Kraken vs Binance
Last Updated: January 11, 2023
Kraken and Binance are two of the world’s most popular crypto exchange platforms, with millions of users buying and selling digital assets every day.
Let’s find out what’s so appealing about them and how they compete against each other in this Kraken vs Binance review. We will provide you with a lengthy exploration of how they compare in ease of use, available crypto coins, and much more.
Side-by-Side Comparison:
Let’s start by looking at their basic features and comparing them side by side.
| Kraken | Binance | |
| Account types: | Starter, Express, Intermediate, Individual Pro, and Business Pro | Individual and VIP |
| Number of cryptocurrencies: | 120+ | 500+ (65+ on Binance.US) |
| Supported deposits: | Apple Pay, Google Pay, Clear Junction, Pay ID, EtanaCash, Wire Transfer, Credit/Debit card (for Intermediate or Pro)
ACH (for Express, Intermediate, or Pro) |
Bank Transfer, Credit/Debit Card, iDEAL, Advcash, Etana, Banxa, Flutterwave, Google Pay, PayID, PIX Payment, Samsung Pay, Simplex |
| Minimum trade: | Based on coin | $10 |
| Trading fees: | 0.9% for stable coins and 1.5% for other crypto on Instant Buy0.00% – 0.26% maker-taker on Pro | Based on trading volume: up to 0.1% spot trading fee, and 0.5% crypto exchange fee |
| Deposit fee: | Crypto deposits are mainly free, fiat deposits depending on currency and deposit method | Free |
| Withdrawal fee: | Flat fee depending on the coin | Depends on the coin |
| Mobile app: | Android, iOS | Android, iOS |
| Customer support: | Ticketing system, Live Chat, phone | Email, Live Chat, ticketing system, social media |
| Supported countries: | 200+ | 180+ |
| Excluded US states: | New York, Washington | Hawaii, Idaho, New York, Texas, Vermont |
As you can already tell, the platforms are similar in many aspects. Yet, Kraken is supported in all but two US states, and available in more countries worldwide.
Now, let’s go into detail in our Binance vs Kraken comparison!
Account Requirements
Both platforms provide their users with some flexibility when it comes to account requirements. However, this is not the case with users’ age (at least 18 or older) and residence.
What’s there to know about the Kraken KYC process?
Kraken has different verification tiers, meaning users can choose the amount of personal data they will share with the exchange. You will need to provide basic information like first and last name and date of birth for the lowest tiers. However, applying for the highest tiers resembles opening a bank account. It’s more demanding and requires the submission of additional documentation.
Binance has different verification levels as well. The higher the tier, the more information you will need to submit. Furthermore, you will be able to use some of the most basic features without verification. Yet, you need a verified account to gain full access to Binance.
Binance vs Kraken: Number of Cryptocurrencies
Users who choose to trade crypto on Kraken will have access to more than 120 coins. Needless to say that you can trade Bitcoin (BTC), Ethereum (ETC), and Dogecoin (DOGE). Apart from this, Kraken enables users access to fiat-crypto, crypto-crypto, and fiat-fiat pairs. Out of these pairs, US users cannot make any fiat-fiat trades.
The more than 500 coins available on the native Binance platform are an impressive number. However, the story is different when it comes to the US market. US users of Binance can only trade around 65 coins. This number is somewhat low when compared to Kraken.
Apart from the crypto coins they support, both platforms enable staking, margin, and futures trading. Unfortunately, margin trading is not supported on Binance.US.
Usability
Kraken has many features and advanced order types that most experienced users will appreciate. However, they may be overwhelming for most investors who have just diversified their portfolios with crypto coins. The time novice investors spend learning to navigate the platform may be better utilized in making trades on competitive exchanges.
Binance follows Kraken in the same fashion. Even though it is easy to use, previous crypto trading knowledge is expected from prospective users. On top of that, the excessiveness of options may bring down even well-seasoned traders.
Fees
When speaking of the Kraken trading fees, we should point out that there are two Kraken platforms: the native platform and Kraken Pro. The prices on Pro differ from the ones on the native exchange.
The native platform charges flat fees based on whether the transaction involves stablecoins or other cryptos. Stablecoins are exchanged at a fee of 0.9%. The fee for exchanging other crypto coins is 1.5%. And the Kraken maker-taker fees on the Pro platform range from 0.00% to 0.26%.
Even though Binance has some of the lowest fees in the crypto trading community, they can get even lower for users who meet one requirement. Everyone who holds the platform’s native coin – BNB, gets a 25% discount on the trading fees. The Binance trading fees further depend on past trading volume and place of residence.
Binance vs Kraken: Mobile Apps
Both Kraken and Binance have Android and iOS mobile apps available for download from Google Play and the App Store. Either exchange is highly rated among mobile users as well. The apps support the same features as on the web, with the convenience of accessing them on the go.
Furthermore, Binance.US has separate mobile apps for both Android and iOS users.
Customer Support
There are three available options to contact Kraken: via a support ticket, email, or phone. Issues with account access can only be reported by opening a support ticket. Other problems may be resolved by the other two means of contact. What’s great is that phone support is available 24/7 for anyone residing in Europe, the UK, or the US.
Comparing Binance vs Kraken, there is a slight difference in handling users’ requests. While the traditional method of sending an email and opening a ticket is supported, Binance also has a Live Chat feature on its Client Portal. In addition to this, Binance is responsive to any requests or feedback submitted on the official Binance Facebook and Twitter pages.
