Difference Between Usd And Usdt On Binance

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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.

And right on cue, to fulfill the adage: “If there’s a demand for it, someone will try to fill up that demand.” As for this case, cryptocurrency exchanges came into the picture to remedy this marketplace demand.

A cryptocurrency exchange, by definition, is an online platform where users can trade one type of digital asset for the other. These exchanges will be determined by the market value of the assets.

Banks are real financial institutions that can receive deposits, store and transfer money, and are licensed in the real world. Banks, basically, regulate money. They are the only legal place offering the right to exchange one fiat currency for another to its customers.

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. Stock exchanges are marketplaces that stock sellers and buyers use to trade their stocks.

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

There are still people who treat cryptocurrency with fear and anxiety. For some people, cryptocurrencies and cryptocurrency exchanges are treated as borderline 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.

Some of these claims may not be entirely true. 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. These exchanges may not be able return your money if they are shut down by law enforcement because they operate in grey 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. Especially when these founders are hustlers or scammers who are too good at what they are doing.

It is important to remember that cryptocurrency and any other related technology are always a risky business. Always be cautious. As with gambling, there is a greater chance 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  Difference Between Usd And Usdt On Binance

Binance Overview

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

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

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

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.

These products/services offer the opportunity to earn, trade, 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. There are actually two.

The BUSD is the first. It is a fiat-backed stablecoin issued by Binance and Paxos. This stablecoin token is backed 1:1 by 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.

The second is called BNB. Formerly called Binance Coin, it was launched in 2017 through an initial coin offering (ICO) as an asset for users when Binance was still in its infancy. It was originally an ERC-20 standard token that was built on the Ethereum blockchain.

Currently, it is a native token of the Binance ecosystem, where it plays an essential role by powering operations. It’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 the main reason Binance is the largest crypto exchange platform worldwide. Binance trades can be done for free. The platform charges a maker/taker fee. The trading volume and Binance Coin balance will determine the fees.

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.

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.

  • 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.

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. You can even sell leveraged tokens to make trading easier.

Binance Trading Experience

The overall trading experience with Binance is pretty good. You can trade with Binance using a variety of trading tools, which allow for faster and more efficient transactions. Some even have real-time charting tools with moving averages which makes everything convenient and accessible.

When trading, you do not need to be stuck to your computer. You can use Binance in any way you like. You can do it through the Binance App, the Binance website, or even the Binance desktop app.

The platform will keep track of traders’ portfolios for them, so they won’t need to use any additional tools or platforms. Anyone who wants to track their trades can access their trade history on the exchange platform.

Even how they view their trading can be customized. This allows for easier comprehension of data. In fact, users can choose how they prefer these data to be presented, which makes it easier to pinpoint the more important ones.

Binance Trading Fees

Binance trading fees will depend on the customers’ trading history and trading volume in the past 30 days. The amount of BNB that the user has will also be important.

Whether you are a maker or a taker will also determine how much you will get on fees. Takers, who remove liquidity orders from a market, tend to get higher fees than makers (those who add liquidity to it).

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).

This chart can be used to quickly reference Binance’s fees.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4,999,999 and at least 25 BNB 0.09%/0.10%
2 Between 5,000,000 and 19,999,999 with at least 100 BNB 0.08% / 0.10%
3 20,000,000 to 119,999,999 and at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199.999.999 with at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB 0.04% / 0.06%
8 2,500,000,000 to 4,999,999,999 and at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Binance Issues

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

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

Binance was the victim of a large-scale security breach on May 7, 2019. It was discovered that hackers stole 7,000 Bitcoins worth $40 million. However, customers were reimbursed by the site’s “Secure Asset Fund for Users (SAFU).

It wasn’t as bad as 2021. In fact, saying that Binance had a rough year in 2021 is an understatement.

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.

It was again in trouble the next year when it was revealed that Binance had shared client data with Russia. In an effort to combat crime, these data contained names and addresses.

Then in October of the same year, it suffered another hack on its network. 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.

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

Binance Pros & Cons

Pros

  • Low Fees
  • Easy Access to Passive Income Opportunities
  • Large Selection of Cryptocurrencies
  • Sophisticated trading tools
  • Multiple ways of Depositing Money
  • Flexible Trading Options and Order Types

Cons

  • Non-beginner friendly. For beginners, many features can be difficult to access and use.
  • Regulation issues with many countries, including major ones such as the United States, Japan and the United Kingdom.
  • Due to regulatory issues, the service is not available in the United States. Even the US-specific service, Binance U.S. (a more limited version), is unavailable in some states.
  • There is no built-in digital wallet

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Binance Versus Coinbase

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. The platform is a distributed business, so all employees work remotely.

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.

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.

