Binance is unarguably one of the leading cryptocurrency exchanges in the world. In fact, it’s often the first platform where most individuals, especially Pakistanis, learn about the idea of investing in cryptocurrencies and other digital assets. It was developed in China back in 2017, and within no time, Binance rose to fame and was ranked right next to the leading cryptocurrency exchanges, such as Kraken and Coinbase. Thanks to its intuitive trading platform and demo courses, it’s the favourite go-to cryptocurrency exchange for Pakistanis. However, it’s not the only exchange existing in Pakistan.
Other multiple alternative exchanges provide a similar or better level of exchange services for Pakistanis.
So are you ready to learn about Pakistan’s top three Binance alternatives?
We’ll get to it, but first, let’s briefly touch upon Binance.
Binance is a centralized exchange that allows Pakistani investors to buy, sell, and exchange cryptocurrencies. Some top-notch features of Binance are as follows:
- Lower transaction fees and commissions
- Multiple deposit options, including Visa debit cards
- Offers several trading options such as P2P marketplace, margin, spot, and derivatives trading
- Offers stablecoins and fiat exchange services
All of these features combined make Binance an excellent platform for Pakistani users. However, Binance has several downsides. For example, the exchange is vulnerable to security leaks and hacks and there are limited withdrawals and deposit options.
But you don’t need to worry since we got you covered with the top three Binance alternatives that offer excellent exchange services in Pakistan. Let’s discover them!
First on our list is Coinbase – an easy-to-use platform suitable for beginner investors. The cryptocurrency exchange simplifies buying and selling various digital assets. Moreover, it even has an intuitive mobile application for trading on the spot. Best of all, the unique security features, including the cold storage fund retention makes it a safe exchange for Pakistanis.
Coinbase has two different versions: standard and pro.
- The standard platform version has a simple user interface that enables users to buy cryptocurrency using fiat currency i.e., PKR.
- Coinbase Pro, on the other hand, offers sophisticated charting features, allowing Pakistanis to incur crypto-to-crypto transactions and initiate, limit, stop, and market orders.
Coinbase has also recently extended a few of Coinbase Pro’s features and affordability to its original interface through a feature called Advanced Trade. Not only that, but the firm has also announced that it will eventually phase out Coinbase Pro completely.
Other features that distinguish it from Binance include Learn to Earn, where users can earn some dollars’ worth of tokens by taking classes about cryptocurrency trading and its instant withdrawals.
Second on our list is KuCoin, also known as The People’s Exchange, which serves about 20 million users across over 200 nations. The best part about KuCoin is that it supports trading multiple fiat currencies and offers low trading fees.
It’s available in Pakistan, and the discount offers, staking rewards, and multiple bonuses make KuCoin a go-to exchange for most Pakistanis. Like most exchanges, KuCoin also uses a maker/taker pricing model – a structure where you pay differing fees according to the order.
In addition to basic trading, KuCoin also offers futures, margin, and P2P marketplace trading. Isn’t that just what you want? After all, KuCoin proves to be a one-stop solution for all your crypto-investing needs.
The exchange also supports four different order types, including market, stop-limit, limit, and stop-market. Not to forget, the exchange also has amazing customer service, including a live chat that resolves most users’ queries – almost instantly!
Last but not least, Bybit is another excellent exchange for Pakistani investors, especially for expert traders.
The exchange has unique trading features and an easily navigable interface that supports newcomers to cryptocurrency. Unlike Binance, the platform charges no fees for spot trading. On the other hand, Bybit has set a minimal derivative trading fee of 0.01% for makers and 0.06% for takers.
Depending on the user’s trading volume each month, this fee can be further reduced. So, if you’re a frequent trader, you can benefit from additional discounts on transaction fees. Not only that, but Bybit also provides multiple token offerings on its platform, implying that Pakistanis can usually find their preferred trading pair. Similar to Binance, Bybit can also meet the requirements of a selective cryptocurrency trader. It has a lot of trading options, like derivatives, spot, copy, and margin trading.
The advanced charting interface on Bybit enables pro investors to analyze the market and make thoughtful trade decisions. Unlike Binance, its margin trading can support up to 100x leverage, which is quite significant for most Pakistani traders.
Why Choose Binance Alternatives?
The reason why you should consider Binance alternatives is that even though Binance offers lucrative features, it’s not the only exchange available to Pakistanis. Each of the three exchanges mentioned earlier offers slightly more perks than Binance. For example, Binance offers a 100x leverage on margin trading along with super-low transaction fees. Hence, all of these features combined can offer an experience that might not be available on the Binance platform.
As an investor in Pakistan, we recommend being open to various alternative crypto exchanges.
What does the Future Hold for these Alternatives in Pakistan?
The future is uncertain. As of today, there aren’t any regulations pertaining to cryptocurrencies in Pakistan. However, SBP released a statement saying that the government is working on a framework to regulate cryptocurrencies.
Even though financial institutions in Pakistan can’t deal with cryptocurrency transactions, crypto enthusiasts can trade on exchanges at their will. While Binance is still at the top in Pakistan, the popularity of its alternatives is also increasing among Pakistanis.
If these exchanges start offering their complete services in Pakistan, chances are that they can surpass Binance. Furthermore, if one looks at how far these exchanges have already come, the “possibility” of them going even further in terms of offering features is not far-fetched.
Comparison Table of the top three Crypto Exchanges
|Name||Supported Fiat Currencies||Transaction Fees||Deposit Methods||Links|
|Coinbase||PKR, USD, GBP, EURO, etc.||1.49%-3.99%||Wire Transfer, ACH, Debit Card, PayPal||Visit Coinbase🚀|
|KuCoin||PKR, USD, RUB, IND, etc.||0.005%-0.1%||Credit/Debit Card, Bank Transfer, PayPal|
|Bybit||PKR, ARS, EUR, RUB, TRY||0.01%-0.06%||Local E-wallet, Bank Transfer, Advcash||Visit Bybit🚀|
How do I select the best cryptocurrency exchange for myself in Pakistan?
You must first assess your degree of expertise and your objectives for owning cryptocurrency. If you are a beginner, you may have different goals than an advanced user. Even if one has their objectives in mind, finding the proper exchange among the available dozens might take time and effort. This problem is why alternatives like the ones mentioned in this article might make that process more accessible if the top exchanges do not happen to meet your requirements.
What features to look out for?
The best features to look out for are the exchange's overall reputation and affordability. Or it could even include the level of security. However, if you are looking for other specific features, the ones mentioned here might not be as important as others.
Are most of the top exchanges available in Pakistan?
No, they are not. While several top exchanges as mentioned earlier offer their services in Pakistan, there are some exchanges which don’t. For example, Gate.io doesn’t offer its services in Pakistan. Likewise, there are some exchanges which don’t offer their full exclusive service to Pakistanis.