Best Cryptocurrency Exchange Fees

Kraken vs. Binance: Which Should You Choose?

Kraken vs. Binance: Which Should You Choose?
Written by publisher team

Outlay legendary sea monster Binance
Bank account $4 to $35 Free outside the US
wallet Unavailable Unavailable
Debit / Credit Cards 3.75% + 0.25 € 3% to 4.5%
ACH . transfer 1.7% + $0.10 free
wire transfer Free $10 deposit, $4 to $35 withdrawal $15 for US customers
Cryptocurrency exchange 0.09% to 0.015% Unavailable
Purchases 5 dollars 0.02% to 0.10%
character 0% to 0.05% maker fee based on 30-day trading volume 0% to 0.1% maker fee based on 30-day trading volume and BNB holdings
Other fees Nobody 0.50% instant buying and selling fee


Kraken vs Binance: Ease of Use

The registration process is similar for both exchanges, with US investors required to follow strict verification methods. However, Binance notes that the advanced (L2) verification can take up to 15 days and many users say it takes much longer. By comparison, Kraken provides clear timelines for the various levels, all of which take minutes, not days, except for Pro levels which can take up to five days.

Although Kraken and Binance focus on users who have at least some knowledge of cryptocurrency and investing, browsing the Kraken website and exchange is easier to navigate. It’s also easier to find and access help articles on the Kraken website. But, of course, if you’re new to investing, the charting options on both platforms can feel overwhelming.


Kraken vs. Binance: Mobile App

Binance offers a mobile app for its main site and one for US residents. Similar to web-based platforms, beginners may have a hard time navigating the app at first. But, overall, the user interface (UI) is very clean and easy to use. However, the Binance.US app is still riddled with bugs to some extent, which leads to difficulties logging in to the app. The user interface of Binance.US is also less intuitive than the main website app.

Kraken provides two mobile apps, Kraken and Kraken Pro. Both are highly rated by iOS and Android users and allow similar functionality to web-based exchange. However, unlike Binance, Kraken responds to almost all reviews or suggestions about their mobile apps and is constantly improving the user interface and user experience.


Kraken vs. Binance: Access

Kraken is available to all US residents, except for those who live in Washington and New York. On the Kraken website, US residents cannot trade Ripple XRP and cannot hold, deposit or trade the following cryptocurrencies:

  • anchor (ANKR)
  • Bancor Airport (BNT)
  • Enjin coin (ENJ)
  • Energy Web Token (EWT)
  • flow (flow)
  • Aavegotchi (GHST)
  • Graph (GRT)
  • Livepeer (LPT)
  • Matic Mesh (Matic)
  • MENA Protocol (MENA)
  • Maker (MKR)
  • rare (rare)
  • Ren (Rin)
  • Sandbox (SAND)
  • Sushi Swab (Sushi)
  • 0x (ZRX)

While US residents cannot buy ENJ, MATIC, MKR, or ZRX on Kraken, it is allowed on Binance. Currently, residents of 43 states can use Binance.US. Those who live in the following countries cannot use the platform:

  • Connecticut
  • Hawaii
  • Idaho
  • Louisiana
  • New York
  • Texas
  • Vermont

However, the biggest differences in access stem from the exchanges themselves. The Binance platform does not comply with US regulations that have prompted Binance to ban all US residents from using it. The Binance.US platform offers far fewer features than the main site. In return, anyone can use the Kraken exchange; Although US users have fewer options than international customers, the differences are not as noticeable.


Final verdict

Both cryptocurrency exchanges offer advanced trading options, low fees, and educational resources. International users appreciate the huge amount of cryptocurrency available with Binance. But US residents will be less impressed with fewer options. The Kraken platform offers more transparency, prioritizes security, and provides an adequate amount of coins for US users, even though the number of coins is much lower than Binance for international users.


Frequently Asked Questions

What is Kraken and Binance?

Kraken and Binance are crypto exchange platforms where investors can buy, sell and exchange cryptocurrencies, stablecoins, and tokens. International users can engage in futures trading or margin trading on both platforms, while US residents can conduct various other types of transactions. However, Kraken supports margin trading for US users as well.

Both platforms offer advanced features, ideal for active investors who want to monitor the market and track their investments over time. Kraken and Binance also support staking, where users earn rewards for sticking with different assets.

Are Kraken and Binance Trustworthy?

Kraken is a trustworthy and safe to use exchange. The company prioritizes security and, highlighting security measures on its website, is “the first digital asset company in US history to obtain a banking charter recognized by federal and state law.” Furthermore, it has been around since 2013 and has not been hacked.

Binance.US adheres to all US regulations, but Binance’s past is somewhat worrying. It has moved its headquarters several times to areas with favorable regimes. Then, rather than toughening its security levels to meet US standards, it forced US residents to use a different, less powerful platform. However, Binance has millions of users despite it being hacked in 2019.

How does Kraken and Binance work?

Both Kraken and Binance offer quick verification methods with entry levels, but the lowest levels may not provide many trading or funding options, depending on your location. Like other exchanges, US residents will need to go through a verification process to trade. Once verified, it is very easy to send money via wire transfer to fund your account and start trading.

Kraken and Binance offer many types of transactions, and users unfamiliar with investing may benefit from learning about the types of transactions before attempting to complete them. Additionally, to get the most out of the platforms, it’s a good idea to know how to use charts. And for Kraken users, the Cryptowatch terminal is an additional feature to track your invested coins across multiple exchanges.

Who Should Use Kraken and Binance?

People who are not experienced in using cryptocurrencies and investment terminology will face a learning curve on both platforms. But, Kraken offers a good sized knowledge base with coding guides and videos. They are also more responsive to customer service inquiries from Binance.

Binance’s user interface is much busier than Kraken’s, and the Binance.US platform lacks investment guidelines for beginners. It is also less transparent about fees and security, so beginners may want to start with a simpler platform with fewer options, such as Coinbase.


methodology

Kraken and Binance are similar in many ways, however there are differences. First, we evaluated both platforms by looking at the features available on the website and mobile apps, such as self-help information, advanced charts, and ways to earn cryptocurrency. Next, we compared the cryptocurrencies and supported cryptocurrencies available for US and global users. Finally, we explored each exchange’s approach to security and the overall costs associated with using the platforms.

About the author

publisher team