With cryptocurrency going mainstream and getting legitimized here and there, it is only a matter of time before a huge population wants to get in on the action. Marketplaces that allow people to trade, buy, and sell digital assets are becoming crucial.
And right on cue, to fulfill the adage: “If there’s a demand for it, someone will try to fill up that demand.” As for this case, cryptocurrency exchanges came into the picture to remedy this marketplace demand.
By definition, a cryptocurrency exchange is an online marketplace where users can exchange one kind of digital asset for another. These exchanges will be based on the market value of the given assets.
Banks are real financial institutions that can receive deposits, store and transfer money, and are licensed in the real world. Banks, basically, regulate money. They are the only legal place offering the right to exchange one fiat currency for another to its customers.
Stock brokers can trade securities and stocks on a stock exchange. Only stocks that are listed on an exchange can be purchased or sold. As such, stock exchanges are basically marketplaces where stock buyers and sellers do their business.
In the digital world, cryptocurrency exchanges provide similar services to banks and Stock exchanges.
Still, as with there are people who still treat cryptocurrencies with trepidations and agitations. For some people, cryptocurrencies and cryptocurrency exchanges are treated as borderline illegal online marketplaces.
These people believe these places could facilitate the trading of unregistered securities. They believe that crypto exchanges can be places where suspicious people can launder money and have limited AML/KYC to evade the law.
Of course, some of these claims are not entirely unfounded. As with all dealings with cryptocurrency, there are inherent risks to using cryptocurrency exchanges.
For example, there is a good chance that law enforcement may shut down an exchange. When this happens, these exchanges might not be able to return your money because some operate illegally in gray areas.
You may also be unable to withdraw or sell your cryptocurrency and digital assets due to your funds being locked in an exchange. This could happen when your cryptocurrency exchange is seized or under investigation by the authorities.
There is also the possibility that you will lose your money by speculating in cryptocurrency, and then have the rug pulled under your feet by the founders of these exchanges. Especially when these founders are hustlers or scammers who are too good at what they are doing.
It is important to remember that cryptocurrency and any other related technology are always a risky business. Always be cautious. Like with gambling, there are more chances of losing than winning. High-risk, high reward.
For those of you who prefer a more visual experience, here is a video review from Mark Farfan’s YouTube channel. You can still check our article below for a complete overview of Binance. It also compares it with some other competitors.
Binance Exchange Binance vs Shapeshift
Binance Overview
Binance exchange is the largest cryptocurrency exchange in the world. It offers the largest number of trading pairs and has the highest trading volume among all crypto exchange services.
Binance was founded in 2017 by Chinese-Canadian entrepreneur and business executive Changpeng Zhao. Initially, the company was based in China. However, due to growing crypto restrictions in China, the company moved to Japan and then to Malta.
Back then, the company had no place to call home.
However, there is current news that the company was headed to Malta, where it is said to be currently based. That said, Binance serves most countries around the globe, except for the United States, where a specific version of the platform, Binance.US, had to be established.
Binance’s popularity among its users is due to its low fees, large selection of cryptocurrencies available, and innovative products. The platform has a lot to offer in terms of products that are based on cryptocurrencies.
Some of these products/services include the chance to earn, exchange, stake, derive, and NFTs. The service allows you to get loans, make payments and even apply for credit cards.
Cryptos Under Binance
Binance has its own tokens and cryptocurrency. In fact, there are two.
The first one is called BUSD. It is a stablecoin fiat-backed issued by Binance and Paxos. This stablecoin token is backed 1:1 by US dollars in reserve. BUSD was created by the company to offer a stable alternative to the volatile digital asset market.
BNB is the second. Formerly called Binance Coin, it was launched in 2017 through an initial coin offering (ICO) as an asset for users when Binance was still in its infancy. It was originally an ERC-20 standard token that was built on the Ethereum blockchain.
Currently, it is a native token of the Binance ecosystem, where it plays an essential role by powering operations. It’s used to pay trading, listing and exchange fees as well as other expenses that users incur on the platform.
Binance Perks
- Low fees
This is why Binance is the most popular crypto exchange platform in the world. Binance trades can be done for free. The platform charges a maker/taker fee. The trading volume and Binance Coin balance will determine the fees.
Despite this, fees are still charged by the platform for certain services, including withdrawals and payment types.
- Large Selection of Cryptos
The number of cryptocurrencies on the market will determine how good a crypto exchange platform is. Binance is the largest crypto exchange platform. This means that it has a lot of digital currencies.
Decentralized finance tokens (DeFi) are also available.
Some of the available currencies include:
- Binance Coins (BNB)
- VeChain (VET)
- VeThor (VTHO)
- Harmon (ONE)
- Matic Network (MATIC)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Cosmos (ATOM)
- Cardano (ADA)
There are many other options.
- Earn Multiple Ways
Binance is a platform that allows users to make more money from their crypto assets. Customers can earn income by adding liquidity to token pairs. You can also try on some staking options available on the platform.
However, these opportunities come with a lot of risk. Users must be able to recognize and weigh the risks. That said, trading and dealing with crypto is already risky in itself.
- Advanced trading tools
Lastly, Binance would not be called a crypto exchange platform if it were without trading tools.
Binance has advanced trading tools that allow users to customize trading options easily. It makes it easier to set limit orders to buy and sell crypto at a specific price.
Then there are charting tools that can be very useful for veteran traders making decisions. You can even sell leveraged tokens to make trading easier.
Binance Trading Experience
Binance’s overall trading experience is excellent. It provides various trading tools that allow for smoother and faster transactions. Some even have real-time charting tools with moving averages which makes everything convenient and accessible.
When trading, you do not need to be stuck to your computer. Rather, you can use Binance however you want. It’s possible to do this through the Binance App or the Binance website.
The platform will keep track of traders’ portfolios for them, so they won’t need to use any additional tools or platforms. Anyone who wants to track their trades can access their trade history on the exchange platform.
You can even customize how they view trading. This allows for easier comprehension of data. Users can even choose how they want these data presented. This makes it easier for users to identify the most important.
Binance Trading Fees
Binance fees are based on customers’ trading history, and the trading volume over the last 30 days. The amount of BNB that the user has will also be important.
Whether you are a maker or a taker will also determine how much you will get on fees. Takers, who remove liquidity orders from a market, tend to get higher fees than makers (those who add liquidity to it).
Binance uses its native currency to facilitate transactions. You get 25% off your trading fees when you use BNB to make trades. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.
This chart can be used to quickly reference Binance’s fees.
| VIP | 30-Day Trade Volume (BUSD) | Maker/Taker |
| 0 | Less than 1,000,000 | 0.10%/0.10% |
| 1 | 1,000,000 to 4999,999 with at least 25 BNB | 0.09%/0.10% |
| 2 | Between 5,000,000 and 19,999,999 with at least 100 BNB | 0.08% / 0.10% |
| 3 | Between 20,000,000 and 119,999.999, with at least 250 BNB | 0.07% / 0.10% |
| 4 | 120,000,000 to 199,999,999 and at least 500 BNB | 0.07% / 0.09% |
| 5 | Between 200,000,000 and 499,999.999,999 with at least 1,000 BNB | 0.06% / 0.08% |
| 6 | 500,000,000 to 99,999,999999 and at most 1,750 BNB | 0.05% / 0.07% |
| 7 | Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB | 0.04% / 0.06% |
| 8 | Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB | 0.03% / 0.05% |
| 9 | More than 5,000,000,000 and at least 5,500 BNB | 0.02% / 0.04% |
Binance Issues
Despite being one of the biggest names in crypto, Binance has its issues and controversies.
