Kraken and BingX are both platforms that deal with cryptocurrency, but they offer varying services and options to their users.
Kraken is a cryptocurrency exchange founded in 2011 by Jesse Powell in San Francisco. It is an alternative to Gemini for buying bitcoin with fiat currency and offers spot trading services with a 24-hour trading volume of over 1 billion USD. Kraken’s trading fees are lower than Binance and Coinbase at 0.26%. It supports a variety of fiat currencies, including USD, EUR, AUD, JPY, and NZD, but does not support Forex trading. It is available in most countries, except those restricted by US policy.
Kraken has received negative reviews from customers, mostly regarding the lengthy account verification process which takes days and requires KYC and tracing the source of funds. Additionally, the exchange has a low trust score on Trustpilot, with 69% of customers leaving one-star reviews. The exchange also has a lower security level than others that use cold wallets to store cryptocurrencies. Kraken has experienced a market pin issue, where system errors caused margin trading users to suffer losses and the company only agreed to pay back up to 50% of the losses.
Furthermore, customer support is slow to respond, possibly due to the COVID-19 pandemic, and Kraken’s user experience could be optimized.
BingX, on the other hand, operates as an international digital financial institution with branches in North America, Canada, the EU, Hong Kong, and Taiwan, and has received regulatory approval to operate in other countries. They offer financial services such as lending, borrowing, and staking, as well as buying and selling of cryptocurrencies. They also have referral programs and trading competitions to attract customers and a feature called copy trading, where users who lack time or are new to cryptocurrency can choose a trader and follow their trades.
In terms of services and features, Kraken and BingX have their distinctions and the choice between them depends on the user’s needs and preferences. It is advised to research both platforms thoroughly and seek advice from financial advisors before making any investment decisions.