get cashback with their Visa card. Thus, users have other options to access multiple benefits.

High Credit Card Fees

While Binance offers some of the lowest trading fees, it also charges a very high payment fee on transactions. With credit cards. When using Binance, users can pay up to 4.5% fees per transaction when buying cryptos with a credit card.

This number is one of the highest in the market. Alternatively, exchanges like Kraken support multiple payment options at more affordable rates.

Long Verification Confirmation Periods

Another limitation of Binance is the long verification periods that users may face. While the verification process takes no more than 15-20 minutes, Binance can take up to 10 business days to verify the profile.

This may be too long for users looking to enter the market immediately. Conversely, platforms like Crypto.com verify accounts within the same day.

Conclusion

Our reviews on the best Binance alternatives currently available have been thorough and objective. We evaluated these platforms based on a variety of factors, from their features, trading and withdrawal fees, to the deposit charges and minimum order values.

This will ensure you select a platform that aligns both with your trading needs and financial goals.

 FAQs