Kraken and Binance are among the world’s most established cryptocurrency exchanges, offering various products and services for cryptocurrency traders. To determine which platform provides a better overall choice that will benefit you, this head-to-head Kraken vs. Binance comparison guide will help you decide which exchange will serve your crypto trading and investment needs most. 

This in-depth Binance vs. Kraken review will break down security, trading fees, user experience, and trading options of each platform to help guide your decision. 

Kraken vs. Binance: Overview

Feature	Kraken	Binance
Year Established	2021	2017
Headquarters	San Francisco	Unknown
Supported Cryptocurrencies	Over 300	Over 500
Trading fees	0.25% Maker / 0.4% Taker	0.1% for maker and taker fees.
Payment Methods	Crypto and bank transfers, limited credit/debit cards support.	Crypto deposits, bank transfers, and credit/debit card payments.
Availability in the US	Yes	No (Americans can use Binance.US)
Advanced Features	Spot, Futures, Margin Trading, Staking, OTC desk	Margin trading, futures contracts, options trading, API access,  trading bots, access to DeFi services, including staking and savings, and NFT marketplaces
Futures and Margin Trading	Yes	Yes
Mobile App Availability	Yes (Android and iOS)	Yes (Android and iOS)
Withdrawal Limits	$500,000/day for Intermediate traders and up to $10M/day for Pro traders	0.6 BTC per day for unverified customers and up to 100 BTC per day for KYC-verified users.
Security	2FA, cold storage, regular security audits, and proof-of-reserves	Secure Asset Fund for Users (SAFU), 2FA, withdrawal address whitelists, and proof-of-reserves.
P2P Trading	Not	Yes
KYC Requirements	Yes	Yes
Location Restrictions	Available in at least 190 countries, including the US	Available in over 100 countries (US traders can use Binance.US)
Customer Support	Live chat, email and phone support for select customers.	Live chat and email
User Base	15+ million registered users	270+ million registered users

What is Kraken?

Kraken is a US-based cryptocurrency exchange renowned for its strong adherence to regulatory compliance and security measures. Founded in 2011, the platform provides trading services between crypto and fiat currencies, as well as Forex services, and serves over 170 countries worldwide and 48 states within the US. With an average daily trading volume of at least $1.1 billion per CoinMarketCap, Kraken remains committed to maintaining international Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) standards.

Pros of Kraken

• Strong Security: Kraken has never been hacked. Uses a cold storage system, 2FA, and encryption.
• Supports Many Cryptocurrencies: At least 300 cryptocurrencies are offered.
• Advanced Trading Features: Features margin trading, futures trading, and staking.
• Live Chat and 24/7 Email Support: Kraken support is available via the website’s live chat anytime and also via email throughout the day if you encounter an issue.
• Acceptable in 47 U.S. States: Kraken operates in 47 U.S. states, making it a great option for American traders.

Cons of Kraken

• Unavailability in three US States: Not available in Washington State, New York, and due to strict regulatory restrictions.
• Higher Trading Fees: Kraken charges 0.25% for makers and 0.40% for takers, which can be more expensive for new traders.
• Limited Features for U.S. Users: U.S. traders cannot use flexible staking, derivatives trading, or fiat P2P services.

What is Binance?

Binance was founded in July 2017 by Changpeng Zhao and Ye Hi and grew to become the leading cryptocurrency exchange globally in terms of trading volumes within a year of its launch. The platform, which was initially based in Hong Kong, has had to move its base to Japan, Malta, and later the Cayman Islands due to regulatory challenges it has faced during its existence. The cryptocurrency exchange currently boasts a daily trading volume of $18 billion, offers other services beyond crypto trading, including travel bookings and payment processing.  

Pros of Binance

• Wide Range of Cryptocurrencies: Binance offers a selection of over 500 cryptocurrencies and trading pairs.
• Liquidity: Binance stands out for its high liquidity. 
• Low Trading Fees: Trading fees are highly competitive.
• Advanced Trading Features: Binance offers features like staking, margin trading, and spot and futures trading.
• Security: Binance places a strong emphasis on security.
• Global Accessibility: Binance services are available to users globally.
• Binance Coin (BNB): Users can get discounts for holding and buying Binance Coin (BNB).

