As Binance.US’s operations come under the SEC’s wrath, impacting customers’ ability to access funds, many users are looking for a new place to trade crypto. This guide lists our top seven Binance.US alternatives, ensuring you can withdraw your dollars safely while benefiting from a secure, usable platform to buy, sell, and earn from your crypto.
Why look for Binance.US alternatives?
Binance.US is a behemoth in the centralized exchange (CEX) landscape and a popular choice for crypto enthusiasts based in the United States. However, like many of its CEX peers, Binance has become a victim of the U.S. Securities and Exchange’s (SEC’s) rulings.
On Oct. 17, 2023, Binance.US updated its terms of service. The platform now no longer supports direct withdrawals in U.S. dollars. This unprecedented move followed a series of regulatory actions by the SEC.
The halting of deposits and withdrawals on the platform mounts pressure on crypto investors who prefer to trade in USD. Hence, these users might opt for less embattled Binance.US alternatives that still support USD transactions.
What are the best Binance.US alternatives?
Coinbase is one of the largest crypto exchange platforms. The CEX supports over 240+ cryptocurrencies and 500+ crypto pairs.
Regarding security features, Coinbase stands out as a self-custody web3 wallet that offers users full control of private keys to their assets on the blockchain. Some additional security features available to users include passwords, security locks, and biometrics that offer players multiple ways to keep their holdings safe.
The platform charges 1% on all cryptocurrency transactions. It also charges a spread-based fee of 0.50%. Other fees depend on the chosen payment method. For example, ACH transfers are free, while debit or credit cards have a 3.99% fee.
When looking for Binance.US alternatives, it’s also important to consider customer support. In the case of Coinbase, the CEX offers phone line support as well as standard online chat offerings to help users with any inquiries, complaints, or suggestions.
Note that Coinbase is not available in Hawaii.
-Debit card purchases available
-Mobile app for both Android and IOS
-Advanced trading options
Kraken is one of the most established crypto exchanges in the market, having started operations in 2011. It offers an appealing platform that caters to a wide range of customers, from beginners to seasoned investors. The exchange platform supports over 220+ coins to buy, sell, and exchange with highly competitive exchange fees. The platform facilitates spot, margin, and futures trading and offers an advanced trading interface with TradingView integration.
Kraken charges a percentage fee for all transactions and a spread fee. Added fees on your transaction depending on the chosen payment method, such as credit or debit card fees.
In terms of security, Kraken’s offerings are also strong, and as of October 2023, the platform has never been hacked. Multiple layers of protection include multi-factor authentication.
Users also have the option to secure their accounts with FIDO2 devices and require extra approval for new device access. Additionally, it offers safe coin storage and holds up to 95% of deposits offline in cold storage units worldwide. The physical crypto infrastructure is stored in secure cages and is under 24/7 surveillance.
The simple registration process makes signing up for an account easy for new users. It only takes a few minutes to sign up on the platform. Users must complete KYC verification and share contact information, such as a name, address, social security number, and phone number.
The exchange platform supports eight fiat currencies, including the U.S. dollar, a popular option. Hence, you can transfer your Binance.US assets to the platform and convert them into U.S. dollars.
-Available on both Android and IOS
-Fees at 1.5% per transaction
-95 USD linear perpetual futures
-24/7 customer support
eToro is a top option for investors seeking USD withdrawals, low-cost stocks, and crypto trading via an interactive mobile app. The platform comes with ETF trading free stock and simple account opening.
Founded in 2007, the exchange platform has expanded into international markets and offers a transparent fee structure. There is a flat fee of 1% for each crypto trade transaction. Users can replicate trades by investors who regularly outperform the market using the copy trading feature.
All deposits into the platform are held in the Federal Deposit Insurance Corp. (FIDC). Additionally, digital assets are kept in cold storage, reducing the chances of customer fund loss or a potential hack.
Opening an eToro account is simple. All you need to do is provide your username, password, and email address. After verifying your email address, you will answer a few verification questions to determine your risk tolerance and top trading experience.
A customer support option is available through help centers through support tickets. Moreover, there is a phone support number available 24/7.
-User-friendly and interactive mobile app
-Regulated by SEC
-80+ supported cryptocurrencies and assets
-Copy trading feature
INX is a U.S. crypto-focused and SEC-registered exchange focusing on security tokens. Besides offering instant withdrawals for users, INX offers crypto trading options with top security tokens.
The INX One platform offers many opportunities for crypto enthusiasts to diversify their investment portfolio with multiple crypto assets and security tokens. The platform claims it is widening accessibility to certain assets, promising users they can “access multiple assets and investment opportunities that until now were only available to some.”
In terms of compliance, INX is ahead of most in the crypto-sphere. The platform’s INX token was the world’s first SEC-Registered Digital Security IPO issued on the blockchain. INX is built according to EU, SEC, and FINRA regulations, facilitating seamless operations within U.S. jurisdictions. The company holds Money Transmitter licenses in most U.S. states as well as Broker-Dealer and Alternative Trading System licenses granted by the SEC and FINRA.
