Binance Bnp

binance-vs-competition

It is only a matter time before cryptocurrency becomes mainstream and is recognized everywhere. 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.

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 determined by the market value of the 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 institution that can offer customers the ability to exchange fiat currencies for another.

Stock brokers can trade securities and stocks on a stock exchange. Only stocks that are listed on an exchange can be purchased or sold. Stock exchanges are marketplaces that stock sellers and buyers use to trade their stocks.

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. Some people view cryptocurrency and cryptocurrency exchanges as illegal online marketplaces.

These people believe these places could facilitate the trading of unregistered securities. They fear that crypto exchanges could be used by criminals to launder money, and they have limited AML/KYC capabilities to evade the law.

Of course, some of these claims are not entirely unfounded. Just as with dealing with cryptocurrencies in general, using cryptocurrency exchanges come with its own inherent risks.

There is a chance that law enforcement will close down an exchange. When this happens, these exchanges might not be able to return your money because some operate illegally in gray areas.

There is also the possibility of your funds getting locked in the exchange, leaving you with no way of withdrawing or even selling your cryptocurrency and other digital assets. This can happen especially when the cryptocurrency exchange you are using has been seized by law enforcement or is under investigation by the proper 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.

Remember, when working with cryptocurrency and anything related to them, everything is always a gamble. Always be cautious. As with gambling, there is a greater chance of losing than winning. High-risk, high-reward.

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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 Bnp

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 established in 2017 by Changpeng Zhao, a Chinese-Canadian entrepreneur. The company was initially based in China, but with the growing crypto restriction on crypto in the country, it was moved to Japan and soon to Malta.

The company didn’t have a place to call home back then.

The company is currently based in Malta. 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 with its user base is because of its low fees, a large number of available cryptocurrencies, as well as its innovative products. The platform has a lot to offer in terms of products that are based on cryptocurrencies.

These products/services offer the opportunity to earn, trade, stake, derive and NFTs. You can even get loans, do payments, and even avail of credit cards from the service.

Cryptos Under Binance

Binance also has its own set of tokens and cryptocurrencies. There are actually two.

The BUSD is the first. It is a fiat-backed stablecoin 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.

The second is called BNB. It was previously known as Binance Coin. The initial coin offering (ICO), launched it in 2017. This was to provide an asset for users back when Binance was still very young. It was originally an ERC-20 standard token that was built on the Ethereum blockchain.

It is currently a native token in Binance, where it powers 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. Fees will vary depending on trading volume and Binance Coin (BNB) balance.

That said, the platform still charges fees for some services, such as withdrawal 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)

And many more.

  • Multiple ways to Earn

Binance is a platform that allows users to make more money from their crypto assets. Customers can try to earn income via adding liquidity to pairs of tokens. There are also staking options on the platform.

That said, most of these opportunities carry great risk, so it is up to users to discern and weigh these risks. That said, trading and dealing with crypto is already risky in itself.

  • Advanced trading tools

Binance wouldn’t be considered a crypto-exchange platform if it didn’t have trading tools.

Binance offers advanced trading tools that make it easy to tailor trading options. 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. There are even features that allow users to sell leveraged tokens and make trade 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.

You don’t have to trade on 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. Even those who want to keep track of their trades will only need to access their trade history, which is also available on the exchange platform.

Even how they view their trading can be customized. This makes it easier to understand 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. Another thing that will matter is the amount of BNB the user has.

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 Below 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 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 20,000,000 to 119,999,999 and at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199.999.999 with 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 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.

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. That said, the site reimbursed customers through its “Secure Asset Fund for Users(SAFU).

However, it wasn’t as rough as the year 2021 was. It’s not true to say that Binance had a difficult year in 2021.

The United States Department of Justice and Internal Revenue Service, on allegations of money laundering and tax offenses, investigated the company.

It also had to cancel the planned launch of its own digital asset marketplace in Britain. Their application did not meet anti-money laundering requirements.

It was again in trouble the next year when it was revealed that Binance had shared client data with Russia. These said data included names and addresses of users in a bid to fight crime.

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. The issue had been contained as soon as it popped up.

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
  • Large Selection of Cryptocurrencies
  • Trading tools that are sophisticated
  • Multiple ways of Depositing Money
  • Flexible Order Types and Trading Options

Cons

  • Non-beginner friendly. For beginners, many features can be difficult to access and use.
  • Regulation issues with many countries, including major ones such as the United States, Japan and the United Kingdom.
  • 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.

The one is an American-based exchange and is suitable for beginners. It has a simple interface with limited transaction types and is best suited for veterans.

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, 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. It used to have a company headquarters in San Francisco, but this palace was abandoned, and the company changed operation to remote-first.

Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. He joined the Y Combinator incubator program and received a $150,000 cash injection.

Later on, co-founder Fred Ehrsam joined him after noticing Armstrong’s post on Reddit. This was back in the days when bitcoin was only $6 and was only known to “a few nerds online” (Ehrsam’s words not mine).

They believed bitcoin was an insane idea that would revolutionize finance and money. They both shared a confident view that bitcoin will be very big. As such, they wanted to bring crypto to the mainstream and make it easy to use. This was the impetus behind Coinbase.

