Binance US Stop Limit

binance-vs-competition

With cryptocurrency going mainstream and getting legitimized here and there, it is only a matter of time before a huge population wants to get in on the action. Marketplaces that allow people to trade, buy, and sell digital assets are becoming crucial.

To address this market demand, cryptocurrency exchanges were created.

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.

In the real world, banks are financial institutions that are licensed to receive deposits, transfer funds, and store money for their clients. Banks, basically, regulate money. They are the only legal institution that can offer customers the ability to exchange fiat currencies for another.

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.

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.

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.

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

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If you prefer to see the experience in a more visual way, Mark Farfan’s YouTube video review is for you. 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 US Stop Limit

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. Initially, the company was based in China. However, due to growing crypto restrictions in China, the company moved to Japan and then to Malta.

Back then, the company had no place to call home.

However, there is current news that the company was headed to Malta, where it is said to be currently based. Binance is available in most countries, with the exception of the United States where Binance.US was created.

Binance’s popularity among its users is due to its low fees, large selection of cryptocurrencies available, and innovative products. Binance has many products that are based upon cryptocurrency.

Some of these products/services include the chance to earn, exchange, stake, derive, and NFTs. The service allows you to get loans, make payments and even apply for credit cards.

Cryptos Under Binance

Binance has its own tokens and cryptocurrency. In fact, there are two.

The 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. The company created BUSD as a means to provide a more stable cryptocurrency alternative for traders and investors wanting to avoid the volatile nature of the digital asset market.

BNB is the second. 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 is used to pay listing, exchange, trading fees, and other expenses users incur on the platform.

Binance Perks

  • Low fees

This is why Binance is the most popular crypto exchange platform in the world. Binance trades can be done for free. The platform charges a maker/taker fee. 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. Of course, being the biggest one there is, Binance carries a lot and other digital currencies available.

There are even decentralized finance (DeFi) tokens available, as well as stablecoins, altcoins, and other popular cryptos.

Some of the available currencies include:

  • Binance Coins (BNB)
  • VeChain (VET)
  • VeThor (VTHO)
  • Harmon (ONE)
  • Matic Network (MATIC)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Cosmos (ATOM)
  • Cardano (ADA)

There are many other options.

  • Earn Multiple Ways

Binance is a platform that allows users to make more money from their crypto assets. Customers can earn income by adding liquidity to token pairs. You can also try on some staking options available on the platform.

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

  • Advanced trading tools

Lastly, Binance would not be called a crypto exchange platform if it were without trading tools.

Binance offers advanced trading tools that make it easy to tailor trading options. It 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. 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. You can even use real-time charts with moving averages, which makes it easy and accessible.

You don’t have to trade on your computer. Rather, you can use Binance however you want. You can do it through the Binance App, the Binance website, or even the Binance desktop app.

The platform will keep track of traders’ portfolios for them, so they won’t need to use any additional tools or platforms. 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.

The fees you pay will depend on whether you are a taker or a maker. Makers (those that add liquidity to the market) tend to be favored and get lower fees than takers (those that remove liquidity orders from the market).

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 offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).

The chart below can be used as a quick reference for Binance’s fees.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4,999,999 and at least 25 BNB 0.09%/0.10%
2 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 Between 20,000,000 and 119,999.999, with at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199,999,999 and at least 500 BNB 0.07% / 0.09%
5 Between 200,000,000 and 499,999.999,999 with at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 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

Binance is a crypto-currency company that has many problems and controversy, despite being the most prominent.

The year 2019 was a terrible year for the exchange platform.

On May 7, 2019, it was revealed that Binance became a victim of a “large-scale security breach.” It was reported that hackers had stolen 7,000 Bitcoin worth $40 million then. However, customers were reimbursed by the site’s “Secure Asset Fund for Users (SAFU).

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.

On allegations of tax crimes and money laundering, the United States Department of Justice investigated the company.

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

The next year, it was once again put in hot water as it was reported that Binance was said to have shared client data with the Russian government. In an effort to combat crime, these data contained names and addresses.

Then in October of the same year, it suffered another hack on its network. The company had to temporarily suspend transactions and fund transfers after detecting an exploit between two blockchains. 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
  • Simple Access to Passive Income Opportunities
  • Wide 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 like the United States, Japan, the United Kingdom, Thailand, and many more.
  • Due to regulatory issues, the service is not available in the United States. The US-specific service Binance U.S., which is a limited version of the service, is not available in all states.
  • There is no built-in digital wallet

3-binance-coins

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Coinbase Versus Binance

There are two cryptocurrency platforms that can be used, and they have different approaches. Coinbase and Binance are the best examples.

