How To Use Binance Mining Pool

binance-vs-competition

It is only a matter time before cryptocurrency becomes mainstream and is recognized everywhere. Marketplaces that allow people to trade, buy, and sell digital assets are becoming crucial.

To address this market demand, cryptocurrency exchanges were created.

A cryptocurrency exchange, by definition, is an online platform where users can trade one type of digital asset for the other. These exchanges will be based on the market value of the given 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 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. As such, stock exchanges are basically marketplaces where stock buyers and sellers do their business.

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

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

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

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

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.

There is also the possibility of your funds getting locked in the exchange, leaving you with no way of withdrawing or even selling your cryptocurrency and other digital assets. 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.

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

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For those of you who prefer a more visual experience, here is a video review from Mark Farfan’s YouTube channel. To get a comprehensive overview of Binance, you may still want to check out our article below, which compares it to some competitors.

Binance Exchange  How To Use Binance Mining Pool

Binance Overview

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

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

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

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

Binance’s popularity 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. 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 BUSD is the first. 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.

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

Currently, it is a native token of the Binance ecosystem, where it plays an essential role by powering operations. It’s used to pay trading, listing and exchange fees as well as other expenses that users incur on the platform.

Binance Perks

  • Low Fees

This is why Binance is the most popular crypto exchange platform in the world. Binance trades are as good as free. The platform uses a maker/taker fee structure. 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.

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

Some of the available currencies include:

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

And many more.

  • Earn Multiple Ways

Binance is a platform that allows users to make more money from their crypto assets. Customers can try to earn income via adding liquidity to pairs of tokens. There are also staking options on the platform.

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

  • Advanced trading tools

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

Binance offers advanced trading tools that make it easy to tailor trading options. It makes it easier to set limit orders to buy and sell crypto at a specific price.

Then there are charting tools that can be very useful for veteran traders making decisions. You can even sell leveraged tokens to make trading easier.

Binance Trading Experience

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

When trading, you do not need to be stuck to 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.

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

Binance Trading Fees

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

The fees you pay will depend on whether you are a taker or a maker. Takers, who remove liquidity orders from a market, tend to get higher fees than makers (those who add liquidity to it).

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

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

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4999,999 with at least 25 BNB 0.09%/0.10%
2 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 Between 20,000,000 and 119,999.999, with at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199,999,999 and at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB 0.04% / 0.06%
8 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

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

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

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

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

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

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

Binance Pros & Cons

Pros

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

Cons

  • Non-beginner friendly. For beginners, many features can be difficult to access and use.
  • Regulation Issues with many countries, including major ones like the United States, Japan, the United Kingdom, Thailand, and many more.
  • 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.
  • No built-in digital wallet available

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Coinbase Versus Binance

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

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

The 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.

As such, the company does not have a physical headquarters because they don’t need one. It used to have a company headquarters in San Francisco, but this palace was abandoned, and the company changed operation to remote-first.

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

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

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

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

Cryptos Under Coinbase

Coinbase doesn’t have any original coins 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
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap: SushiSwap (SUSHI)

Coinbase Perks

  • A wide selection of cryptocurrency

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

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

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. The only downside of this option is that it takes higher fees, which might be counterintuitive to crypto investing’s philosophy of keeping fees to a minimum.

Advanced trading, on the other hand, offers more options such as charts and a live order list, as well as the ability to limit orders. This option is cheaper, but it comes with a tradeoff: it’s more difficult to use, more complicated, and more intimidating for new users.

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

  • Get Free Crypto

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

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. Besides, even a few crypto bits are always a blessing, especially in this economy. Besides, whoever declines free money is always a fool. Even if that amount is

  • Educational Content

Coinbase’s library is an educational resource, as we have already mentioned. These resources 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 up its accessibility factor by allowing users to access their accounts with a mobile app. Their mobile app, which is similar to the web platform, allows users to manage, buy, and sell cryptocurrency.

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

  • Crypto Rewards

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

This allows you stake certain cryptocurrencies such as 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 To Use Binance Mining Pool

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. It allows you to spend cryptocurrency to purchase certain services, especially those that accept Bitcoin or other crypto payments.

You can also use the Coinbase card to earn crypto rewards. 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’s target market is those just beginning their crypto journey.

