Unless you've been living under a rock these past few years, it's fair to say that cryptocurrencies are now facing the biggest boom in interest and adoption that they've ever seen. According to data compiled by The Financial Times, trading volumes on the largest exchanges popped to a peak of $1.7-trillion in April 2021, having risen from just under $100-billion a year earlier. With more people keen to dip their toes into crypto, one does wonder, what are the best Binance alternatives?
It's hard not to mention cryptocurrencies without uttering the word Binance. Binance is, after all, the world's largest cryptocurrency exchange by far in terms of sheer trading volume and market exposure. This means that Binance has the most brand recognition, even amidst folks who've never played around with cryptocurrencies before. They have the most users and so have deep pools of liquidity to get the most out of your money. But surely there must be other Binance alternatives, right?
What is Binance?
Before we can into discuss all the top Binance alternatives out there that are just as deserving of your attention, just who is Binance anyway? Binance has become synonymous as the top marketplace of choice for those keen to exchange and trade with cryptocurrencies. As we mentioned earlier, they have a substantial user base with millions of people around the world reliant on its services. More people to trade with quite simply means more liquidity and better prices.
Trading opportunities such as arbitrage are bountiful on Binance. It also helps that Binance has among the largest selections of cryptocurrencies and digital tokens between the big exchanges. Reportedly, there are nearly 2,000 individual tokens available on the order books somewhere inside of Binance – so there really are many choices. Aside from the spot market, Binance's users have exposure to more advanced markets such as futures, leveraged tokens, or token swapping.
Over these past few years, they've grown rapidly into a vast ecosystem, no longer just as an exchange. They now offer services such as a native cryptocurrency, the BNB token (and BUSD stablecoin), to complement Binance's move towards creating their own blockchains. For regular users, you can use Binance's VISA-powered crypto-backed debit cards or use its impressively capable and easy-to-use Trust Wallet to keep your digital assets safe. Binance even has plans to build an NFT marketplace.
What are the Best Binance Alternatives?
Okay, so it sounds like Binance is the perfect gateway for everything crypto then, right? Well, for everything that's good about Binance, they too have some weaknesses. Their interface and platform as a whole might prove quite a bit daunting to use, especially for those of you who are getting into cryptos for the first time. Their user interface – on the exchange-side of things anyway – certainly requires a bit of brainpower to operate, even for some experienced users.
Among other minor niggles, it might prove prudent to at least find some good Binance alternatives. Maybe there's a particular cryptocurrency or service you'd like to have access to, which Binance doesn't offer. Or, perhaps you just want to try something different. In any case, here are some of the best Binance alternatives out there that are all worthy places for your money.
Apart from Binance, the other term you might most often associate with crypto tokens is Coinbase. Even more so lately, as Coinbase became the first large cryptocurrency-focused company to have launched an IPO, catapulting cryptocurrencies into the forefront of the mainstream audience. Just like Binance, Coinbase offers a massive ecosystem aside from a simple marketplace to buy, sell, or trade digital currencies. You can earn money on Coinbase just by learning about cryptocurrencies.
Coinbase offers a VISA card that lets you spend your cryptos with millions of merchants around the world, as well as a US Dollar-pegged stablecoin, the USDC. But if you're here just for the trading, then know that Coinbase is one of the largest in the world, with a quarterly trading volume of over $335-billion. You could use the regular Coinbase exchange or the fancy Coinbase Pro. Either way, the big trade-off you make for an A+ user experience is a smaller basket of cryptos to choose from.
Another excellent contender as one of the best Binance alternatives is Kraken, who's closely following the trend of Coinbase with its plans to go public, too. Either way, Kraken has posed itself as one of the world's most popular exchanges in recent times. With low fees and plentiful trading volume, there's a lot of traffic heading into Kraken, even if their selection of cryptocurrencies on display are as small as Coinbase. Otherwise, there's no end to the number of things you can do.
Outside of its constantly active exchange, Kraken has a staking service, where you can stake idling assets to earn a passive income. Or, maybe consider supercharging your trading plays (if you're willing to) by opting for 5x margin trading to maximize your exposure, or leverage up to 50x of your capital by trading cryptocurrency futures. Just like Coinbase, Kraken is supremely easy to use and offers a lot of extra services to the big money institutions and large players, such as OTC trading.
3. FTX Exchange
FTX is a lesser-known exchange than the other two here, which is a shame given how much breadth of ability it has. As a potential for the best of the Binance alternatives, it offers traders just as many ways to make money as Binance does, and then some. You have the usual affair, with FTX having launched its native FTT tokens to better encourage traders with extra perks and discounts. On top of that, FTX has pioneered new ways that traditional and new-age crypto markets can converge.
One of its most appealing markets is that of trading stocks. These are the usual stocks, like Tesla or GameStop shares, which gives FTX's users exposure to these markets by following its underlying performance. They've also just announced a way where you can bet on the future price of lumber wood. Apart from that, there are plenty more crypto-bound trading options, such as leveraged tokens, staking, futures, or try and bet on real-world events through their prediction market.
Following our recent example of FTX in looking at some of the lesser-known Binance alternatives, we have Crypto.com. But with more than 10-million users, a sponsorship into both the top-flight of Italian football and Formula 1, surely there must a reason why Crypto.com is on this list, right? Indeed, there are more than just a few reasons, as Crypto.com is among the most impactful platforms as far as cryptos go, beyond their already top-notch exchange and derivatives market.
Speaking of, they also have a specially designed cryptocurrency, the CRO, which traders can best use to get extra perks on top of a highly liquid exchange. For the more consumer-y side of things, Crypto.com has a metal VISA card where you could earn up to 8% back in crypto for your spending, as well as being able to passively earn 14% yearly on your assets. How about instant lending and borrowing services, as well as a built-in NFT market and DeFi to fit your fancy?
Certainly, among the oldest of the cryptocurrency exchanges, Huobi has more than earned its place as a top choice among the Binance alternatives. They might not have the most pizazz compared to Crypto.com, with its many offerings and services for you to enjoy. But what Huobi does master is the art of the exchange. Granted, the exchange side of Huobi is just one part of its massive global empire, spanning everything from startup incubators and tech labs, to asset management.
Regardless, you're here for the exchange. Buying, selling, and trading between tokens is a breeze, as Huobi constantly ranks as one of the most liquid exchanges when it comes to trading volume, sometimes trading blows with Binance. If you're maybe feeling a bit tired to trade on your own, then feel free to use Huobi's built-in automated trading bot. Be sure to stop by the futures and swaps market while you're there, and don't forget about Huobi's new staking and earning funds.
Binance Alternatives – Conclusion
In short, what we have here is a very brief list of some of the best Binance alternatives that we've scoured across the internet to find. We've rounded up not only their capabilities as exchanges and marketplaces for you to trade at your heart's desire but as to what else you could get as a part of the ecosystem.
Can I use the tokens on the exchange to buy stuff in the real world, could I get interest on my holdings, or whether I can get exposure to other digital assets such as DeFi or NFTs? These are some of the questions that we asked, and it's these top five that we've found which fit the bill if you're looking for an idea of what the best Binance alternatives are.
Honorable mentions go to other great exchanges, such as KuCoin, Bitstamp, OKEx, and HitBTC. Not to mention a few decentralized choices, too, like Uniswap, 1inch, or SushiSwap. In short, the era of the cryptos has arrived, and you can bet that there will always be more excellent platforms like these to open the gateway to a whole new era of money.