While Coinbase now sits among the pantheon as the biggest crypto exchange in the United States and one of the biggest worldwide, its beginnings were not glamorous. In truth, Coinbase launched out of a two-bedroom apartment that was shared with another company. Binance Bnp

Cryptos Under Coinbase

Coinbase doesn’t have any original coins or cryptocurrency. The platform supports over 100 cryptocurrencies. As the need arises, they add new cryptocurrencies regularly.

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 (UNI)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap (SUSHI)

Coinbase Perks

  • Extensive Selection of Cryptocurrency

There is a reason why coinbase is the biggest cryptocurrency exchange in the United States. This is because of the vast and varied cryptocurrencies available in the market.

From 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.

Coinbase is the only cryptocurrency exchange that offers a wide selection of products 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. 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.

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. While this option has lower fees, the trade-off is that it is less intuitive, more complex, and intimidating to new users.

With that said, placing your trades in advanced trading is highly advisable just to maintain low fees.

  • Earn Free Crypto

For those wanting to earn more crypto, Coinbase gives a cool feature that allows customers to do so. 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.

While the feature does not give much, it still doesn’t hurt. Besides, even a few crypto bits are always a blessing, especially in this economy. Besides, whoever declines free money is always a fool. Even if the amount is not.

  • Educational Content

Coinbase’s library is an educational resource, as we have already mentioned. These resources include tips and tutorials, as well as information about crypto basics. Market updates are also available. Coinbase is the best platform to start investing in crypto.

  • Mobile App

Coinbase up its accessibility factor by allowing users to access their accounts with a mobile app. Like the web platform, their mobile app provides user-friendly ways to buy, sell, and manage your cryptocurrency.

This Coinbase App is not just something that is not some garbage or bloatware. It is legit and has high ratings on both the Apple App Store and Google Play Store.

  • Crypto Reward

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 to stake certain cryptocurrencies like Solana (SOL) and Ethereum (ETH).

Staking allows participants to receive rewards for their crypto assets. It is how many cryptocurrencies verify transactions. When you stake in crypto, you commit your crypto assets to support the blockchain network and verify transactions. Binance Bnp

As said, staking on cryptos will give you certain free rewards. 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.

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.

What’s more, using the Coinbase card gives you a chance to win crypto rewards. This rewards program allows you to choose the crypto that you want from a rotating list.

Coinbase Trading Experience

If Binance provides low fees and more advanced training tools, Coinbase is geared towards a more different type of user. 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 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. Binance Bnp

Coinbase Pro is different in that it was made for professional traders and gives them more tools, allowing for better customization of their trades. Examples include the ability to choose among several order types, such as stop or limit order and margin order.

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.

Although it states pro on the can, that doesn’t necessarily mean users will need to pay a fee for Coinbase Pro. There is no such fee. Anyone with a Coinbase account can already access and use the pro version.

Coinbase Trading Fees

Coinbase doesn’t disclose their fees and pricing. They even removed their full fee schedule from their online help section. That said, this doesn’t mean you will pay your fees blindly. 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. It is said that the fee structure depends on three confusing factors:

  • Coinbase charges a spread for cryptocurrency purchases and sales. The spread is significant because rates can fluctuate depending on market conditions.
  • Coinbase claims that fees are based on a variety of factors, including the chosen payment method, market conditions (volatility or liquidity) and 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. Binance Bnp

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. Coinbase Pro users must have a bank account to make withdrawals and deposits.

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
From $50 to $200 $2.99

Trades over $200 are subject to a percentage-based fee instead of 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

There is a good chance that cryptocurrency will be a legal issue because it is still a new area of technology.

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).

The issue stemmed from the fact that crypto payments were categorized as “cash advances” and that banks and credit card issuers could begin charging cash advance fees for these purchases.

According to a Financial Times article Visa, the credit card company, initially blamed Coinbase. Later, however, Visa retracted those statements and stated on the Coinbase blog that Coinbase was not responsible for the issue.

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. The company provided prosecutors with the right information for an internal investigation.

Pros and cons of Coinbase

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.
  • Offers simple and advanced trading depending on user preference
  • Offerings a coinbase debit card that allows easy withdrawal of funds Binance Bnp

Cons

  • Complex and complicated fees structure, which is not transparent
  • High fees on some transactions
  • Limited staking and interest opportunities.
  • A lot of altcoins are missing from their selection
  • Problems with customer service

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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.

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. Will it be Binance and their offers of slightly lower fees, a huge variety of coins, and additional way of managing your funds. Or will it be Kraken and its high regard for security standards, which won them a bank charter approval in Wyoming in 2021. Binance Bnp

Kraken Overview

Kraken is a fully functioning crypto exchange that offers low fees and a wide selection of tokens and coins. 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 and some ETH.”

Kraken was co-founded in 2011 by the aforementioned Jesse Powell, who was an alumnus of California State University, Sacramento, with Thanh Luu. It was launched in September 2013 and offered bitcoin, Litecoin and euro trades. Further currencies and margin trading would follow.

Powell started working on Kraken to replace 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. Binance Bnp

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.

Later, it became one of the first bitcoin exchanges to be listed on Bloomberg Terminal. It has since chosen to help with the investigation of Mt. Gox, CEO 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.

He was replaced as CEO by Dave Ripley.

