Binance Overview 

Binance is a cryptocurrency exchange created in 2017 by Changpeng Zhao (aka C.Z.), a Chinese-Canadian developer. After a successful $15 million ICO, Zhao’s firm, Beijie Technology, created the exchange. Binance relocated its headquarters from China to the Cayman Islands in response to the Chinese government’s increased control of the cryptocurrency sector.  

Beijie Technology and its founder have a long and successful history in the crypto industry. Zhao’s background includes high-profile roles like the technical director at Blockchain.com, and his firm currently supplies trading systems for over 30 additional platforms.

Since its debut, Binance has been an enormous success. It now holds the top spot on Coinmarketcap in terms of the 24-hour trading volume. Its 24-hour trading volume is often more than five times that of its nearest competitor, Coinbase.

Binance Coin (BNB) was issued to investors who participated in the ICO. BNB is the native utility token of Binance, and it’s used to pay for transaction fees. BNB also powers Binance Smart Chain, formerly known as BNB Chain. BNB’s initial value was roughly $0.10 at launch and has continued to climb in value as Binance and the BNB chain have grown in popularity. When writing this article, Binance Coin (BNB) was priced at $226.40 per coin.

Binance now hosts its servers from more liberal jurisdictions, allowing it to run a competitive exchange business despite its issues with the Chinese government’s stance on cryptocurrencies.

Pros of Binance 

• Low fees: The platform has low costs, which means that traders can keep more of what they invest and make. 
• Over 600 coins are available on the global platform: A massive selection of over 600 coins are available for trading for Binance’s international users. 
• Over 65 assets that U.S. customers can trade: Binance lets U.S. customers trade more than 65 different coins. This feature gives people who trade or invest in crypto many choices. 
• Wide selection of options to cater to different trading styles: Binance offers a wide range of trading options and order types, such as peer-to-peer trading, spot trading, and margin trading.
• It also lets you place many kinds of orders, such as a limit order, a market order, a stop-limit order and etc. However, some of these choices, like margin trading, are not available to customers in the U.S. 

Cons of Binance

• Complicated platform: The extensive array of services and trading features on Binance may be both thrilling and daunting. Even seasoned traders may feel overwhelmed by all the available options. 
• U.S. version is more limited than the international version: Binance provides hundreds of coins for international crypto trading. However, its marketplace for U.S. consumers is more limited. Furthermore, Binance US is only accessible in 44 states. 
• Regulatory issues in several countries: Due to the numerous regulatory and legal challenges that Binance has encountered in many countries, cryptocurrency investors may wish to consider using other exchanges. 
• No built-in digital wallet available: Binance does not offer a built-in digital wallet, unlike other major exchanges. It promotes Trust Wallet, which has a solid reputation but may provide little help in the event of Binance transfer troubles. 

Features Highlight

Over 600+ different cryptocurrencies to buy, sell or trade:   

Binance has one of the broadest offerings of cryptocurrencies accessible anywhere in the world. Now it has over 600 different cryptocurrencies available. As the largest cryptocurrency exchange in the world by trading volume, you can expect the liquidity to be strong, allowing you to buy and sell any coin on its platform quickly.    

Robust Android and iOS Trading Platforms:  

Binance has a superb mobile app that is user-friendly for novices and advanced traders. Two versions of the trading platform can be toggled with the press of a button: Binance Lite, ideal for beginners, and Binance Pro, which provides access to several advanced functions and trading instruments. According to the Google Play store, the Binance app has been downloaded over 10 million times and has received a high rating of 4.4 stars from 319 000 user reviews.

Binance Earn: 

Binance gives you many options to make your crypto holdings grow on the exchange. This feature could be a good investment opportunity if you want to HODL your cryptocurrency. You might as well put it to work instead of just letting it sit there.

Binance Loan:  

Binance Loan is available to any user who has registered with the platform. There are general loan terms, including 7, 14, 30, 90, and 180 days, with the option to repay the loan early and only be charged for the hours borrowed. Hourly interest is determined at a rate of 0.001667 % every hour (0.04 % per day).

Binance Visa Card:  

Binance has teamed up with Visa to offer a credit card that lets you spend your cryptocurrency at more than 60 million stores worldwide. The card is free, and there are no administrative or processing fees. You can also get up to 8% cash back on qualifying purchases. This is a big step in the right direction for cryptocurrencies to become widely accepted.

Trade Futures and Derivatives:  

Binance Futures is a relatively new feature that allows users to speculate on the price of Bitcoin and altcoins such as Ethereum, Ripple, Litecoin, Bitcoin Cash, and others. When trading futures, users do not actually purchase or sell cryptocurrencies but instead profit from the increase or decline of the price.

The Binance platform for futures trading is fairly similar to the spot trading interface. The main changes are letting traders use leverage to open positions. Binance Futures also imposes a maximum charge of 0.04 % on every trade. Fees are reduced for traders with high monthly trading volumes or whose transactions often boost liquidity in the order book before execution.

