Some of the Differences between some of the exchanges
The cost of the various cryptocurrencies varies in relation to their trading exchange at a particular time.
Things that bring the difference are also different. Starting with liquidity, the volume of the trade could be higher for the bigger exchanges, whereas lower for exchanges are smaller. Also, there is no formula or proper way to identify the cost of the cryptocurrency since the trading is what determines all that. In addition, the money exchange on various platforms gets challenging at times. This makes it difficult for the players to arbitrage the disparities arising in the exchanges. For better understanding, this article seeks to note the difference between Kraken vs. Binance, Kukoin vs. Binance, Crypto.com vs. Coinbase while expounding on the differences existing with other exchanges.
Kraken Vs. Binance
Kraken and Binance are platforms that make it possible for the millions of cryptocurrency traders to do their exchange. They are both among the best, going by their trading exchange volume since they are listed among the top 10. While binance takes the lead of the best, Kraken flows closely at position 4. It should be noted, however, that if you are in the cryptocurrency business in the United States, it’s advisable to use the U.S. platform, which goes by the site name, Binance. The U.S., which takes the 9th spot of the ten best platforms.
Looking at the similarities between the two platforms, they can all be accessed through mobile apps, have low fees and come with advanced trading options. Moreover, they are user-friendly for both advanced crypto traders and intermediates. For binance, it stands out more because of more options when it comes to cash or withdraws funds, more coin variety, and a slightly lower fee required. Shifting gears to Kraken, it gained a spot among the best because of the advanced security protocols. Moreover, 2022 looks good for the crypto platform as it seeks to go public, having won the Wyoming bank charter approval.
To better note the difference between Kraken and Binance, this article explores the security measures, supported currency together with the overall cost. We also look at the features that can come in handy when deciding which platform to choose.
Kraken Vs. Binance – Security
Kraken and Binance all have very tight regulations when it comes to their safety measure. However, they just do it differently. While the binance holdings are only a couple of holdings in their hot wallet-as eluded in an article they wrote a while back, it’s different for Kraken.
For Kraken, on the other hand, a huge percentage of its holding s is air-gapped. Also, they make routine checkups for any penetration, use a third entity for auditing their proof of service, and have a program aimed at bug bounty.
What’s worth noting is the fact that Kraken has never been hacked ever since it became operational in 2013. The two platforms have, however, had denial-of-service attacks over the years.
In 2019 however, Binance experienced an attack where a $40 000 000 amount in bitcoin was stolen. As per Bloomberg, the Internal Revenue Service and the Justice Department alluded to opening an investigation on binance for suspicion of illegal activity. It went ahead to note that Binance operates more funds entangled in criminal activities compared to other crypto platforms.
This leaves Kraken with an upper hand when it comes to security measures as well as being open with its bitcoin operations.
Kraken Vs. Binance – Currencies
Kraken operates 69 coins inclusive of the stable coins DAI, Tether, and USD. It also works with fiat currencies, seven to be precise- EUR, USD, AUD, CAD, CHF, GBP together with JPY. For the investors in the U.S, however, they can only operate 52 coins.
Binance has more coins than Kraken since it operates over 500 coins, particularly for international users. It also has stablecoins such as Tether, DAI, and binance USD. Moreover, it can also work with fiat currencies, 19 of them, such as AUD, USD, EUR, HKD, INR, and GBP. For U.S investors, you can only use up to 47 altcoins, and the only fiat currency allowed is the USD.
Also, both Kraken and binance offer more than one hundred trading pairs. Besides, they are all proponents of popular cryptocurrencies like the Cardano(ADA), Ether(ETH), Litecoin(LTC), Bitcoin Cash(BCH), Chainlink(LINK), Monero(MXR), and Polkadot(DOT).
Kraken Vs. Binance – Fees
Both crypto platforms operate on a maker-taker fee structure mode, which makes their fee to be on the lower side compared to other platforms like Coinbase. The Kraken fee is way lower compared to the binance where their fee ranges from 0% to 0.26% compared to binance that ranges from 0% to 0.10%.
For a Kraken trader beginner whose trading volume is on the lower side, their marker fee will stand at 0.16%. Alternatively, they will have a taker fee of 0.26%. If they were to opt for binance, on the other hand, they’d need a marker fee of 0.10%. What makes binance different is that you get a 25% discount fee offer if you opt for Binance Coin in your fee payment. If you hold more BNB, it also lowers your fee.
This makes Kraken stand out for a better and easily understandable fee schedule compared to binance.
Kraken Vs. Binance Features
The two trading platforms are well known for their advanced trading features. This makes it possible for the traders to place vast market orders, unlike platforms like Coinbase. When it comes to transaction types, however, not all are supported by binance like margin trading, which is, on the other hand, available of Kraken.
KuCoin Vs. Binance Review
What stands out for this two platforms is that traders can use an array of altcoins that are not so easy to purchase. Besides, you get to access other services from the platforms, including trading bots, margin trading, crypto lending, market, P2P marketplace, and others which are quite affordable. The starting point for both is 0.1%, but that can still go down as you grow on the trading level.
