How Binance vs Florida

binance-vs-competition

It is only a matter time before cryptocurrency becomes mainstream and is recognized everywhere. As such, marketplaces where people can buy, sell, exchange and trade digital assets have become crucial places.

To address this market demand, cryptocurrency exchanges were created.

By definition, a cryptocurrency exchange is an online marketplace where users can exchange one kind of digital asset for another. These exchanges will be 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.

Meanwhile, a stock exchange is a facility where stock brokers trade company stocks and other securities. Stocks can only be bought or sold only if they are listed on an exchange. Stock exchanges are marketplaces that stock sellers and buyers use to trade their stocks.

In the digital world, cryptocurrency exchanges provide similar services to banks and Stock exchanges.

Still, as with there are people who still treat cryptocurrencies with trepidations and agitations. 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.

There is a chance that law enforcement will close 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. It is smart to always proceed with caution. Like with gambling, there are more chances of losing than winning. High-risk, high-reward.

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If you prefer to see the experience in a more visual way, Mark Farfan’s YouTube video review is for you. You can still check our article below for a complete overview of Binance. It also compares it with some other competitors.

Binance Exchange  How Binance vs Florida

Binance Overview

Binance is the most popular cryptocurrency exchange in the entire world. It has the highest trading volume of any crypto exchange service and offers the most number of cryptocurrency trading pairs.

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

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

The company is currently based in Malta. That said, Binance serves most countries around the globe, except for the United States, where a specific version of the platform, Binance.US, had to be established.

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

Some of these products/services include the chance to earn, exchange, stake, derive, and NFTs. You can even get loans, do payments, and even avail of credit cards from the service.

Cryptos Under Binance

Binance has its own tokens and cryptocurrency. There are actually two.

The first one is called BUSD. It is a stablecoin fiat-backed issued by Binance and Paxos. Each token of this stablecoin is backed 1:1 with US dollars in reserve. BUSD was created by the company to offer a stable alternative to the volatile digital asset market.

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

It is currently a native token in Binance, where it powers operations. It is used to pay listing, exchange, trading fees, and other expenses users incur on the platform.

Binance Perks

  • Low Fees

This is why Binance is the most popular crypto exchange platform in the world. Binance trades are as good as free. The platform charges a maker/taker fee. Fees will vary depending on trading volume and Binance Coin (BNB) balance.

That said, the platform still charges fees for some services, such as withdrawal and payment types.

  • Large Selection of Cryptos

A crypto exchange platform will only be as good as the selection of cryptocurrencies available in its market. Of course, being the biggest one there is, Binance carries a lot and other digital currencies available.

Decentralized finance tokens (DeFi) are also available.

Some of the currencies available include:

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

And many more.

  • 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 is easier to place limit orders to buy or sell crypto at a certain price.

Charting tools can also be extremely useful for veterans traders when making trade decisions. You can even sell leveraged tokens to make trading easier.

Binance Trading Experience

Binance’s overall trading experience is excellent. You can trade with Binance using a variety of trading tools, which allow for faster and more efficient transactions. You can even use real-time charts with moving averages, which makes it easy and accessible.

You don’t have to trade on your computer. You can use Binance in any way you like. It’s possible to do this through the Binance App or the Binance website.

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

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

Binance Trading Fees

Binance fees are based on customers’ trading history, and the trading volume over the last 30 days. Another thing that will matter is the amount of BNB the user has.

Whether you are a maker or a taker will also determine how much you will get on fees. Makers (those that add liquidity to the market) tend to be favored and get lower fees than takers (those that remove liquidity orders from the market).

As Binance has its own native currency, the platform encourages using its payment for transactions. Whenever you use BNB for your trades, you get a 25% discount on the trading fee. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.

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

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4999,999 with at least 25 BNB 0.09%/0.10%
2 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 and at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB 0.04% / 0.06%
8 2,500,000,000 to 4,999,999,999 and at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000 and at least 5,500 BNB 0.02% / 0.04%

Binance Issues

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

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

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

It wasn’t as bad as 2021. It’s not true to say that Binance had a difficult year in 2021.

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

It 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. After discovering an exploit between two different blockchains, the company had to suspend transactions and funds transfers temporarily. As soon as the issue was discovered, it was resolved.

From the total $570m stolen, approximately $100m of funds were not recovered.

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. Many features can be overwhelming for beginners to use and access
  • Regulation Issues with many countries, including major ones like the United States, Japan, the United Kingdom, Thailand, and many more.
  • Not available in the United States because of regulatory issues. 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 no two different cryptocurrency platforms whose approach can differ as much as Coinbase and Binance.

