Binance review & 17 testimonials for binance.com (06.2021)
- Overview: is Binance safe?
- Pros & Cons of Binance
- Services, Binance Provides
- Currencies & Payment Systems
- Binance fees
- Buying and selling limits
- Supported countries
- Customer service
- Verification at Binance
- Deposit/withdrawal speed
- Customers' testimonials
- FAQ about Binance
- Binance vs other exchanges
- Conclusion: is Binance legit or scam?
What is Binance in a nutshell? It's a trusted, respectable, well established, promising exchange service (trading platform) working with 47 cryptocurrencies: you can exchange one crypto into another here. Exchange service started the business Apr 2017, it's a fully compliant, licensed financial company. Besides the cryptocurrencies exchange, Binance also provides other services, for example, Mobile wallet, Lending, Margin Trading.
This service integrated with a number of currencies, banks, and payment systems. Hence to estimate the fees level we calculated an average fee you'll spend for an exchange here. Based on this number (0%) we may say that Binance charges low fees: 0.0% (in line with our statistics, 100% exchanges take higher average fee). This Trading Platform welcomes customers from 255 countries (including your country: United States!). It serves the US and allows registrations from all the 56 states and territories. Unfortunately we couldn't yet collect enough data about the order processing speed from the actual customers, although according to the information from the exchange itself, order processing is automated and should be instant. You will have to verify your account (just Selfie should be required) before being able to use the service.
Binance has being assigned the special status: The third best Trading Platform worldwide! What does that mean? Our platform ranks all the exchanges basing on a number of factors: business model, licenses, time in the business, customers' testimonials, complaints (if any), etc. Then we compare all the leaders in each category (like trading platform) to determine who's the best-of-the-best. Hence, we are pleased to say that Binance is among those ones!
Based on all these facts, our verdict is the following: Binance is a 100% legit and perfectly safe place to exchange cryptocurrencies, almost an ideal exchange with great feedback we can recommend to our dear visitors!
Overview: is Binance safe?
Binance is the Trading Platform; Binance Europe Services (dba Binance) started the business in April 2017. The company is based in the Malta with the headquarters located in the Ta’Xbiex. Official Binance address is Melita Court, Level 3, Triq Giuseppe Cali, Ta’Xbiex.
Binance was founded by Changpeng Zhao, Yi He. Vertex Ventures and some others are among the lead investors. Binance CEO is Changpeng Zhao.
Although Binance was originally based in China, it moved to Japan when the Chinese government started an infamous "crackdown on crypto exchanges" and then, to Malta.
Binance had started the business not so long time ago, but it gained popularity super fast. It took less than half of a year to the platform to became exchange #3 (rank based on trading volume)! Binance is one of the most popular trading platforms and probably the most famous "crypto to crypto" exchange.
Answering the question how safe is Binance:
Binance is perfectly safe! 100/100 rating is really hard to get, only a few competing services have such a high rating! Let's break down how the Binance exchange got such a rating.Pros & Cons of Binance
Since Binance is rated as one of the best exchanges in the world by our visitors, there should be many strong sides clients admire and probably some downsides anyway. Let's check it out:
- It's very stable and reliable exchange service operating from 2017.04. Fully compliant and regulated business, service provided by licensed financial company.
- Binance earned perfect testimonials from the clientele.
- Almost all the countries in the world are welcomed here! Feel free to check if your country is allowed to register an account.
- Besides the buying and selling, you may trade cryptocurrencies and earn some profit.
- Binance is something much bigger than just another crypto exchange, there are extra services, some of which may be very interesting for bitcoiners.
- Trading platform utilizes a business model based on holding the clients funds at the online wallet; such approach has some risks.
Seems that there are not so many cons, but a lot of pros. We hope you will enjoy your experience exchanging at Binance! Try Binance today and let us know how you like it!
