Is binance really the best exchange to buy crypto?

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Quote from: elda34b on July 22, 2019, 05:32:22 AM

There is no ending to this kind of story, so I think there's no point discussing it over and over again. At least we should know which exchange is good enough to use and which one must be avoided.

It makes a lot of sense to keep discussing this over and over with how exchanges are changing their policies almost on a monthly basis.

An exchange that has been functioning well for a certain group of people like a month ago, might be utter shit right now, and this will make people look for an alternative. Exchanges even if they don't want to be compliant in full, they will have to stop offering their service to users from certain countries in order to not make themselves be a target for regulators.

Then we also have more and more exchanges that make trading pairs of certain tokens not available for X or Y country. In other words, there is a lot happening in the exchange space, so the more ongoing discussions about it the better.

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Quote from: figmentofmyass on July 22, 2019, 05:22:40 AM

Quote from: LeGaulois on July 22, 2019, 05:02:01 AM

But let's continue with the KYC. Why do you think Binance isn't so strict with it? Because they don't have fiats!
As soon they add banking transactions you can be sure the KYC process will be as strict as every others exchange.

CZ has said they won't be adding real fiat to binance.com---credit card buys and stablecoins is all. they'll have a network of satellite exchanges (like binance.us and binance.je) that offer fiat services instead.

it seems like they're trying to keep the status quo going on their main exchange (no KYC, VPNs allowed) for as long as possible. the nominal banning of americans should buy them some more time but i don't know how long it can last.

Quote from: LeGaulois on July 22, 2019, 05:02:01 AM

And while I'm about it, Kraken wasn't asking much information for years (no ID card, proof residence), despite the fact they do banking transactions on a large scale.

for trading that's true, but if you use them to deposit/withdraw fiat, i think you've always needed higher tier verification including ID and proof of residence. their verification page indicates that selfie may be required now too.

That's it. Binance has no choice to create a network to have fiats. They're just buying time but soon or later, they will have no choice to abide by the rules. Either if Binance never adds fiats, I believe it will.

As for Kraken, yes now since about 2 months we have no choice, but I used it for years without giving my ID card or whatever, only recently I did. (and I do have banking transactions with kraken)

elda34b

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For US users that might not be the case though.

There is no rigid answer to this question, literally, any exchange can be the best one depending on your context. For me, Binance is good enough to trade but definitely, they won't be able to answer my needs for fiat liquidity. I might not be able to sell my shitcoin here so that should add a negative point right? Or no, depending on your taste.

There is no ending to this kind of story, so I think there's no point discussing it over and over again. At least we should know which exchange is good enough to use and which one must be avoided. And the best one can be answered by your context.

figmentofmyass

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Quote from: LeGaulois on July 22, 2019, 05:02:01 AM

But let's continue with the KYC. Why do you think Binance isn't so strict with it? Because they don't have fiats!
As soon they add banking transactions you can be sure the KYC process will be as strict as every others exchange.

CZ has said they won't be adding real fiat to binance.com---credit card buys and stablecoins is all. they'll have a network of satellite exchanges (like binance.us and binance.je) that offer fiat services instead.

it seems like they're trying to keep the status quo going on their main exchange (no KYC, VPNs allowed) for as long as possible. the nominal banning of americans should buy them some more time but i don't know how long it can last.

Quote from: LeGaulois on July 22, 2019, 05:02:01 AM

And while I'm about it, Kraken wasn't asking much information for years (no ID card, proof residence), despite the fact they do banking transactions on a large scale.

for trading that's true, but if you use them to deposit/withdraw fiat, i think you've always needed higher tier verification including ID and proof of residence. their verification page indicates that selfie may be required now too.

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We all have different needs, so what is best for you, is not necessarily best for others.

For example, many of you mention Binance, and your main argument is its volume.
I'm fine to use an exchange with less volume, and I do currently. I've by far more important concerns to consider an exchange "my best"

Another argument @ralle14 talks about is the fact there is no KYC. I don't use Binance, but to my knowledge, there is a process (if you want to withdraw more than XBTC per day, or something like that (?)). (By the way, people don't care about KYC, they have no problem to give their underwear size if needed.)

