An Alternative To Binance

Binance is one of the largest cryptocurrencies in the world, offering a range of features at competitive prices. The exchange, which is based in Malta, accepts users from around the world and is a much-loved platform by the crypto community.

Binance: An Overview

Trading over 100 different cryptocurrencies, Binance can cater to traders looking to dip their toes into new markets and currencies. The exchange does not accept any fiat currency, so this means that you cannot buy Bitcoin using a credit or debit card. Instead, you will need to already own an acceptable cryptocurrency and use it to trade on the exchange.

This means that if you would like to use Binance, you must first obtain digital currency from another source. There are multiple options available, including mining your cryptocurrency or opening an account with a cryptocurrency exchange which accepts fiat currency.

Binance Pros

As the exchange developed over the years, it began adding additional services and trading instruments. As a registered user with Binance you get access to all of these features, which include the opportunity to buy into IEOs, carry out margin trading, and access extremely detailed and customizable crypto graphs. Furthermore, the majority of these services, including brokerage, come at very competitive fees.

Binance Cons

Binance’s primary negative is that it does not accept payments in USD, EUR, or any other fiat currency. This gives the user an added obstacle of having to open a second account with a different exchange. Binance’s customer support has suffered in the past, and as a result, it has a reputation for sometimes being slow and inefficient.

If you are looking for an alternative to Binance, have a look at some of these great options.

CoinEx

Launched in December 2017, CoinEx is one of the newer, centralised exchanges available. It is based in Hong Kong and offers users a low cost, high speed, and user-friendly platform which has been hailed for its security and convenience. 

One of the many features of CoinEx is its proprietary trade matching system. Available in a variety of languages, the platform accepts users from over 100 countries around the world. These users can get access to a large number of cryptocurrencies, which include TRON, FuseX, and Dogecoin as well as more common currencies such as Bitcoin, Ethereum, and Litecoin.

Using CoinEx provides you with various advantages, including:

• A transparent fee structure
• Low trading fees
• Free deposits

Just like Binance, CoinEx is a crypto-only platform, so you will still need to source your first currency from an alternative source.

Another similarity is that they both provide detailed charting. CoinEx provides advanced graphs which including three categories of trading pairs; BTC, BCH, and USDT Markets.

Bibox

As another relatively new exchange, having been established in 2017, Bibox aims to be a direct alternative to Binance. Users can obtain a large variety of Bitcoin and Altcoin whilst also making using of the platform’s Artifical Intelligence (AI) algorithms, which facilitate trades with optimal results.

Using a web trading platform, Bibox offers new and experienced cryptocurrency traders an intuitive design and interface. On the platform, you can activate several useful features, which include viewing your trading history, your order book and responsive charts.

Bibox offers its users a variety of additional advantages, which include:

• Superb customer care staff which speaks English, Chinese, Vietnamese, Russian, and Korean
• Various trading options, different currencies as well as limit and market orders
• Mobile application for iOS and Android users

As Bibox continues to develop it is looking at the introduction of more advanced trading tools, including margin trading. It will also seek to capitalise on its existing key feature, which is using AI algorithms to provide its users with superior trading abilities.

OKCoin

Although OKCoin might not be as popular in the Western hemisphere as Binance or Coinbase, it is actually the largest Bitcoin exchange by trading volume. In fact, OKCoin carries out over 16 million Bitcoin transactions per month.

The Bejing-based exchange is an ideal exchange platform for more experienced traders as it offers a selection of advanced trading instruments and tools. You can trade futures and on margin, as well as place a variety of orders and TWAPs.

Using OKCoin as your primary cryptocurrency exchange has several advantages, such as:

• Ability to trade in more advanced markets
• Low trading fees
• Using an exchange with very high liquidity

A key differentiator of OKCoin over Binance is that you can use fiat currency to buy and sell cryptocurrencies. Although the platform is not currently regulated by any authority, OKCoin is extremely safe and reliable.

ZBX

ZBX is the newest exchange in this guide, having been established towards the end of 2018. It is owned by Zillion Bits Limited, a company registered in Malta, and operates as a centralised cryptocurrency exchange. ZBX offers only a handful of currencies, which include Bitcoin, Ethereum, Ripple, and Litecoin.

Just like OKCoin, ZBX allows you to buy and sell cryptocurrency using fiat currency. The platform accepts card payments as well as bank transfers. Focusing primarily on offering crypto services to Europe and Asia, ZBX is currently unavailable to users in the United States.

By making use of ZBX, you will benefit from a variety of features, which include:

• Access to the ZBX mobile app for Android and iOS
• Low trading fees
• Instant availability of deposited funds

As such a young cryptocurrency exchange, ZBX is still finding its niche, but through the experience of its owner, the platform has already succeeded to attract a strong following. As it continues to develop further, it is likely that it will start offering a variety of trading pair options, with the potential of more advanced instruments.

Whatever it will eventually become, you can use ZBX today to quickly buy your digital currency at a competitive price and trade it instantly with thousands of other registered users.

We invite you to read our comprehensive guide on Binance vs Kraken where we compare both exchanges in detail to help you choose the best one that fits your trading needs.