Services, Binance Provides
The platform provides the following cryptocurrency exchange-related services:
- Helps you to exchange one crypto to another
- Provides mobile wallet software for iPhone, Android and other phones
- Cryptocurrency/token lending; it allows the traders earning a passive income — think of saving accounts with yearly interest, paid in crypto
- Margin (leveraged) trading; traders can access greater sums of capital than they possess by borrowing it from the exchange
That's impressive number of features! According to our statistics, 97% of the competition provide less services, many just allow the buying and selling, so this trading platform is among the champions in this field!
Currencies & Payment Systems
Binance provides the service of exchanging 47 digital currencies one into another. The following cryptocurrencies are available to swap: Aave (AAVE), Cardano (ADA), Bitcoin Cash (BCHABC), Binance Coin (BNB), Bitcoin (BTC), Bitcoin Gold (BTG), BitTorrent (BTT), Binance USD (BUSD), MakerDAO (DAI), Dash (DASH), Dogecoin (DOGE), Polkadot (DOT), EOS (EOS), Ether Classic (ETC), Ether (ETH), Filecoin (FIL), Internet Computer (ICP), ICON (ICX), Komodo (KMD), Kusama (KSM), Chainlink (LINK), Lisk (LSK), Litecoin (LTC), Polygon (MATIC), IOTA (MIOTA), NEO (NEO), OmiseGO (OMG), Augur (REP), SKALE (SKL), Solana (SOL), SushiSwap (SUSHI), Theta Network (THETA), TRON (TRX), TrueUSD (TUSD), Uniswap (UNI), USD Coin (USDC), Tether (USDT), VeChain (VET), Waves (WAVES), Wrapped Bitcoin (WBTC), NEM (XEM), Stellar (XLM), Monero (XMR), Ripple (XRP), Verge (XVG), Zcash (ZEC), 0x (ZRX).
There are not much exchanges with so many cryptos supported! If you are not sure, which one of these electronic currencies you are most interested in, you are welcome to read our guides. For example, these: Most scalable cryptocurrencies to invest in 2021.
Binance fees
The fees you need to pay at this trading platform during the process of cryptocurrencies exchange are easier to understand if you break it down like that (note that you can skip the details, jumping to the conclusion):
-
Trading fee.
This trading platform charges the following when your trade order matches and executes:
- 0.1% of the order amount, whatever fiat or crypto currency you trade.
-
Cryptocurrency withdrawal fee.
Please note that this fee applies only when you
transfer the crypto 'out': to your own wallet, to someone else, etc.!
- 0.000500 BTC when you purchase Bitcoins
- the usual transaction fee in the according crypto, when you are buying: AAVE, ADA, BCHABC, BNB, BTG, BTT, BUSD, DAI, DASH, DOGE, DOT, EOS, ETC, ETH, FIL, ICP, ICX, KMD, KSM, LINK, LSK, LTC, MATIC, MIOTA, NEO, OMG, REP, SKL, SOL, SUSHI, THETA, TRX, TUSD, UNI, USDC, USDT, VET, WAVES, WBTC, XEM, XLM, XMR, XRP, XVG, ZEC, ZRX.
Are Binance fees high or low?
Now it's time to draw a conclusion: considering the average fee the exchange charges for an operation we can state that Binance takes very low fees! According to our statistics, the majority of the competition charge way more than Binance does!
Buying and selling limits
In fact, there are no limits on crypto-to-crypto swaps here, at Binance. You can exchange almost any amount, big or small. Nice!