Margin Trading with Up to 10x Leverage:  

Margin trading is only available for a few trading pairs, with some pairs allowing users to leverage up to 10x. Cross margin trading is extremely dangerous since it puts your whole account at risk, whereas isolated margin trading merely puts the trading pair with an open position at risk.

P2P Exchange:  

Because Binance operates a peer-to-peer, or P2P, exchange, it enables users in virtually any region to trade cryptocurrencies directly.

SEPA/Wire transfers:  

Binance’s consumers may now purchase cryptocurrencies directly using SEPA and bank transfers, thanks to partnerships with additional third-party companies. This approach is particularly appealing because SEPA and wire deposits incur no transaction fees. On the downside, this payment method is limited to a few fiat currency choices, including EUR and GBP. Wire transfers are available for USD, TRY, and BRL.

NFT Marketplace:  

Binance has jumped on the NFT bandwagon, a move that will surely gain traction soon. A new NFT marketplace has been launched on Binance, where you can mint, buy and sell NFTs.  

Trading Experience

Binance Trading Platform Trading on Binance is relatively easy and user-friendly. There’s an impressive cryptocurrency selection available for trading, in conjunction with Bitcoin, Ethereum, Binance Coin, XRP, TRX, DOGE, DOT, BUSD, and Tether trading pairs.  

There is also a large selection of crypto-to-fiat pairs available on Binance’s fiat markets. Users can choose between a beginner-friendly or advanced trading interface to manage their crypto portfolio, catering to all types of users. The platform offers margin, derivatives, peer-to-peer, and OTC trading options.

Spot Trading:  

Users can choose between two major trading platforms for spot trading. The “Convert” interface is the choice for new traders, as it lacks advanced features like charts and order types. This makes it simple for beginners to trade cryptocurrencies at market prices without complications. The default spot trading interface provides access to charts, order books, and several order types. This mode is recommended for experienced users.

Margin Trading:  

Some trading pairs support margin trading, allowing users to trade up to 10x leverage on these positions. Cross margin exposes your whole margin account balance to risk, whereas isolated margin confines your possible losses to a single trading pair. One thing to note, Binance US users do not have access to margin trading.

Binance Futures and Derivatives:

Binance Futures, established in 2019, allows traders to speculate on the price of Bitcoin and other major cryptocurrencies as opposed to buying and selling them.

The platform permits leveraged trading of up to 20x, allowing traders to multiply their earnings (and losses) by a factor of 20. Binance Futures balances are stored separately from regular trading accounts and must be collateralized using Tether (USDT).

The user interface for Binance Futures is identical to the interface for Binance spot trading, except for a few additional functionalities for modifying leverage and monitoring open positions.

The highest trading fee charged on Binance Futures is 0.04 %, somewhat higher than the spot markets’ trading fees. Fees are reduced for “maker” transactions (those that increase liquidity to the order book prior to execution) and for traders with high monthly trading volumes.

Under a feature called “Coin Futures,” Binance also provides futures collateralized with non-stablecoin cryptocurrencies like Bitcoin or altcoins.

In addition, Binance enables the trading of derivatives known as “Leveraged Tokens,” which give UP and DOWN contracts on the price of particular cryptocurrencies. These provide leveraged exposure to cryptocurrencies without the customer’s liquidation risk.

Unfortunately, Binance has been ordered to discontinue derivative trading in several European nations, starting with Germany, Italy, and the Netherlands and, more recently, expanding to the United Kingdom and Spain.

This move is the result of pressure from international authorities, primarily European officials, who have determined that Binance is not permitted to offer investment services. As a result, the exchange has had to suspend providing new consumers services and reduce usage among current customers.

Binance Financing   

Crypto Loans  

Binance Loans provide customers with lending with collateral by some of the most valuable tokens, such as BTC, ETH, and ADA. This facilitates the exchange of stable coins such as USDT, BUSD, and USDC while preserving exposure to your cryptocurrency holdings and evading the taxable event of selling crypto.  

Binance Savings  

Savings account types such as “flexible” and “locked” allow consumers to earn a return on idle digital assets. Locked savings accounts pay a greater interest rate on fixed-term deposits than flexible savings accounts.

Binance also offers a staking service that enables users to earn returns on proof-of-stake and decentralized finance (DeFi) currencies. Similar to savings accounts, there are flexible and locked choices for the staking service.

Binance Liquid Swap  

Like Uniswap, Binance Liquid Swap is an automated market-maker (AMM) platform based on a liquidity pool. There are two tokens in each pool, and the price difference is determined by the proportional quantity of tokens in each pool.

For large transactions, Liquid Swap offers more dependable rates and cheaper costs. On Liquid swap, users may trade currencies with low slippage or supply liquidity in exchange for a portion of transaction fees.

