8 Best Binance Alternatives for 2024

Binance is one of the most popular cryptocurrency exchanges, but are there better options? After all, cryptocurrency investors have hundreds of exchanges to choose from.

This guide explores Binance alternatives for multiple factors, including fees, licensing, user-friendliness, supported markets, and payment methods.

Read on to discover legitimate crypto exchanges that offer an all-round better experience than Binance.

Detailed Reviews of the Best Binance Alternatives

Binance might be the largest cryptocurrency exchange by trading volume, but we established that multiple platforms can offer a better experience.

We’ll now review the top alternatives to Binance for 2024, so read on to choose the right option.

1. eToro – The Overall Best Binance Alternative for Cryptocurrency Investors

eToro ranks as the overall best alternative to Binance for several reasons. First, eToro offers a considerably safer experience, especially regarding regulation. eToro is licensed by CySEC (Europe), FCA (UK), and ASIC (Australia). It has also secured approval from FINRA (US), meaning US clients have a safe place to invest. eToro also offers two-factor authentication for additional safety.

Another reason why eToro is a better option than Binance is that it’s more beginner-friendly. Investors can deposit funds with multiple payment methods, including Visa, MasterCard, PayPal, Skrill, Neteller, and bank transfers. Moreover, eToro offers a simple yet intuitive dashboard that’s suitable for first-time investors. eToro is also a great choice for diversification.

It supports the best cryptocurrencies to buy, including Bitcoin, Solana, Sei, Avalanche, Fetch.ai, Sui, and Ethereum. eToro also offers a copy trading feature with thousands of traders to choose from. This offers a passive way to invest in cryptocurrency. However, eToro trading fees are higher than Binance, with commissions costing 1%. What’s more, unlike Binance, eToro doesn’t offer automated bots. It’s also important to note that eToro was ranked #1 on our Coinbase alternatives list.

Why Choose eToro Over Binance?

eToro offers a safe and regulated platform to invest in cryptocurrencies. Unlike Binance, eToro holds licenses with multiple tier-one bodies. It supports a wider range of payment methods and an investment dashboard that’s perfect for newbies.

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 – Trade Cryptocurrencies Without Paying Commissions

The next Binance alternative to explore is MEXC, which stands out in the fee department. MEXC offers 0% commissions to ‘market makers’. This simply means limit orders should be placed when buying and selling cryptocurrencies. The commission-free rate is available for spot trading and perpetual futures. Alternatively, those placing market orders are charged 0.02% per slide.

This is still cheaper than Binance, which has an entry-level commission of 0.1%. MEXC also beats Binance for supported markets. It lists more than 2,800 cryptocurrencies, including some of the best meme coins. This includes everything from Mochi, Shiba Inu, and Turbo to FLOKI, RichQuack, and Dogechain.

MEXC is also a great option when investing in cryptocurrencies with fiat money. It supports multiple fiat currencies and payment methods; the latter includes Google/Apple/Samsung Pay, debit/credit cards, and PayPal. Keep an eye on transaction charges, which are built into the quoted exchange rate. Do note that MEXC doesn’t accept US clients and it doesn’t hold any regulatory licenses.

Why Choose MEXC Over Binance?

MEXC can’t be beaten in the fee department, with market makers getting 0% commissions. Market takers pay just 0.02%. Binance charges 0.1%, meaning it’s at least five times more expensive. Moreover, MEXC offers over 2,800 cryptocurrencies, so it’s a great Binance alternative for diversification.

3. Margex – No KYC Exchange With Leveraged Cryptocurrency Futures

Margex is another Binance alternative to consider, especially if you favor no KYC exchanges. Unlike Binance – which has mandatory KYC requirements for all registered users – Margex offers an anonymous trading experience. Opening an account takes just a few seconds and simply requires an email address.

Margex users can then access dozens of perceptual futures. This includes Bitcoin and some of the best altcoins, such as Solana, Ethereum, and Litecoin.

Margin trading is supported and Margex futures can be traded with leverage of between 25x and 100x depending on the cryptocurrency. Long and short positions are supported and financing fees are competitive. Standard commissions are also cost-effective, with Margex charging 0.06% on market orders.

Placing limit orders lowers the commission to just 0.019%. Margex also offers instant cryptocurrency purchases with over 150 payment methods, including Visa, MasterCard, and UnionPay. It also offers a demo trading platform that mimics real-time crypto market conditions. This is ideal for testing Margex before depositing funds.

Why Choose Margex Over Binance?

Margex is a top Binance alternative for trading anonymously. It doesn’t have a KYC process when joining, so you can get started with an email address only. Margex also offers cheaper trading commissions than Binance, although there are fewer supported markets to choose from.

4. Exodus – Buy, Sell, Swap, and Store Cryptocurrencies via a Self-Custody Wallet   

Exodus is a self-custody wallet that launched in 2015. It offers a native mobile app for Android and iOS, plus desktop software for Windows and Mac. There’s also a browser extension for Google Chrome, ensuring the most popular devices are supported.

Exodus provides full autonomy over stored cryptocurrencies, considering the private keys are controlled by users. Unlike Binance, this means you don’t need to trust third parties to keep your investments safe.

Crucially, Exodus also offers cryptocurrency trading services – all without leaving the wallet. For instance, you can instantly buy cryptocurrencies with a debit/credit card and other convenient methods. This includes Bitcoin, Ethereum, Solana, BNB, and more.

While Exodus doesn’t offer a conventional exchange, it does enable users to swap cryptocurrencies. For instance, you can swap Litecoin for XRP or Arbitrum for Bitcoin. Swaps are processed by liquidity providers and Exodus never touches the funds. However, Exodus fees are higher than Binance, and it does offer automated tools like bots and copy trading.

