How Does Binance Earn Money

binance-vs-competition

With cryptocurrency going mainstream and getting legitimized here and there, it is only a matter of time before a huge population wants to get in on the action. As such, marketplaces where people can buy, sell, exchange and trade digital assets have become crucial places.

To address this market demand, cryptocurrency exchanges were created.

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

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

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.

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

These people believe these places could facilitate the trading of unregistered securities. They fear that crypto exchanges could be used by criminals to launder money, and they have limited AML/KYC capabilities to evade the law.

Of course, some of these claims are not entirely unfounded. As with all dealings with cryptocurrency, there are inherent risks to using cryptocurrency exchanges.

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 can happen especially when the cryptocurrency exchange you are using has been seized by law enforcement or is under investigation by the proper authorities.

There is also the possibility that you will lose your money by speculating in cryptocurrency, and then have the rug pulled under your feet by the founders of these exchanges. This is especially true if these founders are scammers or hustlers who excel at what they do.

It is important to remember that cryptocurrency and any other related technology are always a risky business. It is smart to always proceed with caution. As with gambling, there is a greater chance of losing than winning. High-risk, high-reward.

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For those of you who prefer a more visual experience, here is a video review from Mark Farfan’s YouTube channel. You can still check our article below for a complete overview of Binance. It also compares it with some other competitors.

Binance Exchange  How Does Binance Earn Money

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

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

The company is currently based in Malta. 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 with its user base is because of its low fees, a large number of available cryptocurrencies, as well as its innovative products. The platform has a lot to offer in terms of products that are based on cryptocurrencies.

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

Cryptos Under Binance

Binance also has its own set of tokens and cryptocurrencies. In fact, there are two.

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

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.

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 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. Fees will vary depending on trading volume and Binance Coin (BNB) balance.

Despite this, fees are still charged by the platform for certain services, including withdrawals 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. Binance is the largest crypto exchange platform. This means that it has a lot of digital currencies.

Decentralized finance tokens (DeFi) are also available.

Some of the available currencies 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

For those wanting to get more mileage out of their investments, Binance allows you to earn more from your 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. That said, trading and dealing with crypto is already risky in itself.

  • Advanced trading tools

Binance wouldn’t be considered a crypto-exchange platform if it didn’t have trading tools.

Binance 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.

Then there are charting tools that can be very useful for veteran traders making decisions. There are even features that allow users to sell leveraged tokens and make trade easier.

Binance Trading Experience

The overall trading experience with Binance is pretty good. It provides various trading tools that allow for smoother and faster transactions. Some even have real-time charting tools with moving averages which makes everything convenient and accessible.

You don’t have to trade on your computer. You can use Binance in any way you like. 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.

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

Binance Trading Fees

Binance fees are based on customers’ trading history, and the trading volume over the last 30 days. The amount of BNB that the user has will also be important.

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. You get 25% off your trading fees when you use BNB to make trades. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.

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

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Below 1,000,000 0.10%/0.10%
1 1,000,000 to 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 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 Between 200,000,000 and 499,999.999,999 with at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 99,999,999999 and at most 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%

Binance Issues

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

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

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

However, it wasn’t as rough as the year 2021 was. It’s not true to say that Binance had a difficult year in 2021.

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

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

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

Then in October of the same year, it suffered another hack on its network. The company had to temporarily suspend transactions and fund transfers after detecting an exploit between two blockchains. The issue had been contained as soon as it popped up.

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

Binance Pros & Cons

Pros

  • Low Fees
  • Simple 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 such as the United States, Japan and the United Kingdom.
  • Due to regulatory issues, the service is not available in the United States. The US-specific service Binance U.S., which is a limited version of the service, is not available in all states.
  • There is no built-in digital wallet

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Coinbase Versus Binance

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, 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.

The company doesn’t have a physical headquarters. The company used to have its headquarters in San Francisco. However, this palace was demolished and the company moved to remote-first.

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

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

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

While Coinbase now sits among the pantheon as the biggest crypto exchange in the United States and one of the biggest worldwide, its beginnings were not glamorous. Coinbase was actually founded in a shared two-bedroom apartment. How Does Binance Earn Money

Cryptos Under Coinbase

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

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

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

Coinbase Perks

  • Extensive Selection of Cryptocurrency

Coinbase is the largest cryptocurrency exchange in America. The market offers a wide range of cryptocurrencies.

From a Bitcoin (BTC) focused exchange. Coinbase now offers over 150 different cryptocurrency types. 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.

Simple trading options are easy to use for beginners. This option has one drawback: it charges higher fees. This is contrary to the crypto investing philosophy of keeping fees low.