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

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

Coinbase is now the largest crypto exchange in America and the world, but its humble beginnings are not glamorous. In truth, Coinbase launched out of a two-bedroom apartment that was shared with another company. Difference Between Usd And Usdt On Binance

Cryptos Under Coinbase

Coinbase does not have its original coin or cryptocurrency. The platform supports over 100 cryptocurrencies. As the need arises, they add new cryptocurrencies regularly.

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

  • 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 (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 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.

In fact, few cryptocurrency exchanges could compete with Coinbase in terms of selection in the U.S. Market.

  • Simple and Advanced Trading

Coinbase offers two trading tools to make it easier for users to access their accounts. You can choose from a simple or advanced trade option.

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

Advanced trading, on the other hand, offers more options such as charts and a live order list, as well as the ability to limit orders. 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

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

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. Their mobile app, which is similar to the web platform, allows users to manage, buy, and sell cryptocurrency.

The Coinbase app isn’t just garbage. It is legit and has high ratings on both the Apple App Store and Google Play Store.

  • Crypto Reward

Your Coinbase account can allow you to earn interest on many cryptocurrencies. This is because Coinbase pays interest on specific stables, like USD Coin (USDC), automatically.

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

Staking is how many cryptocurrencies verify their transactions and allows participants to earn rewards on their holdings. You commit your crypto assets to support a blockchain network and confirm transactions when staking in cryptocurrencies. Difference Between Usd And Usdt On Binance

As said, staking on cryptos will give you certain free rewards. This is not possible for all cryptos. It depends on where you live and the cryptocurrency.

  • Coinbase Debit card

Aside from trading, Coinbase allows users to access and spend their hard-earned wealth using the Coinbase card.

If you have a Coinbase account, you can apply for a Coinbase card, a prepaid Visa debit card linked to your Coinbase account balance. It allows you to spend cryptocurrency to purchase certain services, especially those that accept Bitcoin or other crypto payments.

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

Coinbase Trading Experience

If Binance provides low fees and more advanced training tools, Coinbase is geared towards a more different type of user. Coinbase targets people just starting their crypto journey.

The platform offers tools that allow investors new to crypto trading a fast, easy, and secure way to trade. This is 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.

This doesn’t mean veteran traders only have beginner tools to play with. Coinbase Pro is the perfect platform for you. A platform that is specialized for seasoned traders. Difference Between Usd And Usdt On Binance

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

Users can also access real-time charting tools, trade history, order book, and price charts. This 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. There is no such fee. Anyone with a Coinbase account can already access and use the pro version.

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. 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. It is said that the fee structure depends on three confusing factors:

  • Coinbase charges a spread for cryptocurrency purchases and sales. 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. Difference Between Usd And Usdt On Binance

Coinbase Pro’s pricing structure is simpler. It is determined by the customer’s monthly trading volume as well as the liquidity of the asset at purchase. Coinbase Pro users must have a bank account to make withdrawals and deposits.

The chart below gives an idea of the fees you can expect on the main coinbase platform:

Trade Size Coinbase Fee
$10 or less $0.99
From $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.

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”

In 2018, customer complaints against Coinbase jumped more than 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 also participated in the first ever case of insider trading in cryptocurrency. A former product manager of the company as he shared information about certain tokens listed by the company. Prosecutors were provided with all the information necessary for an internal investigation by the company.

Coinbase Pros and Cons

Pros

  • Easy to use and very friendly for those just starting in cryptocurrency
  • It supports a wide range 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 Difference Between Usd And Usdt On Binance

Cons

  • Complex and convoluted fee structure that is also 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

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Binance versus Kraken

Binance and Kraken, both giants in the cryptocurrency industry, have millions of users. There might seem like a huge gap between the two platforms should we compare their rank (Binance being first and Kraken at fourth), but there is more to it than that.

Binance.US users, for example, are severely limited by the fact that they cannot access Binance’s U.S.-based platform (Binance.US). while Kraken is widely available in the country.

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

Ultimately, it will be up to customers to choose which platform by choosing what they value most. Binance will be the one to choose with their lower fees, large selection of coins and extra way of managing funds. Or will it be Kraken and its high regard for security standards, which won them a bank charter approval in Wyoming in 2021. Difference Between Usd And Usdt On Binance

Kraken Overview

Kraken is a fully functional crypto exchange characterized by its low fees and a good selection of tokens, coins, and cryptocurrencies. One of the most defining characteristics of this platform is that it is one of the only U.S. crypto exchanges to provide advanced trading tools like margin.

Kraken’s main cause is to become the best and most secure 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,”

Jesse Powell, Kraken’s founder and former CEO, tweeted that the November 2022 FTX Controversy was a “”…Happy life, pay a fee for matching trades” A balance sheet is mostly Bitcoin and some ETH.”

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

Powell started working on Kraken to replace Mt.Gox (another bitcoin exchange, based in Shibuya Tokyo, Japan). He was a consultant for that exchange before its collapse in 2014 due to failing security audits.