One is a United States-based exchange that is designed for beginners with a simple interface and limited transaction types, while the other has a steep learning curve and is more suited to veteran users.

The difference between Coinbase & Binance lies in who their primary audience is and how they cater.

Coinbase Overview

Coinbase, also known as Coinbase Global, Inc, a publicly traded American company that acts as a cryptocurrency exchange platform. It is a distributed company, and as such, all people employed by the platform operate via remote work.

As such, the company does not have a physical headquarters because they don’t need one. 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 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 when bitcoin was worth only $6 and only known by ” a few nerds on the internet” (Ehrsam’s words, not mine).

The two guys believed that bitcoin was a crazy idea that would revolutionize money and finance. Both men shared the belief that bitcoin would be huge. They wanted to make crypto more mainstream and easy to use. That was their impetus for making Coinbase.

Coinbase is now the largest crypto exchange in America and the world, but its humble beginnings are not glamorous. Coinbase was actually founded in a shared two-bedroom apartment. Binance US Stop Limit

Cryptos Under Coinbase

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

Here’s a look at the various cryptocurrencies that coinbase offers:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Uniswap
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap: SushiSwap (SUSHI)

Coinbase Perks

  • A wide selection of cryptocurrency

Coinbase is the largest cryptocurrency exchange in America. This is because of the vast and varied cryptocurrencies available in the market.

From a Bitcoin (BTC) focused exchange. Coinbase now offers over 150 different cryptocurrency types. You can even trade Bitcoin (BTC), and other major currencies, for smaller or newer digital tokens.

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. Users can choose between a simple trade option or an advanced trading option.

Simple trading options are easy to use for beginners. The only downside of this option is that it takes higher fees, which might be counterintuitive to crypto investing’s philosophy of keeping fees to a minimum.

Meanwhile, advanced trading offers more features, such as charts, a live order book, and even the ability to limit orders. This option is cheaper, but it comes with a tradeoff: it’s more difficult to use, more complicated, and more intimidating for new users.

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

  • Earn Free Crypto

Coinbase offers a cool feature to help customers earn more cryptocurrency. Coinbase Earn is Coinbase’s feature that lets users earn free crypto in exchange for learning more.

It is encouraged that users read more about cryptocurrency through educational modules. Once they have completed one module, coinsbase will allow them to earn more.

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 that amount is

  • Educational Content

Coinbase’s library is an educational resource, as we have already mentioned. These resources range form the basics of crypto, tips, and tutorials to more complex stuff and even market updates. It is for this reason that Coinbase is the ideal platform for those just starting to invest in crypto.

  • Mobile App

Coinbase up its accessibility factor by allowing users to access their accounts with a mobile app. Their mobile app, which is similar to the web platform, allows users to manage, buy, and sell cryptocurrency.

This Coinbase App is not just something that is not some garbage or bloatware. It’s legit and gets high ratings from both the Apple App Store as well as Google Play Store.

  • Crypto Rewards

Your Coinbase account can allow you to earn interest on many cryptocurrencies. Coinbase automatically pays interest on certain stables like USD Coin (USDC).

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

Staking is how many cryptocurrencies verify their transactions and allows participants to earn rewards on their holdings. When you stake in crypto, you commit your crypto assets to support the blockchain network and verify transactions. Binance US Stop Limit

You will receive certain rewards for staking cryptos. This is not possible for all cryptos. 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. You can even choose which crypto from a rotating list you earn for this rewards

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.

This platform provides tools to enable crypto traders to quickly and easily trade. This is in line with their original goal to “make 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.

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 US Stop Limit

Coinbase Pro is different in that it was made for professional traders and gives them more tools, allowing for better customization of their trades. You can choose from several order types such as stop, limit or margin orders.

Users can also access real-time charting tools, trade history, order book, and price charts. This will allow them to make better decisions about how they move their positions or trades.

While it says pro on the tin-can, it doesn’t mean that users will have to pay another fee to access Coinbase Pro. There is no such fee. Anyone can access the pro version of Coinbase by creating an account.

Coinbase Trading Fees

The thing with Coinbase is that they do not give away their pricing and fees. They even removed their full fee schedule from their online help section. That said, this doesn’t mean you will pay your fees blindly. Costs are still shown when entering a trade, so you still know how much you will pay.

