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Best Alternative to Binance

Welcome to this guide, where we are going to look at the different alternatives to the Binance platform and which one is the best option.

We are going to focus on our experience after using many different platforms to buy and sell cryptocurrencies, and which ones we personally use. We will not go into detail on each platform and go straight to the use or alternative presented by each platform we will see.

But first, we would like to mention that we personally believe that Binance is the best platform to buy and sell cryptocurrencies currently available. And for that reason, we recommend you to use Binance before any of the alternatives that we will now see. Still, let’s take a look at when you might want to use another platform instead of Binance.

With that said, let’s first take a look at why not to use Binance. Although there are many, we are going to focus on the most common ones that we have been able to see. They are as follows:

  • Avoid sharing your cryptocurrency information with your country’s tax agencies
  • Not finding the cryptocurrency or cryptocurrencies you want to buy
  • Problems using the platform
  • Problems using any of its financial derivatives (futures, leveraged tokens, staking, mining, etc.).

These are the main reasons and complaints we have found about this platform. And now let’s go into more detail on them. If you want to simply see the best alternatives, you can go directly to that part.

The first reason is due to the great effort that binance is making to be regulated in all countries and therefore share information with each tax agency of the country that is already regulated or has headquarters. We have seen this already happen in Spain with their own headquarters and this makes it much more likely that they will share their users’ information with the tax agency. Unlike other platforms that only share information when the information of that person is required and in very specific cases of crime or tax fraud. This is the main reason we have found in Binance users in Spain.

The other reasons are simpler. Binance does not have all the cryptocurrencies and is demanding in the cryptocurrencies it lists on its platform. Sometimes we will have to use another exchange to buy a cryptocurrency that we want and is not in Binance.

And the last two reasons are due to personal problems that each one of us may have had when using Binance and that we are not satisfied with the problem or the resolution of it. Mostly, we have seen this with leveraged tokens or different financial derivatives where some users lost money using this type of financial products because of problems with the platform. For example, if using binance futures liquidates your position because it was very close to the settlement price but did not reach that price. Although it is not common, there are users who have had bad experiences with binance and other platforms using financial derivatives, and therefore do not want to use that platform anymore.

Alternatives

There are a thousand alternatives you can find to Binance or other platforms, so you can see other opinions. Still, we will rely on our own experience. So let’s get to it:

KuCoin: KuCoin is the other big platform very similar to Binance, and that many users moved when binance announced its headquarters in Spain. KuCoin shares many similarities with Binance, but being less regulated and a smaller platform. The commissions are a bit higher but very similar, and you can find more cryptocurrencies and many cryptocurrencies not found on Binance.

So KuCoin is a great alternative if you are looking to buy a cryptocurrency that is not on binance, escape the regulation that binance is exposed to or have had problems using binance. The only negative aspect is less variety in aspects such as staking and a little higher risk as it is not as large as Binance and not as regulated.

With a very similar style to KuCoin you can also use other platforms such as ByBit or FTX. The latter being somewhat more complex to use.

If you do not have an account with kucoin, you can create one just below.

Platform: KuCoin
Min. Deposit: $30
License: Cysec

Very low commissions
Exchange with a wide variety of cryptocurrencies

 5/5

Gate.io: Gate.io is the platform with the most cryptocurrencies listed on its Exchange. So if you are looking to buy new cryptocurrencies or cryptocurrencies that are not well known, you should use gate.io. Although it also offers other interesting options, it really can’t compete with binance or kucoin in most aspects.

I would only highlight gate.io and we personally use this platform to buy cryptocurrencies that you do not find in any other Exchange or in very few platforms. These platforms are usually very unreliable. In contrast, gate.io is reliable and has many users and daily volume. Although it is still smaller and with more risk than binance or kucoin.

If you don’t have an account with gate.io, you can create one just below.

Platform: Gate.io
Min. Deposit: $10
License: Cysec

New cryptocurrencies (ICO’s)
Growing exchange

 5/5

Coinbase/Kraken: Finally, I would like to mention these two platforms, coinbase and kraken, although there are also some others in this group such as crypto.com.

These platforms are an alternative only in case binance seems complex to you, and you want to find a simpler interface to buy and sell cryptocurrencies. Since this type of platforms are made for new people entering this world, making it as easy as possible to buy any cryptocurrency they have on their platform.

On the other hand, being so easy to use, they do not have so much variety in aspects such as financial derivatives, staking, and different aspects. In addition to much higher commissions than those you find in binance or kucoin to buy and sell cryptocurrencies. And very little variety to withdraw cryptocurrencies in different networks. This is a big problem for users who want to buy cryptocurrencies and withdraw them to their wallet if you use one of these platforms.

Still, if you want a nice, simple and easy to use interface, these platforms may be what you are looking for.

I hope this has helped you to know the best alternatives to Binance. And in case you don’t have an account with Binance yet, you can create one just below.

Platform: Binance
Min. deposit: $10
License: Cysec

Very low commissions
Exchange with more cryptocurrencies

 5/5

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