The primary distinction between Binance Liquid Swap and Uniswap is that Liquid Swap is a centralized exchange while Uniswap is decentralized.

Binance Smart Pool  

The Binance Smart Pool lets crypto miners participate in a broader mining pool that divides the earnings. Hash power is automatically diverted to the most profitable cryptocurrency to mine at any given time, allowing users to optimize automatically.

Binance Visa Card  

The Binance Visa Card allows users to spend their cryptocurrency assets at retailers, even the locations that accept only fiat currency through credit or debit cards. When you make a purchase, your cryptocurrency coins will be converted to fiat at no cost so that you do not need to maintain money on hand. The card is free, with no administration or processing fees, and allows you to earn up to 8% cashback on qualifying transactions.

Binance Fees 

Binance Deposit Fees 

Binance charges no fees for users who wish to deposit crypto into the exchange. The charge for depositing fiat cash into Binance will vary based on the deposit method and the currency. Here is a list of fiat currencies and their deposit method.

Binance Withdrawal Fees 

When withdrawing crypto from your Binance account, a fixed fee is charged to cover the transaction fees associated with sending the cryptocurrency to your wallet. The cost varies for each coin; you can view the exact amount by clicking here. 

The charge associated with fiat currency withdrawals varies by withdrawal method and currency. For example, it is free to withdraw Australian Dollars (AUD) by bank transfer. Bankcard withdrawals of Pound Sterling (GBP) carry a 1% charge. Here is the complete list:   

Binance Transaction Fees 

Binance fees for spot trading (buying and selling cryptocurrency) begin at 0.1 %, and you may receive a 25% discount if you pay with Binance’s native token (BNB). This indicates that customers pay only 0.075% on every trade!

If you are a high-volume trader and hold a significant amount of BNB, you may lower your expenses to 0.015% maker fee and 0.03% taker fee and include the 25 % discount for using BNB to pay for transactions.

Binance Security 

Binance is one of the safest cryptocurrency exchanges that stores most of its digital assets offline in cold storage. Binance has security features like 2FA (two-factor authentication), whitelisting devices, controlling withdrawal addresses, and anti-phishing codes. The exchange even uses U2F (universal 2nd-factor authentication), which necessitates physical access to hardware in order to access an account.

Despite their best efforts to remain secure, Binance suffered a cybersecurity attack in 2019 that resulted in the loss of over $40 million in Bitcoins. Binance’s had an excellent response to the incident; they covered the damage fully, ensuring that their users suffered no losses.

4 months after this incident, Binance was able to pass a security audit and received the ISO 27001 accreditation for its information security management. This demonstrates Binance’s dedication to keeping a secure platform for its clients. Today, Binance invests continuously in measures to strengthen its cybersecurity protection.

Supported Countries  

Binance does not officially state which countries are serviced by their exchange. It is available in every country with a few exceptions.

Following the withdrawal of Binance’s primary service from the United States, customers in the country can now use Binance US. Binance US was established in 2019 after the U.S. Department of Financial Services flagged the platform for potential violations of New York’s virtual currency legislation.

Although Binance does not specify which countries are blocked, clients have rumors that Binance has closed accounts for people residing in Iran and Serbia.

Customer Support and Reviews  

Binance has been a massive success in its short existence. It has a lot to offer, and many traders are pleased about its services. The combination of low fees, a fast exchange, and developers with a proven track record makes most Binance users happy.

The FAQ section of Binance’s support website has excellent information to help you with any issues you face.

Automated bots are also available in the FAQ area to answer your question or solve your problem. Alternatively, you may also request to speak with a customer support agent via live chat.

The Binance Help Desk Twitter account or the Binance Support Thread on Reddit can be contacted using your case I.D. If you have already submitted a support ticket with them. Due to the high number of cases received, you should be prepared to wait a while for a response.

Complaints concerning Binance’s live chat service and verification techniques have increased since they implemented a mandatory identity verification policy earlier this year.

The “live chat” service appears to require excessively long wait durations of up to 12 hours, in many cases without successful help or resolution of authentication difficulties.

It’s unclear if this is a temporary problem caused by high traffic or a problem that Binance users will have to deal with for a long time. The exchange has also had difficulties with erroneous two-factor authentication in the past. However, this looks less of a problem now.

Binance vs. Other Exchanges 

Binance vs Coinbase (Pro) 

Coinbase Pro is the trading platform for Coinbase. It is one of the most prominent exchanges regarding reputation and popularity. In addition to the platform’s restricted global availability (only 103 countries are supported), the platform costs begin at 0.6%, which is six times more than the highest trading fee tier on Binance.

Binance vs Bittrex

Bittrex is a cryptocurrency exchange in the United States that has increased in popularity among traders since its launch in December 2014. It has become one of the most popular cryptocurrency exchanges on the market due to its consistent growth. Bittrex fees begin at 0.35%, which is 3.5 times higher than Binance. The exchange provides around 330 cryptocurrencies, more than most exchanges but still fewer than Binance.