Kraken also joined with other US Bitcoin players in the formation of the “Committee for the Establishment of the Digital Asset Transfer Authority”, the industry’s selfregulating group. Difference Between Usd And Usdt On Binance

The year 2014 was very big for Kraken. In March of that year, the company received a $ 5 million Series A investment from Hummingbird Ventures and Bitcoin Opportunity Fund.

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

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 least 110 cryptocurrencies. The most well-known and popular currencies are:

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

Kraken supports several stablecoins, including Tether, USD Coin and Dai. A limited number of Kraken currency exchanges are also available in certain territories. You can convert US dollars into Canadian dollars, Japanese Yuen and Swiss Francs. Difference Between Usd And Usdt On Binance

Kraken Perks

  • Beefy Security

Kraken has been an integral part of the cryptocurrency market since its inception in 2011 and its launch in 2013. Since its inception, Kraken’s focus was on security. It has never stopped focusing on it over the years. In fact, it is the only cryptocurrency exchange that has not had any major hacking accounts.

This exchange, which is based in the United States, is the industry’s leader in terms security. As such, some in the industry have affiliated Kraken with physical security and financial stability. This is a claim Kraken is too proud to make.

  • 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. Difference Between Usd And Usdt On Binance

Kraken’s liquidity is high, which allows Kraken to make it easier for users to buy and sell at fair prices.

Kraken works using currency pairs, a one-to-one equivalency between two currencies. It is the price of the exchange rate between two currencies that are traded on FX markets.

Kraken would use dollars to buy Bitcoin, and vice versa. You will always swap one currency for the other if you use dollars to buy Bitcoin, and then Bitcoin to purchase Ethereum.

Kraken’s currencies cannot be exchanged for each other.

  • Trading features

Kraken is one of the few exchanges offering margin, stop orders, and crypto short sales. Kraken also offers a dark pool, where high volume investors can trade anonymously.

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. This does not remove the risk that margin trading inherently brings.

  • Fees are reasonable.

While it is not the lowest in the market, the prices of Kraken’s fees are pretty competitive and on par with several exchanges. It is even cheaper than other exchanges.

There are no set trading fees, which will differ from exchange to exchange. Your monthly trade history will determine how much you pay. While we will talk about fees in depth in another segment, it is important to know that fees are higher when using the instant buy feature rather than the pro platform.

  • Optional Strong Staking

Staking options within Kraken are pretty good. You can stake in over 15 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. Kraken Pro is the cheaper of these two exchanges. Both platforms are available to anyone with a Kraken account.

Kraken is a trading platform that’s geared towards intermediate-to-experienced users. 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. Difference Between Usd And Usdt On Binance

Kraken allows verified accounts with linked bank accounts to purchase cryptocurrency quickly. It is easy to sell or convert your crypto to your account. 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. 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. Difference Between Usd And Usdt On Binance

It includes more detail about assets, active charts and the ability to view 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’ll pay less and earn more at the end of the day.

Kraken Fees

As stated above, Kraken’s fees are in the competitive middle. It’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.

Prices and fees may vary depending on the platform. Kraken Pro will always be cheaper than regular Kraken.

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

There are also additional fees that depend on how you fund your purchases. For funding with a bank account, these fees range from 0.5% to 1.5%. For a digital wallet, you can get a 25-Euro cents debit card, credit card or card at 3.75% plus 25 Eurocents. Difference Between Usd And Usdt On Binance

Kraken Pro’s pricing however is quite different. Generally, fees are lower than the main Kraken platform. Your fees will also be based on your total trading volume over the last 30 days. Another fee to remember is that most transactions are subject to a 0.26% taker fee or 0.16% maker fee.

Below is a chart showing their maker-taker fees for a volume of 30 days in US dollars.

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

Kraken Issues

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

On the security side, Kraken has lived up to customer expectations and has proven itself with being the only major cryptocurrency exchange that has not been a victim of a major hack.

That said, Kraken has its fair share of issues regarding government regulations.

In April 2018, Kraken refused to comply with an investigation by the New York Attorney General’s Office on issues about the measures taken by crypto exchanges to protect their customers from money laundering and market manipulation.

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

Kraken Pros and Cons

Pros

  • Advanced features such as margin trading and stakestaking are available.
  • 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. Luckily both modes can easily be accessed as long as you have a Kraken account.
  • Kraken only accepts a few fiat currencies
  • A few users complain about their accounts being hacked. Difference Between Usd And Usdt On Binance
  • 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.

While one exchange is better than another, that doesn’t mean you should always choose the highest-ranking exchange just for numbers. Plenty of factors are at play for why one is ranked higher than the other.

It is better to look at both options before you choose the crypto exchange that appeals to your needs. 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. Difference Between Usd And Usdt On Binance

Crypto.com Overview

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

The sales might be on the bigger one, with Domain sellers valuing the domain at US$5 – 10 million.

