It is only a matter time before cryptocurrency becomes mainstream and is recognized everywhere. As such, marketplaces where people can buy, sell, exchange and trade digital assets have become crucial places.
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.
A cryptocurrency exchange, by definition, is an online platform where users can trade one type of digital asset for the other. These exchanges will be based on the market value of the given assets.
In the real world, banks are financial institutions that are licensed to receive deposits, transfer funds, and store money for their clients. Banks, basically, regulate money. They are the only legal institution that can offer customers the ability to exchange fiat currencies for another.
Meanwhile, a stock exchange is a facility where stock brokers trade company stocks and other securities. Stocks can only be bought or sold only if they are listed on an exchange. 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.
There are still people who treat cryptocurrency with fear and anxiety. Some people view cryptocurrency and cryptocurrency exchanges as 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. This is especially true if these founders are scammers or hustlers who excel at what they do.
It is important to remember that cryptocurrency and any other related technology are always a risky business. Always be cautious. As with gambling, there is a greater chance of losing than winning. High-risk, high reward.
If you prefer to see the experience in a more visual way, Mark Farfan’s YouTube video review is for you. You can still check our article below for a complete overview of Binance. It also compares it with some other competitors.
Binance Exchange Can Binance vs Florida
Binance Overview
Binance is the most popular cryptocurrency exchange in the entire world. It has the highest trading volume of any crypto exchange service and offers the most number of cryptocurrency trading pairs.
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. Each token of this stablecoin is backed 1:1 with 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 is used to pay listing, exchange, trading fees, and other expenses users incur on the platform.
Binance Perks
- Low fees
This is the main reason Binance is the largest crypto exchange platform worldwide. 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
A crypto exchange platform will only be as good as the selection of cryptocurrencies available in its market. Binance is the largest crypto exchange platform. This means that it has a lot of digital currencies.
There are even decentralized finance (DeFi) tokens available, as well as stablecoins, altcoins, and other popular cryptos.
Some of the currencies available 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.
- Multiple ways to Earn
For those wanting to get more mileage out of their investments, Binance allows you to earn more from your crypto assets. Customers can try to earn income via adding liquidity to pairs of tokens. There are also staking options on the platform.
However, these opportunities come with a lot of risk. Users must be able to recognize and weigh the risks. Trading and dealing in crypto is risky enough.
- Advanced trading tools
Lastly, Binance would not be called a crypto exchange platform if it were without trading tools.
Binance offers advanced trading tools that make it easy to tailor trading options. It is easier to place limit orders to buy or sell crypto at a certain price.
Charting tools can also be extremely useful for veterans traders when making trade decisions. There are even features that allow users to sell leveraged tokens and make trade easier.
Binance Trading Experience
The overall trading experience with Binance is pretty good. You can trade with Binance using a variety of trading tools, which allow for faster and more efficient transactions. You can even use real-time charts with moving averages, which makes it easy and accessible.
You don’t have to trade on your computer. You can use Binance in any way you like. You can do it through the Binance App, the Binance website, or even the Binance desktop app.
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. In fact, users can choose how they prefer these data to be presented, which makes it easier to pinpoint the more important ones.
Binance Trading Fees
Binance trading fees will depend on the customers’ trading history and trading volume in the past 30 days. Another thing that will matter is the amount of BNB the user has.
The fees you pay will depend on whether you are a taker or a maker. Makers (those that add liquidity to the market) tend to be favored and get lower fees than takers (those that remove liquidity orders from the market).
Binance uses its native currency to facilitate transactions. Whenever you use BNB for your trades, you get a 25% discount on the trading fee. 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 4,999,999 and 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 | 200,000,000 to 499,999,999 and at least 1,000 BNB | 0.06% / 0.08% |
| 6 | 500,000,000 to 999,999,999 and at least 1,750 BNB | 0.05% / 0.07% |
| 7 | 1,000,000,000 to 2,499,999,999 and at least 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 bad year for the exchange platform.
