Btc Long vs Short Binance

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. As such, marketplaces where people can buy, sell, exchange and trade digital assets have become crucial places.

To address this market demand, cryptocurrency exchanges were created.

By definition, a cryptocurrency exchange is an online marketplace where users can exchange one kind of digital asset for another. These exchanges will be based on the market value of the given assets.

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 place offering the right to exchange one fiat currency for another to its customers.

Meanwhile, a stock exchange is a facility where stock brokers trade company stocks and other securities. Stocks can only be bought or sold only if they are listed on an exchange. As such, stock exchanges are basically marketplaces where stock buyers and sellers do their business.

The digital world offers cryptocurrency exchanges similar services as banks and stock exchanges.

There are still people who treat cryptocurrency with fear and anxiety. Some people view cryptocurrency and cryptocurrency exchanges as illegal online marketplaces.

These people believe these places could facilitate the trading of unregistered securities. They believe that crypto exchanges can be places where suspicious people can launder money and have limited AML/KYC to evade the law.

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

For example, there is a good chance that law enforcement may shut down an exchange. When this happens, these exchanges might not be able to return your money because some operate illegally in gray areas.

You may also be unable to withdraw or sell your cryptocurrency and digital assets due to your funds being locked in an exchange. This could happen when your cryptocurrency exchange is seized or under investigation by the authorities.

Lastly, there is a very big possibility of you losing your money from speculating cryptocurrency and then having the rug pulled under you by the founders or founding team of these exchanges. This is especially true if these founders are scammers or hustlers who excel at what they do.

It is important to remember that cryptocurrency and any other related technology are always a risky business. Always be cautious. 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  Btc Long vs Short Binance

Binance Overview

Binance exchange is the largest cryptocurrency exchange in the world. It offers the largest number of trading pairs and has the highest trading volume among all crypto exchange services.

Binance was founded in 2017 by Chinese-Canadian entrepreneur and business executive Changpeng Zhao. Initially, the company was based in China. However, due to growing crypto restrictions in China, the company moved to Japan and then to Malta.

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

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 among its users is due to its low fees, large selection of cryptocurrencies available, and innovative products. The platform has a lot to offer in terms of products that are based on cryptocurrencies.

Some of these products/services include the chance to earn, exchange, stake, derive, and NFTs. 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 first one is called BUSD. It is a fiat-backed stablecoin issued by Binance and Paxos. This stablecoin token is backed 1:1 by US dollars in reserve. BUSD was created by the company to offer a stable alternative to the volatile digital asset market.

BNB is the second. Formerly called Binance Coin, it was launched in 2017 through an initial coin offering (ICO) as an asset for users when Binance was still in its infancy. It 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.

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 uses a maker/taker fee structure. 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. Binance is the largest crypto exchange platform. This means that it has a lot of digital currencies.

Decentralized finance tokens (DeFi) are also available.

Some of the currencies available include:

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

There are many other options.

  • Multiple ways to Earn

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

However, these opportunities come with a lot of risk. Users must be able to recognize and weigh the risks. Trading and dealing in crypto is risky enough.

  • Advanced trading tools

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

Binance offers advanced trading tools that make it easy to tailor trading options. It is easier to place limit orders to buy or sell crypto at a certain price.

Charting tools can also be extremely useful for veterans traders when making trade decisions. There are even features that allow users to sell leveraged tokens and make trade easier.

Binance Trading Experience

Binance’s overall trading experience is excellent. You can trade with Binance using a variety of trading tools, which allow for faster and more efficient 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. You can do it through the Binance App, the Binance website, or even the Binance desktop app.

Traders will not need to use multiple platforms or other tools to keep track of their portfolios as the platform already does it for them. Anyone who wants to track their trades can access their trade history on the exchange platform.

You can even customize how they view trading. This makes it easier to understand 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 fees are based on customers’ trading history, and the trading volume over the last 30 days. The amount of BNB that the user has will also be important.

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 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.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Below 1,000,000 0.10%/0.10%
1 1,000,000 to 4,999,999 and at least 25 BNB 0.09%/0.10%
2 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 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 with at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB 0.04% / 0.06%
8 2,500,000,000 to 4,999,999,999 and at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Binance Issues

Despite being one of the biggest names in crypto, Binance has its issues and controversies.

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

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

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.

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. These said data included names and addresses of users in a bid to fight crime.

