Both are present tense: "I am" and "I have". The difference is that in the first, "traveling" is a state, whereas in the second, "traveling" is an experience. So, in the first you are saying that your current state is a traveling state. In the second you are saying that right now, at this moment, you have the experience of traveling. As an experience, it refers to the past, and this unfortunately misleads many people into thinking the present perfect tense is a past tense. It is not. It is a present tense that refers to experiences you now have.

“I am traveling.” At the moment, what I am doing is traveling. It’s a present progressive time. “I’ve been traveling.” In the past period of time, what I was doing is traveling, which may up to now or may extend to the future. It’s a present perspective progressive time.

Hmm, the answers from everyone are a bit conflicting. Some claim that "I've been traveling" refers to the past, some say it's still happening but started in the past (well when I say "I'm traveling" the traveling also had to start in the past no?). Some say it's a state rather than experience. So, which is it? So, if you asked me "what's up, how are things going? and I answered "I've been traveling...." does that mean that I'm still traveling or not?

"I'm traveling" = This is happening now "I've been traveling" = This happened in the past. Good luck!