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

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

Coinbase Overview

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

The company doesn’t have a physical headquarters. It used to have a company headquarters in San Francisco, but this palace was abandoned, and the company changed operation to remote-first.

Brian Armstrong, an ex-engineer at Airbnb, founded Coinbase in June 2012. He joined the Y Combinator incubator program and received a $150,000 cash injection.

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

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

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

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.

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

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

Coinbase Perks

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

Meanwhile, advanced trading offers more features, such as charts, a live order book, and even the ability to limit orders. While this option has lower fees, the trade-off is that it is less intuitive, more complex, and intimidating to new users.

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

  • 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. Even a few crypto bits can be a blessing in this economy. Also, anyone who declines to pay for money is a fool. Even if that amount is

  • Educational Content

Coinbase’s library is an educational resource, as we have already mentioned. These resources include tips and tutorials, as well as information about crypto basics. Market updates are also available. It is for this reason that Coinbase is the ideal platform for those just starting to invest in crypto.

  • Mobile App

Coinbase up its accessibility factor by allowing users to access their accounts with a mobile app. Like the web platform, their mobile app provides user-friendly ways to buy, sell, and manage your 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. Coinbase automatically pays interest on certain stables like USD Coin (USDC).

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

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

As said, staking on cryptos will give you certain free rewards. This is not possible for all cryptos. It varies depending on your region as well as the cryptocurrency.

  • Coinbase Debit card

Coinbase lets users trade, but also allows them to access their hard-earned wealth and use it with 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. Through it, you can spend your cryptocurrency to pay for some services (especially those services and establishments that welcome Bitcoin and other crypto payments).

What’s more, using the Coinbase card gives you a chance to win crypto rewards. You can even choose which crypto from a rotating list you earn for this rewards

Coinbase Trading Experience

Coinbase offers a different kind of service than Binance, which has lower fees and more advanced training tools. Coinbase’s target market is those just beginning their crypto journey.

The platform offers tools that allow investors new to crypto trading a fast, easy, and secure way to trade. This is in line with their original goal to “make Bitcoin easier to use.”

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

However, this doesn’t mean that veteran traders have only beginner tools to use. For that, Coinbase offers Coinbase Pro. This platform is designed for experienced traders. How Binance vs Florida

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

You can also view real-time charts, trade history and order books, as well as price charts. This will allow them to make better decisions about how they move their positions or trades.

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

Coinbase Trading Fees

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

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

  • Coinbase charges a spread on cryptocurrency sales and purchases. The spread is significant because rates can fluctuate depending on market conditions.
  • Coinbase claims that fees are based on a variety of factors, including the chosen payment method, market conditions (volatility or liquidity) and the order size.
  • Coinbase charges fees for transactions executed on external blockchain networks that support cryptocurrencies. How Binance vs Florida

That said, Coinbase Pro’s pricing model is more straightforward. It is determined by the customer’s monthly trading volume as well as the liquidity of the asset at purchase. Also, Coinbase pro users are required to make deposits and withdrawals through a bank account.

Below is a chart that shows you the fees you can expect from the main coinbase platform.

Trade Size Coinbase Fee
$10 or less $0.99
$10 to $25 $1.49
$25 to $50 $1.99
$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
Get up to $10K 0.60% 0.40%
$10K – $50K 0.40% 0.25%
$50K – $100K 0.25% 0.15%
$100K – $1M 0.20% 0.10%
$1M – $15M 0.18% 0.08%
$15M – $75M 0.16% 0.06%
$75M – $250M 0.12% 0.03%
$250M – $400M 0.08% 0.00%
$400M+ 0.05% 0.00%

Coinbase Issues

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

On February 16, 2018, Coinbase admitted that some customers were charged more than originally intended for their credit and debit purchases of cryptocurrencies. This was due to problems that started when banks and card issuers charged the merchant category code (MCC) of crypto purchases earlier that month.

This was due to the fact that cryptocurrency payments were classified as “cash advances”, and banks and credit card issuers may begin charging cash advance fees for these purchases.

According to a Financial Times article Visa, the credit card company, initially blamed Coinbase. However, it later rescinded those statements and clarified on the Coinbase blog that the “issue was not caused by Coinbase”

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

Coinbase also participated in the first ever case of insider trading in cryptocurrency. The company’s former product manager shared information about tokens. The company provided prosecutors with the right information for an internal investigation.