But let's continue with the KYC. Why do you think Binance isn't so strict with it? Because they don't have fiats!
As soon they add banking transactions you can be sure the KYC process will be as strict as every others exchange. And while I'm about it, Kraken wasn't asking much information for years (no ID card, proof residence), despite the fact they do banking transactions on a large scale.

Besides this, I don't deny Binance is one of the most popular nor I criticize what it accomplished, but why do you think they launched 'Binance Jersey'? fiats!

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There is no such thing as "the best exchange", it all depends in what country you're banking.

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Quote from: The Sceptical Chymist on July 18, 2019, 10:37:22 AM

Only problem I have with Binance right now is their thing with US customers, but hopefully when they get a separate site up and running for US residents, it'll be just as good as what they have now (fingers crossed).

I'm guessing it'll be something in between their Jersey offering -- only a handful of coins -- and their main site. I would be prepared for full KYC (documents and selfie) and access to at least several dozen less coins. Anything that Poloniex and Bittrex de-listed for US traders is obviously on the chopping block, but quite possibly others as well.

I'm hearing that Kucoin is the best US-friendly alternative. I haven't tried it yet, but once I'm forced to leave Binance I probably will. We can always take the VPN route as well, but I would only risk small amounts when violating site terms like that.

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Quote from: The Sceptical Chymist on July 18, 2019, 10:37:22 AM

Binance survived that 7000BTC hack a couple of months ago, which gave me a lot of confidence in them--other exchanges might have used that as an excuse to abscond with their customers' funds by pulling a Cryptsy-like exit scam, but Binance didn't. There's a lot to be said for that these days.

7000 BTC isn't that much for them because they are the leading giant here. Binance right now is not popular but big exchange which is why people likely to use it. I'm using it as well without any problem. However, I have used Kucoin, Okex as well without no issue.

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Quote from: ?? on ??

For me so far it is the best exchange to buy crypto.

Same here, and I've used quite a few exchanges in my relatively short time in crypto.

Binance survived that 7000BTC hack a couple of months ago, which gave me a lot of confidence in them--other exchanges might have used that as an excuse to abscond with their customers' funds by pulling a Cryptsy-like exit scam, but Binance didn't. There's a lot to be said for that these days.

Only problem I have with Binance right now is their thing with US customers, but hopefully when they get a separate site up and running for US residents, it'll be just as good as what they have now (fingers crossed). I've never had any problems with Binance; they have most of the coins I'm buying right now; they're very user-friendly; and withdrawals are never a problem. Those are really the only things I look for in an exchange in addition to trustworthiness. So yeah, if they're not THE best exchange, they're easily within the top 3.

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Quote from: Paulinerims on July 18, 2019, 08:06:55 AM

Hey. We had a discussion about crypto exchanges and everyone was kin on binance being the best crypto exchange. WHat are your thoughts, couse I don't really like it much..
(not saying its bad or anything, i know is one of the biggest and its a reason behind that)

They are the best until they run with your money or get hacked. Most of "best" centralized exchanges in the past either get hacked, scammed or stole customers money. I think those are the risks inherent with being a centralized exchange.

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Quote from: Paulinerims on July 18, 2019, 08:06:55 AM

Hey. We had a discussion about crypto exchanges and everyone was kin on binance being the best crypto exchange. WHat are your thoughts, couse I don't really like it much..

Being the most used doesn't necessarily mean its the best. Besides i still remember when people used to say that of Mt.Gox...

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There is no perfect cryptocurrency exchange and if there is one maybe it is not yet existing. So far, based on my experience, Binance is ranked one of my top 5 highly-rated exchange in the whole world. Of course, again it is not perfect and the fact that it was hacked big-time is telling us that it has some weaknesses too but Binance or rather the people behind the platform are learning the lessons of experience so well that even on this aspect they have my respect. Now, having said that, there are other exchanges that you can also explore and find the one that can fit according to your needs and wishes. Or maybe an entrepreneurial spirit can be happening within you right now so that you can decide to start your own exchange and incorporate many of your own ideas into it.