Crypto.com is a platform that does the same thing as most cryptocurrency exchanges. It 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. However, that is not what they all do, they also offer a variety of crypto services which include their own crypto wallet, and even an NFT shop. The company has even partnered with Shopify those in the e-commerce platform accept cryptocurrency as a valid payment.

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

Cryptos under Crypto.com

Crypto.com offers a wide selection of currencies. You can trade spot with more than 250 currencies, and you can also staking. The platform supports the following currencies:

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

Cronos (CRO) is Crypto.com’s coin. Having a significant stake in this coin rewards you with lower trading fees, higher stalking interest rates, and higher credit card rewards. Difference Between Usd And Usdt On Binance

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.

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

  • Low Fees

Crypto.com’s low fees are comparable to many other sites.

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

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

The platform charges a fee for purchases of crypto with a debit or credit 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. Users can convert fiat currencies to crypto with the Crypto.com app. Provided that Crypto.com is limited to 20 fiat currencies available on the platform.

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

  • Cashback Cards

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

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

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

Their Ruby Steel card is the lowest available tier, and it also offers a 1% cash back on your contribution. Of course, you will need to have at least a $400 stake to be able to avail of this.

For those with deeper pockets, Obsidian tier is available. This tier earns you 5% cash back or cryptoback, as well as lots of bonuses. To qualify, you will need to have at least $400,000 in stakes. Difference Between Usd And Usdt On Binance

Other cards available include Midnight Blue, Jade Green/ Royal Indigo, and the Frosted Rose Gold/ Icy White. All these cards have no annual fee and give you a set number of free ATM withdrawals and foreign transactions each month.

  • Earn Interest

As a one-stop shop for everything crypto, Crypto.com isn’t just a place to buy coins and tokens. Those who have a Crypto.com account can also earn high rates of interest. Crypto.com offers some of the highest-yielding savings accounts on the market.

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.

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.

You can also increase the interest rate if you deposit for a one-month term to three-month terms. 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 even be tied to the U.S. Dollar. These stablecoins can help you earn more interest.

That said, since stablecoins are stable, these are unlikely to appreciate in value compared to normal cryptocurrencies. They are less likely to lose value.

It is risky to keep your crypto savings. Cryptocurrencies can be volatile and your savings could be cut if they fail.

  • Gift cards and phone top ups

Gift Cards and Phone Top-ups are other ways that Crypto.com allows you to spend your crypto. Buy gift cards from popular brands to earn cash back benefits.

Crypto.com sells gift cards from well-known brands in a variety of industries, including hotels, general retail, gaming, education, and entertainment from at least 41 different countries. 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. So those who are already used to trading stocks on a phone or tablet will have a breeze of time and will find the experience pretty similar to that. Difference Between Usd And Usdt On 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. With it, you can trade currencies, earn through staking in crypto, make payments with cryptocurrency, and even sign up for a Crypto.com credit card.

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

Crypto.com offers a wide range of fiat currencies. 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 in multiple countries to purchase and get into crypto using their local currency.

Crypto.com Fees

When it comes to trading fees, Crypto.com is pretty competitive in its pricing. They are actually among the few that offer the lowest trading fees on the market. 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.

Users who have at least 5,000 CRO in their bank account can get discounted trading fees. 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 showing fees for spot and margin trades for customers with no CRO stake amount.

30-Day Spot Trading Volume (USD) Maker Taker
Less than 250,000 0.0750% 0.750%
Greater than or equal 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 10,000,000 or equal to 10,000,000 0% 0.0500%

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

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

As stated, discounts are based on the CRO stakes. Stakes over 50,000 CRO are exempt from maker fees. Those who have even more may even enjoy rebates.

Crypto.com Issues

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

Crypto.com was the victim in a serious hacker attack on January 20, 2022. According to reports, the company had lost US$15 Million worth of Ether. 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 stated that customer funds had not been lost in the process of restoring withdrawals.

Crypto.com’s problems were mostly caused by the decline in cryptocurrency. As such, Crypto.com had to let go of hundreds of employees, which started in May. In October 2022 alone, it was reported that the company had to lay off at least 30% to 40% of its staff.

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

Crypto.com Pros and Cons

Pros

  • Very low fees
  • Provides lots of avenues for paying with crypto
  • Converts money easily
  • Visa card perk with great cash back rewards
  • Earn interest on crypto
  • There are a lot of crypto coins and tokens available Difference Between Usd And Usdt On Binance
  • 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
  • Customer service is pretty poor and lacking in some areas
  • 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 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. He discovered Bitcoin from his boss, Eric, and started getting in on the action.

The impetus came when he found out that the biggest cryptocurrency exchanges during that time were very difficult for beginners to use. They believed this was inversely proportional to how blockchain changed the world, especially with how Bitcoin and crypto changed the global financial system.

