Binance vs Kraken: Which Should You Choose?

We have many options in the realm of cryptocurrency, whether for assets, DeFi apps, or marketplaces. The industry is based on cryptocurrency exchanges, letting consumers use their assets to buy, sell, trade, and stake. But deciding which deal is best for you might be challenging.

To choose which cryptocurrency exchange best meets your needs, today we’ll examine Kraken and Binance, two of the biggest.

Binance vs Kraken: Introduction

With a $16 billion daily trading volume, Binance is among the most well-known cryptocurrency exchanges in the world. With approximately 30 million users worldwide, Binance provides a wide range of tools to suit every type of trader. Additionally, this exchange is accessible in the vast majority of countries around the world. The United States is one of the few nations on this list that isn’t included.

Kraken is another well-known bitcoin exchange established in 2011 while the cryptocurrency sector was still in its infancy. Since then, Kraken has gained popularity among cryptocurrency traders worldwide. Kraken is accessible in most countries, even though others, like Afghanistan and Syria, do not permit its trade.

Binance vs Kraken: Supported Coins

You’ll have plenty of coins and tokens to pick from on Binance. Around 600 different assets, including market leaders and more recent entrants, are currently supported by Binance. Of course, Binance allows you to trade traditional assets like Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether, but there are other options. Binance is another helpful resource if you’re seeking emerging currencies.

Additionally, Binance allows a variety of staking options. While many exchanges only provide a small number of staking assets, Binance presently hosts a list of 100 assets, each with a unique rewards structure and set of terms.

Kraken now supports almost 200 coins. Although a tonne of assets is still available, it’s not quite as many as Binance. Along with hosting several lesser-known cryptocurrencies that are more recent additions to the market, Kraken supports all the market leaders like Bitcoin, Ethereum, and Dogecoin.

Binance vs Kraken: Security

If you give your resources to any platform, you need make sure they are protected. This is why it’s vital to consider the security precautions offered by each cryptocurrency exchange. What does Binance have to offer, then? First, Binance protects your account using two-factor authentication. This procedure supports SMS and Google Authenticator.

Additionally, you may ensure that only addresses you’ve given the go-ahead to conduct transactions with you by using Binance’s address-allow listing tool. This will lessen the possibility of a malicious party transferring your funds to a random wallet address. Furthermore, Binance offers FDIC insurance for any sum stored in US dollars, giving you further peace of mind.

Users can safeguard their accounts as much as possible using various security tools that Kraken provides. In order to make it more difficult for unauthorised people to access your account, you could first log in with two-factor verification. Kraken uses two-factor authentication with both Yubikey and Google Authenticator. In order to prevent you from unintentionally leaving your account page open for an extended period of time, Kraken also prohibits SMS and phone passcode recovery and offers a customisable account timeout restriction. Kraken completely encrypts all of your sensitive data to prevent adversaries from reading it while it is in transit or at rest.

Binance vs Kraken: Fees

When picking a crypto exchange, fees are frequently a deciding factor. It can be very aggravating when exchanges steal significant portions of your profits with each trade. How does Binance compare in terms of fees, then? The maker and taker fees on Binance are currently 0.1%, which is refreshingly cheap compared to other exchanges. There are no spread fees on Binance because of its maker-taker business model. The marketplace also doesn’t charge for stakes, withdrawals, or deposits.

Even if Kraken’s costs are slightly more than Binance’s, they are still not outlandish. Kraken, which follows the maker/taker fee model like Binance, levies maker and taker fees at 0.16% and 0.26%, respectively. However, due to the usage of the maker/taker structure, Kraken does not impose any fees for any withdrawals or deposits and, of course, does not impose spread costs. Kraken’s platform does not impose a charge for staking on-chain assets, which is a significant bonus. However, there can be a charge for off-chain staking.

Binance vs Kraken: Additional Features

As was previously mentioned, Binance supports staking on several assets, including Solana, Shiba Inu, and Ethereum. You can use your Polkadot or Kusama money to bid in Polkadot slot auctions. Additionally, Binance provides its consumer’s spot, margin, and P2P trading. Further, you can engage in yield farming, strategy trading, or even start a cryptocurrency savings account. In conclusion, Binance offers more than just the opportunity to buy and sell assets. With its low costs and extensive geographic availability, it might be a fair exchange for you.

On its exchange, Kraken now offers stake functionality for 15 different assets, including Cardano, Ethereum, Solana, and Tezos. It’s critical to confirm that your place of residency permits the off-chain staking of your selected help because the three off-chain staking alternatives it offers—Bitcoin, Euro, and US Dollar—depend on geographical availability.

Additionally, you can use Polkadot or Kusama to participate in slot auctions on Kraken. Margin and futures trading are only a few of Kraken’s many tools. Additionally, the site provides a function called CryptoWatch that you may use to monitor your portfolio and other marketplaces. You are making trading judgments with the help of this additional layer of analysis.

Binance vs Kraken: Wallet

For iOS and Android devices, Binance provides its cryptocurrency wallet called the Binance Trust wallet. Around 500 cryptocurrencies, including all of the tokens traded on Binance, are supported via the Trust wallet. Additionally, it accepts NFTs (non-fungible tokens) and enables mobile cryptocurrency trading.

The Binance wallet includes a Web3 browser, allowing you to access decentralized finance apps, a cool feature (dApps). Using Binance, you may instantaneously send money to anybody, anywhere in the world, at no cost.

You cannot utilize Kraken’s cryptocurrency wallet. Kraken allows you to purchase and trade cryptocurrencies without using a wallet. Your coins are secure in your account because the exchange provides built-in storage for users. You can feel easy knowing that your money is safe because more than 95% of the coins owned by Kraken are kept in cold storage.

Conclusion

Despite the fact that Kraken and Binance are both top crypto exchanges with a tonne to offer, it appears that Binance is superior in many ways. Binance accepts more coins, offers more staking opportunities, and has greater trading capabilities overall in addition to being usually less priced. This does not, however, suggest that Kraken is a bad choice for cryptocurrency trading. This broad and expanding exchange may give you a safe and practical platform for your demands relating to cryptocurrencies.

It would help if you learned a little about any exchange’s reputation and security procedures before entrusting your crypto holdings. Additionally, it’s usually worthwhile to look into an exchange’s features to determine whether you can realize your cryptocurrency objectives using that particular platform. Doing this ensures that your chosen business is a good fit for you and your interests.