The year 2019 was a terrible year for the exchange platform.
On May 7, 2019, it was revealed that Binance became a victim of a “large-scale security breach.” It was reported that hackers had stolen 7,000 Bitcoin worth $40 million then. However, customers were reimbursed by the site’s “Secure Asset Fund for Users (SAFU).
It wasn’t as bad as 2021. It’s not true to say that Binance had a difficult year in 2021.
On allegations of tax crimes and money laundering, the United States Department of Justice investigated the company.
It also had to cancel the planned launch of its own digital asset marketplace in Britain. This was due to their application not meeting the anti-money laundering requirements set by their government.
The next year, it was once again put in hot water as it was reported that Binance was said to have shared client data with the Russian government. In an effort to combat crime, these data contained names and addresses.
In October the same year, another hacker attacked its network. The company had to temporarily suspend transactions and fund transfers after detecting an exploit between two blockchains. As soon as the issue was discovered, it was resolved.
From the total $570m stolen, approximately $100m of funds were not recovered.
Binance Pros and Cons
Pros
- Low Fees
- Easy Access to Passive Income Opportunities
- Wide Selection of Cryptocurrencies
- Sophisticated trading tools
- There are many ways to deposit money
- Flexible Trading Options and Order Types
Cons
- Non-beginner friendly. For beginners, many features can be difficult to access and use.
- Regulation Issues with many countries, including major ones like the United States, Japan, the United Kingdom, Thailand, and many more.
- Due to regulatory issues, the service is not available in the United States. The US-specific service Binance U.S., which is a limited version of the service, is not available in all states.
- No built-in digital wallet available
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Binance Versus Coinbase
There are no two different cryptocurrency platforms whose approach can differ as much as Coinbase and Binance.
One is a United States-based exchange that is designed for beginners with a simple interface and limited transaction types, while the other has a steep learning curve and is more suited to veteran users.
The crux of the difference between Coinbase and Binance is who their main audience is and how they cater to these people.
Coinbase Overview
Coinbase, or Coinbase Global, Inc, is an American publicly traded company that operates as a cryptocurrency exchange platform. It is a distributed company, and as such, all people employed by the platform operate via remote work.
As such, the company does not have a physical headquarters because they don’t need one. The company used to have its headquarters in San Francisco. However, this palace was demolished and the company moved to remote-first.
Brian Armstrong, an ex-engineer at Airbnb, founded Coinbase in June 2012. He joined the Y Combinator incubator program and received a $150,000 cash injection.
After seeing Armstrong’s Reddit post, Fred Ehrsam became his co-founder. This was back when bitcoin was worth only $6 and only known by ” a few nerds on the internet” (Ehrsam’s words, not mine).
They believed bitcoin was an insane idea that would revolutionize finance and money. Both men shared the belief that bitcoin would be huge. As such, they wanted to bring crypto to the mainstream and make it easy to use. That was their impetus for making Coinbase.
Coinbase is now the largest crypto exchange in America and the world, but its humble beginnings are not glamorous. Coinbase was actually founded in a shared two-bedroom apartment. Binance vs Shapeshift
Cryptos Under Coinbase
Coinbase does not have its original coin or cryptocurrency. The platform supports over 100 cryptocurrencies. They also regularly add more cryptocurrencies as the need arises.
As such, here is a glimpse of the different cryptocurrencies coinbase has to offer:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Uniswap
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Algorand (ALGO)
- Stellar Lumens (XLM)
- Polygon (MATIC)
- DAI (DAI)
- SushiSwap: SushiSwap (SUSHI)
Coinbase Perks
- Extensive Selection of Cryptocurrency
Coinbase is the largest cryptocurrency exchange in America. The market offers a wide range of cryptocurrencies.
A Bitcoin (BTC-focused exchange. Coinbase has grown to offer over 150 types of cryptocurrency on the platform. In fact, you can trade currencies like Bitcoin (BTC) and other major coins for smaller and newer digital tokens.
In fact, few cryptocurrency exchanges could compete with Coinbase in terms of selection in the U.S. Market.
- Simple and advanced trading
Coinbase offers two trading tools to make it easier for users to access their accounts. You can choose from a simple or advanced trade option.
The simple trading option features a straightforward design that is easy to use, especially for beginners. This option has one drawback: it charges higher fees. This is contrary to the crypto investing philosophy of keeping fees low.
Advanced trading, on the other hand, offers more options such as charts and a live order list, as well as the ability to limit orders. This option is cheaper, but it comes with a tradeoff: it’s more difficult to use, more complicated, and more intimidating for new users.
With that said, placing your trades in advanced trading is highly advisable just to maintain low fees.
- Earn Free Crypto
Coinbase offers a cool feature to help customers earn more cryptocurrency. Coinbase Earn is Coinbase’s feature that lets users earn free crypto in exchange for learning more.
It is encouraged that users read more about cryptocurrency through educational modules. Once they have completed one module, coinsbase will allow them to earn more.
Although the feature doesn’t offer much, it is still useful. Even a few crypto bits can be a blessing in this economy. Also, anyone who declines to pay for money is a fool. Even if that amount is
- Educational Content
Coinbase’s library is an educational resource, as we have already mentioned. These resources range form the basics of crypto, tips, and tutorials to more complex stuff and even market updates. It is for this reason that Coinbase is the ideal platform for those just starting to invest in crypto.
- Mobile App
Coinbase up its accessibility factor by allowing users to access their accounts with a mobile app. Their mobile app, which is similar to the web platform, allows users to manage, buy, and sell cryptocurrency.
The Coinbase app isn’t just garbage. It is legit and has high ratings on both the Apple App Store and Google Play Store.
- Crypto Rewards
Your Coinbase account can allow you to earn interest on many cryptocurrencies. Coinbase automatically pays interest on certain stables like USD Coin (USDC).
This allows you stake certain cryptocurrencies such as Solana (SOL), and Ethereum (ETH).
Staking is how many cryptocurrencies verify their transactions and allows participants to earn rewards on their holdings. You commit your crypto assets to support a blockchain network and confirm transactions when staking in cryptocurrencies. Binance vs Shapeshift
You will receive certain rewards for staking cryptos. This is not possible for all cryptos. It depends on where you live and the cryptocurrency.
- Coinbase Debit card
Aside from trading, Coinbase allows users to access and spend their hard-earned wealth using the Coinbase card.
A Coinbase account allows you to apply for a Coinbase Card, which is a prepaid Visa debit credit card that can be linked to your Coinbase balance. It allows you to spend cryptocurrency to purchase certain services, especially those that accept Bitcoin or other crypto payments.
You can also use the Coinbase card to earn crypto rewards. This rewards program allows you to choose the crypto that you want from a rotating list.
Coinbase Trading Experience
Coinbase offers a different kind of service than Binance, which has lower fees and more advanced training tools. Coinbase’s target market is those just beginning their crypto journey.