Supported countries
Platform allows the users from 255 countries to use the exchange. The following countries are supported by the trading platform:
- Afghanistan (AF)
- Aland Islands (AX)
- Albania (AL)
- Algeria (DZ)
- American Samoa (AS)
- Andorra (AD)
- Angola (AO)
- Anguilla (AI)
- Antarctica (AQ)
- Antigua & Barbuda (AG)
- Argentina (AR)
- Armenia (AM)
- Aruba (AW)
- Ascension Island (AC)
- Australia (AU)
- Austria (AT)
- Azerbaijan (AZ)
- Bahamas (BS)
- Bahrain (BH)
- Bangladesh (BD)
- Barbados (BB)
- Belarus (BY)
- Belgium (BE)
- Belize (BZ)
- Benin (BJ)
- Bermuda (BM)
- Bhutan (BT)
- Bolivia (BO)
- Bosnia & Herzegovina (BA)
- Botswana (BW)
- Bouvet Island (BV)
- Brazil (BR)
- British Indian Ocean Territory (IO)
- British Virgin Islands (VG)
- Brunei (BN)
- Bulgaria (BG)
- Burkina Faso (BF)
- Burundi (BI)
- Cambodia (KH)
- Cameroon (CM)
- Canada (CA)
- Canary Islands (IC)
- Cape Verde (CV)
- Caribbean Netherlands (BQ)
- Cayman Islands (KY)
- Central African Republic (CF)
- Ceuta & Melilla (EA)
- Chad (TD)
- Chile (CL)
- China (CN)
- Christmas Island (CX)
- Cocos (Keeling) Islands (CC)
- Colombia (CO)
- Comoros (KM)
- Congo - Brazzaville (CG)
- Congo - Kinshasa (CD)
- Cook Islands (CK)
- Costa Rica (CR)
- Côte d’Ivoire (CI)
- Croatia (HR)
- Cuba (CU)
- Curaçao (CW)
- Cyprus (CY)
- Czech Republic (CZ)
- Denmark (DK)
- Diego Garcia (DG)
- Djibouti (DJ)
- Dominica (DM)
- Dominican Republic (DO)
- Ecuador (EC)
- Egypt (EG)
- El Salvador (SV)
- Equatorial Guinea (GQ)
- Eritrea (ER)
- Estonia (EE)
- Ethiopia (ET)
- Falkland Islands (FK)
- Faroe Islands (FO)
- Fiji (FJ)
- Finland (FI)
- France (FR)
- French Guiana (GF)
- French Polynesia (PF)
- French Southern Territories (TF)
- Gabon (GA)
- Gambia (GM)
- Georgia (GE)
- Germany (DE)
- Ghana (GH)
- Gibraltar (GI)
- Greece (GR)
- Greenland (GL)
- Grenada (GD)
- Guadeloupe (GP)
- Guam (GU)
- Guatemala (GT)
- Guernsey (GG)
- Guinea (GN)
- Guinea-Bissau (GW)
- Guyana (GY)
- Haiti (HT)
- Heard Island and McDonald Islands (HM)
- Honduras (HN)
- Hong Kong SAR China (HK)
- Hungary (HU)
- Iceland (IS)
- India (IN)
- Indonesia (ID)
- Iran (IR)
- Iraq (IQ)
- Ireland (IE)
- Isle of Man (IM)
- Israel (IL)
- Italy (IT)
- Jamaica (JM)
- Japan (JP)
- Jersey (JE)
- Jordan (JO)
- Kazakhstan (KZ)
- Kenya (KE)
- Kiribati (KI)
- Kosovo (XK)
- Kuwait (KW)
- Kyrgyzstan (KG)
- Laos (LA)
- Latvia (LV)
- Lebanon (LB)
- Lesotho (LS)
- Liberia (LR)
- Libya (LY)
- Liechtenstein (LI)
- Lithuania (LT)
- Luxembourg (LU)
- Macau SAR China (MO)
- Macedonia (MK)
- Madagascar (MG)
- Malawi (MW)
- Malaysia (MY)
- Maldives (MV)
- Mali (ML)
- Malta (MT)
- Marshall Islands (MH)
- Martinique (MQ)
- Mauritania (MR)
- Mauritius (MU)
- Mayotte (YT)
- Mexico (MX)
- Micronesia (FM)
- Moldova (MD)
- Monaco (MC)
- Mongolia (MN)
- Montenegro (ME)
- Montserrat (MS)
- Morocco (MA)
- Mozambique (MZ)
- Myanmar (Burma) (MM)
- Namibia (NA)
- Nauru (NR)
- Nepal (NP)
- Netherlands (NL)
- New Caledonia (NC)
- New Zealand (NZ)
- Nicaragua (NI)