By the end of 2013, Michael and Eric wrote down the first code of what would become KuCoin in a cafe. This was the beginning of the platform that would become the “People’s Exchange”.

 

Cryptos under KuCoin

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. Difference Between Usd And Usdt On Binance

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

These lesser-known coins are riskier than the more stable and popular ones. As such, people need to understand what people are getting themselves into.

KuCoin has its token, called KuCoin Token or KCS. The following are some other popular coins that can be found on the exchange platform:

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

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

KuCoin Perks

  • A wide range of coins

As we have already stated, KuCoin has a broad selection of coins, tokens, and altcoins that can be traded in their exchange. It is actually the top echelon for coins that are available on the exchange.

As such, one of its strengths is that it is easier to find smaller coins on these platforms than on other platforms. KuCoin is the ideal platform for traders looking to diversify into less-popular crypto.

After all, it is one of the main missions of KuCoin, to give smaller and newer cryptocurrencies a fighting chance. 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 also has low trading fees. Although it’s not the lowest on the market, it’s still low enough to be competitive with other exchanges.

In KuCoin, you don’t have to pay any monthly account fees. Withdrawal fees are in line with other exchanges, and depositing cryptocurrency to the service is free. However, depositing fiat money such as U.S. Dollars will require you to pay an additional fee. Difference Between Usd And Usdt On 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. In the case of KuCoin, the service is called KuCoin Earn.

KuCoin Earn gives you two ways to make money from your crypto. You can first take your coins through Pool-X which is backed by KuCoin. 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.

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

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

  • Advanced Features

KuCoin offers veteran users a variety of toys and additional features. They allow for margin trading, which allows users to leverage their position, which means borrowing money to buy more crypto.

KuCoin’s mobile app also supports trading bots. This means that you don’t have to buy and sell your cryptocurrency yourself. Instead, you can let a computer handle that task for you. This is pretty convenient as you do not always need to be online to do your business.

That said, using bots can be pretty risky. Bots are susceptible to errors and you may lose out on many opportunities. Then there is the fact that you mostly don’t know about their perimeters and strategies when doing their trades.

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

KuCoin Trading Experience

The KuCoin trading experience can start either through an online portal or an Android and iOS mobile app. Both have an abundance of features and tools which you can use when doing trades on the platform.

YOu can access KuCoin’s front page or dashboard after logging in to your account, be it on desktop or mobile. From there, users can do whatever they want, from viewing markets, buying, trading, and lending crypto, as well as many other activities.

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

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

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

Overall, KuCoin has plenty of advanced features. Veteran traders might find this a great benefit. However, they might be a nightmare for beginners as desktop, and mobile platforms are not user-friendly.

KuCoin Fees

When it comes to trading fees, KuCoin divides their rates by levels. The three main factors that determine the trading fees are: The minimum KCS holding within the past 30 days and the spot trading volume within the last 30 day (BTC) are the key factors in determining the trading fees.

Below is a table showing which trading level corresponds with which.

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

These levels will then decide how much you will have to pay in maker or taker fees. Spot trading fees will be charged based on the base currency of the trading pairs. KCS users will receive 20% off for paying fees.

KuCoins also has a 24-hour withdrawal limit.

Trade Fee Maker/Taker 24h 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. 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 Difference Between Usd And Usdt On 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.

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. The exchange lost about $280 million worth of crypto from users’ hot wallets to hackers. This was a serious security breach, despite the fact that all assets were covered by an insurance plan.

KuCoin Pros and Cons

Pros

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

Cons

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

coins-on-paper

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Bittrex versus Binance

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

The key difference between the two platforms is their size. Bittrex is more focused on a scaled-down experience, whereas Binance has the highest trading volume of all the exchanges.

There was once a time when Bittrex was once among the global leaders in the cryptocurrency industry. Binance was able to surpass them despite having 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. Difference Between Usd And Usdt On Binance

Despite the newness of their fiat trading, they still offer a wide selection of cryptocurrencies and stablecoins. Also, they are available in 46 U.S. states, excluding Hawaii, New York, and Vermont

Cryptos under Bittrex

Bittrex has a wide selection of cryptocurrencies and stablecoins available in their exchange. This variety, like most exchanges makes Bittrex platforms attractive to traders.

Their selections include:

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

Bittrex Perks

  • A huge selection of cryptocurrency

Bittrex offers a large selection of cryptocurrency in their marketplace, as we have already stated. This makes it pretty attractive for customers looking for new, more niche but riskier trades.

  • Low fees

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

  • Fast trading executions

Unlike other services, Bittrex has a custom-built trading engine that allows faster trades. 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

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

  • Educational Content

We all know how complicated and elusive finances can be. So by association, cryptocurrency is just as mind-boggling and arcane. So anything that offers a way to educate yourself on the topic is a godsend.

