Cryptocurrencies are increasingly becoming widely adopted, and everyone seems to want in on the action. Many see digital currencies as a means to get rich quickly, but others see them as an investment opportunity. However, there's much more you could do with cryptocurrencies as they're now being accepted as payment options and even legal tender. You need a cryptocurrency exchange to buy and sell coins like Bitcoin and Ethereum. Trading platforms also offer other services, such as advanced options to borrow assets to trade. These days, however, some of them even provide payment and card services.
While there are many different cryptocurrency exchanges today, traders seem to have few options. That is because they feel safer with the big exchanges and overlook the small ones as a result. Also, government regulators reduce the number of crypto exchanges and trading options available to traders in specific locations. Binance happens to be the biggest cryptocurrency exchange globally, both by trading volume and user count. Traders mainly choose it for its large trading pairs and portfolio. Another advantage that draws users to Binance is the platform's ease of use and user experience.
That said, traders have been increasingly looking for Binance alternatives. This is partly because the crypto exchange has had troubles with regulators in different countries, leading them to shut down operations in some countries and limit its features in others.
The main reason users in some countries and jurisdictions are looking for the best alternative to Binance is the exchange's many regulatory problems. Below, we'll cover the issues that made the headlines.
The Commodity Futures Trading Commission started investigating Binance because it claimed the exchange manipulated its markets and carried out insider trading. According to Bloomberg, the regulators looked into the exchange to determine if it traded on customers' orders before filling them. Binance released a statement denying the allegations.
According to reports in May 2021, the IRS and the justice department reportedly investigated Binance for tax evasion and money-laundering practices. What's more, due to strict regulations in the US, residents in the country are not allowed to trade on Binance.com, the main international arm of the exchange. Instead, they have to deal on Binance.us, which doesn't serve as a Binance alternative login as they can trade just over 50 coins compared to the 400+ on Binance.com. Also, residents in New York, Hawaii, Louisiana, Idaho, Vermont, Texas, and Connecticut cannot trade on Binance US.
The UK's financial regulator, the Financial Conduct Authority (FCA), issued a statement saying that no entity under Binance holds any form of license, authorization, or registration to provide regulated financial services in the UK. The exchange, as a result, stopped offering regulated financial services to UK residents.
Japan's Financial Services Agency released a similar statement warning that Binance wasn't registered to operate in the country.
Binance later issued a statement claiming they don't hold exchange operations in the country.
In early 2021, Binance introduced stock tokens, allowing its platform traders to trade traditional stocks of specific companies such as Tesla and Apple. The exchange offered the "stock coins" through an established company, CM-Equity AG, which would hold the underpinning stocks. This move didn't sit well with Germany's financial watchdog, the Federal Financial Supervisory Authority BaFin. It warned that Binance could be fined for offering the synthetic token instrument without a published investor prospectus and adherence to other EU securities laws. Binance ultimately ceased the token offering in July of the same year but tagged the move a business decision.
Following Binance's woes in the UK and Barclay's move to stop their customers from using debit and credit cards to deposit funds to Binance, the exchange suspended deposits through the EU's SEPA (Single Euro Payments Area) network.
While Binance announced that it would shut down its South Korean arm in December 2020, it still offered South Korean traders payment options and Won trading pairs. However, the exchange discontinued most of those services in August of 2021. There's no indication that Binance was targeted directly. However, the move came after the Financial Intelligence Unit, the country's financial watchdog, released a statement warning foreign crypto exchanges that they risked possible criminal inquiries and blocked access if they didn't follow new anti-money laundering regulations.
Binance.com halted SGD trading pairs and other services offered to Singaporeans after the Monetary Authority of Singapore (MAS) issued a warning the exchange may be violating the country's Payment Services Act. While Bincnce.com halted operations, Binance.sg, the Singaporean arm of the exchange, wasn't affected, according to a Binance spokesperson. However, it put Singapore traders in a bind as they could no longer enjoy the full suite of services offered on the global exchange.