- Niger (NE)
- Nigeria (NG)
- Niue (NU)
- Norfolk Island (NF)
- Northern Mariana Islands (MP)
- North Korea (KP)
- Norway (NO)
- Oman (OM)
- Pakistan (PK)
- Palau (PW)
- Palestinian Territories (PS)
- Panama (PA)
- Papua New Guinea (PG)
- Paraguay (PY)
- Peru (PE)
- Philippines (PH)
- Pitcairn Islands (PN)
- Poland (PL)
- Portugal (PT)
- Puerto Rico (PR)
- Qatar (QA)
- Réunion (RE)
- Romania (RO)
- Russia (RU)
- Rwanda (RW)
- Samoa (WS)
- San Marino (SM)
- São Tomé & Príncipe (ST)
- Saudi Arabia (SA)
- Senegal (SN)
- Serbia (RS)
- Seychelles (SC)
- Sierra Leone (SL)
- Singapore (SG)
- Sint Maarten (SX)
- Slovakia (SK)
- Slovenia (SI)
- Solomon Islands (SB)
- Somalia (SO)
- South Africa (ZA)
- South Georgia & South Sandwich Islands (GS)
- South Korea (KR)
- South Sudan (SS)
- Spain (ES)
- Sri Lanka (LK)
- St. Barthélemy (BL)
- St. Helena (SH)
- St. Kitts & Nevis (KN)
- St. Lucia (LC)
- St. Martin (MF)
- St. Pierre & Miquelon (PM)
- St. Vincent & Grenadines (VC)
- Sudan (SD)
- Suriname (SR)
- Svalbard & Jan Mayen (SJ)
- Swaziland (SZ)
- Sweden (SE)
- Switzerland (CH)
- Syria (SY)
- Taiwan (TW)
- Tajikistan (TJ)
- Tanzania (TZ)
- Thailand (TH)
- Timor-Leste (TL)
- Togo (TG)
- Tokelau (TK)
- Tonga (TO)
- Trinidad & Tobago (TT)
- Tristan da Cunha (TA)
- Tunisia (TN)
- Turkey (TR)
- Turkmenistan (TM)
- Turks & Caicos Islands (TC)
- Tuvalu (TV)
- Uganda (UG)
- Ukraine (UA)
- United Arab Emirates (AE)
- United Kingdom (GB)
- United States (US)
- Uruguay (UY)
- U.S. Outlying Islands (UM)
- U.S. Virgin Islands (VI)
- Uzbekistan (UZ)
- Vanuatu (VU)
- Vatican City (VA)
- Venezuela (VE)
- Vietnam (VN)
- Wallis & Futuna (WF)
- Western Sahara (EH)
- Yemen (YE)
- Zambia (ZM)
- Zimbabwe (ZW)
Does Binance allow the users from United States (US)?
Yes, binance.com allows the registrations from the United States! Trading Platform permits the users from 56 states and territories to register at and use the services exchange provides:
- Alabama (AL)
- Alaska (AK)
- American Samoa (AS)
- Arizona (AZ)
- Arkansas (AR)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Delaware (DE)
- District of Columbia (DC)
- Florida (FL)
- Georgia (GA)
- Guam (GU)
- Hawaii (HI)
- Idaho (ID)
- Illinois (IL)
- Indiana (IN)
- Iowa (IA)
- Kansas (KS)
- Kentucky (KY)
- Louisiana (LA)
- Maine (ME)
- Maryland (MD)
- Massachusetts (MA)
- Michigan (MI)
- Minnesota (MN)
- Mississippi (MS)
- Missouri (MO)
- Montana (MT)
- Nebraska (NE)
- Nevada (NV)
- New Hampshire (NH)
- New Jersey (NJ)
- New Mexico (NM)
- New York (NY)
- North Carolina (NC)
- North Dakota (ND)
- Northern Mariana Islands (MP)
- Ohio (OH)
- Oklahoma (OK)
- Oregon (OR)
- Pennsylvania (PA)
- Puerto Rico (PR)
- Rhode Island (RI)
- South Carolina (SC)
- South Dakota (SD)
- Tennessee (TN)
- Texas (TX)
- U.S. Virgin Islands (VI)
- Utah (UT)
- Vermont (VT)
- Virginia (VA)
- Washington (WA)
- West Virginia (WV)
- Wisconsin (WI)
- Wyoming (WY)
Americans are welcome to exchange various cryptos that are supported by the trading platform.
