Binance review & 18 testimonials for binance.com (06.2022)
- 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 (p2p marketplace) working with 1 cryptocurrency: you can buy and sell coins using 45 fiat currencies (9 banks & payment systems are supported). 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, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace, NFT Marketplace.
This P2P Marketplace
welcomes customers from
250
countries
(unfortunately, your country: United States
is not supported at the moment;
but there are good alternatives)!
Due to regulatory restrictions, US citizens and residents are not served by the exchange.
On the report of the actual users, customer service is
exceptional, 5 stars quality;
the exchange is always instant!
(or close).
Depending on the order details, you may need to verify your account
Binance has being assigned the special status: The best P2P Marketplace 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 p2p marketplace) to determine who's the best-of-the-best. Hence, we are pleased to say that Binance is exactly the one!
Based on all these facts, our verdict is the following: Binance is a 100% legit and perfectly safe place to buy and sell Bitcoins, almost an ideal exchange with great feedback we can recommend to our dear visitors!
Overview: is Binance safe?
Binance is the P2P Marketplace; 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.
- Only 1 digital currencies and 45 fiat ones are supported. Although, a lot of payment systems & banks, totally 9 are supported, both international and national ones: , etc.
- Almost all the countries in the world are welcomed here! Feel free to check if your country is allowed to register an account.
- Lightning-fast orders processing, according to customers feedback.
- The quality of service, speed, etc. varies from seller to seller; the platform itself has almost zero impact on these.
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:
- Allows the customers to buy cryptocurrencies with fiat currencies
- Provides the clients with ways to "cash out" the crypto to fiat currency
- Provides mobile wallet software for iPhone, Android and other phones
- Issues ATM cards (debit cards) you can load with coins to shop with cryptocurrency, etc.
- Allows the clients to issue/redeem so called cash codes; the combination of characters that can be sent to other person and used by him/her to add fiat balance at the exchange. It's something similar to prepaid cards like Paysafecard, etc..
- 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
- And other ones! The full list: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and NFT Marketplace.
- And other ones! The full list: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and NFT Marketplace.
- And other ones! The full list: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and NFT Marketplace.
- And other ones! The full list: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and NFT Marketplace.
That's impressive number of features! According to our statistics, 100% of the competition provide less services, many just allow the buying and selling, so this p2p marketplace is among the champions in this field!
Currencies & Payment Systems
Binance provides the service of buying and selling 1 digital currencies using fiat currencies. The following cryptocurrencies are available to buy/sell: Bitcoin (BTC).
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: Cryptocurrencies under $1 to invest in 2022.
45 fiat currencies are supported to provide crypto purchase and selling: US Dollar (USD), Philippine Peso (PHP), Thai Baht (THB), Kenyan Shilling (KES), Icelandic Króna (ISK), Hong Kong Dollar (HKD), Indonesian Rupiah (IDR), Azerbaijani Manat (AZN), Romanian Leu (RON), Turkish Lira (TRY), Israeli New Sheqel (ILS), Norwegian Krone (NOK), Croatian Kuna (HRK), Australian Dollar (AUD), Ukrainian Hryvna (UAH), Hungarian Forint (HUF), Swiss Franc (CHF), Mexican Peso (MXN), Russian Ruble (RUB), Canadian Dollar (CAD), Nigerian Naira (NGN), South Korean Won (KRW), Ugandan Shilling (UGX), Bulgarian Lev (BGN), New Taiwan Dollar (TWD), Euro (EUR), South African Rand (ZAR), New Zealand Dollar (NZD), Saudi Riyal (SAR), Polish Zloty (PLN), Colombian Peso (COP), Uruguayan Peso (UYU), Vietnamese Dong (VND), Kazakhstani Tenge (KZT), Singapore Dollar (SGD), Swedish Krona (SEK), Japanese Yen (JPY), Pound Sterling (GBP), Ghanaian Cedi (GHS), Czech Republic Koruna (CZK), Peruvian Nuevo Sol (PEN), Danish Krone (DKK), United Arab Emirates Dirham (AED), Brazilian Real (BRL), Chilean Peso (CLP). The P2P Marketplace will let you buy and sell Bitcoins using the following payment systems:
Binance fees
Since Binance is a P2P marketplace, every seller is free to set the fee he wishes. So the fee depends on the offer and can be virtually any amount, although most of the dealers charge very reasonable fees. It's a market, after all! Feel free to browse the offers to check the fees for your country, preferred currency and bank or payment system!
Buying and selling limits
The business model of P2P market is based on fact that every seller has his own terms of the trade. Hence we can't provide you with min/max amounts Binance allows to buy and sell, it really varies from dealer to dealer. Please check it by yourself!
Supported countries
Platform allows the users from 250 countries to use the exchange. The following countries are supported by the p2p marketplace:
- 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)
- 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)
- 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)
- 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)
- 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)?