Mr.Ease

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Is the best mantained exchange for sure.

They keep adding new features, and community giveaways/ trading comps.
Keeps big players interested in the exchange.

I would say it's definitely the best possible exchange today, but I am still weary of exchanges.
Being the largest exchange means a big target...
You never know when the next big hack will occur and if it destroys your holdings.

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Quote from: Paulinerims on July 18, 2019, 08:06:55 AM

Hey. We had a discussion about crypto exchanges and everyone was kin on binance being the best crypto exchange.

And who are these "we"?

Quote from: Paulinerims on July 18, 2019, 08:06:55 AM

WHat are your thoughts, couse I don't really like it much..

in my opinion, I consider binance a good exchange because the owner of the exchange is a public figure who has a good reputation, so the owner of binance knows that he can not provide very bad services on the risk of his reputation going to trash. on exchanges where owners are anonymous they can steal money from their customers, they can ban accounts from their customers without any valid reason because they know their customers can not do nothing against them. I believe that with this my thinking you can already imagine why binance is better exchange

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I like the intuitive design of the platform and its high volumes as well. Being a trader, liquidity is the primary thing one should be looking at so as to ensure that the trades would be fluid and not taking too much time to complete. They also facilitate IEOs as well, if you're into that. No KYC upon registration (although that is subject to changes, of course), fast response on customer service and an overall safe and established reputation, due to the hacked they reimbursed using their SAFU.

Also, this should be moved to Exchanges or Service Discussion where it is fitting to discuss such matters.

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Quote from: Paulinerims on July 18, 2019, 08:06:55 AM

Hey. We had a discussion about crypto exchanges and everyone was kin on binance being the best crypto exchange. WHat are your thoughts, couse I don't really like it much..

I'd say that Binance is one of the safest ones. They're operating legally and doing their best to comply with regulations as well as offer great service to customers. They're also making too much profit to risk it all by scamming you. In fact, even when they clearly lost $40 million worth of Bitcoin due to a hack, they decided to fully compensate their users!
But I don't really use exchanges like that. For me, it feels better to find a local exchange and do business there. This way you don't need fancy fiats like USD, KRW or EUR, you can do straight from your local fiat to crypto and vice versa. It's easier and probably cheaper. But if your local fiat IS one of the most commonly used currencies to buy cryptos, then I guess there's no reason to go for something local. I am not familiar with Binance's KYC policies, though, but apart from that I think there's not much to worry about.

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Quote from: Paulinerims on July 18, 2019, 08:06:55 AM

Hey. We had a discussion about crypto exchanges and everyone was kin on binance being the best crypto exchange. WHat are your thoughts, couse I don't really like it much..

Try out Kucoin or BitMax

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Quote from: Paulinerims on July 18, 2019, 08:06:55 AM

Hey. We had a discussion about crypto exchanges and everyone was kin on binance being the best crypto exchange. WHat are your thoughts, couse I don't really like it much..

You participated in a discussion before about Binance being the best crypto exchange in general so I don't understand why asking for more thoughts? Do you want a general comparison instead between several exchanges? If does then it needs long writing so might better if we sort things out starting from why you dislike Binance and from there we will compare it to your preferred exchange.

Anyways, if Binance didn't meet your criteria then it's just fine if you will not use it even the majority are using it. Different people have different preferences in the first place.

ralle14

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Binance is one of the best exchanges you could use because of reasons like having a huge trading volume, no KYC on registration, trading fees are slightly lower than other exchanges and can be lowered with their altcoin and the trading limit for registered users is decent.

I'm curious why you don't like Binance ? or what are the things that you think is missing in order them to be the best exchange?

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Hey. We had a discussion about crypto exchanges and everyone was kin on binance being the best crypto exchange. WHat are your thoughts, couse I don't really like it much..
(not saying its bad or anything, i know is one of the biggest and its a reason behind that)

Topic: Is binance really the best exchange to buy crypto? (Read 282 times)