Malaysia's securities commission, in a bold move, ordered Binance to shut down its mobile applications and website and discontinue marketing activities in the country. The authority also called the exchange to block access to Malaysian investors from its Telegram group.
Binance's main draw, especially in the US, is its relatively low trading fees. Users would have to switch over to exchanges with comparatively expensive fees to buy and sell crypto assets.
The good thing is that there are great alternatives to Binance for US residents and other countries if you know where to look. One of them is Kyrrex, an innovative exchange with competitive trading fees, looking to solve different cryptocurrency challenges. This article will talk about the exchange, its many offerings, and why we consider it the best Binance alternative.
Kyrrex is a cryptocurrency exchange and digital wallet founded in 2016. The platform was built with beginners and professional traders in mind. Since its inception, it has grown into a robust financial ecosystem that seeks to connect cryptocurrency and traditional banking. The company is doing this by offering a comprehensive set of services and products that will benefit everyone regardless of location. This makes Kyrrex a strong Binance alternative for US residents looking for a reliable exchange.
The crypt-banking bridge means that Kyrrex's ambitions go beyond being just a cryptocurrency exchange. Instead, it's a hybrid digital bank that integrates all traditional banking features with a wide range of cryptocurrency trading options. This disruptive introduction to the crypto world will address the demand for all-in-one crypto-fiat solutions where users don't necessarily have to switch between their banks and exchanges to perform financial transactions.
As we mentioned, Kyrrex intends to erase the boundary between banking and crypto. The platform is building and integrating different financial and blockchain-based services to make this happen. It is incorporating cryptocurrency storage and exchange with digital bank services where users can operate with over 177 currencies. The goal is to employ a holistic approach to bridge the current divide between the crypto and other financial markets. The ecosystem will be a one-stop-shop avenue for both retail and institutional players and beginners and pro traders. Let's take a look at the different parts of the ecosystem.
Kyrrex's crypto exchange offers a suite of different crypto trading services. These include demo account trading for beginners, educational courses, daily trading charts, graphs, analytic tools for pro traders, a comprehensive order book, and crypto exchange and storage.
The cryptocurrency exchange's deposit program allows traders, investors, and cooperate organizations to store crypto assets and enjoy dividends. For example, USDT, ETH, and BTC deposits on the platform can accrue up to 13.5% APY over 360 days, and users have the option to choose between 30, 90, and 180 days as well.
Kyrrex's listing platform will support the introduction of new crypto assets to the exchange. The process involves cryptocurrency audits, risk assessments, and a thorough evaluation of the tech behind these coins and their adoption rate. This way, Kyrrex can introduce its users to meaningful crypto assets with great potentials.
In addition, the listing platform offers a bonus scheme exclusive to the Kyrrex ecosystem community.
Liquidity refers to the ease and speed of converting assets to cash. In this case, it describes how easy it is to sell off crypto assets for fiat currencies. This is one of the main concerns plaguing small exchanges and why traders tend to stick with the big names. Fears of having no way to get their monies back is a discouraging reason to stay with big exchanges despite any other downsides.
Many exchanges have failed to meet their users' liquidity needs, causing them to fold and even bankrupt traders in the process.
Kyrrex aims to solve this problem with its liquidity hub. The exchange promises an always-available liquidity system that can cater to even cooperate-level needs. This means traders can be confident their crypto assets can always be converted to cash and withdrawn quickly.
The exchange's large user pool and efficient order book system also mean that orders can be filled almost immediately, depending on the trading volume of a particular cryptocurrency.
The platform will provide adequate information and data concerning each token. This includes the assets trading volume, market cap, and supply. This way, traders get to understand factors
affecting liquidity and the best way to go about trades.
While exchanges are the primary way to get your hands on cryptocurrencies, you can also purchase digital assets via OTC (over-the-counter) desks. Exchanges work by matching a trader's buy order to another trader's sell order. However, with OTCs, users trade between themselves.
This platform connects users to trade cryptocurrency at a fixed rate, cutting out the need for an exchange. It is also a discreet means of buying and selling significant crypto assets without exposure to the open market. This way, large blocks of Bitcoin can be purchased without affecting the crypto market and the token's price. Also, it ensures that traders don't suffer slippage on such transactions.