This is where coinbase falls short of the rest. The fee structure is too complicated and difficult to understand. The fee structure is based on three factors that can be confusing:

  • Coinbase charges a spread on cryptocurrency sales and purchases. There is a huge charge that rates will vary depending on market fluctuations.
  • Coinbase claims 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 US Stop Limit

That said, Coinbase Pro’s pricing model is more straightforward. It is based on the customer’s monthly trading volume and liquidity of the asset at the time of purchase. Coinbase Pro users must have a bank account to make withdrawals and deposits.

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.

For Coinbase Pro, a general idea of the fees is shown in the chart below.

Pricing Tier Taker Fee Maker Fee
Up to $10K 0.60% 0.40%
$10K – $50K 0.40% 0.25%
$50K – $100K 0.25% 0.15%
$100K – $1M 0.20% 0.10%
$1M – $15M 0.18% 0.08%
$15M – $75M 0.16% 0.06%
$75M – $250M 0.12% 0.03%
$250M – $400M 0.08% 0.00%
$400M+ 0.05% 0.00%

Coinbase Issues

Given how much of cryptocurrency is still in a legal area, there is a distinct chance that those involved in it will have their fair share of issues or controversies.

Coinbase acknowledged that customers were being charged more for cryptocurrencies they purchased with debit and credit cards than they originally intended. This was due to problems that started when banks and card issuers charged the merchant category code (MCC) of crypto purchases earlier that month.

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. 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. The company’s former product manager shared information about tokens. Prosecutors were provided with all the information necessary for an internal investigation by the company.

Pros and cons of Coinbase

Pros

  • It is very easy to use and user-friendly for people just beginning in cryptocurrency
  • Supports a large number of cryptocurrencies
  • Provides opportunities to earn cryptocurrency while, at the same time, learning about them.
  • You can trade simple or advanced depending on your preference
  • Offers coinbase debit card, which allows for easy withdrawing of funds Binance US Stop Limit

Cons

  • Complex and complicated fees structure, which is not transparent
  • Some transactions attract high fees
  • There are limited staking opportunities and interest possibilities.
  • There are a bunch of altcoins missing from their selection
  • Problems with customer service

binance-coins-arranged-in-3-columns

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Binance or 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). Kraken, however, is readily available in the country.

These two platforms share many similarities, including both offering advanced trading options and low fees as well as mobile apps. Their target audiences are the same as they are geared towards seasoned or even veteran and advanced cryptocurrency traders.

Customers will ultimately decide which platform they prefer by choosing the most important features. 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 US Stop Limit

Kraken Overview

Kraken is a fully functioning crypto exchange that offers low fees and a wide selection of tokens and coins. This platform is unique in that it offers advanced trading tools such as margin.

Kraken’s primary goal is to be the most secure and reliable crypto trading platform. In fact, users and traders have praised Kraken for being one of the only crypto exchanges that “has been probably the only exchange that hasn’t been involved in some kind of shady activity against its users…that doesn’t indulge in questionable corporate policies,”

In connection on the November 2022 FTX Controversy, Kraken founder and former CEO Jesse Powell tweeted: “…Happy to live simply, take a fee for matching trades. A balance sheet is mostly Bitcoin, some ETH.

Kraken was co-founded in 2011 by the aforementioned Jesse Powell, who was an alumnus of California State University, Sacramento, with Thanh Luu. 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 had also joined other US Bitcoin players to form the “Committee for the Establishment of the Digital Asset Transfer Authority” as the industry’s self-regulatory group. Binance US Stop Limit

Kraken was very successful in 2014. The company received a Series A investment of $ 5,000,000 from Hummingbird Ventures in March 2014.

It was later listed on Bloomberg Terminal as one of the first bitcoin exchanges. It has since chosen to help with the investigation of Mt. Gox, Powell’s former employer. Kraken was relied upon because of its proven operating history of not being breached by hackers.

After Wyoming granted such a charter, Kraken was the first cryptocurrency exchange to have a special purpose deposit institution (SPDI), charter in September 2020.

Chief Executive Officer Powell resigned as CEO of the platform on September 21st, 2022. He said that he had spent more time on the product, the user experience and industry advocacy.

Dave Ripley replaced him as CEO.

Cryptos under Kraken

Kraken supports at 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

Kraken supports several stablecoins, including Tether, USD Coin and Dai. A limited number of Kraken currency exchanges are also available in certain territories. This includes converting US dollars into Canadian dollars, Japanese yen, and Swiss francs. Binance US Stop Limit

Kraken Perks

  • Beefy Security

Kraken has been an integral part of the cryptocurrency market since its inception in 2011 and its launch in 2013. Its eyes were focused on security from its first day, and it never kept its eyes off it after all these years. It is actually the only cryptocurrency exchange to have not been hacked.

