Kraken and BingX are two distinct cryptocurrency platforms that offer varying services and features to users.
Kraken is a spot trading exchange founded by Jesse Powell in 2011 in San Francisco. It is an alternative to Gemini for buying bitcoin with fiat currency and has a 24-hour trading volume of over 1 billion USD. It supports the free exchange of 49 cryptocurrencies and has a lower trading fee of 0.26% compared to Coinbase’s 3.66%. However, it has slower customer support and a history of market pin issues. Negative reviews are often related to account verification, which is required to comply with US laws. It is recommended not to use Direct Deposit on Kraken as it takes longer to review. It is designed for traders without crypto trading experience and skills and offers a maximum leverage of 5X for margin trading. Kraken supports Forex market currencies but does not allow Forex trading.
On the other hand, BingX is an international digital financial institution that offers services in various countries like North America, Canada, the EU, Hong Kong and Taiwan. BingX offers financial services such as lending, borrowing, staking, and buying and selling of cryptocurrencies. They have a referral program, a trading competition, and a copy trading feature which enables users who don’t have the luxury of time or are new to crypto to choose their trader of choice and follow their trade(s).
In summary, both Kraken and BingX are slightly different in terms of services and features, and the best option will depend on the user’s needs and preferences. It is essential to research both platforms thoroughly and consult with financial advisors before making any investment decisions.