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.

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

  • Get Free Crypto

For those wanting to earn more crypto, Coinbase gives a cool feature that allows customers to do so. Coinbase Earn is Coinbase’s feature that lets users earn free crypto in exchange for learning more.

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

While the feature does not give much, it still doesn’t hurt. Even a few crypto bits can be a blessing in this economy. Besides, whoever declines free money is always a fool. Even if that amount is

  • 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. Coinbase is the best platform to start investing in crypto.

  • Mobile App

Coinbase has made it easier for users to access their accounts via a mobile app. Their mobile app, which is similar to the web platform, allows users to manage, buy, and sell cryptocurrency.

The Coinbase app isn’t just garbage. It’s legit and gets high ratings from both the Apple App Store as well as Google Play Store.

  • 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 stake certain cryptocurrencies such as Solana (SOL), and Ethereum (ETH).

Staking allows participants to receive rewards for their crypto assets. It is how many cryptocurrencies verify transactions. You commit your crypto assets to support a blockchain network and confirm transactions when staking in cryptocurrencies. How Does Binance Earn Money

As said, staking on cryptos will give you certain free rewards. Of course, not all cryptos are eligible for this. It varies depending on your region as well as the cryptocurrency.

  • Coinbase Debit card

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

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).

You can also use the Coinbase card to earn crypto rewards. This rewards program allows you to choose the crypto that you want from a rotating list.

Coinbase Trading Experience

Coinbase offers a different kind of service than Binance, which has lower fees and more advanced training tools. Coinbase targets people just starting their crypto journey.

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

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

This doesn’t mean veteran traders only have beginner tools to play with. For that, Coinbase offers Coinbase Pro. A platform that is specialized for seasoned traders. How Does Binance Earn Money

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 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. Their entire fee schedule was removed from the online help section. However, you won’t have to pay all fees at once. Costs are still shown when entering a trade, so you still know how much you will pay.

To be honest, this is where coinbase falls off from the competition. The fee structure is too complicated and difficult to understand. It is said that the fee structure depends on three confusing factors:

  • Coinbase charges a spread for cryptocurrency purchases and sales. The spread is significant because rates can fluctuate depending on market conditions.
  • Coinbase claims fees are also based on factors such as the selected payment method, market conditions (volatility and liquidity), and even 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. How Does Binance Earn Money

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

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

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

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

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

Pricing Tier Taker Fee Maker Fee
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. These problems started earlier in the month when banks and card issuers charged crypto purchase merchant category codes (MCC).

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%. These complaints were mostly referred to as “money not available when promised.” Coinbase solved the problem by increasing customer service staff to decrease wait times.

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

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 Does Binance Earn Money

Cons

  • Complex and complicated fees structure, which is not transparent
  • High fees on some transactions
  • Limited staking and interest opportunities.
  • There are a bunch of altcoins missing from their selection
  • Problems with customer service

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Binance versus 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. Their target audiences are the same as they are geared towards seasoned or even veteran and advanced cryptocurrency traders.

Customers will ultimately decide which platform they prefer by choosing the most important features. Binance will be the one to choose with their lower fees, large selection of coins and extra way of managing funds. Or will it be Kraken and its high regard for security standards, which won them a bank charter approval in Wyoming in 2021. How Does Binance Earn Money

Kraken Overview

Kraken is a fully functioning crypto exchange that offers low fees and a wide selection of tokens and coins. 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,”

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

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

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

Kraken also joined with other US Bitcoin players in the formation of the “Committee for the Establishment of the Digital Asset Transfer Authority”, the industry’s selfregulating group. How Does Binance Earn Money

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

Later, it became one of the first bitcoin exchanges to be listed on Bloomberg Terminal. Then it has chosen to assist with investigating the lost bitcoins of Mt. Gox, CEO Powell’s former employer. Kraken was relied upon because of its proven operating history of not being breached by hackers.

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

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

Dave Ripley replaced him as CEO.

Cryptos under Kraken

Kraken supports at most 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 (UNI)

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 Does Binance Earn Money

Kraken Perks

  • Beefy Security

Since its founding in 2011 and launching in 2013, Kraken has been a mainstay of the cryptocurrency industry. Its eyes were focused on security from its first day, and it never kept its eyes off it after all these years. It is actually the only cryptocurrency exchange to have not been hacked.

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 offers trades on its platform with over 160 coins and seven fiat currency. While it’s not the biggest amount, it is still a healthy number and is comparable to some of the best crypto exchanges. How Does Binance Earn Money

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

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

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

Kraken’s currencies cannot be exchanged for each other.

