Binance is definitely the most popular crypto exchange, and that seems to be well-deserved since the platform features about 600 tradable assets and has a very novice-friendly interface. However, it’s not the only crypto exchange on the market: there are some platforms which may be less popular but still more attractive in terms of trading conditions and fees. In this article, we analyze Kraken and ByBit to understand whether they can be considered a viable alternative to Binance.
Founded in 2017, Binance is the leading crypto exchange in the world that allows you to trade various assets, including tokens (from BTC and ETH to the most obscure ones), crypto futures and options, a wide variety of NFTs, and ETFs. The exchange is especially popular with traders who prefer altcoins, and it also attracts thousands of novice crypto investors since everybody knows about it, and you can use the platform for staking or earning interest without actually having to learn how to trade.
However, many traders claim that the transaction fees are too high, and the exchange has some legal problems with several financial authorities from the US and the UK. While that definitely doesn’t mean that you should abandon the platform right now, you should definitely know several reputable Binance alternatives just in case. Let’s take a closer look at two of them, Kraken and ByBit.
Kraken is a reputable crypto exchange that’s been around since 2011. Located in San Francisco, this exchange works all around the world, but it’s especially popular in the US. Kraken has a rather simple and user-friendly onboarding process, and it’s known to be extremely secure: it keeps 90% of funds in cold storage, employs SSL encryption, and so on. It has about 200 popular coins for you to trade, but there are no crypto options or ETFs. The minimum deposit is just $1, but non-trading fees are huge.
Established in 2018, ByBit is another popular crypto exchange that focuses on derivatives. With about 250 different coins available, this platform is a nice choice for margin trading with up to 1:100 leverage and modest trading fees. ByBit also doesn’t have non-trading fees: you can deposit or withdraw funds for free. The exchange also features advanced security measures to make sure your money is safe in your account. However, it doesn’t work with US citizens, so if you’re from the US, try Kraken instead.
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