As such, this United States-based exchange is the consistent leader in terms of security in the industry. Some in the industry associate Kraken with financial stability and physical security. This is a claim Kraken is too proud to make.

  • A healthy range of available cryptocurrencies

Kraken has over 160 coins and seven fiat currencies available to trade on its platform. It’s not the largest amount but it’s still quite healthy and comparable to the top crypto exchanges. Binance US Stop Limit

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. If you are using dollars to buy Bitcoin and then Bitcoin to buy Ethereum, you will always be swapping one currency for another.

Kraken’s currencies cannot be exchanged for each other.

  • Trading features

Kraken is one of the few exchanges offering margin, stop orders, and crypto short sales. Kraken also has a dark pool where high-volume investors can trade without their names being known.

Kraken allows you to leverage a currency pair by up to 5x. Pro clients who are eligible can get up to $500,000 in margin. Margin trading is still risky.

  • 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. Your monthly trade history will determine how much you pay. While we will talk about fees in depth in another segment, it is important to know that fees are higher when using the instant buy feature rather than the pro platform.

  • Optional Strong Staking

Staking options within Kraken are pretty good. Users have the opportunity to stake over 15 different 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. 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 US Stop Limit

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. The website has a simple form that allows you to place orders. It usually takes a few seconds.

It is easy to purchase cryptocurrencies with 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.

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. This makes Kraken Pro very intimidating, especially to trading newbies. However, it is worth learning. Binance US Stop Limit

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

Kraken allows you to pay lower fees, as we have already stated. If you feel confident, you can trade the same trade with Kraken Pro. You will pay less but earn more in the end.

Kraken Fees

As stated above, Kraken’s fees are in the competitive middle. It’s not the lowest in the market, and it is also not the highest. Other factors may affect the price of the fees you are about to pay.

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

Additional fees will vary depending on how you fund your purchase. These prices range from 0.5% for funding with a bank account. Meanwhile, 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet. Binance US Stop Limit

Kraken Pro’s pricing however is quite 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. Remember that transactions are subject either to a 0.16 maker fee or 0.26% taker fees.

Below is a general chart of their maker-taker fees in a 30-day volume in US dollars.

30- Day Volume (USD) Maker Taker
$0 – $50,000 0.16% 0.26%
$50,001 – $100,000 0.14% 0.24%
$100,001 – $250,000 0.12% 0.22%
$250,001 – $500,000 0.10% 0.20%
$500,001 – $1,000,000 0.08% 0.18%
$1,000,001 – $2,500,000 0.06% 0.16%
$2,500,001 – $5,000,000 0.04% 0.14%
$5,000,001 – $10,000,000 0.02% 0.12%
$10,000,000+ 0.00% 0.10%

Kraken Issues

There really are not many issues concerning Kraken aside from disagreement with a work culture which is something the company has already worked on and moved on

Kraken’s security record has been excellent and Kraken is the only major cryptocurrency exchange not to be hacked.

Kraken does have its share of problems with government regulations.

Kraken refused to cooperate with an investigation by New York Attorney General’s Office in April 2018 on questions about crypto exchanges’ measures to protect customers from market manipulation and money laundering.

Kraken’s main reason is that doing so would be bad for business.

The Office of Foreign Assets Control began investigating the exchange in September 2021 for possible violations of sanctions by allowing trade with Iranian customers. In late September 2021, Kraken was ordered to pay a fine to the Commodity Futures Trading Commission for $1.25 million allowing unregistered margin trading.

Kraken Pros & Cons

Pros

  • Advanced and sophisticated features like margin trading and staking.
  • Excellent and reliable customer service
  • Relatively low Bitcoin withdrawal fees (BTC).
  • Offers a variety of educational materials.
  • Most secure exchange in the market
  • Simple user interface

Cons

  • The Base Kraken platform is more expensive than Kraken Pro. Both modes can be accessed as long you have a Kraken account.
  • Kraken only accepts a few fiat currencies
  • A few users complain about their accounts being hacked. Binance US Stop Limit
  • 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. 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 US Stop Limit

Crypto.com Overview

Crypto.com was founded in Hong Kong back 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.

Domain sellers might sell the domain for a larger sum, with the domain being valued at between US$5 and 10 million.

Crypto.com is a platform that does the same thing as most cryptocurrency exchanges. It allows users to trade, invest, put a stake in some currency and much more.

It also has a huge selection of currencies numbering at least 250 different currencies, reasonable fees, and even discounts to some specific customers (like those with huge stakes in the Crypto.com’s very own coin, the cronos (CRO).