Sorry, but the binance.com can't provide the services to the citizens and residents of the United States of America at this time, due to the local regulations and licensing matters, etc. But there are no reasons to get disappointed because of that, there are plenty of great exchanges as well as the ones of P2P Marketplace type, who warmly welcomes the American people! We can recommend you look at these:
Customer service
According to the community and the exchange users' testimonials, Binance provides an excellent, exceptional quality customers support! The analysis of reviews is the following:
Verification at Binance
The binance.com may require the customers to pass through the user identification (account verification) process. The company may require you to verify some information about your identity; the details depend on order amount, exchange direction, payment systems used, etc.
And remember that since this is a P2P market, every seller or buyer creating an ad is free to determine his own terms. Some dealers require KYC, some — don't. You'll see all the details during an order creation.
According to the data submitted by the customers with the reviews and testimonials, the average time the account verification takes is up to 5 minutes! The feedback is the following:
An excellent result! Verification just takes a little bit of your time and the best thing is that you do it only once.
Deposit/withdrawal speed
Unlike all other exchange platforms, the P2P marketplace has almost no control over the funds delivery speed. In fact, it all depends on the dealer: if him or her will be fast, your monies are in wallet in no time. But if he/she is not — that's a completely different story!
The good thing is that you always can see the data about average escrow release, etc. before doing an exchange: choose the dealers with good feedback and nice stats and you should never ever have any problems!
Customers' testimonials
Our users left 18 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!
Online trading and investing has been my main source of income for a while. All you need is the right exchange and Binance is just the one!
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. Funds are kept on the escrow accounts, this is how P2P markets operates; but it's much safer to store your funds at other place.
Is Binance a good p2p marketplace?
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 provide a debit card (ATM card)?
Yes, Binance provides such a card, you can get one if you are residing in any of the supported countries.
Does Binance issue redeemable cash codes?
It does. All the users of p2p marketplace may issue/redeem such codes and send/receive such ones from/to others. It works like the prepaid gift cards, e-vouchers, etc.
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 p2p marketplace 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 p2p marketplace, it has a different business model (feel free to read about the differences between trading platform and p2p marketplace)
- 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 more exchange-related services: it allows us to purchase and sell digital currencies, and besides that: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and the NFT Marketplace.
- CEX supports 30 cryptocurrencies and tokens Binance allows to swap just 1 crypto (Binance works with 29 cryptocurrencies & tokens fewer).
- CEX allows registrations from 224 countries; United States is among the supported ones You may register at Binance if you reside in one of 250 countries; unfortunately, United States is not among the supported ones (Binance supports more countries worldwide).
- Our visitors rated customer care at the CEX 4.55 / 5.0 Customers' service at Binance exchange was rated 5.0 / 5.0 by our visitors (Binance support team got better rating from our customers
- During the account verification CEX usually asks for 3 documents and/or procedures (id verification, phone confirmation, selfie) and it takes up to 5 minutes in most of the cases User identification at Binance usually consists of some (it depends) different procedures and the process usually takes up to 5 minutes (Binance's KYC policy requires the customer to take less actions or to provide less data).
- Due to results of community feedback, CEX process deposit/withdrawal orders in about in couple of minutes (although the exchange is instant) Due to results of community feedback, Binance process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay (Binance processes deposits and withdrawals faster
- Our users left 27 testimonials about CEX, 100% of which are positive We've collected 18 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 p2p marketplace, it has a different business model (feel free to read about the differences between e-wallet and p2p marketplace)
- 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, Merchant Services and the Staking, MasterNodes, etc. (passive income opportunity) Binance provides more exchange-related services: it allows us to purchase and sell digital currencies, and besides that: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and the NFT Marketplace.
- Coinbase supports 21 cryptocurrencies and tokens Binance allows to swap just 1 crypto (Binance works with 20 cryptocurrencies & tokens fewer).
- Coinbase gives the gifts to the customers Binance has neither gifts or cashback available (Binance & Coinbase both provide the same bonuses for customers).
- Coinbase allows registrations from 39 countries; United States is among the supported ones You may register at Binance if you reside in one of 250 countries; unfortunately, United States is not among the supported ones (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 up to 5 minutes in most of the cases User identification at Binance usually consists of some (it depends) different procedures and the process usually takes up to 5 minutes (Binance's KYC policy requires the customer to take less actions or to provide less data).
- Due to results of community feedback, Coinbase process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated Due to results of community feedback, Binance process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay (Binance & Coinbase process the deposits and withdrawals with equal speed).
- Our users left 25 testimonials about Coinbase, 96% of which are positive We've collected 18 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 Kraken
Let's compare the key features of these two platforms to see which one suits you best:
- Kraken is a trading platform Binance is a p2p marketplace, it has a different business model (feel free to read about the differences between trading platform and p2p marketplace)
- Kraken had started the business July 2011 Binance started the business April 2017 (kraken.com is working for 5 years and 8 months longer time).