Cons of Binance

• Complex UI interface: The extensive features and trading options make the interface overwhelming for newcomers.
• Regulatory Challenges: Binance has periodically faced regulatory issues in different countries.
• Customer Support: Customers have criticized support response times during peak periods
• Risk of Hacks: Binance has a history of serious security breaches.
• Withdrawal Fees: Binance charges withdrawal fees for selected cryptocurrencies.

Kraken vs. Binance: Supported Crypto and Fiat Currencies

Kraken crypto exchange supports at least 120 cryptocurrencies and stablecoins, with traders in the US having access to over 65 different crypto assets. Besides Bitcoin being the most popular cryptocurrency, users can access other digital assets like Augur REP tokens (REP), Dash (DASH), Dogecoin (XDG), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Tether (USDT) and Zcash (ZEC) among others. Regarding fiat money, Kraken supports seven currencies, consisting of EUR, USD, CAD, GBP, JPY, CHF, and AUD.

Binance crypto exchange offers a wide selection of cryptocurrencies, adding up to 500 digital assets, including various altcoins and stablecoins. In addition to the more popular Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own Binance coin (BNB), the platform supports hundreds of other less-known coins as well. The Binance.US branch supports at least 75 different digital assets. Compared to other crypto exchanges, Binance supports at least 46 fiat currencies, including USD, AUD, AED, CAD, and EUR.

Winner: Binance wins because of its more extensive selection of cryptocurrencies and fiat currencies.

Feature	Binance	Kraken
Cryptocurrencies	500+	200+
Futures Trading	Yes	Yes
Margin Trading	Yes	Yes
Staking	Yes	Yes
Fiat Trading Pairs	Yes	Yes

Kraken vs. Binance: Trading Tools and Features

Binance is a force to be reckoned with as far as crypto trading tools are concerned. The platform offers advanced charting tools, futures and margin trading with leverage, crypto trading, and liquidity farming. This excellent set of features allows expert traders to make an extra buck.

Cryptocurrency Kraken also offers a robust suite of features, including staking rewards, margin trading, and futures trading, to complement its user-friendly interface, which caters to both new and more experienced traders.  

Winner: Both platforms do well as they offer diverse tools for different user needs.

Kraken vs. Binance: Security

Nothing beats asset protection in cryptocurrency trading, and Kraken vs. Binance takes the role seriously. Both crypto exchanges follow strict KYC AML standards and hold most of their assets in cold storage with SSL encryption while supporting advanced encryption and multi-factor authentication as a part of their security protocols.

Kraken rigorously protects user crypto assets, employing sophisticated procedures to prevent theft of user funds. The platform keeps 95% of its funds in air-gapped secure cold storage wallets distributed worldwide. The firm prioritizes user asset security with features like advanced API permission controls, third-party proof of reserve audits, and other measures to enhance security and transparency to prevent sim swap attacks, giving Kraken a reputation for safety and reliability.

Binance has advanced security measures that offer additional security for user account safety. In addition to two-factor authentication (2FA), the platform uses email encryption and anti-phishing codes. It runs the Secure Asset Fund for Users (SAFU Fund), an insurance coverage for potential losses from security breaches. Despite implementing advanced security protocols, nothing much is known about the objective measures the platform employs. While Binance remains one of the largest crypto exchanges globally in trading volume, it has suffered numerous security and regulatory breaches.

Winner: Kraken wins this segment for its emphasis on transparency and robust security protocols.

Kraken vs. Binance: Trading Fees and Charges

Considering the potential impact of network fees on profitability, both Binance and Kraken employ the maker/taker fee model with competitive trading fees that makes the services relatively affordable compared to other platforms.

While the Binance charges may be complex for the ordinary crypto traders, the platform charges more per order than Kraken. The spot trading fee on Binance ranges between 0% and 0.10%, which can be reduced further for a trader using the Binance coin (BNB). Binance and Kraken charge withdrawal fees, which may vary widely based on the region or country and the crypto asset a user trades.

On the other hand, Kraken fees may be slightly higher than Binance’s, with maker fees beginning at 0.16% while taker fees start at 0.26%.

Winner: Binance wins this segment because its lower trading fees give it a competitive edge over other exchanges making it a more affordable option for traders.

