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. It doesn’t depend on banks to conduct transactions.
So what does it use? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. The currency is digitally stored on an online database which records specific transactions.
Each time a transaction is done with cryptocurrency funds, it will be recorded in a public ledger. Each owner of a cryptocurrency has their funds stored 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. It is not the only cryptocurrency. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.
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 to trade cryptocurrencies and digital currencies for other assets like other digital currencies or fiat money.
The functions of crypto exchanges are very similar to those offered by online brokerage platforms. You can use them to purchase and sell digital currencies or tokens for various cryptocurrencies.
Crypto Exchanges accept wire transfers and credit card payments in exchange for digital currencies.
Binance is one such dedicated cryptocurrency exchange.
Binance and Overview Binance Lite vs Pro
Beau Troxclair’s YouTube channel 0xBeau has a video review of Binance. For those who like a visual experience, this is the video. 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. Binance has the largest trading volume of any cryptocurrency exchange and offers users the most trading pairs in cryptocurrency.
Binance was founded in 2017 by Changpeng Zhao (“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 Lite vs Pro
Binance’s popularity came from a user base that preferred its low fees, many available cryptocurrencies, and innovative products. The platform currently offers many crypto-based products.
You can access services such as exchange, earn and staking, derivatives loans, payments credit cards, NFTs and more from Binance.
Binance has its own unique tokens, cryptocurrencies and coins. One of which is BUSD, a stablecoin, and the other is BNB which is known as a strong performer due to its low fees.
However, Binance has its problems and dark sides.
The United States Department of Justice (Internal Revenue Service) investigated the company in 2021 for money laundering and tax crimes.
Given that the company is among the biggest cryptocurrency platforms in the market. It is not surprising that there are many cryptocurrencies and digital currencies 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)
Matic Network (MATIC).
Binance offers support for popular cryptocurrencies like:
Trading currencies and tokens are not offered free on any platform. Binance is a trading platform that offers deals that are often as good as 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 Lite vs Pro
What’s more, is that users can also get fee discounts for some services. These include:
Using Binance (BNB) coins in trades
You can become a Very Important Person (VIP) by trading certain assets.
That said, Binance users are still subject to other fees. There will be different fees depending on the type of withdrawal and payment type. As a sample, you refer to the chart below
$15 for U.S. Customers
0.00% to 0.1%
We can discuss more about fees in a later section.
Binance allows you to earn from your crypto assets. These come with different levels of risk. A few options include earning 50% APR or more on certain cryptos in its staking program or putting assets into flexible savings accounts for lower but more consistent rates.
There are more available staking options available on the platform. They also pay higher rates than other exchanges.
You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. Of course, it is really up to you when taking on these risks. 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 features make it easy to tailor your trading options. Setting a limit to buying or selling crypto at a specific price is easy. 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.
You can sell leveraged tokens to earn income opportunities that have inherent risk. Customers can multiply their currency positions by selling leveraged tokens. This strategy is risky because it can increase losses and even cause traders to lose their whole position.
Not for Newbies
Binance is not for beginners. It is a complicated platform created with experienced and veteran traders in mind. 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 are comfortable with the platform, it will be very simple to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. You also have a lot of educational resources.
While Binance is not that beginner friendly, it still has a lot of resources to help those who want to learn. It is still not a platform where you just buy Bitcoin and then sit back and relax. Binance Lite vs Pro
Pay attention to regulatory matters
As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. It is currently in the crosshairs of several countries, including Japan, Canada, Singapore and Thailand.
The United States authorities are currently investigating the platform in regard to possible money laundering, tax fraud, and insider trading. Binance has not been charged and no criminal charges have been filed. 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.
It is 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. This U.S. version of Binance has fewer features and cryptocurrencies offered.
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.
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 has a huge range of services. These include:
Trade, buy, and sell cryptocurrency
Set up recurring buys
Earn passive income
Advanced features like crypto derivative products, limits orders and peer-to-peer trading are available.
Trade non-fungible tokens (NFTs)
Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
Access portfolio insights, plus live tracking and alerts
Keep track of your tax obligations with its tax reporting tool
That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. On their side, Binance does warn users of the risks involved with investing in the platform.
The system also features an anti-addiction feature in case traders get too involved with trading. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. It encourages them to rest and hold back on their trading activities.
The platform believes that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.
These are just reminders. Retail investors will ultimately decide how to manage risk and where they should invest their money.
Sign up for your Binance account
It takes just minutes to create and register your Binance account. There are two types of accounts available: unverified and verified.
For unverified users
Click the register button on the Binance homepage
Enter your email address
Create a password
Click “Create Account”
Confirm registration through email
For Verified Accounts
Register for an unverified account.
