When surfing the internet for a top-quality crypto exchange platform, one of the things you want to look out for is suitability – will it suit your needs? And of course, there are many crypto exchange platforms out there right now, but the two common options are Kraken and Binance. If you’re reading this comparison article right now, you are struggling to pick one of these two. You need not worry, and we’ll share everything you need to know, including what they offer and why you should go for either of the two (Kraken and Binance).
Main Difference between Kraken Vs. Binance
| Kraken | Binance |
| Kraken offers staking, crypto trading, margin and futures trading, etc. | Binance provides cryptocurrencies for U.S. and Non-US users |
| The minimum you can deposit varies depending on the cryptocurrency you’re buying | The minimum amount you can deposit is $10 |
| Kraken isn’t beginner-friendly | Binance, on the other hand, is beginner-friendly |
| The maximum trading amount on Kraken is $100,000 | The maximum trading amount on Binance varies and often depends on the cryptocurrency you are working with |
| The fees often range from 0% to 0.26% | The fees on Binance are 0.1% or sometimes less |
Features and Capabilities of Kraken Vs. Binance
Kraken and Binance are designed for crypto traders who are already experienced. Hence, they both try to offer their users advanced features so crypto investors can place market orders, stake their crypto, and manage other related transactions. Also, Kraken tends to support certain transaction types that Binance doesn’t, like the typical margin trading.
One of the main differences between Kraken and Binance is that the former has a “standalone” section referred to as the Cryptowatch. Meanwhile, Kraken’s terminal platform is a premium trading platform equipped with more than 8,000 crypto markets accessible by crypto investors and real-time data.
Binance, on the other hand, has two platforms – one of these versions is the website, while the other is the Binance US site. The two versions are quite different. For example, on the U.S. version, users can’t find any information about the platform’s Visa Card, get a rewards center, or gain access to the Binance Academy. However, both websites offer advanced charting features.
Kraken is a U.S.-based crypto exchange platform where U.S. and International investors use the same platform. While global users can access multiple transaction options and coins, the website feels limited compared to Binance. However, Kraken’s Terminal compensates for its broad “Learn” section that’s packed with a podcast, tutorials, and videos.
While Kraken and Binance meet the strict U.S. standards for the KYC rule, their security features differ. For instance, Binance does not designate any section for disclosing details on all its security measures. However, Binance mentions in one of its articles that it only holds a tiny percentage of coins in all its hot wallets coupled while the rest remain in the cold storage.
Kraken, however, has special security measures and is often aimed at improving security for the crypto trading industry as a whole. Interestingly, it holds more than 90% of air-gapped cold storage deposits that are graphically distributed.
Reasons to choose Kraken.
As an individual trader searching for a personal investment crypto account, you’ll be previewed to a variety of options. The company’s payment method lets users fund their accounts via fiat currencies or cryptocurrencies when it comes to its payment method. But that’s not all – in addition to the regular trading, futures trading, Kraken offers, and OTC trading.
The company offers staking rewards for passive traders. As a passive trader, you’ll get staking rewards. Kraken lets you stake in cryptos and fiat currencies. For example, you’ll earn up to 12% interest annually for staking Kusama or Polkadot. Meanwhile, a stake in the euro would typically earn you 1.5% yearly, while a stake in U.S. dollars would earn you 2% interest yearly.
Reasons to choose Binance.
Binance is a global cryptocurrency exchange platform that offers various services to traders and institutions alike. From crypto trading, options trading, Binance Academy (an educational resource developed for beginners), NFTs, and Binance Earn, to name a few.
Unlike Kraken, Binance provides hundreds of cryptocurrencies to passive traders and institutions alike. But they offer institutions more – for instance, they get to enjoy several options. It is an ideal option for individuals and institutions who would love to gain access to a larger selection of tokens and coins.
The trading side of things indicates that your options on the platform include p2p transactions, the advanced trading platform, the classic Binance trading interface, and the OTC trading portal. In addition, binance institutional services offer individual and institution staking and savings products, margin trading, OTC trading, and future and options trading. The services are also available 24/7.
Kraken Vs. Binance – The Similarities
Both Kraken and Binance have intermediate, advanced, and experienced trader options. They both offer low fees and support individual traders and institutions. The two platforms offer trading interfaces that are better suited for advanced users. They both offer crypto trading, margin trading, and institutional services, to name a few. These are just some of the similarities.
Kraken Vs. Binance Alternatives
Voyager
Voyager offers a wide variety of cryptocurrencies. It is also a U.S.-based company that offers no commissions on crypto orders, making it a perfect choice for accumulators and traders alike.
The platform allows traders to send their assets to other DeFi protocols and crypto-wallets.
Robinhood
Robinhood is undoubtedly one of the top crypto exchange platforms out there. It is a perfect option for traders and institutions who wish to have a diversified crypto portfolio as a brokerage for cryptocurrencies and stocks.
Kucoin
provides crypto traders with quality exchange services and digital asset transactions, safer and more convenient, constructing a top-notch transaction platform and integrating premium assets worldwide.
Coinbase Pro
Coinbase Pro is designed for fairly experienced users accustomed to lower fees and spot trades. It offers two platforms for retail investors: both Coinbase and the pro version are designed for newbie traders. It also has a simplistic interface and top-quality user experience.
Final Verdict
Both Kraken and Binance offer advanced crypto trading options, educational resources, and low fees. International users love the wide variety of crypto assets available on Binance. However, U.S-based users won’t be impressed with the limited choices. On the other hand, Kraken prioritizes security and transparency and offers a fair number of currencies for U.S. residents, although fewer coins than Binance for all international traders.
Kraken Vs. Binance – FAQs
What’s Kraken and Binance all about?
Both are crypto exchange online platforms. Investors use these platforms to buy and sell or exchange cryptos, tokens, and stable coins. In addition, international crypto traders can partake in future trading and margin trading options.
Are these crypto exchange platforms trustworthy?
Yes, they are! Kraken and Binance are trustworthy and safe to use. These companies prioritize security over anything else. The security measures taken on their websites make it easy for traders to transact with ease.
Are they right for me?
If you have no trading experience, you need not worry. Of course, you’ll face a learning curve, but that shouldn’t deter you from trading. Over time, you’ll get used to the platform.