While traditional OTC desks mainly cater to high-net-worth individuals and institutions looking to trade large blocks of Bitcoin, Kyrrex aims to tend to both professional retail and institutional traders.
The OTC platform is part of the Kyrrex ecosystem but takes place off the open exchange. With the same account, users can have access to more personalized services and deeper liquidity. However, you may be required to fulfill more verification to get access to higher transactions.
Crypto exchanges help you manage your wallet on the exchange account. For example, spot wallets allow you to make orders using your balance instantly. Kyrrex offers this type of multicurrency wallet but with higher security.
Your Kyrrex wallet allows you to store digital assets supported by the platform. You can deposit and withdraw at any time. Users are also able to back up funds to keep out unauthorized third parties. The wallet is integrated across Kyrrex's web and mobile platforms, which foster ease of use and on-the-go transactions.
Traditional banks only come into play in the crypto market when investors want to buy crypto assets with fiat. There are currently solutions for purchasing Bitcoin and other crypto assets with credit cards and bank transfers, and exchanges offer fiat withdrawals to traders' bank accounts. Kyrrex will offer a seamless banking system that allows users to manage their finances and crypto assets from one dashboard. It will be the first global digital bank to facilitate easy, secure, and fast finance operations in 177 currencies. The feature is still in development and will go live soon.
Once deployed, users will have easy access to both cryptocurrency and government-issued currency assets. In addition, they will enjoy support for both traditional banking and crypto operations, including withdrawals, deposits, transfers, loan management, insurance products, accounting services, and bills payments. Using the digital banking solution, you'll be able to see your fiat and crypto balances in one place. But, of course, you'll still have options to manage your crypto wallets and exchange digital assets how you see fit. That said, no divide precludes you from using both your fiat and crypto balance to trade.
Kyrrex's digital bank will come with the full suite of services offered by traditional banks. You can open a private or corporate multicurrency bank account with an International Bank Account Number (IBAN) which can perform SEPA, SWIFT (BIC), and Visa and MasterCard withdrawals and deposits. You can also use the online bank to create and accept cryptocurrency payments and carry out OTC crypto transactions. The bank also allows you to send funds directly to other banks' debit and credit card accounts and carry out international and domestic transactions in 177 fiat currencies.
That's not all. The digital bank will allow you to create personalized services such as salary projects, White Label payment solutions, and other streamlined financial services such as loan issuance. With these crypto and banking features, Kyrrex will eliminate the worry of transferring fiat currencies to different bank accounts. Instead, everything can be done within the ecosystem with ease.
Asset tokenization is one of the many blockchain applications driving cryptocurrency to mass adoption. It involves converting valuable assets into digital tokens that live on a blockchain. These could include tangible assets like art, real estate, and gold or intangible assets like ownership rights, content licensing, and voting rights. This innovation makes it possible to combat forgery and document duplicity in asset management. It also facilitates decentralized governing systems.
Kyrrex's tokenization platform will allow users and cooperate clients to tokenize any asset. It’s one of the platform's many offerings still in development. It will come with reliable and trusted features and services such as equity ownership, real-time accounting system audit, token ownership maintenance, and secondary asset management creation once it goes live. Users will be able to tokenize assets, create a token issue amount, set its value, and write a description on the platform. Thus, they can keep records of the token's primary distribution and safely facilitate its transactions. These tokens will also be tradable in the Kyrrex ecosystem and listed on other exchanges.
The crypto merchant platform, another upcoming Kyrrex solution, will allow users to set up channels to receive payments on goods and services they offer. The crypto merchant feature will expose users to the world of e-commerce with all the payment services needed to make transactions as smooth as possible. Clients will be able to choose to accept payments in crypto or fiat and conveniently convert assets as they see fit. The platform will also be global, which means there will be little to no restrictions on international transactions.