Binance vs Bitfinex

Bitfinex is one of the world’s largest cryptocurrency exchanges by volume. It provides advanced trading options such as Bitcoin margin trading. Bitfinex supports more than 150 coins and tokens, substantially less than Binance, which accepts more than 600.

Bitfinex has a maker/taker fee structure. Maker orders, which bring liquidity to the exchange, incur a maximum trading fee of 0.1% (similar to Binance). Taker orders, which remove liquidity from the exchange, incur a maximum cost of 0.2% (twice that of Binance). Similar to Binance, trading fees on Bitfinex decrease as trade volume grows.

Binance vs Kraken 

Kraken offers about 110 different cryptocurrencies, far fewer than Binance’s 600+.

Kraken Pro, like Bitfinex, has a maker-taker fee structure. The maximum charge for makers is 0.16%, while the maximum cost for takers is 0.26%. In both instances, Binance has lower fees.

Conclusion

While Binance is the world’s largest crypto exchange, the constant investigations and the extensive list of nations that have banned its services are grounds for alarm. Additionally, its platform with advanced features may be too complex for new investors to use.

However, if you’re one of the advanced users who like to have a large selection of coins to choose from, Binance may be the perfect choice for you. Crypto traders based in the U.S. can also use the platform through Binance US, but it supports fewer cryptocurrencies than the global platform. Make sure to do your due diligence and compare trading platforms before getting started with Binance.

FAQs

Is Binance better than Coinbase?

When compared to Coinbase, Binance is the better crypto exchange. Binance offers cheaper fees, a much wider selection of supported assets and it’s available in 170 countries (Coinbase is available in 103 countries.

Is Binance trustworthy?

Binance is considered a trustworthy exchange that provides user account safety through the usage of Two Factor Authentication (2FA). Despite getting hacked on May 7, 2019, resulting in the theft of 7000 Bitcoins from the exchange, Binance is still considered a safe exchange.

Is Binance a Chinese company?

Binance was founded in China but eventually relocated its headquarters out of the country due to the Chinese government’s increased control of cryptocurrencies.

Are Binance fees high?

Binance fees are some of the lowest in the industry.

Is Binance a scam?

No Binance is not a scam, it is considered a trustworthy cryptocurrency exchange.

What are the pros and cons of Binance?

Pros of Binance 

• Low trading fees: Binance has low trading fees, traders can keep more of their gains after  
• Over 600 digital assets are supported: Over 600 coins are available for Binance’s international users.
• Cater to different trading styles: Binance offers many different trading options and order types, such as peer-to-peer trading, spot trading, and margin trading.

Cons of Binance

• Complex platform interface: The wide selection of trading features may be daunting. Even advanced traders get overwhelmed. 
• U.S. version of Binance has more limitations: Binance U.S. only has 90 cryptocurrencies available for trading and accessible in 44 states. 

How does Binance make money?

Binance makes money via trading fees as well as charging interests on margin trading, futures trading, and cross collaterals. The asset being traded, the customer’s VIP status, monthly trading volume, and average holding determine the majority of these costs.

What is Kraken? 

Kraken is one of the oldest cryptocurrency exchanges in the world. It has been in business in the United States since 2011. Kraken is also one of the biggest crypto exchanges in the industry. Traders from all over the world use it because it has low fees, easy to use, and has good safety measures and rules. You can buy, sell, and trade over 120 different cryptocurrencies. They also have extra features like staking, margin trading, and futures contracts. 

Pros of Kraken

• Well-established exchange with a great reputation  
• In operation since 2011 
• Easy-to-use trading platform ideal for beginners 
• Supports over 120+ cryptocurrencies and 7 fiat currencies 
• Live Chat support with a real person 24/7 

Cons of Kraken 

• Doesn’t have a wide selection of tokens compared to other large crypto exchanges 

Kraken Exchange History and Background

Kraken was established by crypto pioneer Jesse Powell in 2011 and introduced to the market in 2013. Since then, it has become one of the industry’s most trustworthy crypto exchanges. Kraken is a fully regulated crypto exchange based in San Francisco, US, which requires Know Your Customer (KYC) checks for trading.

Moreover, it has the distinction of being the crypto exchange chosen by the Tokyo District Court to handle consumer compensation claims linked to the 2014 collapse of the notorious Mt. Gox exchange. 

Throughout its years of existence, Kraken has earned a reputation among traders and institutional investors as a secure platform. It was the first crypto exchange to pass the Proof-of-Reserves cryptography audit and supplies Bloomberg Terminal with cryptocurrency market pricing data.  

Kraken is a self-regulated exchange that adheres to guidelines and rules in all jurisdictions it services.

• It is registered with FinCEN in the United States (registration number 31000136371793)
• Registered with FINTRAC in Canada as a Money Services Business (MSB) (reg. no. M19343731).
• Kraken Futures is regulated by the Financial Conduct Authority in the United Kingdom (reg. no. 757895). 