Bittrex has an impressive library of educational resources available 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. Difference Between Usd And Usdt On Binance

  • Referral Program

Bittrex offers a referral program. If someone you know opens an account with Bittrex and uses your link, you’ll earn 10% on all trading commissions.

While this may not look like much. Referring someone who is a serious crypto whale could net you sizable rewards. It is an easy way to passively make crypto income, even though it is not reliable.

Bittrex Trading Experience

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

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

Users can also benefit from a real-time view of the markets available on the platform. Besides that, users have the option for more advanced order types. Stop, stop limit, trailing stop, and laddered orders.

Bittrex Fees

Bittrex uses a simple maker/taker fee structure, making their fees more transparent than most exchanges. That said, you still get fee discounts for trades with higher volumes. Overall, these fees are pretty low but are not the lowest available in the market.

 

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

Bittrex Issues

Bittrex has been on the receiving end of negative reviews from its users. Many of these problems are caused by account lockouts, assets that have been frozen, and identity verification issues. These problems are widespread across all crypto exchanges.

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

Bittrex Pros and Cons

Pros

  • Highly secure
  • A wide range of cryptocurrency available
  • Very 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 Difference Between Usd And Usdt On Binance

eToro and Binance are two pretty famous cryptocurrency platforms. They are both pretty famous and lead the market in what they do.

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

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

eToro Overview

eToro was not founded as a cryptocurrency platform, unlike most companies in this review. The Tel Aviv-based company was actually an online forex broker originally under RetailFX. This was 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. Four years later, it also added support for Ripple (XRP) and Ethereum (ETH). Difference Between Usd And Usdt On Binance

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

Cryptos under eToro

eToro and its digital asset platform have few cryptocurrency selections. 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. Difference Between Usd And Usdt On Binance

This allows eToro users simply to copy trades made by their favorite traders. The trade can be initiated by setting the money that the user wants to spend.

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

It is completely free, which is quite surprising. There is a need to pay an additional fee for this feature, which can be used as much as the user wants.

  • Invest more than crypto.

It was expected that users would still be able to participate in the action since the platform began in foreign currency.

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

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

  • Fee Debit card deposits

Unlike other cryptocurrency exchanges that charge fees, eToro doesn’t charge users to make a debit card payment. Investors can deposit fiat money using a bank transfer or debit card for no additional fees.

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

eToro Trading Experience

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

Starting in the platform is as easy as depositing fiat currency from a debit card or bank account, and then they can trade immediately.

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

The top perk CopyTrading makes doing trades pretty simple and easy. You can even trade with high-performing traders on the platform.

Overall, the platform offers many basic market and limit orders. However, it lacks some of the more advanced conditional orders and more advanced charting capabilities.

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.

eToroX now offers U.S. Dollar deposits, margin trading and trading APIs. It also allows for fast execution.

eToro Fees

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

eToro users pay a flat fee of 1% for each crypto trade. This 1% market fee is added to the market price the platform calls a bid-ask spread. This fee is charged when users close or open positions.

However, many users don’t like the fact that eToro charges a fee for each round trip. This is different from other exchanges, which only charge fees when an asset is purchased or sold.

eToro charges 1% upfront for the eventual sale and a $1 purchase fee.

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 was also in a feud with Redditors of /r/wallstreetbets after the GameStop short squeeze.

eToro Pros and Cons

Pros

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

Cons

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

Difference Between Usd And Usdt On Binance

binance-review

Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. To ensure that transactions are secure, cryptocurrency uses cryptography as a means of security.

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

So what does it use? It relies on a peer to peer system that allows anyone to send and receive money from anywhere. This currency exists purely as digital entries and is recorded on an online database that describes specific transactions.

Each time a transaction is done with cryptocurrency funds, it will be recorded in a public ledger. Every owner of cryptocurrency keeps their funds in a digital wallet.

Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. This is why cryptocurrency can only exist in the digital and virtual space, as it uses encryption methods that only computers can understand.

This advanced coding is used to store and transmit cryptocurrency data. It provides security and safety while transactions between wallets and public ledgers take place.

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

Meanwhile, to have these currencies exchanged or traded, one would need the services of a cryptocurrency exchange or a digital currency exchange (DCE).

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

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

Crypto Exchanges accept wire transfers and credit card payments in exchange for digital currencies.

One such dedicated cryptocurrency exchange is Binance.

Binance and Overview Difference Between Usd And Usdt On Binance

binance-logo
Beau Troxclair’s YouTube channel 0xBeau has a video review of Binance. For those who like a visual experience, this is the video. To get a comprehensive overview of Binance, you may still want to check out our article below.

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

Binance was founded in 2017 by Changpeng Zhao (“CZ” Zhao). Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. It has been moved around from Japan and Malta, but it did not have a permanent home.