Log in to your account
Go to User Center and click Identity Verification
Fill in your Details
Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
Upload a file or take a picture of the document
Take a photo of yourself
Click confirm after you have uploaded the document and image.
Binance will then review your submission as soon as they can. Binance Lite vs Pro
To verify your account, you will need to wait for Binance to send an email.
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.
Traders can also use the platform to look at their portfolios and trade history. They can view the order book and price charts. The platform also gives users a selection of order types. You can place stop orders, limit orders and stop-limit orders.
Users can also choose from different trading views to better understand data and view it in the way that they prefer. There are many views to choose from, including classic, margin and OTC views.
Binance provides a custodial wallet through its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most major blockchains. It is easy to withdraw from Binance to a Trust Wallet or other external crypto wallet.
Withdrawals are usually completed in 10 minutes and the fees are very low. 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.
We all know that one of Binance’s selling points is 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
The currency used to pay and the method of payment will determine how much deposit fees are charged. 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.
You can withdraw money as a fiat currency from a bank account. You can also withdraw crypto to a wallet or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance Lite vs Pro
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.
The platform also encourages the use of its own native currency, the Binance Coin (BNB). Anybody who does so will receive a 25% discount on their trading fees. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.
The chart below shows how VIP status, the 30-day trade volume, and maker/taker are related.
30-Day Trade Volume (BUSD)
Less than 1,000,000
1,000,000 to 4999,999 with at least 25 BNB
Between 5,000,000 and 19,999,999 with at least 100 BNB
0.08% / 0.10%
Between 20,000,000 and 119,999.999, with at least 250 BNB
0.07% / 0.10%
120,000,000 to 199.999.999 with at least 500 BNB
0.07% / 0.09%
200,000,000 to 499,999,999 and at least 1,000 BNB
0.06% / 0.08%
500,000,000 to 999,999,999 and at least 1,750 BNB
0.05% / 0.07%
Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB
0.04% / 0.06%
Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB
0.03% / 0.05%
More than 5,000,000,000 and at least 5,500 BNB
0.02% / 0.04%
Since Binance handles multiple sensitive and high stakes data, and it should be expected that the platform has good and robust security measures to protect its assets as well as their client base.
Binance includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. It uses address whitelisting, device administration, and the ability restrict device access.
Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This is meant to cover any losses from hacking, an incident that Binance is familiar with (more on that later).
This insurance is not the same as having a third party doing it, but it does give users some protection.
Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is to avoid any contact with hackers.
That said, customers should still be wary of Binance since its security needs a better track record. In early 2019, the platform was hacked for $40 million in BTC. It also suffered another major hack in October 2022, this time costing 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. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.
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 has enough capital to cover losses.
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. You will be able to get email assistance by submitting a ticket.
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. This can be accessed on the Binance website.
One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. This is no surprise. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.
Ability to earn passive income in many 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. These opportunities come with inherent risks. These opportunities are not for the weak-hearted. Binance Lite vs Pro
There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. With the addition of cryptos such as Fish (FISH) or Fanverse (FT), that number is increasing.
The platform even has its crypto in the form of BNB. 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
If you don’t have any money to invest, trading is impossible. Binance makes it easier to start crypto trading by making it easy to deposit funds through its many ways.
Flexible trading Options and Order Types
Trading is like gambling. While assets and stocks may be worth a lot right now, you never know when they will lose value. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Binance Lite vs Pro
Platform can be overwhelming for beginner users.
Multiple options and advanced tools can be a bad thing. Seeing a multitude of selections can easily overwhelm beginner users and might paralyze them from the sheer number of options given. Some experienced traders even claim they are intimidated by Binance’s many available options.
Regulation issues in many countries
Binance has been faced with numerous legal and regulatory issues. In fact, this is a glaring issue that has multiple investors considering other exchanges.
Despite this, the platform is working hard to resolve these regulatory issues.
It is 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.
Binance U.S. has a smaller selection than the original Binance. Furthermore, it is also not available in some U.S. states like New York and Vermont.
No built-in digital wallet available
Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. Binance doesn’t have one. Rather it recommends a third-party service called Trust Wallet. While it has a good reputation, there might be issues as they can only offer limited support Binance Lite vs Pro
Binance Last Thoughts
Let me begin by saying that I’m a complete beginner when it comes crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.
I chose Binance for the main reason that many choose the platform, and that is because of its low fees. I entered cryptocurrency because I wanted to see what the fuss was all about. I am not planning to take this seriously (yet).
It took me no time to create my account and verify it. Within just a few minutes, I could look at the UI and everything the platform offers. And here is what I have to say…..
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. Though it still gets confusing, I’m getting the hang of it.
