5 Alternative Exchanges to Consider Following Bybit’s Exit From French Market
After failing to solve its regulatory issues with France’s Autorite des Marches Financiers, Bybit exited the French market at the start of August 2024. Its users are now scrambling for the available alternatives to continue accessing the crypto space.
This guide lists the top crypto exchanges in France to help you find your next trading platform. Stay tuned.
Binance
With an average daily trading volume of roughly $10 billion, Binance is considered the world’s largest crypto exchange. It is available in over 100 countries, including France.
Binance offers a wide range of services to accommodate its diverse customer base. Besides spot trading, it supports futures trading and crypto staking. Regarding trading fees, maker and taker fees range between 0.075% and 0.01%.
Advantages and Disadvantages
Advantages
1. Users have access to hundreds of cryptocurrencies.
2. Binance’s trading fees are reasonable.
3. The platform’s user interface is simple, allowing easy navigation.
Disadvantages
1. Binance is currently under regulatory scrutiny in several countries, which may affect its operations.
2. Some users complain about the platform’s customer support team being slow in responding to raised issues.
Bitget
User-friendly cryptocurrency exchange Bitget offers multiple services, including staking and spot/futures trading. Moreover, it is among the few trading platforms with affordable fees (0.1%).
Bitget is a popular option among beginners thanks to its copy trading feature, which enables users to replicate the trades of seasoned traders. It also comes with a comprehensive educational section to help users learn more about blockchain and cryptocurrencies.
For users who wish to automate their strategies, Bitget has got you covered. The exchange offers advanced trading bots that can be used in both futures and spot markets.
Advantages and Disadvantages
Advantages
1. Bitget lists over 820 cryptocurrencies.
2. It adopts stringent security measures to protect user funds.
3. Novice trades can make profits by copying trades of experts.
Disadvantages
1. If you like trading cryptocurrencies privately, then the mandatory Know Your Customer procedure may be a turn-off.
BYDFi
For crypto traders who value their privacy, BYDFi can be a good choice, considering that it does not require users to complete the Know Your Customer process. Further, the platform supports highly leveraged trading, enabling traders to maximize their profits. While it promises significant returns, leveraged trading can cause massive losses if trades don’t go your way. Therefore, implementing proper risk management is advisable.
Advantages and Disadvantages
Advantages
1. BYDFi’s easy-to-understand interface facilitates easy navigation.
2. The platform’s copy trading functionality is a game-changer for beginner traders and investors.
3. BYDFi offers account segregation and two-factor authentication to safeguard user funds.
Disadvantages
1. Compared to its competitors, BYDFi doesn’t have sufficient learning resources.
2. Less common crypto assets may face liquidity problems.
BingX
Along with offering over 840 cryptocurrencies, BingX supports the trading of commodities and specific indices. Furthermore, the platform has a social trading functionality that allows seasoned traders and investors to interact.
Advantages and Disadvantages
Advantages
1. BingX’s customer support team is responsive and reliable.
2. The high leverage offered allows traders to amplify their returns.
3. The social trading feature enables novice traders to learn from experienced traders.
Disadvantages
1. The staking opportunities available on BingX are limited.
Coinbase
US largest crypto exchange by trading volume, Coinbase, has expanded its presence in European countries, including France. It gives users access to over 250 cryptocurrencies.
For security purposes, Coinbase stores user funds in cold wallets and adopts standard safety features like two-factor authentication. Also, it runs a bug bounty program to encourage the community to identify and report vulnerabilities in its code.
Advantages and Disadvantages
Advantages
1. As a regulatory-compliant exchange, Coinbase allows French users to trade with confidence.
2. Its vast educational materials help users gain knowledge in crypto.
3. Coinbase maintains user funds in cold storage, thus keeping them away from cybercriminals.
Disadvantages
1. Compared to its rivals, Coinbase fees are relatively high.
2. The platform has fewer advanced trading tools for proper market analysis.
Conclusion
Whether you want an exchange that supports multiple crypto assets or has low trading costs, our guide has something for you. However, before signing up with any of these platforms, we recommend doing further research.
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