Cryptos under Kraken

Kraken supports at least 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)

Aside from that, Kraken also supports some stablecoins which include Tether, USD Coin, as well as Dai. Kraken also has a limited currency exchange that is available in select territories. You can convert US dollars into Canadian dollars, Japanese Yuen and Swiss Francs. Binance Bnp

Kraken Perks

  • Beefy Security

Since its founding in 2011 and launching in 2013, Kraken has been a mainstay of the cryptocurrency industry. Its eyes were focused on security from its first day, and it never kept its eyes off it after all these years. It is actually the only cryptocurrency exchange to have not been hacked.

This exchange, which is based in the United States, is the industry’s leader in terms security. As such, some in the industry have affiliated Kraken with physical security and financial stability. A claim that the company is just too happy to boast about

  • Healthy Range of Available Cryptocurrencies

Kraken has over 160 coins and seven fiat currencies available to trade on its platform. While it’s not the biggest amount, it is still a healthy number and is comparable to some of the best crypto exchanges. Binance Bnp

This amount helps Kraken maintain high liquidity, making buying and selling at a fair price easier on the platform.

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 lets you leverage currency pairs up to 5x. Some eligible pro clients can access up to $500,000 in the margin. This does not remove the risk that margin trading inherently brings.

  • Fees are reasonable.

Although it’s not the most expensive on the market, Kraken’s fees remain competitive and comparable to other exchanges. It is even cheaper 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.

  • Strong Staking Options

Staking options within Kraken are pretty good. You can stake in over 15 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. To learn the ropes, it is recommended that they begin with the Kraken central platform. Binance Bnp

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.

Two-factor authentication (2FA) is a security feature that you can use to protect your Kraken account. To log in to your account, you’ll need to have your device.

On the other hand, Kraken Pro is Kraken’s more advanced trading platform. At first glance, it has a more complex interface than the regular Kraken exchange. Kraken Pro is intimidating for new traders. However, it is worth learning. Binance Bnp

Some features added to it are more detailed asset information, active charts, and even a view to 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

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. There are other factors that could affect the cost of the fees you will be paying.

Also, prices and fees will differ depending on your platform. Kraken Pro will always have cheaper fees than the normal 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.

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. Meanwhile, 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet. Binance Bnp

Meanwhile, Kraken Pro’s pricing is pretty different. The fees for Kraken Pro are generally lower than those on 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

Kraken has not had to deal with any issues other than disagreements about its work culture, which the company has worked on and is now ready to move 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.

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. Kraken was fined $1.25million by the Commodity Futures Trading Commission in September 2021 for allowing unregistered margin trades.

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. Luckily both modes can easily be accessed as long as you have a Kraken account.
  • Kraken accepts only a handful of fiat currencies
  • A few users complain about their accounts being hacked. Binance Bnp
  • 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 offer a wide range of features, such as low fees, staking, and advanced trading. However, it does not mean that the two platforms 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. Binance Bnp

Crypto.com Overview

Crypto.com was established in Hong Kong in 2018 The founders of Crypto.com, Gary Or, Kris Marszalek and Rafael Melo originally called it Monaco. It only became Crypto.com when the company purchased a domain that cryptography researcher and professor Matt Blaze owned.

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 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 main selling point and focus is in their exchange. They offer many crypto services, including their own crypto wallet and 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. 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. Some of the more popular currencies available in the platform include:

  • Bitcoin (BTC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Polkadot (DOT)
  • Litecoin (LTC)
  • USD Coin (USDC)
  • Chainlink (LINK)
  • Polygon (MATIC)
  • Cardano (ADA)
  • Uniswap

As mentioned above, Crypto.com also has its coin called Cronos (CRO). A significant stake in this cryptocurrency will reward you with lower trading fees and higher stalking interest rates as well as higher credit card rewards. Binance Bnp

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. Basically, Crypto.com puts weight on the currency part of cryptocurrency.

  • Low fees

Crypto.com’s low fees can rival that of many sites.

In fact, there are transactions within Crypto.com that do not even require any fees. One example is depositing your money into your account via an electronic bank or wire transfer.

Crypto.com allows you to buy and sell cryptocurrency at the true price, which is why you should know that “what you see is what your get”.

That said, the platform does charge you a fee for crypto purchases made with a credit card or a debit card. Payments made with a debit card or credit card might also be subject to a cash advance fee for crypto purchases.

  • 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. Crypto.com only supports 20 fiat currencies.

These fiat currencies include USD, GBP, and EUR, among others. But, just because a fiat currency is listed on Crypto.com, does not necessarily mean it will be available for you to 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.

Currently, Crypto.com has five types of prepaid Visa Cards available to its users. These cards must be charged before they can be used fully.

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 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. Binance Bnp

Midnight Blue, Jade Green/ Royal Indigo and Frosted Rose Gold/ Icy White are some of the other cards that are available. 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%.

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.

Using the app, you can increase your interest rate in multiple ways. One way is to stake more than 4,000 CROs. It is even possible to get more if you stake up to 40,000 CRO, but that may be asking for too much.

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.

That said, since stablecoins are stable, these are unlikely to appreciate in value compared to 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 sells gift cards from well-known brands in a variety of industries, including hotels, general retail, gaming, education, and entertainment from at least 41 different countries. You can also find gift cards from the United Arab Emirates, Norway, Singapore and Spain.