The platform offers tools that allow investors new to crypto trading a fast, easy, and secure way to trade. This is in line with their original goal to “make Bitcoin easier to use.”
They are determined to realize this vision and allow users to earn cryptocurrency by watching tutorial videos that are geared towards beginners.
This doesn’t mean veteran traders only have beginner tools to play with. Coinbase Pro is the perfect platform for you. A platform that is specialized for seasoned traders. Binance vs Shapeshift
Coinbase Pro is different in that it was made for professional traders and gives them more tools, allowing for better customization of their trades. You can choose from several order types such as stop, limit or margin orders.
You can also view real-time charts, trade history and order books, as well as price charts. This will allow them to make better decisions about how they move their positions or trades.
While it says pro on the tin-can, it doesn’t mean that users will have to pay another fee to access Coinbase Pro. There is no such fee. Anyone with a Coinbase account can already access and use the pro version.
Coinbase Trading Fees
The thing with Coinbase is that they do not give away their pricing and fees. Their entire fee schedule was removed from the online help section. However, you won’t have to pay all fees at once. You will still be able to see the cost of entering a trade so that you are aware of what you will have to pay.
To be honest, this is where coinbase falls off from the competition. The fee structure is too complicated and difficult to understand. The fee structure is based on three factors that can be confusing:
- Coinbase charges a spread on cryptocurrency sales and purchases. There is a huge charge that rates will vary depending on market fluctuations.
- Coinbase claims fees are also based on factors such as the selected payment method, market conditions (volatility and liquidity), and even the order size.
- Coinbase charges fees for transactions executed on external blockchain networks that support cryptocurrencies. Binance vs Shapeshift
Coinbase Pro’s pricing structure is simpler. It is based on the customer’s monthly trading volume and liquidity of the asset at the time of purchase. Also, Coinbase pro users are required to make deposits and withdrawals through a bank account.
Below is a chart that shows you the fees you can expect from the main coinbase platform.
| Trade Size | Coinbase Fee |
| $10 or less | $0.99 |
| $10 to $25 | $1.49 |
| $25 to $50 | $1.99 |
| $50 to $200 | $2.99 |
Trades above $200 have a percentage-based fee rather than a flat fee.
The chart below gives an overview of Coinbase Pro’s fees.
| Pricing Tier | Taker Fee | Maker Fee |
| Get up to $10K | 0.60% | 0.40% |
| $10K – $50K | 0.40% | 0.25% |
| $50K – $100K | 0.25% | 0.15% |
| $100K – $1M | 0.20% | 0.10% |
| $1M – $15M | 0.18% | 0.08% |
| $15M – $75M | 0.16% | 0.06% |
| $75M – $250M | 0.12% | 0.03% |
| $250M – $400M | 0.08% | 0.00% |
| $400M+ | 0.05% | 0.00% |
Coinbase Issues
Given how much of cryptocurrency is still in a legal area, there is a distinct chance that those involved in it will have their fair share of issues or controversies.
On February 16, 2018, Coinbase admitted that some customers were charged more than originally intended for their credit and debit purchases of cryptocurrencies. This was due to problems that started when banks and card issuers charged the merchant category code (MCC) of crypto purchases earlier that month.
This was due to the fact that cryptocurrency payments were classified as “cash advances”, and banks and credit card issuers may begin charging cash advance fees for these purchases.
According to a Financial Times article Visa, the credit card company, initially blamed Coinbase. However, it later rescinded those statements and clarified on the Coinbase blog that the “issue was not caused by Coinbase”
Coinbase received more customer complaints than ever in 2018, with an increase of over 100%. These complaints were mostly referred to as “money not available when promised.” Coinbase solved the problem by increasing customer service staff to decrease wait times.
Coinbase was also involved in the first-ever case of insider trading regarding cryptocurrency. A former product manager of the company as he shared information about certain tokens listed by the company. Prosecutors were provided with all the information necessary for an internal investigation by the company.
Pros and cons of Coinbase
Pros
- It is very easy to use and user-friendly for people just beginning in cryptocurrency
- Supports a large number of cryptocurrencies
- Offers the opportunity to earn cryptocurrency and learn about them.
- Offers simple and advanced trading depending on user preference
- Offerings a coinbase debit card that allows easy withdrawal of funds Binance vs Shapeshift
Cons
- Complex and complicated fees structure, which is not transparent
- High fees on some transactions
- There are limited staking opportunities and interest possibilities.
- There are a bunch of altcoins missing from their selection
- Customer service issues
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Binance versus Kraken
Binance and Kraken, both giants in the cryptocurrency industry, have millions of users. It might seem that there is a big gap between these two platforms if we compare their ranks (Binance at the top and Kraken at the bottom), but there are more to it.
For example, US-based Binance users are severely hampered by the fact that they can only access Binance’s U.S. platform (Binance.US.) Kraken, however, is readily available in the country.
These two platforms share many similarities, including both offering advanced trading options and low fees as well as mobile apps. Their target audiences are the same as they are geared towards seasoned or even veteran and advanced cryptocurrency traders.
Ultimately, it will be up to customers to choose which platform by choosing what they value most. Binance will be the one to choose with their lower fees, large selection of coins and extra way of managing funds. Kraken or Binance with their high security standards that won them a Wyoming bank charter approval in 2021. Binance vs Shapeshift
Kraken Overview
Kraken is a fully functional crypto exchange characterized by its low fees and a good selection of tokens, coins, and cryptocurrencies. One of the most defining characteristics of this platform is that it is one of the only U.S. crypto exchanges to provide advanced trading tools like margin.
Kraken’s main cause is to become the best and most secure crypto trading platform. Kraken is praised by traders and users alike for not being involved in any kind of suspicious activity against their users… and that doesn’t follow questionable corporate policies.”
In connection on the November 2022 FTX Controversy, Kraken founder and former CEO Jesse Powell tweeted: “…Happy to live simply, take a fee for matching trades. A balance sheet is mostly Bitcoin, some ETH.
Jesse Powell (alumnus from California State University, Sacramento) and Thanh Luu, co-founded Kraken in 2011. However, it was only launched in September 2013, offering Bitcoin, Litecoin, and euro trades. Additional currencies and margin trading were to follow.
Powell started working on Kraken to replace Mt.Gox (another bitcoin exchange, based in Shibuya Tokyo, Japan). Before its 2014 collapse due to failed security audits, Powell was a consultant to the exchange.
Kraken had also joined other US Bitcoin players to form the “Committee for the Establishment of the Digital Asset Transfer Authority” as the industry’s self-regulatory group. Binance vs Shapeshift
The year 2014 was very big for Kraken. The company received a Series A investment of $ 5,000,000 from Hummingbird Ventures in March 2014.
It was later listed on Bloomberg Terminal as one of the first bitcoin exchanges. Then it has chosen to assist with investigating the lost bitcoins of Mt. Gox, Powell’s former employer. Kraken was relied upon because of its proven operating history of not being breached by hackers.
After Wyoming granted such a charter, Kraken was the first cryptocurrency exchange to have a special purpose deposit institution (SPDI), charter in September 2020.
Chief Executive Officer Powell resigned as CEO of the platform on September 21st, 2022. He said that he had spent more time on the product, the user experience and industry advocacy.
Dave Ripley replaced him as CEO.
