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Comparison between Kraken and BingX
Posted 2023-01-21 13:50:13
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Comparison between Kraken and BingX
Kraken and BingX are both cryptocurrency platforms, but they offer different services and features.
Kraken is a US-based cryptocurrency exchange founded in 2011 by Jesse Powell. It offers spot trading for 49 cryptocurrencies and has a 24-hour trading volume of over $1 billion, making it a top 10 spot trading exchange. Both Kraken and Gemini support bank transfers as a method to buy bitcoin. Kraken has a low trading fee of 0.26% and supports most countries in the world, except those restricted by US policy. Users can buy digital assets on Kraken using credit cards, but the verification process can take several days and can be frustrating for some users. The exchange has had some negative reviews due to slow customer support and a market pin issue in 2021, where Kraken only agreed to pay 50% of users' lost funds. Overall, it is designed for traders without any crypto trading experience and skills, however, its margin trading service has a maximum leverage of 5X times only, and Kraken's customer service needs optimization.
On the other hand, BingX is an international digital service financial institution with branch offices in North America, Canada, the EU, Hong Kong and Taiwan. BingX has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.
BingX focuses on providing users with financial services such as lending, borrowing, and staking, as well as allowing users to buy and sell cryptocurrencies. BingX also has a referral program and a trading competition to attract customers. BingX also offers a copy trading feature, where users who do not have the luxury of time, or users who are new to crypto may want to choose their trader of choice and follow their trade(s).
In terms of services and features, Kraken and BingX are quite different, and the best option will depend on the user's needs and preferences. It is recommended that you research both platforms thoroughly and consult with financial advisors before making any investment decisions.
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