You have probably heard of Binance if you are a cryptocurrency enthusiast but what happens when Binance is not available in your country? There are several alternatives to Binance that give you good deals which Binance is known for giving.
In this article, we will discuss two Binance alternatives that are almost as good as Binance and why you should consider them.
Which Countries Does Binance Support?
Binance supports traders from over 180 countries but the features available to each country differs from country to country.
For instance, all traders from the 180 countries Binance supports are allowed to use the Binance platform but many cannot withdraw their cryptocurrency in their country's fiat currency.
Others can make withdrawals but can't buy their favorite crypto using their debit/credit cards.
Some of the countries that can use their visa and MasterCard to buy cryptos on Binance include,
Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, UK, and Ukraine.
Binance also supports fiat currency withdrawals in these countries:
Austria, Belgium, Bulgaria, Croatia
Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
Does Binance Work In The United States?
The global Binance platform does not work in the U.S. The reason is this, the U.S rules and regulations affect the way Binance operates in the United States. Due to this reason, Binance investors established "Binance U.S". Binance.U.S is a subsidiary of Binance that is registered and regulated in America. It is strictly for U.S traders.
At the moment, Binance.U.S is available in 43 states in the United States. While other states such as Hawaii, Louisiana, Vermont, Connecticut, Texas, Idaho, and New York do not permit Binance.U.S.
Binance.U.S charges 0.1% as spot trading fee, 0.5% as Instant Buy/Sell fee and 4.5% for debit card transactions. Also, each cryptocurrency withdrawal fee differs and withdrawals of Bitcoin cost 0.0005%. The minimum withdrawal amount is 0.001 bitcoin.
Core Features of Binance U.S
• 50-plus cryptocurrencies are traded on Binance
• It allows crypto-to-crypto trading.
• It uses a Mobile App.
• It provides users with a secure wallet known as Trust wallet and users are allowed to use other digital wallets if they prefer it.
• Transactions are fast
• It uses the same trading interface as Binance global platform.
Which Countries Are Banned From Binance?
Currently, Binance is banned from operating in countries such as China, Malaysia, Japan, the U.S, and the UK. The exchange has also had its fair share of lawsuits from countries like Thailand and the United States.
As a result, the number of countries that Binance does not support has increased. If you plan on trading Bitcoin on Binance, you should check to ensure your country is supported by the cryptocurrency exchange.
Binance Worldwide Alternatives
There are so many alternatives to Binance. The more popular ones rank based on the following features,
• A wide range of cryptocurrency to choose from.
• Low service fees.
• Accessibility and availability in users' country of residence.
• Availability of the crypto coin and Altcoins users wish to trade.
• The accepted deposit and payment methods suit users' needs.
• The usability of the exchange platform.
• The exchange's track record.
• The security level of the exchange.
Binance Alternatives
Currently, the cryptocurrency exchanges that are rank next to Binance are Coinbase and Kraken.
Coinbase
Coinbase is one of the reputable global cryptocurrency exchanges in the world and it comes with a high level of security. It is especially favored when it comes to the purchase of Bitcoin.
Pros
• It is user-friendly.
• The mobile app functions in a similar way as the desktop.
• It has an earn feature that gives users cryptocurrency when they learn about coins on its platform.
Cons
• Its charges are higher than its competitors'.
Kraken
Kraken is one of the oldest cryptocurrency exchanges and it is used by many people worldwide.
Pros
• A huge number of tradable assets.
• User friendly.
• Friendly 24/7 customer support
• Reasonable trading fees
Cons
• Users do not have an option for email or phone customer support.
Conclusion
Currently, Coinbase and Kraken are top competitors of Binance. They are also more flexible when it comes to the countries they support.
Coinbase and Kraken also offer a huge number of tradable assets and better usability for beginners in cryptocurrency trading. Additionally, their charges are more flexible with minimal restrictions based on traders' location.
Are you thinking of sending meyou signed up already on a cryptocurrency exchange? Try Kraken or Coinbase.
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