In October the same year, another hacker attacked its network. After discovering an exploit between two different blockchains, the company had to suspend transactions and funds transfers temporarily. The issue had been contained as soon as it popped up.

However, about $100m in funds remained unrecovered from a total of $570m that was stolen.

Binance Pros & Cons

Pros

  • Low fees
  • Simple Access to Passive Income Opportunities
  • Wide Selection of Cryptocurrencies
  • Sophisticated trading tools
  • Multiple ways of Depositing Money
  • Flexible Trading Options and Order Types

Cons

  • Non-beginner friendly. Many features can be overwhelming for beginners to use and access
  • Regulation Issues with many countries, including major ones like the United States, Japan, the United Kingdom, Thailand, and many more.
  • Due to regulatory issues, the service is not available in the United States. The US-specific service Binance U.S., which is a limited version of the service, is not available in all states.
  • No built-in digital wallet available

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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 crux of the difference between Coinbase and Binance is who their main audience is and how they cater to these people.

Coinbase Overview

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

As such, the company does not have a physical headquarters because they don’t need one. The company used to have its headquarters in San Francisco. However, this palace was demolished and the company moved to remote-first.

Brian Armstrong, an ex-engineer at Airbnb, founded Coinbase in June 2012. He started coinbase by enrolling in the Y Combinator startup incubator program, where he received a $150,000 cash infusion.

After seeing Armstrong’s Reddit post, Fred Ehrsam became his co-founder. This was back in the days when bitcoin was only $6 and was only known to “a few nerds online” (Ehrsam’s words not mine).

They believed bitcoin was an insane idea that would revolutionize finance and money. Both men shared the belief that bitcoin would be huge. They wanted to make crypto more mainstream and easy to use. This was the impetus behind Coinbase.

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

Cryptos Under Coinbase

Coinbase does not have its original coin or cryptocurrency. That said, the platform does support over 100 cryptocurrencies. They also regularly add more cryptocurrencies as the need arises.

As such, here is a glimpse of the different cryptocurrencies coinbase has to offer:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • 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.

A Bitcoin (BTC-focused exchange. Coinbase has grown to offer over 150 types of cryptocurrency on the platform. In fact, you can trade currencies like Bitcoin (BTC) and other major coins for smaller and newer digital tokens.

Coinbase is the only cryptocurrency exchange that offers a wide selection of products in the U.S. market.

  • Simple and advanced trading

Coinbase offers two trading tools to make it easier for users to access their accounts. 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.

To avoid high fees, it is highly recommended to trade in advanced trading.

  • Get Free Crypto

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

Users are encouraged to read more about crypto through educational modules, and when one has completed one module, coinbase allows them to earn more.

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

  • Educational Content

As lightly touched above, coinbase has a library that is a well of educational resource. These resources range form the basics of crypto, tips, and tutorials to more complex stuff and even market updates. Coinbase is the best platform to start investing in crypto.

  • Mobile App

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

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

  • Crypto Rewards

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

This allows you stake certain cryptocurrencies such as Solana (SOL), and Ethereum (ETH).

Staking 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. Btc Long vs Short Binance

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. Through it, you can spend your cryptocurrency to pay for some services (especially those services and establishments that welcome Bitcoin and other crypto payments).

You can also use the Coinbase card to earn crypto rewards. You can even choose which crypto from a rotating list you earn for this rewards

Coinbase Trading Experience

If Binance provides low fees and more advanced training tools, Coinbase is geared towards a more different type of user. Coinbase’s target market is those just beginning their crypto journey.

This platform provides tools to enable crypto traders to quickly and easily trade. This is linked to their original goal of “making Bitcoin easier to use.”

They have provided their determination to achieve this vision by letting users earn cryptocurrency just for watching tutorial videos geared towards beginners.

However, this doesn’t mean that veteran traders have only beginner tools to use. Coinbase Pro is the perfect platform for you. A platform that is specialized for seasoned traders. Btc Long vs Short Binance

Coinbase Pro is different because it was designed for professional traders. It gives them more tools that allow for greater customization of their trades. You can choose from several order types such as stop, limit or margin orders.

You can also view real-time charts, trade history and order books, as well as price charts. This 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 can access the pro version of Coinbase by creating an account.

Coinbase Trading Fees

Coinbase doesn’t disclose their fees and pricing. Their entire fee schedule was removed from the online help section. That said, this doesn’t mean you will pay your fees blindly. You will still be able to see the cost of entering a trade so that you are aware of what you will have to pay.