Cryptos under Kraken
Kraken supports at most 110 cryptocurrencies. Some of the more popular and well-known currencies include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Polkadot (DOT)
- Polygon (MATIC)
- Ripple (XRP)
- Stellar Lumens (XLM)
- Solana (SOL)
- Sushi (SUSHI)
- Uniswap (UNI)
Kraken supports several stablecoins, including Tether, USD Coin and Dai. Kraken also has a limited currency exchange that is available in select territories. This includes converting US dollars into Canadian dollars, Japanese yen, and Swiss francs. Binance vs Shapeshift
Kraken Perks
- Beefy Security
Kraken has been an integral part of the cryptocurrency market since its inception in 2011 and its launch in 2013. Its eyes were focused on security from its first day, and it never kept its eyes off it after all these years. In fact, it is the only cryptocurrency exchange that has not had any major hacking accounts.
As such, this United States-based exchange is the consistent leader in terms of security in the industry. Some in the industry associate Kraken with financial stability and physical security. This is a claim Kraken is too proud to make.
- Healthy Range of Available Cryptocurrencies
Kraken has over 160 coins and seven fiat currencies available to trade on its platform. It’s not the largest amount but it’s still quite healthy and comparable to the top crypto exchanges. Binance vs Shapeshift
Kraken’s liquidity is high, which allows Kraken to make it easier for users to buy and sell at fair prices.
Kraken works using currency pairs, a one-to-one equivalency between two currencies. It is the price of the exchange rate between two currencies that are traded on FX markets.
Kraken would use dollars to buy Bitcoin, and vice versa. You will always swap one currency for the other if you use dollars to buy Bitcoin, and then Bitcoin to purchase Ethereum.
Kraken’s currencies cannot be exchanged for each other.
- Trading features
Kraken is the only exchange that offers margin, stop orders and crypto short sales. Kraken also has a dark pool where high-volume investors can trade without their names being known.
Kraken allows you to leverage a currency pair by up to 5x. Pro clients who are eligible can get up to $500,000 in margin. This does not remove the risk that margin trading inherently brings.
- The fees are affordable.
While it is not the lowest in the market, the prices of Kraken’s fees are pretty competitive and on par with several exchanges. It’s even less expensive than other exchanges.
There are no fixed trading fees. They will vary from one exchange to the next. One sure factor, though, is that your fees will depend on your monthly trade history. While we will talk about fees in depth in another segment, it is important to know that fees are higher when using the instant buy feature rather than the pro platform.
- Optional Strong Staking
Kraken offers a variety of stake options. Users have the opportunity to stake over 15 different cryptos. They can earn between 0.25% and upwards of 20%.
Staking is the act that involves tying up your coins to contribute to the overall security of a particular blockchain and can be a great way for investors to earn a passive income.
Kraken Trading Experience
Kraken users can choose between Kraken and Kraken Pro. Between these exchanges, Kraken Pro offers lower pricing. Anyone can access both platforms with a Kraken Account.
Kraken is a trading platform geared toward intermediate to veteran users in mind. However, beginners can still use the platform if they want. It is suggested that they start with the central Kraken platform to learn the ropes. Binance vs Shapeshift
Kraken allows verified accounts with linked bank accounts to purchase cryptocurrency quickly. From there, selling or converting your crypto into your account is just a simple process. Inside the website, orders are done using a straightforward form, which will mostly only take a few seconds.
It is easy to purchase cryptocurrencies with your bank account balance. You don’t even need to fund your account first.
In terms of security, you can keep your Kraken account safe by enabling two-factor authentication (2FA). To log in to your account, you’ll need to have your device.
Kraken Pro, on the other hand is Kraken’s most advanced trading platform. It appears more complicated than the regular Kraken exchange. Kraken Pro is intimidating for new traders. However, it is worth learning. Binance vs Shapeshift
It includes more detail about assets, active charts and the ability to view open orders.
Kraken allows you to pay lower fees, as we have already stated. If you feel confident, you can trade the same trade with Kraken Pro. You’ll pay less and earn more at the end of the day.
Kraken Fees
As stated above, Kraken’s fees are in the competitive middle. It is not the lowest on the market and it is not the highest. Other factors may affect the price of the fees you are about to pay.
Also, prices and fees will differ depending on your platform. Kraken Pro will always be cheaper than regular Kraken.
Fees for instant purchases are 1.5% for most cryptos and 0.9% for stablecoins that use the U.S. Dollar or another stablecoin.
There are also additional fees that depend on how you fund your purchases. These prices range from 0.5% for funding with a bank account. For a digital wallet, you can get a 25-Euro cents debit card, credit card or card at 3.75% plus 25 Eurocents. Binance vs Shapeshift
Meanwhile, Kraken Pro’s pricing is pretty different. Generally, fees are lower than the main Kraken platform. Fees will be calculated based on the volume of your trades over the past 30 days. Another fee to remember is that most transactions are subject to a 0.26% taker fee or 0.16% maker fee.
Below is a general chart of their maker-taker fees in a 30-day volume in US dollars.
| 30- Day Volume (USD) | Maker | Taker |
| $0 – $50,000 | 0.16% | 0.26% |
| $50,001 – $100,000 | 0.14% | 0.24% |
| $100,001 – $250,000 | 0.12% | 0.22% |
| $250,001 – $500,000 | 0.10% | 0.20% |
| $500,001 – $1,000,000 | 0.08% | 0.18% |
| $1,000,001 – $2,500,000 | 0.06% | 0.16% |
| $2,500,001 – $5,000,000 | 0.04% | 0.14% |
| $5,000,001 – $10,000,000 | 0.02% | 0.12% |
| $10,000,000+ | 0.00% | 0.10% |
Kraken Issues
There really are not many issues concerning Kraken aside from disagreement with a work culture which is something the company has already worked on and moved on
On the security side, Kraken has lived up to customer expectations and has proven itself with being the only major cryptocurrency exchange that has not been a victim of a major hack.
That said, Kraken has its fair share of issues regarding government regulations.
Kraken refused to cooperate with an investigation by New York Attorney General’s Office in April 2018 on questions about crypto exchanges’ measures to protect customers from market manipulation and money laundering.
Kraken believes that this would be a bad business decision.
The Office of Foreign Assets Control began investigating the exchange in September 2021 for possible violations of sanctions by allowing trade with Iranian customers. In late September 2021, Kraken was ordered to pay a fine to the Commodity Futures Trading Commission for $1.25 million allowing unregistered margin trading.
Kraken Pros & Cons
Pros
- Advanced and sophisticated features like margin trading and staking.
- Good and dependable customer service option
- Relatively low Bitcoin withdrawal fees (BTC).
- Provides a wide range of educational material.
- The most secure exchange on the market
- Simple user interface
Cons
- Base Kraken platform has pretty expensive fees compared to the Kraken Pro version. Both modes can be accessed as long you have a Kraken account.
- Kraken only accepts a few fiat currencies
- Some users have complained about having their accounts hacked. Binance vs Shapeshift
- Not available in all U.S. States
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Binance versus crypto.com
Binance and Crypto.com are some of the more popular exchanges in the cryptocurrency industry. Both offer a wide range of features, such as low fees, staking, and advanced trading. It does not necessarily mean that they are identical.