Macy’s and Barnes & Noble are some of the brands.

How much CRO you stake and what kind of company you are will determine how much cashback you receive.

Crypto.com Trading Experience

When using Crypto.com, your trades will mostly revolve around its mobile app, which 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. Binance Bnp

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. With it, you can trade currencies, earn through staking in crypto, make payments with cryptocurrency, and even sign up for a Crypto.com credit card.

Where would you pick up a trading application without its chart tools. The Crypto.com app shares a simple set of data which aims to not overwhelm or intimidate 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. 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. 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.

That said, newer Crypto.com users without any CRO staking will pay a 0.4% fee on trades with a total monthly trading volume of 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 to 250,000 0.0700% 0.0720%
More than 1,000,000 or equal 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%

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
Below 250,000 0.0728% 0.728%
Greater than or equal 250,000 0.0679% 0.0698%
Greater than or equal to 1,000,000 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. Maker fees for those with stakes greater than or equal to 50,000 CRO become zero. 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 immediately halted withdrawals, which were then 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. 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 in part due to the collapse of FTX. Crypto.com CEO Marszalek reassured that the exchange was operating normally.

Crypto.com Pros and Cons

Pros

  • Very low fees
  • There are many ways to pay 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 Bnp
  • 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. 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 is a crypto exchange platform launched in 2017 by tech geeks Micahel Gan, Eric Don, Top Lan, Kent Li, John Lee, Jack Zhum, and Linda Lin. The company was founded back in 2013.

KuCoin started because of MichaelGan’s eagerness to learn about blockchain and its application possibilities. Eric was his boss and he told him about Bitcoin. He then got involved in the action.

He was shocked to discover that some of the largest cryptocurrency exchanges at that time were difficult to use for beginners. They believed this was inversely proportional to how blockchain changed the world, especially with how Bitcoin and crypto changed the global financial system.

By the end of 2013, Michael and Eric wrote down the first code of what would become KuCoin in a cafe. This was how the platform, which would later be known as the “People’s Exchange,” got its start.

 

Cryptos under KuCoin

It is not surprising that the exchange is an older cryptocurrency exchange platform. This means there are a lot of cryptocurrencies that you can trade and buy.

Veteran traders looking for a wide selection of assets may appreciate this extensive selection of coins and tokens. KuCoin’s greatest strength is its ability to mine altcoins for tokens and coins. Binance Bnp

This was also the reason why the company was started in the first place: to make less mainstream currencies more prominent and to allow people to access them.

These less-known coins can be more risky than the stable and well-known 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)

These are only a small selection of the many options available on 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. In fact, it ranks in the upper echelon when selecting coins available in 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 a good thing for users and the coin, as it allows them to start using a new currency earlier.

  • 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. Withdrawal fees are in line with other exchanges, and depositing cryptocurrency to the service is free. That said, you will still need to pay a fee to deposit fiat money, such as U.S. dollars. Binance Bnp

These fees will depend on your transfer mode and the third-party app you use.

  • Earn Through Interest on Your Crypto

Like most cryptocurrency exchanges, KuCoin lets you earn money through your deposited 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. You can also lend your crypto to get 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 uses this money to finance margin trading. It might seem risky, but the company states that lenders will always be repaid in full.

This repayment could be made from collateral or KuCoin margin insurance funds.

  • Advanced Features

KuCoin offers veteran users a variety of toys and additional features. They permit margin trading which allows users leverage their position which allows them to borrow money to purchase more crypto.

KuCoin’s mobile app also supports trading bots. This allows you to trade your cryptocurrency without having to do it yourself. Instead, you can let a computer handle that task for you. This is very convenient because you don’t always have to be online in order to run your business.

However, bots can pose a risk. Bots can be prone to glitches, and being too dependent on them may cost you a lot of opportunities. Then there is the fact that you mostly don’t know about their perimeters and strategies when doing their trades.

The convenience bots offer may not be worth the uncertainty about how they handle your assets.

KuCoin Trading Experience

The KuCoin trading experience can start either through an online portal or an Android and iOS mobile app. Each platform offers a variety of tools and features that you can use to trade on it.

After logging into your KuCoin account on mobile or desktop, you can access KuCoin’s dashboard or front page. Users can view markets, trade, buy, lend, or trade cryptos from there.

The platform supports four order types. These include market order, limit or stop-limit orders, and stop-market orders.

Besides orders, users also have access to margin, futures, and P2P trading. You can stake your crypto to earn some back or get a discount on trading fees. Binance Bnp

The exchange recently added a Trading Bot feature that will simplify the entire 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

When it comes to trading fees, KuCoin divides their rates by levels. The three main factors that determine the trading fees are: 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 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 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. KCS users will receive 20% off for paying fees.

Also, KuCoins has a 24h 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. Many of the negative reviews focus on customer service, withdrawals, or even deposits. Binance Bnp

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. The exchange lost about $280 million worth of crypto from users’ hot wallets to hackers. This was a concerning security breach despite the assets being covered by an insurance fund.