This is where coinbase falls short of the rest. Its fee structure can be too complex and a little hard for the mind to wrap around. The fee structure is based on three factors that can be confusing:

  • Coinbase charges a spread on cryptocurrency sales and purchases. The spread is significant because rates can fluctuate depending on market conditions.
  • Coinbase claims fees are also based on factors such as the selected payment method, market conditions (volatility and liquidity), and even the order size.
  • Coinbase charges fees for transactions executed on external blockchain networks that support cryptocurrencies. Btc Long vs Short Binance

That said, Coinbase Pro’s pricing model is more straightforward. 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.

Trade Size Coinbase Fee
$10 or less $0.99
From $10 to $25 $1.49
$25 to $50 $1.99
$50 to $200 $2.99

Trades above $200 have a percentage-based fee rather than a flat fee.

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

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

Coinbase Issues

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

On February 16, 2018, Coinbase admitted that some customers were charged more than originally intended for their credit and debit purchases of cryptocurrencies. 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.

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”

Coinbase received more customer complaints than ever in 2018, with an increase of over 100%. Most of these problems were categorized as “money was not available when promised.” The company solved this issue by increasing its customer service staff to reduce wait times.

Coinbase was also involved in the first-ever case of insider trading regarding cryptocurrency. A former product manager of the company as he shared information about certain tokens listed by the company. Prosecutors were provided with all the information necessary for an internal investigation by the company.

Pros and cons of Coinbase

Pros

  • It is very easy to use and user-friendly for people just beginning in cryptocurrency
  • Supports a large number of cryptocurrencies
  • Offers the opportunity to earn cryptocurrency and learn about them.
  • Offers simple and advanced trading depending on user preference
  • Offerings a coinbase debit card that allows easy withdrawal of funds Btc Long vs Short Binance

Cons

  • Complex and convoluted fee structure that is also not transparent
  • Some transactions attract high fees
  • Limited staking and interest opportunities.
  • A lot of altcoins are missing from their selection
  • Problems with customer service

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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). while Kraken is widely available in the country.

These two platforms share many similarities, including both offering advanced trading options and low fees as well as mobile apps. Both platforms are targeted at experienced or veteran cryptocurrency traders.

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. Btc Long vs Short Binance

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. Kraken is praised by traders and users alike for not being involved in any kind of suspicious activity against their users… and that doesn’t follow questionable corporate policies.”

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

Kraken was co-founded in 2011 by the aforementioned Jesse Powell, who was an alumnus of California State University, Sacramento, with Thanh Luu. However, it was only launched in September 2013, offering Bitcoin, Litecoin, and euro trades. Additional currencies and margin trading were to follow.

Powell began working on Kraken as a possible replacement for Mt.Gox, another bitcoin exchange based in Shibuya, Tokyo, Japan. Before its 2014 collapse due to failed security audits, Powell was a consultant to the exchange.

Kraken 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. Btc Long vs Short Binance

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

It was later listed on Bloomberg Terminal as one of the first bitcoin exchanges. It has since chosen to help with the investigation of Mt. Gox, CEO Powell’s former employer. Because of its track record of being secure, Kraken is trusted.

In September 2020, Kraken became the first cryptocurrency exchange to hold a special purpose depository institution (SPDI) charter in the United States after Wyoming granted such a charter to the company.

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

He was replaced as CEO by Dave Ripley.

Cryptos under Kraken

Kraken supports at most 110 cryptocurrencies. The most well-known and popular currencies are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Ripple (XRP)
  • Stellar Lumens (XLM)
  • Solana (SOL)
  • Sushi (SUSHI)
  • Uniswap

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

Kraken Perks

  • Beefy Security

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. It is actually the only cryptocurrency exchange to have not been hacked.

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

  • 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. Btc Long vs Short Binance

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 quote of the exchange rate of two different currencies traded in 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.

In the case of Kraken, not all of its currencies are exchangeable for the others.

  • 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. Pro clients who are eligible can get up to $500,000 in margin. This does not remove the risk that margin trading inherently brings.

  • Fees are reasonable.

Although it’s not the most expensive on the market, Kraken’s fees remain competitive and comparable to other exchanges. It’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. We will discuss fees in detail in another segment. However, it is important that you know that instant buy features are more expensive than the pro platform.

