MagneticExchange review: is safe or a scam? (04.2024)

What do we know about MagneticExchange? According to the data we possess, it appears to be a quite reputable, well established, promising dealer aka exchanger. It's a broker successfully operating for about 12 years and 11 months. MagneticExchange supports some of the popular crypto. MagneticExchange operator is an unknown entity or a group of individuals, but we must add that it appears as the usual way to do crypto-related business in their jurisdiction.

Clients from 254 countries & territories are welcome here, regrettably, registrations from United States where you are located are currently not allowed, but there are good alternatives! Due to regulatory restrictions, US citizens and residents are not served by the exchange. Our visitors decided the customer service as exceptional, 5 stars quality; the exchange is instantaneous each and every time! (or smth close). Specific types of orders may require identity verification to exchange crypto on this broker.

Starting from 2011, magneticexchange.com received some great reviews from the clientele; our platform alone counted 8 customers testimonials, 100% positive reviews. The major part of the actual clients admired the quality of the customer care, fast order processing, speed of account verification, usability of the user interface above all. Despite the fact hadn't yet collected enough data to list these guys among the rest of the approved exchange services (more information below) and therefore can't yet assign the rating to this broker, we can propose a preliminary evaluation: 71/100. Not bad! Nevertheless, 94% of the competitors can show off a higher score; some examples: chby & 100monet were rated with a lesser number, at the same time Kraken (100 out of 100) got a greater score from the real users.

So, what's our opinion so far? Based on the information we currently hold, MagneticExchange should be a pretty safe site to swap Bitcoins; a satisfying exchange, particularly popular among the clients! Let's appraise everything in details...

Overview: is MagneticExchange safe?

MagneticExchange operates as the Broker. A project had started up in May 2011. Despite the fact that we couldn't find any information about the company that manages magneticexchange.com site (and are not even sure if there's a legal entity at all), we must say that it's rather a usual practice for the "exchangers" from Russia and the neighboring countries. The main reason for this is the uncertain local regulation; such exchange providers have no way to open a corporate bank account, etc.

The Magnetic Exchange service is provided for over ten years, almost a record in such a young and high-risk industry. Although there aren't many ways to pay/receive fiat payments, the exchange has some other strong sides.

So what we'll decide, how safe is MagneticExchange?

MagneticExchange wasn't rated yet. What does it mean, is it secure to use this broker? Despite magneticexchange isn't yet fully listed and has no rating @ ExchangeRates.Pro, it doesn't mean it's a scam website , is a bad broker, whatever. We are very careful with new additions to our listing, especially for less regulated Brokers and (among all other procedures) postpone the decision until we receive at least a few reports from real users that we can verify.

This ordinary takes rather a long time; we already have 37 well-examined websites in our listing, nevertheless, we never rush to add more. With 9,189 ways to buy and sell BTC worldwide, including 31 local ones for United States, why urge? For now, we can already state that although it's a bit early to make conclusions, MagneticExchange most likely will be included in our approved services list (if we don't receive any negative reviews of course). Let's keep an eye on it! 71/100, the proposed rating for the magneticexchange.com so far says that we assume it's relatively safe to exchange with MagneticExchange as the score counsels. Now let's break down our assumed rating for MAGNETICEXCHANGE, how it was calculated:

Time in the business: 12 years 11 months

Feedback count: 8

Reviews: 8 positive, 0 negative, 0 neutral

Business model: no information available

Order Speed: instant

Support Quality: perfect

Verification Speed: instant

UI Usability: good

Altogether, the preliminary rating for MagneticExchange is 71 / 100

exchange @ MagneticExchange!