Right now, I hope I bet on the right horse, not the wrong one.
Binance Frequently Asked Questions Binance Lite vs Pro
Is Binance Safe?
It is safe but not with a great track record.
Binance does have its own security measures, but it has been 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?
To be honest, it is difficult to pinpoint which platform is right for you until you read their reviews and try the services 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 are not a citizen of the United States.
Bianance offers FOREX trading
Binance doesn’t offer Forex trading (Foreign Exchange Trading) traditional Forex.
It lacks the currency pairing required to join FOREX. A company must have access to thousands of currency pairings in order to be able enter FOREX-only markets. 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.
These are still controversial in the crypto industry, as many prefer to own native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. That said, CFDs do have their advantage. They can be extremely liquid.
Binance Lite vs Pro
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.
By definition, a cryptocurrency exchange is an online marketplace where users can exchange one kind of digital asset for another. 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. The banks 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. 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.
They believe that these places can facilitate the trade 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.
Some of these claims may not be entirely true. As with all dealings with cryptocurrency, there are inherent risks to using cryptocurrency exchanges.
You may also be unable to withdraw or sell your cryptocurrency and digital assets due to your funds being locked in an exchange. 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.
It is important to remember that cryptocurrency and any other related technology are always a risky business. It is smart to always proceed with caution. Like with gambling, there are more chances of losing than winning. High-risk, high reward.
For those of you who prefer a more visual experience, here is a video review from Mark Farfan’s YouTube channel. To get a comprehensive overview of Binance, you may still want to check out our article below, which compares it to some competitors.
Binance Exchange Binance Lite vs Pro
Binance is the most popular cryptocurrency exchange in the entire world. It offers the largest number of trading pairs and has the highest trading volume among all crypto exchange services.
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.
Back then, the company had no place to call home.
The company is currently based in Malta. Binance is available in most countries, with the exception of the United States where Binance.US was created.
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 has its own tokens and cryptocurrency. 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 began as an ERC-20 standard token built on the Ethereum blockchain.
Currently, it is a native token of the Binance ecosystem, where it plays an essential role by powering operations. It’s used to pay trading, listing and exchange fees as well as other expenses that users incur on the platform.
This is why Binance is the most popular crypto exchange platform in the world. Binance trades can be done for free. The platform charges a maker/taker fee. The trading volume and Binance Coin balance will determine the fees.
That said, the platform still charges fees for some services, such as withdrawal and payment types.
Large Crypto Selection
A crypto exchange platform will only be as good as the selection of cryptocurrencies available in its market. Of course, being the biggest one there is, Binance carries a lot and other digital currencies available.
Decentralized finance tokens (DeFi) are also available.
Some of the currencies available include:
Binance Coins (BNB)
Matic Network (MATIC)
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 has advanced trading tools that allow users to customize trading options easily. It makes it easier to set limit orders to buy and sell crypto at a specific price.
Charting tools can also be extremely useful for veterans traders when making trade decisions. You can even sell leveraged tokens to make trading easier.
Binance Trading Experience
The overall trading experience with Binance is pretty good. 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. You can use Binance in any way you like. It’s possible to do this through the Binance App or the Binance website.
The platform will keep track of traders’ portfolios for them, so they won’t need to use any additional tools or platforms. Anyone who wants to track their trades can access their trade history on the exchange platform.
Even how they view their trading can be customized. 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. The amount of BNB that the user has will also be important.
The fees you pay will depend on whether you are a taker or a maker. Takers, who remove liquidity orders from a market, tend to get higher fees than makers (those who add liquidity to it).
As Binance has its own native currency, the platform encourages using its payment for 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.
The chart below can be used as a quick reference for Binance’s fees.
30-Day Trade Volume (BUSD)
Less than 1,000,000
1,000,000 to 4999,999 with at least 25 BNB
Between 5,000,000 and 19,999,999 with at least 100 BNB
0.08% / 0.10%
20,000,000 to 119,999,999 and at least 250 BNB
0.07% / 0.10%
120,000,000 to 199,999,999 and at least 500 BNB
0.07% / 0.09%
Between 200,000,000 and 499,999.999,999 with at least 1,000 BNB
0.06% / 0.08%
500,000,000 to 99,999,999999 and at most 1,750 BNB
0.05% / 0.07%
Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB
0.04% / 0.06%
2,500,000,000 to 4,999,999,999 and at least 4,500 BNB
0.03% / 0.05%
More than 5,000,000,000, and at least 5,500 BNB
0.02% / 0.04%
Binance is a crypto-currency company that has many problems and controversy, despite being the most prominent.
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. 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. 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 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. In an effort to combat crime, these data contained names and addresses.
