Today, there are many different types of crypto exchange platforms around the world. Some of them are powerful tools that you can use to buy, sell and trade your crypto assets, while others, don’t have the features that crypto users crave. In this comparison of Kraken and Binance, we will explore the advantages of these two industry giants.
Both Kraken and Binance, are very well known by various circles of crypto enthusiasts. Although Kraken and Binance are both considered the “top” platforms as far as cryptocurrency exchanges are concerned.
The two platforms are very different from each other. Based on that logic, of course, each platform will probably suit different types of users!
To find out which of these two platforms is best for you, a comprehensive comparison is required focusing on the main and important points to consider when analyzing crypto exchange platforms. Well, you’re in luck – the Kraken versus Binance comparison will be investigated exactly that!
Kraken vs Binance, Comparison Criteria
If you search the internet for some Binance versus Kraken comparisons, you may notice that there are several different ways to compare the advantages of the two platforms.
Some reviews only use a few specific features to analyze the comparison of two platforms, while others prefer to compare and contrast the platforms in a simple way.
Now, we will follow the first analysis system.
However, to do so effectively, we must first discuss the actual features that will be used as the core reference point for comparing Kraken versus Binance in this article! There are five features to keep in mind: security, ease of use, price, supported coins, and the number of users.
Of course, security is the most important aspect when it comes to choosing the right cryptocurrency exchange platform for your interests.
This is true in this Kraken versus Binance comparison, as well as in some of the other crypto-related comparisons you might come across!
Without state-of-the-art security, you run the risk of depositing your funds on a fraudulent exchange – if that happens, you may lose all your assets! However, most of the top tier cryptocurrency exchange platforms have very neatly designed security features – still an important thing to consider!
Ease of Use
If you are a long-time user in the world of cryptocurrency trading, you probably already know a lot about the intricacies of some of the complex user interfaces used by several exchange platforms.
Thus, if you are a beginner, learning all the complex technicalities and features can be a bit difficult, even scary!
Therefore, one of the main points to consider in this Binance versus Kraken comparison has to do with the ease of use factor – the best crypto exchanges always have an understandable layout and an easy-to-use interface!
Whenever you trade cryptocurrencies on an online crypto exchange, you are bound to incur certain fees. In fact, the terms of calculating this fee seem quite complicated – because there are many factors involved!
Therefore, if you really want to make a profit while trading crypto, the price factor is one of the most important aspects to pay attention to!
This factor is also one of the most controversial points in several Kraken versus Binance comparisons – you’ll always find reviews discussing fees, and other crypto enthusiasts looking for the best crypto trading deals on the internet!
Number of Coins Supported
As of writing this Kraken versus Binance comparison, there are approximately 7000 different cryptocurrencies available to view, research and trade.
As you understand, the cryptocurrency market has evolved from two or three years ago! Today, even crypto newbies want to build a diversified portfolio, right on the first try.
However, to do so, you need to have the ability to buy multiple cryptocurrencies, and not just the main ones (Bitcoin, Ethereum, Litecoin, etc.). Definitely an important feature to consider!
Number of Users
While this particular aspect of the Kraken versus Binance comparison may seem trivial at first, I assure you that the number of users is very important, especially when we talk about a successful cryptocurrency exchange platform.
This is largely made possible by two main reasons – the right trading conditions, and the reliability of the trading platform. A high number of users can mean (or, in a sense – guarantee) two of these things.
Are they all relevant to either of the two platforms mentioned in this comparison? Well, keep reading this article and find out!
Basically, as you can imagine, each and every one will have their own personal preference when it comes to their preferred features regarding online crypto trading sites. However, if an exchange has all the aspects mentioned above, you can be sure that the platform is worth paying attention to!
Kraken vs Binance Comparison
To keep all the explanations in this article in order, we will use the guidelines mentioned above, and compare Kraken versus Binance using those features as the main criteria. Let’s start by investigating how secure the two crypto exchanges are.
As mentioned in this introductory section on the Kraken versus Binance comparison, the two exchanges are considered one of the best platforms on the market with Binance and Kraken’s security commendable.
Basically, as you can imagine, these two platforms are definitely very secure! But what exactly is meant by “safe” here?
First of all, Binance and Kraken are crypto exchange platforms that use two-factor authentication on each platform. 2FA may seem like an “old fashioned trick” for today, but the great thing about it is, well… it really works!
With 2FA, you can feel relieved that no unauthorized party will have access to your account, and thus will not be able to reach your cryptocurrency.
While 2FA has not been able to prevent things like hacking and phishing, it is still considered a very reliable (and, now – essential!) method of securing your account.
Apart from Kraken’s comprehensive array of security features, what stands out the most is the fact that the exchange is capable of storing 95% of its users’ crypto assets on cold storage devices.
Of course, this feature is probably one of the best security measures a crypto exchange can take!