Coinbase Pros and Cons

Pros

  • It is very easy to use and user-friendly for people just beginning in cryptocurrency
  • Supports a large number of cryptocurrencies
  • Offers the opportunity to earn cryptocurrency and learn about them.
  • You can trade simple or advanced depending on your preference
  • Offers coinbase debit card, which allows for easy withdrawing of funds How Binance vs Florida

Cons

  • Complex and convoluted fee structure that is also not transparent
  • Some transactions attract high fees
  • Limited staking and interest opportunities.
  • There are a bunch of altcoins missing from their selection
  • Customer service issues

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Binance or Kraken?

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

For example, US-based Binance users are severely hampered by the fact that they can only access Binance’s U.S. platform (Binance.US.) while Kraken is widely available in the country.

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

Ultimately, it will be up to customers to choose which platform by choosing what they value most. 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. How Binance vs Florida

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

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, some ETH.

Jesse Powell (alumnus from California State University, Sacramento) and Thanh Luu, co-founded Kraken in 2011. It was launched in September 2013 and offered bitcoin, Litecoin and euro trades. Further currencies and margin trading would follow.

Powell began working on Kraken as a possible replacement for 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. How Binance vs Florida

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.

September 21, 2022, saw CEO Powell stepping down as CEO of the platform citing “spending more of his time on the product of the company, user experience, and broader industry advocacy.

Dave Ripley replaced him as CEO.

Cryptos under Kraken

Kraken supports at least 110 cryptocurrencies. Some of the more popular and well-known currencies include:

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

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

Kraken Perks

  • Beefy Security

Since its founding in 2011 and launching in 2013, Kraken has been a mainstay of the cryptocurrency industry. Since its inception, Kraken’s focus was on security. It has never stopped focusing on it over the years. It is actually the only cryptocurrency exchange to have not been hacked.

This exchange, which is based in the United States, is the industry’s leader in terms security. Some in the industry associate Kraken with financial stability and physical security. 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. How Binance vs Florida

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

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

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

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

  • Trading features

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

Kraken lets you leverage currency pairs up to 5x. Some eligible pro clients can access up to $500,000 in the margin. Margin trading is still risky.

  • Fees are reasonable.

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

There are no set trading fees, which will differ from exchange to exchange. Your monthly trade history will determine how much you pay. We will discuss fees in detail in another segment. However, it is important that you know that instant buy features are more expensive than the pro platform.

  • Optional Strong Staking

Staking options within Kraken are pretty good. You can stake in over 15 cryptos. They can earn between 0.25% and upwards of 20%.

Staking is the act that involves tying up your coins to contribute to the overall security of a particular blockchain and can be a great way for investors to earn a passive income.

Kraken Trading Experience

Kraken users can choose between Kraken and Kraken Pro. 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. To learn the ropes, it is recommended that they begin with the Kraken central platform. How Binance vs Florida

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

Their system makes it easy to buy cryptocurrencies using your bank account balance. Your account doesn’t need to be funded first.

Two-factor authentication (2FA) is a security feature that you can use to protect your Kraken account. 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. At first glance, it has a more complex interface than the regular Kraken exchange. Kraken Pro is intimidating for new traders. However, it is worth learning. How Binance vs Florida

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

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

Kraken Fees

As stated above, Kraken’s fees are in the competitive middle. It is not the lowest on the market and it is not the highest. There are other factors that could affect the cost of the fees you will be paying.

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

Fees for instant purchases are 1.5% for most cryptos and 0.9% for stablecoins that use the U.S. Dollar or another stablecoin.

There are also additional fees that depend on how you fund your purchases. These prices range from 0.5% for funding with a bank account. Meanwhile, 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet. How Binance vs Florida

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

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

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

Kraken Issues

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

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

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

Kraken Pros & Cons

Pros

  • Advanced features such as margin trading and stakestaking are available.
  • Good and dependable customer service option
  • Relatively low Bitcoin (BTC) withdrawal fees
  • Provides a wide range of educational material.
  • The most secure exchange on 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 accepts only a handful of fiat currencies
  • Some users have complained about having their accounts hacked. How Binance vs Florida
  • Not available in all U.S. States

binance-coins-near-cellphone

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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. However, it does not mean that the two platforms are identical.

There is a reason one is better than the other, but that does not mean that you should automatically run toward the higher-ranked exchange for the sake of numbers. There are many factors that influence which exchange is ranked higher than another.

