Kraken vs. Binance 2023

Kraken as well as Binance have been among the top popular cryptocurrency exchanges available. While Binance has experienced a tremendous increase in recent years and was able to become the most popular cryptocurrency exchange in just a short amount duration, Kraken has the distinction for being one of the most reliable exchanges since it has not been compromised.

However, overall, Binance is definitely the winner. Let’s look closer at Kraken and Binance and find out which platform is the best choice for you.

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Kraken vs. Binance Comparison Table

Kraken Pros and Cons

Pros

• Large selection of digital assets
• Low fees for advanced traders
• Low non-instant buy fees
• Advanced trading platform
• Massive product selection
• Advanced trading features
• Reasonable fees
• Strong staking options
• Highly secured

Cons

• Limited options for funding accounts
• No tax support

Binance Pros and Cons

Pros

• Favorable fee system with possibilities for discount
• A large spot market with over 700 different cryptocurrencies
• Sleek deposit and withdrawals
• Advanced markets for pro-traders
• Staking options for over 70 coins
• Separate platforms for separate markets

Cons

• Has some regulatory issues with several countries
• Newbies might get overwhelmed by the vast offer of trading instrument

Features

Both platforms provide the same functions in terms of trading. The primary features users use cryptocurrency exchanges for include the selling, buying and conversion of various cryptocurrency. If your objective is to convert a fiat currency into cryptocurrency or other cryptocurrencies, then any exchange can help. Both exchanges have many educational resources on their blogs and websites.

There are other specific features that are offered by every platform, however. Kraken provides simple staking options for a variety of popular proof-of-stake cryptos such as DOT, ATOM, and the XTZ. People looking to make an income on their crypto may benefit from making use of Kraken as a result.

Kraken customers can also access an exclusive platform known as Cryptowatch which lets you place trades on multiple exchanges simultaneously. The traders can make use of this feature to make use of the arbitrage possibilities.

Binance provides peer-to-peer (P2P) trading as well as margin lending and futures and options trading. It also has advanced charts and technical analysis tools that are available.

Winner: Binance

Supported Cryptocurrencies

On Binance, it offers over 600 currencies.

Kraken has 200+ coins.

Winner: Binance

Fees

Kraken costs up to 0.26 percent per trade. The actual amount will vary based on the user’s activities during the past 30 days. The more money a user trades, the less charges.

Trading fees on Binance range from 0.1 percent or less. For withdrawals, the cost is 3.5 percent with a minimum of minimum of $10. Withdrawals for cryptocurrencies vary depending on the currency, which is the case for most exchanges.

The fees for Kraken withdrawals can be as high as 60 dollars. Futures trading and margins incur additional charges.

Binance’s exchange token Binance Coin (BNB) users can cut down on the cost of trading. All they need to do is keep BNB on their bank accounts and the fractions will be automatically used to pay fees. If they pay fees using BNB users will receive an additional 25% discount.

In terms of affordable charges, Binance is the clear winner.

Winner: Binance

Customer Support

In the case of Binance, people often complain about the absence of customer service as well as long wait time for account verification and being barred from their accounts, as well as a lack of features like being able to easily monitor the value of the currency held in the account.

In addition, Kraken comes with a integrated live chat function to provide customer support.

Winner: Kraken

Deposit Methods

Kraken offers the following deposit options such as Bank Transfer, Wire Transfer, Crypto, Osko, SEPA, Apple Pay and Google Pay.

In the case of Binance it can support Crypto, Credit and Debit Cards, Osko, PayID.

Because Kraken offers more payment methods and payment methods, it is definitely the winner.

Winner: Kraken

Security

Both exchanges provide top security. There are many Kraken and Binance comparisons are similar in terms of security. However, Binance has had a couple of notable security breaches throughout the years.

In the year 2019 hackers have hacked into Binance and stole $40,000 in bitcoin. While no similar security breaches have taken place since then the incident, it has raised concerns. The questions aren’t fully addressed by the company neither have they been addressed by the company. Binance does not disclose all the specifics of how it manages security of its cryptocurrency assets.

This is why Kraken is unique. Kraken hasn’t been hacked and is transparent about its security policies. There’s a whole page on the website of the company which is dedicated to discussing their extensive security measures.

The exchange stores the majority of its funds in a cold storage facility that is air-gapped, is secured by guards with guns with video surveillance 24/7 and secures all information about accounts encrypted both at the data and system levels.

To top it all off, Kraken has an ongoing bug bounty program. The company also offers incentives to hackers with white hats who find weaknesses before the criminals discover them and then notify Kraken.

Winner: Kraken

Conclusion

Binance as well as Kraken are both major exchanges with large daily trade volumes as well as the ability to offer a variety of well-known cryptocurrency. The primary advantages that make Binance distinct is its greater variety of currencies as well as some of the lowest charges that are available as well as being among the top exchanges when it comes to volume. All of these reasons mean that Binance is the clear winner in this comparison review.

Frequently Asked Questions

Does Kraken provide a mobile app?

Yes, Kraken supports and provides two separate mobile apps. The Kraken Pro app is available on Android and iOS devices and allows users to access their trading account and conduct trades the same as the regular desktop platform. Their newer Kraken App was released in 2020, and it’s a simplified version of the older app. Users can download it on Android and iOS devices and can even enjoy some premium payment methods.

Does Kraken provide a digital wallet?

No, Kraken doesn’t provide a personal digital wallet service and advises users to procure their own wallet, preferably a hardware one. The only type of wallet that Kraken offers is their corporate custodian wallet that is used to safely store assets while trading on the platform and when using the staking/lending services.

Are Kraken dark pools legal?

Dark pools are legal in the US and the UK, along with other countries. Dark pools are like private exchanges where traders can anonymously trade with larger amounts without having a price influence on the regular crypto market.

Does Kraken allow margin trading?

Yes, Kraken allows users to trade with derivatives such as margin trading with up to 5x leverage. The margin trading feature is very simple to use, and users can select between market orders or limit orders with just one click. The main website offers detailed information about margin trading.

What Countries are Supported by Kraken?

Kraken is accessible in a majority of countries which makes it easier to list the areas that they don’t provide service in. It isn’t possible to set up accounts within Afghanistan, Cuba, Iran, Iraq, Japan, North Korea, or Tajikistan except if you’re living in those countries or that aren’t part of them. These restrictions stem from laws or sanctions against those nations.

Does Binance provide a wallet?

This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.

Where is Binance accepted?

Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.

How does Binance make money?

In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.

Is it safe to link a bank account to Binance?

There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.

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