You are at: Home » Exchanges » 5 Best Binance Alternatives in 2024

5 Best Binance Alternatives in 2024

Binance has led the crypto exchange market for a while, with over 350 tradable coin tokens and $35 billion in daily trading volume. Its popularity among both beginners and experienced traders stems from its user-friendly interface, robust mobile app, and low transaction fees.

However, in recent times, Binance has faced regulatory pressure in several countries. From pleading guilty to money laundering charges in the US and Canada to being banned by one of Australia’s big four banks, the exchange has been pushing against the current.

These issues have left many users concerned, with hundreds questioning the long-term viability of the popular exchange. If you’re one of those crypto traders in need of the best Binance alternatives, you’ve come to the right place.

Reviews of the Top Binance Alternatives

You’ve seen the best Binance alternatives, and now it’s time to explore each of them in detail and see why they are the standout choices.

1. eToro — Overall Best Binance Alternative 

eToro is a highly reputable brand, established in 2007 and trusted by over 35 million users worldwide, so it’s not surprising that it tops my list of the best Binance alternatives today.

For starters, its user interface is just as friendly as Binance’s, and you also gain access to thousands of trading assets, which include cryptocurrencies, stocks, indices, commodities, and more.

Another thing I liked about eToro was how transparent they were with their pricing. I’ve had to contact customer support at some exchanges to inquire about the actual trading fees, but eToro clearly outlines that users have to pay a 1% flat fee for each crypto trade.

However, the real highlights of this exchange are the CopyTrader and Popular Investor features. They let you copy leading traders’ strategies or share your own trades, and if you manage to build a following, you can earn annual rewards up to 2% of your average balance.

Visit eToro

2. MEXC — Massive 200x Leverage With 0% Fees on Spot Trades 

If you’re just starting out on your crypto trading journey and want an exchange that offers popular crypto tokens as well as dozens of meme coins, you really can do no wrong with MEXC. Even better, you can complete as many spot trades as you like with 0% trading fees.

Thanks to the exchange’s robust demo trading functionality, you can also simulate real-life futures trading without risking real money.

When you’re finally ready to go all in, MEXC’s impressive range of nearly 400 perpetual contracts and the option for leverage up to 200x on various cryptos like SOL, SHIB, and DOGE will give you the flexibility to tailor your trading strategies.

New users also qualify for an early bonus boost of up to $1,000 to kickstart their trading journey, and this is in addition to over 2,500 cryptocurrencies and features like copy trading, P2P, and a VIP program.

Visit MEXC

3. Margex — No-KYC Exchange With up to 100x Leverage on Popular Tokens

Now, if you’re a private person who’d prefer to make your crypto purchases anonymously, there are different ways to go about it.

You could find a Bitcoin ATM, but many are now regulated and require KYC verification, which defeats the entire purpose of purchasing coins privately. A P2P marketplace is another option, but you’ll have to tread with caution due to the risk of scams on those platforms.

There’s also the prepaid card option, in-person purchase, VPN, and the other anonymous Bitcoin purchase methods we explored here. However, they either carry safety risks or high fees. This is where Margex shines as a compelling alternative for privacy-conscious traders.

Margex operates as a no-KYC exchange, and while you might need to enter some personal details to enjoy more advanced features, you can complete spot trades daily without doing so.

The site also offers traders leverage up to 100x on Bitcoin, Ethereum, and BNB and between 20x and 50x for altcoins. Additionally, the platform provides low trading commissions at just 0.019% on limit orders and 0.06% per slide on market orders.

Visit Margex

4. Exodus — Non-Custodial Wallet With Crypto and NFT Trading Options

Exodus started in 2015 as a non-custodial wallet designed for users to manage their crypto tokens as they please. Over time, it grew in popularity and introduced its own exchange, enabling customers to store, swap, and stake an impressive 319 cryptocurrencies.

With over 50 supported networks and embedded Web3 capabilities for NFT trading and DeFi participation, Exodus has evolved into a comprehensive platform and a home for any type of blockchain user.

Exodus also gives you complete control over your private keys, and you don’t need to provide any personal information to start trading, staking, or swapping, making this one of the best no-KYC crypto exchanges around today.

Visit Exodus

5. Kraken — Earn up to 20% When Staking Crypto on This Reputable Exchange 

With over a decade of experience in the crypto space, Kraken is one of the most famous names in the industry. Its early years were marred with several instability issues, but the exchange has taken significant steps to address them and establish itself as a trusted brand.

The exchange features two platforms — Kraken and Kraken Pro. One offers basic functions like buy/sell orders and fiat purchases, while the other includes advanced options such as technical indicators, simultaneous market comparisons, detailed charts, and a range of order types.

The interface is much simpler than Binance’s. You don’t need to be an expert to start trading any of the 200+ tokens or navigate the range of features. Pros can also take advantage of Kraken Futures, which enables you to take long or short positions with leverage of up to 50x.

You also don’t have to worry about safety as the exchange uses both hot wallet and cold storage solutions to secure user funds, and it is regulated by reputable bodies like FinTRAC and FinCEN.

Visit Kraken

Conclusion

While Binance remains one of the biggest exchanges in the world, its recent regulatory issues and record of security breaches simply can’t be ignored, especially when so many other options are available.

After thoroughly reviewing all alternatives, I believe eToro to be the best. For starters, it is certified by FINRA and SEC and boasts security features like 2FA. On top of that, it supports over 100 cryptos as well as options to trade stocks, ETFs, indices, and commodities.

Add to all this its social features and advanced tools like copy trading and smart portfolio, and it becomes clear why eToro stands out as a top choice for both novice and experienced traders seeking the best Binance alternative.

Visit eToro

FAQs

What’s the best alternative to Binance?

eToro is the best alternative to Binance since it’s a well-rounded exchange with lots of tokens and advanced trading tools.

Can I still use Binance?

You can still use Binance for your crypto trades, as it supports over 500 tokens, robust security, a P2P network, and multiple fiat payment options. However, the platform has encountered regulatory issues in many countries and doesn’t boast the most responsive customer support.

Who owns Binance?

Binance was founded by Chinese-born Canadian businessman Changpeng Zhao in 2017. The company was initially headquartered in China but later moved to Japan and then Malta.

Which exchange charges lower fees than Binance

MEXC offers lower transaction fees than Binance. While Binance levies a 0.10% fee (which is undoubtedly on the side of more competitive fees) on maker and taker spot trades, MEXC charges nothing.

References

• eToro (eToro)
• MEXC (MEXC)
• Margex (Margex)
• Exodus Wallet (Exodus)
• Kraken (Kraken)
• Binance (Binance)
• Leverage trading in crypto, a guide for beginners (CNBC)
• What Is An NFT? Non-Fungible Tokens Explained? (Forbes)