Research: best alternative to MagneticExchange

By reason of we can't (yet?) endorse the magneticexchange.com, you may feel safer choosing the website we've already appraised and checked in full. Therefore we took the liberty to research the market and suggest a viable, well-known, 100% trusted alternative exchange platform. How we did it? Let's explain! Makes sense to start from figuring out what exactly we are looking for:

A glance at the service specifics confirms that MagneticExchange employs the business model of a Broker; MagneticExchange started the business in May 2011. An entity is in the business for 12 years and 11 months and gained some popularity on the market. Please note that it's just a super-small snapshot of what we've discovered, details about the business model are available in the "what we already know about magneticexchange" section. Considering all the abovementioned, we were looking for another broker allowing registrations from United States with a flawless reputation and the best rating and found a perfect match: TransCoin! Let's figure out what makes it the safest choice:

TRANSCOIN is also a Broker; exchange started to provide the services in May 2018. It is a really trusted, surely a respectable, well established, interesting exchange platform (broker) that supports 1 cryptocurrency: you can This is what we value the most about this great exchange service:

• It is a respectable financial company; the firm holds required license(s) and is fully compliant with the regulation
• The business model of an exchange broker doesn't require to store the customers' money, there are no accounts, etc. The crypto (or fiat) payment will be instantly delivered to a wallet (bank or fiat payment system) of your choice
• The exchange runs the business for a long time; project was started 5 years and 11 months ago
• Customers' testimonials are top notch, 100% (5 out of 5) wrote about the positive experience doing business with TransCoin.

According to our research and the community vote, TransCoin is the best Broker worldwide. That's a really outstanding result, considering that we compare 333 exchange platforms! Long story short, this means that transcoin.me truly stands out in terms of reliability, reputation, etc. - you name it... We are sure, you won't regret your choice!

So, let's conclude: the best alternative to MagneticExchange is

TransCoin, a perfectly safe and trusted broker, rated 100/100. Such score is really, really hard to get, only very exchange services managed to get such a high rating! Let's break down how the transcoin.me exchange could get such a scoring.

Time in the business: 5 years 11 months

Feedback count: 5

Reviews: 5 positive, 0 negative, 0 neutral

Business model: licensed, fully compliant

Overall scoring for TransCoin: 100 / 100

TransCoin: the full review

MagneticExchange fees, limits, verification, etc.

Even though we still consider if we should add MAGNETICEXCHANGE to the list of approved exchange platforms and the individual dealers-exchangers and are in process of gathering and evaluating the information, we've already collected some data worth sharing. The business appears like a reputable broker running without serious issues from May 2011. We could not find any information about the company administering the website; no signs if there's any legal entity at all. That's not a good indication, but sadly it's rather a usual practice for "exchangers" operating on/from the Russian and ex-USSR market.

magneticexchange.com is a broker, sort of "crypto exchange bureau" online. Buying and selling aside, there's usually not much to do on such a website; but isn't it exactly what we are looking for? On a positive note, the brokers don't hold the clients' funds and typically require less trust, etc.

Dealing with a reputable service of the sort is virtually risk-free, especially if you don't send a lump sum at once. Just please remember that trading with an anonymous or almost anonymous dealer requires extra caution! Our visitors who've already tried the services of broker left great recommendations. That's clearly a good sign, although as they say, "trust, but verify"!

Fees & Limits at MagneticExchange

We normally analyze the fees and limits even for the exchanges that are not yet listed but are in the "watch list", while we are considering if we should add these sites or not. Unfortunately, due to some technical issues the integration with MagneticExchange is not yet set, and therefore we can't state anything about the fees and purchase limits at this broker. Please accept our apologies!

MagneticExchange account verification

The broker may ask the customers to complete the user identification process (account verification) when certain conditions are met. Exchangers like MagneticExchange operate in a gray area due to the fact that their target markets have no cryptocurrency regulation in place. Therefore such providers either have no KYC programs at all or maintain a very simple one. You'll get acquainted with the details during an order submission.

In the opinion of the actual MagneticExchange customers: an average time how long it takes to verify your account is almost zero, instant and automated process! An impressive result! Verifying your account won't take a long time and actually is a one-time thing, that's nice.