-Over the Counter (OTC) trading
-It is available on both desktop and mobile options.
-INX token holders get up to 40% off trading fees
Uphold is a multi-asset trading platform that functions as a crypto exchange, online brokerage, and forex trading platform. The platform supports 250+ cryptocurrencies, and users can also trade fiat currencies and stocks. The user-intuitive interface makes the platform accessible to first-time investors.
The platform boasts an innovative Autopilot option that utilizes dollar-cost averaging to alleviate some of the volatility of the crypto market.
Moreover, Uphold charges 0% trading commissions, with spread fees for any crypto purchases and sales made on the platform. Note that spread fees range from 1.5% to 1.8% on popular cryptocurrency options.
Holders of personal accounts don’t get charged withdrawal or deposit fees. However, network fees might apply when withdrawing to an external wallet.
Uphold’s strong security standards include two-factor authentication, encryption, layered protection against online attacks, and cold storage. A monitoring system works 24/7 to detect any online threats. Other measures include regular audits and security tests.
-250+ supported cryptocurrencies
-Users can trade within asset classes.
-24/7 customer support
-Transparent fee structure
iTrust Capital is an SDIRA platform that launched in 2018. Users can invest in IRAs with cryptocurrencies, silver, and gold. Multiple IRAs, including SEP, Roth, and simple IRAS, are available for investment. The major IRA product is available to all eligible U.S. investors.
Users can convert their retirement savings into cryptocurrencies. The also platform offers diversified cryptocurrency trading options and facilitates staking. Users can stake for up to 90 days and earn up to 9.5% interest on their investment. Note that the platform charges a 20% staking fee.
Some key features users can access through the platform include the innovative self-directed IRA. Users can also trade their IRA funds into various cryptos. In addition, the platform provides users with numerous tax benefits, including tax-free growth and tax deferred.
BYDFi is a relatively new crypto exchange, having launched in 2019. The platform is particularly good for professionals as it focuses heavily on advanced trading features. Users can benefit from spot trading, derivatives trading, margin accounts, and low transaction fees.
BYDFi offers competitive rates charging fees between 0-1% to 0.3%, depending on the chosen cryptocurrency. Moreover, it comes with 0.1% to 0.15% conversion rates for in-trade cryptocurrency conversions.
The platform conducts numerous audits and tests of its system to ensure high-security measures for its users. Moreover, users can safely store their digital assets in cold storage for additional security.
-Margin trading accounts
-Spot trading support
What criteria have we used for selection?
The platforms listed above have been selected using a number of key criteria. We look for the following attributes:
The user interface is important for anyone selecting a Binance.US alternative. All of the above platforms allow users to navigate their platform relatively intuitively. Hence, even first-time traders can make quick and easy withdrawals. Coinbase is particularly beginner-friendly, providing a clean layout with simple instructions to execute a withdrawal.
Security features and protocols
Security remains paramount when choosing a Binance.US alternative. We considered various security features and protocols these platforms employ to protect their users’ digital assets.
The most reliable Binance.US alternatives employ two-factor authentication, cold storage, high encryption protocols, and anti-phishing measures. Kraken, in particular, stands out as a large-scale CEX with a security-first reputation.
Low withdrawal fees
Low withdrawal fees allow users to maximize their withdrawals and profits, while high withdrawal fees can eat into investments made from trades. This is especially true for investors who conduct regular trades of cryptocurrencies. For example, BYDFi offers competitive rates between 0.1% and 0.3% on cryptocurrency investment.
Variety of listed cryptocurrencies
Diversifying a crypto exchange’s portfolio helps attract more users’ interest in different digital assets. Hence, a good Binance.US alternative must offer a variety of listed cryptocurrencies that suit investors’ preferences. Diversification — investing in multiple cryptos and asset types — spreads risk and is a solid strategy most savvy investors follow.
Trading volume and liquidity
The liquidity of crypto is determined by a number of factors, from real-world use cases to overall popularity. High trading volumes and liquidity are crucial as they ensure efficient transactions. High liquidity means that a platform can easily meet its short-term debts, which is incredibly important when operating in a volatile market. It’s important to check liquidity across trading pairs on different platforms.
Customer support quality
The quality of customer support is key to user experience while transacting on any platform. Users should be confident that any issue they face can be dealt with quickly and efficiently by knowledgeable support staff.
Which Binance.US alternative is right for you?
If you’re looking for a Binance.US alternative, any one of the platforms listed above might be a good option. These alternatives offer competitive rates, good customer support, high trading volumes, and a diverse range of assets. The platform you choose should be based on your individual requirements. If you want early access to security tokens, INX’s offering may be the most attractive. Meanwhile, if you’re also interested in IRAs, iTrustCapital is worth a look. Remember to always do your own research and never invest more than you can afford to lose.
Frequently asked questions
Is there a U.S. version of Binance?
What are the differences between Binance.US and Binance.com?
Why did Binance.US halt USD withdrawals?
What is better Coinbase or Binance?
Does Binance.US charge withdrawal fees?
Is Binance trustworthy?