KuCoin Pros and Con

Pros

  • Low fees
  • Strong user base
  • Wide range of coins
  • Earn interest on your crypto
  • Trading features
  • Good customer service

Cons

  • Not licensed in the U.S.
  • Limited payment methods
  • Can be intimidating and overwhelming for new traders
  • Has limited education resources

coins-on-paper

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Binance versus Bittrex

Bittrex and Binance are two crypto exchanges with more similarities than differences. Both offer similar features that users can enjoy. That said, these two platforms do have their 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.

There was once a time when Bittrex was once among the global leaders in the cryptocurrency industry. Still, Binance surpassed them after the former implemented 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 founded in 2014 by three cybersecurity engineers from Amazon: Bill Shihara, co-founder and CEO; Richie Lai, co-founder, and chief information officer; and Rami Kawach, co-founder and chief technology officer. Its headquarters are located in Seattle.

The platform initially offered only crypto-tocrypto trading. However, it quickly added fiat-tocrypto trading. Binance Bnp

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. 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

  • A huge selection of cryptocurrency

As stated above, Bittrex has a rather sizable option of cryptocurrency available in their market. Customers looking for niche, but more risky trades will find it attractive.

  • Low fees

Bittrex also offers low fees, which start at 0.35%. Depending on trade volume, this fee can be lower. That said, it is not the lowest available in the market. Some exchanges charge lower fees than others.

  • Execution of fast trading

Unlike other services, Bittrex has a custom-built trading engine that allows faster trades. This engine even works well despite high demand. This is a great way for investors to take advantage of volatile markets like cryptocurrency’s price fluctuations.

  • Cardano staking

Cardano (ADA), cryptocurrency holders would be thrilled to have this platform. Bittrex lets users stake their Cardano cryptocurrency throughout the exchange. You can get up to 5.5% in reward. Binance Bnp

  • 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. There are references and lessons for topics ranging from crypto taxes to how crypto mining works.

You can even see a breakdown of some of these cryptocurrencies on the platform, which will give you an idea about what you’re betting on and whether it is worth your time.

While it does not fully remove the risk in cryptocurrency, at least it helps users make more informed decisions. Binance Bnp

  • 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. 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.

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. Stop, stop limit, trailing stop, and laddered orders.

Bittrex Fees

Bittrex has a simple fee structure that makes it easier to understand their fees than other 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
Less than $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. These problems are widespread across all crypto exchanges.

The platform hasn’t experienced any major setbacks or controversies.

Bittrex Pros and Cons

Pros

  • Highly secure
  • Extensive selection of available cryptocurrency
  • Fairly low fees
  • Advanced trading tools
  • Very useful educational content

Cons

  • Customer support is mediocre and often unhelpful
  • For beginners, it can be difficult

Binance versus eToro Binance Bnp

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.

However, there is a difference that divides the two. That is, they are very different platforms. Binance is a cryptocurrency exchange, eToro is not. It is, in fact, a cryptocurrency broker.

Binance sells a wide range of digital assets ranging from the usual cryptocurrency to NFTs and other 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. The Tel Aviv-based company was actually an online forex broker originally under RetailFX. This was back in 2007.

RetailFX began offering stocks, indices and commodities. 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 only got involved in the crypto market when it added support for BTC in 2014. This enabled users to buy and sell CFDs (to non-U.S. users). On the world’s leading digital currency. Four years later, it also added support for Ripple (XRP) and Ethereum (ETH). Binance Bnp

Also, in 2018, eToro went full steam on the crypto industry. More coins and currencies were added to the platform. The company also launched eToroX, a digital asset platform and its crypto wallet.

Cryptos under eToro

eToro and its digital asset platform have few cryptocurrency selections. This is probably because they did not start as an exchange but as a brokerage. That said, some popular currencies found in the service include:

  • 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

CopyTrader is eToro’s most distinctive feature. It was a feature that existed before the platform dabbled in the crypto industry. Binance Bnp

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.

The platform will then set the funds and attempt to match the positions of their favorite eToro traders proportionally.

What is surprising about this tool is that it is entirely free. There is a need to pay an additional fee for this feature, which can be used as much as the user wants.

  • 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 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.

Even for people who want to test out stock investing, eToro offers a virtual brokerage account that lets you simulate owning stocks without putting real money at risk.

  • Fee Debit card deposits

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.

Users should be aware that there is a conversion charge for transactions not in U.S. dollars.

eToro Trading Experience

eToro is available as a simple web-based platform and a well-designed 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.

The platform provides 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

When it comes to fees, eToro is a breath of fresh air. 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.

Users can have this problem if they transfer their coins to another 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. 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 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 not available to U.S. users
  • There is a limited selection of cryptocurrencies.
  • The 1% fee is quite high in comparison to other fees.

Binance Bnp

binance-review

Cryptocurrency, shortened as crypto, is any digital or virtual currency. To ensure that transactions are secure, cryptocurrency uses cryptography as a means of security.

Cryptocurrencies do not have a regulating or central issuing power; rather, they depend on a decentralized system to record transactions and issue new units. As such, it doesn’t rely on banks to do transactions.

What is it used for? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. This currency exists purely as digital entries and is recorded on an online database that describes specific transactions.

Every transaction made with cryptocurrency funds will be recorded in the public ledger. Every owner of cryptocurrency keeps their funds in a digital wallet.

Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. Cryptocurrency can only exist digitally and virtually because it uses encryption methods only computers can understand.

This advanced coding used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.

