Binance.com is Blocking US – Here are Some Alternatives to Binance Exchange in the United States

Binance is one of the largest cryptocurrency exchanges by trading volume as well as by a long list of live-trading cryptocurrencies, counting 150 different digital assets on the platform. Despite the fact that US-based traders make over 15% of daily trades on Binance, the exchange is blocking US verified traders from trading on the main exchange platform. The decision is to become effective soon, while all deposits for US traders are already blocked since September 12th, 2019. US traders will still be able to access their funds that were previously deposited and stored. Policy behind Binance exchange allows users to withdraw up to 2 BTC units without previously verifying accounts, so US-based traders who have not yet verified their accounts would probably still be able to use Binance exchange with VPN.

However, verified US-based traders will need to find some alternatives to Binance exchange that allow crypto trading in the United States. Binance is not the only exchange blocking US traders as more exchange platforms decided to disable trading for US-based traders as the regulatory environment in the United States is slowly closing in on digital assets, placing more pressure instead of loosening in accordance with maturing of the cryptocurrency market.

1. Coinmama.com

Coinmama.com was founded by New Bit Ventures with the initial headquarters set in Israel back in 2013. The exchange counts around 30 employees, and operates in 180 countries around the globe, including the United States. The exchange is working on helping traders sell cryptocurrency units such as Bitcoin (BTC) and Ethereum (ETH) based on a brokerage model, which means that account holders on Coinmama.com don’t have to look for trading offers by themselves, which can be one of the perks available on Coinmama.com exchange.

Moreover, despite the fact that fees on exchanges with brokerage model are usually steeper, Coinmama.com reduced their trading fees to a favorable level, allowing traders to enjoy the advantage of brokerage services without having to pay ridiculously high fees for their trades. Coinmama.com exchange started to focus on user experience, which is why the fees are lowered to address cost-effectiveness and the growing number of competitive exchange platforms for crypto trading, also making their verification process quick and simple, lasting not more than an hour so users can get to trading in no time.

Still, unlike Binance that counts 150 different cryptocurrencies, Coinmama.com offers only 8 cryptos for trading, mainly hosting top cryptocurrencies by market capitalization such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Users with accounts on Coinmama.com exchange can also trade with Qtum (QTUM), Ethereum Classic (ETC), Bitcoin Cash (BCH), and Cardano (ADA), while deposits and withdrawals can be made with a credit card for US-based traders. Even though Coinmama.com is operating in the United States, several US states are blocked for usage.

Pros:

  • Coinmama.com supports over 180 countries, including majority of US states so it has a wide user base from around the globe
  • Different methods of payments are enabled, which includes credit and debit cards, as well as bank accounts so users may easily make deposits and withdrawals
  • There is a detailed Q&A for frequently asked questions that provide answers for all potential case scenarios on Coinmama.com

Cons:

  • Traders may not directly sell their crypto to other buyers on the platform, as there is only brokerage type of selling cryptocurrency
  • Traders may only buy cryptocurrency as there is no option to sell it on Coinmama.com
  • There are only eight different cryptos available for purchase and investing
  • No mobile app available
  • There are more than several types of fees on Coinmama.com, while some traders consider the fees to be a bit higher than on other exchanges, which is usually the case with brokerage services

2. Coinbase

Coinbase is another one of top exchanges for cryptocurrency trading, also being one of the top popular platforms for buying and selling of digital assets. At the same time, Coinbase represents the largest market place for Bitcoin investing, representing the most favorite exchange for Bitcoin (BTC) buyers. Coinbase is available in nearly 50 countries around the globe, which also includes the United States, so Coinbase may as well represent a perfect alternative to Binance for US-based traders.

Coinbase is focused on building a massive community of cryptocurrency supporters and investors and as such is created with the utmost attention to security and safety, while serving around 20 million customers from around the globe by far. Coinbase also offers its own signature wallet for all users with verified accounts, in addition to offering extensive API for developers. The exchange is created to represent a suitable platform for both beginners and experienced traders, allowing withdrawals and deposits with bank accounts, credit cards, and debit cards.

Coinbase also has some of the lowest fees in the market of cryptocurrency exchanges, taking only 1.5% for credit card fees. To protect users and their interests, as well as prevent money laundering and financing of terrorism, Coinbase requires a wide range of personal information and verified documents in order to verify identity of users and verify their accounts.