Besides the exchange’s headquarters in San Francisco, it also maintains offices in London in the United Kingdom, Chiyoda City in Japan, and Singapore. Since securing over USD 126 million in venture money, it has purchased a variety of crypto-focused firms, including CryptoWatch, CleverCoin, Coinsetter, Cavirter, Bit Trade, Crypto Facilities, and InterChange. 

At the time of writing this article, Kraken serves around 4 million clients in over 200 countries. 

User Experience 

Kraken provides consumers with two trading platforms, Kraken and Kraken Pro. Kraken Pro offers reduced prices and is accessible to all Kraken account holders. 

Depending on your active market trading and cryptocurrency experience, you may pick Kraken or Kraken Pro. In any case, there is a platform ideal for both novices and experts. 

Kraken 

The best place for beginners to start is the basic Kraken crypto exchange. With a verified account, you can easily purchase cryptocurrency from a connected bank account, and it’s just as simple to sell or exchange digital currencies within the account. 

In addition to trading cryptocurrency, you’re able to your stake your deposited cryptocurrency and earn up to 23% interest, depending on the currency.  

Be sure to enable two-factor authentication (2FA) to protect your account, which stops anybody from accessing your account without your device. 

Kraken Pro 

Kraken Pro is an active trading platform accessible by the web browser or mobile device. The UI may be intimidating for novice traders, but it may be worthwhile to learn. It contains additional market information, including live charts and an overview of open orders. 

Kraken Pro is available to everyone with a valid Kraken account. You will pay less using Kraken Pro as opposed to the standard platform. 

Features of Kraken

When you begin exploring options for crypto exchanges, you will likely discover that there are many alternatives and only a handful of major players. Kraken is one of these exchanges and the key features that keep on attracting clients: 

Lower fees: 

Kraken provides cheap costs for spot trading, beginning at 0.16% for makers and 0.26% for takers. If you are a high-volume trader, the costs are further lowered on a tiered basis. At the tier with the largest trading volume, maker fees are 0% and taker fees are 0.10%. 

Over 120 coins supported: 

On its platform, Kraken supports over 120 different cryptocurrencies. Kraken offers the most popular cryptocurrencies, including BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, and ETC. Although they may not have as many selections as other big exchanges, they often add new coins to their selection. 

Mobile apps for iOS and Android: 

Kraken has gone above and beyond by providing 3 mobile apps each caters to different types of traders depending on the sort of trading you engage in.

The main application is named simply Kraken, which is what the bulk of users choose. It has received over 500,000 downloads and a 4.2 user rating.

Kraken Pro offers sophisticated trading capabilities such as 5x margin trading, complex order types, and conditional closing parameters, among others.

There is also an app called Kraken Futures that caters particularly to traders interested in futures trading. 

Purchase Crypto Directly With Fiat: 

On Kraken, you can buy altcoins directly with USD, EUR, GBP, JPY, CAD, CHF, and AUD.  Not every fiat currency is compatible with every cryptocurrency.

For example, using USD, you can access all cryptocurrencies and JPY only allows you to purchase ETH, BTC, XRP, BCH, LTC, and USDT. Nonetheless, you may effortlessly convert JPY to USD and have access to the complete selection of cryptocurrencies. 

Trade Crypto on the Market or Buy/Sell Instantly: 

Kraken customers have the opportunity to trade cryptocurrencies on the market or use the instant buy option.

Convenient for new traders who may not yet know how to traverse crypto trading, the instant buy option has a 1.5% cost.

You can obtain the desired asset at the specified price immediately from the crypto exchange. Similarly, you may sell your cryptocurrency back to Kraken at the quoted price without any processing delays. 

Trading on the market is preferred for individuals who wish to purchase or sell at a certain price, and it also incurs cheaper costs. The low trading fees are starting at 0.16% for makers and 0.26% for takers. 

24/7 Live Chat Support Team: 

Kraken boasts exceptional customer support, an area where many major cryptocurrency exchanges fall short. Many other exchanges are too big to meet the needs of each user individually, so any questions are sent to an automated bot that gives scripted answers and links to articles on the web.

Kraken, on the other hand, offers Live Chat around-the-clock and is incredibly responsive. If you want to submit a request through telephone or email, those alternatives are easily available. 

Advanced Trading Terminal:

Kraken provides a free professional trading terminal, Kraken Terminal, with highly customizable charts; you may use numerous chart styles, overlays, indicators, and drawing tools to analyze any of the markets.

In addition, you may configure browser alerts for price, volume, and specific technical analysis notifications, and have your trades and orders shown right on the chart. On the chart, you can also view your prior transactions and current open orders, which is a helpful tool.

The Kraken Terminal is a highly sought-after feature among the more experienced crypto investors. 