There is a reason one is better than the other, but that does not mean that you should automatically run toward the higher-ranked exchange for the sake of numbers. Plenty of factors are at play for why one is ranked higher than the other.
It is better to look at both options before you choose the crypto exchange that appeals to your needs. Will you choose the more investor-friendly Binance with its wider selection of cryptocurrencies to invest in, or will you take Crypto.com’s side, which offers a more user-friendly experience and lower fees. Binance vs Shapeshift
Crypto.com Overview
Crypto.com was founded in Hong Kong back in 2018. It was originally called Monaco by founders Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. When Crypto.com purchased the domain of Matt Blaze, a cryptography researcher, it became Crypto.com.
The sales might be on the bigger one, with Domain sellers valuing the domain at US$5 – 10 million.
As for the overall platform, Crypto.com does what most cryptocurrency exchanges does. It allows users to trade, invest, put a stake in some currency and much more.
You can also choose from over 250 currencies. There are reasonable fees and discounts for some customers, such as those who have large stakes in Crypto.com’s own coin, the Cronos (CRO).
Crypto.com’s main selling point and focus is in their exchange. However, that is not what they all do, they also offer a variety of crypto services which include their own crypto wallet, and even an NFT shop. Shopify has partnered with the company to accept cryptocurrency as a payment method.
Crypto.com can be described as a cryptocurrency platform that allows traders and investors to do more than just buy and hold. With Crypto.com, cryptocurrency can also be currency.
Cryptos under Crypto.com
In terms of selection, Crypto.com has a huge one available. You can trade spot with more than 250 currencies, and you can also staking. The platform supports the following currencies:
- Bitcoin (BTC)
- Cardano (ADA)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Polkadot (DOT)
- Litecoin (LTC)
- USD Coin (USDC)
- Chainlink (LINK)
- Polygon (MATIC)
- Cardano (ADA)
- Uniswap
Cronos (CRO) is Crypto.com’s coin. Having a significant stake in this coin rewards you with lower trading fees, higher stalking interest rates, and higher credit card rewards. Binance vs Shapeshift
Crypto.com Perks
- One-Stop Shop
Crypto.com has a lot going for it aside from being just a plain old trading platform. You can trade cryptocurrencies and buy and sell them on the exchange.
Crypto.com lets you spend your crypto with a prepaid Visa Card. Crypto.com places a lot of weight on cryptocurrency’s currency component.
- Low Fees
Crypto.com’s low fees can rival that of many sites.
There are many transactions on Crypto.com that don’t require fees. One example is depositing your money into your account via an electronic bank or wire transfer.
Crypto.com also allows you to purchase and sell cryptocurrency at its true cost, giving the real meaning of “what you see is what you get.”
The platform charges a fee for purchases of crypto with a debit or credit card. As an added reminder, payments made with a credit card may also have an added charge of a cash advance fee when buying crypto
- Convert your Money Easily
Although this feature isn’t unique to Crypto.com it deserves to be listed. Users can convert fiat currencies to crypto with the Crypto.com app. Provided that Crypto.com is limited to 20 fiat currencies available on the platform.
These fiat currencies include USD, GBP, and EUR, among others. However, just because it is available for trade on Crypto.com does not mean that a fiat currency will be available to you for trade. You will be limited in your ability to trade certain fiat currencies due to the country you live in.
- Cashback cards
One of the best perks you can get as a member of Crypto.com com is the availability of Visa Cards connected to your Crypto.com account and its crypto currency.
Crypto.com currently offers five types of prepaid Visa cards to its customers. Granted, these cards will need to be topped up before one can fully utilize their uses.
Your CRO stake in the platform will determine which Card you can get.
Their Ruby Steel card is the lowest available tier, and it also offers a 1% cash back on your contribution. Of course, you will need to have at least a $400 stake to be able to avail of this.
For those with deeper pockets, Obsidian tier is available. This tier earns you 5% cash back or cryptoback, as well as lots of bonuses. To qualify, you will need to have at least $400,000 in stakes. Binance vs Shapeshift
Other cards available include Midnight Blue, Jade Green/ Royal Indigo, and the Frosted Rose Gold/ Icy White. These cards don’t have an annual fee, and you get a certain number of ATM withdrawals and foreign transaction each month for no additional charge.
- Earn Interest
As a one-stop shop for everything crypto, Crypto.com isn’t just a place to buy coins and tokens. Crypto.com accounts can earn high interest rates. In fact, Crypto.com have some of the best high-yield savings accounts in the market.
To benefit from this perk you will need to have a lot of cash in your CRO. However, the maximum amount of interest you can earn is less than 10%.
You can get a rate of interest depending on many factors, including the time you spend with your money, how much currency you have saved, and how much CRO you stake.
Using the app, you can increase your interest rate in multiple ways. One of them includes Staking more than 4,000 CROs. You can even get more if your stake exceeds 40,000 CROs, but this may seem excessive.
You can also increase the interest rate if you deposit for a one-month term to three-month terms. While one-month terms are more flexible than three-month terms, deposits for three-month terms yield better rates.
Lastly, investing in stablecoin also increases your interest rate. Stablecoins are usually tied to an external reference. Some can even be tied to the U.S. Dollar. These stablecoins can help you earn more interest.
Stablecoins, being stable, are less likely to appreciate in value than normal cryptocurrencies. That also means they are also less likely to depreciate in value.
It is risky to keep your crypto savings. Cryptocurrencies can be volatile and your savings could be cut if they fail.
- Gift cards and phone top ups
Gift Cards and Phone Top-ups are other ways that Crypto.com allows you to spend your crypto. Buy gift cards from popular brands to earn cash back benefits.
Crypto.com offers gift cards from popular brands covering different industries like hotels, general retail, games, airlines, education, and even entertainment from at least 41 countries. Like Spain, Norway, Singapore, and the United Arab Emirates.
Macy’s and Barnes & Noble are some of the brands.
The amount of cashback you get will still depend on how much CRO you have staked and what type of company it is.
Crypto.com Trading Experience
Your trades with Crypto.com will largely revolve around the mobile app. This serves as the platform’s central hub. So those who are already used to trading stocks on a phone or tablet will have a breeze of time and will find the experience pretty similar to that. Binance vs Shapeshift
The app in question shows the user’s portfolio and a list of their more popular assets. It includes everything needed that Crypto.com says it offers. You can trade currencies, earn by staking crypto, make cryptocurrency payments, and even apply for a Crypto.com card.
Without chart tools, where would you find a trading app? In the case of Crypto.com’s app, it shares a relatively simple set of data that aims not to intimidate or overwhelm the users. These charts provide enough information for users to understand the cryptocurrency and blockchain, which might be useful before they buy.
In terms of fiat currencies, Crypto.com has a fair selection. The most popular are the Australian (AUD), Canadian (CAD), and the euro (EUR) dollars, as well as the British pound sterling and the U.S. Dollar (USD), which are all very popular. This allows users in multiple countries to purchase and get into crypto using their local currency.
Crypto.com Fees
When it comes to trading fees, Crypto.com is pretty competitive in its pricing. In fact, they are among those who offer the lowest trading fees in the market. Trade volume can be higher and qualify for lower fees, as low as 0.4% for makers or 0.1% for takers. This is even with no CRO.