In short, whether you choose between the two options compared here, namely Kraken versus Binance, you have nothing to worry about – both platforms already offer high-quality security.
Ease of Use
As cryptocurrencies have become more and more popular and commonplace, it is prompting many people to flock to the world of crypto trading every day.
Most beginners in the crypto world are faced with a lot of confusion, especially if they find the platform difficult to master.
However, it looks like that will only be possible for those visiting Binance for the first time!
In this section, I must give credit to Kraken and Binance – the two platforms have different layouts of the trading user interface, there are layouts that are simple and aimed at crypto newcomers, and there are also layouts that are more complex and complex.
However, there are some comparisons of Kraken versus Binance on the internet and user reviews noting that Binance is a slightly complicated platform to use, in general.
If you have absolutely no prior knowledge in crypto and investing, well… you might have a hard time getting to know the ins and outs of Binance.
On the other hand, the Kraken is very different. The platform is easy to use, and doesn’t overwhelm you with the many features and buttons it displays.
Kraken definitely belongs to the beginner-friendly crypto exchange group!
I have to admit, the price factor is one aspect that tends to make people immediately lean towards one or another cryptocurrency exchange platform.
Kraken versus Binance fees… quite interesting. Kraken is even more impressed not to beat around the bush. The Kraken platform charges its users as much as 0.26% for each trade.
The actual total, as you can probably imagine, depends on many factors – namely, on the amount of cryptocurrency traded, whether you are a maker or taker, and so on.
Kraken Pricing also has a maximum trading limit of US$100,000, and charges a withdrawal fee of up to $60.
But, I will tell you the important information now – Binance is the winner for this category.
First of all, you will not have a daily trading limit (but the maximum amount at the account level will apply) on Binance.
On top of that, the Binance crypto exchange can boast of an exchange rate hitting the lowest on the market – it even hits 0.1%! Very low cost, very affordable in fact!
In terms of withdrawal fees, Binance will ask for a 3.5% charge, with a minimum fee of $10, while Binance’s withdrawal fees range from US$1 to US$15 only.
Regarding Kraken versus Binance fees, if you really want to save as much as possible, Binance is a great choice. The fee terms on this platform are absolutely amazing!
Number of Coins Supported
Many of the top cryptocurrency exchange platforms out there give their users access to buy, sell and trade multiple types of crypto coins.
Of course, this feature is very practical.
With the skyrocketing popularity of the crypto market, it seems that the top tier crypto exchanges are naturally offering such a service!
If a site only allows you to trade with a few popular coins, its popularity will not grow – especially when there is a cryptocurrency exchange offering hundreds of coins to choose from!
Kraken offers its users around 40 types of cryptocurrencies. Of course, that number would include all of the most popular coins, as well as a number of altcoins worth trading.
On the other hand, Binance has more than 150 crypto assets! Huge amount of coins!
To be honest, most people don’t really need that many coins. However, if you’re targeting a specific cryptocurrency, you’re more likely to find it on Binance, rather than Kraken.
So – when it comes to the variety (and number) of coins, this comparison of Kraken versus Binance goes to Binance. This platform is a better alternative!
Number of Users
As mentioned earlier in this Binance versus Kraken comparison, the user count aspect signifies two important things – the reliability of the platform, and the idea of how well your trading functionality will be, if you really want to put it into practice on the platform’s site.
In terms of reliability, if a cryptocurrency exchange has a large number of users, that means you can rest assured that the platform offers some great features, the best security, and is a reliable alternative, in general.
Well, when it comes to successful trading, think about it – if there are thousands of users using an exchange for their crypto trading needs, there is a high chance that you will find other users to trade quickly and efficiently.
However, if the exchange can be described as a deserted desert, your offer or proposal will have to wait a long time to be processed.
As of writing this, Kraken has over 4 million users. Binance, on the other hand, has more than tripled it – 13.5 million users.
While both numbers are quite high numbers, Binance is definitely the more popular alternative!
While there were many reasons behind the achievement, it was worth emphasizing that the number of users the Kraken had, although lower, was still impressive!
As a final note, there remains a final question – which of the two cryptocurrency exchanges mentioned in this Kraken versus Binance comparison is the much better alternative?
To be honest, Kraken and Binance are great options for anyone looking to get into the world of cryptocurrencies.
However, if you’re a complete beginner, Kraken can actually be a better alternative because it’s much easier to use, and won’t cost you a huge amount of coins and other features.
On the other hand, Binance is a perfect match for more experienced crypto traders.
This cryptocurrency exchange has a large number of coins for you to choose from, a complex user interface, a winner in the “Kraken versus Binance fees” debate, and so on – truly one of the best crypto exchange platforms in the industry!
Thanks for reading this Kraken versus Binance comparison review, and best of luck in your upcoming crypto trading endeavors!