The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It remains the best known today. However, it is not the only cryptocurrency that exists. Other cryptocurrency options include DogeCoin and Ethereum, BNB (Binance Coin), Tether and Solana.

To trade or exchange these currencies, one would need to use the services of a crypto exchange or digital currency exchange (DCE).

A Cryptocurrency Exchange is a business that allows customers trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.

Crypto exchanges have functions that are similar to online brokerage platforms. You can use them to purchase and sell digital currencies or tokens for various cryptocurrencies.

Crypto Exchanges can accept credit card payments, wire transfers, or other forms of payment in exchange for digital currencies or cryptocurrencies.

One such dedicated cryptocurrency exchange is Binance.

Binance and Overview Binance Bnp

binance-logo
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. You can still read our article for a complete overview of Binance.

Binance is still the best cryptocurrency exchange in the world when it comes to cryptocurrency trading. It has the highest trading volume of any crypto exchange by offering users the most cryptocurrency trading pairs.

Binance got its start in 2017 through Changpeng “CZ” Zhao. Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. Since then, it has moved from Japan and Malta but did not have a permanent place to call home.

However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Binance Bnp

Binance’s popularity was due to its user base who liked the low fees, availability of cryptocurrencies and innovative products. Currently, the platform offers a multitude of crypto-based products.

From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.

Binance has its own unique tokens, cryptocurrencies and coins. BUSD is a stablecoin. BNB is a strong performer because of its low fees.

However, Binance has its problems and dark sides.

In 2021, the company was investigated by the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.

The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities in June 2021. However, this ban had a limited scope and non-registered companies can still interact with UK customers.

It was originally set up in the spring of that year to launch a digital asset marketplace in Britain. However, it withdrew its application because it did not meet anti-money laundering requirements.

In the same year, Binance was also reported to have shared client information, including addresses and names, with the Russian government. This was a Russian government way of helping them combat crime.

Binance Perks

Large Selection of Cryptos

Given that the company is among the biggest cryptocurrency platforms in the market. Hence, it is no surprise that many cryptocurrencies and other digital currencies are available. You can get decentralized finance tokens (DeFi), stable coins, alt currencies, and other popular cryptos.

A few examples of this include:

  • Binance Coins (BNB).
  • VeChain (VET)
  • Harmony (ONE)
  • VeThor (VTHO)
  • Dogecoin (DOGE)
  • Matic Network (MATIC).

For those who want them, Binance also offers and support for the more popular cryptocurrencies such as:

  • Dash (DASH)
  • Compound (COMP)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Cardano (ADA)
  • Cosmos (ATOM)

Low Fees

Trading currencies and tokens are not offered free on any platform. However, choosing Binance as your trading platform will give you deals that may as well be free. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. The highest spot trading fee so far is 0.1%.

The platform employs a maker/taker fee structure, and fees will vary depending on trading volume and Binance Coin (BNB) balance. As a rule of thumb, the higher the volume of your trade, the lower the fees your trades are subjected to. Binance Bnp

What’s more, is that users can also get fee discounts for some services. Such as:

  • Using Binance (BNB) coins in trades
  • You can become a Very Important Person (VIP) by trading certain assets.

However, Binance users still have to pay additional fees. Different fees will apply depending on which type of withdrawal you make and what payment method you use. As a sample, you refer to the chart below

Type of payment Fees
  • Wallet
  • Debit cards
  • ACH Transfer
  • Wire transfer
  • Crypto Conversion
  • Trades
  • Buy/Sell Crypto
  • N/A
  • 4.5%
  • Free
  • $15 for U.S. customers
  • N/A
  • 0.00% to 0.1%
  • 0.50%

We can discuss more about fees in a later section.

binance-coins-with-dollars

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Passive Income on Crypto Assets

Binance lets you earn crypto assets. These come with different levels of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.

The platform offers more staking options. They even pay higher rates than most other exchanges.

You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. It is up to you to decide if these risks are worth taking. As such, it is important to understand what is involved and what is at stake before jumping into these opportunities.

Advanced Trading Tools

Binance’s advanced trading tools provide an easy way to customize your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. With its “convert” function, it even caters to beginners.

The advanced trading interface has a lot of charting options that are a delight for veteran traders. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.

The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. This is an opportunity for customers to multiply their positions in a particular currency. This strategy is risky because it can increase losses and even cause traders to lose their whole position.

The Binance Shortcomings

Not for Newbies

Binance is not for beginners. Binance is complex platform designed for experienced traders. The general aim of the platform is to have these earners maximize their profits.

We previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. The thing is, most of these features will only be useful when you know what those things mean and what you are doing.

The most risky opportunities are where novice traders and beginners lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.

The huge market selection and the in-depth dashboards presented by the platform can also be overwhelming and difficult to navigate, especially if you are just getting started in crypto investing.

Once you get the hang of the platform, you will find it very easy to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. It also provides a sizable educational resource.

Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. It is still not a platform where you just buy Bitcoin and then sit back and relax. Binance Bnp

Pay attention to regulatory matters

As we have already mentioned, Binance has faced many problems. It is currently in the crosshairs of several countries, including Japan, Canada, Singapore and Thailand.

The United States authorities are investigating the platform for potential money laundering, tax evasion, and even insider trading. So far, no charges have been filed, and Binance has denied any wrongdoing. Only time will tell if anything comes out of this.