That said, there has been news about the company signing a memorandum of understanding with Bermuda and Malta, where it could finally find its home base. Difference Between Usd And Usdt On Binance

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

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

Binance also has its set of unique tokens and cryptocurrencies. One of which is BUSD, a stablecoin, and the other is BNB which is known as a strong performer due to its low fees.

That said, Binance is not without its issues and dark side.

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

In the same year, the United Kingdom’s Financial Conduct Authority ordered the platform to stop all regulated activity in the country in June 2021. That said, the scope of this ban was limited, and that non-registered firms can still interact with UK consumers.

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

Also, in the same year, Binance was said to have shared client data, including names and addresses, with the Russian government. The Russian government justified this as a way to help them fight crime.

Binance Perks

Large Selection of Cryptos

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

A few examples of this include:

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

Binance offers support for popular cryptocurrencies like:

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

Low fees

No platform offers trading currencies and tokens for free. Binance is a trading platform that offers deals that are often as good as free. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. The highest spot trading fee so far is 0.1%.

The platform uses a maker/taker fee structure. Fees will vary depending on trading volume or Binance Coin (BNB). balance. As a rule of thumb, the higher the volume of your trade, the lower the fees your trades are subjected to. Difference Between Usd And Usdt On Binance

Users can get discounts on certain services, and this is not all. These include:

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

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

Payment Type Fees
  • Wallet
  • Debit Cards
  • ACH transfer
  • Wire transfer
  • Crypto Conversion
  • Trades
  • Buy/Sell Crypto
  • N/A
  • 4.5%
  • No cost
  • $15 for U.S. Customers
  • N/A
  • 0.00% to 0.1%
  • 0.50%

We can discuss more about fees in a later section.

binance-coins-with-dollars

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Passive income from crypto assets

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

There are more available staking options available on the platform. They even pay higher rates than most other exchanges.

You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. Of course, it is really up to you when taking on these risks. As such, it is important to understand what is involved and what is at stake before jumping into these opportunities.

Advanced Trading Tools

Binance’s advanced trading tools provide an easy way to customize your trading options. Setting a limit to buying or selling crypto at a specific price is easy. With its “convert” function, it even caters to beginners.

For veteran traders, the charting tools in the advanced trading interface are something to behold. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.

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

The Binance Shortcomings

Not for Newbies

Binance is definitely not for beginners. It is a complicated platform created with experienced and veteran traders in mind. This platform’s goal is to maximize the profits of these traders.

We have already discussed the risks Binance offers its users in order to make passive income from their crypto holdings. You need to understand what these things mean and how you’re using them.

As for the risky opportunities, more often than not, this is where beginner traders and newbies lose their money. It takes years of experience and honed gut feeling to understand the inherent and hidden risks some trades carry with them.

It can be difficult to navigate the vast market selection and in-depth dashboards offered by the platform, especially for those just starting out in crypto investing.

Once you are comfortable with the platform, it will be very simple to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. It also provides a sizable educational resource.

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

Regulatory Attention

As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. Major countries that have it in for Binance include Japan, the United Kingdom, Canada, Singapore, and Thailand.

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

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

It is not available in the U.S.

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

Binance.US also trades over 120 cryptocurrencies and does not offer futures trading or leveraged token. It is also not available in all countries. It’s unavailable in Hawaii, New York, Texas, or Vermont.

stock-market-data

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How it All Works

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

Binance is a cryptocurrency exchange, as we all know. It has a huge range of services. Some of these include:

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

That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. Binance warns users about the potential risks of investing on the platform.

It also has an anti-addiction setting just in case users become too involved with trading. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. They are encouraged to take a break from trading and rest.

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

These are just reminders. Retail investors will ultimately decide how to manage risk and where they should invest their money.

Sign up for your Binance account

It takes just minutes to create and register your Binance account. You are also given the choice of two types of accounts: Verified and unverified accounts.

For Unverified users:

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

For Verified Accounts

  1. Register now for an unverified Account
  2. Log in to your account
  3. Click Identity Verification in the User Center
  4. Select Personal
  5. Fill in your Details
  6. Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
  7. Upload a file or take a picture of the document
  8. Take a photo of yourself
  9. Click confirm after you have uploaded the document and image.
  10. Binance will then review your submission as soon as they can. Difference Between Usd And Usdt On Binance

To verify your account, you will need to wait for Binance to send an email.

Trading Experience

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

Traders can also use the platform to look at their portfolios and trade history. They can view the order book and price charts. The platform also gives users a selection of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.

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

increasing-value

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Trust Wallet

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

Withdrawals are usually completed in 10 minutes and the fees are very low. To verify your account, you will need to enter some personal information. You can use Binance on a variety of platforms, including mobile and desktop.