KuCoin Vs. Binance Safety
It’s important to note that the operational zones of the two trading platforms have no tight regulations considering their location. This should be alarming to the trader because the lack of strict regulations makes the platform unsafe for your investment. On the other hand, the less the regulations are tied to it, the more the profit, which means that chances of being bankrupt are very slim. This gives them an upper hand for growth and, therefore, growth making them all safe.
KuCoin Vs. Binance – Services
This two are among the best service providers for crypto trading. They are ranging from future markets to margin yarding, P2P trading, and advanced trading dashboards. They also have a very easy-to-use “buy now” interface. However, KuCoin stands out for two main reasons. One, they have a free trading bot. This is operational on both future markets and regular trading. Binance only has third-party trading bots. Secondly, KuCoin offers crypto lending over other services. This makes it easy for borrowers and lenders to do business in a safe space since KuCoin oversees the whole process.
The choice is yours, depending on what you aspire to do and achieve. KuCoin is, however, best suited for people who want to involve huge amounts of money on a monthly basis, those who want to borrow or lend money, plus the ones that prefer to involve a free crypto bot. On the other hand, binance is a go-to if you’d wish to work with a myriad of cryptocurrencies as you’d wish. It’s also good for those who only want to do some minor trading.
KuCoin Vs. Binance-Trading Fees
The trading fee by KuCoin is known referred to as a tiered fee structure. This means that your fee reduces as you trade. For beginners, the first tier marker fee stands at 0.10%, while the taker fee is 0.10%. This can only be different if you are paying using native currency. If that’s the case, both the marker and taker fee will go down by 0.08%.
For binance, on the other hand, the marker and taker fee begins from 0.1%. You, however, get a 25% discount if you opt to pay your fee using the MNB, which is the Binance native currency. While binance is perfect if you opt for the BNB, KuCoin has you climbing the top tier at a fast rate, and their fee is good for VIP traders.
Crypto.com Vs. Coinbase Analysis
Coinbase is bigger when it comes to the number of users and its popularity in the US. While Crypto.com is smaller, it offers a range of features like trading competitions which makes the traders benefit in ways like earning rewards and paying a lesser fee. Moreover, crypto.com only operates in an app mode, unlike website-based apps like Coinbase. This makes the platform good for users that would prefer advanced services or those with vast experience.
On the other hand, Coinbase is a better go-to for trades that are just starting out or those at an intermediate level. It’s not only easy to manage the recurring buys, but it also makes buying your initial purchase very simple. For a better review, we analyze the features, security, fees, and supported currency.
Crypto Vs. Coinbase-Security
The two platforms work within the confines of the standards and practices required. And while coins base has never had a threatening security alert, cypto.com always goes a step further to ensure the safety of their funds.
Coinbase holds their money in hot wallets. If the user’s intention is to keep the money with the coinbase for a longer period, storing it in volts is recommended. For extra safety precautions, the two platforms opt for cold storage. 95% of funds by coinbase are held in cold storage, allegedly. Crypto, on the other hand, notes that 100% of their money is in cold storage made possible by the Ledger partnership. However, they have hot wallets that make it possible to avail corporate funds.
Crypto.com vs. Coinbase-Currencies
Crypto.com has a variety of currencies to choose from compared to coinbase. Apart from Bitcoin, other currencies include fiat currencies, more than 20 options, and 90 other cryptocurrencies. For coinbase, you’ll find a maximum of 74 cryptocurrencies that’s if the offer by coinbase pro is included. Additional currencies by Coinbase not available for crypto.com entail: CGLD, OXT, NU, ZEC, CVC, REP, LOOM, GNT, DNT, and BSV.
Crypto.com vs. Coinbase Features
Apart from buying and selling bitcoin, additional features by Coinbase are crypto lending, interest-earning wallets, price alerts, and services that offer automatic staking for the proof-of-stake coins.
For crpto.com, on the other hand, it comes with all the features in Coinbase plus others like the automated trading system, earns accounts, and other advanced ones such as the “pay for business” and the Defi Wallet that allows traders to swap their Defi tokens without losing their private keys.
Crypto.com vs. Coinbase Fees
When it comes to Crypto.com, you’ll be charged 0.2%, but those constant traders can achieve a lower fee. The trades and deposits are free on this platform. For Coinbase, the fee structure varies. In most cases, however, the sales stand at 1.49% for both sales and purchases.
This makes crypto.com stand out in the comparison of the two since they offer a lower fee.
Crypto vs. Coinbase-Traders
When it comes to access, Coinbase is open to anyone from the European countries, Canada, Singapore, Australia, and the U.S. Hawaii is left out on this one. If you are in New York, however, you won’t be able to access 12 varying coins from the platform.
For crypto, it can be accessed by Hawaii residents but not New Yorkers. Over 80 countries can use the platform, with Canada and Australia Included.
This tow is among the best crypto trading currencies going by their lower fee percentages, availability and international access, and other amazing features. While this makes it hard to choose between the two, the option will be based on your level of expertise where Coinbase offers web-based services while Crypto.com can only be accessed via the app. When choosing a trading platform, go for one that suits your needs as a trader and is available within your county and those that you frequently visit for easier transactions.