Binance was the victim of a large-scale security breach on May 7, 2019. It was discovered that hackers stole 7,000 Bitcoins worth $40 million. However, customers were reimbursed by the site’s “Secure Asset Fund for Users (SAFU).
It wasn’t as bad as 2021. In fact, saying that Binance had a rough year in 2021 is an understatement.
The United States Department of Justice and Internal Revenue Service, on allegations of money laundering and tax offenses, investigated the company.
It was also forced to cancel its planned launch in Britain of a digital asset marketplace. This was due to their application not meeting the anti-money laundering requirements set by their government.
It was again in trouble the next year when it was revealed that Binance had shared client data with Russia. In an effort to combat crime, these data contained names and addresses.
In October the same year, another hacker attacked its network. After discovering an exploit between two different blockchains, the company had to suspend transactions and funds transfers temporarily. As soon as the issue was discovered, it was resolved.
However, about $100m in funds remained unrecovered from a total of $570m that was stolen.
Binance Pros and Cons
Pros
- Low Fees
- Easy Access to Passive Income Opportunities
- Wide Selection of Cryptocurrencies
- Trading tools that are sophisticated
- Multiple ways of Depositing Money
- Flexible Trading Options and Order Types
Cons
- Non-beginner friendly. Many features can be overwhelming for beginners to use and access
- 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. Even the US-specific service, Binance U.S. (a more limited version), is unavailable in some states.
- There is no built-in digital wallet
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Coinbase Versus Binance
There are two cryptocurrency platforms that can be used, and they have different approaches. Coinbase and Binance are the best examples.
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 difference between Coinbase & Binance lies in who their primary audience is and how they cater.
Coinbase Overview
Coinbase, also known as Coinbase Global, Inc, a publicly traded American company that acts as a cryptocurrency exchange platform. The platform is a distributed business, so all employees work remotely.
The company doesn’t have a physical headquarters. The company used to have its headquarters in San Francisco. However, this palace was demolished and the company moved to remote-first.
Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. He started coinbase by enrolling in the Y Combinator startup incubator program, where he received a $150,000 cash infusion.
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. In truth, Coinbase launched out of a two-bedroom apartment that was shared with another company. Can Binance vs Florida
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. This is because of the vast and varied cryptocurrencies available in the market.
From a Bitcoin (BTC) focused exchange. Coinbase now offers over 150 different cryptocurrency types. You can even trade Bitcoin (BTC), and other major currencies, for smaller or 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
To make the platform more accessible, Coinbase provides two separate trading tools that users can access in 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. The only downside of this option is that it takes higher fees, which might be counterintuitive to crypto investing’s philosophy of keeping fees to a minimum.
Meanwhile, advanced trading offers more features, such as charts, a live order book, and even 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.
To avoid high fees, it is highly recommended to trade in advanced trading.
- 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.
Users are encouraged to read more about crypto through educational modules, and when one has completed one module, coinbase allows 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 the amount is not.
- 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 has made it easier for users to access their accounts via a mobile app. Like the web platform, their mobile app provides user-friendly ways to buy, sell, and manage your 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
You can earn interest on many cryptocurrencies through your Coinbase Account. This is because Coinbase pays interest on specific stables, like USD Coin (USDC), automatically.
This allows you to stake certain cryptocurrencies like 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. Can Binance vs Florida
You will receive certain rewards for staking cryptos. Of course, not all cryptos are eligible for this. 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.
If you have a Coinbase account, you can apply for a Coinbase card, a prepaid Visa debit card linked to your Coinbase account 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. You can even choose which crypto from a rotating list you earn for this rewards
Coinbase Trading Experience
Coinbase offers a different kind of service than Binance, which has lower fees and more advanced training tools. Coinbase targets people just starting their crypto journey.
This platform provides tools to enable crypto traders to quickly and easily trade. This is linked to their original goal of “making Bitcoin easier to use.”
