Difference between Kraken and BingX

Difference between Kraken and BingX



1/19/20231 min read

Kraken and BingX are both well-known cryptocurrency platforms, but they offer different services and features to their users.

Kraken, founded by Jesse Powell in 2011 in San Francisco, is a US-based spot trading platform that allows users to buy and sell Bitcoin and 49 other cryptocurrencies using fiat currency. It is a top 10 spot trading exchange with trading volume 5 times higher than Gemini. However, 69% of customers on Trustpilot have left one-star reviews, primarily due to the long verification process and account restrictions. Kraken has a trading fee of 0.26%, lower than Binance and Coinbase. It supports most countries, but has a maximum leverage of 5X for margin trading. There was a market pin issue in Feb 2021, and Kraken only agreed to pay up to 50% of users' losses. The customer support is also slow, likely due to the impact of COVID-19.

On the other hand, BingX is an international digital financial institution with branches in North America, Canada, the EU, Hong Kong, and Taiwan. BingX has also obtained regulatory approval to operate in other countries where it provides services or conducts 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 enables users who do not have much time or who are new to crypto to choose their trader of choice and follow their trade(s).

In conclusion, Kraken and BingX have different features and services that cater to different user needs, preferences, and purposes. It is advisable to research both platforms thoroughly and consult with financial advisors before making any investment decisions.