Binance took steps to improve its compliance team, and keep regulators in line. However, this could prove to be a difficult endeavor as most of the products that make Binance attractive to customers are also the ones attracting regulatory attention.

Not Available in the U.S.

In response to regulations targeting Binance’s business in the United States, they had to build a separate platform for U.S. customers called Binance.US. The U.S. version Binance offers fewer features and less cryptocurrencies.

Binance.US trades more than 120 cryptocurrencies, but does not offer futures trading. Also, it lacks availability as it is not available to the whole country. It’s unavailable in Hawaii, New York, Texas, or Vermont.

stock-market-data

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How it all Works

Now that we’ve seen some of the good and the bad of Binance, we can finally talk about how it works.

As we know, Binance functions as a cryptocurrency exchange. It offers a wide range of services. These include:

  • Buy, Sell, or trade cryptocurrency
  • Set up recurring buys
  • Earn passive income
  • Access advanced features such as crypto derivative products, limits orders, and peer-to-peer trading
  • Trade non-fungible tokens (NFTs)
  • Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
  • Get portfolio insights and live tracking, as well as alerts
  • Its tax reporting tool will help you keep track of all your tax obligations

It is important to remember that many regulatory agencies around the globe have been focusing on Binance’s wide range of products. On their side, Binance does warn users of the risks involved with investing in the platform.

It also has an anti-addiction setting just in case users become too involved with trading. The system warns traders about the risks involved in trading derivatives if they suffer heavy losses or a losing streak. They are encouraged to take a break from trading and rest.

The platform believes responsible traders should be critical and keep themselves in check to avoid harmful excesses like compulsive trading or gambling.

These are all just reminders; ultimately, it is up to the retail investors how they manage the risk and how they should keep their money.

Sign up for your Binance account

Creating and registering your very own Binance account is simple and can be done within a few minutes. There are two types of accounts available: unverified and verified.

For Unverified users:

  1. Register on the Binance homepage
  2. Enter your email address
  3. Create a password
  4. Accept Binance’s Terms and Conditions of Use
  5. Click “Create Account”
  6. Confirm registration through email

For Verified Accounts

  1. Register for an unverified account.
  2. Login to your account
  3. Go to User Center and click Identity Verification
  4. Choose Personal
  5. Please fill in your details
  6. Choose an ID type for document verification, such as a Passport or Driver’s license
  7. Upload a file or take a picture of the document
  8. Take a photo of yourself
  9. After uploading the required document and photo, click confirm.
  10. Binance will then review it as soon as possible. Binance Bnp

From then on, you will have to wait for an email from Binance to ensure that your account has been verified.

Trading Experience

As we’ve mentioned, Binance offers a variety of trading tools. Some of these tools include their real-time charting tools with moving averages and exponential moving averages. Trading is also convenient and accessible, as users can place trades through the Binance app, Binance website, or Binance desktop app.

The platform allows traders to view their trade history and portfolios. The platform allows them to view their order book and price charts. You can also choose from a variety of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.

Users can also choose from different trading views to better understand data and view it in the way that they prefer. Views range from classic to margin and OTC views.

increasing-value

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Trust Wallet

Binance provides a custodial wallet through its platform. Trust Wallet is also recommended by Binance, which supports thousands upon thousands of cryptocurrencies across all major blockchains. It’s easy to transfer funds from Binance to a Trust Wallet, or another external crypto wallet.

Usually, withdrawals are complete within 10 minutes, and even the costs are minimal. To verify your account, you will need to enter some personal information. You can use Binance on a variety of platforms, including mobile and desktop.

Fees

Binance is known for its low fees. This does not mean users are exempt from any charges. Binance users are still subjected to some fees needed for the platform.

Deposit and Withdrawal Fees

Deposit fees depend on the currency and method of payment. While it is usually free to make a bank transfer, fees will usually be there for debit card payments.

Binance may allow you to make credit card or debit card payments, bank transfer, and peer-to-peer payments depending on where you live.

As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw cryptocurrency to a wallet, or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance Bnp

Trade Fees

Your trading fee percentage will depend on your trading history in the past 30 days and the volume in the past 30 days. The amount of BNB you hold will also matter.

Maker orders, which add liquidity to the market, will get lower fees than taker or remover orders.

It also encourages users to use their native currency, Binance Coin (BNB). Anyone doing so can get a 25% discount on the trading fee. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).

Below is a chart that shows how VIP status and the 30-day trade volume are related to maker/taker.

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 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 20,000,000 to 119,999,999 and at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199.999.999 with 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 2,500,000,000 to 4,999,999,999 and 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%

Security

Binance is a platform that handles sensitive and high-stakes data. It should be expected that it has strong security measures to protect their assets and clients.

Binance offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It uses address whitelisting, device administration, and the ability restrict device access.

Binance also claims to have its own insurance fund made by storing 10% of all trading fees in a secure fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).

This insurance is not the same as having a third party doing it, but it does give users some protection.

Binance also keeps its most important security feature, its funds, offline, in cold storage. This is to avoid any contact with hackers.

Customers should be cautious about Binance, however, as it has a poor track record in security. In early 2019, the platform was hacked for $40 million in BTC. Another major hack occurred in October 2022. This time, it cost them $570 million in BNB.