They have provided their determination to achieve this vision by letting users earn cryptocurrency just for watching tutorial videos geared towards beginners.
This doesn’t mean veteran traders only have beginner tools to play with. For that, Coinbase offers Coinbase Pro. This platform is designed for experienced traders. Can Binance vs Florida
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.
Users can also access real-time charting tools, trade history, order book, and 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. No, there is no need for that. Anyone can access the pro version of Coinbase by creating an account.
Coinbase Trading Fees
Coinbase doesn’t disclose their fees and pricing. Their entire fee schedule was removed from the online help section. However, you won’t have to pay all fees at once. Costs are still shown when entering a trade, so you still know how much you will pay.
This is where coinbase falls short of the rest. Its fee structure can be too complex and a little hard for the mind to wrap around. 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.
- Lastly, Coinbase also charges fees to cover the costs of executing transactions on the external blockchain networks that support the cryptocurrencies in which it deals. Can Binance vs Florida
That said, Coinbase Pro’s pricing model is more straightforward. It is based on the customer’s monthly trading volume and liquidity of the asset at the time of purchase. Coinbase Pro users must have a bank account to make withdrawals and deposits.
The chart below gives an idea of the fees you can expect on the main coinbase platform:
| Trade Size | Coinbase Fee |
| $10 or less | $0.99 |
| $10 to $25 | $1.49 |
| $25 to $50 | $1.99 |
| From $50 to $200 | $2.99 |
Trades above $200 have a percentage-based fee rather than a flat fee.
For Coinbase Pro, a general idea of the fees is shown in the chart below.
| 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. These problems started earlier in the month when banks and card issuers charged crypto purchase merchant category codes (MCC).
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”
In 2018, customer complaints against Coinbase jumped more than 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 also participated in the first ever case of insider trading in 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.
Coinbase Pros and Cons
Pros
- Easy to use and very friendly for those just starting in cryptocurrency
- Supports a large number of cryptocurrencies
- Offers the opportunity to earn cryptocurrency and learn about them.
- You can trade simple or advanced depending on your preference
- Offers coinbase debit card, which allows for easy withdrawing of funds Can Binance vs Florida
Cons
- Complex and convoluted fee structure that is also not transparent
- Some transactions attract high fees
- Limited staking and interest opportunities.
- A lot of altcoins are missing from their selection
- Customer service issues
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Binance or Kraken?
Binance and Kraken, both giants in the cryptocurrency industry, have millions of users. There might seem like a huge gap between the two platforms should we compare their rank (Binance being first and Kraken at fourth), but there is more to it than that.
Binance.US users, for example, are severely limited by the fact that they cannot access Binance’s U.S.-based platform (Binance.US). while Kraken is widely available in the country.
These two platforms share many similarities, including both offering advanced trading options and low fees as well as mobile apps. Both platforms are targeted at experienced or veteran 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. Can Binance vs Florida
Kraken Overview
Kraken is a fully functional crypto exchange characterized by its low fees and a good selection of tokens, coins, and cryptocurrencies. This platform is unique in that it offers advanced trading tools such as margin.
Kraken’s primary goal is to be the most secure and reliable 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 and 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. Further currencies and margin trading would follow.
Powell began working on Kraken as a possible replacement for Mt.Gox, another bitcoin exchange based in Shibuya, Tokyo, Japan. He was a consultant for that exchange before its collapse in 2014 due to failing security audits.
Kraken also joined with other US Bitcoin players in the formation of the “Committee for the Establishment of the Digital Asset Transfer Authority”, the industry’s selfregulating group. Can Binance vs Florida
The year 2014 was very big for Kraken. In March of that year, the company received a $ 5 million Series A investment from Hummingbird Ventures and Bitcoin Opportunity Fund.
It was later listed on Bloomberg Terminal as one of the first bitcoin exchanges. It has since chosen to help with the investigation of Mt. Gox, Powell’s former employer. Because of its track record of being secure, Kraken is trusted.