Then in October of the same year, it suffered another hack on 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 & Cons
Simple Access to Passive Income Opportunities
Large Selection of Cryptocurrencies
Sophisticated trading tools
There are many ways to deposit money
Flexible Order Types and Trading Options
Non-beginner friendly. For beginners, many features can be difficult to access and use.
Regulation Issues with many countries, including major ones like the United States, Japan, the United Kingdom, Thailand, and many more.
Due to regulatory issues, the service is not available in the United States. Even the US-specific service, Binance U.S. (a more limited version), is unavailable in some states.
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 difference between Coinbase & Binance lies in who their primary audience is and how they cater.
Coinbase, also known as Coinbase Global, Inc, a publicly traded American company that acts as a cryptocurrency exchange platform. It is a distributed company, and as such, all people employed by the platform operate via remote work.
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.
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).
The two guys believed that bitcoin was a crazy idea that would revolutionize money and finance. They both shared a confident view that bitcoin will be very big. They wanted to make crypto more mainstream and easy to use. This was the impetus behind 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. Binance Lite vs Pro
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.
Here’s a look at the various cryptocurrencies that coinbase offers:
USD Coin (USDC)
Shiba Inu (SHIB)
Stellar Lumens (XLM)
SushiSwap: SushiSwap (SUSHI)
Extensive Selection of Cryptocurrency
There is a reason why coinbase is the biggest cryptocurrency exchange in the United States. The market offers a wide range of cryptocurrencies.
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
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.
Simple trading options are easy to use for beginners. This option has one drawback: it charges higher fees. This is contrary to the crypto investing philosophy of keeping fees low.
Advanced trading, on the other hand, offers more options such as charts and a live order list, as well as the ability to limit orders. While this option has lower fees, the trade-off is that it is less intuitive, more complex, and intimidating to new users.
To avoid high fees, it is highly recommended to trade in advanced trading.
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.
Users are encouraged to read more about crypto through educational modules, and when one has completed one module, coinbase allows them to earn more.
While the feature does not give much, it still doesn’t hurt. Even a few crypto bits can be a blessing in this economy. Besides, whoever declines free money is always a fool. Even if that amount is
As lightly touched above, coinbase has a library that is a well of educational resource. These resources include tips and tutorials, as well as information about crypto basics. Market updates are also available. It is for this reason that Coinbase is the ideal platform for those just starting to invest in crypto.
Coinbase up its accessibility factor by allowing users to access their accounts with a mobile app. Their mobile app, which is similar to the web platform, allows users to manage, buy, and sell cryptocurrency.
The Coinbase app isn’t just garbage. It’s legit and gets high ratings from both the Apple App Store as well as Google Play Store.
You can earn interest on many cryptocurrencies through your Coinbase Account. 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 Lite vs Pro
As said, staking on cryptos will give you certain free rewards. Of course, not all cryptos are eligible for this. It varies depending on your region as well as 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 targets people just starting 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 are determined to realize this vision and allow users to earn cryptocurrency by watching tutorial videos that are geared towards beginners.
However, this doesn’t mean that veteran traders have only beginner tools to use. For that, Coinbase offers Coinbase Pro. A platform that is specialized for seasoned traders. Binance Lite vs Pro
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 can help them create more informed decisions when moving their positions and doing their 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 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. 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.
To be honest, this is where coinbase falls off from the competition. Its fee structure can be too complex and a little hard for the mind to wrap around. 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 Lite vs Pro
Coinbase Pro’s pricing structure is simpler. It is determined by the customer’s monthly trading volume as well as the liquidity of the asset at purchase. Also, Coinbase pro users are required to make deposits and withdrawals through a bank account.
Below is a chart that shows you the fees you can expect from the main coinbase platform.
$10 or less
$10 to $25
$25 to $50
From $50 to $200
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.
Get up to $10K
$10K – $50K
$50K – $100K
$100K – $1M
$1M – $15M
$15M – $75M
$75M – $250M
$250M – $400M
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).
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.
In a Financial Times article, Visa, the credit card company, blamed Coinbase at first. 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
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 Binance Lite vs Pro
Complex and complicated fees structure, which is not transparent
Some transactions attract high fees
There are limited staking opportunities and interest possibilities.
A lot of altcoins are missing from their selection
Both Binance and Kraken are giants of the cryptocurrency world, with both platforms amassing 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.
For example, US-based Binance users are severely hampered by the fact that they can only access Binance’s U.S. platform (Binance.US.) while Kraken is widely available in the country.
There are a lot of similarities between these two platforms, with both offering advanced trading options, low fees, and even mobile apps. Their target audiences are the same as they are geared towards seasoned or even veteran and advanced cryptocurrency traders.