Please visit the exchange's website to check the offers that are currently active!
Customer service
Verification at Binance
The trading platform requires it's clients to pass through obligatory user identification (account verification). The following procedures should be completed before the client will be able to utilize the exchange services:
- Selfie
According to the customers surveys results, the average time to verify an account at Binance is the following:
Sorry, we haven't yet collected enough data. Do you know, how fast trading platform does account verification? Kindly let us know, too. Thank you very much!
Deposit/withdrawal speed
Binance processes the orders automatically, that's definitely a good thing and the process should take no time. Although we know that some exchanges require various forms of staff approval, etc. for the specific orders; such ones generally take longer. Even fully automated platforms sometimes delay the funds delivery, so if you know that it's the case here at this trading platform, let us and the community know about it, please!
Is Binance instant?
So, what can we see? In accordance with the data we know about the binance.com, orders at Binance should be instant. Although we don't have enough information about the order delivery speed from actual customers yet, sorry.
Customers' testimonials
Our users left 17 testimonials about their experience dealing with Binance, 94% of the testimonials are positive, 6% are neutral and there are 0 negative ones. Feel free to read as many of these as you like!
I trade some tokens and rare coins here. It's all good and exchange is very trusted, definitely a great choice!
Nice user interface, many coins supported and you can withdraw up to 2 BTC daily without KYC. Nice!
It was always a great experience, very friendly and fast support as well. Use it for like two years and it was being #1 crypto experience for me forever !
Best trading platform ever!! Limits are also very good even when no KYC
A very good exchange with an excellent customer service. Really a lot of various cryptocurrency supported! Tokens too. I also hope they add USD bank tranfers and like, now you only can buy crypto with a card and the price is now very attractive. Other than that everything is super good
Very good if you want to especulate. Like buy low, sell high. Not the other way )) Many tools, margin trading, etc etc. I like it! ✌
Trade alts here all the time. I used polo before and sometimes bittrex, but now binance is my fav! What else can I say?
One of the best alt coin exchanges, period. But sometimes support works very slow. This is my only complain, everything else is great
My favourite exchange when I want to trade some cryptocurrencies and earn money (hopefully 👌😅👍) buying low, selling high. It supports HUGE number of cryptocurrencies and the liquidity is very good. It's not very good for instant conversions (say you hold some LTC and want to get ETH instead), brokers do such exchanges better. But for trading, it's definitely my choice! ⭐⭐⭐⭐⭐
Overall result if great! 100% positive testimonials is something the business owners are very proud of, such a rating is hard to get and even harder to maintain! It means the community really trusts and likes the Binance services, so most likely, you'd enjoy it too!
FAQ about Binance
Does Binance holds my funds?
Yes, it does. Although you can always withdraw the funds to your e-currency wallet "by default" Binance holds your balance at it's own hot storage wallet. This is the standard practice for all the trading platforms, although we recommend to keep only the funds you need for the trading at the exchange.
Is Binance a good trading platform?
According to our rating and the clients' testimonials, it is! Feel free to get acquainted with the details reading this review or just jump to the conclusion!
Is Binance licensed? Does it hold e-money license?
Although Binance Europe Services (registered name of company operating Binance exchange)holds no special licenses, it fully complies with the regulation in Malta; no license is required there to run such a business.
Does Binance provide the mobile wallet apps?