Why Choose Exodus Over Binance?

Exodus removes the counterparty risk associated with Binance, considering it offers self-custody storage. It doubles up as a trading platform, allowing users to buy cryptocurrency instantly without leaving the wallet interface. Exodus offers native software for desktops, browsers, and mobiles.

5. Kraken – A Safe and Regulated Alternative to Binance With Spot Trading and Futures    

Safety-conscious investors will prefer Kraken over Binance. For a start, Kraken is approved and licensed in multiple jurisdictions, including the US, the UK, Canada, and Australia. It’s also regulated in the European Union. Kraken – which launched in 2013, has never been hacked. This is unlike Binance, which was hacked in 2022 for over $570 million.

Kraken also boasts robust security features, with 95% of client-owned funds held in cold wallets. These wallets are guarded 24/7 by armed security. Kraken accounts are further secured by two-factor authentication. Kraken offers hundreds of cryptocurrencies, covering spot trading and futures. The latter offers perpetual contracts with leverage of up to 50x.

However, this is lower than the 125x available on Binance. What’s more, Kraken fees are higher. It charges 0.4% to maker takers, compared to Binance’s 0.1%. Takers need monthly trading volumes of over $10 million to get the same commission. Ultimately, millions of traders are happy to pay higher commissions for Kraken’s institutional-grade security. Kraken also stands out from exchanges other than Binance, which can be seen in our Kraken vs. Coinbase review.

Why Choose Kraken Over Binance?

While Kraken is more expensive than Binance, it’s a much safer option. Kraken is heavily regulated and has never been hacked since launched in 2013. This isn’t the case with Binance, which was also fined over $4 billion for money laundering failures.

6. Coinbase – Beginner-Friendly Exchange With a Popular Instant Buy Feature    

Coinbase offers one of the easiest ways to invest in cryptocurrency for the first time. Its instant buy feature supports debit/credit cards and PayPal. Simply choose which cryptocurrency to buy, type in the amount, and confirm. Coinbase will immediately add the coins to the account balance. The investment process is not only fast but also beginner-friendly.

This makes Coinbase a great alternative to Binance, which is more geared toward experienced traders. Moreover, Coinbase is significantly more reputable and secure. It was launched in 2012 and holds regulatory approval in the US, the UK, Europe, Australia, and Singapore. It has never been hacked and the majority of client-owned crypto assets are held offline as part of its robust security measures.

Coinbase is also a public company listed on the NASDAQ exchange. However, Coinbase falls short in the fee department. While Binance charges 0.1%, Coinbase users pay 1.49% to trade cryptocurrencies. This increases to 3.99% when using the instant buy feature. Additionally, Coinbase offers fewer trading markets than Binance, although there are still over 260 coins to choose from.

Why Choose Coinbase Over Binance?

Coinbase is not only safer and more reputable than Binance but it also offers a more beginner-friendly experience. Users can instantly buy digital assets with PayPal or a debit/credit card without needing prior experience.

7. BloFin – Top-Rated Mobile Trading App Supporting Hundreds of Markets    

BloFin is one of the best Binance alternatives for mobile trading. It offers a secure, user-friendly, and intuitive app for iOS and Android. New users can register an account with an email address or mobile number only. This makes BloFin a great option for trading anonymously and avoiding cumbersome KYC requirements.

Deposits are seamless too, with BloFin accepting Visa, MasterCard, and other popular payment types. However, fiat purchases are handled by third parties like Simplex, which are known as high fees. Moreover, standard trading commissions are 0.1% per slide, which aligns with Binance.

Nonetheless, BloFin supports spot trading and futures. The latter covers perpetual contracts and offers leverage of up to 150x. This is higher than Binance’s 125x offering.

BloFin lists a huge range of cryptocurrency markets, including Bitcoin, Compound, Decentraland, Trust Wallet Token, Solana, Render, and Dash. It also offers copy trading tools, with over 450 traders to choose from.

Why Choose BloFin Over Binance?

BloFin offers a better user experience than Binance, especially when registering. No KYC requirements are needed, ensuring privacy and anonymity. BloFin also offers higher leverage at 150x, not to mention a top-rated mobile app for iOS and Android.

8. OKX – One of the Best Exchanges for Automated Bots and Copy Trading    

Last on this list of Binance alternatives is OKX. This is a great option for investors interested in automated trading. OKX offers in-house cryptocurrency bots that operate autonomously. Thousands of strategies are available, including dollar-cost averaging, arbitrage, and algorithmic trading. Bots can be deployed in any market cycle, including sideways, bearish, and bullish. OKX bots are free to deploy but profit-sharing commissions of up to 30% apply.

Another automated tool on OKX is copy trading. This supports spot trading and futures, with the latter offering leverage of up to 100x. OKX is available on standard web browsers and a mobile app for iOS and Android. It also offers native desktop software for a more intuitive experience.

OKX is also a great option for buying cryptocurrency with fiat money. It directly accepts debit/credit cards, so you can avoid third-party payment processors. OKX is also renowned for its earning tools. It currently offers APYs of up to 10% on Tether, and 5% on Bitcoin and Ethereum. Users can also access instant cryptocurrency loans with an LTV of up to 65%.

Conclusion

In summary, we’ve ranked the best alternatives to Binance, covering the most important metrics for cryptocurrency investors. eToro is the standout option, with a strong regulatory framework, robust security, and a beginner-friendly dashboard.

First-time investors can seamlessly deposit funds with a debit/credit card or e-wallet, and access over 100 popular cryptocurrencies. eToro also offers copy trading features, so newbies can diversify without prior experience.

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.

FAQs