Why Binance is Not Available in Texas: Best Cryptocurrency Exchange Alternatives for Residents

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Binance is a big exchange, and it offers a lot — there is almost no feature which is missing, as well as tons of services for both beginners and experienced users. Binance, however, is not operating in Texas. Binance.US is the American arm of the exchange and residents of the state are unable to open accounts. However, even despite that, Texas residents still have access to many other cryptocurrency exchanges that provide decent features and services. In this article, we will cover the different reasons why Binance was taken off the map from the state of Texas, what alternatives users in the state have, and what the general feeling in the crypto world in Texas is like.

Why Can’t You Use Binance in Texas?

Regulatory issues are the reason the main Binance does not operate in Texas. More and more, the U.S. government is cracking down on cryptocurrency exchanges to make digital asset trading more transparent and secure. Various states — including Texas — have scrutinized Binance and Binance.US, the exchange tailored for U.S. users. Binance is not proceeding to the market because of the state’s strict financial regulation and regulations over the handling of crypto assets.

For now, users living in Texas can’t access Binance’s services or trade on Binance.US, the platform that allows U.S. users to trade. Therefore, Texas users are left searching for alternative solutions to trade on Binance. But there are plenty of other reputable exchanges serving Texas living which offer similar features and services.

Binance.US: Limitations and features

Binance.US is a streamlined, regulated alternative for US customers to Binance, however it is not without its limitations. For example, Texas residents are unable to use Binance.US because the platform only supports over 130 cryptocurrencies. People based in other U.S. states can access popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), as well as the top altcoins on platform. In addition to being one of the most affordable trading sites for U.S.-based traders, Binance.US also has low trading fees. But Texas residents don’t have that as an option.

Binance.US apart from offering features such as crypto trading also provides staking of over 20 cryptocurrencies that allow them to earn interest on their holdings. Finally, it also offers advanced trading tools such as real time order books and charting tools which can appeal to those wanting to get more involved in active trading.

Texas Resident Binance US Alternatives

If you’re searching for a Binance alternative in Texas there are alternative exchanges out there offering lower fees, competitive features, and compliance with state regulations.

1. Kraken

Kraken is one of the best alternatives for Binance.US in the USA, including Texas. Kraken is established in 2011, it’s good, solid cryptocurrency exchange having a rather high reputation for being one of the safest and most secure cryptocurrency exchanges. Kraken provides more than 120 cryptocurrencies, including Bitcoin, Ethereum and other altcoins. On top of this, the platform allows for USD funding and withdrawal, so it is useful for U.S. residents. Kraken’s fees are on par — a maker/taker make of 0.16%/0.26%.

You know, Kraken is regulated in all the countries that it’s operating in, the U.S. is one of the countries that they operate in, so it’s one of the most reliable crypto trading platforms. Along with this, Kraken has advanced trading features like margin trading, futures, and staking to cater to both newbies and advanced traders. Between Kraken’s track record and dedication to compliance, it’s a great Binance alternative for Texans.

2. Gemini

Another good alternative is Gemini, a New York based exchange that is regulated in the U.S. and has a secure and user friendly exchange for trading a crypto. Gemini offers full support to over 90 cryptocurrencies and has a very simple, beginner friendly interface. But it also has more advanced features for more advanced traders.

While Gemini’s fees are higher than Kraken’s, being flatlier at 0.20% for makers and 0.40% for takers, though on the more expensive side, Gemini offers a couple things at no extra charge, and a plethora of secure features. Every single crypto enthusiast can benefit from a Gemini coin card, staking options, and other useful tools. While Gemini has a slight edge to it; being more expensive than other exchanges, its regulatory compliance and rock solid security is worth paying for.

3. KuCoin

If you are looking for an exchange with the widest list of altcoins and features, KuCoin will be the best. Over 700 cryptocurrencies are available from KuCoin, including a multitude of altcoins that aren’t available on U.S.-based exchanges. Of course, KuCoin’s tradings fees are reasonable (from 0.10%), but the platform doesn’t have fiat to crypto trading pairs, meaning that to deposit funds, users will have to move them from crypto to crypto using another exchange.

While KuCoin is based in Seychelles which is less strict to regulatory environment, it still remains among the very top crypto exchange in the industry, with its low fees, high liquidity and massive set of services. Additionally, users can go the extra mile and trade in margin, futures, or spot markets, making it perfect for those who are looking for sophisticated trading options.

Conclusion

Because of regulatory restrictions Binance and Binance.US are not available for Texas users, but there are plenty of other cryptocurrency exchanges available that do provide similar service and features. Competitive fees, a large variety of cryptocurrencies, and a host of advanced trading tools are what platforms such as Kraken, Gemini, and KuCoin have to offer, for beginner and advanced traders alike. Before choosing an exchange you have to analyze the factors that include fees, security, regulatory compliance, and the features available. Despite this, Texas residents still have access to a great cryptocurrency trading experience available on these Binance alternatives.

Disclaimer: The content provided reflects the authors personal opinions and is influenced by current market conditions. Conduct thorough research before making any cryptocurrency investments. The author and the publication are not liable for any financial losses you may incur.