The better way to choose your crypto exchange is to examine both options and determine which one appeals to you more. You can choose to go with Binance, which has a wider range of crypto currencies, but you will also have the option to choose Crypto.com, which is more user-friendly and charges lower fees. How Binance vs Florida

Crypto.com Overview

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

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

As for the overall platform, Crypto.com does what most cryptocurrency exchanges does. It lets users trade, invest, stake in a currency, and many other things.

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

Crypto.com’s primary selling point is 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. Shopify has partnered with the company to accept cryptocurrency as a payment method.

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

Cryptos under Crypto.com

In terms of selection, Crypto.com has a huge one available. 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)

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

Crypto.com Perks

  • One-Stop Shop

Crypto.com is more than a trading platform. It allows you to buy and sell cryptocurrencies on the exchange and swap said cryptocurrencies with others through your DeFi wallet.

Crypto.com lets you spend your crypto with a prepaid Visa Card. Basically, Crypto.com puts weight on the currency part of cryptocurrency.

  • Low fees

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

In fact, there are transactions within Crypto.com that do not even require any fees. You can deposit your money via wire transfer or electronic bank to your account.

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

That said, the platform does charge you a fee for crypto purchases made with a credit card or a debit card. As an added reminder, payments made with a credit card may also have an added charge of a cash advance fee when buying crypto

  • Convert Your Money Easily

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 and GBP as well as EUR. However, just because it is available for trade on Crypto.com does not mean that a fiat currency will be available to you for trade. Your country of residence will still be a big factor limiting your ability to trade in certain fiat currencies.

  • Cashback cards

One of the 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. Granted, these cards will need to be topped up before one can fully utilize their uses.

The type of Card available for you will also depend on how much CRO stake you have in the platform.

The lowest available tier for those planning to access this card would be their Ruby Steel card, which also offers a 1% money back from your contribution. 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. How Binance vs Florida

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

  • Earn Interest

Crypto.com is more than a place to purchase tokens and coins. It’s a one-stop shop that offers everything crypto. Crypto.com accounts can earn high interest rates. Crypto.com offers some of the highest-yielding savings accounts on the market.

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

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

The app allows you to increase your interest rate in many ways. One 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. While one-month terms are more flexible than three-month terms, deposits for three-month terms yield better rates.

Finally, stablecoin investments can also increase your interest rate. Stablecoins usually peg their values 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 are still a volatile entity, and if it fails, your savings may be reduced… by a lot.

  • Gift cards and phone top ups

Crypto.com also offers phone top-ups and gift cards. Buy gift cards from popular brands to earn cash back benefits.

Crypto.com offers gift cards from popular brands covering different industries like hotels, general retail, games, airlines, education, and even entertainment from at least 41 countries. Like Spain, Norway, Singapore, and the United Arab Emirates.

Brands include Macy’s, Barnes & Noble, Airbnb, and many more.

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

Crypto.com Trading Experience

Your trades with Crypto.com will largely revolve around the mobile app. This serves as the platform’s central hub. For those who have been trading stocks on their phone or tablet before, the experience will be easy and similar to what you would expect. How Binance vs Florida

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

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

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

Crypto.com Fees

When it comes to trading fees, Crypto.com is pretty competitive in its pricing. In fact, they are among those who offer the lowest trading fees in the market. 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
Below 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%
More than 5,000,000 or equal to 5,000,000 0.0582% 0.0631%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0485%

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

Crypto.com Issues

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

On January 2022, Crypto.com was the victim of a serious hack. According to reports, the company had lost US$15 Million worth of Ether. This was after some users reported suspicious activity on their accounts. The company quickly paused withdrawals which were later restored. The company stated that customer funds had not been lost in the process of restoring withdrawals.

Most of the problems with Crypto.com were due to the downturn of cryptocurrency in general. Crypto.com was forced to lay off hundreds of employees that had been working since May. In October 2022 alone, it was reported that the company had to lay off at least 30% to 40% of its staff.

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

Crypto.com Cons and Pros

Pros

  • Competitively Low fees
  • There are many ways to pay with crypto
  • Converts money easily
  • Great cash back rewards with Visa card Perk
  • Allows you to earn interest on crypto
  • Pretty big selection of cryptocurrency coins and tokens How Binance vs Florida
  • Has strong security

Cons

  • User interface and the exchange itself is pretty difficult to navigate
  • There are limited availability of coins.
  • Customer service is pretty poor and lacking in some areas
  • There is a shortage of educational resources.