The Kyrrex (KRRX) coin powers the Kyrrex ecosystem. The utility token has multiple use cases, from settling transaction fees at a discount to participating in high yield deposit programs. The KRRX deposit program allows users to stake their coins for a period to earn an annualized percentage yield. Here's a breakdown of the APY:
30 days – 8.5%
90 days – 10.6%
180 days – 12.5%
360 days – 14.5%
This means the longer you stake KRRX tokens, the more APY you earn.
The KRRX coin is a layer 2 token built on the Tron blockchain. It has a total supply of 500,000,000. Kyrrex intends to burn up to 50% of the total token supply every quarter. Part of the tokens received as fees and commissions will be destroyed forever until only 250,000,000 KRRX are left.
Users who stake the token through the deposit program will earn trading commissions and reduced trading fees. The exchange's trading fees vary according to a trader's level. There are six levels in the Kyrrex ecosystem. They include:
The Trade Ideas platform allows users to share trading ideas just as its name suggests. Traders can follow other professional traders to learn more about trading positions, get signals, and know more about new exciting cryptocurrency projects, especially on the Kyrrex ecosystem. The social trading platform is designed so that people who are followed can receive monthly subscription fees. These fees can be paid in crypto, fiat, or KRRX tokens. There will be incentives when you use the KRRX token to settle social trading subscription payments.
The yet-to-be-deployed Multi-Account Management system will allow professional traders to handle different accounts. A percentage of the profits on these accounts will be paid to the trader. If users agree to pay said fees in the KRRX token, they'll enjoy a 10% discount on their payments. This discount system is only available to users who agree to pay in KRRX tokens.
Users get to enjoy bonuses and additional discounts when they refer friends to the platform. They will receive 20 KRRX tokens for each referral that installs the Kyrrex digital banking app. You'll earn up to a 60% discount when you refer three persons and stake over 2500 KRRX tokens.
100 KRRX will be credited to the wallets of users who pass the platform's verification process. Traders who deposit crypto tokens worth $500 or more will receive additional KRRX.
In resolving most of the issues plaguing the cryptocurrency market, Kyrrex seeks to almost eliminate problems affecting Binance. Once its full suite of features for USA goes live, it will undoubtedly be the most promising of all the Binance alternatives USA residents and other countries can go for.
The cryptocurrency and banking platform aims to adhere to even the strictest KYC (know your customer) and AML (Anti-Money Laundering) regulations worldwide. This means that there will be little to no problems with regulators across different jurisdictions. The lack of regulation in the crypto space is stifling the industry's growth. Entrepreneurs would rather sit on the sidelines than violate the law, and investors will be reluctant because of regulatory uncertainties surrounding cryptocurrencies. Exchanges are currently struggling as governments keep forging new legislation and policies for cryptocurrencies. It's easy to run afoul of new laws that might be enacted in the future.
Kyrrex intends to work with regulators to follow regulatory practices and offer transparent crypto and banking services. As a reliable Binance alternative USA residents can trade on the platform without worrying about run-ins with the SEC and other regulators.
When it comes to fees, the platform offers highly competitive rates, with discounts when traders stake the KRRX token and refer others. There's also an incentive program for different trading levels.
Kyrrex claims to place user experience as one of its top priorities as they have invested extra effort, time, and funds to make significant improvements.
The ecosystem boasts a fluid, state-of-the-art, and user-friendly interface to make trading and other operations efficient, enjoyable and, easy to use. Users can also determine which functionalities are essential and take full advantage of the platform, whether beginners or professionals.
Every exchange has to be fast and reliable with as little downtime as possible. This is one of the most significant factors that determine any platform's success or failure. This is why Kyrrex believes its ultrafast engine, which facilitates 1.5 million transactions per second, places it as one of the best cryptocurrency exchanges out there. The speed of the order processing doesn't take away the exchange's accuracy and usability as the company has a mission to get rid of slippages and outages. While maintenance will occur from time to time, users will be duly informed to reduce disruption to the minimum. This makes the Kyrrex application a robust Binance app alternative that won't make you miss the big exchange.
