Topic: I think it's time to leave Binance, any alternatives? - page 5. (Read 1070 times)

No US-based exchange is ever going to take the place of Binance due to their limited international operations, so we can immediately rule those out.

I can only think of Crypto.com, which I strongly disrecommend because of their very bad "mobile-first" experience precludes desktop use, and also really severe KYC and geolocation restrictions.

I no longer use international centralized exchanges years ago due to their data breaches, ridiculous KYC requirements, and so on. Binance even sent me a notice saying my account will be locked if I don't update my KYC. If they ever went bankrupt, I don't think I'll be affected. As of now I mainly use my local exchange, and P2P to reduce my dependency on centralized services. So far so good, as long as I don't dabble in altcoin trades or something similar.

If you use Binance as an all-in-one platform to interact with crypto, I can see why you'd find it a hassle to find alternatives. But you should never rely on a third party in crypto. I'd be more than happy if Binance got closed and the market become more decentralized, even if it might result in a short or even medium-term bear market.

It all depends what country you live in and what are their crypto regulation laws.
I dont think Binance will stop working but if it happens people can switch to next exchange with biggest volume, Coinbase, Kraken, Kucoin and others.
There are more exchanges with lower volume that work fine but they can all be under attack of governments.
Maybe all this is not such a bad thing, we should have more developers working on improving decentralized exchanges that are safer.

I recognize a number of exchanges that have also experienced growth along with the glorious achievements of FTX in their time, they're Bybit and Mexc.
Apart from all this, maybe it's time for us to slowly stop feeling comfortable that we will always run smoothly on these exchanges even though they haven't been subjected to stricter policies and sanctions, and start getting used to using the p2p market.

I personally have no issues with Binance and as long as it provides me with good service, I'm comfortable using it. I believe the experience and preference of individual users may vary depending on the country they're in. I particularly appreciate Binance's P2P trading feature, which makes my life easier compared to our local exchange that is very strict with the source of funds entering their platform.

Regarding an alternative exchange, I think Coinbase is currently the most popular option, but it may not achieve the same level of success that Binance has already attained.

I can say with great certainty that you can exclude Coinbase from this possibility, because they have too many restrictions and limits for users. Especially after the announced closure of many accounts after April 9.
to achieve a dominant or approximately strong position requires a global business, Coinbase certainly does not have that, they will remain only as a solid online wallet.


the current price is what someone is ready to pay at that moment. you can't just compare, because there are differences between open orders and executed ones. if it were so black and white, I believe that arbitrage trading would be an easy job.

I like Binance and I don't consider it a risky trade.
Yes, there has been news now that they are doing illegal verifications in China, but this still needs to be proved. That is, most likely they do, but it will not be so easy to prove to the court.
I like p2p and ease of handling - everything happens quickly and intuitively clear. The liquidity is excellent.
Where to run if the binance is closed? Probably Bybit. I also use Currency and free2ex.

If you are limiting your choices to centralized exchanges, then you will be forced to choose the lesser evil. If you are looking for alternative to centralized exchanges, then you can have DExes, although with much lesser features, lower volume, lesser trading pairs, and so on. But if you are looking for an alternative centralized exchanges, then I guess you will have to risk with the big names such as KuCoin, Coinbase, OKX, Huobi. The assumption is that they're relatively safer since they're large enough to crumble easily, but it is never a guarantee.  

The reasons you mentioned are what the media machine wants you to believe, but there are many enough reasons to make you avoid them. Unfortunately, Binance was excellent in the first days, but with the days, their model began to build an ideal platform that carries many flaws.
Currently, there is no suitable alternative for them, and centralized platforms do not provide an ideal alternative, so withdraw your money from the platform as soon as trading ends and try to use all available alternatives.

I believe that with the passage of time people will understand the importance of DEXs.

Well, this is going to be a challenging problem for some individuals in most countries. Because Binance is mostly the best option they prefer to buy USDt before they can withdraw and buy Bitcoin through P2P, just as Little Mouse stated, some countries that don't have a Bitcoin ATM or any local Bitcoin P2P vendor will face some challenges. In as much as CEX is criticized because they are centralized and require KYC, in most countries the use of CEX makes it easier for them to buy bitcoin. I have been using Binance since I started my crypto journey. I have also used Huibe, and if Binance goes down, I will switch to Huibe, which is also a large CEX and opened in many countries.

I always use Kucoin, well, not untill they require their users for KYC. But as long as they don't it's fine, 1 bitcoin withdrawal limit in 24 hours ^{(i guess that is still the limit)} is still enough for me to use them without doing their KYC. Besides that it seems like they are accepting more pairs. And it looks like they don't want to be in spot light unlike binance who become greedy that almost all kind of crypto service they want to add on the platform, exchange, dex^{(even its not)} mining pool, cloud mining, etc.

