Today, there are many different crypto exchange platforms in the world. Some of them are amazing tools that you can use to buy, sell, and exchange your crypto assets, while others… Leave some things to be desired. In this Kraken VS Binance comparison, we’ll be taking a look at two of the industry giants.
Both Kraken and Binance are very well-known in various crypto circles. While both of the platforms are also considered to be “on top” as far as cryptocurrency exchanges go, they are also quite different from one another. Following that logic, naturally, they are likely going to suit different types of people, too!
In order to figure out which of the two sites is best for you, you’ll need a comprehensive comparison that focuses on all of the main, essential points that need to be looked into whilst analyzing crypto exchange platforms. Well, you’re in luck - this Kraken VS Binance comparison is just like that!
Table of Contents
Kraken VS Binance: Comparison Criteria
If you were to look up some Binance VS Kraken comparisons online, you’d probably notice that there are a few different ways to go about it. Some people like to take a couple of specific features and analyze the two comparison platforms based on them, while others like to simply compare and contrast the platforms themselves.
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Well, we’re going to follow the former route.
In order to do so effectively, though, we should first discuss the actual features that we’ll be using as the core reference points of our Kraken VS Binance comparison! There are five features to keep in mind here: security, ease of use, fees, supported coins, and user count.
- Security. Without a doubt, security is the most important aspect of choosing the right cryptocurrency exchange platform for yourself. This is true both in this Kraken VS Binance comparison, and in any other crypto-related comparison you might come across! Without proper security, you risk depositing your funds into an exchange that might be compromised - if that happens, you might lose all of your assets! Most of the top-tier cryptocurrency exchange platforms do have their security features sorted, though - still something worth keeping in mind!
- Ease of Use. If you’re a cryptocurrency trading veteran, you probably know all of the ins and outs of some of the more-complex user interfaces that are available on some exchange platforms. That said, if you’re a complete beginner, learning all of the technicalities and complex features can be rather difficult, not to mention intimidating! That is why one of the core points to pay attention to in this Binance VS Kraken comparison has to do with the ease of use factor - a top-notch exchange will always have an understandable layout and an easy-to-use interface!
- Fees. Each time you trade cryptocurrencies on an online crypto exchange, you are going to be charged a specific fee. More often than not, the ways these fees are calculated can seem pretty complicated - there are a lot of factors involved! Having said that, if you truly want to make a profit whilst trading crypto, it’s surely one of the most important aspects to pay attention to! It’s also one of the most-contentious points of some Kraken VS Binance comparisons, too - you’re bound to always find people discussing fees, and searching for the best crypto trading deals online!
- Supported Coin Count. As of writing this Kraken VS Binance comparison, there are currently around 7000 different cryptocurrencies available for people to look into, research, and trade. As you can see, the cryptocurrency market has become very different from what it was even two or three years ago! These days, even crypto newbies want to build diverse portfolios, straight from the get-go. In order to do so, though, you’re going to need to have the ability to purchase multiple different cryptocurrencies, and not just the main ones (Bitcoin, Ethereum, Litecoin, etc.). Surely a feature to look out for!
- User Count. While this particular aspect of the Kraken VS Binance comparison might seem a bit trivial at first, I assure you - user count is very important, especially when we’re talking about successful cryptocurrency exchange platforms. That’s mostly because of two big reasons - proper trading conditions, and the reliability of the trading platform. A high user count can show (or, in a sense - guarantee) these two things. Is it something that’s relevant to either of the two platforms mentioned in this comparison, though? Well, read on and find out!
Naturally, as you can imagine, each and every single person is going to have their own, personal preferences when it comes to their preferential features of an online crypto trading site. However, if an exchange has all of the above-mentioned aspects in-check, you can be sure that it’s worth paying attention to!
Kraken VS Binance: The Comparison
In order to keep things in order, we’re going to take it from the top, and compare Kraken VS Binance by using the above-given features as the main criteria. Let’s start off by taking a look at just how secure each of the two crypto exchanges are.
As noted in the introductory part of the Kraken VS Binance comparison, both of the exchanges in question are considered to be among the best ones on the market. Naturally, as you can imagine, both of them are going to be very secure, too! But what exactly does “secure” mean, though?
Well, for starters, both Kraken and Binance employ two-factor authentication on their respective platforms. 2FA might seem like the “oldest trick in the book” by now, but the great thing about it is that, well… It works!
With 2FA, you can be sure that no unauthorized party is going to have access to your account, and will thus stay away from your cryptocurrency, too. While 2FA does not prevent things like hacks and phishing, it’s still a very reliable (and, by now - essential!) method of securing your account.