Supported countries

The website allows the user registrations from 254 countries. The following countries and territories are in the supported list:

• 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)
• 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)
Show the whole countries list

Does MagneticExchange allow the users from United States (US)?

It's a shame, but MagneticExchange still can't carry on any operations with the citizens or residents of the United States. The reasons behind are the complications with obtaining the required permissions and licenses and/or the complexity of the regulation, etc. Even so, please don't get stressed out, we could encounter several sites worth checking, including the services of Broker type particularly. All of those welcome the American people! Some examples:

• CEX
• Coinbase
• EXMO

Customers' testimonials

Until Apr 2024 our users who already tried the broker left 8 testimonials: 8 positive reviews. The testimonials we are receiving from our dear visitors are the most vital for our assessment should we add MagneticExchange to the approved exchanges list or not. Do you have any experience dealing with the broker? If you do, please spend a few seconds and share your expertise. We'd love to know what's your personal opinion about MAGNETICEXCHANGE!

What can we say? So far, the reviews are great, 100% positive feedback is a good sign that MagneticExchange could be added to our listing soon! Do you have something to add? Can't wait to hear from you!

FAQ about MagneticExchange

MagneticExchange vs other exchanges

In case you prefer to deal with a broker that was already fully checked and rated by our reviewers, algorithms, and the actual clientele, we took the liberty to compile a list of alternative sites you may use instead of MagneticExchange. There are similar exchanges providing more or less the same services; let's see what else is available right away and compare it to the reviewed business! Besides, we found platforms having similar rating that are popular in United States particularly and North America in general. And by the way, if you are eager to pick an exchange basing on a rate and fees mostly, our price comparison platform always finds the most reasonable exchange rates in United States!

MagneticExchange vs WMexpress

A comparison of the key features and the principal facts about WMEXPRESS versus MagneticExchange; just take a glance to decide if WMexpress will be the optimal choice for you or at least if it's worth checking our full study:

review of WMexpress, users' testimonials

• WMexpress is a broker The way magneticexchange.com website functions fits the broker format, both following the same approach to the business.
• WMexpress had launched the service August 2015 MagneticExchange started the project May 2011 (MagneticExchange operated 4 years and 3 months longer).
• WMexpress operates without any registration or no information is available about the legal entity MagneticExchange carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• WMexpress allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the MagneticExchange being a resident of any of 254 countries; but users from United States are not allowed, sorry (MagneticExchange green-lights some less countries).
• According to our users feedback, the quality of customer care at the WMexpress is 5.0 / 5.0 The score that our visitors assigned to customers' service at MagneticExchange happens to be 5.0 (MagneticExchange & WMexpress are treating the customers nearly identically).
• When the client needs to pass through the KYC process at WMexpress, they usually ask to provide some (it depends on various factors) documents and / or specific procedures In most of the cases, it takes a second to none; everything is automated and usually the process is instant, as per the actual clientele survey results The process of Customer Identification at MagneticExchange typically involves a few (varies case-by-case) individual procedures. It ordinarily requires hardly a minute; automated and routinely an instant action (MagneticExchange & WMexpress alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• As per our analysis of the community feedback, WMexpress currently process orders to deposit and withdraw funds in just few minutes The actual MagneticExchange users reported that the process of a deposit or withdrawal took about a few seconds or instantly, with zero delay (MagneticExchange processes requests to deposit and withdraw funds faster
• Our visitors shared 7 reviews about WMexpress, 100% of those are positive As of today, MagneticExchange gained 8 clients testimonials, 100% of these are positive (MagneticExchange & WMexpress managed to get the same percentage of positive feedback from their users).

So, is WMexpress a better alternative to MagneticExchange? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. MagneticExchange & WMexpress alike are sharing the same score: 71 (out of 100). Therefore both together should be of the matching quality. Nevertheless, we'd like to recommend WMexpress simply because we know it better!

