Binance vs Kucoin vs FTX... Which to go with (KYC non issue)?

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Quote from: TheGreatPython on February 27, 2022, 05:03:17 AM

Quote from: TimeTeller on February 24, 2022, 07:59:07 PM

I believe, it depends on the preferences of the trader here.
I can't say much about FTX because I am not a user of this exchange.
However, I am a regular user of binance and kucoin, and so far, I haven't encountered any issues.
And also, in any exchange, you should not store your funds too long for security purposes.
So I think, whichever the user uses here for trading, these 3 are quite trustworthy.
And by the way, if you are a small trader, kucoin has still no kyc with 1 BTC daily withdrawal limit (but they are not licensed to operate in US).

Same here, am also not a user of the FTX exchange and I think most people now prefer binance and kuckoin. FTX is like an under rated exchange. Trading is an active one. They can make profit easily or immediately and they can withdraw this earning easily so no worries with them about storing funds for a long time inside an exchange. For the hodlers I think they will prefer personal wallets where they hodl their own keys as that is more safer.

Kucoin doesn't allow USA people? Some users comments that FTX also don't allow USA people so the last choice would be binance. There is also binance USA, this could be another version of binance specifically built for USA citizens.

I must point out here that FTX offers withdrawal free of charge. many times I wanted to withdraw BTC from Binance (earned by trading) but I didn't want to pay them 0.0005 fees. then I mostly convert it and in the end, I have something completely different in my portfolio.
though I am quite accustomed to Binance, I am slowly getting used to FTX.

TheGreatPython

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Quote from: TimeTeller on February 24, 2022, 07:59:07 PM

I believe, it depends on the preferences of the trader here.
I can't say much about FTX because I am not a user of this exchange.
However, I am a regular user of binance and kucoin, and so far, I haven't encountered any issues.
And also, in any exchange, you should not store your funds too long for security purposes.
So I think, whichever the user uses here for trading, these 3 are quite trustworthy.
And by the way, if you are a small trader, kucoin has still no kyc with 1 BTC daily withdrawal limit (but they are not licensed to operate in US).

Same here, am also not a user of the FTX exchange and I think most people now prefer binance and kuckoin. FTX is like an under rated exchange. Trading is an active one. They can make profit easily or immediately and they can withdraw this earning easily so no worries with them about storing funds for a long time inside an exchange. For the hodlers I think they will prefer personal wallets where they hodl their own keys as that is more safer.

Kucoin doesn't allow USA people? Some users comments that FTX also don't allow USA people so the last choice would be binance. There is also binance USA, this could be another version of binance specifically built for USA citizens.

TimeTeller

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Quote from: bbc.reporter on November 17, 2021, 10:19:46 PM

My best choice, FTX. Centralized exchanges needs users’ trust and I personally trust Sam Bankman-Fried to not run away with my money if the regulators send them a cease and desist order. However, they appear to be careful on regulations. Also, they are endorsed by Tom Brady, Stephen Curry and David Ortiz hehehe.

Next choice Kucoin.

Last choice Binance. Regulators will create a legal precedent of them for avoiding regulations and avoiding to talk with regulators.

I believe, it depends on the preferences of the trader here.
I can't say much about FTX because I am not a user of this exchange.
However, I am a regular user of binance and kucoin, and so far, I haven't encountered any issues.
And also, in any exchange, you should not store your funds too long for security purposes.
So I think, whichever the user uses here for trading, these 3 are quite trustworthy.
And by the way, if you are a small trader, kucoin has still no kyc with 1 BTC daily withdrawal limit (but they are not licensed to operate in US).

Potato Chips

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Quote from: jerry0 on February 23, 2022, 07:03:46 PM

Can you use FTX right now without KYC?

Note that FTX.COM doesn't allow US ppl. Iirc you're from US? if so, they have a US arm (FTX.US). According from its help articles, you only need the following for the tier 1:

Quote from: https://help.ftx.us/hc/en-us/articles/360043579413-Getting-Started-with-FTX-US

5. Enter the following information to complete Level 1 Identity Verification (KYC1):

1. Legal Name (matches gov. ID)
2. Date of Birth
3. Country of Residence
4. Mobile Number (once entered, click "Send Code" to verify)
5. Street Address, City, State, Country, Postal Code

Once entered, click "Submit Information" at the bottom.

jerry0

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Can you use FTX right now without KYC?

bbc.reporter

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My best choice, FTX. Centralized exchanges needs users’ trust and I personally trust Sam Bankman-Fried to not run away with my money if the regulators send them a cease and desist order. However, they appear to be careful on regulations. Also, they are endorsed by Tom Brady, Stephen Curry and David Ortiz hehehe.