Security
Kraken has a spotless reputation when it comes to securing its platform. Apart from storing users’ crypto assets offline, they follow other best security practices. Users’ data is in an encrypted form, and the accounts are monitored for suspicious activity. Their servers are constantly under armed surveillance, so unauthorized individuals cannot physically access them. Finally, while 2FA is used for accessing accounts, restoring access through phone or via SMS is not supported.
Is Kraken or Binance a more secure platform?
Binance is not so different from Kraken in this respect. Crypto assets are stored in offline wallets on Binance as well. Furthermore, Binance practices real-time monitoring of the platform for early detection of suspicious activity. Personal and sensitive information is encrypted using advanced technologies, and rigorous sign-in protocols using 2FA are supported.
Who Is Kraken Best For?
With a plethora of options, Kraken is best for US customers who have previous crypto trading experience. Beginners have access to excellent educational materials like guides and videos. However, if you are looking for a place to buy and sell crypto, it may be best to look elsewhere. Not that you will not be able to navigate the platform, but you will not be getting the best Kraken experience.
Traders confident enough to look for even more advanced features should check out Kraken Pro. The Kraken vs Kraken Pro difference is that the latter is designed with the advanced crypto trader in mind.
Kraken Pros and Cons
+Lower fees on the more advanced platform
+A decent selection of crypto coins
+Among the safest crypto exchange platforms
-Higher Kraken fees on the native platform
-High minimum trades for some coins
Who Is Binance Best For?
Even though Binance and its low fees will appeal to the beginner crypto trader, the platform is best suited for well-seasoned investors. Considering the number of available coins, it’s probably safe to say Binance is also more appropriate for international users. US users who want to have access to a large number of digital assets may be disappointed with the Binance.US alternative.
Essentially, if you reside outside of the US and have already made a few trades to get familiarized with crypto, you will appreciate everything Binance offers.
Binance Pros and Cons
+Has some of the lowest trading fees among crypto exchanges
+A staggering amount of crypto coins on the native Binance platform
+A wide selection of available features and options
-Very limited crypto selection on Binance.US
-Not as easily manageable for crypto newbies
Kraken
Kraken is a US-based exchange that offers trading in US dollars, Canadian dollars, Euros, British pounds, and Japanese yen. They pay special attention to their security with a track record of 0 breaches. Kraken also has an extensive list of crypto assets and covers over 70 of them.
- Low fees
- 6 different fiat currencies
- 100+ cryptocurrencies
Kraken is a US-based exchange that offers trading in US dollars, Canadian dollars, Euros, British pounds, and Japanese yen. They pay special attention to their security with a track record of 0 breaches. Kraken also has an extensive list of crypto assets and covers over 70 of them.
Binance
With more than 500 coins listed and a native token that’s one of the most popular cryptocurrencies around, Binance is one of the leading exchanges. Apart from basic and advanced, Binance also offers futures and margin trading.
- Supports over 500 coins
- Binance.us For The US Users
- SEPA & Bank Transfers
With more than 500 coins listed and a native token that’s one of the most popular cryptocurrencies around, Binance is one of the leading exchanges. Apart from basic and advanced, Binance also offers futures and margin trading.
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Cryptocurrencies
BTC BCH XLM DOGE ADA
Binance or Kraken: Which Is Better?
Both Kraken and Binance are well-known crypto exchanges worldwide and are very similar in their features and the security practices they employ. But we cannot say which one is better for you. You should look at their differences to decide on the answer.
That being said, Kraken may be better for US crypto investors looking for a manageable crypto exchange. Even though still not supported in two US states, users will find the number of available crypto coins attractive. Especially when compared to the number of coins available on Binance.US.
On the other hand, international traders will probably find Binance to be a better fit for them. The number of available crypto coins and the low fees speak for themselves. Still, they will need to have some previous trading experience to find their way around all the features.
Hopefully, this Kraken vs Binance comparison was useful, and now you know the answer to which exchange is better for you. If not, find out how other famous platforms compare to these two in our Coinbase vs Binance and Kraken vs Gemini reviews.
FAQ
Both exchanges are well-known for their competitive fees. However, whether Binance is cheaper than Kraken would depend on different factors and can differ from one transaction to the other. Some of the variables that play a role are your past month’s trading volume and the selected payment method.
Most US users will be happy to learn that they are eligible to register an account on the Kraken crypto exchange. Unfortunately, this does not apply to residents of New York and Washington. Kraken is still not in compliance with the regulations imposed by these two states. However, it still may be a better choice when comparing Kraken vs Binance.US.
Instead of attempting to redesign the native Binance platform to accommodate US laws and regulations, Binance went on to build a new exchange from scratch. Binance.US is the designated crypto exchange platform for the US market. So if you are a US resident, you will not be able to sign up for Binance.com but Binance.US. Additionally, there are some other Binance vs Binance.US differences. The number of available coins is one of them.
To transfer crypto from Binance to Kraken, start with accessing your Kraken account. Once in it, select “Funding” and then select the “Deposit” button. Choose the appropriate coin from the list of coins and copy the appropriate wallet address for that currency. Next, access your Binance account and select “Wallet” followed by “Fiat and Spot”. Select the coin you will be transferring and enter the amount and the designated Kraken address. Complete your transaction by selecting the “Submit” button.
If comparing Kraken vs Binance in terms of user experience and interface, then Binance will be in the lead. Judged by availability, Kraken is available in more countries and US states. Read our full review of these two platforms to learn how they compare in other aspects.
ABOUT AUTHOR
A problem-solver by day and content writer by night. In between, you’ll probably find me somewhere outside, reaching my daily step goal or admiring sunsets. My interests span multiple fields and creative pursuits. Having a background in linguistics, I’m now exploring the social aspects of information technology and I’m glad to be a part of the journey to hitting your financial targets.