Fees

Binance is known for its low fees. However, this does not mean that users are free from all charges. Users of Binance are still required to pay fees for using the platform.

Deposit and withdrawal fees

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

Depending on your country, Binance might allow credit or debit card payments, bank transfers, and peer-to-peer payments.

As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw crypto to a wallet or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. Difference Between Usd And Usdt On Binance

Trade Fees

The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. The amount of BNB you hold will also matter.

Some people, like Maker orders (those that add liquidity to the market), will also get lower fees than taker orders (those that remove liquidity orders from the market).

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

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

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 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 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%

Security

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

Binance includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. It also uses address whitelisting, device management, and the ability to restrict device access.

Binance also claims to have its own insurance fund made by storing 10% of all trading fees in a secure fund. This is meant to cover any losses from hacking, an incident that Binance is familiar with (more on that later).

Although this insurance does not provide the same protection as third-party insurance, it can give some protection.

Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is done to prevent hackers from getting in touch.

That said, customers should still be wary of Binance since its security needs a better track record. The platform was hacked in early 2019 for $40 million in BTC. It also suffered another major hack in October 2022, this time costing them $570 million in BNB.

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

Binance quickly responded to the hack and reimbursed all those affected through their Secure Asset Fund for Users. This cold storage wallet keeps enough capital to cover users’ losses.

Customer Service

Binance provides three options for customer support. You have three options for customer support: submit a ticket, chat with a representative, or reach out via Twitter.

You simply need to fill out a form on the Binance website for tickets. Submitting a ticket entitles you to receive email assistance.

For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Because it is more visible, Binance encourages users to tweet about their problems through this channel.

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

lucky-coins

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Binance Pros & Cons

Pros

  • Low fees

One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. It is a no-brainer. After all, if a platform asks for lower fees, crypto traders and investors get to keep more of their investments and earnings to themselves.

  • Ability to earn passive income in many ways.

Whoever does not want to earn passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. These opportunities come with inherent risks. As such, these are not for the faint-hearted. Difference Between Usd And Usdt On Binance

  • There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. With the addition of cryptos such as Fish (FISH) or Fanverse (FT), that number is increasing.

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

  • Advanced Trading Tools

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

  • There are many ways to deposit money

If you don’t have any money to invest, trading is impossible. Binance makes it easier to start crypto trading by making it easy to deposit funds through its many ways.

  • Flexible Order Types and Trading Options

Bear in mind, trading is like a gamble. The assets and stock own may be valuable now, but you will never know when their values will drop. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Difference Between Usd And Usdt On Binance

Cons

  • Platform can be overwhelming for beginner users.

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

  • Regulation issues in many countries

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

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

  • Not available in the United States

Binance was temporarily banned in the United States due to problems with US regulatory bodies. Binance U.S. was created by the parent company to provide a U.S-exclusive version.

However, Binance U.S. is more limited than the original Binance. Furthermore, it is also not available in some U.S. states like New York and Vermont.

  • No built-in digital wallet available

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

Binance Last Thoughts

Let me begin by saying that I’m a complete beginner when it comes crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.

Binance was the best platform for me because it charges very low fees. I joined cryptocurrency to find out what all the fuss was about. I am not planning to take this seriously (yet).

Creating my account from scratch and verifying it took no time. In a matter of minutes I was able to view the UI and all the features offered by the platform. Let me tell you…..

So with confidence, I can honestly back the opinion that Binance is not beginner friendly. I can tell you that the myriad of choices presented to me by Binance was pretty intimidating and overwhelming. I needed a friend to help me understand the complexities of all this stuff.

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

Right now, I hope I bet on the right horse, not the wrong one.

coin-standing

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Common Questions about Binance Difference Between Usd And Usdt On Binance

Binance is safe?

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

While Binance has its own set of key security features, it still is a blight on its record that it was hacked twice. The company did beef up its security, but in the end, time will judge if these security measures can survive attacks.

How do you decide if Binance is right for you?

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

However, for the sake of having an answer, you may deem Binance is a right fit for you if:

  • You are not a newbie in crypto trading, and you have intermediate to the advanced crypto trading experience.
  • You need a service that is affordable and can accept many currencies.
  • You’re looking for advanced features in your service.
  • You are an institutional trader carrying a high or ultra-high net worth.
  • You are not a citizen of the United States.

Bianance offers FOREX trading

No, Binance does not offer traditional Forex (Foreign Exchange Trading).

The main reason is that it lacks the amount of currency pairing needed to join the FOREX exchange. A company must have access to thousands of currency pairings in order to be able enter FOREX-only markets. It is a far cry from Binance, which only has over 50 currency pairings.

Does Binance Offer CFD Trading?

Binance offers CFD (Contracts For Difference) trading.

These are still controversial in the crypto industry, as many prefer to own native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. However, CFDs have their advantages. They can be extremely liquid.

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