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. The most well-known and popular currencies are:
- 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)
Aside from that, Kraken also supports some stablecoins which include Tether, USD Coin, as well as Dai. A limited number of Kraken currency exchanges are also available in certain territories. You can convert US dollars into Canadian dollars, Japanese Yuen and Swiss Francs. Can Binance vs Florida
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. As such, some in the industry have affiliated Kraken with physical security and financial stability. This is a claim Kraken is too proud to make.
- Healthy Range of Available Cryptocurrencies
Kraken offers trades on its platform with over 160 coins and seven fiat currency. It’s not the largest amount but it’s still quite healthy and comparable to the top crypto exchanges. Can Binance vs Florida
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 quote of the exchange rate of two different currencies traded in FX markets.
In the case of Kraken, one currency pair would be using 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.
- Advanced trading features
Kraken is one of the few exchanges offering 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 lets you leverage currency pairs up to 5x. Pro clients who are eligible can get up to $500,000 in margin. Margin trading is still risky.
- 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 is even cheaper than other exchanges.
There are no set trading fees, which will differ from exchange to exchange. Your monthly trade history will determine how much you pay. 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. You can stake in over 15 cryptos. They can earn between 0.25% and upwards of 20%.
Staking refers to the act of holding your coins in order to make a contribution to the security of a specific blockchain. It can be a great way to passively earn an 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 that’s geared towards intermediate-to-experienced users. The platform is accessible to beginners if they wish. It is suggested that they start with the central Kraken platform to learn the ropes. Can Binance vs Florida
Kraken allows verified accounts to quickly buy cryptocurrency from linked bank accounts. 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.
Their system makes it easy to buy cryptocurrencies using 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). As such, you will need your device to log in to your account.
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. It is well worth the effort. Can Binance vs Florida
It includes more detail about assets, active charts and the ability to view open orders.
As stated above, Kraken also allows for lower fees. So if you think you are ready, it would be better to make the same trade with Kraken Pro instead of Kraken. You’ll pay less and earn more at the end of the day.
Kraken Fees
Kraken’s fees fall in the middle of the market, as we have already stated. 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.
In normal Kraken, fees for instant purchases include 1.5% for most cryptocurrencies and 0.9% for stablecoins using the U.S. dollar or another stablecoin.
Additional fees will vary depending on how you fund your purchase. These prices range from 0.5% for funding with a bank account. Meanwhile, 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet. Can Binance vs Florida
Kraken Pro’s pricing however is quite 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. Remember that transactions are subject either to a 0.16 maker fee or 0.26% taker fees.
Below is a chart showing their maker-taker fees for a volume of 30 days 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
Kraken’s security record has been excellent and Kraken is the only major cryptocurrency exchange not to be hacked.
Kraken does have its share of problems with 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’s main reason is that doing so would be bad for business.
Approximately a year after, the Office of Foreign Assets Control investigated the exchange for potential violation of sanction regimes by allowing trade for customers based in Iran. 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 and Cons
Pros
- Advanced features such as margin trading and stakestaking are available.
- Good and dependable customer service option
- Relatively low Bitcoin withdrawal fees (BTC).
- Offers a variety of educational materials.
- Most secure exchange in 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 accepts only a handful of fiat currencies
- Some users have complained about having their accounts hacked. Can Binance vs Florida
- It is 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 provide a variety of features such as low fees and staking as well 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. There are many factors that influence which exchange is ranked higher than another.
The better way to choose your crypto exchange is to examine both options and determine which one appeals to you more. 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. Can Binance vs Florida
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.
Crypto.com is a platform that does the same thing as most cryptocurrency exchanges. It lets users trade, invest, stake in a currency, and many other things.
It also has a huge selection of currencies numbering at least 250 different currencies, reasonable fees, and even discounts to some specific customers (like those with huge stakes in the Crypto.com’s very own coin, the cronos (CRO).
