Cryptocurrency trading is a major new norm that has evolved to become one of the best ways to make money online. Binance is the world’s largest crypto exchange by daily trading volume and sits at the core of trading crypto assets like Bitcoin. But as crypto traders increase their number and trading volume, you may want to know Binance alternatives for selling Bitcoin.
We cannot overemphasize the spate of success Binance has recorded since its launch in 2017. Although it is not the oldest crypto exchange, it is a platform to reckon with regarding digital assets.
You can buy and sell over 350 cryptocurrencies on Binance – some of which include Bitcoin, Ethereum, Dogecoin, Binance Coin, Litecoin, etc., as it also supports fiat currencies like US dollars, British pounds, and euros.
In addition, there is a wide range of payment gateways on Binance. They are bank/wire transfers, credit/debit cards, PayPal, and cryptocurrencies like altcoins.
In terms of trading fees, Binance charges a 0.10% fee for trading on the platform, including a 0.50% fee for an instant Buy/Sell. Broadly, your actual trading fee depends on your trade amount, even as you sell Bitcoin on the platform.
Meanwhile, Bitcoin has continued to attract investors and traders into the crypto space as people leverage its potential for a bullish run (largely surrounded by positive market sentiment) to trade the asset.
At the time of my writing, the price of Bitcoin is about $25,700, with a market cap of over $500 billion. Therefore, this value positions Bitcoin well for traders to sell their BTC.
However, while you can sell your Bitcoin on Binance, there are other Binance alternatives for selling Bitcoin seamlessly.
1. Prestmit
Prestmit is an over-the-counter (OTC) trading platform to sell your Bitcoin in Nigeria and Ghana. This platform has curated a niche of digital trading with excellence so that you can instantly sell your BTC.
There are multiple options available when you sell Bitcoin on Prestmit. These are fiat currencies (Nigerian naira and Ghanaian cedi), gift cards, or cryptocurrencies (Dogecoin, Litecoin, and USDT).
Prestmit is available on mobile devices as you can download the Prestmit app on Google Play Store or Apple Store. It has a user-friendly interface that is sleek to navigate to afford you a seamless trading process.
In addition, the platform has a sophisticated security system that protects every trade and transaction. One such security feature is two-factor authentication (2FA) which restricts authorized access to your account and wallet.
Trading fees for selling Bitcoin on Prestmit are relatively lower than that of Binance. But it depends on the amount of Bitcoin you sell on the platform.
2. Coinbase
Coinbase is one of the biggest cryptocurrency trading platforms in the world. With headquarters in San Francisco, the United States, the exchange has global coverage, with its services ideal for intermediate and beginner cryptocurrency traders.
The platform is tastefully enhanced with comprehensive educational resources and an integrated real-time market feed. The knowledge hub’s three sections are Crypto Basics, Tutorials, and Market Updates.
Additionally, traders can access a frequently updated resource hub with well-known publications, channels, and podcasts covering cryptocurrency.
Coinbase supports fiat currencies like the US dollar, British pound, Euro, and others.
The Coinbase trading fees include a larger Coinbase fee and a 0.50% spread fee. In addition to this, you also have a flat fee and a variable fee. There is a flat fee for various transactional values.
3. eToro
eToro is a great alternative to Binance because it combines an intuitive platform, a wealth of educational resources, over 70 cryptocurrencies to trade, and social investing features.
Additionally, traders can buy and sell currencies against one another and other assets like commodities, stocks, or cryptocurrencies thanks to eToro’s access to various fiat currency trading pairs.
To attract cryptocurrency investors looking to diversify their portfolios, eToro also increased the range of services it offers. This now includes stock trading, fractional shares, and ETF trading.
The trading fee here is 1%, with a withdrawal fee after selling your Bitcoin 5%.
4. OKX
OKX is a cryptocurrency exchange headquartered in Malta. Since its launch in 2017, the exchange has served millions of customers from over 100 countries. You can trade a range of assets on this platform, notably Bitcoin.
Trading fees start at 0.10% and gradually decrease as transaction volumes or stakes in OKX’s currency, the OKB token, increase. This exchange offers its users over 100% annual interest rate when they stake some cryptocurrencies.
Furthermore, the exchange employs proprietary semi-offline multi-signature technology to ensure the complete security of its users’ crypto assets. OKX provides its users with a robust OKX wallet to keep their cryptocurrencies safe and secure in one place.
5. Kraken
In terms of the target market, Binance and Kraken largely overlap; both cryptocurrency exchanges are geared towards more seasoned traders with tools like advanced charting or multiple market orders.
Additionally, Cryptowatch, a stand-alone platform for real-time price charts, market feeds, and trading alerts, is supported by Kraken.
But the two outfits are very different in terms of security. When it comes to security, Kraken is remarkably open. Most notably, 95% of client crypto assets are kept in cold storage, protected from cyberattacks.
Trading fees for makers and takers start from 0.16% and 0.26%, respectively.
6. Crypto.com
Binance has over 150 cryptocurrencies available, which is still quite high by market standards compared to Crypto.com’s over 250 crypto assets. Some of these assets are Bitcoin, Ethereum, Litecoin, and Dogecoin.
