Binance, arguably the most popular cryptocurrency exchange on the market, has announced that it will no longer allow users from the United States to trade on its platform from September 14 onwards. In this article, we will be taking a look at other cryptocurrency exchanges that currently accept traders from the US and can be used as alternatives to Binance. Still, you should be careful to check if you comply with the terms of service of any exchange you’re using, as they can be changed at any time. 

Top 10 exchanges similar to Binance for US citizens

Over the years, Binance has grown to become the largest cryptocurrency exchange on the market that regularly beats other exchanges by significant margins both in terms of trading volume and in terms of features that it provides. Unfortunately, US residents are stuck with Binance.US, a US-based alternative made by Binance, which is a stripped-down version of the native Binance offering.

If you are looking for a worthy alternative, we’ve prepared a list of 10 cryptocurrency exchanges that provide a similar type of functionality to Binance. Read along to find out which exchange is best suited to your cryptocurrency trading needs.

1. KuCoin

KuCoin shares a number of similarities with Binance, as both exchanges list a very large number of different cryptocurrencies and both have their own tokens – in the case of KuCoin. KuCoin even lists the token, which is another plus for Binance fans.

As of now, KuCoin accepts customers from the United States, but doesn’t offer know your customer (KYC) verification for them. This means that US traders are limited to withdrawing 2 BTC per day and cannot participate in KuCoin Spotlight token sales (IEOs).

The most obvious downside of KuCoin, when compared to Binance, is that KuCoin has much lower liquidity – at the moment, Binance has much higher trading volume than KuCoin. Users can use Visa/Mastercard, SEPA transactions, Apple Pay and Google Pay as payment methods to buy crypto via a KuCoin third-party partner Simplex.com.

KuCoin summary

  • With 410 coins, KuCoin offers a bigger number of digital currencies to choose from than Binance
  • Accepts US customers but doesn’t permit KYC process, which means that US traders are limited to 2BTC/day withdrawal limit
  • Up to 10x leverage trading options and futures derivatives trading are available
  • Crypto lending and trading bot functionalities

Create KuCoin Account

2. Kraken

Founded in 2011, US-based Kraken is always a solid option for users that are looking for a well-established cryptocurrency exchange. The exchange also boasts a strong track record on security, which is of course a big plus. 

However, Binance users will not be impressed by Kraken’s selection of available cryptocurrencies, as it lists “only” 84 coins, which is four times smaller than Binance’s listing.

On the other hand, Kraken offers fiat currency deposits and trading, a key feature that’s missing from exchanges like Binance and KuCoin. Kraken also offers margin trading and futures contracts, although its futures products are not available to US customers. 

In most circumstances, a lack of liquidity shouldn’t be an issue when using Kraken, as the exchange is regularly among the top 3 fiat-to-crypto exchanges in terms of trading volume. 

Kraken summary

  • Regularly appears among the top 10 cryptocurrency exchanges by volume
  • User experience tailored for newcomers to cryptocurrency trading
  • The platform includes margin trading, futures and staking options
  • Open for almost all US-based traders, except for those residing in New York

Create Kraken Account

3. gate.io

Gate.io offers a large selection of more than 800 cryptocurrencies and in excess of 1600 trading pairs, which makes it a worthy Binance alternative. Gate.io is a truly all-encompassing exchange platform that offers margin trading for Bitcoin as well as various altcoins and crypto lending and borrowing options.

What gives the platform an additional advantage over some of its competitors is Gate.io Startup, which gives users the ability to invest in IEO and support promising crypto projects. The exchange has experienced rapid growth since its founding in 2013 and currently sits as the 14th largest crypto exchange by volume.

On March 2, 2020, became the network’s native digital currency. GT can be used to increase users’ VIP levels, lower trading fee debit and allow holders to enroll in exclusive promotions.

gate.io summary

  • With more than 800 coins, gate.io has one of the largest cryptocurrency listings in the world
  • Native IEO platform allows avid investors to participate in funding promising crypto projects
  • Uses GateToken native digital currency to lower transaction costs and to give GT holders additional benefits when using the platform
  • Allows a full suite of exchange products, such as crypto lending, derivatives trading, NFT marketplace and more

Create gate.io Account

4. Bitstamp

Bitstamp was founded as an alternative to the then-dominant Mt. Gox exchange and grew to become the second-largest Bitcoin exchange by trading volume for a brief time. Established in 2013 in Slovenia, Bitstamp has since moved its base of operations to the UK and later to Luxembourg.