- kraken.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, selling and exchanging cryptocurrencies, kraken.com provides the following extra services: Mobile wallet, OTC trading, Margin Trading, Futures Trading and the Staking, MasterNodes, etc. (passive income opportunity) Binance provides more exchange-related services: it allows us to purchase and sell digital currencies, and besides that: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and the NFT Marketplace.
- Kraken supports 33 cryptocurrencies and tokens Binance allows to swap just 1 crypto (Binance works with 32 cryptocurrencies & tokens fewer).
- Kraken allows registrations from 234 countries; United States is among the supported ones You may register at Binance if you reside in one of 250 countries; unfortunately, United States is not among the supported ones (Binance supports more countries worldwide).
- Our visitors rated customer care at the Kraken 5.0 / 5.0 Customers' service at Binance exchange was rated 5.0 / 5.0 by our visitors (Binance & Kraken provide the equal quality of customer support).
- During the account verification Kraken usually asks for 2 documents and/or procedures (id verification, address confirmation) and it takes up to 5 minutes in most of the cases User identification at Binance usually consists of some (it depends) different procedures and the process usually takes up to 5 minutes (Binance's KYC policy requires the customer to take less actions or to provide less data).
- Due to results of community feedback, Kraken process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated Due to results of community feedback, Binance process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay (Binance & Kraken process the deposits and withdrawals with equal speed).
- Our users left 3 testimonials about Kraken, 100% of which are positive We've collected 18 users testimonials about Binance, 94% are positive (Binance & Kraken was rated lower by the community).
Although the final decision, which exchange — Kraken 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 p2p marketplace, both are using the same business model.
- 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 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 and selling cryptocurrencies, BitQuick provides no extra services Binance provides more exchange-related services: it allows us to purchase and sell digital currencies, and besides that: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and the NFT Marketplace.
- BitQuick supports 1 cryptocurrency Binance allows to swap just 1 crypto (Binance & BitQuick are working with the same number of digital currencys).
- BitQuick allows registrations from 255 countries; United States is among the supported ones You may register at Binance if you reside in one of 250 countries; unfortunately, United States is not among the supported ones (Binance supports less countries).
- During the account verification BitQuick usually asks for 1 document / procedure (phone confirmation) User identification at Binance usually consists of some (it depends) different procedures and the process usually takes up to 5 minutes (Binance's KYC policy requires the customer to take less actions or to provide less data).
- Due to results of community feedback, BitQuick process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay Due to results of community feedback, Binance process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay (Binance & BitQuick process the deposits and withdrawals with equal speed).
- Our users left 5 testimonials about BitQuick, 80% of which are positive We've collected 18 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, although Binance has a better total rating 100 vs BitQuick'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:
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 p2p marketplace, it has a different business model (feel free to read about the differences between trading platform and p2p marketplace)
- 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: it allows us to purchase and sell digital currencies, and besides that: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and the NFT Marketplace.
- Kuna supports 19 cryptocurrencies and tokens Binance allows to swap just 1 crypto (Binance works with 18 cryptocurrencies & tokens fewer).
- 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 250 countries; unfortunately, United States is not among the supported ones (Binance supports less countries).
- Our visitors rated customer care at the Kuna 5.0 / 5.0 Customers' service at Binance exchange was rated 5.0 / 5.0 by our visitors (Binance & Kuna provide the equal quality of customer support).
- Kuna allows the user to be anonymous, there is no account verification, etc. User identification at Binance usually consists of some (it depends) different procedures and the process usually takes up to 5 minutes (Unlike kuna.io that agrees to serve anonyms, Binance abides certain KYC, AML/CTF policies, there's an account verification)
- Due to results of community feedback, Kuna process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay; everything is automated Due to results of community feedback, Binance process deposit/withdrawal orders in about a couple of seconds, in fact — instantly, without any delay (Binance & Kuna process the deposits and withdrawals with equal speed).
- Our users left 4 testimonials about Kuna, 100% of which are positive We've collected 18 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 p2p marketplace holds users' funds
- This company has being in the business for a long time; exchange was started 5 years and 2 months ago
- Exchange supports 1 cryptocurrencies and 45 fiat ones (totally 9 payment systems / banks are available). Besides buying, selling and exchanging digital currencies, the following services are available: Mobile wallet, ATM Cards, Cash codes, Lending, Margin Trading, Futures Trading, Staking, MasterNodes, etc. (passive income opportunity), P2P Marketplace and NFT Marketplace
- Binance accepts the clients from 250 countries; unfortunately, users from United States are not permitted to use the service
- Clients' testimonials are perfect, 100% (18 out of 18) note their positive experience dealing with Binance. According to the customers feedback:
- Customer support is great
- Deposits and withdrawals are instant
- Verification is really fast
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 best P2P Marketplace worldwide!" That means the platform really stands out from the 332 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 5+ years and we invite you to check out by yourself!