Discounted trading fees have become available when users hold at least 5,000 CRO in their wallet. Rates go lower with larger stakes.
However, Crypto.com users who are newer than 25 000 USD will be charged 0.4% for trades that have a monthly volume less than $25,000.
Below is a table that shows fees for spot trades and margin trades for customers who have no CRO stake.
| 30-Day Spot Trading Volume (USD) | Maker | Taker |
| Less than 250,000 | 0.0750% | 0.750% |
| Greater than or equal 250,000 | 0.0700% | 0.0720% |
| Greater than or equal to 1,000,000 | 0.0650% | 0.0690% |
| Greater than or equal to 5,000,000 | 0.0600% | 0.0650% |
| Greater than or equal to 10,000,000 | 0% | 0.0500% |
The table below shows the maker and taker rates of those with less than 100 CRO (3% discount).
| 30 Day Spot Trading Volume (USD) | Maker | Taker |
| Less than 250,000 | 0.0728% | 0.728% |
| Greater than or equal to 250,000 | 0.0679% | 0.0698% |
| More than 1,000,000 or equal | 0.0631% | 0.0669% |
| Greater than or equal to 5,000,000 | 0.0582% | 0.0631% |
| Greater than 10,000,000 or equal to 10,000,000 | 0% | 0.0485% |
As said, the higher your CRO stakes are the bigger your discounts. Stakes over 50,000 CRO are exempt from maker fees. Those who have even more may even enjoy rebates.
Crypto.com Issues
Crypto.com, like most cryptocurrency exchanges has its problems.
On January 2022, Crypto.com was the victim of a serious hack. It was reported that the company lost US$15 million worth of Ether. After users reported suspicious activity to their accounts, the company lost US$15 million worth of Ether. The company quickly paused withdrawals which were later restored. The company stated that customer funds had not been lost in the process of restoring withdrawals.
Most of the problems with Crypto.com were due to the downturn of cryptocurrency in general. Crypto.com was forced to lay off hundreds of employees that had been working since May. The company was forced to lay off between 30% and 40% of its employees in October 2022.
Their exchange token Cronos (CRO), lost $1 billion in value between November 2022 and November 2022. This was due in part to the collapse of FTX. That said, Crypto.com CEO Marszalek assured that the exchange was functioning normally.
Crypto.com Pros and Cons
Pros
- Competitively Low fees
- Provides lots of avenues for paying with crypto
- Converts money easily
- Visa card perk with great cash back rewards
- Allows you to earn interest on crypto
- There are a lot of crypto coins and tokens available Binance vs Shapeshift
- Strong security
Cons
- User interface and the exchange itself is pretty difficult to navigate
- Coins are not universally available, and availability will be dependent on country and location
- Customer service is pretty poor and lacking in some areas
- THere is a lack of educational resources.
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Binance versus Kucoin
When Comparing KuCoin and Binance side by side, the winner is pretty clear. Binance is the clear winner, and it is by quite a bit. KuCoin was one of the first platforms to trade cryptocurrencies. However, FTX and Kraken have taken over.
KuCoin is still available to its users, but most traders avoid it like the plague. The exchange has been troubled by many negative reviews, each with different reasons ranging from semantics to highly alarming.
KuCoin Overview
KuCoin was founded in 2017 by top tech geeks Micahel Gan and Eric Don. It is a cryptocurrency exchange platform that was launched by Top Lan, Kent Li. John Lee, Jack Zhum, Linda Lin, and John Lee. The company was founded back in 2013.
KuCoin started because of MichaelGan’s eagerness to learn about blockchain and its application possibilities. He discovered Bitcoin from his boss, Eric, and started getting in on the action.
The impetus came when he found out that the biggest cryptocurrency exchanges during that time were very difficult for beginners to use. They believed this was inversely proportional to how blockchain changed the world, especially with how Bitcoin and crypto changed the global financial system.
Eric and Michael had already written the first code for KuCoin in a coffee shop by the end of 2013. This was how the platform, which would later be known as the “People’s Exchange,” got its start.
Cryptos under KuCoin
Since it is an older cryptocurrency exchange platform, it is not surprising that there is a pretty sizable selection of cryptocurrencies you can buy and trade in the exchange.
Veteran traders looking for a wide selection of assets may appreciate this extensive selection of coins and tokens. In fact, it is one of KuCoin’s strongest aspects that the platform is a goldmine for altcoins and tokens. Binance vs Shapeshift
It was also one of the main reasons why the company was founded in the first place, to give fewer mainstream currencies their spotlight and allow people to access them.
These lesser-known coins are riskier than the more stable and popular ones. As such, people need to understand what people are getting themselves into.
KuCoin has its token, called KuCoin Token or KCS. The following are some other popular coins that can be found on the exchange platform:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- XRP (XRP)
- Chainlink (LINK)
- Filecoin (FIL)
- Internet Computer (ICP)
- Wrapped Bitcoin (WBTC)
- USD Coin (USDC)
Bear in mind that these are just a few selections of what you can find in the exchange platform
KuCoin Perks
- A wide range of coins
KuCoin offers a wide range of tokens, coins and altcoins that are available for trading on their exchange. It is actually the top echelon for coins that are available on the exchange.
It is also easier to find smaller coins than other platforms on these platforms. KuCoin is the ideal platform for traders looking to diversify into less-popular crypto.
After all, it is one of the main missions of KuCoin, to give smaller and newer cryptocurrencies a fighting chance. They even have a Spotlight section that promotes new currencies.
This is advantageous for the coin and users who want to get in on a new currency early.
- Low Fees
KuCoin also has low trading fees. Though it is not the lowest available in the market, it is still fairly low that it can compete with other exchanges.
In KuCoin, you don’t have to pay any monthly account fees. The withdrawal fees are the same as other exchanges and deposits to KuCoin are free. That said, you will still need to pay a fee to deposit fiat money, such as U.S. dollars. Binance vs Shapeshift
These fees will depend on your transfer mode and the third-party app you use.
- Earn Through Interest on Your Crypto
KuCoin, like most cryptocurrency exchanges lets you make money with your crypto. KuCoin Earn is the name of the KuCoin service.
KuCoin Earn gives you two ways to make money from your crypto. First, you can take coins through Pool-X, a company backed by KuCoin. The second way is to loan out your crypto and get paid the interest.
Your interest rate for borrowing crypto is higher than the one you would get from a savings account. That said, the coin and its demand still affect how much you earn.
According to the exchange, you can earn up to 8% to 12% on average from this way. KuCoin makes margin trading possible by using this money. Although it might seem risky, the company assures that all lenders will be fully repaid.
That repayment might come from the borrower’s collateral or a KuCoin margin insurance fund.
- Advanced Features
KuCoin offers veteran users a variety of toys and additional features. They allow for margin trading, which allows users to leverage their position, which means borrowing money to buy more crypto.
KuCoin’s mobile app also supports trading bots. This means that you don’t have to buy and sell your cryptocurrency yourself. Instead, you can let a computer handle that task for you. This is pretty convenient as you do not always need to be online to do your business.
However, bots can pose a risk. Bots are susceptible to errors and you may lose out on many opportunities. You don’t always know their strategies and perimeters when you trade with them.
As such, the convenience bots provide may not be worth the uncertainty of how they’re handling your assets.
