Kyrrex: The New Kraken Alternative

Kyrrex the Kraken Alternative
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We have centralized exchanges to thank for crypto’s widespread adoption. They make the process of buying and selling digital assets like Bitcoin incredibly easy. You’ll have to start with one of these platforms if you’re looking to own your first cryptocurrency.

That said, they are more than just a front door to the crypto industry. They also offer advanced trade options for professionals. These include margin, derivatives, and futures trading.

If you’ve searched for exchanges to trade on before now, Kraken must be on your radar. It’s one of the biggest crypto platforms in the world by many parameters. It’s been around for nearly a decade and has done its best to make crypto trading safer and more convenient. In addition, it has a good mix of digital currencies, reliable security policies, and a standard user interface.

Kraken remains one of the very few platforms in the US to offer advanced trading options like Margin.

Despite all that, the exchange might not be your best choice if you look at the wealth of options at your disposal. New crypto trading platforms with innovative offerings are springing up and giving big guns like Kraken a run for their money. This article puts the spotlight on one of the next big alternatives to Kraken – the Kyrrex Exchange.

Using Centralized Exchanges

You’ll have to use a centralized exchange to buy digital currencies like Ethereum, Ripple, and Bitcoin. These exchanges run even today’s peer-to-peer platforms. Crypto exchanges work like stoke brokerage platforms where you get access to trading tools. The main difference is that you’re trading more volatile crypto assets instead of stocks.

Nowadays, it’s easy to head to an exchange and purchase a coin using your debit or credit card. You can also make bank deposits to your exchange account and convert the cash to crypto.

But it doesn’t end there; professional traders can trade derivative assets on centralized exchanges without buying the actual tokens. Other advanced trading options include margin and futures trading.

Centralized exchanges serve as a marketplace of sorts. They match your buy orders to other traders’ sell orders and vice versa. There are numerous exchanges today with different offerings. The right platform to use depends on what you want to buy, legal status, security, and ease of use, among other vital factors.

Choosing an Exchange

As we mentioned, the suitable exchange for you depends on what you want. But there are fundamental things to look out for when choosing one. Remember, selecting an exchange due to popularity could be a mistake. If you look at the past, some of the big names in crypto trading are no longer in business and have bankrupted users. So what are the top things to consider? Let’s break them down.

1. Trading Volume

One of the most important aspects of any crypto exchange is trading volume. You want to make sure you can buy and sell crypto assets at any time without waiting days to fill your bags or withdraw your cash. Trading volume refers to the amount of activity happening on an exchange. The higher the trading volume, the more cryptocurrencies and cash are changing hands. If you have a particular asset in mind, check out its trading volume on the exchange you’re considering.

2. Security

Understanding the exchange’s security policies is vital. Check out their history. Have they ever been hacked? If yes, how did they react to the problem? Check out reviews regarding user security and other related problems. Another thing worth finding out is how they store users’ assets. Confirm the percentage of cryptocurrencies they keep in cold storage. Using cold storage means saving funds in an offline wallet. This makes it difficult for hackers to gain access.

3. User Experience

Ease-of-use can be a deal-breaker depending on where you’re coming from. If you’re a beginner, you want to go for an exchange with a user-friendly interface. This way, you know what you’re doing and won’t make trading mistakes that could lead to loss of funds. Ensure you read reviews and guides on how to use an exchange before signing up.

4. Availability in Your Jurisdiction

Some exchanges are not available in certain jurisdictions, and you could be breaking the law by using them. So, check if the platform you want to use is available in your country. Your research should also cover the platform’s legal status. Some outfits often fall short with legal compliance and end up being targeted by regulators. So, even if the exchange is currently trading in your country, confirm they don’t have looming issues.

Another thing worth checking is the currencies available to trade. For example, US residents are restricted from trading certain currencies listed on Kraken. Finally, an exchange’s availability in a country doesn’t necessarily mean everyone can use it. Again, Kraken comes to mind as it’s available to US residents except those in New York and Washington State.

5. Currencies Available to Trade

You don’t want to sign up with an exchange that doesn’t have the cryptocurrency asset you’re looking to buy. On the other hand, if you’re getting popular coins like Bitcoin and Ethereum, your task would be easy. It becomes tricky when you’re going for lesser-known crypto assets. However, a simple search online will show you the assets available to trade on any exchange.