Customers will ultimately decide which platform they prefer by choosing the most important features. Binance will be the one to choose with their lower fees, large selection of coins and extra way of managing funds. Kraken or Binance with their high security standards that won them a Wyoming bank charter approval in 2021. Binance Lite vs Pro
Kraken is a fully functional crypto exchange characterized by its low fees and a good selection of tokens, coins, and cryptocurrencies. One of the most defining characteristics of this platform is that it is one of the only U.S. crypto exchanges to provide advanced trading tools like margin.
Kraken’s 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 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 Lite vs Pro
Kraken was very successful in 2014. In March of that year, the company received a $ 5 million Series A investment from Hummingbird Ventures and Bitcoin Opportunity Fund.
Later, it became one of the first bitcoin exchanges to be listed on Bloomberg Terminal. Then it has chosen to assist with investigating the lost bitcoins 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.
September 21, 2022, saw CEO Powell stepping down as CEO of the platform citing “spending more of his time on the product of the company, user experience, and broader 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:
Stellar Lumens (XLM)
Kraken supports several stablecoins, including Tether, USD Coin and 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. Binance Lite vs Pro
Since its founding in 2011 and launching in 2013, Kraken has been a mainstay of the cryptocurrency industry. Since its inception, Kraken’s focus was on security. It has never stopped focusing on it over the 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. Binance Lite vs Pro
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.
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.
Advanced trading features
Kraken is the only exchange that offers margin, stop orders and crypto short sales. Kraken also offers a dark pool, where high volume investors can trade anonymously.
Kraken lets you leverage currency pairs up to 5x. Some eligible pro clients can access up to $500,000 in the margin. Margin trading is still risky.
Fees are reasonable.
While it is not the lowest in the market, the prices of Kraken’s fees are pretty competitive and on par with several exchanges. It’s even less expensive than other exchanges.
There are no fixed trading fees. They will vary from one exchange to the next. One sure factor, though, is that your fees will depend on your monthly trade history. While we will talk about fees in depth in another segment, it is important to know that fees are higher when using the instant buy feature rather than the pro platform.
Optional Strong Staking
Kraken offers a variety of stake options. 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. Kraken Pro is the cheaper of these two exchanges. Both platforms are available to anyone 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. Binance Lite vs Pro
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. Your account doesn’t need to be funded first.
In terms of security, you can keep your Kraken account safe by enabling two-factor authentication (2FA). To log in to your account, you’ll need to have your device.
Kraken Pro, on the other hand is Kraken’s most advanced trading platform. It appears more complicated than the regular Kraken exchange. This makes Kraken Pro very intimidating, especially to trading newbies. It is well worth the effort. Binance Lite vs Pro
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 will pay less but earn more in the end.
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. 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 be cheaper than regular Kraken.
Fees for instant purchases are 1.5% for most cryptos and 0.9% for stablecoins that use the U.S. Dollar or another stablecoin.
There are also additional fees that depend on how you fund your purchases. For funding with a bank account, these fees range from 0.5% to 1.5%. Meanwhile, 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet. Binance Lite vs Pro
Meanwhile, Kraken Pro’s pricing is pretty different. Generally, fees are lower than the main Kraken platform. Your fees will also be based on your total trading volume over the last 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)
$0 – $50,000
$50,001 – $100,000
$100,001 – $250,000
$250,001 – $500,000
$500,001 – $1,000,000
$1,000,001 – $2,500,000
$2,500,001 – $5,000,000
$5,000,001 – $10,000,000
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.
Kraken’s security record has been excellent and Kraken is the only major cryptocurrency exchange not to be hacked.
That said, Kraken has its fair share of issues regarding government regulations.
In April 2018, Kraken refused to comply with an investigation by the New York Attorney General’s Office on issues about the measures taken by crypto exchanges to protect their customers from money laundering and market manipulation.
Kraken believes that this would be a bad business decision.
The Office of Foreign Assets Control began investigating the exchange in September 2021 for possible violations of sanctions by allowing trade with Iranian customers. Kraken was fined $1.25million by the Commodity Futures Trading Commission in September 2021 for allowing unregistered margin trades.
Kraken Pros and Cons
Advanced and sophisticated features like margin trading and staking.
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
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 Lite vs Pro
Binance and Crypto.com have become some of the most popular cryptocurrency exchanges. Both offer a wide range of features, such as low fees, staking, and advanced trading. It does not necessarily mean that they are identical.
There is a reason one is better than the other, but that does not mean that you should automatically run toward the higher-ranked exchange for the sake of numbers. Plenty of factors are at play for why one is ranked higher than the other.
