Binance

Kraken vs. Binance: which one to choose?

Kraken vs. Binance: which one to choose?

Costs kraken Binance
Bank account $4 to $35 Free outside the United States
Wallet N / A N / A
Debit/credit cards 3.75% + €0.25 3% to 4.5%
ACH transfer 1.7% + $0.10 Free
Bank transfer Free deposit up to $10, withdrawal $4 to $35 $15 for US customers
Crypto conversion 0.09% to 0.015% N / A
Purchases $5 0.02% to 0.10%
Professions 0% to 0.05% maker-taker fee based on rolling 30-day volume 0% to 0.1% maker-taker fee based on rolling 30-day volume and BNB holdings
Other expenses Any 0.50% instant buy and sell fees


Kraken vs. Binance: Ease of Use

The registration process is similar for both exchanges, with US investors required to follow strict verification methods. However, Binance reports that advanced verification (L2) can take up to 15 days and many users say it takes much longer. By comparison, Kraken provides clear timelines for different tiers, all of which take minutes, not days, except for Pro Tiers which can take up to five days.

Although both Kraken and Binance focus on users with at least some knowledge of crypto and investing, Kraken’s website and exchange are easier to navigate. It’s also easier to find and access help articles on Kraken. But, of course, if you’re new to investing, the chart options on both platforms can seem overwhelming.


Kraken vs. Binance: mobile app

Binance offers a mobile app for its main site and another for US residents. Similar to its web-based platforms, beginners may find it difficult to navigate the app at first. But, overall, the user interface (UI) is quite clean and friendly. Still, the Binance.US app is still somewhat buggy, leading to difficulties logging into the app. Binance.US’ user interface is also less intuitive than the main site’s application.

Kraken provides two mobile apps, Kraken and Kraken Pro. Both are highly rated by iOS and Android users and allow similar functionality to web exchange. However, unlike Binance, Kraken responds to almost every review or suggestion regarding their mobile apps and continuously improves the user interface and user experience.


Kraken vs. Binance: Access

Kraken is available to all US residents except those living in Washington and New York. On Kraken, US residents cannot trade Ripple’s XRP and cannot hold, deposit or trade the following cryptocurrencies:

  • Anker (ANKR)
  • Bank (BNT)
  • Enjin Coin (ENJ)
  • Energy Web Token (EWT)
  • Flow (FLOW)
  • Aavegotchi (GHST)
  • Chart (GRT)
  • Livepeer (LPT)
  • Matic network (MATIC)
  • Mina Protocol (MINA)
  • Manufacturer (MKR)
  • Rare (ARRI)
  • Ren (REN)
  • Sandbox (SAND)
  • SushiSwap (SUSHI)
  • 0x (ZRX)

Although US residents cannot buy ENJ, MATIC, MKR or ZRX on Kraken, it is allowed on Binance. Currently, residents of 43 states can use Binance.US. People living in the following states cannot use the platform:

  • Connecticut
  • Hawaii
  • Idaho
  • Louisiana
  • new York
  • Texas
  • Vermont

However, the biggest differences in access come from the exchanges themselves. The Binance platform does not comply with US regulations, which has led Binance to ban all US residents from using it. The Binance.US platform offers far fewer features than the main website. In contrast, anyone can use the Kraken exchange; although US users have fewer options than international customers, the differences are not as noticeable.


final verdict

Both crypto exchanges offer advanced trading options, low fees, and educational resources. International users appreciate the large amount of cryptocurrencies available with Binance. But, US residents will be less impressed with fewer choices. Kraken offers more transparency, prioritizes security, and provides a decent amount of currency for US users, although far fewer coins than Binance for international users.


Frequently Asked Questions

What are Kraken and Binance?

Kraken and Binance are crypto exchanges where investors can buy, sell, and trade cryptocurrencies, stablecoins, and tokens. International users can engage in futures trading or margin trading on both platforms, while US residents can engage in various other types of trades. However, Kraken also supports margin trading for US users.

Both platforms offer advanced features, perfect for active investors who want to monitor the market and track their investments over time. Kraken and Binance also support staking, where users earn rewards for holding various assets.

Are Kraken and Binance trustworthy?

Kraken is a reliable and safe exchange to use. The company prioritizes security, highlights security measures on its website, and is the “first digital asset company in U.S. history to receive a banking charter recognized by federal and state law.” “. Plus, it’s been around since 2013 and hasn’t been hacked.

The Binance.US site complies with all US regulations, but Binance has a somewhat troubling past. It has moved its headquarters several times to areas with favorable regulations. Then, instead of tightening its security levels to meet US standards, it forced US residents to use a different, less robust platform. However, Binance has millions of users despite being hacked in 2019.

How do Kraken and Binance work?

Kraken and Binance both provide quick verification methods with entry-level levels, but the lowest levels may not offer many trading or funding options, depending on your location. Like other exchanges, US residents will need to go through the verification process to trade. Once you are verified, it is quite easy to send money via bank transfer to fund your account and start trading.

Both Kraken and Binance offer many trade types, and users unfamiliar with investing may benefit from learning the trade types before attempting them. Also, to get the most out of the platforms, it’s good to learn how to use charts. And for Kraken users, the Cryptowatch terminal is an added advantage for tracking your invested currencies across multiple exchanges.

Who should use Kraken and Binance?

People with no experience with cryptocurrency and investment terminology will face a learning curve on both platforms. But, Kraken offers a good-sized knowledge base with crypto guides and videos. They are also more responsive to customer service requests than Binance.

Binance’s user interface is busier than Kraken, and the Binance.US platform lacks investment guidance for beginners. They are also less transparent about fees and security, so beginners may want to start with a simpler platform with fewer options, like Coinbase.


Methodology

Kraken and Binance are similar in many ways, but there are differences. First, we evaluated both platforms by looking at the features offered on the website and mobile apps, such as self-help information, advanced graphics, and ways to earn crypto. Next, we compared the supported fiat and cryptocurrencies available to US and international users. Finally, we explored each exchange’s approach to security and the overall costs associated with using the platforms.