  • Strong Staking Options

Kraken offers a variety of stake options. Users have the opportunity to stake over 15 different cryptos. Users can earn as much as 20%, up to 0.25%.

Staking refers to the act of holding your coins in order to make a contribution to the security of a specific blockchain. It can be a great way to passively earn an income.

Kraken Trading Experience

Kraken users can choose between Kraken and Kraken Pro. Between these exchanges, Kraken Pro offers lower pricing. Anyone can access both platforms with a Kraken Account.

Kraken is a trading platform that’s geared towards intermediate-to-experienced users. However, beginners can still use the platform if they want. It is suggested that they start with the central Kraken platform to learn the ropes. Btc Long vs Short Binance

Kraken allows verified accounts with linked bank accounts to purchase cryptocurrency quickly. From there, selling or converting your crypto into your account is just a simple process. Inside the website, orders are done using a straightforward form, which will mostly only take a few seconds.

It is easy to purchase cryptocurrencies with your bank account balance. You don’t even need to fund your account first.

In terms of security, you can keep your Kraken account safe by enabling two-factor authentication (2FA). As such, you will need your device to log in to your account.

On the other hand, Kraken Pro is Kraken’s more advanced trading platform. It appears more complicated than the regular Kraken exchange. Kraken Pro is intimidating for new traders. It is well worth the effort. Btc Long vs Short Binance

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

As stated above, Kraken also allows for lower fees. So if you think you are ready, it would be better to make the same trade with Kraken Pro instead of Kraken. You will pay less but earn more in the end.

Kraken Fees

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

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

In normal Kraken, fees for instant purchases include 1.5% for most cryptocurrencies and 0.9% for stablecoins using the U.S. dollar or another stablecoin.

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. Btc Long vs Short Binance

Meanwhile, Kraken Pro’s pricing is pretty different. The fees for Kraken Pro are generally lower than those on the main Kraken platform. Fees will be calculated based on the volume of your trades over the past 30 days. Another fee to remember is that most transactions are subject to a 0.26% taker fee or 0.16% maker fee.

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

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

Kraken Issues

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.

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. In late September 2021, Kraken was ordered to pay a fine to the Commodity Futures Trading Commission for $1.25 million allowing unregistered margin trading.

Kraken Pros and Cons

Pros

  • Advanced features such as margin trading and stakestaking are available.
  • Excellent and reliable customer service
  • Relatively low Bitcoin (BTC) withdrawal fees
  • Provides a wide range of educational material.
  • The most secure exchange on the market
  • Simple user interface

Cons

  • Base Kraken platform has pretty expensive fees compared to the Kraken Pro version. Luckily both modes can easily be accessed as long as you have a Kraken account.
  • Kraken only accepts a few fiat currencies
  • Some users have complained about having their accounts hacked. Btc Long vs Short Binance
  • It is not available in all U.S. States

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Binance versus Crypto.com

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. Btc Long vs Short Binance

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.

You can also choose from over 250 currencies. There are reasonable fees and discounts for some customers, such as those who have large stakes in Crypto.com’s own coin, the Cronos (CRO).

Crypto.com’s main selling point and focus is in their exchange. 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. 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

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

Crypto.com Perks

  • One-Stop Shop

Crypto.com is more than a trading platform. You can trade cryptocurrencies and buy and sell them on the exchange.

Crypto.com lets you spend your crypto with a prepaid Visa Card. Crypto.com places a lot of weight on cryptocurrency’s currency component.

  • Low fees

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

There are many transactions on Crypto.com that don’t require fees. One example is depositing your money into your account via an electronic bank or wire transfer.

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

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

  • Convert Your Money Easily

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. Your country of residence will still be a big factor limiting your ability to trade in certain fiat currencies.

  • Cashback cards

One of the best perks you can get as a member of Crypto.com com is the availability of Visa Cards connected to your Crypto.com account and its crypto currency.

Currently, Crypto.com has five types of prepaid Visa Cards available to its users. Granted, these cards will need to be topped up before one can fully utilize their uses.

Your CRO stake in the platform will determine which Card you can get.

Their Ruby Steel card is the lowest available tier, and it also offers a 1% cash back on your contribution. To be eligible, you must have at least $400 in stake.