Crypto.com’s primary selling point is 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. The company has even partnered with Shopify those in the e-commerce platform accept cryptocurrency as a valid payment.
Overall, we can consider Crypto.com as an all in one cryptocurrency platform that is perfect for investors and traders who want to do more than buy and hold. Crypto.com allows cryptocurrency to be used as currency.
Cryptos under Crypto.com
In terms of selection, Crypto.com has a huge one available. It support more than 250 currencies for spot trading with a subset of 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 (UNI)
As mentioned above, Crypto.com also has its coin called Cronos (CRO). Having a significant stake in this coin rewards you with lower trading fees, higher stalking interest rates, and higher credit card rewards. Can Binance vs Florida
Crypto.com Perks
- One-Stop Shop
Crypto.com is more than a trading platform. It allows you to buy and sell cryptocurrencies on the exchange and swap said cryptocurrencies with others through your DeFi wallet.
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 are comparable to many other sites.
There are many transactions on Crypto.com that don’t require fees. You can deposit your money via wire transfer or electronic bank to your account.
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
While this is not a feature unique to Crypto.com, it bears being listed here. 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 and GBP as well as EUR. 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 greatest perks that you can receive as a Crypto.com member is the availability Visa Cards linked to your Crypto.com account with its crypto currency.
Currently, Crypto.com has five types of prepaid Visa Cards available to its users. Granted, these cards will need to be topped up before one can fully utilize their uses.
The type of Card available for you will also depend on how much CRO stake you have in the platform.
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.
Meanwhile, those who own deeper pockets can avail of their top-of-the-line, Obsidian tier. This earns you 5% cash or crypto back, along with loads of extra bonuses. To qualify, you will need to have at least $400,000 in stakes. Can Binance vs Florida
Other cards available include Midnight Blue, Jade Green/ Royal Indigo, and the Frosted Rose Gold/ Icy White. All these cards have no annual fee and give you a set number of free ATM withdrawals and foreign transactions each month.
- Earn Interest
As a one-stop shop for everything crypto, Crypto.com isn’t just a place to buy coins and tokens. Those who have a Crypto.com account can also earn high rates of interest. Crypto.com offers some of the highest-yielding savings accounts on 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%.
The interest rate you can acquire will depend on factors like the duration of time you leave your money, the currency you save, and the amount of CRO you have staked.
The app allows you to increase your interest rate in many ways. One way is to stake more than 4,000 CROs. You can even get more if your stake exceeds 40,000 CROs, but this may seem excessive.
If you make a deposit for a term of one month or more, the interest rate can be increased to 3 months. Between these choices, depositing for one-month terms might be more flexible, but three-month term deposits yield better rates.
Finally, stablecoin investments can also increase your interest rate. Stablecoins usually peg their values to an external reference. Some can be pegged to the U.S. dollar. These stablecoins allow you to 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
Crypto.com also offers phone top-ups and gift cards. You even earn cash-back benefits by buying gift cards from several popular brands.
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.
Brands include Macy’s, Barnes & Noble, Airbnb, and many more.
How much CRO you stake and what kind of company you are will determine how much cashback you receive.
Crypto.com Trading Experience
Your trades with Crypto.com will largely revolve around the mobile app. This serves as the platform’s central hub. For those who have been trading stocks on their phone or tablet before, the experience will be easy and similar to what you would expect. Can Binance vs Florida
This app shows the user their portfolio and lists of their most 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.
Where would you pick up a trading application without its chart tools. 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.
Crypto.com offers a wide range of fiat currencies. More popular ones include the Australian (AUD) and Canadian (CAD) dollar, the euro (EUR), the British pound sterling (GBP), the ever-popular U.S. Dollar (USD), and even the Brazilian real (BRL). This allows users from multiple countries to buy and enter crypto using their local currency.