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 Lite vs Pro
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. The company has even partnered with Shopify those in the e-commerce platform accept cryptocurrency as a valid payment.
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
Crypto.com offers a wide selection of currencies. 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:
USD Coin (USDC)
Cronos (CRO) is Crypto.com’s coin. 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 Lite vs Pro
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.
Most importantly, Crypto.com allows you to spend your hard-earned crypto through a prepaid Visa card. Crypto.com places a lot of weight on cryptocurrency’s currency component.
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 also allows you to purchase and sell cryptocurrency at its true cost, giving the real meaning of “what you see is what you get.”
That said, the platform does charge you a fee for crypto purchases made with a credit card or a debit 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, GBP, and EUR, among others. However, just because it is available for trade on Crypto.com does not mean that a fiat currency will be available to you for trade. You will be limited in your ability to trade certain fiat currencies due to the country you live in.
One of the best perks you can get as a member of Crypto.com com is the availability of Visa Cards connected to your Crypto.com account and its crypto currency.
Crypto.com currently offers five types of prepaid Visa cards to its customers. These cards must be charged before they can be used fully.
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. That said, you must have at least $400,000 worth of stake for CRO to qualify for this. Binance Lite vs Pro
Other cards available include Midnight Blue, Jade Green/ Royal Indigo, and the Frosted Rose Gold/ Icy White. These cards don’t have an annual fee, and you get a certain number of ATM withdrawals and foreign transaction each month for no additional charge.
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 of them includes Staking more than 4,000 CROs. You can even get more if your stake exceeds 40,000 CROs, but this may seem excessive.
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 are usually tied to an external reference. Some can even be tied to the U.S. Dollar. These stablecoins can help you earn more interest.
That said, since stablecoins are stable, these are unlikely to appreciate in value compared to normal cryptocurrencies. They are less likely to lose value.
It is risky to keep your crypto savings. Cryptocurrencies can be volatile and your savings could be cut if they fail.
Gifts 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.
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 Lite vs Pro
The app in question shows the user’s portfolio and a list of their more popular assets. It offers everything that Crypto.com claims it can. 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. 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. 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 from multiple countries to buy and enter crypto using their local currency.
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.
Users who have at least 5,000 CRO in their bank account can get discounted trading fees. Higher stakes result in lower rates.
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)
Greater than or equal 250,000
More than 1,000,000 or equal
More than 5,000,000 or equal to 5,000,000
Greater than 10,000,000 or equal to 10,000,000
The table below shows the maker and taker rates of those with less than 100 CRO (3% discount).
30 Day Spot Trading Volume (USD)
Less than 250,000
Greater than or equal to 250,000
Greater than or equal to 1,000,000
Greater than or equal to 5,000,000
Greater than or equal to 10,000,000
As stated, discounts are based on the CRO stakes. Maker fees for those with stakes greater than or equal to 50,000 CRO become zero. People with even higher stakes may be eligible for rebates.
Like most cryptocurrency exchanges, Crypto.com does have its fair share of problems.
Crypto.com was the victim in a serious hacker attack on January 20, 2022. According to reports, the company had lost US$15 Million worth of Ether. This was after some users reported suspicious activity on their accounts. 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. 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 in part due to the collapse of FTX. Crypto.com CEO Marszalek reassured that the exchange was operating normally.
Crypto.com Cons and Pros
Competitively Low fees
There are many ways to pay with crypto
Convert money quickly
Great cash back rewards with Visa card Perk
Allows you to earn interest on crypto
There are a lot of crypto coins and tokens available Binance Lite vs Pro
The exchange interface is not easy to use.
There are limited availability of coins.
Customer service is pretty poor and lacking in some areas
When Comparing KuCoin and Binance side by side, the winner is pretty clear. Binance is the clear winner, and it is by quite a bit. KuCoin was one of the first platforms to trade cryptocurrencies. However, FTX and Kraken have taken over.
KuCoin is still available to its users, but most traders avoid it like the plague. The exchange has been troubled by many negative reviews, each with different reasons ranging from semantics to highly alarming.
KuCoin 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 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.
By the end of 2013, Michael and Eric wrote down the first code of what would become KuCoin in a cafe. This was the beginning of the platform that would become the “People’s Exchange”.
Cryptos under KuCoin
Since it is an older cryptocurrency exchange platform, it is not surprising that there is a pretty sizable selection of cryptocurrencies you can buy and trade in the exchange.
Veteran traders looking for a wide selection of assets may appreciate this extensive selection of coins and tokens. In fact, it is one of KuCoin’s strongest aspects that the platform is a goldmine for altcoins and tokens. Binance Lite vs Pro
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 also has it’s token, simply called KuCoin Token (KCS). Aside from that, some of the more popular coins available in the exchange platform include the following:
Binance Coin (BNB)
Internet Computer (ICP)
Wrapped Bitcoin (WBTC)
USD Coin (USDC)
These are only a small selection of the many options available on the exchange platform.