There is a silver lining to this. Sometimes, it would be more beneficial for exchanges to experience these incidents so that they can determine which part of their security to fix. The customer side can at least see how the platform handles them and their customers when these incidents occur.

In Binance’s case, they quickly responded and immediately reimbursed anyone affected by the hack through their Secure Asset Fund for Users (SAFU). This cold storage wallet keeps enough capital to cover users’ losses.

Customer Service

Binance provides three options for customer support. You can submit a ticket, ask a basic question through chat, and reach out via Twitter.

To obtain tickets, you simply need to complete a form on Binance’s website. Submitting a ticket entitles you to receive email assistance.

If you are approaching them through Twitter, you only need to tag or mention Binance on their Twitter account (@BinanceHelpDesk) for support. Because it is more visible, Binance encourages users to tweet about their problems through this channel.

If you need to get in touch with Binance directly, there is a chat box at the bottom right corner. You can access this on the Binance website.

lucky-coins

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Binance Pros & Cons

Pros

  • Low fees

Low fees are one of the main reasons Binance is a top choice for crypto exchanges. It is a no-brainer. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.

  • You have the ability to make passive income in many different ways.

It is impossible to not desire passive income. It is like getting paid while doing nothing, and Binance has a lot of opportunities for doing so. That said, these opportunities also carry inherent risks in them. As such, these are not for the faint-hearted. Binance Bnp

  • Wide selection of Cryptocurrencies: From Bitcoin to Dogecoin and Etherium, there is no shortage of cryptocurrency you can buy from Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).

BNB is the platform’s crypto. This allows crypto investors and traders flexibility in making their selections.

  • Advanced Trading Tools

A trading platform will only be as good as the tools it provides its users. In the case of Binance, it gives users enough tools for a more flexible trading experience. As such, traders and investors will not have a hard time doing trade on the platform.

  • There are many ways to deposit money

You cannot start trading if you have no money at stake. That is why, Binance allows for easier access and start to crypto trading through its multitude of ways to deposit funds

  • Flexible Order Types and Trading Options

Trading is like gambling. The assets and stock own may be valuable now, but you will never know when their values will drop. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Binance Bnp

Cons

  • Platform can be overwhelming for beginner users.

Multiple options and advanced tools can be a bad thing. A multitude of choices can overwhelm beginners and make it difficult to choose from. Binance’s numerous options can even be intimidating to some traders who are more experienced.

  • Regulation issues in many countries

Binance has faced several regulatory and legal issues. This is a major issue that many investors are considering switching to other exchanges.

That said, the platform has been trying hard to remedy these regulatory issues and doing its best to meet the requirements to comply with and solve these issues.

  • Not available in the United States

Binance was temporarily banned in the United States due to problems with US regulatory bodies. That is why the parent company created Binance U.S., a U.S.-exclusive version of the platform.

However, Binance U.S. is more limited than the original Binance. It is not available in certain states, such as New York and Vermont.

  • No built-in digital wallet available

Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. For some reason, Binance does not. Instead, it recommends Trust Wallet, a third-party service. Although it is a well-respected service, they may not be able to offer sufficient support. Binance Bnp

Binance Last Thoughts

Let me start this final thought by saying that I am a noob when it comes to crypto. All my knowledge comes from a few youtube videos, an article here and there, and some Reddit threads.

Binance was the best platform for me because it charges very low fees. I joined cryptocurrency to find out what all the fuss was about. This is not something I intend to take seriously.

Creating my account from scratch and verifying it took no time. Within just a few minutes, I could look at the UI and everything the platform offers. Let me tell you…..

So with confidence, I can honestly back the opinion that Binance is not beginner friendly. Binance presented me with a lot of options that were overwhelming and intimidating. I needed a friend to help me understand the complexities of all this stuff.

With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start trading. Although it is still confusing at times, I am slowly getting the hang of trading.

As of right now, I want to bet on the right horse and not the wrong one.

coin-standing

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Binance Frequently Asked Questions Binance Bnp

Binance is safe?

Yes, it is safe, but it does not have a good track record.

While Binance has its own set of key security features, it still is a blight on its record that it was hacked twice. Although the company increased its security, it will be determined if they can withstand attacks.

How do you decide if Binance is right for you?

It is hard to determine which platform is right for your needs until you have read the reviews and tried the services for yourself.

You may find Binance a good fit for you, if you:

  • You’re not new to crypto trading and have intermediate-level experience in trading.
  • You want a service that charges low fees and carries many currencies.
  • You are looking for a service with many advanced features.
  • You are an institutional trader carrying a high or ultra-high net worth.
  • You live outside the U.S.

Does Bianance Offer FOREX Trading?

Binance doesn’t offer Forex trading (Foreign Exchange Trading) traditional Forex.

It lacks the currency pairing required to join FOREX. To enter FOREX-only exchanges, a company needs access to thousands. It is a far cry from Binance, which only has over 50 currency pairings.

CFD trading is offered by Binance

Binance offers CFD (Contracts For Difference) trading.

They are still controversial in crypto, and many prefer native assets. Unlike CFD’s, these assets can easily be withdrawn to a personal wallet. That said, CFDs do have their advantage. For one, they can be very liquid.

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