Binance vs. Kraken: Which Crypto Exchange is Right for You?

Kraken and Binance are two of the industry’s most prominent crypto exchanges. Kraken is one of the most reputable exchanges since it has never been hacked, but Binance has had significant development over the last few years and has become the biggest exchange by volume in a very short amount of time. Let’s compare Kraken and Binance to determine which cryptocurrency exchange is the best fit for you.

First of all, let’s analyze their features.

Binance

The world’s biggest crypto exchange supports 500 currencies. For purchases and trades, costs range from 0.02% to 0.10%. For debit card transactions, prices range from 3.5% to 4.5%. For free SEPA transfers, fees range from $15 per transfer to the United States. One-cancels-the-other-order, stop-limit order, trailing stop, post-only order, and many more types of orders are available on Binance.

Binance’s global platform does not allow users from the United States. Binance.US is a separate website for US investors. Unfortunately, Binance.US provides fewer trading options than its international counterpart.

Kraken

Kraken supports about 120 currencies. Online banking processing is 0.5 percent and credit card transactions are 3.75 percent + $0.27 per transaction. A wide range of trading options are available on Kraken, including buy and sell orders as well as limit orders and market orders, stop-loss limit orders, and stop-loss market orders, as well as take profit market orders.

Except for Washington and New York, all states in the United States are able to use the Kraken cryptocurrency exchange. Aside from Iran and North Korea, all other nations are accepted by the Kraken crypto exchange.

In terms of security

Unlike Binance, which has had many security difficulties since its introduction in 2017, Kraken was formed in 2011 and has never been breached. Furthermore, Binance works in a legal gray area where they don’t want to reveal where they’re based, which may be considered a threat to the platform’s survival.

Contrast this with the American-based cryptocurrency exchange, Kraken. Kraken has been audited and regulated to the highest standards in the world. To give investors an indication of Kraken’s degree of responsibility, they even have a bank license in the United States.

Intriguing Qualities

The sheer volume of cryptocurrencies accessible on Binance cannot be underestimated. In terms of the variety of cryptocurrencies available on the site, no other exchange comes close to Binance’s level of liquidity. In addition, Binance provides the best liquidity in the market. This implies that purchasing and selling crypto on Binance will never be an issue. With Binance it’s simple to buy even the most obscure cryptocurrencies.

Kraken’s Cryptowatch platform and a high degree of security are two of the most notable aspects of the exchange. Multiple cryptocurrency exchanges may be traded from a single interface using Cryptowatch. In addition, Kraken’s security record is unmatched by any other company in the industry.

Closing Thoughts

Advanced trading choices, cheap costs, and instructional materials are all available on both crypto exchanges. Binance’s international customers like the wide range of cryptocurrencies it offers. Fewer options, on the other hand, will be less appealing to Americans. If you’re a U.S. user, Kraken provides greater transparency and security than Binance, but there are considerably fewer cryptocurrencies available for foreign customers.