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.
As such, one of its strengths is that it is easier to find smaller coins on these platforms than on other platforms. For traders who want to branch out into less popular crypto, KuCoin will be the perfect platform for them.
It is a key mission of KuCoin to help smaller and more recent cryptocurrencies succeed. In fact, they even have a Spotlight section, which promotes new currencies.
This is a good thing for users and the coin, as it allows them to start using a new currency earlier.
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.
KuCoin doesn’t charge any monthly 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 Lite vs Pro
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. In the case of KuCoin, the service is called KuCoin Earn.
KuCoin Earn gives you two ways to make money from your crypto. First, you can take coins through Pool-X, a company backed by KuCoin. The second way is to loan out your crypto and get paid the interest.
Your interest rate for borrowing crypto is higher than the one you would get from a savings account. That said, the coin and its demand still affect how much you earn.
The exchange claims that you can make a lot of money this way, with an average earning rate of 8% to 12.5%. 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.
KuCoin offers veteran users a variety of toys and additional features. They allow for margin trading, which allows users to leverage their position, which means borrowing money to buy more crypto.
KuCoin also allows the use of trading bots in its mobile app. This allows you to trade your cryptocurrency without having to do it yourself. Rather, you can have a computer do that for you. This is very convenient because you don’t always have to be online in order to run 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. 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
KuCoin can be accessed online or via an Android and iOS mobile application. Each platform offers a variety of tools and features that you can use to trade on it.
YOu can access KuCoin’s front page or dashboard after logging in to your account, be it on desktop or mobile. From there, users can do whatever they want, from viewing markets, buying, trading, and lending crypto, as well as many other activities.
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 Lite vs Pro
The exchange recently added a Trading Bot feature that will simplify the entire trading process.
Overall, KuCoin has plenty of advanced features. This might be a boon to veteran traders. They can be difficult for novice traders, as they aren’t user-friendly on mobile platforms.
When it comes to trading fees, KuCoin divides their rates by levels. These trading fees will mostly depend on 3 factors. To determine the trading fee level, you have to look at the Minimum KCS Holding within the last 30 days, and the Spot trading volume last 30 days (BTC), or the Future Trading Volume within the last 30 days (BTC).
Below is a table that shows which trading level corresponds to which.
Trade Fee Level
Min KCS Holding last 30 Days
Spot Trading Volume Last 30 Days (BTC)
Futures Trading Volume Last 30 Days (BTC)
These levels will determine how much you’ll have to pay for taker or maker fees. Spot trading fees will be charged based on the base currency of the trading pairs. Paying fees with KCS will net users 20% off.
KuCoins also has a 24-hour withdrawal limit.
24-hour Withdrawal Limit
0.1% / 0.1%
0.09% / 0.1%
0.07% / 0.09%
0.05% / 0.08%
0.03% / 0.07%
0% / 0.07%
0% / 0.06%
0% / 0.05%
-0.005% / 0.045%
-0.005% / 0.04%
-0.005% / 0.035%
-0.005% / 0.03%
-0.005% / 0.025%
To be honest, KuCoin does not have the best reputation in the industry. You can see the extent of dissatisfaction by just looking at the reviews.
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 Lite vs Pro
KuCoin was also accused of manipulating the market. Some even claimed that their assets disappeared randomly from their accounts. This is a problem especially when it comes to assets, money and finance.
Security is another issue.
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 serious security breach, despite the fact that all assets were covered by an insurance plan.
KuCoin Pros and Con
Strong user base
Wide range of coins
Allows you to earn interest on your crypto
Good customer service
Not licensed in the U.S.
Payment methods are limited
New traders can find it intimidating and overwhelming
Bittrex and Binance are two crypto exchanges with more similarities than differences. Both have similar features that users can use. That said, these two platforms do have their major differences.
The key difference between the two platforms is their size. While Binance boasts about the largest amount of trading volumes among the different exchanges, Bittrex aims for a more scaled-down experience.
There was once a time when Bittrex was once among the global leaders in the cryptocurrency industry. Binance was able to surpass them despite having stricter Know Your Customer (KYC), and anti-money laundering policies.
Bittrex, a cryptocurrency exchange, aims to provide a high-quality service with trust and focus.
It was co-founded by three Amazon cybersecurity engineers: Bill Shihara (co-founder and CEO); Richie Lai (co-founder and chief information officer); and Rami Kawach (co-founder and chief tech officer). Its headquarters are located in Seattle.