Crypto.com’s primary selling point is their exchange. 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.

Overall, we can consider Crypto.com as an all in one cryptocurrency platform that is perfect for investors and traders who want to do more than buy and hold. Crypto.com allows cryptocurrency to be used as currency.

Cryptos under Crypto.com

Crypto.com offers a wide selection of currencies. You can trade spot with more than 250 currencies, and you can also 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

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 US Stop Limit

Crypto.com Perks

  • One-Stop Shop

Crypto.com has a lot going for it aside from being just a plain old 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. Basically, Crypto.com puts weight on the currency part of cryptocurrency.

  • Low Fees

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

There are many transactions on Crypto.com that don’t require fees. You can deposit your money via wire transfer or electronic bank to your account.

Crypto.com also allows you to purchase and sell cryptocurrency at its true cost, giving the real meaning of “what you see is what you get.”

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

Although this feature isn’t unique to Crypto.com it deserves to be listed. The Crypto.com app allows users to convert their fiat currencies into crypto. Crypto.com only supports 20 fiat currencies.

These fiat currencies include USD and GBP as well as EUR. However, just because it is available for trade on Crypto.com does not mean that a fiat currency will be available to you for trade. You will be limited in your ability to trade certain fiat currencies due to the country you live in.

  • Cashback cards

One of the greatest perks that you can receive as a Crypto.com member is the availability Visa Cards linked to your Crypto.com account with its crypto currency.

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.

The lowest available tier for those planning to access this card would be their Ruby Steel card, which also offers a 1% money back from your contribution. To be eligible, you must have at least $400 in stake.

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 US Stop Limit

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

Crypto.com is more than a place to purchase tokens and coins. It’s a one-stop shop that offers everything crypto. Those who have a Crypto.com account can also earn high rates of interest. In fact, Crypto.com have some of the best high-yield savings accounts in the market.

To benefit from this perk you will need to have a lot of cash in your CRO. However, the maximum amount of interest you can earn is less than 10%.

You can get a rate of interest depending on many factors, including the time you spend with your money, how much currency you have saved, and how much CRO you stake.

Using the app, you can increase your interest rate in multiple ways. One 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.

Lastly, investing in stablecoin also increases your interest rate. Stablecoins usually peg their values to an external reference. Some can be pegged to the U.S. dollar. These stablecoins allow you to earn more interest.

Stablecoins, being stable, are less likely to appreciate in value than normal cryptocurrencies. That also means they are also less likely to depreciate in value.

In the end, keeping your savings in crypto is still risky. Cryptocurrencies can be volatile and your savings could be cut if they fail.

  • Gift cards and phone top ups

Gift Cards and Phone Top-ups are other ways that Crypto.com allows you to spend your crypto. 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 US Stop Limit

This app shows the user their portfolio and lists of their most popular assets. It includes everything needed that Crypto.com says it offers. You can trade currencies, earn by staking crypto, make cryptocurrency payments, and even apply for a Crypto.com card.

Where would you pick up a trading application without its chart tools. In the case of Crypto.com’s app, it shares a relatively simple set of data that aims not to intimidate or overwhelm the users. The charts just contain enough information needed for users to learn how the blockchain and the currency work, something they might need before buying.

In terms of fiat currencies, Crypto.com has a fair selection. More popular ones include the Australian (AUD) and Canadian (CAD) dollar, the euro (EUR), the British pound sterling (GBP), the ever-popular U.S. Dollar (USD), and even the Brazilian real (BRL). This allows users from multiple countries to buy and enter crypto using their local currency.

Crypto.com Fees

Crypto.com’s trading fees are very competitive. They are actually among the few that offer the lowest trading fees on the market. Those who trade in higher volumes can qualify for fees as low as 0.04% for makers and 0.1% for takers, even without CRO staking.

Discounted trading fees have become available when users hold at least 5,000 CRO in their wallet. Higher stakes result in lower rates.

However, Crypto.com users who are newer than 25 000 USD will be charged 0.4% for trades that have a monthly volume less than $25,000.

Below is a table that shows fees for spot trades and margin trades for customers who have no CRO stake.

30-Day Spot Trading Volume (USD) Maker Taker
Less than 250,000 0.0750% 0.750%
Greater than or equal to 250,000 0.0700% 0.0720%
More than 1,000,000 or equal 0.0650% 0.0690%
More than 5,000,000 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
Less than 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 or equal to 10,000,000 0% 0.0485%

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.

Crypto.com Issues

Like most cryptocurrency exchanges, Crypto.com does have its fair share of problems.