It does! There are a mobile apps for popular mobile platforms available.
Does Binance have any features like lending, deposits with interest, etc.?
It does! Feel free to check the exchange website to know the details.
Does Binance provides Margin Trading?
It does. Margin trading is possible at Binance; if you wish to, you may trade with leverage here!
Is Binance a ripoff?
It definitely isn't! Feel free to read the whole this review to understand why or check our conclusion: is Binance legit or scam.
Binance vs other exchanges
Let's compare binance.com to other similar exchange services with more or less the same features: others of trading platform type mostly. Besides, seems reasonable to compare the platform with the exchanges having similar rating and serving (mostly) the same geographic, etc. Remember that if you wish to find the exchange offering the best price to buy/sell Bitcoin and 49 other cryptos, check the best rates to buy bitcoin and crypto in United States!
Binance vs CEX
Let's compare the key features of these two platforms to see which one suits you best:
- CEX is a trading platform Binance is a trading platform, both are using the same business model.
- CEX had started the business July 2014 Binance started the business April 2017 (cex.io is working for 2 years and 9 months longer time).
- cex.io has all the required business licenses and permissions Binance has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides buying, selling and exchanging cryptocurrencies, cex.io provides the following extra services: Lending, Margin Trading, Faucets (small amounts of cryptos for free) and the Staking, MasterNodes, etc. (passive income opportunity) Binance provides us with less services, related to the crypto exchange: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- CEX supports 27 cryptocurrencies and tokens Binance allows to swap 47 cryptos (Binance additionally works with 20 added cryptocurrencies/tokens).
- 4 fiat currencies are available on cex.io website Binance doesn't allow to use any fiat currencies (Binance supports 4 fiat currencies less).
- CEX accepts deposits from and allows withdrawals to 9 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 9 banks and fiat payment systems less).
- CEX charges 0.3% — 3.99% fee Binance charges the client 0.0% fee, depending on the currency, payment system, etc. (Binance has lower fees in general).
- CEX allows registrations from 224 countries; United States is among the supported ones You may register at Binance if you reside in one of 255 countries; it serves United States among others (Binance supports more countries worldwide).
- During the account verification CEX usually asks for 3 documents and/or procedures (id verification, phone confirmation, selfie) and it takes a day or two in most of the cases User identification at Binance usually consists of 1 procedure: selfie (Binance's KYC, AML, etc programs and policies permit a user to finish fewer procedures, to share reduced personal information).
- Our users left 27 testimonials about CEX, 100% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance & CEX was rated lower by the community).
Although the final decision, which exchange — CEX or Binance — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since both exchanges are equally rated, we recommend you look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Binance vs Coinbase
Let's compare the key features of these two platforms to see which one suits you best:
- Coinbase is a e-wallet Binance is a trading platform, it has a different business model (feel free to read about the differences between e-wallet and trading platform)
- Coinbase had started the business June 2012 Binance started the business April 2017 (coinbase.com is working for 4 years and 10 months longer time).
- coinbase.com has all the required business licenses and permissions Binance has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides buying and selling cryptocurrencies, coinbase.com provides the following extra services: ATM Cards and the Merchant Services Binance provides more exchange-related services: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- Coinbase supports 21 cryptocurrencies and tokens Binance allows to swap 47 cryptos (Binance additionally works with 26 added cryptocurrencies/tokens).
- 6 fiat currencies are available on coinbase.com website Binance doesn't allow to use any fiat currencies (Binance supports 6 fiat currencies less).
- Coinbase accepts deposits from and allows withdrawals to 8 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 8 banks and fiat payment systems less).
- Coinbase charges 1.0% — 3.99% fee Binance charges the client 0.0% fee, depending on the currency, payment system, etc. (Binance has lower fees in general).
- Coinbase gives the gifts to the customers Binance has neither gifts or cashback available (Binance offers less bonuses for the clientele).
- Coinbase allows registrations from 39 countries; United States is among the supported ones You may register at Binance if you reside in one of 255 countries; it serves United States among others (Binance supports more countries worldwide).