KuCoin Trading Experience
The KuCoin trading experience can start either through an online portal or an Android and iOS mobile app. Both have an abundance of features and tools which you can use when doing trades on the platform.
YOu can access KuCoin’s front page or dashboard after logging in to your account, be it on desktop or mobile. Users can view markets, trade, buy, lend, or trade cryptos from there.
In the case of order types, the platform supports four. These are market order, limit order, stop-limit order, and stop-market order.
Users have access to orders as well as margin, futures and P2P trading. You can stake your crypto to earn some back or get a discount on trading fees. Binance vs Shapeshift
The exchange recently added a Trading Bot feature that will simplify the entire trading process.
Overall, KuCoin has plenty of advanced features. This might be a boon to veteran traders. They can be difficult for novice traders, as they aren’t user-friendly on mobile platforms.
KuCoin Fees
When it comes to trading fees, KuCoin divides their rates by levels. These trading fees will mostly depend on 3 factors. To determine the trading fee level, you have to look at the Minimum KCS Holding within the last 30 days, and the Spot trading volume last 30 days (BTC), or the Future Trading Volume within the last 30 days (BTC).
Below is a table that shows which trading level corresponds to which.
| Trading Fee Level | Min KCS Holding last 30 Days | Spot Trading Volume Last 30 Days (BTC) | Futures Trading Volume Last 30 Days (BTC) |
| LV0 | 0 | <50 | <200 |
| LV1 | 1000 | >=50 | >=200 |
| LV2 | 10000 | >=200 | >=400 |
| LV3 | 20000 | >=500 | >=1000 |
| LV4 | 30000 | >=1000 | >=2000 |
| LV5 | 40000 | >=2000 | >=3000 |
| LV6 | 50000 | >=4000 | >=6000 |
| LV7 | 60000 | >=8000 | >=12000 |
| LV8 | 70000 | >=15000 | >=20000 |
| LV9 | 80000 | >=25000 | >=40000 |
| LV10 | 90000 | >=40000 | >=80000 |
| LV11 | 100000 | >=60000 | >=120000 |
| LV12 | 150000 | >=80000 | >=160000 |
These levels will then decide how much you will have to pay in maker or taker fees. Spot trading fees are charged in accordance with the base currency for the trading pairs. Paying fees with KCS will net users 20% off.
Also, KuCoins has a 24h withdrawal limit.
| Trading Fee level | Maker/Taker | 24-hour Withdrawal Limit |
| LV0 | 0.1% / 0.1% | 200 |
| LV1 | 0.09% / 0.1% | 200 |
| LV2 | 0.07% / 0.09% | 200 |
| LV3 | 0.05% / 0.08% | 200 |
| LV4 | 0.03% / 0.07% | 200 |
| LV5 | 0% / 0.07% | 500 |
| LV6 | 0% / 0.06% | 500 |
| LV7 | 0% / 0.05% | 1000 |
| LV8 | -0.005% / 0.045% | 1000 |
| LV9 | -0.005% / 0.04% | 2000 |
| LV10 | -0.005% / 0.035% | 2000 |
| LV11 | -0.005% / 0.03% | 3000 |
| LV12 | -0.005% / 0.025% | 3000 |
KuCoin Issues
To be honest, KuCoin does not have the best reputation in the industry. You can see the extent of dissatisfaction by just looking at the reviews.
Trustpilot reviews gave it an average rating of 1.7 stars out 600 reviews. Most of these negative reviews are about problems with customer support, the withdrawal process, and even making deposits Binance vs Shapeshift
KuCoin has also been accused of market manipulation, with some even saying their assets randomly disappeared from their accounts. This is a problem especially when it comes to assets, money and finance.
Then there is an issue of security.
While KuCoin is a generally secure crypto exchange, it was subject to a major hack back in 2020. The exchange lost about $280 million worth of crypto from users’ hot wallets to hackers. This was a serious security breach, despite the fact that all assets were covered by an insurance plan.
KuCoin Pros and Cons
Pros
- Low fees
- Strong user base
- Wide range of coins
- Allows you to earn interest on your crypto
- Advanced trading features
- Good customer service
Cons
- The U.S. has not granted license for this product.
- Limited payment methods
- Can be intimidating and overwhelming for new traders
- Has limited education resources
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Binance versus Bittrex
Bittrex and Binance are two crypto exchanges with more similarities than differences. Both have similar features that users can use. Despite being similar, the two platforms have major differences.
The key difference between the two platforms is their size. Bittrex is more focused on a scaled-down experience, whereas Binance has the highest trading volume of all the exchanges.
Bittrex was once one of the top cryptocurrency exchanges in the world. Binance was able to surpass them despite having stricter Know Your Customer (KYC), and anti-money laundering policies.
Bittrex Overview
Bittrex, a cryptocurrency exchange, aims to provide a high-quality service with trust and focus.
It was co-founded by three Amazon cybersecurity engineers: Bill Shihara (co-founder and CEO); Richie Lai (co-founder and chief information officer); and Rami Kawach (co-founder and chief tech officer). Its headquarters are located in Seattle.
In the beginning, the platform only offered crypto-to-crypto trading, but it soon introduced fiat-to-crypto trading. Binance vs Shapeshift
Despite their new fiat trading platform, they offer many cryptocurrencies and stablecoins. Also, they are available in 46 U.S. states, excluding Hawaii, New York, and Vermont
Cryptos under Bittrex
Bittrex offers a variety of stablecoins and cryptocurrencies on their exchange. This variety, like most exchanges makes Bittrex platforms attractive to traders.
Their selections include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Chainlink (Link)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Tether (USDT)
- Polygon (MATIC)
Bittrex Perks
- Huge selection of cryptocurrency
Bittrex offers a large selection of cryptocurrency in their marketplace, as we have already stated. Customers looking for niche, but more risky trades will find it attractive.
- Low fees
Bittrex offers low fees starting at 0.3% This can get lower depending on the trade volume. It is still not the lowest on the market. Some exchanges have lower fees compared to them.
- Fast trading executions
Bittrex offers a unique trading engine that speeds up trades, which is unlike other services. This engine even works well despite high demand. Investors would love this as it allows them to capitalize on the many price movements that happen in a volatile market such as cryptocurrency.
- Cardano staking
Cardano (ADA), cryptocurrency holders would be thrilled to have this platform. Bittrex allows users to stake their Cardano crypto throughout the exchange. You can get up to 5.5% in reward. Binance vs Shapeshift
- Educational Content
We all know how arcane-ish finances in general are. So by association, cryptocurrency is just as mind-boggling and arcane. Any way you can educate yourself about the topic is a blessing.
In Bittrex’s case, it offers an impressive library of educational resources in its Discover section. Here, users will find articles and references for various crypto topics. You will find references and lessons on topics that range from crypto taxes to crypto mining.
They even have a breakdown of some of the cryptocurrencies available on the platform to give you an idea of what you are betting on and whether one is a good investment.
Although it doesn’t completely eliminate the risk of cryptocurrency, it can help users make better decisions. Binance vs Shapeshift
- Referral Program
Bittrex operates a referral program where when someone you know signs up for an exchange account and uses your referral link, you will earn 10% on all trading commissions they pay.