Crypto.com Fees
Crypto.com’s trading fees are very competitive. They are actually among the few that offer the lowest trading fees on 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 showing fees for spot and margin trades for customers with no CRO stake amount.
| 30-Day Spot Trading Volume (USD) | Maker | Taker |
| Below 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 10,000,000 or equal to 10,000,000 | 0% | 0.0500% |
Meanwhile, the table below is the maker and taker rates for those who have less a stake of than or equal to 100 CRO (3% discount)
| 30 Day Spot Trading Volume (USD) | Maker | Taker |
| Less than 250,000 | 0.0728% | 0.728% |
| Greater than or equal 250,000 | 0.0679% | 0.0698% |
| More than 1,000,000 or equal | 0.0631% | 0.0669% |
| More than 5,000,000 or equal to 5,000,000 | 0.0582% | 0.0631% |
| Greater than or equal to 10,000,000 | 0% | 0.0485% |
As stated, discounts are based on the CRO stakes. Stakes over 50,000 CRO are exempt from maker fees. People with even higher stakes may be eligible for 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. According to reports, the company had 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 reported that no customer funds were lost alongside the restoration of withdrawals.
Crypto.com’s problems were mostly caused by the decline in cryptocurrency. As such, Crypto.com had to let go of hundreds of employees, which started in May. In October 2022 alone, it was reported that the company had to lay off at least 30% to 40% of its staff.
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 Cons and Pros
Pros
- Very low fees
- There are many ways to pay with crypto
- Converts money easily
- Visa card perk with great cash back rewards
- Earn interest on crypto
- Pretty big selection of cryptocurrency coins and tokens Can Binance vs Florida
- Strong security
Cons
- User interface and the exchange itself is pretty difficult to navigate
- There are limited availability of coins.
- Some areas are lacking customer service and some of it is very poor.
- There is a shortage of educational resources.
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Binance versus Kucoin
Comparing KuCoin to Binance side-by-side, it is clear who the winner is. It is Binance, and that is by a lot. 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. Many negative reviews have been written about the exchange, with a variety of reasons. Some are semantics while others are 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 was founded by MichaelGan, who was eager to learn more about blockchain and the potential applications. Eric was his boss and he told him about Bitcoin. He then got involved in 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.
This extensive range of tokens and coins may appeal to veteran traders who are looking for an assortment of assets. KuCoin’s greatest strength is its ability to mine altcoins for tokens and coins. Can Binance vs Florida
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. People need to be aware of what they are getting 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
As we have already stated, KuCoin has a broad selection of coins, tokens, and altcoins that can be traded in 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 has very low trading fees. Although it’s not the lowest on the market, it’s still low enough to be competitive 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. However, depositing fiat money such as U.S. Dollars will require you to pay an additional fee. Can Binance vs Florida
These fees depend on the transfer method you choose and what third-party app that you use.
- Earn through interest on your crypto
KuCoin, like most cryptocurrency exchanges lets you make money with your crypto. In the case of KuCoin, the service is called KuCoin Earn.
KuCoin Earn gives you two ways to make money from your crypto. You can first take your coins through Pool-X which is backed by KuCoin. The second way is to loan out your crypto and get paid the interest.
Loaning your crypto nets your interest bigger than what you’d normally get with a saving account. However, your earnings will still be affected by the demand for your coin.
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.
This repayment could be made from collateral or KuCoin margin insurance funds.
- Advanced Features
KuCoin provides veteran users with plenty of toys and extra features to play with. 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.
That said, using bots can be pretty risky. Bots can be prone to glitches, and being too dependent on them may cost you a lot of 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.
After logging into your KuCoin account on mobile or desktop, you can access KuCoin’s dashboard or front page. From there, users can do whatever they want, from viewing markets, buying, trading, and lending crypto, as well as many other activities.
In the case of order types, the platform supports four. These include market order, limit or stop-limit orders, and stop-market orders.
Users have access to orders as well as margin, futures and P2P trading. If you want, you can even stake your crypto with the benefit of earning some back or a discount on some trading fees. Can Binance vs Florida
Recently, the exchange has just added a Trading Bot feature to help simplify the whole trading process.