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Binance versus Kucoin

Comparing KuCoin to Binance side-by-side, it is clear who the winner is. It is Binance, and that is by a lot. KuCoin, despite being one of the earliest platforms for trading cryptocurrencies, has been left in the dust by the likes of Kraken and FTX (at least before they went bankrupt).

As of today, while KuCoin still has its users and most traders generally avoid the platform like the plague. Many negative reviews have been written about the exchange, with a variety of reasons. Some are semantics while others are 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. This was in direct proportion to the impact blockchain had on the world, particularly with the way that crypto and Bitcoin changed the global financial system.

By the end of 2013, Michael and Eric wrote down the first code of what would become KuCoin in a cafe. This was 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. How Binance vs Florida

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

These less-known coins can be more risky than the stable and well-known ones. As such, people need to understand what people are getting themselves into.

KuCoin also has it’s token, simply called KuCoin Token (KCS). Aside from that, some of the more popular coins available in the exchange platform include the following:

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

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

KuCoin Perks

  • A wide range of coins

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

It is also easier to find smaller coins than other platforms on these platforms. KuCoin is the ideal platform for traders looking to diversify into less-popular crypto.

It is a key mission of KuCoin to help smaller and more recent cryptocurrencies succeed. They even have a Spotlight section that promotes new currencies.

This is a good thing for users and the coin, as it allows them to start using a new currency earlier.

  • Low fees

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

In KuCoin, you don’t have to pay any monthly account fees. Withdrawal fees are in line with other exchanges, and depositing cryptocurrency to the service is free. That said, you will still need to pay a fee to deposit fiat money, such as U.S. dollars. How Binance vs Florida

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. First, you can take coins through Pool-X, a company backed by KuCoin. You can also lend your crypto to get the interest.

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

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

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

  • Advanced Features

KuCoin provides veteran users with plenty of toys and extra features to play with. 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 allows you to trade your cryptocurrency without having to do it yourself. Instead, you can let a computer handle that task for you. This is very convenient because you don’t always have to be online in order to run your business.

That said, using bots can be pretty risky. Bots can be prone to glitches, and being too dependent on them may cost you a lot of opportunities. You don’t always know their strategies and perimeters when you trade with them.

As such, the convenience bots provide may not be worth the uncertainty of how they’re handling your assets.

KuCoin Trading Experience

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

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

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

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. How Binance vs Florida

Recently, the exchange has just added a Trading Bot feature to help simplify the whole trading process.

Overall, KuCoin has plenty of advanced features. Veteran traders might find this a great benefit. They can be difficult for novice traders, as they aren’t user-friendly on mobile platforms.

KuCoin Fees

When it comes to trading fees, KuCoin divides their rates by levels. These trading fees will mostly depend on 3 factors. To determine the trading fee level, you have to look at the Minimum KCS Holding within the last 30 days, and the Spot trading volume last 30 days (BTC), or the Future Trading Volume within the last 30 days (BTC).

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

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

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

KuCoins also has a 24-hour withdrawal limit.

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

KuCoin Issues

KuCoin doesn’t have the best reputation in this industry, to be honest. Just by looking at reviews of the company, you can already see a glimpse of how bad the dissatisfaction is.

In Trustpilot reviews, it got an average of just 1.7 out of 5 stars out of 600 reviews. Most of these negative reviews are about problems with customer support, the withdrawal process, and even making deposits How Binance vs Florida

KuCoin has also been accused of market manipulation, with some even saying their assets randomly disappeared from their accounts. This can be a very big problem, especially when we talk about assets, money, and finance.

Then there is an issue of security.

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

KuCoin Pros and Con

Pros

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

Cons

  • The U.S. has not granted license for this product.
  • Payment methods are limited
  • Can be intimidating and overwhelming for new traders
  • Has limited education resources

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Bittrex versus Binance

Bittrex and Binance are two crypto exchanges with more similarities than differences. 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. While Binance boasts about the largest amount of trading volumes among the different exchanges, Bittrex aims for a more scaled-down experience.

Bittrex was once one of the top cryptocurrency exchanges in the world. Still, Binance surpassed them after the former implemented stricter Know Your Customer (KYC) and anti-money laundering policies.

Bittrex Overview

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

It was founded in 2014 by three cybersecurity engineers from Amazon: Bill Shihara, co-founder and CEO; Richie Lai, co-founder, and chief information officer; and Rami Kawach, co-founder and chief technology officer. Its headquarters can be found in Seattle.