In the beginning, the platform only offered crypto-to-crypto trading, but it soon introduced fiat-to-crypto trading. Binance Lite vs Pro
Despite their new fiat trading platform, they offer many cryptocurrencies and stablecoins. Also, they are available in 46 U.S. states, excluding Hawaii, New York, and Vermont
Cryptos under Bittrex
Bittrex has a wide selection of cryptocurrencies and stablecoins available in their exchange. Like most exchanges, this variety makes platforms very enticing to traders.
A 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.
Bittrex offers low fees starting at 0.3% This can get lower depending on the trade volume. It is still not the lowest on the market. Some exchanges charge lower fees than others.
Execution of fast trading
Bittrex offers a unique trading engine that speeds up trades, which is unlike other services. 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.
Those who hold some Cardano (ADA) cryptocurrency would be overjoyed with this platform. Bittrex allows users to stake their Cardano crypto throughout the exchange. You can get up to 5.5% in reward. Binance Lite vs Pro
We all know how arcane-ish finances in general are. So by association, cryptocurrency is just as mind-boggling and arcane. So anything that offers a way to educate yourself on the topic is a godsend.
In Bittrex’s case, it offers an impressive library of educational resources in its Discover section. Here, users will find articles and references for various crypto topics. You will find references and lessons on topics that range from crypto taxes to crypto mining.
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 Lite vs Pro
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. Although unreliable, it is a good and less risky way to passively earn crypto income.
Bittrex Trading Experience
Trading on Bittrex is a no-frills, straightforward experience. Users just need to log in, and then they can access their trading dashboard. It can be accessed via a desktop or mobile app.
In the desktop interface, users have a simple “instant buy Buy/Sell” option. This option lets users quickly make trades or purchase crypto with 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 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)
$25,000 – $50,000
$50,000 – $100,000
100,000 – 1 Million
$1 million – $5 million
$5 million – $10 million
$10 million – $60 million
$60 million – $100 million
$100 Million +
Bittrex has been on the receiving end of negative reviews from its users. Many of these problems are caused by account lockouts, assets that have been frozen, and identity verification issues. These problems are widespread across all crypto exchanges.
At the very least, the platform has not seen any major controversies or setbacks.
Bittrex Pros & Cons
Extensive selection of available cryptocurrency
Fairly low fees
Advanced trading tools
Pretty helpful educational content
Mediocre and mostly unhelpful customer support
Can be challenging for beginners
Binance versus eToro Binance Lite vs Pro
Binance and eToro are two of the most well-known cryptocurrency platforms. They are both very well-known and have a strong market presence.
But there is one thing that separates them. They are two very different platforms. Binance is a cryptocurrency exchange. eToro, however, is not. Rather, it is a cryptocurrency broker.
Binance sells a wide range of digital assets ranging from the usual cryptocurrency to NFTs and other services. A cryptocurrency broker also sells crypto along with other investment products such as stocks and fractional shares.
Unlike most of the companies listed in this review, eToro did not start as a platform for cryptocurrency. The Tel Aviv-based company was actually an online forex broker originally under RetailFX. This was 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. On the world’s leading digital currency. It added support for Ripple and Ethereum four years later. Binance Lite vs Pro
Also, in 2018, eToro went full steam on the crypto industry. More coins and currencies were added to the platform. The company even launched its digital asset platform, eToroX, and even its crypto wallet.
Cryptos under eToro
eToro’s digital asset platform has a limited selection of cryptocurrency options. 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 Cash (BCH).
Stellar Lumens (XLM)
CopyTrader is eToro’s most distinctive feature. It was a feature that existed before the platform dabbled in the crypto industry. Binance Lite vs Pro
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.
The platform will then set the funds and attempt to match the positions of their favorite eToro traders proportionally.
It is completely free, which is quite surprising. 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.
Since the platform started in foreign exchange, it was to be expected that new users could still get in on that action.
eToro is one of the few places on the internet that allows you to own cryptocurrency and stocks in one account. Regarding stock investing, the platform offers zero-commission stock trading with the ability to buy fractional shares.
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 other cryptocurrency exchanges that charge fees, eToro doesn’t charge users to make a debit card payment. 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.
An intuitive trading tab gives a view of current prices and buys, sells, and even 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. It does not offer advanced charting and conditional orders.
Also, the lack of cryptocurrency choices limits the cryptocurrency fairs the platform can offer.
It’s also eToroX – the digital asset platform that is the most prominent.
Some of the new features included in eToroX include U.S. dollar deposits, margin trading, trading APIs, and fast execution.
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. This 1% market fee is added to the market price the platform calls 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.
It is not surprising that there have been many controversies about the platform due to its age. 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.