Overall, KuCoin has plenty of advanced features. Veteran traders might find this a great benefit. However, they might be a nightmare for beginners as desktop, and mobile platforms are not user-friendly.
KuCoin Fees
KuCoin breaks down trading fees by levels. These trading fees will mostly depend on 3 factors. The minimum KCS holding within the past 30 days and the spot trading volume within the last 30 day (BTC) are the key factors in determining the trading fees.
Below is a table showing which trading level corresponds with 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 determine how much you’ll have to pay for taker or maker 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.
KuCoins also has a 24-hour withdrawal limit.
| Trade Fee | 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
KuCoin doesn’t have the best reputation in this industry, to be honest. Just by looking at reviews of the company, you can already see a glimpse of how bad the dissatisfaction is.
In Trustpilot reviews, it got an average of just 1.7 out of 5 stars out of 600 reviews. Most of these negative reviews are about problems with customer support, the withdrawal process, and even making deposits Can Binance vs Florida
KuCoin was also accused of manipulating the market. Some even claimed that their assets disappeared randomly from their accounts. This can be a very big problem, especially when we talk about assets, money, and finance.
Then there is an issue of security.
KuCoin, a crypto exchange that is generally safe, was hacked in 2020. About $280 million in crypto was stolen from hot wallets and sent to hackers by the exchange. This was a serious security breach, despite the fact that all assets were covered by an insurance plan.
KuCoin Pros and Con
Pros
- Low fees
- Strong user base
- Wide range of coins
- 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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Bittrex versus Binance
Bittrex is a crypto exchange that has more similarities than differences than Binance. Both have similar features that users can use. Despite being similar, the two platforms have major differences.
One key difference between these two platforms has to do with 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. Still, Binance surpassed them after the former implemented stricter Know Your Customer (KYC) and anti-money laundering policies.
Bittrex Overview
Bittrex is a cryptocurrency exchange that aims to operate a world-class service with focus and trust.
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 can be found in Seattle.
In the beginning, the platform only offered crypto-to-crypto trading, but it soon introduced fiat-to-crypto trading. Can Binance vs Florida
Despite the newness of their fiat trading, they still offer a wide selection of cryptocurrencies and stablecoins. Also, they are available in 46 U.S. states, excluding Hawaii, New York, and Vermont
Cryptos under Bittrex
Bittrex has a wide selection of cryptocurrencies and stablecoins available in their exchange. Like most exchanges, this variety makes platforms very enticing to traders.
They 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. This makes it pretty attractive for customers looking for new, more niche but riskier trades.
- Low fees
Bittrex offers low fees starting at 0.3% This can get lower depending on the trade volume. That said, it is not the lowest available in 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
Those who hold some Cardano (ADA) cryptocurrency would be overjoyed with this platform. Bittrex allows users to stake their Cardano crypto throughout the exchange. This can earn them up to 5.5% in rewards. Can Binance vs Florida
- Educational Content
We all know how complicated and elusive finances can be. So by association, cryptocurrency is just as mind-boggling and arcane. Any way you can educate yourself about the topic is a blessing.
Bittrex has an impressive library of educational resources available in its Discover section. You will find references and articles on a variety of crypto topics here. 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.
While it does not fully remove the risk in cryptocurrency, at least it helps users make more informed decisions. Can Binance vs Florida
- Referral Program
Bittrex offers a referral program. If someone you know opens an account with Bittrex and uses your link, you’ll earn 10% on all trading commissions.
While this may not look like much. Referring a serious crypto whale can net you substantial rewards. It is an easy way to passively make crypto income, even though it is not reliable.
Bittrex Trading Experience
Bittrex trading is simple and straightforward. Logging in is all that’s required to access the trading dashboard. It can be accessed via a desktop or mobile app.
In the desktop interface, users have a simple “instant buy Buy/Sell” option. This allows users to quickly trade or buy crypto using a debit card, bank account or Bittrex account balance.