Like reading? In fact, there are more exchanges worth comparing to MagneticExchange, such as:

• MagneticExchange vs WMexpress
• MagneticExchange vs 1-online
• MagneticExchange vs chby
• MagneticExchange vs 100monet
• MagneticExchange vs Kraken

MagneticExchange vs 1-online

A comparison of the key features and the principal facts about 1-ONLINE versus MagneticExchange; just take a glance to decide if 1-online will be the optimal choice for you or at least if it's worth checking our full study:

review of 1-online, users' testimonials

• 1-online is a broker The way magneticexchange.com website functions fits the broker format, both following the same approach to the business.
• 1-online had launched the service February 2017 MagneticExchange started the project May 2011 (MagneticExchange operated 5 years and 9 months longer).
• 1-online operates without any registration or no information is available about the legal entity MagneticExchange carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• 1-online allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the MagneticExchange being a resident of any of 254 countries; but users from United States are not allowed, sorry (MagneticExchange green-lights some less countries).
• According to our users feedback, the quality of customer care at the 1-online is 5.0 / 5.0 The score that our visitors assigned to customers' service at MagneticExchange happens to be 5.0 (MagneticExchange & 1-online are treating the customers nearly identically).
• When the client needs to pass through the KYC process at 1-online, they usually ask to provide some (it depends on various factors) documents and / or specific procedures In most of the cases, it takes a second to none; everything is automated and usually the process is instant, as per the actual clientele survey results The process of Customer Identification at MagneticExchange typically involves a few (varies case-by-case) individual procedures. It ordinarily requires hardly a minute; automated and routinely an instant action (MagneticExchange & 1-online alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• As per our analysis of the community feedback, 1-online currently process orders to deposit and withdraw funds instantly, without any delay at all or in matter of seconds The actual MagneticExchange users reported that the process of a deposit or withdrawal took about a few seconds or instantly, with zero delay (MagneticExchange & 1-online execute the deposits and withdrawals of crypto and fiat equally fast).
• Our visitors shared 5 reviews about 1-online, 100% of those are positive As of today, MagneticExchange gained 8 clients testimonials, 100% of these are positive (MagneticExchange & 1-online managed to get the same percentage of positive feedback from their users).

So, is 1-online a better alternative to MagneticExchange? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since the 1-ONLINE exchange service got a lower rating at our platform: 67 versus 71 that MagneticExchange accomplished, our advice is either to go for MagneticExchange, or, even better to look into few others first; particularly the ranked "best-of-the-best" TransCoin!

Like reading? In fact, there are more exchanges worth comparing to MagneticExchange, such as:

• MagneticExchange vs WMexpress
• MagneticExchange vs 1-online
• MagneticExchange vs chby
• MagneticExchange vs 100monet
• MagneticExchange vs Kraken

MagneticExchange vs chby

A comparison of the key features and the principal facts about CHBY versus MagneticExchange; just take a glance to decide if chby will be the optimal choice for you or at least if it's worth checking our full study:

review of chby, users' testimonials

• chby is a broker The way magneticexchange.com website functions fits the broker format, both following the same approach to the business.
• chby had launched the service July 2018 MagneticExchange started the project May 2011 (MagneticExchange operated 7 years and 2 months longer).
• chby operates without any registration or no information is available about the legal entity MagneticExchange carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• chby allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the MagneticExchange being a resident of any of 254 countries; but users from United States are not allowed, sorry (MagneticExchange green-lights some less countries).
• According to our users feedback, the quality of customer care at the chby is 5.0 / 5.0 The score that our visitors assigned to customers' service at MagneticExchange happens to be 5.0 (MagneticExchange & chby are treating the customers nearly identically).
• When the client needs to pass through the KYC process at chby, they usually ask to provide some (it depends on various factors) documents and / or specific procedures In most of the cases, it takes a second to none; everything is automated and usually the process is instant, as per the actual clientele survey results The process of Customer Identification at MagneticExchange typically involves a few (varies case-by-case) individual procedures. It ordinarily requires hardly a minute; automated and routinely an instant action (MagneticExchange & chby alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• As per our analysis of the community feedback, chby currently process orders to deposit and withdraw funds in just few minutes The actual MagneticExchange users reported that the process of a deposit or withdrawal took about a few seconds or instantly, with zero delay (MagneticExchange processes requests to deposit and withdraw funds faster
• Our visitors shared 6 reviews about chby, 100% of those are positive As of today, MagneticExchange gained 8 clients testimonials, 100% of these are positive (MagneticExchange & chby managed to get the same percentage of positive feedback from their users).

