Binance review & 17 testimonials (updated 02.2020)
- 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) supporting 31 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 works 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% (according to 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 customers of Binance, 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.
Based on all these facts, our verdict is the following: Binance is a 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 definitely safe! 93/100 rating is rather hard to get, 98% exchanges have lower rating! Let's break down how the Binance exchange got such a rating.Pros & Cons of Binance
Since Binance is rated very highly by our visitors, it should have a lot of strong sides and just a few downsides. 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 got some nice testimonials from the customers.
- 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 business model is 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, 100% 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 31 digital currencies one into another. The following cryptocurrencies are available to swap: Cardano (ADA), Bitcoin Cash (BCHABC), Binance Coin (BNB), Bitcoin (BTC), Bitcoin Gold (BTG), BitTorrent (BTT), Dash (DASH), Dogecoin (DOGE), EOS (EOS), Ether Classic (ETC), Ether (ETH), ICON (ICX), Komodo (KMD), Lisk (LSK), Litecoin (LTC), IOTA (MIOTA), NEO (NEO), OmiseGO (OMG), Augur (REP), TRON (TRX), TrueUSD (TUSD), USD Coin (USDC), Tether (USDT), Waves (WAVES), 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 popular cryptocurrencies 2020 to invest.
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):
-
Deposit/withdrawal fee.
Depending on the fiat payment system and currency, it's as follows:
-
Trading fee.
This trading platform charges the following when you make the funds transfer:
- 0.1% of the exchange amount, whatever fiat or crypto currency you exchange.
-
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: ADA, BCHABC, BNB, BTG, BTT, DASH, DOGE, EOS, ETC, ETH, ICX, KMD, LSK, LTC, MIOTA, NEO, OMG, REP, TRX, TUSD, USDC, USDT, WAVES, 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 changes 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
This Trading Platform has the following limits, applicable when you buy or sell cryptocurrencies (there are no limits on crypto-to-crypto swaps):
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 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 Binance 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 trading platform, 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! ⭐⭐⭐⭐⭐
Although the user reviews of Binance are not the best-of-the-best, 94% positive ones is definitely a good result! Most likely, your experience doing business with this trading platform will be worthwhile, and who knows, maybe it will turn out that for you this exchange is #1!
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 to other similar exchange services with similar 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 33 other cryptos, check the best rates to buy bitcoin and crypto in United States!
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 is working for 3 years and 6 months longer time).
- BitQuick 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 the digital currencies exchange, 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 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 (Binance & BitQuick require the client to pass through the — more or less — the same process during the verification).
- Our users left 4 testimonials about BitQuick, 100% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance was rated lower by the community).
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 lower total rating 93 vs BitQuick with 100, we recommend you to 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 Bitonic
Let's compare the key features of these two platforms to see which one suits you best:
- Bitonic 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)
- Bitonic had started the business May 2012 Binance started the business April 2017 (Bitonic is working for 4 years and 11 months longer time).
- Bitonic 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, Bitonic provides the following extra services: Merchant Services Binance provides more exchange-related services: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- Bitonic supports 1 cryptocurrencies Binance allows to exchange 31 cryptos (Binance supports 30 cryptocurrencies more).
- 1 fiat currencies are available at Bitonic Binance doesn't allow to use any fiat currencies (Binance supports 1 fiat currencies less).
- Bitonic accepts deposits from and allows withdrawals to 3 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 3 banks and fiat payment systems less).
- Bitonic charges 0.0% fee Binance charges the client 0.0% fee, depending on the currency, payment system, etc. (Binance & Bitonic charge the customer with the equal fee level, more or less).
- Bitonic allows registrations from 46 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 Bitonic usually asks for 3 documents and/or procedures: (id verification, phone confirmation, a bank account verification) User identification at Binance usually consists of 1 procedure: selfie (Binance 's KYC policy requires the customer to take less actions or to provide less data).
- Our users left 5 testimonials about Bitonic, 100% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance was rated lower by the community).
Although the final decision, which exchange — Bitonic 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 lower total rating 93 vs Bitonic with 100, we recommend you to 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 TransCoin
Let's compare the key features of these two platforms to see which one suits you best:
- TransCoin 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)
- TransCoin had started the business May 2018 Binance started the business April 2017 (Binance operates 1 years and 0 months longer).
- TransCoin 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, TransCoin provides no extra services Binance provides more exchange-related services: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- TransCoin supports 4 cryptocurrencies Binance allows to exchange 31 cryptos (Binance supports 27 cryptocurrencies more).
- 2 fiat currencies are available at TransCoin Binance doesn't allow to use any fiat currencies (Binance supports 2 fiat currencies less).
- TransCoin accepts deposits from and allows withdrawals to 6 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 6 banks and fiat payment systems less).
- TransCoin charges 1% — 6% fee Binance charges the client 0.0% fee, depending on the currency, payment system, etc. (Binance has lower fees in general).
- TransCoin allows registrations from 255 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 & TransCoin support the same number of countries and territories).
- During the account verification TransCoin usually asks for 1 document / procedure: (id verification) User identification at Binance usually consists of 1 procedure: selfie (Binance 's KYC policy requires the customer to take less actions or to provide less data).
- Our users left 5 testimonials about TransCoin, 100% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance was rated lower by the community).
Although the final decision, which exchange — TransCoin 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 93 vs TransCoin's 92, we recommend you to 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 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 is working for 2 years and 9 months longer time).
- CEX 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, CEX provides the following extra services: Margin Trading Binance provides more exchange-related services: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- CEX supports 13 cryptocurrencies Binance allows to exchange 31 cryptos (Binance supports 18 cryptocurrencies more).
- 2 fiat currencies are available at CEX Binance doesn't allow to use any fiat currencies (Binance supports 2 fiat currencies less).
- CEX accepts deposits from and allows withdrawals to 4 fiat payment systems / banks Binance doesn't support fiat payments in any form (Binance supports 4 banks and fiat payment systems less).
- CEX charges 1.0% — 5.0% 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 policy requires the customer to take less actions or to provide less data).
- Our users left 15 testimonials about CEX, 93% 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 — CEX 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 93 vs CEX's 92, we recommend you to 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 Changelly
Let's compare the key features of these two platforms to see which one suits you best:
- Changelly 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)
- Changelly had started the business December 2013 Binance started the business April 2017 (Changelly is working for 3 years and 4 months longer time).
- Changelly 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 the crypto to crypto exchange, Changelly provides no extra services Binance provides more exchange-related services: swap cryptocoins and tokens, and besides that: Mobile wallet, Lending and the Margin Trading.
- Changelly supports 29 cryptocurrencies Binance allows to exchange 31 cryptos (Binance supports 2 cryptocurrencies more).
- Changelly allows registrations from 242 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).
- Changelly allows the user to be anonymous, there is no account verification, etc. User identification at Binance usually consists of 1 procedure: selfie (Binance 's compliance program requires the client to take more actions or to provide more data).
- Our users left 17 testimonials about Changelly, 94% of which are positive We've collected 17 users testimonials about Binance, 94% are positive (Binance & Changelly share the same percentage of positive user reviews).
Although the final decision, which exchange — Changelly 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 lower total rating 93 vs Changelly with 94, we recommend you to 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 a scam or is it a legit exchange? We are 100% sure Binance is a trusted, legit exchange with great reputation in the community. There is no way it can 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 2 years and 11 months ago
- Exchange supports 31 cryptocurrencies
- It charges low fees: 0.0%; although the exchange of smaller amounts is rather inexpensive
- Binance allows registrations from 255 countries; people from United States may use the service
- Customers' testimonials are rather good, 6% (1 of 17) are neutral or negative.
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...