There are several different crypto exchange platforms for traders to choose from. Some of these tools are ideal for buying, selling, and exchanging cryptocurrencies. Others instead leave much to be desired. The topic of Kraken vs Binance is a hotly debated one but we’ve done our best to break it down.
Among the top crypto exchange platforms, Kraken and Binance rank as two of the most popular resources for both new and experienced traders. Although both platforms reign supreme in the crypto market, they have ranging differences new traders must be aware of.
Naturally, some traders will lean towards Binance, while others may prefer Kraken for their crypto transactions. To make a decision for yourself, here is a side-by-side comparison of both platforms across different criteria.
Comparing Kraken vs. Binance: Our Criteria
If you are new to the crypto market, you may have no idea of how to actually compare both platforms. Crypto exchange platforms should always be measured by its performance across five categories: supported coins, user count, fees, ease of use, and security.
- Security – Security is undoubtedly the most important thing to consider when choosing the right crypto exchange platform for yourself. Without air-tight security, you run the risk of depositing your money into a compromised exchange and losing it altogether.
- Ease of Use – If you’re a trading veteran, then you probably know all of the details of how to use the complex user interfaces of some exchange platforms. However, if you’re a beginner, learning all of these technicalities can be quite difficult. Remember – a top-notch crypto exchange platform will feature a simple layout and user interface.
- Fees – Every time you make a crypto transaction, you will be charged a fee. There are a lot of factors involved in calculating these fees, which makes the process seem overly complicated. Still, if you want to make any profit as a crypto trader, getting a firm understanding of fees across different platforms is pivotal.
- Supported Coin Count – There are more than 7,000 different cryptocurrencies available. To build a diverse portfolio, investing in a platform that supports a wide range of cryptocurrencies is highly recommended.
- User Count – User count isn’t trivial. Platforms with a high user count indicate proper trading conditions and reliability, which are important for all crypto traders.
Naturally, every trader is going to have their specific preference. But, if a platform excels in all of these categories, it’s definitely worth considering.
Kraken vs Binance: Security
As mentioned before, Kraken and Binance are two of the top crypto exchange platforms available. Granted, both platforms are going to seem secure. But, what exactly does “secure” mean?
To begin, both Kraken and Binance provide two-factor authentication on their platforms. This is considered to be a formality and a basic security precaution. In the crypto market, this is shockingly considered to be high-level security.
With this safety precaution, you can be sure that no unauthorized party will gain restricted access to your account. Two-factor authentication doesn’t prevent phishing attacks and hacking activities, but it’s still a reliable form of security.
To take it a step further, Kraken implements a security measure of storing 95% of its users’ cryptocurrencies in cold storage devices, which is just lingo for a physical storage device that has a higher level of security than a digital storage device (hot).
Two-factor authentication for both platforms are reinforced by know your customer (KYC) insurance variations. This is simply another layer of user verification to help both platforms identify authorized users and prevent unauthorized access.
As far as security goes, Kraken vs Binance are comparable.
Kraken vs Binance: Ease of Use
As the number of cryptocurrencies steadily increase, more people are being introduced into the market. With more newbies breeds more confusion. For this reason, crypto exchange platforms are supposed to be easy to use for beginners and dynamic enough for veteran traders.
With that said, here is what the user interface of Binance looks like:
As you can imagine, this interface may be a bit too tricky for beginners to grasp, while advanced users won’t have any problem figuring things out. On the other hand, here is what the interface to Kraken looks like:
Kraken’s interface is much simpler to use, and it’s trading portal even looks less cluttered than Binance’s.
When it comes to ease of use, Kraken is the clear winner.
Kraken vs Binance: Fees
Most crypto traders are most concerned with a platform’s fees. After all, this is how to determine how much money you can make from your transactions. In comparison, Kraken’s fees are straightforward.
Kraken charges a fee of 0.26% for every trade that is made. The real number is based on quite a lot of various factors, such as the amount of crypto being exchanged among other things.
In addition, Kraken has a $100,000 maximum trading limit and will charge a trader up to $60 in fees. Binance, in contrast, offers much more affordable fees.
With Binance, there isn’t any daily trading limit if you reach the maximum account level. The platform’s exchange rates can also be as low as 0.1%, which is incredibly affordable for all traders.
Binance will also charge you a 3.5% withdrawal fee with a maximum amount of $10. If you’re looking to save as much money as possible with Kraken vs Binance fees, then Binance is definitely the better option.
Kraken vs Binance: Supported Coin Count
When it comes to supported coin counts, Binance is also the clear winner. Kraken offers about 40 different cryptocurrencies to choose from. This number includes a bunch of various main coins and alt coins to diversify your portfolio.
Binance offers more than 150 different coins for you to select, which is nearly four times the amount Kraken provides. In reality, traders won’t use a huge number of different coins.
But, if you’re looking for a specific coin, you’ll most likely find it on Binance rather than Kraken.
Kraken vs Binance: User Count
User count is an important thing to consider when choosing a crypto exchange platform. If a platform has a lot of users, you can be sure that it’ll offer a bunch of valuable features and top-notch security.
As of this writing, Binance currently has 4 million users. Binance is the clear winner here with more than 13 million users. While Kraken’s user count is very impressive, Binance is the more popular option.
Kraken vs Binance: Affiliate programs
Both Kraken and Binance have some of the best crypto affiliate programs.
The Final Verdict
Finally, which crypto exchange platform is better: Kraken or Binance? Both platforms are great choices for anyone. However, if you’re a beginner, Kraken may be the better choice.
It’s a secure platform that’s very easy to use. Though, if you’re a veteran trader, you may lean towards Binance with more users and supported coins. If you want to expand your earning potential, Binance is also an ideal selection.
