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bianace crypto altcoin altcoins bitcoin

Binance Alternatives for US-Based Altcoin Investors and Crypto Traders

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency Market News, Ethereum, Litecoin, Ripple
Reading Time: 3 mins read

Tomorrow, Binance will close trading and deposits for US-based crypto investors and traders, cutting off access to much of the altcoin market.

And while that’s likely a positive thing for crypto investors who have been burned by altcoin assets in the past, there are a number of alternatives US-based traders can visit to get a fix of the altcoin trading action.

Where Can US-Based Crypto Traders Still Invest in the Altcoin Market?

After tomorrow, the largest portion of the population of crypto traders, responsible for as much as 43% of market activity, will be barred from making deposits or making any trading on Binance, the world’s largest cryptocurrency exchange.

Related Reading | PSA: Only 48 Hours Remain for US Crypto Investors to Trade on Binance

Binance currently offers a few hundred different altcoin assets, ranging from common major cap coins like Ethereum, Litecoin, and Ripple, to more obscure altcoins such as Ethos, Ripio Credit Network, or Storj.

However, when Binance ushers US-based investors over to their new Binance US counterpart, potentially as few as 30 different coins could be listed and that includes Bitcoin among the number.

https://twitter.com/teddycleps/status/1171721767611764736?s=12

As regulation spreads across the crypto market, fewer and fewer crypto exchanges are allowing users from different countries trade on their platforms. As of now, the only exchange that still offers some of the more exotic altcoins that and also still allows US-based investors to trade altcoins on their platform is Kucoin, according to crypto traders. However, given the fact that regulation should only increase further, there are still many risks associated with trading on platforms outside of the US, or trading altcoins that could potentially be deemed as securities in the future.

The next best option for crypto traders is to stick with one of the US-based crypto exchanges, such as Coinbase, Gemini, Kraken, Huobi US, Bittrex, and Poloniex. While these platforms lack as large of a catalog of altcoins – far less than the 30 that Binance US is considering – they do offer crypto traders from the US an added layer of safety and security.

The assets listed on Coinbase, for example, are known to comply with US law and have been extensively vetted by Coinbase’s team in accordance with regulatory guidelines established by the SEC and other government entities.

With much of the altcoin market cut off from the largest portion of traders, the market is at an impasse and should transform in the coming days as the value perceptions of altcoins change as a result of increased regulation.

Related Reading | Leading Crypto Altcoin May Drop 40% If Support Fails 

Altcoins that have the support of the likes of Coinbase and other regulatory friendly platforms are likely to dominate in the future simply due to the assets becoming a safer investment compared to other crypto assets. Those that aren’t listed on these exchanges, will be viewed by investors as potentially too risky and could suffer additional losses as a result.

Tags: altcoinsBinancebitcoincryptounited states
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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