Margin and Futures Trading: 

On Kraken, experienced traders will enjoy margin trading and futures trading options. Kraken’s margin trading enables long or short positions on a number of coins with up to 5x leverage, 0.02 % costs to establish a trade, and negligible rollover fees. 

Kraken provides access to the trading of regulated futures products and is committed to offering a stable and comprehensive platform for trading cryptocurrency futures globally. Currently, they provide Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple futures with up to 50x leverage. 

Staking Your Coins: 

If you have researched cryptocurrency trading, you may have heard about staking. Staking is an excellent strategy to increase the value of your cryptocurrency holdings since it generates interest on idle coins.

Kraken enables staking on fiat currencies, which is uncommon among other cryptocurrency exchanges. You may choose to stake any of the coins offered to receive staking rewards on top of your holdings and to build your holdings by compounding future rewards. 

OTC Desk Services:

Institutions traders and high-net-worth individuals will appreciate the individual care provided by Kraken’s OTC desk. The OTC is appropriate for big positions exceeding $100,000 that might disrupt the market if executed on open markets and enables for discrete, secure execution.

As an OTC customer, you will receive personalized service from initial consultation to trade execution, as well as trade reports and professional market insights. Every fiat currency and cryptocurrency available on Kraken is covered by the OTC desk, which provides global coverage 24 hours a day, seven days a week, except for important holidays. 

Forex Trading:

Besides cryptocurrency trading, Kraken now offers FX trading, which is a great addition to the platform. With minimal trading costs and a sophisticated trading interface, you will enjoy trading forex on Kraken. 

Secure and Reliable Protection:

Kraken is completely committed to protecting clients’ assets and privacy, implementing rigorous security measures to prevent the theft of assets and personal data.

95% of digital assets are stored offline in geographically dispersed, air-gapped cold storage, and their servers remain under armed 24-hour supervision.

Kraken is a reputable crypto exchange governed by FinCEN that provides financial stability with full reserves, solid banking partnerships, and the highest legal compliance standards. 

Opening a Kraken Account 

Similar to signing up for a stock brokerage or any cryptocurrency exchange, Kraken registration is similar. If you have all of your information on hand, it simply takes a few minutes to activate your account. 

You will be required to submit your name, address, phone number, and Social Security Number during registration. This information is required under know your customer (KYC) regulations in the finance industry. 

To validate your account and gain access to all trading functions, you must submit a copy of a government-issued photo ID and a photograph of yourself holding that ID. Without this information, account functionality is severely limited. 

Supported Deposit and Withdrawal Methods 

Kraken offers several deposit and withdrawal options. These include cryptocurrency deposits and bank transfer deposits of fiat cash. There are no credit card or debit card deposit alternatives for instant purchases of cryptocurrencies. 

The supported fiat deposit and withdrawal bank transfer options include: 

• FewWire/FewWire: 1 – 5 business days 
• SWIFT: 2 – 5 business days 
• Silvergate Exchange Network: near-instant 
• SEPA: 0 – 5 days 
• Canadian domestic wire transfer: 1 – 3 days 
• In-person cash/debit via Canada post: 30 – 60 minutes 
• InterFIn: 0 – 10 min 
• FPS/BACS: 0 – 3 days 
• CHAPS: Same day 
• SIC: near instant  

Kraken Fees 

Deposit Fees 

For the large majority of digital currencies, there are no costs associated with deposits to Kraken. 

There may be a cost when putting fiat currency into Kraken, depending on the currency and deposit method used. For instance, using FedWire (MVB Bank) to deposit USD is free, but using FedWire (Synapse) to deposit USD costs $5. 

Instant Buy, Sell and Convert Fees 

• Using Instant Buy/Sell to trade cryptocurrencies directly on Kraken incurs a 1.5 % charge for each transaction. 
• The charge for converting one cryptocurrency to another is 1.5 % for every transaction. 
• The charge for purchasing a stable coin using another stable coin (USDT, USDC, or DAI) or with USD is 0.9%. 

Debit and Credit Card Fees 

If you live in a supported country, you can buy cryptocurrencies immediately with a debit or credit card (not available in the USA). The purchases will be performed in euros; thus, if your primary currency is not euro, you must verify that your debit/credit card issuer can perform currency conversions. The transaction costs for debit and credit cards are 3.75 % + €0.25.  

Kraken Withdrawal Fees 

• To withdraw cryptocurrencies from Kraken, a fixed fee is charged to cover the transaction.  The crypto withdrawal fee varies based on the coin being withdrawn. 
• There may be costs associated with withdrawing fiat currency from Kraken, depending on the currency and method used. 

Kraken Trading Fees 

Spot Trading Fees: First-tier starts at 0.16% for makers and 0.26% for takers. As your trading volume increases, you get cheaper fees based on this tiered structure. 