On January 2022, Crypto.com was the victim of a serious hack. It was reported that the company lost US$15 million worth of Ether. After users reported suspicious activity to their accounts, the company lost US$15 million worth of Ether. The company quickly paused withdrawals which were later restored. The company 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. That said, Crypto.com CEO Marszalek assured that the exchange was functioning normally.

Crypto.com Cons and Pros

Pros

  • Very low fees
  • Provides lots of avenues for paying with crypto
  • Converts money easily
  • Great cash back rewards with Visa card Perk
  • Earn interest on crypto
  • Pretty big selection of cryptocurrency coins and tokens Binance US Stop Limit
  • Strong security

Cons

  • User interface and the exchange itself is pretty difficult to navigate
  • Coins are not universally available, and availability will be dependent on country and location
  • Some areas are lacking customer service and some of it is very poor.
  • THere is a lack 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, despite being one of the earliest platforms for trading cryptocurrencies, has been left in the dust by the likes of Kraken and FTX (at least before they went bankrupt).

KuCoin is still available to its users, but most traders avoid it like the plague. The exchange has been troubled by many negative reviews, each with different reasons ranging from semantics to highly alarming.

KuCoin Overview

KuCoin was founded in 2017 by top tech geeks Micahel Gan and Eric Don. It is a cryptocurrency exchange platform that was launched by Top Lan, Kent Li. John Lee, Jack Zhum, Linda Lin, and John Lee. The company was founded back in 2013.

KuCoin started because of MichaelGan’s eagerness to learn about blockchain and its application possibilities. 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 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. In fact, it is one of KuCoin’s strongest aspects that the platform is a goldmine for altcoins and tokens. Binance US Stop Limit

It was also one of the main reasons why the company was founded in the first place, to give fewer mainstream currencies their spotlight and allow people to access them.

These 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). The following are some other popular coins that can be found on the exchange platform:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Binance Coin (BNB)
  • XRP (XRP)
  • Chainlink (LINK)
  • Filecoin (FIL)
  • Internet Computer (ICP)
  • Wrapped Bitcoin (WBTC)
  • USD Coin (USDC)

Bear in mind that these are just a few selections of what you can find in the exchange platform

KuCoin Perks

  • A wide range of coins

KuCoin offers a wide range of tokens, coins and altcoins that are available for trading on their exchange. It is actually the top echelon for coins that are available on the exchange.

It is also easier to find smaller coins than other platforms on these platforms. 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.

  • Low fees

KuCoin has very low trading fees. Though it is not the lowest available in the market, it is still fairly low that it can compete with other exchanges.

In KuCoin, you don’t have to pay any monthly account fees. The withdrawal fees are the same as other exchanges and deposits to KuCoin are free. That said, you will still need to pay a fee to deposit fiat money, such as U.S. dollars. Binance US Stop Limit

These fees depend on the transfer method you choose and what third-party app that 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.

With KuCoin earn, you are given two ways to earn 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.

Loaning your crypto nets your interest bigger than what you’d normally get with a saving account. However, your earnings will still be affected by the demand for your coin.

According to the exchange, you can earn up to 8% to 12% on average from this way. KuCoin uses this money to finance margin trading. Although it might seem risky, the company assures that all lenders will be fully repaid.

That repayment might come from the borrower’s collateral or a KuCoin margin insurance fund.

  • Advanced Features

KuCoin provides veteran users with plenty of toys and extra features to play with. They permit margin trading which allows users leverage their position which allows them to borrow money to purchase more crypto.

KuCoin also allows the use of trading bots in its mobile app. This means that you don’t have to buy and sell your cryptocurrency 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.

As such, the convenience bots provide may not be worth the uncertainty of how they’re handling 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. Users can view markets, trade, buy, lend, or trade cryptos from there.

The platform supports four order types. These are market order, limit order, stop-limit order, and stop-market order.

Besides orders, users also have access to margin, futures, and P2P trading. If you want, you can even stake your crypto with the benefit of earning some back or a discount on some trading fees. Binance US Stop Limit

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

KuCoin is a great cryptocurrency with many advanced features. Veteran traders might find this a great benefit. They can be difficult for novice traders, as they aren’t user-friendly on mobile platforms.

KuCoin Fees

When it comes to trading fees, KuCoin divides their rates by levels. These trading fees will mostly depend on 3 factors. The minimum KCS holding within the past 30 days and the spot trading volume within the last 30 day (BTC) are the key factors in determining the trading fees.

Below is a table that shows which trading level corresponds to which.

