Difference between Kraken and BingX

Kraken and BingX are both popular cryptocurrency platforms, but they offer different services
and features to their users.
Kraken is a US-based cryptocurrency exchange founded by Jesse Powell in 2011 in San
Francisco. It is an alternative to Gemini for buying bitcoin with fiat currency. The platform
offers spot trading services and has a 24-hour trading volume of over 1 billion USD. It is a
top 10 spot trading exchange. Kraken supports the free exchange of 49 cryptocurrencies.
Kraken is designed for traders without any crypto trading experience. It specializes in spot
trading, with a maximum leverage of 5X for its margin trading service. The platform has
lower trading fees compared to Coinbase and Binance, at 0.26%. Kraken supports most
countries worldwide, except for those restricted by US policy.
Kraken has however received negative reviews, mainly due to its lengthy account verification
process. This is due to Kraken's compliance with US law, which requires the company to
perform KYC and verify users' identities. Additionally, the company must trace the source of
funds when users use Direct Deposit instead of credit card or bank transfer, which can take
several days. As a result, it is highly recommended to not use Direct Deposit on Kraken.
Kraken has also had a Market Pin issue on 22 February 2021, where the ETH market
suffered a system error leading to margin calls for users trading Ethereum. The company
only agreed to pay up to 50% of users' losses. This has caused margin trading users to lose
confidence in Kraken and switch to other platforms. Kraken's customer support is also
known to be slow to respond, possibly due to the COVID-19 pandemic. Additionally, the
exchange's user-friendly process also needs optimization, causing stress on its customer
service.
On the other hand, BingX is an international digital service 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 advised to research both platforms thoroughly
and consult with financial advisors before making any investment decisions.