Best Binance Alternatives
The Winklevoss Twins founded the Gemini exchange, which is situated in New York City. Gemini boasts a decent selection of altcoins with a user interface that is suitable for beginners.
Gemini also has a staking feature where users may make passive revenue by staking their idle cash. Gemini is an excellent choice for beginners and even experienced users searching for a simple on-off ramp.
Gemini vs Binance
With Binance, fees are low, and there is a reduction in trading fees. They however do have an Identity verification process and a Tax statement portal. Gemini has up to 100 different cryptocurrencies, a wide range of financial products, and sophisticated security measures. It is also available in all 50 US states, making it a good alternative to Binance for US residents.
Both Binance.US and Gemini have the option of using a hot wallet to keep coins on the exchange. But Gemini has a cold wallet and custody solution just in case you want other options. With Gemini, you'll have more access to in-house alternatives.
For more information, read our in-depth Gemini vs Binance comparison.
Kraken is a minor cryptocurrency exchange situated in the United States. While it has been around since 2011, it is significantly smaller than large competitors like Binance.
With a client base of 6 million and a quarterly transaction volume of $2 billion, these figures are by far lower than top exchange markets like Coinbase and Binance.
While Kraken is not the largest crypto exchange on the market, it does have a long track record that makes it a powerhouse too.
Kraken vs Binance
Even though Binance subsequently became more popular, Kraken was founded first. Kraken is available in all states of the US, except New York and Washington while inhabitants of Idaho, Connecticut, Hawaii, Texas, Vermont, New York, or Louisiana don't have access to Binance.
Binance has been vague about its security measures and there is little to no information about how they keep its defense up. The 2019 security breach which led to the theft of more than $40 million in cryptocurrency does not do them any favors or paint them in a good light.
Kraken, on the other hand, takes security measures to protect and has included numerous safeguards. They maintain the proper security protocols by keeping a large number of the deposits in cold storage and doing security checks from time to time. It is admirable to keep in mind that Kraken's crypto marketplace has never been breached.
Read out Kraken vs Binance comparison for more information.
Nexo was founded in 2018 and is slowly gaining ground in the crypto market. The company's slogan is "Banking on Crypto." They aim to replace traditional bank services by using cryptocurrency as an asset.
It can be to your benefit to note that Nexo is working on a project where users loan out their coins and receive loans too. By doing this, you as a user can earn interest and have primary access to fiat currencies without depending on their credit scores.
Nexo VS Binance
With Nexo, anyone who wants to borrow bitcoin or deposit cryptocurrency to earn interest can access the marketplace. This is unlike Binance where the main audiences are crypto traders and holders.
Compared to Binance, Nexo is more user-friendly, offers a $100 million insurance policy on each wallet, and has much higher interest rates.
The overall system is set up to secure assets in a more automated and flexible manner than a traditional bank. Users can acquire fiat when they want it, and still keep control of their digital funds, thanks to the network.