Trading Fee Level Min KCS Holding last 30 Days Spot Trading Volume Last 30 Days (BTC) Futures Trading Volume Last 30 Days (BTC)
LV0 0 <50 <200
LV1 1000 >=50 >=200
LV2 10000 >=200 >=400
LV3 20000 >=500 >=1000
LV4 30000 >=1000 >=2000
LV5 40000 >=2000 >=3000
LV6 50000 >=4000 >=6000
LV7 60000 >=8000 >=12000
LV8 70000 >=15000 >=20000
LV9 80000 >=25000 >=40000
LV10 90000 >=40000 >=80000
LV11 100000 >=60000 >=120000
LV12 150000 >=80000 >=160000

These levels will then decide how much you will have to pay in maker or taker fees. Spot trading fees are charged in accordance with the base currency for the trading pairs. Paying fees with KCS will net users 20% off.

KuCoins also has a 24-hour withdrawal limit.

Trading Fee level Maker/Taker 24-hour Withdrawal Limit
LV0 0.1% / 0.1% 200
LV1 0.09% / 0.1% 200
LV2 0.07% / 0.09% 200
LV3 0.05% / 0.08% 200
LV4 0.03% / 0.07% 200
LV5 0% / 0.07% 500
LV6 0% / 0.06% 500
LV7 0% / 0.05% 1000
LV8 -0.005% / 0.045% 1000
LV9 -0.005% / 0.04% 2000
LV10 -0.005% / 0.035% 2000
LV11 -0.005% / 0.03% 3000
LV12 -0.005% / 0.025% 3000

KuCoin Issues

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.

Trustpilot reviews gave it an average rating of 1.7 stars out 600 reviews. Most of these negative reviews are about problems with customer support, the withdrawal process, and even making deposits Binance US Stop Limit

KuCoin has also been accused of market manipulation, with some even saying their assets randomly disappeared from their accounts. This is a problem especially when it comes to assets, money and finance.

Then there is an issue of security.

While KuCoin is a generally secure crypto exchange, it was subject to a major hack back in 2020. About $280 million in crypto was stolen from hot wallets and sent to hackers by the exchange. This was a serious security breach, despite the fact that all assets were covered by an insurance plan.

KuCoin Pros and Cons

Pros

  • Low fees
  • Strong user base
  • Wide range of coins
  • Allows you to earn interest on your crypto
  • Trading features
  • Good customer service

Cons

  • Not licensed in the U.S.
  • Limited payment methods
  • New traders can find it intimidating and overwhelming
  • Has limited education resources

coins-on-paper

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Binance versus Bittrex

Bittrex is a crypto exchange that has more similarities than differences than Binance. Both have similar features that users can use. Despite being similar, the two platforms have major differences.

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. Still, Binance surpassed them after the former implemented stricter Know Your Customer (KYC) and anti-money laundering policies.

Bittrex Overview

Bittrex is a cryptocurrency exchange that aims to operate a world-class service with focus and trust.

It was co-founded by three Amazon cybersecurity engineers: Bill Shihara (co-founder and CEO); Richie Lai (co-founder and chief information officer); and Rami Kawach (co-founder and chief tech officer). Its headquarters are located in Seattle.

In the beginning, the platform only offered crypto-to-crypto trading, but it soon introduced fiat-to-crypto trading. Binance US Stop Limit

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. This variety, like most exchanges makes Bittrex platforms attractive to traders.

They 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. This makes it pretty attractive for customers looking for new, more niche but riskier trades.

  • Low fees

Bittrex offers low fees starting at 0.3% This can get lower depending on the trade volume. It is still not the lowest on the market. Some exchanges have lower fees compared to them.

  • Fast trading executions

Bittrex offers a unique trading engine that speeds up trades, which is unlike other services. This engine even works well despite high demand. Investors would love this as it allows them to capitalize on the many price movements that happen in a volatile market such as cryptocurrency.

  • Cardano staking

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 US Stop Limit

  • Educational Content

We all know how arcane-ish finances in general are. As such, cryptocurrency can be just as confusing and obscure. 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. 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.

They even have a breakdown of some of the cryptocurrencies available on the platform to give you an idea of what you are betting on and whether one is a good investment.

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

  • 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.

This may not seem like much. Referring someone who is a serious crypto whale could net you sizable rewards. Although unreliable, it is a good and less risky way to passively earn crypto income.

Bittrex Trading Experience

Bittrex trading is simple and straightforward. Users just need to log in, and then they can access their trading dashboard. Of course, it is accessible via a mobile app or desktop computer.

The desktop interface offers a simple “instantbuy/sell” option. This allows users to quickly trade or buy crypto using a debit card, bank account or Bittrex account balance.

