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Kraken vs. Binance: The Biggest Differences
Kraken and Binance are world famous exchanges that offer cryptocurrency trading, betting (holding certain amounts of assets for a specified period of time to earn regular interest rewards), margin trading, institutional services, and many other products.
While both platforms offer low fees, support for individuals and institutions, and trading interfaces for advanced users, they differ in terms of fees, cryptocurrency options, and account features.
Both exchanges have options for both less experienced and advanced traders, but Kraken is better for US clients. The Binance platform is better in terms of low fees and advanced trading.
Kraken and Binance account features and fees also differ. Keep reading to find out the best brokerage for you.
Is Kraken Right For You?
Founded in 2011, Kraken is a global cryptocurrency exchange serving individuals and institutions in more than 200 countries around the world. The exchange offers multiple trading platforms – including the Kraken mobile app, Kraken Pro mobile app, and Kraken Futures app – and more than 80 cryptocurrencies.
If you are an individual trader looking for a personal crypto investment account, you will have a variety of options to choose from. When it comes to payment methods, Kraken allows you to fund your account with fiat currencies (such as US dollars or euros) or cryptocurrencies. In addition to regular trading, Kraken offers margin accounts, futures trading (futures are contracts that give you the right to exchange a security at a certain price on an upcoming date), and over-the-counter (OTC) trading.
Kraken also offers staking rewards to passive traders. It allows you to participate in both cryptocurrency and fiat currencies. For example, you can earn up to 12% interest annually for staking polkadot or kusama. A stake in Euros will earn you 1.5% per year, while your US dollar stake will earn you 2% interest per year.
Advanced traders and institutions will also have a large number of trading services and platforms to take advantage of. This includes Kraken’s OTC desk, which has a minimum order volume requirement of $100,000 and provides expert market insights, high volume trading, and one-on-one service to institutions and high net worth individuals (these are people with at least $1 million in assets). the questioner).
More experienced traders can also take advantage of the Kraken Pro trading platform as well as the support of an account manager.
If you are a novice trader or would like to learn more about cryptocurrencies, you will find that there are many educational resources on Kraken. This includes coding guides, videos, and podcasts.
The Kraken mobile app is available on iOS and Android.
Read the full Personal Finance Insider review of Kraken here »
Is Binance Right for You?
Like Kraken, Binance is also a global cryptocurrency exchange that offers a wide range of services to individuals and institutions. Among them are cryptocurrency trading, futures and options trading, margin trading, Binance Academy (educational resource for beginners), Binance Earn, NFT tokens services, and more.
Binance also offers many options for institutions. But unlike Kraken, Binance offers hundreds of cryptocurrencies, which makes it even more ideal for traders who want access to a much larger selection of coins and tokens.
On the business side of things, your options include peer-to-peer transactions, the Classic Binance trading interface, the advanced trading platform, and Binance’s OTC trading portal.
While US users will not be able to access Binance, they can use the Binance.US platform. This platform does not offer many assets, but it still offers multiple features for individuals and organizations.
Binance Earn is great for traders who want to reap the benefit of accumulating different assets. In addition, traders can take advantage of Binance loan to obtain crypto loans. And if you spend a lot on cryptocurrency, you can use your Binance Visa card to buy items from all over the world.
For its institutional services, Binance offers savings and savings products, OTC trading, futures and options trading, margin trading, and much more. Learn more about Binance’s institutional products here.
Binance services are available 24/7.
Read the full Personal Finance Insider review of Binance.US here »
Kraken vs Binance: Which one is right for you?
Both Kraken and Binance offer world-class cryptocurrency exchange services, providing features such as staking, margin and futures trading, institutional services, and more. However, there are still notable differences in each platform’s fees, investment options, and products.
Although Kraken does not serve residents of New York State or Washington, it is a better choice for American traders who are looking for a relatively simple user interface and trading platform. But if you are not a US trader and want access to lower fees and a greater selection of cryptocurrencies, Binance might be the best option for you.
However, it should be noted that the US version of Binance also offers low trading fees. Kraken offers low trading fees as well, but it may be a better option for US traders looking for margin or futures accounts. Overall, Binance is the best option for advanced traders.