Kraken and Binance are among the world’s most established cryptocurrency exchanges, offering various products and services for cryptocurrency traders. To determine which platform provides a better overall choice that will benefit you, this head-to-head Kraken vs. Binance comparison guide will help you decide which exchange will serve your crypto trading and investment needs most.
This in-depth Binance vs. Kraken review will break down security, trading fees, user experience, and trading options of each platform to help guide your decision.
Kraken vs. Binance: OverviewFeatureKrakenBinanceYear Established 20212017HeadquartersSan FranciscoUnknownSupported CryptocurrenciesOver 300Over 500Trading fees0.25% Maker / 0.4% Taker0.1% for maker and taker fees.Payment MethodsCrypto and bank transfers, limited credit/debit cards support.Crypto deposits, bank transfers, and credit/debit card payments.Availability in the USYesNo (Americans can use Binance.US)Advanced Features Spot, Futures, Margin Trading, Staking, OTC deskMargin trading, futures contracts, options trading, API access, trading bots, access to DeFi services, including staking and savings, and NFT marketplacesFutures and Margin TradingYesYesMobile App AvailabilityYes (Android and iOS)Yes (Android and iOS)Withdrawal Limits$500,000/day for Intermediate traders and up to $10M/day for Pro traders0.6 BTC per day for unverified customers and up to 100 BTC per day for KYC-verified users.Security2FA, cold storage, regular security audits, and proof-of-reservesSecure Asset Fund for Users (SAFU), 2FA, withdrawal address whitelists, and proof-of-reserves.P2P TradingNotYesKYC RequirementsYesYesLocation RestrictionsAvailable in at least 190 countries, including the USAvailable in over 100 countries (US traders can use Binance.US)Customer SupportLive chat, email and phone support for select customers. Live chat and emailUser Base15+ million registered users270+ million registered usersWhat is Kraken?
Kraken is a US-based cryptocurrency exchange renowned for its strong adherence to regulatory compliance and security measures. Founded in 2011, the platform provides trading services between crypto and fiat currencies, as well as Forex services, and serves over 170 countries worldwide and 48 states within the US. With an average daily trading volume of at least $1.1 billion per CoinMarketCap, Kraken remains committed to maintaining international Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) standards.
Pros of Kraken
- Strong Security: Kraken has never been hacked. Uses a cold storage system, 2FA, and encryption.
- Supports Many Cryptocurrencies: At least 300 cryptocurrencies are offered.
- Advanced Trading Features: Features margin trading, futures trading, and staking.
- Live Chat and 24/7 Email Support: Kraken support is available via the website’s live chat anytime and also via email throughout the day if you encounter an issue.
- Acceptable in 47 U.S. States: Kraken operates in 47 U.S. states, making it a great option for American traders.
Cons of Kraken
- Unavailability in three US States: Not available in Washington State, New York, and due to strict regulatory restrictions.
- Higher Trading Fees: Kraken charges 0.25% for makers and 0.40% for takers, which can be more expensive for new traders.
- Limited Features for U.S. Users: U.S. traders cannot use flexible staking, derivatives trading, or fiat P2P services.
What is Binance?
Binance was founded in July 2017 by Changpeng Zhao and Ye Hi and grew to become the leading cryptocurrency exchange globally in terms of trading volumes within a year of its launch. The platform, which was initially based in Hong Kong, has had to move its base to Japan, Malta, and later the Cayman Islands due to regulatory challenges it has faced during its existence. The cryptocurrency exchange currently boasts a daily trading volume of $18 billion, offers other services beyond crypto trading, including travel bookings and payment processing.
Pros of Binance
- Wide Range of Cryptocurrencies: Binance offers a selection of over 500 cryptocurrencies and trading pairs.
- Liquidity: Binance stands out for its high liquidity.
- Low Trading Fees: Trading fees are highly competitive.
- Advanced Trading Features: Binance offers features like staking, margin trading, and spot and futures trading.
- Security: Binance places a strong emphasis on security.
- Global Accessibility: Binance services are available to users globally.
- Binance Coin (BNB): Users can get discounts for holding and buying Binance Coin (BNB).
Cons of Binance
- Complex UI interface: The extensive features and trading options make the interface overwhelming for newcomers.
- Regulatory Challenges: Binance has periodically faced regulatory issues in different countries.
- Customer Support: Customers have criticized support response times during peak periods
- Risk of Hacks: Binance has a history of serious security breaches.
- Withdrawal Fees: Binance charges withdrawal fees for selected cryptocurrencies.
Kraken vs. Binance: Supported Crypto and Fiat Currencies
Kraken crypto exchange supports at least 120 cryptocurrencies and stablecoins, with traders in the US having access to over 65 different crypto assets.