Next choice Kucoin.

Last choice Binance. Regulators will create a legal precedent of them for avoiding regulations and avoiding to talk with regulators.

jerry0

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For a US citizen that would be using it abroad mostly but still want to use it in the US, how is kucoin and ftx? I thought i heard ftx requires KYC? Or is it like you could withdraw up to so and so a day without kyc? What about kucoin? Also Im from NY so that is another restriction that might come into play?

Because I cannot use binance.US nor kraken nor even those sites like celcius, nexo, etc due to my state. So coinbase and gemini are the only ones i could use here legally.

Bttzed03

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Quote from: Darker45 on November 16, 2021, 09:39:18 PM

Quote from: Turbolantern on November 16, 2021, 06:14:23 AM

Quote from: Bttzed03 on November 16, 2021, 05:59:13 AM

Just be careful not to use it as long term storage.

Why is that?

I'm a little bit surprised this was even asked, but it's a good question.

Well, it is because it is not safe.

I'll expound on why it's not safe.

We have an old adage Not Your Keys, Not Your Bags. It means that the money on the exchange is not completely yours until you withdraw it in your non-custodial wallet (a wallet where only you control the seed phrase/private key). If your assets are in centralized exchanges like Binance and Kucoin, you are also exposing your money to hacks. We know these exchanges improved their security and are probably big enough to cover potential losses of customer funds but you never really know. Aside from that, your account and personal information is also at risk because regulators could force them to turn it over.

noorman0

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Quote from: Ararbermas on November 16, 2021, 10:33:48 AM

-snip-
Unlike exchanges that required KYC because you can assure no matter what happen you still can recover your money from it using identification . Just saying. Wink

You should read this before saying that you will be fine once you submit your KYC:
(Scam) Binance Block Users Withdrawals - You could be the next Victim.
Binanace Stuck My withdrawal

There are certain situations that make your KYC useless. Trust me, that they apply KYC only because they are trying to comply with regulations, not their wish. KYC is required if you have problems with the law, but not if you have problems with the exchange.

Jawhead999

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Quote from: Darker45 on November 16, 2021, 09:39:18 PM

If I'm not mistaken, KuCoin has never been hacked.

Kucoin ever got hacked once until now but the good thing is they can recover the lost and no one of their customer lost their coin.

Not saying a hacked exchanges is bad, but it's normal since there always be a hacker in this space.. we only need to wait to see other exchanges got hacked.

Since there's an accusations on Binance Binanace Stuck My withdrawal on few days before, I'd like to recommend FTX right now.

Darker45

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In terms of trading, Binance might still be the choice among the 3. In terms of safety, I'd rather choose KuCoin over Binance. If I'm not mistaken, KuCoin has never been hacked. Binance had a leak and a hack. Although FTX is the emerging option. In terms of withdrawals, FTX might generally be the best choice as it has the cheapest fees.

Quote from: Turbolantern on November 16, 2021, 06:14:23 AM

Quote from: Bttzed03 on November 16, 2021, 05:59:13 AM

Just be careful not to use it as long term storage.

Why is that?

I'm a little bit surprised this was even asked, but it's a good question.

Well, it is because it is not safe.

AmoreJaz

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Quote from: macson on November 16, 2021, 04:27:04 PM

Quote from: Turbolantern on November 16, 2021, 05:09:51 AM

For trading, safety and cash withdrawals internationally.

i've never used Kucoin, i'm an FTX and Binance user but out of the two i think the best exchange right now is FTX. i'm now more actively trading on FTX than Binance. many advantages that I get when using FTX than on binance.

i believe the mentioned exchanges - binance, kucoin and ftx are good exchanges all the same. but of course, for storing your coins, better not to store with exchanges. kucoin are still allowing nonkyc users on their platform and they have pretty good liquidity as well. been using that exchange also and so far no prob. the good thing with binance though is if you are using their p2p services, which is very useful to convert your crypto to your own fiat ( if it is supported), and also their safu in place.