The exchange has earned a great reputation over the years and is licensed to serve customers from 25 European countries and also allowed to offer its services to US users via its subsidiary Bitstamp USA. Bitstamp offers investors access to 32 cryptocurrencies, however, trading of Cardano is not allowed to US residents.

USD, EUR and GBP fiat deposits via credit card and SEPA international bank deposits are also available, with only a 0.05% deposit fee. Credit card purchases come with a 5% fee. The exchange also offers a direct gateway to the Ripple network via a so-called Bitstamp IOU service.

Bitstamp summary

  • One of the older crypto trading platforms in the world
  • A somewhat limited selection of cryptocurrencies, trading of ADA is not permitted to US users
  • Low wire transfer fees, however, relatively high fees on credit card purchases
  • The platform is super easy to use, which doesn’t scare away potential newcomers

Create Bitstamp Account

5. CEX.IO

CEX.IO is an all-encompassing ecosystem of decentralized finance products that includes a margin trading platform, staking and saving services, cryptocurrency-backed loans and fast fiat on- and off-ramp solutions. The exchange lists 81 coins and 202 trading pairs.

CEX.IO prioritizes user experience and the platform’s security above all other. Buying crypto with USD, EUR, GBP and RUB via VISA or MasterCard is a quick and transparent process. The exchange also has dedicated Android and iOS apps, making access to the platform easier for users on the go.

The exchange has multiple features that extend the potential use case for your crypto assets. For instance, you can choose to stake coins on the exchange and earn passive income on your holdings.

CEX.IO summary

  • Users looking for all the bells and whistles DeFi brings to the table will be thrilled with the platform’s offering
  • Purchasing crypto with fiat via VISA and MasterCard is an easy and transparent process
  • A large catalog of cryptocurrency coins, including 81 tokens and 202 trading pairs
  • Streamlined user interface and available on the go via dedicated mobile apps for iOS and Android

Create CEX.IO Account

6. Gemini

US-based cryptocurrency exchange Gemini is among the favorites for altcoin traders and investors. At the moment, the exchange offers more than 40 cryptocurrencies, 39 trading pairs and is available to all US states, which is a claim not many competitors can make.

Founded in 2015, Gemini quickly grew to become one of the premier destinations for cryptocurrency investments. A streamlined user interface, dubbed Gemini Basic, is easy to understand for newcomers, however, the exchange still offers a plethora of advanced trading features. For complete beginners, there is an online learning hub Cryptopedia that includes more than 300 articles on various crypto-related topics.

For experienced traders, there is Gemini’s ActiveTrader platform that includes advanced charting features and other trading features that make the platform a good choice for active traders. The exchange also offers an in-house made crypto wallet and a mobile app available for iOS and Android. Using Gemini Earn, users can earn up to 7.4% APY on their cryptocurrency funds.

Gemini summary

  • Available to residents from every US state
  • Different trading views, tailored to the user’s experience level
  • Newcomers to crypto trading can learn ins and outs of crypto in the learning hub called Cryptopedia
  • Gemini Earn can be used to earn up to 7.4% APY on idle cryptocurrency funds

Create Gemini Account

7. CoinZoom

CoinZoom was launched in March of 2020, which makes it the youngest cryptocurrency exchange on our list. The exchange is available worldwide and to all US states, apart from New York. CoinZoom has headquarters in the United States and was founded by a team with previous experience within the traditional finance systems. 

When using CoinZoom, users are able to take advantage of various fiat and crypto-to-crypto payment options. The exchange protects crypto assets by holding them in cold storage with additional security provided by qualified custodians.

Where CoinZoom lacks a bit behind the competition is its limited selection of cryptocurrencies that are available to choose from. Relatively low liquidity might also be an issue for some smaller digital currencies listed on the exchange, which is to be expected for a smaller and a bit over a year old crypto broker.