It’ll be wise to go for an exchange that lists more altcoins. This is because your needs could expand in the future, and you want to have access to new coins that catch your interest in the future without switching platforms.

Pros and Cons of Kraken

Pros and Cons of Kraken

Kraken is always up there when it comes to top crypto exchanges. Its security policies, sizable mix of crypto assets, and customer care make it a good choice for many customers. In addition, you can easily purchase Bitcoin and other digital assets using your credit or debit card on the platform, and there are fiat deposit options as well. What’s more, Kraken has one of the highest trading volumes, so you’ll be sure to enjoy high liquidity on trades and withdrawals. The exchange is also available in more than 170 countries, so you’re sure to have access to trading, depending on where you travel to.

Despite all its remarkable advantages, Kraken falls short in some critical areas. Let’s break them down.

1. Poor User Experience for Beginners

Only intermediate to expert traders can praise Kraken’s interface as user-friendly. Crypto newbies can get lost on the exchange as they have to go through a learning process to understand how to place orders. The exchange is also more suited to professionals using its margin trading features.

2. Fees

Users have complained about Kraken’s extremely high instant buy fees. For example, the exchange charges a whopping 3.75% plus additional charges for every cryptocurrency you buy using your credit or debit card. It also has a fee structure where users pay 0.9% for stablecoins and 1.5% for other FX pairs. Its SWIFT withdrawal fee of $35 is also one of the highest.

3. Relatively Low Number of Altcoins to Trade

Kraken has more than 90 digital currencies available for trading. However, a large number of those are not available to US residents. The listings are also low, considering the number of digital currencies available right now.

Why Should You go For Kyrrex?

reasons to join kyrrex

It’s not every day you see a smaller crypto exchange being touted as the best alternative to one of the biggest names in the industry. That’s because most new exchanges are plagued with low liquidity, a limited number of trading currencies, poor user interfaces, and general organizational issues. However, when a platform bursts into the scene with the promise of bridging the crypto and traditional finance worlds, it certainly deserves mention.

Kyrrex has groundbreaking features in the works that will give the best exchanges a run for their money. It’s committed to integrating a digital bank into its ecosystem, allowing users to send and receive money, trade cryptocurrencies, and carry out other traditional transactions from one place. Its central exchange platform is already taking off with a lot of fanfare. It recently wrapped up its token sale and launched a fully operating trading terminal. As a result, Crypto newbies and professionals can now create orders without worrying about high spreads and low speed.

Let’s cover the advantages of using the trading platform.

1. Super-Fast Exchange Engine

One of the main pros of a centralized exchange is fast order execution. However, some exchanges are faster than orders. In truth, order execution is a function of different factors, from trading volume to underlying technology. Kyrrex has the underpinning technology to match orders under a fraction of a second, executing more than a million in one second. The platform’s high daily trading volume also means you won’t have to worry about how fast your tokens appear in your wallet.

2. Innovative Cryptocurrency Offerings and a Robust Ecosystem

Kyrrex’s never-seen-before products and offerings will make you see a different side of crypto. It’s introducing various services into its ecosystem to expand your trading options and show you new insights.

These new services and platforms include:

  • The Trade Ideas Platform:

Where pro traders and investors share trading secrets and conduct brainstorming sessions.

  • Multi-Account Management:

Traders can control multiple accounts from one dashboard. These include crypto and fiat accounts.

  • Listing Platform:

Kyrrex will introduce new tokens from time to time, expanding its portfolio of listed assets. These cryptocurrencies will go through thorough audits and assessments to make sure they meet the exchange’s standards.

  • Liquidity Hub:

The Liquidity Hub ensures users are never short of crypto assets and fiat whenever they want to liquidate positions or withdraw.

  • Tokenization Platform:

The tokenization platform allows you to convert real-world assets to digital tokens. This way, you can protect assets from counterfeiting and efficiently verify and transfer ownership. This platform is still in the works and will be released sometime in 2022.

  • Digital Bank:

This is one of the platform’s most significant offerings. Once it’s launched, users can perform every traditional banking transaction under the sun from the ecosystem. It comes with an International Bank Account Number (IBAN), debit and credit card, and a robust internet platform for transactions. You’ll be able to perform SWIFT and domestic transfers, shop online, and buy into different banking products, from loans to salary management.