  • Trading features

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

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

  • The fees are affordable.

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. While we will talk about fees in depth in another segment, it is important to know that fees are higher when using the instant buy feature rather than the pro platform.

  • Optional Strong Staking

Kraken offers a variety of stake options. You can stake in over 15 cryptos. Users can earn as much as 20%, up to 0.25%.

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. Anyone can access both platforms with a Kraken Account.

Kraken is a trading platform that’s geared towards intermediate-to-experienced users. However, beginners can still use the platform if they want. To learn the ropes, it is recommended that they begin with the Kraken central platform. How Does Binance Earn Money

Kraken allows verified accounts to quickly buy cryptocurrency from linked bank accounts. It is easy to sell or convert your crypto to your account. Inside the website, orders are done using a straightforward form, which will mostly only take a few seconds.

It is easy to purchase cryptocurrencies with your bank account balance. Your account doesn’t need to be funded first.

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

Kraken Pro, on the other hand is Kraken’s most advanced trading platform. It appears more complicated than the regular Kraken exchange. This makes Kraken Pro very intimidating, especially to trading newbies. However, it is worth learning. How Does Binance Earn Money

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. So if you think you are ready, it would be better to make the same trade with Kraken Pro instead of Kraken. You’ll pay less and earn more at the end of the day.

Kraken Fees

Kraken’s fees fall in the middle of the market, as we have already stated. It is not the lowest on the market and it is not the highest. 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.

Additional fees will vary depending on how you fund your purchase. These prices range from 0.5% for funding with a bank account. For a digital wallet, you can get a 25-Euro cents debit card, credit card or card at 3.75% plus 25 Eurocents. How Does Binance Earn Money

Kraken Pro’s pricing however is quite different. The fees for Kraken Pro are generally lower than those on the main Kraken platform. Fees will be calculated based on the volume of your trades over the past 30 days. 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.

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

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

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

Kraken believes that this would be a bad business decision.

The Office of Foreign Assets Control began investigating the exchange in September 2021 for possible violations of sanctions by allowing trade with Iranian customers. 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
  • Offers a variety of educational materials.
  • 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 only accepts a few fiat currencies
  • A few users complain about their accounts being hacked. How Does Binance Earn Money
  • It is not available in all U.S. States

binance-coins-near-cellphone

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Binance versus crypto.com

Binance and Crypto.com are some of the more popular exchanges in the cryptocurrency industry. Both provide a variety of features such as low fees and staking as well advanced trading. It does not necessarily mean that they are identical.

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

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. How Does Binance Earn Money

Crypto.com Overview

Crypto.com was founded in Hong Kong back in 2018. The founders of Crypto.com, Gary Or, Kris Marszalek and Rafael Melo originally called it Monaco. 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.

As for the overall platform, Crypto.com does what most cryptocurrency exchanges does. It allows users to trade, invest, put a stake in some currency and much more.

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

Crypto.com’s 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

In terms of selection, Crypto.com has a huge one available. It support more than 250 currencies for spot trading with a subset of staking. Some of the more popular currencies available in the platform include:

  • 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). Having a significant stake in this coin rewards you with lower trading fees, higher stalking interest rates, and higher credit card rewards. How Does Binance Earn Money

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.

Most importantly, Crypto.com allows you to spend your hard-earned crypto through a prepaid Visa card. Basically, Crypto.com puts weight on the currency part of cryptocurrency.

  • Low fees

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

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

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

That said, the platform does charge you a fee for crypto purchases made with a credit card or a debit card. 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. Crypto.com only supports 20 fiat currencies.

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

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

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

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

Meanwhile, those who own deeper pockets can avail of their top-of-the-line, Obsidian tier. This 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 Does Binance Earn Money

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

  • Earn Interest

As a one-stop shop for everything crypto, Crypto.com isn’t just a place to buy coins and tokens. Crypto.com accounts can earn high interest rates. In fact, Crypto.com have some of the best high-yield savings accounts in the market.

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

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

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

If you make a deposit for a term of one month or more, the interest rate can be increased to 3 months. While one-month terms are more flexible than three-month terms, deposits for three-month terms yield better rates.

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

Stablecoins, being stable, are less likely to appreciate in value than normal cryptocurrencies. They are less likely to lose value.

It is risky to keep your crypto savings. Cryptocurrencies are still a volatile entity, and if it fails, your savings may be reduced… by a lot.

  • Gifts Cards and Phone Top Ups

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 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.

How much CRO you stake and what kind of company you are will determine how much cashback you receive.