A real-time view of all the market data available on the platform is also available to users. Besides that, users have the option for more advanced order types. Stop, stop limit, trailing stop, and laddered orders.

Bittrex Fees

Bittrex has a simple fee structure that makes it easier to understand their fees than other exchanges. You still receive fee discounts for trades that have higher volumes. These fees are generally quite low, but not the lowest on the market.

 

30-Day Volume (USD) Maker Taker
Below $25,000 0.35% 0.35%
$25,000 – $50,000 0.25% 0.30%
$50,000 – $100,000 0.15% 0.25%
$100,000 – $1 million 0.10% 0.20%
$1 million – $5 million 0.06% 0.16%
$5 million – $10 million 0.05% 0.15%
$10 million – $60 million 0.02% 0.10%
$60 million – $100 million 0.00% 0.08%
$100 million + 0.00% 0.05%

Bittrex Issues

Bittrex has received negative reviews from users. Many of these problems are caused by account lockouts, assets that have been frozen, and identity verification issues. Most of these problems are common across many crypto exchanges.

At the very least, the platform has not seen any major controversies or setbacks.

Bittrex Pros & Cons

Pros

  • High security
  • A wide range of cryptocurrency available
  • Fairly low fees
  • Advanced trading tools
  • Very useful educational content

Cons

  • Mediocre and mostly unhelpful customer support
  • Can be challenging for beginners

Binance versus eToro Binance US Stop Limit

Binance and eToro are two of the most well-known cryptocurrency platforms. They are both very well-known and have a strong market presence.

However, there is a difference that divides the two. They are two very different platforms. Binance is a cryptocurrency exchange. eToro, however, is not. Rather, it is a cryptocurrency broker.

Binance offers a variety of digital assets, including NFTs and services. A cryptocurrency broker also sells crypto along with other investment products such as stocks and fractional shares.

eToro Overview

eToro was not founded as a cryptocurrency platform, unlike most companies in this review. Rather, the Tel Aviv-based company was originally an online forex broker under the name RetailFX. This was back in 2007.

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). The world’s most popular digital currency. It added support for Ripple and Ethereum four years later. Binance US Stop Limit

In 2018, eToro also made a big push in the crypto market. 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 and its digital asset platform have few cryptocurrency selections. They were not originally set up as an exchange, but rather 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 US Stop Limit

This allows eToro users simply to copy trades made by their favorite traders. Users only need to set the amount of money they want to allocate for the trade.

From there, the platform will set those funds and try to mirror the positions of their favorite eToro trader proportionally.

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 just 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 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 can be used as a web-based platform or as a mobile app.

It is easy to get started on the platform by depositing fiat currency using a bank account or debit card. Once they have done that, they can trade instantly.

A trading tab provides an intuitive view of the current prices, buys, sales, and converts crypto.

CopyTrading is the top perk that makes trading simple and straightforward. You can even trade with high-performing traders on the platform.

Overall, the platform offers many basic market and limit orders. 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 Fees

eToro offers a refreshing view on fees. Unlike other cryptocurrency exchanges that don’t list their fees, eToro lists its fees when trading crypto.

eToro users are charged a flat fee of 1% per trade in crypto. 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, most users do not like that on eToro, and you pay for the “round trip” upfront. This is unlike other exchanges that only charge a fee when a purchase or sale of a crypto asset is done.

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. As they can no longer return them to the trading platform.

eToro Issues

Due to its age, it is not surprising that the platform has had its fair share of controversies. Most of these do NOT involve the cryptocurrency market.

However, one did occur during the 2021 closing of leveraged positions. The following was notified to European clients of the platform in the early part of that year:

“Due to extreme market volatility in the crypto markets, margin positions for all leveraged crypto positions” should be changed to non-leveraged, or they would be closed within four hours.

This was a bad move and many users and lawyers expressed their intent to file a lawsuit as a group. It even provoked actions of having the eToro license in Cyprus revoked.

eToro also found itself in an unfavorable feud against Redditors from /r/wallstreetbets following the GameStop short squeeze.

eToro Pros and Con

Pros

  • A platform that is already established
  • Regulated in numerous jurisdictions
  • CopyTrading is a unique feature that is only found in the platform.
  • There’s more to it than just crypto trading.
  • Transparency in the fee

Cons

  • Only 44 states in the United States allow stock, ETF and cryptocurrency trading
  • Margin trading is not available for U.S. users
  • There is a limited selection of cryptocurrencies.
  • The 1% fee is quite high in comparison to other fees.
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