For those with deeper pockets, Obsidian tier is available. This earns you 5% cash or crypto back, along with loads of extra bonuses. To qualify, you will need to have at least $400,000 in stakes. Btc Long vs Short Binance

Other cards available include Midnight Blue, Jade Green/ Royal Indigo, and the Frosted Rose Gold/ Icy White. These cards don’t have an annual fee, and you get a certain number of ATM withdrawals and foreign transaction each month for no additional charge.

  • Earn Interest

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

You may have to keep a lot of cash in CRO to benefit from this perk, but the maximum interest you can earn is below 10%.

The interest rate you can acquire will depend on factors like the duration of time you leave your money, the currency you save, and the amount of CRO you have staked.

The app allows you to increase your interest rate in many ways. One way is to stake more than 4,000 CROs. You can even get more if your stake exceeds 40,000 CROs, but this may seem excessive.

If you make a deposit for a term of one month or more, the interest rate can be increased to 3 months. Between these choices, depositing for one-month terms might be more flexible, but three-month term deposits yield better rates.

Lastly, investing in stablecoin also increases your interest rate. Stablecoins are usually tied to an external reference. Some can be pegged 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 are still a volatile entity, and if it fails, your savings may be reduced… by a lot.

  • 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.

The amount of cashback you get will still depend on how much CRO you have staked and what type of company it is.

Crypto.com Trading Experience

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. Btc Long vs Short Binance

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

Where would you pick up a trading application without its chart tools. In the case of Crypto.com’s app, it shares a relatively simple set of data that aims not to intimidate or overwhelm the users. These charts provide enough information for users to understand the cryptocurrency and blockchain, which might be useful before they buy.

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

Crypto.com Fees

When it comes to trading fees, Crypto.com is pretty competitive in its pricing. In fact, they are among those who offer the lowest trading fees in the market. Trade volume can be higher and qualify for lower fees, as low as 0.4% for makers or 0.1% for takers. This is even with no CRO.

Discounted trading fees have become available when users hold at least 5,000 CRO in their wallet. Rates go lower with larger stakes.

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

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

30-Day Spot Trading Volume (USD) Maker Taker
Below 250,000 0.0750% 0.750%
Greater than or equal to 250,000 0.0700% 0.0720%
Greater than or equal to 1,000,000 0.0650% 0.0690%
Greater than or equal to 5,000,000 0.0600% 0.0650%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0500%

Meanwhile, the table below is the maker and taker rates for those who have less a stake of than or equal to 100 CRO (3% discount)

30 Day Spot Trading Volume (USD) Maker Taker
Below 250,000 0.0728% 0.728%
Greater than or equal to 250,000 0.0679% 0.0698%
Greater than or equal to 1,000,000 0.0631% 0.0669%
More than 5,000,000 or equal to 5,000,000 0.0582% 0.0631%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0485%

As stated, discounts are based on the CRO stakes. Stakes over 50,000 CRO are exempt from maker fees. People with even higher stakes may be eligible for rebates.

Crypto.com Issues

Crypto.com, like most cryptocurrency exchanges has its problems.

On January 2022, Crypto.com was the victim of a serious hack. It was reported that the company 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. As such, Crypto.com had to let go of hundreds of employees, which started in May. The company was forced to lay off between 30% and 40% of its employees in October 2022.

Their exchange token Cronos (CRO), lost $1 billion in value between November 2022 and November 2022. This was in part due to the collapse of FTX. Crypto.com CEO Marszalek reassured that the exchange was operating normally.

Crypto.com Pros and Cons

Pros

  • Competitively Low fees
  • There are many ways to pay with crypto
  • Convert money quickly
  • Visa card perk with great cash back rewards
  • Earn interest on crypto
  • Pretty big selection of cryptocurrency coins and tokens Btc Long vs Short Binance
  • Has strong security

Cons

  • The exchange interface is not easy to use.
  • 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 shortage of educational resources.

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Binance versus Kucoin

When Comparing KuCoin and Binance side by side, the winner is pretty clear. Binance is the clear winner, and it is by quite a bit. KuCoin was one of the first platforms to trade cryptocurrencies. However, FTX and Kraken have taken over.

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

KuCoin Overview

KuCoin was founded in 2017 by top tech geeks Micahel Gan and Eric Don. It is a cryptocurrency exchange platform that was launched by Top Lan, Kent Li. John Lee, Jack Zhum, Linda Lin, and John Lee. The company was established 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. This was in direct proportion to the impact blockchain had on the world, particularly with the way that crypto and Bitcoin changed the global financial system.

