Binance Alternatives – 2 Better Platforms

Find out the major disadvantages of Binance and some exchange platform alternatives with lower fees and more security.

While cryptocurrency exchanges offer a range of digital assets to trade and the ability to store crypto coins on electronic wallets, these exchanges are exposed to security threats and often charge high fees and commissions.

Binance, for instance, is the world’s largest cryptocurrency exchange, but it has some significant disadvantages.

In this guide, we will review where Binance falls short and list the top Binance alternatives that are arguably better platforms when it comes to regulation, features, safety, and fees.

Best Alternatives to Binance in November 2023

Bybit: Tier 1 Exchange Offering Leverage Trading

Bybit is one of the industry leaders in futures trading. It is a leading tier 1 cryptocurrency exchange platform that has adopted flexible strategies catering to the customer’s convenience. Currently ranked among the top 5 crypto exchanges as per Coinmarketcap, Bybit is one of the fastest-growing crypto companies in the world.

Bybit, a cryptocurrency derivatives exchange platform, offers up to 100x leverage on cryptos, making it a favourite of experienced traders. At the same time, it is also a preferred platform for buying spot cryptocurrencies.

Its charges are based on maker-taker fees, giving it an advantage over platforms like eToro. Fees for spot trading are close to 0.1%, whereas rebates for limit orders for margin trading are approximately 0.025%. It gives the user the option of using a demo account wherein they are educated thoroughly on the functions and processes involved in futures trading.

Bybit has the chance of USDT and perpetual inverse contacts. A bonus is that it offers referral incentives and affiliate programs which could be a source of passive income. At the time of writing, newly registered users have the chance to get a bonus of 5030 USDT.

Bybit also has a top-notch security system using SSL communication, 2FA, and a highly-developed Mark and Index pricing system. It is equipped to handle more than 100,000 transactions per second and has built-in Tradingview charting tools and indicators, which are helpful for Technical Analysis (TA).

Bybit Learn is a vital charting tool for beginners, explicitly outlining the market trends, fluctuations, and strategies enabling the customer to make a suitable investment. Another unique feature of Bybit is its test net site, wherein users are free to use and try out any strategy they prefer without encasing real money.

This benefits beginner who may not be comfortable with trading instantly and would like to understand the workings of the cryptocurrency market better. The Bybit app is available on both Google Play and the App Store.

OKX: Exchange Offering Advanced Financial Analysis Tools

Since its launch in 2017, OKX, a crypto exchange with headquarters in Malta, has supported millions of customers from more than 100 countries. The exchange offers multiple classes of financial assets along with new altcoins like Tamadoge on its platform.

Its trading fees commence from 0.10% and reduce as transaction volumes or stakes in OKX’s currency, the OKB token, rise. The exchange allows users over 100% annual interest rate for staking some cryptocurrencies.

Like most prominent cryptocurrency exchanges, OKX provides an active trading facility for moderate to experienced traders and an easy form ideal for learners. OKX has an easy registration process for its users, allowing them to purchase crypto assets in a matter of minutes with their credit or debit card, bank account transfer, Apple Pay, Google Pay, and other payment options.

Through its asset analysis feature, OKX gives its users their portfolio’s profit and loss (PnL) performance trend for a specified duration of time. Advanced financial tools like pool mining, financial analytics, and data analysis can manage investment portfolios on this platform.

Suppose any user is not acquainted much with the technicalities involved in the crypto market. In that case, he can understand it by using the educational materials offered by OKX Academy on this exchange.

In addition, the exchange has unique semi-offline multi-signature technology for ensuring the complete protection of crypto assets of their users. For keeping their cryptocurrencies safe and secure in one place, OKX offers a robust OKX wallet to its users, which encapsulates different Web3, DeFi, and GameFi features.

On a side note, OKX also has a DEX platform for those unable to use its CEX.