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Binance Alternatives and Competitors (2021): Where Should You Trade Cryptocurrencies?

Binance may be one of the most well-known cryptocurrency exchange platforms, but its limited deposit and withdrawal options, limited availability, and complicated trading platform has left crypto traders looking for Binance alternatives. If you’re looking for a new crypto exchange platform, we narrowed down our list of the top Binance alternatives and competitors (in no particular order) to Coinbase/Coinbase Pro, Kraken, and eToro. Keep reading to help you decide which platform best suits your needs.

Binance Alternatives and Competitors

ModelBinanceCoinbase / Coinbase ProKrakeneToro
 binance logokraken logoetoro logo
PriceCheck Prices at Binance.comCheck Prices at Coinbase.comCheck Prices at Kraken.comCheck Prices at eToro.com
Best ForLow fees and Alt CoinsHigh security and wide payment optionsTrading on crypto pairs and fiatNew crypto traders
Founded2017201220112016 (started offering crypto n 2018)
HeadquartersMaltaSan Francisco, CaliforniaSan Francisco, California, Canada, Japan, EUCyprus, UK, Israel
Cryptocurrencies300305416
Minimum DepositNo minimumNo minimum$1 to $150, depending on the avaiability and deposit method$50
PayPalYesYesNoYes
Credit Card Fees.1%3.99%3.75% + โ‚ฌ0.25.1%
Bank Transfer Fees.1%1.49%$5.1%
2-Factor AuthenticationYesYesYesYes
Customer SupportSupport ticketEmail24/7 live chat, Support CenterSupport ticket, live chat

Coinbase / Coinbase Pro

Coinbase boasts topnotch security and wide payment options

Coinbase has a clean, beginner-friendly interface

Available to more than 100 countries, San Francisco-based Coinbase is among the most secure cryptocurrency exchanges. The news of Binance getting hacked in 2019 is one of the reasons why some traders look to Binance alternatives like Coinbase. Coinbase’s security measures include two-factor authentication (2FA), vault protection, offline cold storage of its digital assets, and secure hard drives.

Some of Coinbase’s supported currencies include ETH, ETC, BTC, BSV, BCH, WBTC, USDT, USDC, MKR, ATOM, VET, and XLM, to name some. Coinbase accepts different payment methods, including PayPal, credit cards, wire transfers, and bank transfers, with the fees varying depending on your payment method. Coinbase charges a flat fee of 1.49%, with a minimum of $2.99 when you purchase a bitcoin through your USD Wallet or bank account. For credit cards, Coinbase charges 3.99%. To read more about Coinbase fees and pricing, click here.

Formerly GDAX, Coinbase Pro is the company’s platform for more advanced traders and is also a great alternative to Binance. Coinbase Pro has more charts and data and has a slightly more intimidating interface than Coinbase. If you’re an advanced trader who knows what you’re doing, you can save on fees when using Coinbase Pro as Coinbase’s beginner-friendly platform also means higher fees.

Kraken

Non-US residents will find Kraken a great Binance alternative and competitor

Kraken supports fiat and cryptocurrency pairs

Another notable crypto exchange brand, Kraken boasts a secure trading platform for beginner and experienced crypto traders alike. Kraken claims 95% of its deposit are stored in offline storage guarded 24/7. Among its security features include 2FA through Google Authenticator and Yubikey, API key permissions, and encrypted email, to name a few.

Kraken has 54 digital assets you can trade (at the time of writing). Among its supported currencies are Bitcoin, Ethereum, Ripple, Bitcoin Cash, Yearn Finance, PAX Gold, and Ethereum 2.0. Since Kraken supports fiat, you can pay in major currencies such as USD, GBP, EUR, JPY, and CAD.

Kraken’s fees are also competitive, another reason why it’s among the top Binance competitors. For instant buys, Kraken charges nothing when you purchase using your account balance. If you use a payment card, Kraken charges a transaction fee of 3.75% + .25 EUR. Unlike Binance and Coinbase, Kraken doesn’t accept PayPal.

eToro

Best Binance alternative for beginners

Binance Alternatives and Competitors etoro
eToro’s CopyTrader, as the name implies, lets you copy another trader

eToro was founded in 2016 and have only started offering cryptocurrencies in 2018. The Cyprus-based company may be a relative newcomer to the crypto exchange field, but it has become a popular alternative to Binance and a major competitor of Binance USA. It’s a great platform for beginners as eToro offers a virtual portfolio of $100,000 that you can play around with.

What makes eToro a great platform for those new to crypto is its CopyTrader feature which lets you copy the portfolio of a trader you choose. You can set an amount that will be automatically used to replicate your chosen trader/s’ positions when they execute a trade. Just make sure you make ample research on the trader you’re copying before using this feature. eToro’s CopyTrader doesn’t ensure you’ll get returns, but it can give you better insights into trading and different traders’ varying styles.

Some of the Popular Investors have hundreds to 2,000+ copiers

Unlike the other Binance alternatives and competitors on our list, eToro has limited currencies available (only 16 at the time of writing). Among the available cryptocurrencies are Bitcoin, Ethereum, Bitcoin Cash, XRP, Dash, Etherum Classic, ZCash, USDX, and NEO. To purchase cryptocurrencies, eToro lets you use PayPal, Skrill, wire transfer, Neteller, and credit cards.

Verdict

If you’re looking for Binance alternatives, Coinbase, Kraken, and eToro are reliable, legitimate cryptocurrency exchange platforms

Kraken

Best Binance alternative overall

kraken logo

eToro

Best for Binance alternative for beginners

etoro logo

Kraken, eToro, Coinbase, and Coinbase Pro are among the top Binance alternatives and competitors. They are secure and regulated, so you can rest easy that your investment won’t just disappear. Among the three Binance alternatives and competitors on our list, Kraken supports the most currencies and, including fiat and crypto pairs. Its fees are reasonable as well, although Binance’s low fees are still hard to beat. If you’re new to trading, Kraken’s platform is simple, clean, and not as intimidating as Binance’s.

Meanwhile, eToro and its CopyTrader feature make it an attractive starting point for beginners. If you’re not yet ready to invest and want to learn first, eToro’s virtual portfolio is a good way to test the waters without spending a dime.

FAQs

๐Ÿ“Œ What are the best Binance alternatives and competitors?

Coinbase, Coinbase Pro, eToro, and Kraken are among the top alternatives to Binance and Binance US

๐Ÿ“Œ Is Kraken better than Binance?

Both are top cryptocurrency exchange platforms on the market today, but if you’re new to crypto trading, you might want to start with Kraken first.

๐Ÿ“Œ Has Kraken been hacked?

No, just like Coinbase, Kraken is secure and has not been hacked.

๐Ÿ“Œ What are other Binance alternatives in the US?

Kucoin and Bitfinex are also among the best alternatives to Binance.

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Rhodaline Escala-Phelps

Managing Editor and Team Leader at Compare Before Buying. Writer and researcher passionate about people, product comparisons, culture, and current events.