Part of the main concerns for traders when looking for an alternative to a massive exchange like Binance is liquidity and trading volume. No one wants to have orders that never get filled, and traders often move funds to external wallets. Kyrrex promises a liquidity pool of about $50B and a daily exchange trading volume of $150M that will grow in the future. This translates to fast order execution and liquidity availability for even large institutions.
The KRRX token also makes Kyrrex a viable Binance exchange alternative as it offers traders significant bonuses and powers the ecosystem just like Binance's BNB.
Kyrrex isn't just a powerful Binance US alternative; it is situating itself as a potential big player in the crypto space. With its game-changing concept of bridging crypto and banking, it's opening up a new world of possibilities to cryptocurrency traders.
We are excited to announce the return of PrimePool, in partnership with Huobi! For now, users can lock their HT tokens for any length of time before the event ends to earn a reward of up to 1,208,898 KRRX tokens.
The event will run from 12:00 UTC on January 18, 2022, to 12:00 UTC on January 25, 2022, so make sure to participate before the event ends.
Specifically, you can lock any number of HT tokens from 100 units and receive an additional reward in KRRX tokens for doing so (the reward is calculated according to a formula that you can find on the event page at the link below).
This is a great opportunity for users to experience the upgraded PrimePool and win grand rewards. With simple rules, this event is open to all!
To join the event, all you need to do is visit the link provided and follow a few steps.
Your Kyrrex Team 💚
We are happy to announce that Huobi, one of the biggest and most reputable cryptocurrency exchanges in the world, has listed the KRRX token!
Huobi has already enabled deposits for KRRX holders. You can start making KRRX deposits right now!
KRRX spot trading (KRRX/USDT) will open when the deposit volume meets the requirements for market trading on Huobi. Once the trading volume threshold has been met the commencement date of KRRX/USDT spot trading will be officially announced.
KRRX withdrawals will open at 12:30 (UTC) on January 18
The KRRX token provides a seamless way to interact with services and features on the Kyrrex network. All KRRX holders are entitled to discounted fees, staking benefits, and other special advantages.
KRRX is connected to many inner projects as well as linked to numerous initiatives, including significant partnerships in the sports industry. Currently, Kyrrex intends to expand agreements with MotoGP rider Jorge Martin, Moto2 young talent Pedro Acosta, and paddle athlete Martin Di Nenno.
Moreover, will launch Kyrrex Sport soon. A marketplace for potential athletes' image rights that are represented by fungible tokens (not NFTs) as well as an NFT marketplace for their personal collections.
This listing is a major milestone for Kyrrex as the company aims to make the KRRX token more accessible to users around the world. We are confident that Huobi's high liquidity and solid reputation would be extremely beneficial to our users.
To further improve the Kyrrex ecosystem, we will continue to reinforce existing collaborations and explore new strategic partnerships with industry stakeholders.
Your Kyrrex 💚
The tournament offers a massive prize pool of 50,000 KRRX and guaranteed payouts for 500 winners, providing all participants with the opportunity to come out on top.
The tournament will run from January 17th to February 1st, giving participants ample time to demonstrate their trading strategies and compete for the top prizes.
Don't miss out on this exciting opportunity to win big and register for the tournament today!
1️⃣ Register on the Lot.Trade;
2️⃣ Create a new account on huobi.com;
3️⃣ Create an API key on the Huobi exchange and connect it to your Lot.Trade Personal Account;
4️⃣ Achieve a trading volume of at least 150 KRRX within 24 hours after registration;
5️⃣ Actively trade KRRX from the created profile on Huobi throughout the tournament, until its completion on 01.02.2023;
6️⃣ Wait for the results and get the desired prize
The first 1500 users who successfully complete the registration and trading conditions within 2 days after the tournament begins, will receive a bonus of $10. This is a limited offer, so don't miss out on this bonus opportunity.
So, are you ready to join the Kyrrex and Huobi crypto communities and compete for a prize pool of 50,000 KRRX and guaranteed payouts for 500 winners? Then fulfill the registration and trading conditions now and join our exciting crypto tournament.
Your Kyrrex 💚