So, is chby a better alternative to MagneticExchange? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since the CHBY exchange service got a lower rating at our platform: 70 versus 71 that MagneticExchange accomplished, our advice is either to go for MagneticExchange, or, even better to look into few others first; particularly the ranked "best-of-the-best" TransCoin!

Like reading? In fact, there are more exchanges worth comparing to MagneticExchange, such as:

• MagneticExchange vs WMexpress
• MagneticExchange vs 1-online
• MagneticExchange vs chby
• MagneticExchange vs 100monet
• MagneticExchange vs Kraken

MagneticExchange vs 100monet

A comparison of the key features and the principal facts about 100MONET versus MagneticExchange; just take a glance to decide if 100monet will be the optimal choice for you or at least if it's worth checking our full study:

review of 100monet, users' testimonials

• 100monet is a broker The way magneticexchange.com website functions fits the broker format, both following the same approach to the business.
• 100monet had launched the service December 2014 MagneticExchange started the project May 2011 (MagneticExchange operated 3 years and 7 months longer).
• 100monet operates without any registration or no information is available about the legal entity MagneticExchange carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
• 100monet allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the MagneticExchange being a resident of any of 254 countries; but users from United States are not allowed, sorry (MagneticExchange green-lights some less countries).
• According to our users feedback, the quality of customer care at the 100monet is 5.0 / 5.0 The score that our visitors assigned to customers' service at MagneticExchange happens to be 5.0 (MagneticExchange & 100monet are treating the customers nearly identically).
• When the client needs to pass through the KYC process at 100monet, they usually ask to provide some (it depends on various factors) documents and / or specific procedures The process of Customer Identification at MagneticExchange typically involves a few (varies case-by-case) individual procedures. It ordinarily requires hardly a minute; automated and routinely an instant action (MagneticExchange & 100monet alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).
• As per our analysis of the community feedback, 100monet currently process orders to deposit and withdraw funds in approx. 5-15 mins The actual MagneticExchange users reported that the process of a deposit or withdrawal took about a few seconds or instantly, with zero delay (MagneticExchange processes requests to deposit and withdraw funds faster
• Our visitors shared 6 reviews about 100monet, 83% of those are positive As of today, MagneticExchange gained 8 clients testimonials, 100% of these are positive (MagneticExchange is finer reviewed by the clients).

So, is 100monet a better alternative to MagneticExchange? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since the 100MONET exchange service got a lower rating at our platform: 67 versus 71 that MagneticExchange accomplished, our advice is either to go for MagneticExchange, or, even better to look into few others first; particularly the ranked "best-of-the-best" TransCoin!

Like reading? In fact, there are more exchanges worth comparing to MagneticExchange, such as:

• MagneticExchange vs WMexpress
• MagneticExchange vs 1-online
• MagneticExchange vs chby
• MagneticExchange vs 100monet
• MagneticExchange vs Kraken

