The Difference Between Binance and Kraken

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With Binance and Kraken consistently making it to the top 10 list of largest exchanges in terms of trading volume, one question has arisen from enthusiasts and beginners: Which of the two is better?

In this video, we’ll be exploring the pros and cons of Binance and Kraken.

First, let’s explore the similarities.

Both Binance and Kraken are considered really good viable options in terms of crypto exchange platforms. Both have advanced trading options. Both also have low fees and accessible mobile apps on android and ios, and they’re geared towards users who already have considerable experience with trading.

So, where exactly do the two begin to differ?

Let’s begin with the fees.

Although Binance and Kraken are relatively cheaper than other trading platforms, Binance has slightly lower fees. Compared to Kraken, which reaches up to 0.26% per trade, 3.75% + €0.25 for credit card purchases, and 0.5% for online banking processing. Binance, on the other hand’s fees ranges from 0.02% to 0.10% per purchase and 3% to 4.5% for debit card purchases, and $15 per wire transfer.

Although Binance sometimes ends up costing more for debit card purchases, the general fees are definitely cheaper.

The next difference will probably be a deal breaker for some, but Binance also has 500+ currencies on their exchange, while Kraken only has around 150.

So, where does Kraken have an advantage over Binance? Their verification process is easier and quicker to process, and 95% of their assets are kept in cold storage.

For those unfamiliar with the term, cold storage is a way to keep cryptocurrencies safer. Cold storage works by storing cryptocurrencies on a platform that isn’t connected to the internet. This means that they’re safer from cyber attacks, unauthorized access, and other things that may end up affecting cryptocurrency stored online.

Compared to Binance, which some may deem to be less transparent with its security measures, Kraken and its cold storage system may seem more appealing.

Access is also one of the more contentious aspects to discuss when comparing the two. Kraken is available to 48 states in the U.S., excluding Washington and New York. Kraken users in the U.S. also can’t trade XRP, ACA, AGLD, AIR, ALICE, CFG, NYM, and some other cryptocurrencies.

Binance can only cater to 46 states in the U.S. New York, Texas, Vermont, and Hawaii can’t.

With those in mind, Binance and Kraken definitely have pros and cons that outweigh each other. There really isn’t one platform that’s better than the other in everything, so it’s still up to personal preferences.

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