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

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

This doesn’t mean veteran traders only have beginner tools to play with. Coinbase Pro is the perfect platform for you. This platform is designed for experienced traders. How To Use Binance Mining Pool

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 with a Coinbase account can already access and use the pro version.

Coinbase Trading Fees

Coinbase doesn’t disclose their fees and pricing. They even removed their full fee schedule from their online help section. However, you won’t have to pay all fees at once. 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.

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 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 To Use Binance Mining Pool

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.

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

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

Trades over $200 are subject to a percentage-based fee instead of a flat fee.

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

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

Coinbase Issues

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. Later, however, Visa retracted those statements and stated on the Coinbase blog that Coinbase was not responsible for the issue.

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

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

Pros and cons of Coinbase

Pros

  • It is very easy to use and user-friendly for people just beginning in cryptocurrency
  • It supports a wide range of cryptocurrencies
  • Provides opportunities to earn cryptocurrency while, at the same time, learning about them.
  • Offers simple and advanced trading depending on user preference
  • Offers coinbase debit card, which allows for easy withdrawing of funds How To Use Binance Mining Pool

Cons

  • Complex and convoluted fee structure that is also not transparent
  • High fees on some transactions
  • Limited staking and interest opportunities.
  • A lot of altcoins are missing from their selection
  • Customer service issues

binance-coins-arranged-in-3-columns

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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.

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

There are a lot of similarities between these two platforms, with both offering advanced trading options, low fees, and even 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. Will it be Binance and their offers of slightly lower fees, a huge variety of coins, and additional way of managing your funds. Kraken or Binance with their high security standards that won them a Wyoming bank charter approval in 2021. How To Use Binance Mining Pool

Kraken Overview

Kraken is a fully functional crypto exchange characterized by its low fees and a good selection of tokens, coins, and cryptocurrencies. This platform is unique in that it offers advanced trading tools such as margin.

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

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

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

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

Kraken 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 To Use Binance Mining Pool

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.

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.

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

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

Dave Ripley replaced him as CEO.

Cryptos under Kraken

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

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

Aside from that, Kraken also supports some stablecoins which include Tether, USD Coin, as well as Dai. A limited number of Kraken currency exchanges are also available in certain territories. You can convert US dollars into Canadian dollars, Japanese Yuen and Swiss Francs. How To Use Binance Mining Pool

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. In fact, it is the only cryptocurrency exchange that has not had any major hacking accounts.

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

  • A healthy range of available cryptocurrencies

Kraken 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 To Use Binance Mining Pool

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

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

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

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

  • Advanced trading features

Kraken is the only exchange that offers margin, stop orders and crypto short sales. Kraken also offers a dark pool, where high volume investors can trade anonymously.

Kraken lets you leverage currency pairs up to 5x. Pro clients who are eligible can get up to $500,000 in margin. 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 is even cheaper than other exchanges.

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

  • Strong Staking Options

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

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

Kraken Trading Experience

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

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

Kraken allows verified accounts with linked bank accounts to purchase cryptocurrency quickly. It is easy to sell or convert your crypto to your account. The website has a simple form that allows you to place orders. It usually takes a few seconds.

Their system makes it easy to buy cryptocurrencies using your bank account balance. You don’t even need to fund your account first.

Two-factor authentication (2FA) is a security feature that you can use to protect your Kraken account. 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. 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 To Use Binance Mining Pool

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

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

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

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

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

Kraken Pro’s pricing however is quite different. Generally, fees are lower than the main Kraken platform. Fees will be calculated based on the volume of your trades over the past 30 days. Remember that transactions are subject either to a 0.16 maker fee or 0.26% taker fees.

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

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

Kraken Issues

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

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

Kraken does have its share of problems with government regulations.

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

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

Kraken Pros and Cons

Pros

  • Advanced and sophisticated features like margin trading and staking.
  • Excellent and reliable customer service
  • 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. Both modes can be accessed as long you have a Kraken account.
  • Kraken only accepts a few fiat currencies
  • Some users have complained about having their accounts hacked. How To Use Binance Mining Pool
  • 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.

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 To Use Binance Mining Pool

Crypto.com Overview

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

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 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. They offer many crypto services, including their own crypto wallet and an NFT shop. Shopify has partnered with the company to accept cryptocurrency as a payment method.

