Binance is the largest crypto exchange by most measurable metrics. But is it the best option for crypto traders in 2024?
This guide explores the top Binance alternatives for supported markets, safety, fees, user-friendliness, and other important factors. Read on to discover which exchanges offer a better crypto trading experience than Binance.
The Best Binance Alternatives Listed
These are the best Binance alternatives to consider in 2024
- eToro – The Overall Best Binance Alternative for Crypto Investors
- MEXC – Popular Exchange Supporting More Than 2,500 Crypto Markets
- Margex – A Great Alternative for Trading Leveraged Crypto Futures
- Exodus – Trade Crypto Assets in the Safety of a Non-Custodial Wallet
- Kraken – The Best Option for Buying and Selling Crypto on a Mobile App
- Coinbase – Beginner-Friendly Exchange With a Strong Regulatory Framework
Reviewing the Top Alternatives to Binance
This section takes a much closer look at the best alternatives to Binance. Read on to make an informed decision.
1. eToro – The Overall Best Binance Alternative for Crypto Investors
eToro is the overall best alternative to Binance – especially for long-term investors seeking a safe place to trade. It’s a regulated brokerage supporting almost 100 crypto assets. This includes Bitcoin and some of the best altcoins, such as Dogecoin, Shiba Inu, XRP, Litecoin, and Arbitrum. eToro is regulated by several reputable bodies, including the FCA (UK), ASIC (Australia), and CySEC (EU).
It’s also approved by FINRA, meaning US clients are welcome. eToro makes depositing funds and buying crypto simple; payment methods include debit/credit cards, bank transfers, and selected e-wallets. No fees are charged when depositing USD and the minimum first-time payment starts from $10. That said, eToro isn’t the cheapest Binance alternative in the market.
Traders pay a 1% commission when buying and selling crypto, plus the market spread. Nonetheless, millions of investors use eToro for the regulation and security offered. eToro is also a great option for investing passively. It offers a copy trading tool, enabling users to replicate successful crypto investors. It also offers professionally managed pre-built crypto portfolios.
Why Is eToro Better Than Binance?
eToro is hands-down a safer alternative to Binance, considering its heavy regulation and robust security measures. It offers a more user-friendly experience, a seamless deposit process, and access to non-crypto assets, such as stocks and ETFs.
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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
2. MEXC – Popular Exchange Supporting More Than 2,500 Crypto Markets
MEXC is the best Binance alternative for supported markets. While Binance lists 424 crypto assets, MEXC has over 2,500. Put otherwise, if there’s a crypto worth buying, investors will find it on MEXC. This includes some of the best meme coins, such as Pepe, Bonk, dogwifhat, Shiba Inu, and Popcat. MEXC also benefits from high trading volumes and liquidity.
This ensures investors can enter and exit positions seamlessly without losing out to slippage. MEXC is also a great option for perpetual futures, with leverage of up to 200x available on major markets. MEXC also offers copy trading, demo accounts, and a launchpad for newly listed projects. MEXC is also a cheaper alternative to Binance.
Market makers (those placing limit orders) get 0% commissions on spot trading and futures. Market takers (those placing market orders) pay just 0.02% per slide. MEXC supports fiat deposits via third-party processors, including debit/credit cards and bank transfers. No KYC requirements are needed when registering, ensuring investors retain their privacy.
Why Is MEXC Better Than Binance?
MEXC is a much better alternative to Binance for crypto market diversity. It lists more than 2,500 spot trading assets, including some of the best new cryptocurrencies. It also offers lower fees; market makers get 0% commissions without needing to meet 30-day trading volumes.
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3. Margex – A Great Alternative for Trading Leveraged Crypto Futures
Margex is a great alternative to Binance when trading leveraged products. It offers perpetual futures on dozens of markets, including Bitcoin, Dogecoin, XRP, EOS, Cardano, Polkadot, Filecoin, and other digital assets. Leverage of up to 100x is available on major markets, converting $10 into $1,000. What’s more, Margex has a native trading dashboard that’s ideal for analysis.
This includes customizable charts with technical indicators like the MA Cross, Chaikin Oscillator, Money Flow Index, and MACD. Investors can also analyze and trade crypto on the Margex app for iOS and Android. Both the web and mobile platforms offer a solid user experience, no matter the device being used. Margex is also a good option for low trading fees.
It has a simple market maker/taker system, with traders paying just 0.06% and 0.019% per slide, respectively. There are no deposit fees either. Margex also offers copy trading tools and staking rewards. The latter offers APYs of up to 5%, with the staked coins still available as trading collateral. Margex is also a no-KYC exchange – getting started only requires an email.
Why Is Margex Better Than Binance?
Margex is a solid alternative to Binance when trading leveraged products. It supports perpetual futures trading with 100x leverage and low trading commissions. Trading is accessible on web browsers and the Margex app, which both offer a great user experience.
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4. Exodus – Trade Crypto Assets in the Safety of a Non-Custodial Wallet
Exodus offers an alternative trading experience to Binance, considering it’s primarily a non-custodial wallet. This means users can trade and store crypto assets without using third-party providers. Crucially, users control their private keys and backup passphrases, which isn’t the case when using Binance. This also ensures anonymity, privacy, and an ‘off-the-grid’ investing journey.