On top of Kraken’s extensive list of security features, the thing that stands out the most is the fact that the exchange keeps 95% of its users’ crypto assets in cold storage devices. Without a doubt, this is probably one of the best security measures that a crypto exchange could take up!
In short, no matter which of the two options in this Kraken VS Binance comparison it is that you choose, you can rest assured - both platforms offer top-grade security.
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Ease of Use
With cryptocurrencies becoming increasingly more popular and mainstream, there are also more people coming into the crypto trading world every single day. Huge numbers of crypto newbies also means a lot of confusion, especially if they come across platforms that are less-than-simple to figure out.
Unfortunately, that might actually be the case for those who visit Binance for the first time!
Now, I have to give the exchange some kudos - they have multiple different trading user interface layouts, both some that are simple and directed towards crypto newcomers, and others that are more complex and intricate.
Having said that, though, there are quite a few online Kraken VS Binance comparisons and user reviews that note how Binance is a bit of a tricky platform to use, in general. If you have absolutely no prior knowledge in the fields of crypto and investing, well… You might have a difficult time figuring out the ins and outs of Binance.
Kraken, on the other hand, is quite different. It’s simple to use, and does not overwhelm you with a huge load of features and various buttons. Definitely beginner-friendly!
Now, admittedly, this is one of those aspects that tend to make people lean towards one or the other cryptocurrency exchange platform, pretty fast.
Kraken VS Binance fees are… Interesting. Kraken is kind of straightforward. The platform charges its users up to 0,26% for each trade that they make. The actual number, as you can probably imagine, depends on multiple factors - the amount of crypto being traded, whether you’re the maker or the taker, and so on.
Kraken also has a maximum trading limit of $100,000, and charges up to $60 in withdrawal fees.
I can tell you right now, though - Binance is the clear winner in this regard.
First of all, with Binance, you’ll have no daily trade limit (if you reach the maximum account level, that is). On top of that, the exchange can boast some of the lowest exchange rates on the market - they go up to 0,1%! That’s super-low, even at the peak!
Withdrawal fee-wise, Binance will charge you 3,5%, with a minimum fee of $10.
Concerning the Kraken VS Binance fees, if you’re strictly looking to save as much as possible, Binance is the way to go. The fees on the platform are truly amazing!
Supported Coin Count
Many of the top cryptocurrency exchange platforms out there provide their users with the ability to purchase, sell, and trade multiple different crypto coins.
This is, without a doubt, very conveniant.
At the same time, with the growth in popularity of the crypto market, in general, it has become almost mandatory for the top-dog crypto exchanges to offer such services! If the site allows you to trade but a few of the more-popular coins, it’s not going to grow in popularity - especially when there are exchanges that offer hundreds of coins to pick from!
Kraken offers its users around 40 different cryptocurrencies to pick from. These are, naturally, going to include all of the main coins out there, and also a decent number of altcoins, too.
On the other hand, Binance has over 150 crypto assets to choose from! That’s a huge number of coins!
In all honesty, most people aren’t really going to need so many different coins. That said, if you’re looking for a specific cryptocurrency, there’s a much better chance that you’ll find it on Binance, rather than Kraken.
So - as far as the coin variety (and count) aspect of this Kraken VS Binance comparison goes, Binance surely is a better alternative!
As mentioned earlier on in the Binance VS Kraken comparison, the aspect of user count shows us two things - the reliability of the platform, and the idea of how well your trades are going to go, if you do choose to perform them on the site.
Reliability-wise, if a cryptocurrency exchange has a lot of users, in most cases, you can be sure that it offers some great features, top-notch security, and is a reliable alternative, generally-speaking.
In regards to successful trading, think about it - if there are thousands of users utilizing the exchange for their own crypto trading needs, there’s a much bigger chance that you’ll find someone to trade with quickly and efficiently. If, however, the exchange is a desolate wasteland, your offer or proposal could linger there for quite some time.
As of writing this, Kraken has over 4 million users. Binance, on the other hand, has more than three-times that - 13,5 million users.
While both of those numbers are huge, Binance clearly is the more-popular alternative! While there are many reasons for why that might be the case, it’s worth stressing that Kraken’s numbers, albeit lower, are still very impressive!
In all honesty, both Kraken and Binance are going to be great choices for anyone looking to get into the cryptocurrency world. That being said, though, if you’re a complete beginner, Kraken might actually be the better alternative - it’s much simpler to use, and won’t overwhelm you with a huge range of coins and other features.
That said, Binance is definitely going to suit the more-experienced crypto traders. It has a huge range of coins to pick from, an intricate user interface, is the clear winner of the “Kraken VS Binance fees” debate, and so on - truly one of the best crypto exchange platforms on the market!
Thanks for checking out this Kraken VS Binance comparison, and best of luck in your crypto trading ventures to come!