3. Military-Grade Security System

Kyrrex promises top-of-the-line security by storing a considerable percentage of users’ crypto assets in cold storage. It also uses the highest encryption level to ensure funds and personal information, such as credit card details, are secured. Its avant-garde anti-hacking systems are also well-positioned to detect malicious activities in time and employ the proper defenses.

The platform’s 2FA and notification policies ensure your account is secured against brute-force and phishing attacks.

4. Tokenized Exchange

Kraken does not have a bonus program or native token that gives users access to discounts. However, with Kyrrex’s KRRX token, users will enjoy superb bonuses on trading fees and earn through staking.

5. Rewarding Staking Program

The Kyrrex platform offers users options to earn a generous percentage for staking their tokens. For example, investors can enjoy up to 14.5% APY for locking the native KRRX token. They can also earn up to 13.5% APY for staking USDT and 10.5% for BTC. The Deposit Program is open to retail and institutional investors.

6. Competitive Trading Fees

Kyrrex’s trading fees are among the lowest in the industry and are, by far, better than Kraken’s. While general maker and taker fees start at 0.15%, those staking the exchange’s token get to enjoy up to 60% discounts. Also, the fee structure favors those with high trading volumes: the higher your trading tier, the lower your fees.

7. Regulatory Compliance

Kyrrex believes that cryptocurrency will reach mainstream adoption once it has beaten the regulatory hurdle. Unfortunately, much of crypto, from Defi to tokenized assets, aren’t regulated yet. In addition, many jurisdictions still have unclear policies regarding crypto trading. Since Kyrrex aims to expand to every corner of the world and provide banking services, it takes regulation seriously. The exchange has an army of compliance officers in every jurisdiction to ensure its users can trade without fearing regulatory interference.

Conclusion

Kyrrex should undoubtedly be on your radar if you want to enjoy low fees, security, and generous discounts. Very soon, you won’t have to pay crazy fees to convert cash to crypto since you’ll be using a single dashboard to manage your fiat and digital currencies.

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We are excited to announce the return of PrimePool, in partnership with Huobi! For now, users can lock their HT tokens for any length of time before the event ends to earn a reward of up to 1,208,898 KRRX tokens.

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This is a great opportunity for users to experience the upgraded PrimePool and win grand rewards. With simple rules, this event is open to all!

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Huobi Welcomes KRRX Token to its Ranks with a Bang!

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When can I start making KRRX deposits and trade?

Huobi has already enabled deposits for KRRX holders. You can start making KRRX deposits right now!

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The KRRX token provides a seamless way to interact with services and features on the Kyrrex network. All KRRX holders are entitled to discounted fees, staking benefits, and other special advantages.

KRRX is connected to many inner projects as well as linked to numerous initiatives, including significant partnerships in the sports industry. Currently, Kyrrex intends to expand agreements with MotoGP rider Jorge Martin, Moto2 young talent Pedro Acosta, and paddle athlete Martin Di Nenno.

Moreover, will launch Kyrrex Sport soon. A marketplace for potential athletes' image rights that are represented by fungible tokens (not NFTs) as well as an NFT marketplace for their personal collections.

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Kyrrex & Huobi Launch Exciting Crypto Tournament with 50,000 KRRX Prize Pool!

The tournament offers a massive prize pool of 50,000 KRRX and guaranteed payouts for 500 winners, providing all participants with the opportunity to come out on top.

The tournament will run from January 17th to February 1st, giving participants ample time to demonstrate their trading strategies and compete for the top prizes.

Don't miss out on this exciting opportunity to win big and register for the tournament today!

How to become a participant of KRRX-Huobi tournament:

1️⃣ Register on the Lot.Trade;

2️⃣ Create a new account on huobi.com;

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6️⃣ Wait for the results and get the desired prize

The first 1500 users who successfully complete the registration and trading conditions within 2 days after the tournament begins, will receive a bonus of $10. This is a limited offer, so don't miss out on this bonus opportunity.

So, are you ready to join the Kyrrex and Huobi crypto communities and compete for a prize pool of 50,000 KRRX and guaranteed payouts for 500 winners? Then fulfill the registration and trading conditions now and join our exciting crypto tournament.


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