Binance is the world’s largest cryptocurrency exchange platform according to its trading volume. Binance is currently facing a lot of heat from regulatory authorities and is in a hurry to make a lot of changes. Currently many users got notice from Binance in forcing the users into completing the KYC by 4th of August, 2021, failing to which the lifetime withdrawal limit will be reduced to 0.06 BTC from 2BTC per day withdrawal limit. This is why many crypto users are looking for best Binance alternatives.
The number of Nations that have issued a regulatory warning against Binance has reached 6.
Let us first have a look into some of the recent news and updates surrounding Binance exchange.
Binance in Recent News:
- Indian Authorities to Question Binance on Indian laundering of Betting Proceeds
- Binance CEO is looking for his replacement.
- Starting Aug. 10, Binance Margin will suspend borrowing for its GBP, EUR and AUD pairs and major cryptocurrencies including BTC, ETH and BNB coin
- Binance said it is reducing the maximum leverage users can use to trade futures contracts
- Binance announced that stock tokens are unavailable for purchase on its website effective immediately and support for such tokens will end on October 14
Most importantly, the users are looking for alternatives after Binance announced on July 27 when the CEO confirmed through a tweet that “Binance has slashed its daily withdrawal limit for unverified users from 2BTC to just 0.06BTC”
Binance New Withdrawal Policy: Effective 4th Aug, 2021
The leading cryptocurrency exchange announced on 27th July, Tuesday, that the platform has introduced new withdrawal limits.
According to the announcement, Binance will slash the withdrawal limit from 2 BTC or nearly $80,000 daily to 0.06 BTC, i.e. $2400 for users who have completed only Basic Account Verification and have not done their KYC verification.
This change is effective immediately for new account registrations and will be made effective for existing users in phases starting 04th August.
Binance users who have completed full identity verification will be still able to withdraw up to 100 BTC in a day, or nearly $4 million at BTC prices.
As a result many Binance users are now looking for best Binance alternatives.
Best Binance Alternatives: 6 Best Crypto Exchanges We Like the Most
The current market advocates a shift of users from Binance to other platforms due to its recent policy of limiting the withdrawal amount and a strict argument against unverified users (users without a KYC verification).
Here are few alternatives that would compensate for Binance as a safe Crypto exchange platform :
KuCoin: Best Exchange with No strict policy for KYC
Kucoin is one of the best known and largest cryptocurrency exchanges which has been serving its users satisfactorily since August 2017. Kucoin offers more than 200+ cryptocurrency to trade in. Kucoin does not have a strict policy for KYC and hence helps the users maintain anonymity and privacy. Although anyone who wishes to use Fiat currencies in any way on the platform does not need to complete their KYC.
Unlike Binance, Kucoin charges less trading fees, has a beginner-friendly interface, offers excellent customer support, accepts a wide range of payment methods and allows its user to withdraw 5 BTC per day without KYC verification. (5 BTC = $200000)
So, if you are looking for a platform to shift without missing all the features of Binance, Kucoin is your answer.
Huobi: The Exchange Platform
Huobi is certainly the oldest cryptocurrency exchange which was founded in 2013. The exchange platform is one of the best and most liquid exchanges when it comes to trading. Huobi ranks among the world’s top 10 largest exchanges by trade volume. It is a high performing exchange platform when it comes to Bitcoin spot and margin trading. Huobi has a non-strict KYC requirement, which implies that not all users have to undergo verification.
As compared to Binance, Huobi charges less withdrawal fees, has super-high liquidity, offers excellent customer service, has a firm hold over their security feature and allows its users to withdraw 0.1 BTC each day without KYC verification. (0.1 BTC= $3977.45)
The exchange feature is just one part of the massive global empire of Huobi. Do read our review to know more about it.
FTX: Best platform for future Trading
FTX is a lesser known exchange which is a shame given the exceptional services it offers. As a potential Binance alternative,it offers its users an equal number of ways to make money. FTX is a cryptocurrency derivatives exchange that differentiates itself by offering a wide variety of indices and leveraged tokens. FTX has also introduced trading stocks and staking futures.
In comparison with Binance, FTX is beginner-friendly, charges less trading fees as well as withdrawal fees, offers various exotic services, offers 5 times more leverage on margin trading and has no or very low level policy for KYC verification. It allows its users to withdraw $2000-$9000 USD without a KYC verification.
The security is another excellent feature to be attracted towards FTX. it is worth considering if you are a spot trader.
Poloniex: Legendary Crypto assets exchange
Poloniex is a centralised cryptocurrency exchange for both beginners as well as experienced traders. It offers a variety of crypto markets, advanced trade types, margin trading and crypto lending. These services make it a convenient place for crypto users to satisfy all their crypto needs at one stop.
It is one of the best altcoin exchanges in terms of performance.
As a Binance alternative, Poloniex offers a better user-friendly interface, a highly responsive customer support, wide choice of altcoins, higher leverage on trading and a lenient policy for KYC verification.
One can withdraw $50,000 USD without a KYC verification from this platform.
Coinbase: Best Crypto Exchange for the U.S. Citizens
Coinbase is one of the most established and certainly the largest cryptocurrency exchange in the U.S. The platform offers access to more than 50 cryptocurrencies, has a low minimum fund policy, is insured against any security threats, and offers great liquidity and trading volume. It is the best platform for traders that gives security and offers crypto-to-crypto trading.
When compared to Binance, Coinbase allows the U.S. citizens to trade freely, it provides an extremely user-friendly platform, a digital wallet, the option to withdraw through PayPal, and more convenience and security when it comes down to trading. The users can avail the benefits of this platform without the KYC verification and can withdraw upto $25000 USD.
CoinDCX : Binance Alike Indian Crypto Exchange
CoinDCX is the most trustworthy cryptocurrency exchange in India. The platform is fairly loaded with features suited to both beginner as well as amateur level of traders. CoinDCX has a substantial rate of growth due to the numerous trading options, instant deposit and withdrawal, and adoption of crypto lending. The platform has gained over 3 million+ users in less than 3 years and is backed up by well known investors.
In comparison to Binance, CoinDCX charges lower trading fees, has better reviews, is internationally accepted, has a user-friendly interface, and has excellent responsive customer service. The platform allows its users to withdraw 4 BTC without KYC verification.
- CoinDCX Review: Is it a good Binance alternative for the Indians?
- Kraken Crypto Exchange: Best Binance Alternative for the US citizens?
- Wazir Review: Best Indian Crypto Exchange for Trading with INR?
Which crypto exchange is the best Binance alternative?
Although Binance is still the most preferable choice for users all around the globe, the above alternative crypto exchanges are a list of options in case you don’t appreciate the strict KYC policy of Binance. But, the fact that Binance still has more users and deep pools of liquidity doesn’t change. It still stands tall as the best and the largest cryptocurrency exchange in the world.
Let us know under comments which crypto exchange will you be using next, if not Binance?