Kraken and BingX are two distinct cryptocurrency platforms, each offering a unique set of services and features.
Kraken is a US-based cryptocurrency exchange founded in 2011 by Jesse Powell. It offers spot trading of 49 cryptocurrencies and has a 24-hour trading volume of over $1 billion, making it one of the top 10 spot trading exchanges. Kraken has a trading fee of 0.26%, lower than both Gemini and Binance. It supports bank transfers and credit card purchases for fiat currency, but has a slow verification process and requires traceability of funds for Direct Deposit. It also has a maximum leverage of 5x for margin trading and does not support Forex trading.
However, Kraken has received negative reviews on Trustpilot, with 69% of customers leaving one-star reviews, mainly due to slow verification and account issues. The company has also had a market pin issue in February 2021, in which it only agreed to pay back up to 50% of users’ losses. Additionally, their customer support has been slow to respond due to COVID-19.
On the other hand, BingX is an international digital financial service institution with branch offices in North America, Canada, the EU, Hong Kong, and Taiwan. They have also registered or obtained regulatory approval to operate in other countries where they provide services or conduct 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. They also have a referral program, a trading competition, and a copy trading feature that allows users to follow the trades of expert traders.
In terms of services and features, Kraken and BingX offer different options, and the best platform for you will depend on your specific needs and preferences. It is recommended to research both platforms thoroughly and consult with financial advisors before making any investment decisions.