I've been using Binance and thinking just as you, maybe the same choice as your with Coinbase but I'd probably also go with Kucoin and the others. You know, testing all of them until I think I've find the greatly alternative for Binance. But as much as I don't want to ship from exchange to exchange, I do hope that they'll fix their mess soon. It's expected that they'll go come crazy asking for new documents and I've just done it again early this year and I've got no effin' question on them since a couple of my funds sitting on there. It's a good discussion that we're sharing whatever happens to them, we find a new the same exchange or a better one.

Funnily enough I've had some issues with Binance recently, too. I've been using their services for many years, a binance card user as well with decent trading volume. A couple of weeks ago they started spamming me with "Source of Wealth documents needed" - I provided everything I had and after some time they backed off but then I got a warning because "You have sent and received funds to/from gambling services which is prohibited as per our terms". I searched through their ToS and they make no mention of gambling services, anywhere. When I pointed this out the reply I got was "This is our terms, do not receive funds from any gambling services or you will be banned".

Alternatives are desperately needed, indeed. I guess they just got too big.

I stopped using Binance a few months ago after it locked my account for 24 hours without explaining the reasons. And I replaced it with the Kucoin platform, which is considered one of the few reliable platforms that support my country, since I cannot use all known platforms, including those licensed in USA. Kucoin is friendly use and contains a range of features similar to Binance although i am not a trader myself.
Worth to mention that one of the best alternatives is Coinbase. It's a cryptocurrency exchange that is fully regulated in the USA. Coinbase has been operational since 2012 and has gained a reputation for its security and ease of use. Another alternative is Kraken, which is also fully licensed and regulated in the USA. Kraken offers a wide range of cryptocurrencies and has a strong focus on security.

If Binance couldn't survive all these allegations and doesn't come out victorious and goes down, there will probably be an alternative that everyone will turn toward, and if that actually happens, it will impact the market badly as well because we all know how much volume and liquidity Binance has for each and every coin and token available for trade at Binance.

I think we should wait still to see what happens in the next couple of months, if things go more out of the hand of the Binance administration, that will probably be the time when everyone should start looking for alternatives.

On the contrary, I think that the presence of Coinbase in San Francisco, i.e. in the United States, makes it a very bad option, in addition to that being the most popular exchange after Binance also makes it targeted by the United States government, so I am sorry to say that Coinbase is a very bad option at the moment.

It is best for now to stay away from centralized exchanges, it is best to keep your coins in your wallet and use decentralized exchanges only when needed.

I have always used Binance for all my P2P trades, but if eventually anything happens to Binance and we are force into a situation where we have to look for a better alternative than Binance and it must still be a Centralized exchange then I might go for Kucoin, because I already have an account there so it won't be difficult for me to migrate there and continue my trading there, after all I have already completed my KYC verification there.

My next choice after Kucoin would be Coinbase, I have heard people speak decently about it but yet I still haven't used it, but if anything should go sideways with both Binance and Kucoin, I might consider giving it a chance.

I've highlighted great suggestions that I also support from BenCodie. Solutions such as Bisq[1], RoboSats[2][3] and AgoraDesk[4] are probably some of the most popular (at least from the replies that I every often see here in the forum), but as BenCodie pointed out you can check out more in the website that he listed.

Do note that considering that you're increasing your privacy (as in not providing KYC and other information to a central entity) you'll likely find a premium price in the BTC that's being traded in those platforms. For instance, as of now, the current BTC price is $28,110 USD[5] where in Bisq the value is sitting at ~ $28,701 USD[6] (2% increase). Due to the nature of the platform you'll likely encounter sellers that impose a higher %, but from what I've seen that is more often than not related to the quantity you are purchasing (the bigger the smaller the % of the premium), which is understandable.

To me this percentage means nothing as I consider my data, and therefore my privacy, way more important than the previous price difference. I do reckon, however, that most people simply do not care about this and as long as there exists a platform easy to access and to trade fiat<->BTC, they'll most likely go for that (the average John Doe at least...).

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[1]https://bisq.network/
[2]https://learn.robosats.com/docs/access/
[3-TOR]robosats6tkf3eva7x2voqso3a5wcorsnw34jveyxfqi2fu7oyheasid.onion
[4]https://agoradesk.com/
[5]http://preev.com/
[6]https://bisq.markets/

Currently, I'm using Binance and I can't find any other alternative except for local exchange here in my country.
Coinbase would be the only option but they do have limited offers/services compared to Binance.
So I think if Binance will shut down my only hope is to use a local exchange which is way safer than using other exchanges.

Also, check the Coinex exchange it was owned by Viabtc and I am using this sometimes when trading my mined BTC to other coins.

Coinbase doesn't operate in a lot of countries though they don't operate like Binance does (unregulated). I don't think Coinbase will be able to be the #1. Any other centralized exchange like Kucoin will take over the place in case Binance gets down.
I don't like Binance for a lot of reasons, I don't like centralized exchanges for the same reason almost but you know we don't have a way to ignore them especially when you are in a country where no ATM is there for crypto. We have to go through centralized exchanges many times though personally, I'm trying my best to minimize it at best. Well, if I had to pick a centralized exchange, Kucoin would be my pick.