Kraken vs. Binance: Availability and Accessibility

Binance is available in many countries worldwide, but its operations in the United States are available through Binance.US, which offers a limited range of assets and features compared to the global platform. Binance operates in over 100 countries, particularly in different regions, specifically Africa, Asia & Pacific, Europe, and the Middle East.

Kraken, on the other hand, is widely available within the United States and several different regions, making it ideal for US traders. While it’s unavailable for New York and Washington states, the platform operates in at least 190 countries. Still, it is restricted in places like Japan, Russia, Belarus, Cuba, Iran, Iraq, North Korea, and several others, including European countries where specific services like futures trading aren’t allowed.

Winner: Kraken takes the win for US-based traders with its broader accessibility, making it a better choice.

Kraken vs. Binance: Customer Support

Binance

• Available 24/7 via ticketing system and live chat
• Offers chatbot, FAQs, Binance academy, and community forums but lacks phone support
• Instant live chat responses, but ticket resolutions can take up to 48 hours
• High-volume traders have access to VIP support and dedicated account managers.
• Users have reported extended delays in security verifications and fiat withdrawal issues.

Kraken

• Available 24/7 via email support and live chat
• Phone support is available for select regions
• Email responses can take up to 24 hours, while live chat takes under 5 minutes.
• Kraken Pro users are given premium support via priority service
• Users are concerned that phone support isn’t available globally, while others reported slow ticket response times during high peak seasons.

Feature	Binance	Kraken
Mobile App complexity	High (Designed for experts)	Low (Ideal for beginners)
Desktop user interface	Advanced	Easy-to-use
Customization	Yes	No
Charting tools	Yes	Yes

Winner: According to customer reviews, Kraken offers superior customer support, which gives it an upper hand.

Kraken vs. Binance: Mobile Apps

Users can access Binance and Kraken via mobile apps on both iOS and Android devices.

Binance offers two feature-rich mobile phone apps that allow users to access the platform’s features on the go. One Binance app is designed for international users, while the other is meant for Binance US investors. Compared to the platform’s rather complicated user interface, customer reviews say the Binance mobile apps are easy to use. However, due to navigational complexities, they may still be tricky for new users.

Like Binance, Kraken has two mobile apps. While Kraken is used for emerging crypto investors, Kraken Pro is well-suited for experienced traders. Users of both apps rate them highly, calling them straightforward in simplicity and functionality. According to most user reviews, Kraken responds to all queries posted via mobile apps.

Winner: Kraken wins on the segment for offering users a smooth mobile trading experience.

Kraken vs. Binance: Ease of Use

User-friendliness is a significant aspect when choosing between Binance vs. Kraken.

Binance offers advanced features and trading tools, making it a good choice for experienced traders. However, the platform can be a bit daunting for newbies. The cryptocurrency exchange operates an L2 verification mechanism that takes up to 15 days, which can be a long stretch for anyone who wants to jump in immediately. 

Kraken has one of the most user-friendly interfaces in the cryptocurrency market and thrives on simplicity and efficiency. Compared to Binance, the crypto exchange offers a faster, more automated verification process, taking just five minutes for users joining the Starter, Express, and Intermediate levels. However, verifying the more advanced pro-level accounts could take a few days. Therefore, Kraken is an ideal choice for new and experienced traders.

Winner: Kraken takes the lead in the ease-of-use duel because of its more intuitive user interface and faster verification process.

Kraken vs. Binance: Trading and Withdrawal Limits

Withdrawal limits in Binance depend on a user’s account level or tier, which are based on the extent of your account verification. Traders with basic accounts can only withdraw up to 0.6 Bitcoin daily, while verified account owners can withdraw up to 100 daily. Binance is popular with international traders due to its global accessibility and the support of many cryptocurrencies. 

Customers at Kraken have withdrawal fees limits that are tied to account verification levels. For example, Starter account holders can withdraw up to $5,000 daily, while those with intermediate accounts have daily limits of $500,000. Pro account holders, who are mostly advanced traders with large portfolios, are allowed withdrawal limits of $10 million per day.  The minimum deposit requirement on Kraken varies based on the payment method used.

Kraken vs. Binance: Signup Process

Traders signing up for either Kraken or Binance must undergo strict verification procedures.