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

 

Cryptos under KuCoin

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

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

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 lesser-known coins are riskier than the more stable and popular ones. People need to be aware of what they are getting 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:

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

These are only a small selection of the many options available on the exchange platform.

KuCoin Perks

  • Wide range of Coins

KuCoin offers a wide range of tokens, coins and altcoins that are available for trading on their exchange. In fact, it ranks in the upper echelon when selecting coins available in 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.

After all, it is one of the main missions of KuCoin, to give smaller and newer cryptocurrencies a fighting chance. In fact, they even have a Spotlight section, which promotes new currencies.

This is advantageous for the coin and users who want to get in on a new currency early.

  • Low Fees

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

KuCoin doesn’t charge any monthly 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. Btc Long vs Short Binance

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

  • Earn through interest on your crypto

KuCoin, like most cryptocurrency exchanges lets you make money with your crypto. KuCoin Earn is the name of the KuCoin service.

KuCoin Earn gives you two ways to make money from your crypto. First, you can take coins through Pool-X, a company backed by KuCoin. You can also lend your crypto to get the interest.

Your interest rate for borrowing crypto is higher than the one you would get from a savings account. However, your earnings will still be affected by the demand for your coin.

The exchange claims that you can make a lot of money this way, with an average earning rate of 8% to 12.5%. KuCoin makes margin trading possible by using this money. It might seem risky, but the company states that lenders will always be repaid in full.

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

  • Advanced Features

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

KuCoin 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. Instead, you can let a computer handle that task for you. This is pretty convenient as you do not always need to be online to do your business.

However, bots can pose a risk. Bots 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

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

YOu can access KuCoin’s front page or dashboard after logging in to your account, be it on desktop or mobile. Users can view markets, trade, buy, lend, or trade cryptos from there.

In the case of order types, the platform supports four. These are market order, limit order, stop-limit order, and stop-market order.

Users have access to orders as well as margin, futures and P2P trading. You can stake your crypto to earn some back or get a discount on trading fees. Btc Long vs Short Binance

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. However, they might be a nightmare for beginners as desktop, and mobile platforms are not user-friendly.

KuCoin Fees

When it comes to trading fees, KuCoin divides their rates by levels. 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 showing which trading level corresponds with which.

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

These levels will determine how much you’ll have to pay for taker or maker fees. Spot trading fees are charged in accordance with the base currency for the trading pairs. KCS users will receive 20% off for paying fees.

KuCoins also has a 24-hour withdrawal limit.

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

KuCoin Issues

To be honest, KuCoin does not have the best reputation in the industry. You can see the extent of dissatisfaction by just looking at the reviews.

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

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.

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 concerning security breach despite the assets being covered by an insurance fund.

KuCoin Pros and Con

Pros

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

Cons

  • Not licensed in the U.S.
  • Payment methods are limited
  • Can be intimidating and overwhelming for new traders
  • 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. 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. Still, Binance surpassed them after the former implemented stricter Know Your Customer (KYC) and anti-money laundering policies.

Bittrex Overview

Bittrex, a cryptocurrency exchange, aims to provide a high-quality service with trust and focus.

It was 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. Btc Long vs Short Binance

Despite their new fiat trading platform, they offer many cryptocurrencies and stablecoins. They are also available in 46 states of the United States, except Hawaii, New York, Vermont, and Vermont.

Cryptos under Bittrex

Bittrex offers a variety of stablecoins and cryptocurrencies on their exchange. This variety, like most exchanges makes Bittrex platforms attractive to traders.

They include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Chainlink (Link)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Tether (USDT)
  • Polygon (MATIC)

Bittrex Perks

  • Huge selection of cryptocurrency

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

  • Low fees

Bittrex offers low fees starting at 0.3% Depending on trade volume, this fee can be lower. That said, it is not the lowest available in the market. Some exchanges have lower fees compared to them.

  • Fast trading executions

Bittrex offers a unique trading engine that speeds up trades, which is unlike other services. This even keeps up despite having a heavy 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. Btc Long vs Short Binance

  • Educational Content

We all know how arcane-ish finances in general are. So by association, cryptocurrency is just as mind-boggling and arcane. Any way you can educate yourself about the topic is a blessing.

In Bittrex’s case, it offers an impressive library of educational resources in its Discover section. Here, users will find articles and references for various crypto topics. 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. Btc Long vs Short Binance

  • Referral Program

Bittrex operates a referral program where when someone you know signs up for an exchange account and uses your referral link, you will earn 10% on all trading commissions they pay.

