Kraken vs. Binance 2023
Kraken as well as Binance is among the more popular cryptocurrency exchanges available. While Binance has experienced tremendous growth in the last few years and was able to become the most popular cryptocurrency exchange in terms of volume within the shortest amount duration, Kraken is regarded as one of the most secure exchanges, as it hasn’t been compromised. Overall, Binance is definitely the winner. Let’s have a look at Kraken against Binance and find out which platform is the best choice for you.
Table of Contents
|Amount of Cryptocurrencies||190+||600+|
|Trading Fees||Maker: 0.00%-0.16% Taker: 0.10-0.26%||0.1%|
|Withdrawal Fees||Depends on the currency and withdrawal method||Free|
|Payment Methods||Bank transfer, Fedwire, SWIFT, Wire transfer, Apple Pay, Google Pay, SEPA, Debit/Credit, Bank transfer/OSKO, FPS/BACS, CHAPS, SIC, Crypto||PayID/OSKO|
Kraken Pros and Cons
- Great security
- Trusted and international platform
- Wide range of fiat currencies
- High minimums on deposits and withdrawals
Binance Pros and Cons
- More than 600 available cryptos.
- The largest cryptocurrency exchange in the world.
- More than 30 fiat currencies.
- Some of the lowest fees among crypto exchanges.
- Numerous payment methods.
- Beginner-friendly, advanced, and pro-level trading features.
- US users need to use the Binance US platform, which has far fewer trading features and cryptos compared to the main Binance platform.
- The customer service is often unresponsive, and there’s no live chat feature.
Both platforms provide the same functions in terms of trading. If you’re looking to convert your fiat currency into cryptocurrency and vice versa, either exchange is a good choice. Both exchanges have lots of educational material on their blogs and websites.
There are additional special features available on each platform, but. Kraken provides simple staking options for a variety of well-known proof-of-stake currencies such as DOT, ATOM, and the XTZ. People looking to make an income on their cryptocurrency could gain by making use of Kraken as a result.
Kraken customers can also access an exclusive platform known as Cryptowatch that lets you place trades across multiple exchanges simultaneously. Traders can benefit from this feature to avail of opportunities to arbitrage.
Binance provides peer-to-peer (P2P) trading as well as margin lending and futures trading and options. It also has advanced charting and technical analysis options offered.
On Binance, it offers over 600 currencies.
Kraken has 200+ coins.
Kraken costs up to 0.26 percent per transaction. The exact amount is contingent on the user’s activities during the past 30 days. The more money a user invests, the less costs.
Trading fees on Binance range from 0.1 percent or less. The cost for withdrawals is 3.5 percent with a minimum of minimum of $10. Withdrawals for cryptocurrencies vary depending on the currency, which is the case for most exchanges.
The fees for Kraken withdrawals can be as high as 60 dollars. Futures and margin trading incur additional charges.
Binance’s exchange token Binance Coin (BNB) users can cut down on fees for trading. All they need to do is keep BNB within their account and any fractions of the coin will be automatically used to pay fees. When they pay for fees using BNB users can enjoy 25% off.
If you’re looking for a company that charges reasonable charges, Binance is the clear winner.
In the case of Binance, people often complain about the absence of customer service as well as long wait time for account verification as well as being denied access to their accounts, and lack of features like being able to easily monitor the value of the coins in the account.
Meanwhile, Kraken comes with an integrated live chat function for customer service.
Kraken offers the following deposit options including Bank Transfer, Wire Transfer, Crypto, Osko, SEPA, Apple Pay and Google Pay.
For Binance it can support Crypto, Credit and Debit Cards, Osko, PayID.
Because Kraken offers more payment methods, it is definitely the winner.
Both exchanges have top-of-the-line security. A lot of Kraken compares to Binance comparisons can be viewed as identical in security. But, Binance has had a couple of notable security breaches throughout the years.
In the year 2019 hackers have hacked into Binance and stole $40,000 in bitcoin. Although no security breaches have taken place since then the incident, it has raised concerns. These questions haven’t been addressed by the company neither have they been addressed by the company. Binance does not provide the complete details of its approach to security of its cryptocurrency assets.
This is the reason why Kraken is unique. Kraken has not been compromised and is transparent about its security policies. Actually, they have a whole webpage on the site of the company that is dedicated to discussing the company’s comprehensive security options. The exchange stores the majority of its funds in a cold storage facility that is air-gapped, and its servers are protected by security guards who are armed and with video surveillance 24/7 and ensures that all sensitive account data encrypted at the data and system levels.
In addition to that, Kraken has an ongoing bug bounty program. This means that the company provides reward to white-hat hackers who find weaknesses before the hackers discover them and then signal them to Kraken.
Binance along with Kraken are both major exchanges that have high daily trading volumes , and the ability to offer a variety of well-known cryptocurrency. The major advantages that make Binance distinct is its greater variety of currencies as well as one of the lowest fees for the market as well as being among the top exchanges by volume. In all of these aspects, Binance is the clear winner in this review of comparison exchanges.
Frequently Asked Questions
Can I make money on Binance?
Binance is a great crypto platform for making money because it offers users numerous possibilities, from spot trading, margin trading, leveraged futures contracts, and P2P trading, all the way to numerous staking options, liquidity mining, crypto savings accounts, and a booming NFT marketplace.
Can you lose money on Binance?
Sure you can. Crypto trading is a very risky activity because cryptocurrencies are highly volatile assets with dramatic price fluctuations within small periods of time. That’s why trading cryptocurrencies is a high-risk endeavour, and you should never invest more than you’re prepared to lose.
How do I get my money out of Binance?
You can easily cash out your crypto into fiat currency by connecting and verifying a bank account on Binance. Once you connect a bank account, you’re ready to facilitate fiat currency transactions from the platform to your bank account.
Is it safe to link a bank account to Binance?
Linking your bank account to Binance is perfectly safe because the exchange platform keeps all user data protected by advanced encryption methods and doesn’t share any of that information with third parties.
How does Binance make money?
Binance makes money mainly from platform trading fees. Although the Binance fees are among the lowest in the industry, the platform manages to achieve high profits thanks to the fact that it’s the most popular exchange in the world, with the highest number of active users.
How do I deposit into Kraken?
To deposit into Kraken, a user must first secure and verify their account. Once you are verified, you can deposit by clicking on “Funding” and selecting “Deposit” next to the currency you wish to add. For fiat currencies, deposit types available are Wires, Etana Custody, or Synapse.
Is it legal to buy Bitcoin in the United States?
Purchasing Bitcoin and other virtual currency are currently legal in most U.S. states. Most states do not even have regulations regarding Bitcoin. Other states, including New York, New Hampshire, New Mexico, Florida, and Connecticut, require money transmitter licenses to transact in Bitcoin and other cryptos.
What countries does Kraken support?
Kraken welcomes users worldwide but has a few exceptions regarding international and local financial and cryptocurrency regulations.
Does Kraken have a mobile app?
Yes, Kraken does have a mobile app. There are three official mobile apps available to Kraken customers at no cost: Kraken, Kraken Pro, and Kraken Futures. Each app is available on iOS and Android devices—only Android 8.0 and above and iOS 13 and up are supported.
Does Kraken provide a cryptocurrency wallet?
Kraken is an exchange, not a wallet service. They use a corporate wallet to keep funds safe while being traded but do not provide personal wallet services. Kraken uses cold storage for deposits and hot wallets for withdrawals. Funds are secured this way whether you are exchanging them or are trading or staking.
Kraken recommends its users use hardware wallets such as Ledger or Trezor to hold their funds.
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