While this may not look like much. Referring a serious crypto whale can net you substantial rewards. Although unreliable, it is a good and less risky way to passively earn crypto income.
Bittrex Trading Experience
Trading on Bittrex is a no-frills, straightforward experience. Users just need to log in, and then they can access their trading dashboard. It can be accessed via a desktop or mobile app.
The desktop interface offers a simple “instantbuy/sell” option. This allows users to quickly trade or buy crypto using a debit card, bank account or Bittrex account balance.
A real-time view of all the market data available on the platform is also available to users. Besides that, users have the option for more advanced order types. Stop, stop limit, trailing stop, and laddered orders.
Bittrex Fees
Bittrex uses a simple maker/taker fee structure, making their fees more transparent than most exchanges. That said, you still get fee discounts for trades with higher volumes. Overall, these fees are pretty low but are not the lowest available in the market.
| 30-Day Volume (USD) | Maker | Taker |
| Below $25,000 | 0.35% | 0.35% |
| $25,000 – $50,000 | 0.25% | 0.30% |
| $50,000 – $100,000 | 0.15% | 0.25% |
| $100,000 – $1 million | 0.10% | 0.20% |
| $1 million – $5 million | 0.06% | 0.16% |
| $5 million – $10 million | 0.05% | 0.15% |
| $10 million – $60 million | 0.02% | 0.10% |
| $60 million – $100 million | 0.00% | 0.08% |
| $100 million + | 0.00% | 0.05% |
Bittrex Issues
Bittrex has been on the receiving end of negative reviews from its users. Most of these issues stem from account lockouts, frozen assets, and problems with identity verification. These problems are widespread across all crypto exchanges.
At the very least, the platform has not seen any major controversies or setbacks.
Bittrex Pros and Cons
Pros
- Highly secure
- Extensive selection of available cryptocurrency
- Fairly low fees
- Advanced trading tools
- Pretty helpful educational content
Cons
- Customer support is mediocre and often unhelpful
- Can be challenging for beginners
Binance versus eToro Binance vs Shapeshift
Binance and eToro are two of the most well-known cryptocurrency platforms. They are both pretty famous and lead the market in what they do.
But there is one thing that separates them. That is, they are very different platforms. Binance is a cryptocurrency exchange. eToro, however, is not. Rather, it is a cryptocurrency broker.
Binance offers a variety of digital assets, including NFTs and services. A cryptocurrency broker also sells crypto along with other investment products such as stocks and fractional shares.
eToro Overview
Unlike most of the companies listed in this review, eToro did not start as a platform for cryptocurrency. The Tel Aviv-based company was actually an online forex broker originally under RetailFX. This was in 2007.
When RetailFX started offering commodities, indices, and stocks, it changed its name to eToro. It later launched the innovative social trading feature, which allowed users to copy trades from successful traders on the platform.
eToro was only able to get involved in the cryptocurrency market after it added support BTC in 2014. This enabled users to buy and sell CFDs (to non-U.S. users). The world’s most popular digital currency. Four years later, it also added support for Ripple (XRP) and Ethereum (ETH). Binance vs Shapeshift
Also, in 2018, eToro went full steam on the crypto industry. The platform was expanded with more currencies and coins. The company even launched its digital asset platform, eToroX, and even its crypto wallet.
Cryptos under eToro
eToro’s digital asset platform has a limited selection of cryptocurrency options. This is probably because they did not start as an exchange but as a brokerage. Nevertheless, the service does include some of the most popular currencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dash (DASH)
- Dogecoin (DOGE).
- Ethereum (ETH).
- Litecoin (LTC)
- Polkadot (DOT)
- Polygon (MATIC)
- Solana (SOL)
- Stellar Lumens (XLM)
eToro Perks
- CopyTrader
The CopyTrader is eToro’s signature feature. This feature existed long before the platform began to explore the crypto industry. Binance vs Shapeshift
This allows eToro users simply to copy trades made by their favorite traders. The trade can be initiated by setting the money that the user wants to spend.
From there, the platform will set those funds and try to mirror the positions of their favorite eToro trader proportionally.
It is completely free, which is quite surprising. This feature requires a fee, but it can be used as often as the user wishes.
- Invest more than crypto.
Since the platform started in foreign exchange, it was to be expected that new users could still get in on that action.
eToro is one of the few places on the internet that allows you to own cryptocurrency and stocks in one account. Regarding stock investing, the platform offers zero-commission stock trading with the ability to buy fractional shares.
eToro provides a virtual brokerage account which allows you to simulate stock investing without putting any real money at risk.
- Deposits to Fee Debit cards
Unlike most cryptocurrency exchanges, eToro does not charge fees for users who want to do a debit card deposit. As such, investors can deposit fiat money via bank transfer or debit card, all for free.
That said, there is a conversion fee for non-U.S. dollar transactions, so users should remember that.
eToro Trading Experience
eToro is available as a simple web-based platform and a well-designed mobile app.
It is easy to get started on the platform by depositing fiat currency using a bank account or debit card. Once they have done that, they can trade instantly.
An intuitive trading tab gives a view of current prices and buys, sells, and even converts crypto.
CopyTrading is the top perk that makes trading simple and straightforward. You can even trade with high-performing traders on the platform.
Overall, the platform offers many basic market and limit orders. However, it lacks some of the more advanced conditional orders and more advanced charting capabilities.
The platform is limited in its ability to offer cryptocurrency fairs due to a lack of options.
It’s also eToroX – the digital asset platform that is the most prominent.
eToroX now offers U.S. Dollar deposits, margin trading and trading APIs. It also allows for fast execution.
eToro Fees
eToro offers a refreshing view on fees. Unlike other cryptocurrency exchanges that don’t list their fees, eToro lists its fees when trading crypto.
eToro users pay a flat fee of 1% for each crypto trade. This 1% market fee is added to the market price the platform calls a bid-ask spread. It is also included in the platform’s price when users open or closes their position.
However, most users do not like that on eToro, and you pay for the “round trip” upfront. This is different from other exchanges, which only charge fees when an asset is purchased or sold.
With eToro, you pay 1% for the eventual sale of the coin in advance, plus a $1 fee on the purchase.
This could be a problem when users transfer their coins to an external wallet. As they can no longer return them to the trading platform.
eToro Issues
Due to its age, it is not surprising that the platform has had its fair share of controversies. However, most of these do not involve the crypto market.
One that does, though, happened during the 2021 closure of leveraged position. The following was notified to European clients of the platform in the early part of that year:
“Due to extreme market volatility in the crypto markets, margin positions for all leveraged crypto positions” should be changed to non-leveraged, or they would be closed within four hours.
This was a bad move and many users and lawyers expressed their intent to file a lawsuit as a group. It even provoked actions of having the eToro license in Cyprus revoked.
eToro also found itself in an unfavorable feud against Redditors from /r/wallstreetbets following the GameStop short squeeze.
eToro Pros and Con
Pros
- An established platform
- Regulated in many jurisdictions
- CopyTrading, a unique feature only available on the platform, is an exclusive feature.
- Has more to offer outside of crypto trading
- Transparency in the fee
Cons
- Only 44 states in the United States allow stock, ETF and cryptocurrency trading
- Margin trading is not available for U.S. users
- There are a few cryptocurrencies available.
- The 1% fee is quite high in comparison to other fees.