Exodus supports multiple device types, including Windows and Mac software, an iOS and Android app, and an extension for Chrome browsers. It’s free to download and operate, although fees do apply when swapping crypto assets. Nonetheless, it sources the best exchange rates in real time, which includes the trading commission.
Exodus uses decentralized liquidity pools, so it never touches client funds. The purchased crypto assets are immediately added to the wallet balance. Exodus also offers other features, including staking tools with competitive APYs. Cosmos and Ontology are currently yielding over 14% and 17% respectively.
Why Is Exodus Better Than Binance?
Exodus is a hybrid wallet provider that doubles up as a popular swapping tool. It enables users to store and trade crypto assets away from centralized providers. Unlike Binance, Exodus users control their private keys and backup passphrases.
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5. Kraken – The Best Option for Buying and Selling Crypto on a Mobile App
Kraken is one of the best Binance alternatives for those preferring a mobile trading experience. Its mobile app for iOS and Android is user-friendly, clean, and simple to navigate. This makes Kraken a solid option for beginners who want to buy and sell crypto on the move. Placing orders couldn’t be easier; just search for the crypto, type in the fiat amount (e.g., $50), and confirm.
What’s more, Kraken offers a wide range of markets, with 332 crypto assets to choose from. This includes everything from Bitcoin, Aave, and Filecoin to Polygon, TRON, and Ethereum. That said, Kraken fees are expensive when using the ‘instant convert’ tool, so it’s best to place orders via Kraken Pro.
This reduces the maximum commission to 0.02% and 0.05%, depending on whether you’re a marker maker or taker. Both options are cheaper than Binance, considering it charges an entry-level commission of 0.1%. Eligible traders can also access leverage on Kraken, including up to 50x on perpetual futures and 5x on margin accounts.
Why Is Kraken Better Than Binance?
Kraken’s mobile app for iOS and Android is a great Binance alternative for beginners. It takes seconds to buy or sell crypto and no prior experience is needed. Kraken is also a safe exchange with regulatory approval in multiple countries, including the UK, Canada, and the US.
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6. Coinbase – Beginner-Friendly Exchange With a Strong Regulatory Framework
Last on this list of Binance alternatives is Coinbase. Founded in 2012, Coinbase serves over 100 million investors. It’s renowned for offering a safe trading experience. No prior hacks or security issues have arisen, and Coinbase is licensed in multiple countries. This includes the US, the UK, Canada, Singapore, and Australia. Users are also protected by 2FA and other security controls.
Coinbase is also the best Binance alternative for buying crypto with fiat money. Supported payment types include debit/credit cards and PayPal, although fees amount to 3.99%. The cheaper option is to deposit funds with a local bank transfer; no fees are charged. Coinbase lists almost 260 crypto assets, ensuring investors can create diversified portfolios.
It also offers perpetual futures with 10x leverage, but these markets are only available in selected jurisdictions. Coinbase also supports staking tools on multiple coins, not to mention recurring orders for dollar-cost averaging. Coinbase is available via web browsers and a beginner-friendly app. It also offers a non-custodial wallet, although this is separate from its exchange.
Why Is Coinbase Better Than Binance?
Coinbase – with regulatory approval in multiple countries, is a safer alternative to Binance. It’s also a better option for first-time investors looking to buy crypto with fiat money. Its ‘instant buy’ feature supports debit/credit cards and PayPal. Local bank transfers are also supported.
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Reasons to Choose a Binance Alternative
Binance might be the largest crypto exchange, but is it the best?
Here are five reasons why traders should consider an alternative platform:
- Available Markets: Binance lists 424 crypto assets, which could be enough for most traders. However, those looking for the next 100x gem likely won’t find it on Binance. Instead, consider MEXC, which offers more than 2,500 crypto assets, including micro-cap tokens.
- Regulation and Safety: Binance has a limited regulatory framework, which could be a concern for some. Binance has previously witnessed a large-scale hack, too, with an estimated $550 million stolen. In contrast, eToro is regulated by the FCA, ASIC, and CySEC, and it’s also approved in the US. It also offers institutional-grade security and has never been hacked.
- Fees: Binance has a standard trading commission of 0.1% per slide, which is competitive. However, cheaper options are available. MEXC, for instance, offers 0% commissions when placing limit orders. Margex is also more competitive, charging just 0.06% per slide.
- User-Friendliness: Binance offers smooth trading conditions, but its platform might not be suitable for beginners. Instead, eToro and Coinbase are much better alternatives for first-time investors, but rather more experienced traders. No prior experience is needed, making them a great choice for newbies.
- Fiat Payments: Binance offers fiat payments in some countries, while in others, they’re banned. The latter includes the UK, with GBP deposits no longer supported by Binance. An alternative option is eToro, which offers instant deposits via debit/credit cards, bank transfers, and e-wallets, not only for GBP but also for USD, EUR, and other major currencies.
The Verdict
Binance is a leading exchange with over 200 million users, but we’ve established that better options exist. Especially when it comes to safety, paying in fiat currencies, and user-friendliness.
eToro is our overall top pick. It’s authorized and regulated in multiple countries, offers institutional-grade security, and supports a wide range of payment methods. eToro also offers copy trading and professionally managed crypto portfolios.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
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References
Kane Pepi
EditorKane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…