MagneticExchange vs Kraken

A comparison of the key features and the principal facts about KRAKEN versus MagneticExchange; just take a glance to decide if Kraken will be the optimal choice for you or at least if it's worth checking our full study:

review of Kraken, users' testimonials

• Kraken is a trading platform The way magneticexchange.com website functions fits the broker format, it's also an exchange, but has slightly different business model (feel free to read details about the difference between trading platform and broker)
• Kraken had launched the service July 2011 MagneticExchange started the project May 2011 (MagneticExchange operated 2 months longer).
• Kraken has all the business licenses and permissions, required by law MagneticExchange carries on the operations without registering a legal entity or there's no information publicly available about the firm (Kraken's business model makes it a better, safer choice for the customers).
• Other than providing the services of buying, selling and exchanging cryptocurrency, Kraken provides some other exchange-related / financial services: Mobile wallet, OTC trading, Margin Trading, Futures Trading and the Staking, MasterNodes, etc. (passive income opportunity) MagneticExchange arranges less services associated with the crypto exchange operations: it only swaps cryptocurrency, one to another.
• Kraken allows users' registrations from 234 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the MagneticExchange being a resident of any of 254 countries; but users from United States are not allowed, sorry (MagneticExchange admits more countries and territories).
• According to our users feedback, the quality of customer care at the Kraken is 5.0 / 5.0 The score that our visitors assigned to customers' service at MagneticExchange happens to be 5.0 (MagneticExchange & Kraken are treating the customers nearly identically).
• When the client needs to pass through the KYC process at Kraken, they usually ask to provide 2 documents and / or specific procedures: ID or Passport Verification, current Address Confirmation (utility bill, bank or credit card statement, etc.). In most of the cases, it takes a second to none; everything is automated and usually the process is instant, as per the actual clientele survey results The process of Customer Identification at MagneticExchange typically involves a few (varies case-by-case) individual procedures. It ordinarily requires hardly a minute; automated and routinely an instant action (MagneticExchange policies are generally less strict, so the clients supposedly spend reduced time and share fewer information while verifying themselves).
• As per our analysis of the community feedback, Kraken currently process orders to deposit and withdraw funds instantly, without any delay at all or in matter of seconds; the process is fully automated The actual MagneticExchange users reported that the process of a deposit or withdrawal took about a few seconds or instantly, with zero delay (MagneticExchange & Kraken execute the deposits and withdrawals of crypto and fiat equally fast).
• Our visitors shared 3 reviews about Kraken, 100% of those are positive As of today, MagneticExchange gained 8 clients testimonials, 100% of these are positive (MagneticExchange & Kraken managed to get the same percentage of positive feedback from their users).

So, is Kraken a better alternative to MagneticExchange? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. In view of the lesser rating score MagneticExchange achieved: 71 vs Kraken rated 100, we honestly believe that KRAKEN should do the job better than the reviewed broker; certainly worth testing!

read more about Kraken

or

try Kraken now!

Like reading? In fact, there are more exchanges worth comparing to MagneticExchange, such as:

• MagneticExchange vs WMexpress
• MagneticExchange vs 1-online
• MagneticExchange vs chby
• MagneticExchange vs 100monet
• MagneticExchange vs Kraken

Conclusion: is MagneticExchange legit or scam?

Seems it's time to finalize the report, to make a judgment call. Is MagneticExchange a scam or is it a legitimate exchange? How secure the magneticexchange.com website is? Can you trust MagneticExchange with your money? And (in our case) the most frequently asked question: Why the broker is not yet ranked at ExchangeRates.Pro? Let's start by answering the last question and, you'll see, the replies to the rest will follow. Can't wait? Help yourself jumping to the final verdict!

Why we hadn't yet ranked and fully listed MAGNETICEXCHANGE and what does it mean?