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

Despite their new fiat trading platform, they offer many cryptocurrencies and stablecoins. Also, they are available in 46 U.S. states, excluding Hawaii, New York, and Vermont

Cryptos under Bittrex

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

Their selections include:

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

Bittrex Perks

  • Huge selection of cryptocurrency

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

  • Low fees

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

  • Fast trading executions

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

  • Cardano staking

Cardano (ADA), cryptocurrency holders would be thrilled to have this platform. Bittrex allows users to stake their Cardano crypto throughout the exchange. This can earn them up to 5.5% in rewards. How Binance vs Florida

  • Educational Content

We all know how complicated and elusive finances can be. As such, cryptocurrency can be just as confusing and obscure. So anything that offers a way to educate yourself on the topic is a godsend.

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.

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

Although it doesn’t completely eliminate the risk of cryptocurrency, it can help users make better decisions. How Binance vs Florida

  • 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. Although unreliable, it is a good and less risky way to passively earn crypto income.

Bittrex Trading Experience

Trading on Bittrex is a no-frills, straightforward experience. Users just need to log in, and then they can access their trading dashboard. Of course, it is accessible via a mobile app or desktop computer.

The desktop interface offers a simple “instantbuy/sell” option. This option lets users quickly make trades or purchase crypto with a debit card, bank account, or Bittrex account balance.

Users can also benefit from a real-time view of the markets available on the platform. 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
Below $25,000 0.35% 0.35%
$25,000 – $50,000 0.25% 0.30%
$50,000 – $100,000 0.15% 0.25%
$100,000 – $1 million 0.10% 0.20%
$1 million – $5 million 0.06% 0.16%
$5 million – $10 million 0.05% 0.15%
$10 million – $60 million 0.02% 0.10%
$60 million – $100 million 0.00% 0.08%
$100 million + 0.00% 0.05%

Bittrex Issues

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

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

Bittrex Pros & Cons

Pros

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

Cons

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

Binance versus eToro How Binance vs Florida

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

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

Binance sells a wide range of digital assets ranging from the usual cryptocurrency to NFTs and other services. A cryptocurrency broker also sells crypto along with other investment products such as stocks and fractional shares.

eToro Overview

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

RetailFX began offering stocks, indices and commodities. It changed its name to eToro. Later, it launched its innovative social trading feature that allowed users to copy trades of successful traders on the platform.

eToro was only able to get involved in the cryptocurrency market after it added support BTC in 2014. CFDs could now be bought and sold to non-U.S. users. The world’s most popular digital currency. It added support for Ripple and Ethereum four years later. How Binance vs Florida

Also, in 2018, eToro went full steam on the crypto industry. The platform was expanded with more currencies and coins. The company even launched its digital asset platform, eToroX, and even its crypto wallet.

Cryptos under eToro

eToro’s digital asset platform has a limited selection of cryptocurrency options. They were not originally set up as an exchange, but rather as a brokerage. Nevertheless, the service does include some of the most popular currencies:

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

eToro Perks

  • CopyTrader

The CopyTrader is eToro’s signature feature. It was a feature that existed before the platform dabbled in the crypto industry. How Binance vs Florida

This basically allows eToro users to copy trades done by their favorite traders with just one click. Users only need to set the amount of money they want to allocate for the trade.

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

It is completely free, which is quite surprising. This feature requires a fee, but it can be used as often as the user wishes.

  • Invest more than just crypto.

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

eToro allows you to have both stocks and cryptocurrency in one account. The platform also offers stock trading at zero commissions and the possibility to purchase fractional shares.

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

  • Fee Debit card deposits

Unlike most cryptocurrency exchanges, eToro does not charge fees for users who want to do a debit card deposit. As such, investors can deposit fiat money via bank transfer or debit card, all for free.

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. It even allows users to do trades proportional to high-performing traders in the platform.

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

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

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

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

eToro Fees

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

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

However, most users do not like that on eToro, and you pay for the “round trip” upfront. This is different from other exchanges, which only charge fees when an asset is purchased or sold.

With eToro, you pay 1% for the eventual sale of the coin in advance, plus a $1 fee on the purchase.

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.

However, one did occur during the 2021 closing of leveraged positions. Early that year, European clients of the platform were notified of the following:

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

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

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

eToro Pros and Con

Pros

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

Cons

  • Only 44 states in the United States allow stock, ETF and cryptocurrency trading
  • Margin trading not available to U.S. users
  • There are a few cryptocurrencies available.
  • 1% fee is pretty high compared to others.
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