This may not seem 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

Bittrex trading is simple and straightforward. Logging in is all that’s required to access the trading dashboard. It can be accessed via a desktop or mobile app.

In the desktop interface, users have a simple “instant buy Buy/Sell” option. This allows users to quickly trade or buy crypto using a debit card, bank account or Bittrex account balance.

Users can also benefit from a real-time view of the markets available on the platform. Users also have the option to place more complex orders. Stop, stop limit, trailing stop, and laddered orders.

Bittrex Fees

Bittrex uses a simple maker/taker fee structure, making their fees more transparent than most exchanges. 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 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. 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 and Cons

Pros

  • Highly secure
  • A wide range of cryptocurrency available
  • Fairly low fees
  • Advanced trading tools
  • Pretty helpful educational content

Cons

  • Mediocre and mostly unhelpful customer support
  • For beginners, it can be difficult

Binance versus eToro Btc Long vs Short Binance

eToro and Binance are two pretty famous cryptocurrency platforms. They are both very well-known and have a strong market presence.

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

Binance offers a variety of digital assets, including NFTs and services. Meanwhile, a cryptocurrency broker sells crypto alongside other investment products like stocks and fractional shares.

eToro Overview

Unlike most of the companies listed in this review, eToro did not start as a platform for cryptocurrency. Rather, the Tel Aviv-based company was originally an online forex broker under the name RetailFX. This was 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. This enabled users to buy and sell CFDs (to non-U.S. users). On the world’s leading digital currency. It added support for Ripple and Ethereum four years later. Btc Long vs Short Binance

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. This is probably because they did not start as an exchange but as a brokerage. Nevertheless, the service does include some of the most popular currencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Dash (DASH)
  • Dogecoin (DOGE).
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Solana (SOL)
  • Stellar Lumens (XLM)

eToro Perks

  • CopyTrader

The CopyTrader is eToro’s signature feature. This feature existed long before the platform began to explore the crypto industry. Btc Long vs Short Binance

This basically allows eToro users to copy trades done by their favorite traders with just one click. The trade can be initiated by setting the money that the user wants to spend.

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

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.

Since the platform started in foreign exchange, it was to be expected that new users could still get in on that action.

eToro is one of the few places on the internet that allows you to own cryptocurrency and stocks in one account. Regarding stock investing, the platform offers zero-commission stock trading with the ability to buy fractional shares.

eToro provides a virtual brokerage account which allows you to simulate stock investing without putting any real money at risk.

  • Deposits to Fee Debit cards

Unlike 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.

That said, there is a conversion fee for non-U.S. dollar transactions, so users should remember that.

eToro Trading Experience

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

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

An intuitive trading tab gives a view of current prices and buys, sells, and even converts crypto.

The top perk CopyTrading makes doing trades pretty simple and easy. It even allows users to do trades proportional to high-performing traders in the platform.

The platform provides basic market and limit orders. However, it lacks some of the more advanced conditional orders and more advanced charting capabilities.

The platform is limited in its ability to offer cryptocurrency fairs due to a lack of options.

It is also eToroX, the flagship digital asset platform with all the bells and whistles users would expect from an institutional-grade exchange.

Some of the new features included in eToroX include U.S. dollar deposits, margin trading, trading APIs, and fast execution.

eToro Fees

When it comes to fees, eToro is a breath of fresh air. Unlike other cryptocurrency exchanges that don’t list their fees, eToro lists its fees when trading crypto.

eToro users pay a flat fee of 1% for each crypto trade. The platform refers to this 1% market fee as a bid-ask spread. It is also included in the platform’s price when users open or closes their position.

However, many users don’t like the fact that eToro charges a fee for each round trip. 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.

This could be a problem when users transfer their coins to an external wallet. They can’t return the coins to the trading platform.

eToro Issues

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

One that does, though, happened during the 2021 closure of leveraged position. 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 not a good move, and many lawyers and users expressed intent to file a class action lawsuit. This led to the revocation of the eToro licence in Cyprus.

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

eToro Pros and Cons

Pros

  • A platform that is already established
  • Regulated in many jurisdictions
  • CopyTrading, a unique feature only available on the platform, is an exclusive feature.
  • There’s more to it than just crypto trading.
  • Transparency in the fee

Cons

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