Binance is the most popular cryptocurrency exchange platform in the world and is also regarded as one of the most secure. It is utilized on a massive scale in every region of the world, and it continues to amass licenses in nations that place use restrictions on it. As can be anticipated, the exchange has plenty of rivals. The following is a look at the top 5 best alternatives to Binance.
Kraken
Kraken is a decentralized digital asset exchange that allows users to purchase and sell cryptocurrencies such as Bitcoin and Ethereum. It is one of the oldest Bitcoin exchanges and facilitates the buying, selling, and trading of more than 120 different currencies with exchange costs that are among the most competitive.
It’s remarkable that it allows for both instantaneous market-rate spot trading and futures trading in cryptocurrencies. When it comes to cryptocurrency exchanges, very few platforms can compare to Kraken’s level of security.
Kraken issued proof-of-reserve audits in February. Kraken adds a “audits” button to Merkle tree user accounts. Users can easily check their accounts to see if Kraken audited their wallet balances.
Users can also get their audit record ID to validate it against Kraken’s database, which uses Armanino. Kraken’s proof-of-reserves page provides technical details for reconstructing a Merkle tree to verify balances.
Coinbase
Coinbase is a popular cryptocurrency exchange that facilitates these transactions with ease. Cryptocurrency may now be purchased with the same ease as stocks via an online brokerage. As the most popular cryptocurrency exchange in the United States, Coinbase is where most people buy and sell digital currency.
Coinbase may not support all cryptocurrencies, however, they do support the vast majority of the market cap. As a result, the vast majority of Coinbase users should have a positive trading experience.
If you’re just starting off, this is the perfect thing for you. More experienced traders, however, may discover that they are better served by opening an account elsewhere.
Gemini
Gemini Exchange is Gemini’s cryptocurrency buying and selling marketplace. The exchange offers a wide variety of goods for both novice and experienced traders, including charting and immediate trading.
The Winklevoss Twins’ crypto platform Gemini announced last month the launch of a “Trust Center” to provide users with a detailed account of their assets. In a page published on its website, Gemini claims that it has over $4.6 billion in cryptocurrency assets and $601 million in its treasury to support its stablecoin GUSD.
KuCoin
The KuCoin Exchange is a major marketplace for buying, selling, and trading digital currencies. The platform supports more advanced forms of trading like margin, derivatives, and P2P (peer-to-peer).
Staking and lending one’s cryptocurrency to others is another option for users looking to profit from their holdings. KuCoin is an excellent Binance alternative because of its cheap trading costs compared to the others.
Bitfinex
Bitfinex is a widely-used platform that lists and trades in more than 170 different digital currencies. Low transaction costs and excellent liquidity make it a top pick for aggressive traders and investors.
The platform includes tools that are useful for both novice and seasoned traders. However, it has been the subject of regulatory scrutiny and accusations of deceiving consumers in the past.