Pros:

  • User-friendly interface suitable for beginners and experienced crypto traders
  • Mobile application and web version of Coinbase exchange is available for account holders
  • Low and competitive fees
  • High liquidity and high buying limits
  • Instant trade completion
  • Multi-signature security and 2FA for improved security and safety, preventing unauthorized access to users’ funds

Cons:

  • There is no anonymity on Coinbase, as users’ actions are being traced and Coinbase may even know in which ways bought BTC units are being used
  • Customer support has a rather slow response
  • There may be delays in withdrawals and deposits, which may take up to three days
  • The number of supported cryptocurrencies is to low for the caliber of Coinbase exchange

3. BitMex

BitMex is among top popular cryptocurrency exchanges in domain of margin-trading, suitable for more experienced crypto investors and traders. BitMex is abbreviated from Bitcoin Mercantile Exchange, however, there are other cryptos in offer on the exchange as well aside from Bitcoin (BTC). With margin trading enabled on the platform, BitMex exchange doesn’t actually allows buying and selling of physical cryptocurrency, instead completing trades through contracts.

The exchange is known by high volatility levels, which means that traders may earn a substantial amount of profit starting with low investments, however, investors might as well lose all their investments in a relatively short period of trading time due to the mentioned volatility levels. BitMex also enabled futures trading for Bitcoin, while BitMex users may enjoy the perks of trading almost all major coins and altcoins available in the market, including top gainers such as EOS (EOS), Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH).

Additionally, BitMex definitely has some of the most competitive fees, far below 1% on trading fees, where takers and makers are paying different fees based on their activities on the exchange in relation to the outcome of trading. Takers are paying higher fees, while makers may enjoy the advantage of lower fees on trading thanks to positive ROI. BitMex supports trading for US-based users, also supporting crypto trading in seven additional countries outside North America.

Pros:

  • High leverage for traders, going up to 100 times leverage
  • Efficient customer support
  • Margin-trading available for experienced users
  • Some of the lowest and most competitive fees in the market of crypto exchanges
  • High trading volumes

Cons:

  • Not particularly suitable for beginners
  • Might become restricted in the US due to regulatory pressures

4. Coinsquare

Coinsquare has advanced to a major cryptocurrency-related company and one of the top exchanges since first appearing in 2014. Coinsquare now counts nearly 100 employees with intention to double the number of people working on various projects facilitated by the company. Coinsquare also has a mining company as one of its subsidiaries and focuses both on institutional investors and individual investors with over 40 million dollars collected within the course of the last several years within investment funds.

Users may create two types of orders on the exchange, in addition to being able to make fiat to crypto exchanging and move their digital assets to other exchanges and personal wallets. Coinsquare also has some of the lowest trading fees, separating fees for makers and takers, where makers are paying only 0.1% fee on their initial trades and takers need to settle 0.2% fees. Coinsquare started out in Canada as Bitcoin exchange, but now users may buy Litecoin (LTC), Dogecoin (DOGE), Stellar Lumens (XLM), Ethereum (ETH), Dash (DASH), Bitcoin Cash (BCH) and Ripple’s XRP.

Quick trade fees are a bit higher, ranging from 0.2% to 0.4% which is the highest possible fee on Coinsquare. Coinsquare exchange also offers a wide range of withdrawal and deposit options in domain of payment methods, which includes credit and debit cards, bank accounts, wire transfers, money orders, Interac e-Transfer, Flexepin and Bank draft.

Pros:

  • Available fiat to crypto exchanging
  • Wide range of payment methods for withdrawals and deposits
  • Some of the lowest and most competitive fees
  • KYC compliant and secured
  • Has a mobile app for trading
  • User-friendly interface, and suitable for beginners

Cons:

  • A short list of available cryptocurrencies
  • A low number of trading tools for advanced traders
  • Centralized authority

5. Cex.io

Cex.io is another one of top cryptocurrency exchanges, offering a wide range of trading tools for crypto investors and traders. The exchange offers both brokerage services and a trading platform for top coins such as Bitcoin (BTC), Ethereum (ETH) and more top cryptocurrencies.

Cex.io also has a branch that deals with cloud mining, while the company dates back from 2013. For US-based account users, deposits and withdrawals are available through credit cards and wire transfers, in addition to having Fill-or-Kill (FOK) orders executed immediately upon order creation within their brokerage services. Fees are higher for brokerage services as opposed to regular trading fees.

Users who are interested in margin trading can create account on Cex.io Broker to enjoy the perks of this type of trading. Moreover, withdrawals of cryptocurrency you are trading with on Cex.io is not enabled, as you may only withdraw in available fiat currency or Bitcoin (BTC), which means that in case of withdrawing you would need to exchange your cryptocurrency units for Bitcoin or fiat. All cryptocurrencies can be purchased with USD, thus making the platform suitable for US-based traders and investors.

Pros:

  • Open global services and available in most countries including the US
  • Low to medium-low fees and free deposits
  • High maximum limits for verified accounts
  • Multiple types of trading available through platform
  • Available support via email and tickets

Cons:

  • Short list of supported cryptocurrencies and fiat currencies
  • Limited options for withdrawals and deposits
  • High fees on Bitcoin trading