Users can also benefit from a real-time view of the markets available on the platform. Users also have the option to place more complex orders. You can also choose from 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. These fees are generally quite low, but not the lowest on 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 received negative reviews from users. Most of these issues stem from account lockouts, frozen assets, and problems with identity verification. Most of these problems are common across many crypto exchanges.
The platform hasn’t experienced any major setbacks or controversies.
Bittrex Pros and Cons
Pros
- Highly secure
- Extensive selection of available cryptocurrency
- Very low fees
- Advanced trading tools
- Pretty helpful educational content
Cons
- Mediocre and mostly unhelpful customer support
- Can be challenging for beginners
Binance versus eToro Can Binance vs Florida
eToro and Binance are two pretty famous cryptocurrency platforms. They are both pretty famous and lead the market in what they do.
However, there is a difference that divides the two. 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. Meanwhile, a cryptocurrency broker sells crypto alongside other investment products like stocks and fractional shares.
eToro Overview
eToro was not founded as a cryptocurrency platform, unlike most companies in this review. Rather, the Tel Aviv-based company was originally an online forex broker under the name RetailFX. This was back in 2007.
When RetailFX started offering commodities, indices, and stocks, it changed its name to eToro. Later, it launched its innovative social trading feature that allowed users to copy trades of successful traders on the platform.
eToro only got involved in the crypto market when it added support for BTC in 2014. CFDs could now be bought and sold to non-U.S. users. The world’s most popular digital currency. It added support for Ripple and Ethereum four years later. Can Binance vs Florida
In 2018, eToro also made a big push in the crypto market. The platform was expanded with more currencies and coins. The company also launched eToroX, a digital asset platform and its crypto wallet.
Cryptos under eToro
eToro’s digital asset platform has a limited selection of cryptocurrency options. They were not originally set up as an exchange, but rather 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. Can Binance vs Florida
This basically allows eToro users to copy trades done by their favorite traders with just one click. Users only need to set the amount of money they want to allocate for the trade.
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.
It was expected that users would still be able to participate in the action since the platform began in foreign currency.
eToro allows you to have both stocks and cryptocurrency 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.
- Fee Debit card deposits
Unlike other cryptocurrency exchanges that charge fees, eToro doesn’t charge users to make a debit card payment. Investors can deposit fiat money using a bank transfer or debit card for no additional fees.
That said, there is a conversion fee for non-U.S. dollar transactions, so users should remember that.
eToro Trading Experience
eToro can be used as a web-based platform or as a mobile app.
Starting in the platform is as easy as depositing fiat currency from a debit card or bank account, and then they can trade immediately.
A trading tab provides an intuitive view of the current prices, buys, sales, and converts crypto.
The top perk CopyTrading makes doing trades pretty simple and easy. 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 is also eToroX, the flagship digital asset platform with all the bells and whistles users would expect from an institutional-grade exchange.
Some of the new features included in eToroX include U.S. dollar deposits, margin trading, trading APIs, and 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 are charged a flat fee of 1% per trade in crypto. The platform refers to this 1% market fee as a bid-ask spread. This fee is charged when users close or open positions.
However, many users don’t like the fact that eToro charges a fee for each round trip. 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. They can’t return the coins to the trading platform.
eToro Issues
Due to its age, it is not surprising that the platform has had its fair share of controversies. Most of these do NOT involve the cryptocurrency market.
One that does, though, happened during the 2021 closure of leveraged position. Early that year, European clients of the platform were notified of the following:
“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 not a good move, and many lawyers and users expressed intent to file a class action lawsuit. This led to the revocation of the eToro licence in Cyprus.
eToro was also in a feud with Redditors of /r/wallstreetbets after the GameStop short squeeze.
eToro Pros and Cons
Pros
- A platform that is already established
- Regulated in numerous jurisdictions
- CopyTrading, a unique feature only available on the platform, is an exclusive feature.
- There’s more to it than just 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.