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

Cryptos under Crypto.com

Crypto.com offers a wide selection of currencies. You can trade spot with more than 250 currencies, and you can also staking. Some of the more popular currencies available in the platform include:

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

Cronos (CRO) is Crypto.com’s coin. A significant stake in this cryptocurrency will reward you with lower trading fees and higher stalking interest rates as well as higher credit card rewards. How To Use Binance Mining Pool

Crypto.com Perks

  • One-Stop Shop

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

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

  • Low Fees

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

There are many transactions on Crypto.com that don’t require fees. 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.”

The platform charges a fee for purchases of crypto with a debit or credit 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. The Crypto.com app allows users to convert their fiat currencies into crypto. Crypto.com only supports 20 fiat currencies.

These fiat currencies include USD and GBP as well as EUR. 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. Granted, these cards will need to be topped up before one can fully utilize their uses.

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

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 To Use Binance Mining Pool

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. You can even get more if your stake exceeds 40,000 CROs, but this may seem excessive.

You can also increase the interest rate if you deposit for a one-month term to three-month terms. Between these choices, depositing for one-month terms might be more flexible, but three-month term deposits yield better rates.

Lastly, investing in stablecoin also increases your interest rate. Stablecoins are usually tied to an external reference. Some can be pegged to the U.S. dollar. These stablecoins can help you 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.

  • Gift cards and phone top ups

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

Crypto.com sells gift cards from well-known brands in a variety of industries, including hotels, general retail, gaming, education, and entertainment from at least 41 different countries. Like Spain, Norway, Singapore, and the United Arab Emirates.

Macy’s and Barnes & Noble are some of the brands.

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

Crypto.com Trading Experience

When using Crypto.com, your trades will mostly revolve around its mobile app, which serves as the platform’s central hub. For those who have been trading stocks on their phone or tablet before, the experience will be easy and similar to what you would expect. How To Use Binance Mining Pool

This app shows the user their portfolio and lists of their most popular assets. It offers everything that Crypto.com claims it can. With it, you can trade currencies, earn through staking in crypto, make payments with cryptocurrency, and even sign up for a Crypto.com credit card.

Where would you pick up a trading application without its chart tools. The Crypto.com app shares a simple set of data which aims to not overwhelm or intimidate 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. The most popular are the Australian (AUD), Canadian (CAD), and the euro (EUR) dollars, as well as the British pound sterling and the U.S. Dollar (USD), which are all very popular. This allows users from multiple countries to buy and enter crypto using their local currency.

Crypto.com Fees

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

Users who have at least 5,000 CRO in their bank account can get discounted trading fees. Rates go lower with larger stakes.

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

Below is a table 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%
Greater than or equal to 5,000,000 0.0600% 0.0650%
Greater than 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 250,000 0.0679% 0.0698%
Greater than or equal to 1,000,000 0.0631% 0.0669%
Greater than or equal to 5,000,000 0.0582% 0.0631%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0485%

As stated, discounts are based on the CRO stakes. Maker fees for those with stakes greater than or equal to 50,000 CRO become zero. 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. It was reported that the company lost US$15 million worth of Ether. This was after some users reported suspicious activity on their accounts. The company quickly paused withdrawals which were later restored. The company reported that no customer funds were lost alongside the restoration of withdrawals.

Most of the problems with Crypto.com were due to the downturn of cryptocurrency in general. As such, Crypto.com had to let go of hundreds of employees, which started in May. In October 2022 alone, it was reported that the company had to lay off at least 30% to 40% of its staff.

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

Crypto.com Pros and Cons

Pros

  • Very low fees
  • Provides lots of avenues for paying with crypto
  • Convert money quickly
  • Visa card perk with great cash back rewards
  • Earn interest on crypto
  • There are a lot of crypto coins and tokens available How To Use Binance Mining Pool
  • Has strong security

Cons

  • The exchange interface is not easy to use.
  • There are limited availability of coins.
  • Some areas are lacking customer service and some of it is very poor.
  • THere is a lack of educational resources.

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Binance versus Kucoin

Comparing KuCoin to Binance side-by-side, it is clear who the winner is. 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).

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

KuCoin Overview

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

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

Since it is an older cryptocurrency exchange platform, it is not surprising that there is a pretty sizable selection of cryptocurrencies you can buy and trade in the exchange.