- During the account verification Coinbase usually asks for 2 documents and/or procedures (id verification, phone confirmation) and it takes a day or two in most of the cases User identification at Binance usually consists of 1 procedure: selfie (Binance's KYC, AML, etc programs and policies permit a user to finish fewer procedures, to share reduced personal information).
- Our users left 25 testimonials about Coinbase, 96% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance & Coinbase was rated lower by the community).
Although the final decision, which exchange — Coinbase or Binance — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since both exchanges are equally rated, we recommend you look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Binance vs BitQuick
Let's compare the key features of these two platforms to see which one suits you best:
- BitQuick is a p2p marketplace Binance is a trading platform, it has a different business model (feel free to read about the differences between p2p marketplace and trading platform)
- BitQuick had started the business October 2013 Binance started the business April 2017 (bitquick.co is working for 3 years and 6 months longer time).
- bitquick.co has all the required business licenses and permissions Binance has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides buying and selling cryptocurrencies, BitQuick provides no extra services Binance provides more exchange-related services: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- BitQuick supports 1 cryptocurrency Binance allows to swap 47 cryptos (Binance additionally works with 46 added cryptocurrencies/tokens).
- just one national currency is presented on bitquick.co website Binance doesn't allow to use any fiat currencies (Binance supports 1 paper currency less).
- BitQuick accepts deposits from and allows withdrawals to 1 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 1 banks and fiat payment systems less).
- BitQuick charges 2.0% fee Binance charges the client 0.0% fee, depending on the currency, payment system, etc. (Binance has lower fees in general).
- BitQuick allows registrations from 1 countries; United States is among the supported ones You may register at Binance if you reside in one of 255 countries; it serves United States among others (Binance supports more countries worldwide).
- During the account verification BitQuick usually asks for 1 document / procedure (phone confirmation) User identification at Binance usually consists of 1 procedure: selfie (While BitQuick agrees on certain exceptions granting no verification for specific orders, Binance follows the stricter rules and sets more restrictions).
- Our users left 5 testimonials about BitQuick, 80% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance has better testimonials from the clients).
Although the final decision, which exchange — BitQuick or Binance — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since both exchanges are equally rated, we recommend you look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Binance vs Raidofinance
Let's compare the key features of these two platforms to see which one suits you best:
- Raidofinance is a broker Binance is a trading platform, it has a different business model (feel free to read about the differences between broker and trading platform)
- Raidofinance had started the business February 2019 Binance started the business April 2017 (Binance operates 1 years and 9 months longer).
- raidofinance.eu has all the required business licenses and permissions Binance has all the required business licenses and permissions (both exchange services operate using the same approach to the business, utilizing a same legal model).
- Besides buying, selling and exchanging cryptocurrencies, raidofinance.eu provides the following extra services: Mobile wallet and the Merchant Services Binance provides the same number of services as Raidofinance: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- Raidofinance supports 3 cryptocurrencies and tokens Binance allows to swap 47 cryptos (Binance additionally works with 44 added cryptocurrencies/tokens).
- 2 fiat currencies are available on raidofinance.eu website Binance doesn't allow to use any fiat currencies (Binance supports 2 fiat currencies less).
- Raidofinance accepts deposits from and allows withdrawals to 2 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 2 banks and fiat payment systems less).
- Raidofinance charges 2% — 5% fee Binance charges the client 0.0% fee, depending on the currency, payment system, etc. (Binance has lower fees in general).
- Raidofinance allows registrations from 251 countries; we are sorry, but United States is not supported this time You may register at Binance if you reside in one of 255 countries; it serves United States among others (Binance supports more countries worldwide).
- During the account verification Raidofinance usually asks for 2 documents and/or procedures (id verification, selfie) and it takes a day or two in most of the cases User identification at Binance usually consists of 1 procedure: selfie (Binance's KYC, AML, etc programs and policies permit a user to finish fewer procedures, to share reduced personal information).
