 Kraken |  Binance |
Great for Beginner traders who want a low-fee, simple exchange option. | Great for Traders who are looking to invest in a variety of altcoins and individuals who are willing to trade in large volumes. |
Cryptocurrencies Offered Over 120 | Cryptocurrencies Offered Over 600 |
Fees Withdrawal Fees: Varies by coin Trading Fees: 0% - 0.26% | Fees Withdrawal Fees: Varies by coin Trading Fees: 0.04% - 0.10% |
Bonus Offer None currently | Bonus Offer Get a $5, $45, or $50 cash voucher for signing up |
Unique Features
| Unique Features
|
Minimum Trade Amount $10 | Minimum Trade Amount $10 |
Customer Support Chat support (24/7), phone support (12/7) | Customer Support Email, tweet responses, live chat |
Pros
| Pros
|
Cons
| Cons
|
Kraken vs. Binance Overview
Binance and Kraken are undoubtedly two of the . By trading volume, Kraken sits fourth while Binance holds the top position. But their position based on trading volume alone cannot put the Kraken vs. Binance debate to bed. That is because there is more to an exchange platform than only trading volume. We have to consider their fees, features, the cryptocurrencies they offer, and much more. If you are jumping into the crypto market, this Kraken vs. Binance guide will help you decide which one is best for you.
Binance Overview
In terms of popularity, Binance is no doubt the number one cryptocurrency in the world. Like every other cryptocurrency exchange, Binance offers a wide range of services starting from staking, futures, options trading, margin trading, and so much more. It also provides you with the essential knowledge of crypto by the Binance Academy. You can read our full Binance review here.
One of the best features of Binance is that it has a huge range of options for cryptocurrencies. This large collection of coins and tokens can be a gold mine for anyone looking to diversify and invest. Their low fees are also a big reason for their growing popularity. Binance now has over 13.5 M active users worldwide.
Kraken Overview
Kraken is another major cryptocurrency exchange that was established back in 2011. Although it was primarily based in San Francisco, it now has offices worldwide. It has all the features of a typical crypto exchange, including margin accounts, futures trading, over-the-counter trading, etc. In addition, more advanced investors will have access to many trading services to choose from. Kraken’s OTC desk provides specialized market knowledge and individualized service for individuals with high trading volumes and institutions. Kraken claims to be one of the very pioneers of introducing spot trading. If you are a beginner, you will do great with the Kraken basic platform, but advanced investors may be inclined toward the pro version. Depending on your experience and needs, you may choose your preferred account.
Cryptocurrencies Available
Kraken now offers the opportunity to buy, sell and hold more than 120+ cryptocurrencies. The option might seem less compared to that of other exchanges, but Kraken contains almost all the popular cryptocurrencies that you can think of.
Binance now offers the opportunity to buy/sell and hold more than 600+ cryptocurrencies. Binance supports almost all types of cryptocurrencies, from well-established to newly rising ones. Suppose you are a person who is willing to find out the new tokens and coins that have the potential to 50x or 100x. In that case, Binance can be your biggest bet as newer cryptocurrencies are more readily listed on this exchange than on any other crypto exchange.
Fees
Kraken and Binance are both known for their low fees. Both of their trading fees are lower than the market average.
Kraken withdrawal fees vary depending on the coin, but it usually has a fee of $4 – $35 on withdrawals.
Kraken’s trading fee ranges from 0% – 0.26% of the total value of the order. The fee depends on the following information:
- The currency pair it is being traded with
- The user’s trading volume for the last 30 days
- Whether the order is a maker or a taker
No charge is taken if a user is:
- Staking
- Transferring funds between future wallets
- Storing funds
Kraken also doesn’t have any inactivity or maintenance fees. (Learn more about Kraken fees here)
Binance is known for its low fees. A newbie with a low trading volume would have to pay a maker/taker fee of only 0.10% on Binance. That is not the end of the story; if you are using Binance coins (BNB), then you will get a 25% fee discount; the more you hold BNB, the less your fee gets. But the fee structure can be a little difficult to understand in Binance. For debit cards and wire transfers, Binance charges around 4.5% and $15, respectively. (Learn more about their fees here)
The withdrawal fees of Binance are dynamic and are adjusted based on the market status.
Staking Rewards
Staking is a great way to grow your portfolio. Whether a newbie or an expert, you can leverage this feature to earn more crypto. Both Binance and Kraken offer the staking feature on their platform.
Locked and flexible staking options are available on Binance. As the name suggests, flexible staking allows you to trade or withdraw anytime you want. On the contrary, locked staking means your assets will be locked up for a period of time. This period can be fifteen, thirty, sixty, or ninety days.
Currently, Kraken is offering staking on 13 coins, while Binance is offering staking on seven coins. A noteworthy thing to mention is that you cannot stake Ethereum in Binance. This is a bummer because Ethereum is one of the most popular cryptocurrencies. So if you want to stake Ethereum, you would have to go with Kraken.
Security
Like every other crypto exchange, Binance offers you great security features, including two-factor authentication, device management, and the feature for restricting device access. However, in the past years, there have been multiple reports of bugs and security breaches that have damaged its reputation when it comes to security. In 2019, a security breach led to a loss of $40,000,000 worth of Bitcoin. Although its features can keep your accounts comparatively secured, its reputation can be concerning.
Kraken, as mentioned earlier, was established in 2011. And one of its best merits is that it has no history of being hacked. Kraken also maintains its transparency, unlike most exchanges. It is one of the few well-regulated cryptocurrency exchanges. For your information, Kraken also holds a bank license in the USA, which gives you a sense of its credibility and accountability.
Standalone Feature
A unique feature of Kraken is its Cryptowatch platform. Through a single interface, Cryptowatch enables users to trade on various cryptocurrency exchanges. Furthermore, no other company in the industry can match Kraken’s track record regarding security.
Binance is the best when it comes to liquidity. This means that you will never face a problem in buying or selling any coin or token from Binance. Even the rarest tokens are very easy to buy in Binance.
How to Decide Between Kraken vs. Binance
When it comes to choosing cryptocurrency exchanges, there is never really a right answer. That is because each exchange has its very own selling points and trade-offs. Here are two things to consider:
- Cost: If you are looking to cut the cost in fees and are trading in high volumes, you should go with Binance.
- Security: If you are a person who is concerned about the security of your assets, then you should go with Kraken. Note: (you can always transfer your coins from the exchange to a hardware wallet to keep it secured)
Ultimately, the decision is subjective and depends on your needs and goals.