Although it will never be able to compete with Binance’s low prices, Crypto.com has introduced several reward programmes for owners of its native token, Crypto.com Coin (CRO), and prepaid Visa cards.
The cardholders get to take advantage of lower deposit fees, a simpler way to fund their accounts, cashback rewards from different brands, and an uncapped return of up to 5% on their stakes.
The trading fee for makers and takers on this platform starts from 0.075%.
7. Bitfinex
Bitfinex is a crypto exchange popular for its diverse trading options, including margin accounts, spot trading, derivatives, etc.
This exchange is also reputable to meet the needs of a wide range of users – from beginners to advanced traders.
One major perk to this exchange is that it charges very little in trading fees – only up to 0.20%. Therefore, beginner traders can feel secure because of its high liquidity and low spread guarantee.
Advanced charting tools and API access are also available on Bitfinex. The platform also allows for much customization, greatly enhancing its usability and convenience.
Its security system is strengthened by a strong verification procedure involving a KYC.
8. Huobi
Since its debut in 2013, Huobi has quickly risen to the top of the charts regarding its cryptocurrency options. Huobi Global Exchange is a hub for trading and investing in cryptocurrencies because it enables users to buy, sell, stake, and borrow a variety of cryptocurrencies.
You can trade Bitcoin and other cryptocurrencies on this platform, hence the popular choice for most traders seeking variety and diversification.
Additionally, it has a special free trading bot, spot and margin trading capabilities (derivatives on leverage), a mobile app, and a welcome bonus.
Huobi’s base fee is just 0.2% (maker-taker), and holders of Huobi Tokens can take advantage of many promotions and discounts on trading fees.
9. Bybit
In terms of futures trading, Bybit is a market leader. It is a top-tier cryptocurrency exchange platform with flexible business practices to suit the convenience of its users. Bybit is a platform for trading cryptocurrency derivatives.
This platform attracts advanced crypto traders by providing up to 100x cryptocurrency leverage. It is also a popular platform for purchasing spot cryptocurrencies simultaneously.
It has an advantage over sites like eToro because its fees are based on maker-taker fees. While rebates for limit orders used in margin trading are roughly 0.025%, fees for spot trading are close to 0.1%.
The user has the option of using a demo account, which allows them to gain a thorough understanding of the operations and procedures involved in futures trading.
10. Uphold
Uphold offers a variety of digital assets, such as commodities and equities, whereas Binance focuses exclusively on trading cryptocurrencies.
It is a great option for all traders because it combines no-commission trading, open pricing, and an easy-to-use interface.
Although Uphold supports a no-commission model, unlike Binance, the spreads are built-in trading fees, varying greatly depending on the digital currencies and regions involved.
For example, in the US, while the spread tops at 1.8% for major coins, it can go much higher for low-liquidity coins. Additionally, Uphold is regarded as one of the top cryptocurrency exchanges on the market.
Trading fees for makers and takers on Bitcoin trades range from 0.9% to 1.2%.
Frequently Asked Questions (FAQs)
What Is The Best Binance Alternative In Nigeria?
Nigeria is home to many platforms that enable you to sell Bitcoin. But Prestmit remains the best Binance alternative in Nigeria, as its trading fees are relatively low with supported payment options that are easy to access in the country.
Therefore, you can consider selling your Bitcoin on Prestmit if you are trading in Nigeria and even Ghana.
What Are The Things To Consider When Choosing A Platform To Sell Bitcoin?
It is very important to consider certain factors when choosing a crypto platform. These are the platform size, fees, payment options, fiat support, and security of the crypto platform.
These and other factors sum up to inform your decision on which your preferred crypto trading platform should be.
Which Crypto Platform Provides Free Trading For Selling Bitcoin?
At the time of writing this article, no crypto trading platform offers the selling of Bitcoin at a zero trading fee. However, some platforms have relatively low trading fees – giving them a competitive advantage.
Examples of these platforms are Prestmit, Kraken, and Crypto.com.
Is Coinbase A Good Binance Alternative?
If you are thinking of another crypto exchange other than Binance, then Coinbase is a good option. Coinbase has a trading fee of 0.5% and a spread fee that depends on the amount of Bitcoin you sell. So, yes! Coinbase is a good Binance alternative.
What Is The Best Binance Alternative In The US?
Although there are several Binance alternatives in the US, Coinbase is a major rival to Binance. This is due to the spate of features of Binance, which are also available on Coinbase. Therefore, US residents are open to choosing their preferred exchange.
What Is The Best Binance Alternative According To Reddit?
Kraken is considered the best Binance alternative on Reddit. This is due to the support Kraken has garnered from crypto traders. However, it is also a good idea to sell your Bitcoin on Coinbase and Bybit.
Conclusion
Binance is a good exchange for selling your Bitcoin due to its attractive features, like multiple payment options and low trading fees.
However, Binance has its downsides as other crypto trading platforms continue to improve their service features to stay competitive in the crypto market.
Therefore, it is important to consider factors like fees, security, and payment options before choosing your preferred platform to sell Bitcoin.
