The trading fees are higher than they are for Binance, but still not as high as some of the lesser-known platforms are. There are 69 in total, seven of which are fiat currencies. In this regard, it is a much more enticing platform for Americans but may not have as much international appeal, because it offers trading with a substantially lower number of currencies than Binance. Being a U.S-based company, it is available to all American residents apart from those in New York and Washington. The big advantage that this platform has over Binance is the fact that it is much more widely available to American users. This is the leading data provider, meaning that a lot of early crypto traders would have been familiar with it and been led to Kraken as a result. The main reason why they initially became so successful was because they were selected to provide bitcoin trading data to the Bloomberg Terminal. Though it obviously doesn’t boast as many users as Binance, Kraken is still one of the top platforms out there for traders. Kraken was founded all the way back in 2011 when cryptocurrency was really just getting started and has been operating out of the U.S ever since. In addition, it’s worth considering that Binance had a substantial security breach in 2019 and while every measure has been taken to ensure that doesn’t happen again, they are not quite as transparent with their security measures as one might like. They just don’t prioritize America and don’t really need to due to their worldwide presence. This is unlikely to change any time soon either because Binance still hasn’t acquired the U.S Money Service Businesses license. Margin trading is not available for the U.S, there’s no rewards center for earning crypto and the Binance Academy, which is a useful resource for people new to crypto-trading, is unavailable in the American market. ![]() There is also a different Binance website for Americans which has quite a few less features than the international equivalents. Of those 500+ currencies, U.S residents only have access to 47. It is important to also note that while this wide range of currencies does give Binance a global presence, ther services for the U.S are quite limited. There are very few platforms that have as substantial a variety as that. Compared to Kraken which as we will discuss below, has 69 different coins, Binance has more than 500 for you to trade with. Do keep in mind though, that any platform like this is going to have a steep learning curve for beginners and Binance is no exception.Īnother huge advantage present is the sheer amount of currencies that are available. This really is quite low for a service that is as popular and widely used as Binance and it’s a huge advantage especially if you are relatively new to trading. Using the maker-taker fee structure, typically their fees range from 0% to 0.1%. ĭespite being such a massive platform, one thing that you will notice about Binance if you use their services is the fees that you can expect for trading. In terms of daily trading volume, Binance is currently the largest exchange in the world. Binanceīinance was founded in 2017 by a developer who had been involved in creating high-frequency trading before the rise of crypto. Let’s look a little deeper into the two platforms and the pros and cons you can expect when dealing with each one. They each have their own advantages and disadvantages and there are numerous differences in terms of what each platform offers. If you are still mulling over which platform to use, these two should be close to the top of your list. ![]() And the unfortunate thing is that there are still minimal resources out there that are providing helpful information in regards to which ones are which.īinance and Kraken are two platforms that each boast millions of users and have a lot of upsides in regards to their functionality for traders. There are some which are reputable and worth using, but there are also many which are pretty much useless. Because crypto has become such a widespread and globally used phenomenon, many different platforms have popped up in the last few years. Deciding on the right cryptocurrency exchange trading platform for you can be a difficult process.
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