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


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.