Margin Trading Fees: Margin fees are applied to the trading fees at the opening or closing of a trade. The opening fees for most margins are 0.02% with a rollover fee of 0.02% every 4 hours. There are a few exceptions where the opening fee is 0.01% and the rollover fee of 0.01% every 4 hours. 

Futures Trading Fees: Starting tier of futures trading fees is at 0.02% for makers and 0.05% for takers, with reduced fees applicable for high-volume traders.  

Security 

If you follow good online security practices, cybercriminals who want to steal money from your Kraken account should not be able to do so. Once an account has been funded, it is highly recommended to use two-factor authentication.

Different two-factor codes can be generated at sign-in, account withdrawals, and transactions. If you have reason to believe that your account has been compromised, you can also freeze your account to prevent any modifications. 

While the majority of customers have a positive experience, some users reported hacked accounts in which the owner lost everything and had no means to retrieve the lost assets. Due to the irreversibility of blockchain transactions, crypto accounts are a prominent target for fraud. When using Kraken or any other crypto exchange, be aware of the following dangers. 

Kraken takes security extremely seriously, and none of its wallets have ever been breached. Since its introduction in 2011, its platform has been offline only once, in January 2018, and that was to execute critical system improvements.

In addition to this improvement, a variety of other precautions are taken to reduce the likelihood of digital assets being stolen through its system, including the following: 

• New deposits are transferred directly to offline ‘cold’ wallets. 
• Most of the digital assets are stored in cold wallets, only the coins required to maintain liquidity being kept in online ‘hot’ wallets. 
• Small amounts of coins are stored in semi-cold wallets, these are machines with locked drives. 
• All wallets and data are encrypted. 

How Kraken Compares to Other Cryptocurrency Exchanges

Kraken has features better than the average industry competitor and is priced cheaper as well.  Check out the following disparities between Kraken and Coinbase, another prominent cryptocurrency exchange: 

Kraken vs. Coinbase 

• Over 110 coins are supported by Kraken for spot trading. Coinbase supports over 150 different coins. 
• Both exchanges allow you to profit by staking your cryptocurrency at variable interest rates. In general, Kraken offers better payouts and lets users stake with a greater quantity of coins. 
• Kraken enables cryptocurrency futures, whereas Coinbase only covers spot currency markets.  
• Kraken’s trading costs are often cheaper than Coinbase’s for the majority of cryptocurrency transactions. Both receive extra fees on the difference between the purchase and sale prices. 

Summary of Kraken Review 2022

Kraken is an internationally renowned cryptocurrency exchange thanks to its numerous features, user-friendliness, customer support, and top-tier security. With support for more than 120 cryptocurrencies, 7 fiat currencies, and extra services like staking, margin trading, futures trading, and an over-the-counter (OTC) desk. Kraken is a perfect crypto exchange for rookie investors, seasoned day traders, and institutional traders alike.

So you want to buy Doge but don’t know where? No problem! We’re going to run through best crypto exchanges you can buy Dogecoin from, then have a look at the coin in a bit more detail, and then a quick guide on making your purchase.

Doge is still in the top 10 cryptocurrencies by market cap. This is remarkable considering it was essentially started as a joke to troll Bitcoin with. Doge has seen support from the likes of Elon Musk and Mark Cuban in recent years. The Doge community is also a huge reason as to why Doge is still thriving so many years on.

Without further ado, let’s start looking at exchanges you can buy Doge from!

eToro

eToro is a good place to grow your investment portfolio. You can buy doge directly.

To buy doge on eToro, download their app or visit their website, create your account, verify your identity, and then purchase doge directly.

Buying dogecoin is easy with this crypto exchange.

One of eToro’s best features is its demo feature which allows you to play with fake money if you are not ready to invest real cash yet.

Another cool feature they have is being able to copy the trades of other users. You get to see and copy what they are doing – and it doesn’t cost anything. Following richer, more established crypto wallets is a good way of learning about the market and how they act.

eToro has a long list of other cryptocurrencies you can buy.

Take advantage of eToro’s lengthy list of financial services they provide – you can buy particular stocks, trade currencies – and more.

Pros

• Lengthy track record
• Approved licensing in the UK, Europe and Australia 
• View the past performance of other traders and copy their trades
• Lots of different financial instruments to take advantage of (e.g. securities)
• A highly recommended investment app

Cons

• $200 required to use the CopyTrade system
• Crypto trading also requires a minimum funding threshold to begin to trade any crypto
• Less popular coins than other main exchanges (but still a respectable list)
• They don’t regularly list new coins

Binance

Binance is a great exchange to buy Dogecoin on.

Binance brags as being the biggest cryptocurrency exchange in the world.

To buy Dogecoin on Binance, simply download the app or visit the Binance website. Create an account, verify your identity, and then use your preferred payment methods to buy Dogecoin! You can buy directly, or onramp your fiat money and trade your fiat for Doge via the Binance marketplace.

Binance is a good place for beginners to buy dogecoin.