Kraken offers a simple signing-up and verification process that can be completed in a few minutes and up to five days for anyone signing up for the Pro Level.

Binance follows an advanced verification level that could take up to 15 days.

Account Type	Binance	Kraken	Verification Process	Best for
Personal Accounts	Yes	Yes	Fast, but ID required	General users
Business Accounts	Yes	Yes	Stricter documentation	Corporates and institutions
Margin Trading	Yes	Yes	Needs extra approvals	Advanced traders
Futures Reading	Yes	Yes	Needs knowledge test	High risk takers
Staking	Yes	Yes	Automatic	Passive income seekers

Conclusion: Which Exchange is Better?

The key differences between Kraken and Binance exchanges finally boils down to your experience level, preferences, and personal needs among popular crypto exchanges. Binance beats Kraken in popularity, coin support, trading volume, number of supported fiat and cryptocurrencies, and global appeal. On the other hand, Kraken offers better and easier access to all traders regardless of their country of residence and is especially appealing to newbies in the crypto trade.

To get the best of both worlds in the Kraken vs. Binance duel, you may want to try the following approach because it’s difficult to get a one-size-fits-all solution and stay active by trading actively on Binance and securing your fiat and security holdings on Kraken. We recommend that you:

• Use Kraken to hold cryptocurrencies and fiat money securely and reliably on/off ramps.
• Use Binance to execute frequent trades or when you want to access new cryptocurrencies.
• Always use hardware wallets and enable two-factor authentication (2FA) and other advanced security measures for added protection.

By carefully and strategically using both Kraken and Binance, you can maximize your benefits while mitigating risks. We have presented you with variables showing the benefits of the platforms vary depending on your needs. We hope you can make an informed decision between Kraken vs. Binance as you plan to invest your hard-earned money.

Frequently Asked Questions (FAQs)

Is Binance or Kraken better for beginners?

Kraken is mostly seen as the best option for beginner crypto traders because of its easy-to-use, intuitive interface. Binance, on the other hand, is best suited for experienced traders, thanks to its extensive range of options.

What are the main differences between Kraken and Binance?

Both Kraken and Binance are well-known crypto exchanges, but they have a few significant differences. Binance offers lower trading costs and a wider variety of fiat and cryptocurrencies, while Kraken offers more sophisticated trading options.  

Is it possible to use both Kraken and Binance?

If you’re experienced, you can avoid putting all your eggs in one basket. You can actually trade using both Kraken and Binance. Many expert traders use numerous exchanges to leverage the best features and trading opportunities available on either.

Are Kraken and Binance exchanges secure?

Kraken and Binance take security seriously and have taken steps to secure their customers ‘ funds. Both platforms employ two-factor authentication and cutting-edge encryption while keeping customers’ cash in cold wallets offline.

What is the difference between Binance and Binance.US?

While Binance and Binance.US are centralized exchanges, Binance.US is a crypto trading platform designed to serve US customers. The platform employs stricter compliance and regulatory requirements than Binance, which isn’t available to users within the United States.

Which between Binance and Kraken has a larger trading volume?

Binance trading platform boasts a larger trading volume than Kraken, meaning that Binance enjoys higher trading activity.

What advanced trading features do Kraken and Binance offer?

Some of the advanced trading features users enjoy on Both Binance and Kraken include margin and futures trading, with Binance providing additional options like cross- and isolated-margin trading.

Can customers in the UK use Binance?

While some fiat currency services are still restricted because of regulations, UK crypto users can trade crypto on Binance but with certain limited GBP deposit and withdrawal restrictions.

Which exchange between Kraken and Binance is suitable for long-term investors?

Due to its compliance regulations in many countries, strong security measures, and Proof of Reserves, Kraken is considered the better platform for long-term holdings when compared to Binance.

Which platform, Binance or Kraken, has lower trading fees?

Binance offers users relatively lower trading fees, especially when using the native BNB tokens for discounts. Kraken features a more transparent but slightly higher fee structure.

Which platform is safer, Binance or Kraken?

Kraken is considered safer because it ensures that customer funds are backed 1:1. While Binance has worked overtime to improve security, the platform has previously faced security and regulatory concerns.

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