The routine for adding a new exchange, especially if it's a Broker, to ExchangeRates.Pro listing is rather a long process and it depends on few factors we don't control directly. Our approach to the process is «better be safe than sorry»; we already have 37 well-tested platforms providing similar to MagneticExchange functionality. 22 different exchange websites of broker type are among those and additionally, there are 4 peer-to-peer marketplaces. 9,189 exchange offers are available right away; these cover almost all the payment systems and local banks available in United States and North America for buying and selling BTC, cryptos, and tokens with , US Dollars, EURos, whatever. Hence, we never hurry to add more websites until we are 100% sure we did everything we could to verify the data and test every service well ourselves. It takes time. Moreover, there are two circumstances that are out of our direct control:

1. All the exchange services, most notably the broker type ones are staying in the "pending approval" state until we collect at least a few reviews from the genuine customers, the ones we can actually verify. In addition, we monitor the clients' testimonials at the trusted review platforms, social networks, etc., and postpone the approval until we find enough evidence that the broker has no unresolved complaints and there are enough convincing users recommendations.
2. We receive the new applications daily and like over 90% are from the other Brokers. It consumes a lot of time to check each and every one; there's a large queue and we have to be selective when choosing which applications to process first. Considering there's 278 pending applications from other "exchangers", websites that are very similar to MagneticExchange, we can't promise that we'll process this one very fast, our apologies.

Exceptions from these two rules may happen only in very rare extraordinary cases. As you can see, we move forward with listing new exchanges slowly and the queue for Brokers is the largest one, but as a consequence, only the best brokers are getting approved. Although we can't endorse MagneticExchange and hadn't rated it (in full) yet, we believe that it should get approval if we won't receive any complaints.

So is MagneticExchange a legit exchange or a fraud?

Looking at the data we possess, it's clear that MagneticExchange is not a scam, not a fraudulent website, etc., you name it. Even though we are not endorsing this broker, it appears to be trustworthy and worth trying. Furthermore, it could become a nice addition to our listing, considering there won't be any complaints or accusations from the users. Try exchanging at MagneticExchange yourself and don't forget to share your experience!

Alternative solution: how to find the best rate to exchange BTC & crypto in United States and North America

There is another way of finding the most worthy alternative to MagneticExchange that will work best for you. What if instead of opposing the features of various exchanges we'll compare the terms of the specific offerings that all the marketplaces, brokers, dealers, and even individual exchangers provide? That's exactly what our platform does! We assist you in choosing the most appropriate deal considering:

• The fees and rates provided at the moment by 21 exchange websites of a "Broker" type and 9,189 other offers.
• BTC/ exchange rate at those or BTC/USD, etc; the availability of service for the residents of United States (and the support).
• Which local banks & payment systems out of 154 serving US are the fastest, most convenient and cost-efficient personally for you.
• Amount you need to swap: say, the conditions for exchanging 1.01 will be significantly different from the terms of $61,831.0 conversion.
• And of course, you see the rating, users reviews (up-to-date 529 real clients testimonials), etc. for all the offers available!

Our platform could find 31 offers to buy, sell, exchange BTC available to users from United States, and 27 of these are for the US Dollar currency. There are totally 27 exchange services supporting US. Some of those are providing the access to USD|BTC market, including such types as e-wallet, P2P Marketplace, Trading Platform, etc. 5 exchanges has active offers for these currencies right now; you can buy/sell using 17 local and international payment systems & banks! The local dealers and exchanges are mentioning the support of 15 local banking institutions and the payment systems. According to the latest data we have, the lowest fee to purchase BTC with USD locally is available for Etana, that's a local payment system. The most popular domestic options for purchasing BTC @ US:

• Barter from Flutterwave | 50 ads
• GoBank Card | 34 ads
• MyVanilla Reloadable | 22 ads
• JCPenney | 13 ads
• Paypal | 6 ads
• Cash in Person | 5 ads
• Other Gift Cards | 4 ads
• Nike | 4 ads
• Cash App (Square) | 4 ads
• Any Local Bank | 3 ads

Our software couldn't get an access to the data what's available at magneticexchange.com for the clients from United States, however we are sure that you'll find a worthy alternative on one of 36 exchange websites we compare the rates at! Check out what the local dealers and platforms are offering: currently there are 15 domestic banks supported. Besides, you may find something interesting browsing 9,189 offers available with 17 ways to pay internationally, either to neighboring countries in North America or to any other part of the world.