The interface is simple and easy to use, so you shouldn’t have a problem making your dogecoin purchase.

Should you wish to buy more coins, Binance has one of the largest lists to choose from.

Pros

• Choose from a wide variety of coins, not just Dogecoin
• Enjoy plenty of features like peer to peer trading, borrowing, leveraged trading and more
• Relatively low fees relative to the benefits available
• Easy way to purchase cryptocurrency
• Fast crypto transactions
• A few different ways to buy ADA with

Cons

• Identification verification process can take a few days
• Unclear corporate structure
• Binance often face regulation issues. Make sure you are able to use them in your country, and that they don’t face issues where you are.

Overall, Binance is a good place to invest in dogecoin. Everything is straightforward, the fees are reasonable and you can find loads of other coins if you want to invest in more than just Doge.

Coinbase

Coinbase is a good exchange to start buying Doge from.

Coinbase is available in the US, UK and lots of other countries. They are one of the biggest cryptocurrency exchanges ever.

What sets them apart is their ease of use, customer service, choice of coins, and relatively low fees.

Coinbase boasts of being one of the biggest cryptocurrency exchanges in the world. Their customer service, ease of use and relatively low fees make it a good choice for a beginner investor.

Coinbase has a huge amount of users, estimates at 70 million+ and from over 100 countries. They hold billions of crypto assets themselves, as well as have billions on trade volume each day.

How to buy Dogecoin on Coinbase? The process is simple. Create a Coinbase account, sign up and verify your identity, connect your payment method, and then you can buy dogecoin directly. Or, onramp fiat money to Coinbase and exchange your currency for dogecoin on the Coinbase market.

Remember, Coinbase Pro provides cheaper fees. Consider joining Coinbase Pro if you are going to be adding a lot of money to Coinbase and making lots of trades.

Coinbase allows you to buy and sell other major cryptocurrencies also.

Pros 

• All of the top coins are available to buy
• 2-factor login security authentication
• Watch to earn videos and quizzes
• Easy to deposit money
• Lots of options. Buy, sell, trade, borrow, commerce, NFTs and more!

Cons

• Not the cheapest transaction costs
• Not available to use in all countries

Coinbase is a great exchange choice – if it is available in your country. You can buy dogecoin, sell dogecoin, trade dogecoin and take advantage of the other brokerage services

Investing In Dogecoin

Let’s look at doge in more detail.

Doge was founded by Billy Markus and Jackson Palmer. It was largely started as a joke to combat the Bitcoin community. A cult following slowly grew around it over the years and doge finally rocketed in value in 2021. Doge rose more than 7,000% during the first half of 2021 and started a “meme coin season” – which saw thousands of other doge-like coins explode too.

But What Is Dogecoin Exactly?

Dogecoin was named after the popular Shiba Inu dog meme who was known for speaking in broken English. The doge would add words like very and much onto… everything! For example, doge would say “very teamwork, much excellence”.

Doge is a blockchain, and it was a fork of Bitcoin’s code. The two software engineers made sure to combine some of Litecoin’s code so as to avoid the mining that happens with Bitcoin. An issue doge faces are there is not a limited supply. More and more dogecoin can be minted, unlike Bitcoin, which means the value can be easily diluted.

Should You Buy Doge?

Dogecoin’s main use is that it is a fast method of payment. Lots of businesses accept Dogecoin as payment, but this won’t be enough to send Doge into mainstream usage. Fast transactions are useful. but Doge simply doesn’t have the infrastructure or real-world use case right now. Doge certainly won’t be able to compete with the likes of Bitcoin or Ethereum. Dogecoin does not have smart contracts like Ethereum, nor does it have a limited supply like Bitcoin, so it cannot be used as an adequate store of value.

Doge copied GameStop’s technique of growing through Reddit. They started gaining widespread traction in 2021 after creating a huge buzz on Reddit. Finally, Elon Musk tweets sent Dogecoin into an absolute frenzy. Mark Cuban also announced he would accept payments at the Dallas Mavericks.

Doge saw the end of its rise after Elon appeared on Saturday Night Live. Doge was riding high at $0.71, but fell to $0.45 in a matter of 45 minutes. By the next day, Doge was valued at $0.40 and $35 billion of market capitalization had been wiped away.

Buying Dogecoin

So you want to start buying Doge? OK! Let’s go through the basic steps to buy Doge:

• Firstly, pick a crypto exchange from the list above. See which is suitable for your needs, your country and has a payment method you can use.
• Secondly, download the app or visit the website of that exchange.
• Create an account and verify your identity. In some cases, this can take a few days.
• Onramp fiat money onto the exchange. Use bank transfer, wire transfer, Paypal etc.
• Buy Doge directly, or buy another token and swap it for Doge.

And there you have it! You are a proud owner of Dogecoin!

Let’s look at some last FAQs about Doge to see if you think it is a good digital asset for you to invest in

Dogecoin FAQs