This extensive range of tokens and coins may appeal to veteran traders who are looking for an assortment of assets. KuCoin’s greatest strength is its ability to mine altcoins for tokens and coins. How To Use Binance Mining Pool

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

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

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

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

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

KuCoin Perks

  • A wide range of coins

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

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 has very low trading fees. Although it’s not the lowest on the market, it’s still low enough to be competitive with other exchanges.

In KuCoin, you don’t have to pay any monthly account fees. 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 To Use Binance Mining Pool

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

  • Earn through interest on your crypto

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

With KuCoin earn, you are given two ways to earn from your crypto. You can first take your coins through Pool-X which is backed by KuCoin. You can also lend your crypto to get the interest.

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. It might seem risky, but the company states that lenders will always be repaid in full.

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

  • Advanced Features

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

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

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.

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. Both have an abundance of features and tools which you can use when doing trades on the platform.

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. You can stake your crypto to earn some back or get a discount on trading fees. How To Use Binance Mining Pool

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

KuCoin breaks down trading fees by levels. The three main factors that determine the trading fees are: 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.

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

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

Also, KuCoins has a 24h withdrawal limit.

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

KuCoin Issues

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

Trustpilot reviews gave it an average rating of 1.7 stars out 600 reviews. Many of the negative reviews focus on customer service, withdrawals, or even deposits. How To Use Binance Mining Pool

KuCoin was also accused of manipulating the market. Some even claimed that their assets disappeared randomly from their accounts. This can be a very big problem, especially when we talk about 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
  • Wide range of coins
  • Allows you to earn interest on your crypto
  • Trading features
  • Good customer service

Cons

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

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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. 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 are located in Seattle.

In the beginning, the platform only offered crypto-to-crypto trading, but it soon introduced fiat-to-crypto trading. How To Use Binance Mining Pool

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.

They include:

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

Bittrex Perks

  • Huge selection of cryptocurrency

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

  • Low fees

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

  • Fast trading executions

Unlike other services, Bittrex has a custom-built trading engine that allows faster trades. This engine even works well despite high demand. 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 To Use Binance Mining Pool

  • Educational Content

We all know how arcane-ish finances in general are. As such, cryptocurrency can be just as confusing and obscure. So anything that offers a way to educate yourself on the topic is a godsend.

In Bittrex’s case, it offers an impressive library of educational resources in its Discover section. 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.

While it does not fully remove the risk in cryptocurrency, at least it helps users make more informed decisions. How To Use Binance Mining Pool

  • 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.

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.

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

Bittrex Fees

Bittrex has a simple fee structure that makes it easier to understand their fees than other exchanges. 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
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. Most of these issues stem from account lockouts, frozen assets, and problems with identity verification. Most of these problems are common across many crypto exchanges.

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

Bittrex Pros & Cons

Pros

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

Cons

  • Customer support is mediocre and often unhelpful
  • Can be challenging for beginners

Binance versus eToro How To Use Binance Mining Pool

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

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

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

eToro Overview

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

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

eToro only got involved in the crypto market when it added support for BTC in 2014. CFDs could now be bought and sold to non-U.S. users. On the world’s leading digital currency. It added support for Ripple and Ethereum four years later. How To Use Binance Mining Pool

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

Cryptos under eToro

eToro’s digital asset platform has a limited selection of cryptocurrency options. This is probably because they did not start as an exchange but as a brokerage. Nevertheless, the service does include some of the most popular currencies:

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

eToro Perks

  • CopyTrader

CopyTrader is eToro’s most distinctive feature. This feature existed long before the platform began to explore the crypto industry. How To Use Binance Mining Pool

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

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 crypto.

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

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.

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

  • Fee Debit card deposits

Unlike 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.

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.

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

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

CopyTrading is the top perk that makes trading simple and straightforward. You can even trade with high-performing traders on 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’s also eToroX – the digital asset platform that is the most prominent.

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

eToro Fees

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

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

However, 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.

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

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

eToro Issues

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

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 not a good move, and many lawyers and users expressed intent to file a class action lawsuit. It even provoked actions of having the eToro license in Cyprus revoked.

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

eToro Pros and Cons

Pros

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

Cons

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