- >Best Crypto Exchanges
- >KRAKEN VS BINANCE
Are you looking to start trading cryptocurrencies and digital assets but can’t decide on a trading platform? Most exchanges offer the same basic functions; here’s what you need to know when weighing up Kraken vs. Binance.
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Kraken vs. Binance: Comparison at a Glance
If you are weighing up which exchange will better cater to your needs, then take a look at this table on the core features in the Kraken vs. Binance faceoff.
Here’s a quick overview of the core features of these Kraken vs. Binance cryptocurrency exchanges:
CRITERIA
KRAKEN
BINANCE
BEST FOR
Buying, Selling, Converting Cryptocurrency
Advanced Trading and Staking
ACCESSIBILITY
Easy-to-navigate interface, with Advanced Charts available
Globally accessible, limited access in some regions.
COMPLIANCE
FinCEN registered and FINRA Member
Limited compliance in some regions
SECURITY
Security features include API key permissions, SSL encryption, and more.
Known for security features like 2FA, cold storage, and more.
ACCOUNT SETUP
Easy Account Set-up. Verification can take some time.
Easy Account Set-Up with KYC Requirements
CRYPTOCURRENCIES
450+, including BTC, ETH, XRP, LTC, and more
350+ XRP, BTC, BNB, SOL, XLM, and more
What sets these exchanges apart?
Before settling on an exchange to deposit your tokens into, there’s several factors that set them apart. This summary aims to help you make a quick decision; for more information, view our in-depth review.
Head-to-Head: Which Platform Should You Trust with Your Money?
Our comprehensive summary of the Kraken vs. Binance debate looks at where you should invest your money based on your needs. Let’s look at how these two exchanges allow you to trade crypto.
Features
KRAKEN
BINANCE
ESTABLISHED
2011
2017
HEADQUARTERS
Wyoming, USA
George Town, Malta
FEES
0.25% with lower fees for high-volume trades
0.10% and discounts for higher trading volume
MOBILE APP
iOS and Android
iOS and Android
BEGINNER FRIENDLY
Yes
Yes
ADVANCED TRADING OPTIONS
Yes
Yes
WALLET INTEGRATION
Custodial and non-custodial wallets
Custodial and Binance Web3 Wallet (non-custodial)
FLAGSHIP FEATURES
Margin trading, price alerts, futures trading
BNB Native coin
BUY/DEPOSIT METHODS
Bank Transfer, Digital Wallets, Crypto
Debit/Credit Cards, P2P Trading, Crypto
FIAT TRADING
Yes
Yes
GOLD AND PRECIOUS METALS
No
No
WITHDRAWALS
Cash and crypto
P2P Withdrawals, Cash, and Crypto
STAKING AND EARNING FEATURES
Yes
Yes
CUSTOMER SUPPORT
Live chat and Email
Live chat and Email
Which one is better, Kraken or Binance?
Customers prioritizing security prefer Kraken, which boasts a large volume of cold storage and has no major hacks, while Binance offers flexibility and asset variety.
Binance has faced scrutiny for its regulatory compliance and is not available in all U.S. states.
Both platforms offer you bang for your buck and have similar fees. Binance does offer discounts to people who transact with their BNB native coin.
FAQs
Kraken charges higher fees for regular accounts and is unavailable in New York and Washington
Both cryptocurrency exchanges have their pros and cons, and the better platform will depend on your needs and preferences.
Kraken is a great place to keep your crypto, as they boast impressive security protocols, offer advanced trading options, and have several buy and withdraw methods.
Kraken is considered safer than Binance, as the latter faced security after being hacked with millions being stolen. Binance security protocols have been beefed up following the hack and has established a Secure Asset Fund (SAFU) as an emergency fund.
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