Crypto.com Trading Experience

Your trades with Crypto.com will largely revolve around the mobile app. This 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. How Does Binance Earn Money

The app in question shows the user’s portfolio and a list of their more popular assets. It offers everything that Crypto.com claims it can. 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. The charts just contain enough information needed for users to learn how the blockchain and the currency work, something they might need before buying.

In terms of fiat currencies, Crypto.com has a fair selection. More popular ones include the Australian (AUD) and Canadian (CAD) dollar, the euro (EUR), the British pound sterling (GBP), the ever-popular U.S. Dollar (USD), and even the Brazilian real (BRL). This allows users 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. 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. Rates go lower with larger stakes.

That said, newer Crypto.com users without any CRO staking will pay a 0.4% fee on trades with a total monthly trading volume of less than $25,000.

Below is a table showing fees for spot and margin trades for customers with no CRO stake amount.

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

The table below shows the maker and taker rates of those with less than 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%
Greater than or equal to 1,000,000 0.0631% 0.0669%
More than 5,000,000 or equal to 5,000,000 0.0582% 0.0631%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0485%

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

Crypto.com Issues

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

Crypto.com was the victim in a serious hacker attack on January 20, 2022. It was reported that the company lost US$15 million worth of Ether. After users reported suspicious activity to their accounts, the company lost US$15 million worth of Ether. The company immediately halted withdrawals, which were then 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. Crypto.com was forced to lay off hundreds of employees that had been working since May. The company was forced to lay off between 30% and 40% of its employees in October 2022.

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. That said, Crypto.com CEO Marszalek assured that the exchange was functioning normally.

Crypto.com Cons and Pros

Pros

  • Competitively Low fees
  • Provides lots of avenues for paying with crypto
  • Convert money quickly
  • Visa card perk with great cash back rewards
  • Allows you to earn interest on crypto
  • There are a lot of crypto coins and tokens available How Does Binance Earn Money
  • 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.

binance-coins-scattered-on-stock-market-data

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Binance versus Kucoin

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

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 started because of MichaelGan’s eagerness to learn about blockchain and its application possibilities. 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.

Eric and Michael had already written the first code for KuCoin in a coffee shop by the end of 2013. This was how the platform, which would later be known as the “People’s Exchange,” got its start.

 

Cryptos under KuCoin

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

This extensive range of tokens and coins may appeal to veteran traders who are looking for an assortment of assets. In fact, it is one of KuCoin’s strongest aspects that the platform is a goldmine for altcoins and tokens. How Does Binance Earn Money

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. People need to be aware of what they are getting into.

KuCoin also has it’s token, simply called KuCoin Token (KCS). The following are some other popular coins that can be found on the exchange platform:

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

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

KuCoin Perks

  • A wide range of coins

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.

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. In fact, they even have a Spotlight section, which promotes new currencies.

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

  • Low fees

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

In KuCoin, you don’t have to pay any monthly account fees. The withdrawal fees are the same as other exchanges and deposits to KuCoin are free. However, depositing fiat money such as U.S. Dollars will require you to pay an additional fee. How Does Binance Earn Money

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

  • Earn Through Interest on Your Crypto

Like most cryptocurrency exchanges, KuCoin lets you earn money through your deposited crypto. 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. The second way is to loan out your crypto and get paid the interest.

Your interest rate for borrowing crypto is higher than the one you would get from a savings account. That said, the coin and its demand still affect how much you earn.

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

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

  • Advanced Features

KuCoin offers veteran users a variety of toys and additional features. They 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. Rather, you can have a computer do that for you. This is very convenient because you don’t always have to be online in order to run your business.

However, bots can pose a risk. Bots can be prone to glitches, and being too dependent on them may cost you a lot of opportunities. Then there is the fact that you mostly don’t know about their perimeters and strategies when doing their trades.

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

KuCoin Trading Experience

KuCoin can be accessed online or via an Android and iOS mobile application. Each platform offers a variety of tools and features that you can use to trade on it.

After logging into your KuCoin account on mobile or desktop, you can access KuCoin’s dashboard or front page. Users can view markets, trade, buy, lend, or trade cryptos from there.

The platform supports four order types. These include market order, limit or stop-limit orders, and stop-market orders.

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

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

KuCoin is a great cryptocurrency with many advanced features. Veteran traders might find this a great benefit. However, they might be a nightmare for beginners as desktop, and mobile platforms are not user-friendly.

KuCoin Fees

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

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

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

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

KuCoins also has a 24-hour withdrawal limit.