CoinZoom summary

  • Serving almost all US citizens apart from those residing in New York
  • Founded in 2020 by a team with a strong background in the financial services industry
  • A plethora of fiat and crypto-to-crypto deposit options
  • Relatively small liquidity for certain smaller cryptocurrencies listed on the exchange

Create CoinZoom Account

8. Coinbase

Coinbase is another US-based cryptocurrency exchange with a solid reputation among traders. While it wasn’t always known for listing many different cryptocurrencies, Coinbase has ramped up its listing policy and is now regularly adding new coins (the platform supports 86 cryptocurrencies at the time of writing). If the exchange continues in this direction, Coinbase could soon become a favorite even among altcoin traders, perhaps even challenging the top spot and becoming a favorite Binance alternative.

Coinbase is known as one of the most popular ways to buy crypto with fiat currency, and also offers a convenient mobile app so you can buy and sell on the go. For now, Coinbase does not feature margin trading.

Coinbase has recently announced support for Apple Pay and committed to adding Google Pay support later in 2021. The exchange also made large fiat withdrawals much more efficient, as US-based users are able to make $100K withdrawals to their linked bank account 24/7.

Coinbase summary

  • Among the most user-friendly cryptocurrency exchange platforms available today
  • Convenient mobile apps were recently made even more useful by accepting Apple Pay as a payment method
  • Competitive fiat options, allowing $100K instant bank withdrawals for US residents
  • Third largest cryptocurrency exchange platform with a great reputation

Create Coinbase Account

9. OKCoin

OKCoin is a US-based cryptocurrency exchange that accepts residents of more than 190 countries. Some of the exchange’s functionality is limited on a per-country basis. For instance, US users can make fiat deposits and withdrawals, engage in crypto trading services, but can’t take advantage of the platform’s margin and futures trading options.

Since being founded in 2013, OKCoin’s community of users has exceeded 100K active traders and investors as the company expanded its reach to customers around the globe. At the time of this writing, OKCoin lists 29 cryptocurrencies and 37 trading pairs. The exchange holds 95% of users’ crypto funds in offline cold storage and a small fraction in multi-sig hot wallets, which makes funds inaccessible with just a single key as at least 3 to 5 signatures need to be approved before funds are processed.

OKCoin has low and competitive fees and advanced trading features suited for active traders and is a worthy alternative to Binance in this regard. For US citizens, the OKCoin digital asset trading platform is provided by Okcoin USA Inc., which complies with the highest regulatory standards. The company is registered as a licensed money transmitter and money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury. The exchange does not provide services to residents of the following US states: Hawaii, Indiana, Louisiana, Nevada, New York, West Virginia.

OKCoin summary

  • High liquidity and most popular cryptocurrency available
  • US residents can’t take advantage of margin and futures trading
  • Low and competitive transactions fees allow fiat-to-crypto onboarding at low rates
  • Strong security and regulatory compliance are the company’s top priorities

Create OKCoin Account

10. FTX.US

FTX.US is one of the newer exchanges on our list. Despite being founded in 2019, FTX has really high liquidity, a wide variety of futures contracts and tons of trading features. FTX.US is a US-focused exchange service and a partner of international exchange FTX.

The exchange uses its own to give additional benefits to its users. FTT holders can get up to 60% discounts on transactions fees when using the exchange. The discount number differs depending on the number of tokens a user holds.

FTX.US has a considerably smaller catalog of cryptocurrencies than its international counterpart, however, the exchange is still relatively new and will likely add additional trading pairs and new altcoin tradeable indices in the future. The exchange adheres to quite strict KYC requirements, as any withdrawal of more than $1,000 requires KYC to be completed.

FTX.US summary

  • High liquidity despite being one of the newer crypto exchanges on the market
  • Uses native FTX Token, which gives additional benefits to FT holders on the platform
  • Follows strict KYC requirements meaning every withdrawal over $1,000 needs KYC to be completed
  • Offers futures trading and a wide range of trading options

Create FTX.US Account

Why should I switch to a different exchange if I’m using Binance?

If you are still using Binance as a US resident, you are not able to get access to all the platform’s features and crypto-assets. Instead, you are redirected to Binance.US, which is basically a stripped-down version of its parent company. 

For starters, Binance.US has much lower liquidity and 6x times fewer coins listed and almost 10x fewer trading pairs as its international counterpart. The Binance.US’s trading fee structure is mostly in line with that of Binance itself.

Additionally, Binance.US is not available in all US states, as it excludes residents of Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont.

Source link: https://coincodex.com/article/3897/top-binance-alternatives-for-us-users/

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