- Our users left 7 testimonials about Raidofinance, 100% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance & Raidofinance was rated lower by the community).
Although the final decision, which exchange — Raidofinance or Binance — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although Binance has a better total rating 100 vs Raidofinance's 95, we recommend you look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Binance vs Kuna
Let's compare the key features of these two platforms to see which one suits you best:
- Kuna is a trading platform Binance is a trading platform, both are using the same business model.
- Kuna had started the business January 2016 Binance started the business April 2017 (kuna.io is working for 1 years and 3 months longer time).
- Kuna is an ordinary company without licenses, etc. Binance has all the required business licenses and permissions (Binance utilizes a safer and more stable business model).
- Besides buying, selling and exchanging cryptocurrencies, kuna.io provides the following extra services: Cash codes Binance provides more exchange-related services: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- Kuna supports 20 cryptocurrencies and tokens Binance allows to swap 47 cryptos (Binance additionally works with 27 added cryptocurrencies/tokens).
- 3 fiat currencies are available on kuna.io website Binance doesn't allow to use any fiat currencies (Binance supports 3 fiat currencies less).
- Kuna accepts deposits from and allows withdrawals to 7 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 7 banks and fiat payment systems less).
- Kuna charges 1.0% — 3.0% fee Binance charges the client 0.0% fee, depending on the currency, payment system, etc. (Binance has lower fees in general).
- Kuna allows registrations from 251 countries; we are sorry, but United States is not supported this time You may register at Binance if you reside in one of 255 countries; it serves United States among others (Binance supports more countries worldwide).
- Kuna allows the user to be anonymous, there is no account verification, etc. User identification at Binance usually consists of 1 procedure: selfie (Unlike kuna.io that agrees to serve anonyms, Binance abides certain KYC, AML/CTF policies, there's an account verification)
- Our users left 4 testimonials about Kuna, 100% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance & Kuna was rated lower by the community).
Although the final decision, which exchange — Kuna or Binance — is better is up to you, we'll try to help you with the decision. Both exchanges are great, although Binance has a better total rating 100 vs Kuna's 84, we recommend you look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Conclusion: is Binance legit or scam?
Now it's time to draw a conclusion, is binance.com a scam or is it a legit exchange? We are 100% sure Binance is the most trusted and absolutely legit exchange platform with an outstanding reputation in the crypto community; one of the industry leaders. There is no way it can be even considered to be called a scam! Let's summarize what we like most (and what we don't) about the Binance:
- It is licensed, regulatory compliant financial company
- The trading platform holds users' funds
- This company has being in the business for a long time; exchange was started 4 years and 1 months ago
- Exchange supports 47 cryptocurrencies
- It charges low fees: actually there are no fees at all!
- Binance allows registrations from 255 countries; people from United States may use the service
- Clients' testimonials are perfect, 100% (17 out of 17) note their positive experience dealing with Binance.
Besides the exchange, a dedicated mobile wallet (Trust Wallet) and lending ("hodl and earn", sort of savings account with annual interest paid in crypto), Binance provides a large number of services and does a lot more than just an exchange. Academy, Labs, Launchpad, Research... just to name a few. Binance is a whole ecosystem and it's not a surprise that it has its own token: Binance Coin (BNB).
As well as many major bitcoin exchanges, Binance once experienced a major hack: 7th May 2019, 7000 BTC was stolen from the exchange's hot wallets. Although unlike many other major exchanges suffered from such hacks, Binance covered all the loses by its emergency fund (so-called SAFU) and customers never a satoshi. Binance is a serious business for sure! And a nice place to trade cryptocurrencies...
Last but not least, according to our rating and the feedback from the Binance clientele, we consider it as "The third best Trading Platform worldwide!" That means the platform really stands out from the 327 exchange services we monitor; our ranking algorithms and the input we got from the actual exchange customers confirm that. With all the features and positive reviews, it's obvious why Binance has been so successful for 4+ years and we invite you to check out by yourself!