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

KuCoin Issues

To be honest, KuCoin does not have the best reputation in the industry. 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 How Does Binance Earn Money

KuCoin was also accused of manipulating the market. Some even claimed that their assets disappeared randomly from their accounts. This is a problem especially when it comes to assets, money and finance.

Security is another issue.

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
  • Large range of coins
  • Allows you to 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

coins-on-paper

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Binance versus Bittrex

Bittrex is a crypto exchange that has more similarities than differences than Binance. Both have similar features that users can use. That said, these two platforms do have their major differences.

The key difference between the two platforms is their size. While Binance boasts about the largest amount of trading volumes among the different exchanges, Bittrex aims for a more scaled-down experience.

Bittrex was once one of the top cryptocurrency exchanges in the world. Binance was able to surpass them despite having 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 Does Binance Earn Money

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

Cryptos under Bittrex

Bittrex has a wide selection of cryptocurrencies and stablecoins available in their exchange. Like most exchanges, this variety makes platforms very enticing 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

As stated above, Bittrex has a rather sizable option of cryptocurrency available in their market. This makes it pretty attractive for customers looking for new, more niche but riskier trades.

  • Low fees

Bittrex also offers low fees, which start at 0.35%. This can get lower depending on the trade volume. That said, it is not the lowest available in 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 even keeps up despite having a heavy 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 lets users stake their Cardano cryptocurrency throughout the exchange. This can earn them up to 5.5% in rewards. How Does Binance Earn Money

  • Educational Content

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

In Bittrex’s case, it offers an impressive library of educational resources in its Discover section. Here, users will find articles and references for various crypto topics. You will find references and lessons on topics that range from crypto taxes to crypto mining.

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

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

  • Referral Program

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

This may not seem like much. Referring 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. It can be accessed via a desktop or mobile app.

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

A real-time view of all the market data available on the platform is also available to users. Users also have the option to place more complex orders. Stop, stop limit, trailing stop, and laddered orders.

Bittrex Fees

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

 

30-Day Volume (USD) 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 received negative reviews from users. Many of these problems are caused by account lockouts, assets that have been frozen, and identity verification issues. Most of these problems are common across many crypto exchanges.

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

Bittrex Pros & Cons

Pros

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

Cons

  • Customer support is mediocre and often unhelpful
  • For beginners, it can be difficult

Binance versus eToro How Does Binance Earn Money

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

But there is one thing that separates them. They are two very different platforms. Binance is a cryptocurrency exchange. eToro, however, 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. The Tel Aviv-based company was actually an online forex broker originally under RetailFX. This was back in 2007.

When RetailFX started offering commodities, indices, and stocks, it changed its name to eToro. 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. CFDs could now be bought and sold to non-U.S. users. On the world’s leading digital currency. Four years later, it also added support for Ripple (XRP) and Ethereum (ETH). How Does Binance Earn Money

In 2018, eToro also made a big push in the crypto market. More coins and currencies were added to the platform. The company even launched its digital asset platform, eToroX, and even its crypto wallet.

Cryptos under eToro

eToro and its digital asset platform have few cryptocurrency selections. They were not originally set up as an exchange, but rather as a brokerage. Nevertheless, the service does include some of the most popular currencies:

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

eToro Perks

  • CopyTrader

The CopyTrader is eToro’s signature feature. This feature existed long before the platform began to explore the crypto industry. How Does Binance Earn Money

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.

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

What is surprising about this tool is that it is entirely free. This feature requires a fee, but it can be used as often as the user wishes.

  • Invest more than crypto.

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

eToro is one of the few places on the internet that allows you to own cryptocurrency and stocks in one account. 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 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.

Users should be aware that there is a conversion charge for transactions not in U.S. dollars.

eToro Trading Experience

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

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

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.

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

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

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

eToro users 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.

Users can have this problem if they transfer their coins to another wallet. As they can no longer return them to the trading platform.

eToro Issues

It is not surprising that there have been many controversies about the platform due to its age. However, most of these do not involve the crypto market.

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

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

This was a bad move and many users and lawyers expressed their intent to file a lawsuit as a group. This led to the revocation of the eToro licence in Cyprus.

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

eToro Pros and Con

Pros

  • A platform that is already established
  • Regulated in many jurisdictions
  • CopyTrading, a unique feature only available on the platform, is an exclusive feature.
  • Has more to offer outside of crypto trading
  • Fee is transparent

Cons

  • Stock, ETF, and cryptocurrency trading only available in 44 U.S. states
  • Margin trading is not available for U.S. users
  • There is a limited selection of cryptocurrencies.
  • 1% fee is pretty high compared to others.
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