Turbolantern

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Quote from: tranthidung on November 16, 2021, 06:32:34 AM

Quote from: dimonstration on November 16, 2021, 06:24:35 AM

The real reason why Sam of FTX decided to part ways with Binance partnership is because Binance don't to follow the law and just contented on dodging the law by changing there headquarters location regularly. I don't know about Kucoin but FTX is the one showing cooperation to the law and happily complying with it. I trust Sam and most of the project that they are working with like Serum and Solana.

It is part of reasons only.

Sam SBF and FTX decided to separate from Binance because they now would prefer to compete against Binance. They think their exchange are growing up and big enough to compete against top exchanges exclusively Binance.

I don't think the separation is simply because issues of Binance with law, regulations, etc. FTX on their side are very careful to meet regulations and do preventive activities against law suits. It is a good strategy to build up a trusted exchange without or with at least drama as possible.

My vote goes to FTX is also because they give very cheap withdrawal fee for users.

Isn't the Alemeda group notorious for pumping and dumping, basically using their users and leaving them high and dry?

macson

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Quote from: Turbolantern on November 16, 2021, 05:09:51 AM

For trading, safety and cash withdrawals internationally.

i've never used Kucoin, i'm an FTX and Binance user but out of the two i think the best exchange right now is FTX. i'm now more actively trading on FTX than Binance. many advantages that I get when using FTX than on binance.

dkbit98

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FTX and Binance are working together and I even think that CZ invested big money in FTX exchange, so there is not much difference between them,
but FTX does have lower (or free) withdrawal fees and you can still use it without any verification with up to $2000 daily withdrawal.
For using cash however you will need to do kyc verification.

Vaskiy

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I haven't used with FTX. My portfolio and trading is done on Binance. The increased number of available pairs for trading gives convenience of trading. Binance also gained the trust, because during a hack it lost a massive fund. The team further decided to provide its users from its own reserve to retain the trust and reputation. Though it is centralized, the way it progress and support the community with various features of passive income makes it worth a try.

Ararbermas

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I never used Kucoin only Binance since i dont have problems with their KYC.. I dont know why some of you don't like such stuff even it's for our safety, especially when it comes hacking.. Well i heard kucoin accept users that no KYC but the question is if it safe? And also what if the exchange suffer from a problem and they ask for confirmation and reference for withdrawal? Seems not good for long term in my personal opinion. Unlike exchanges that required KYC because you can assure no matter what happen you still can recover your money from it using identification . Just saying. Wink

goldkingcoiner

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I don't think that the 1 BTC limit will stay as it is for KuCoin. They might pull a Binance and set a ridiculous limit like 0.06 BTC or less without informing their userbase Angry

. I am currently using my own wallet (trustwallet) and trading using 1inch (already integrated into trustwallet swaps). You can be certain that you won't be hacked unless you do something silly like give away your seed phrase, interact with suspicious smart contracts or use suspicious swap sites. As far as cash withdrawals, you can use p2p and a trusted escrow service.

bosede1

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For my transactions in the crypto world way back since 2017 has been Binance and I think so far I like what I use and won't want to substitute it for any as of now, for any transaction.

tranthidung

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Farewell o_e_l_e_o

Quote from: dimonstration on November 16, 2021, 06:24:35 AM

The real reason why Sam of FTX decided to part ways with Binance partnership is because Binance don't to follow the law and just contented on dodging the law by changing there headquarters location regularly. I don't know about Kucoin but FTX is the one showing cooperation to the law and happily complying with it. I trust Sam and most of the project that they are working with like Serum and Solana.

It is part of reasons only.

Sam SBF and FTX decided to separate from Binance because they now would prefer to compete against Binance. They think their exchange are growing up and big enough to compete against top exchanges exclusively Binance.

I don't think the separation is simply because issues of Binance with law, regulations, etc. FTX on their side are very careful to meet regulations and do preventive activities against law suits. It is a good strategy to build up a trusted exchange without or with at least drama as possible.

My vote goes to FTX is also because they give very cheap withdrawal fee for users.

Topic: Binance vs Kucoin vs FTX... Which to go with (KYC non issue)? (Read 249 times)