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Kraken vs. Binance – Forbes Advisor

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Editor’s note: I earn commissions from partner links on Forbes Advisor. Commissions do not affect editors’ opinions or ratings.

Kraken When Binance.US Two of the most popular and successful. crypto exchange, and for good reason. Both offer a wide range of cryptocurrencies and investment tools.

Each platform also offers unique and great features. We have reviewed the main similarities and differences between Kraken and Binance.US so that you can decide which one is best for you.

Kraken vs Binance: Similarities

Kraken and Binance.US offer a wide range of cryptocurrency choices supporting over 100 different options.

While Kraken offers more options for US-based residents, Binance.US still offers many of the most popular cryptocurrencies.

ease of use

If you want to start trading cryptocurrencies quickly, Kraken and Binance.US make it easy. Get set up and start trading in minutes.

Here’s how it works: To complete the simplified verification process, you will need to provide some basic information such as your name, address and date of birth. Next, link your payment method to your bank account or credit/debit card.

Advanced trading tools

For the more sophisticated investor, Kraken and Binance.US offer advanced trading tools.

Binance.US offers an advanced trading platform with more market data, charts, and advanced trading options such as stop limit orders.

To use Kraken for enhanced functionality, you should upgrade to Kraken Pro to view candlestick price charts and perform more advanced trading such as stop loss and profit orders.

Both Kraken and Binance.US offer futures trading.

crypto staking

crypto staking It’s time to agree to lock coins to help you run. blockchain Behind staked cryptocurrencies. In exchange, you will receive a yield in that staked cryptocurrency. Yields depend on the cryptocurrency and the exchange that drives the crypto pool.

Kraken and Binance.US offer similar staking options and pay similar reward rates. Kraken and Binance.US currently allow staking of 17 cryptocurrencies, but the cryptocurrencies are different. Both platforms support staking of the following cryptos:

US availability

Accessibility to New York residents tends to be a sticky point for most centralized exchanges.

According to Kraken, “While we strive to serve all U.S. residents, the cost of maintaining regulatory compliance can be very high in some states, and that cost is We are faced with difficult choices about whether it is justified to do business in that state.”

Binance.US also has state restrictions. Binance.US is not available if you live in Hawaii, New York, Texas, or Vermont.

Kraken and Binance: Differences

transaction fee

Binance.US fees are very competitive and some trading pairs have zero fees.

Overall, Binance.US offers customers a tiered trading system. Tier 0 transactions have zero fees. However, this is limited to four bitcoin pairs: BTC/USD, BTC/USDC, BTC/USDT and BTC/BUSD. All other trades are classified as Tier I or Tier II, starting with a 0.2% taker fee and a 0.1% maker fee for Tier I trades under $10,000.

Binance.US also pays less fees based on 30 days of trading volume. The more you trade, the less commission you pay. Additionally, you can get discounts on fees by keeping his BNB in ​​your account or using BNB to pay transaction fees.

Kraken’s fees are higher, especially for beginners. There are various fees associated with using Kraken’s Instant Buy option. This may appeal to beginners with less experience with Maker/Taker models. On Instant Buy, the company charges a 0.9% fee for trading stablecoins and 1.5% for most other cryptocurrencies.

Kraken Pro has fairly low fees, charging a 0.16% maker fee and a 0.26% taker fee for transactions under $50,000 within a certain period of time.

safety

Kraken offers arguably the best security for any of the major cryptocurrency exchanges. They scored perfect marks on the cryptocurrency security review website CER. We have also never lost any client funds due to hacking.

Binance.US has never been hacked, but its parent company, Binance, was hacked in 2019. Since then they have stepped up security. CER outperforms major exchanges as security for Binance.US coin base When Gemini

Verification process for advanced features

Completing the Binance.US Advanced Verification is easier and faster. This opens up additional features such as API trading and OTC trading. You’ll need to provide photo ID, such as a driver’s license or passport, and take a selfie for verification, but it’s automated and takes a few minutes.

Unlocking Kraken Pro may take several days as it requires document verification through a manual process.

crypto wallet

Binance.US is crypto wallet It is called Binance Chain Wallet. It is an exchange wallet that supports many major cryptocurrencies and stablecoins and seamlessly connects to Binance’s centralized exchange.

Kraken does not have its own crypto wallet. For added security against breaches, cryptocurrencies can be moved from exchanges to your own cold storage system. However, if you want to use your wallet to transfer coins, you will need to set up your wallet with another company.

NFTs

Binance.US operates a marketplace where you can buy and sell non-fungible tokens (NFTs). NFT Marketplace But not released yet.

teaching materials

Binance.US offers more comprehensive educational materials as part of the Binance Academy. We provide articles, videos, and courses to teach investors about cryptocurrencies. Plus, you can earn free crypto by completing courses and passing quizzes.

Kraken also offers educational articles and videos, but they are not on the same level as Binance.US.

customer support

Customer support is better on Kraken. We offer 24/7 phone support and the option to contact us via live chat and email.Binance.US offers 24/7 email support and live chat during specific hours. increase.

Who Should Choose Kraken?

Kraken is a better choice for more advanced crypto traders. As an exchange they offer more types of cryptocurrencies, more options for staking and more accessible with 24/7 phone service Provide customer support.

Plus, if you trade and hold large amounts of cryptocurrency, you can rest easy knowing that Kraken offers the best security among the major cryptocurrency exchanges.

Kraken’s fees are very high for the basic exchange, but with the more advanced Kraken Pro, they become much more reasonable, especially as the 30-day trading volume increases.

This is not to say that Binance.US does not offer much as an exchange. They certainly do. Just a little more from Kraken can make a difference for serious investors.

Kraken Pros:

  • Excellent selection of cryptocurrencies
  • Advanced trading such as margin trading and futures trading is possible
  • top notch security
  • 24/7 phone support

Kraken Cons:

  • High fees for basic beginner exchanges
  • No crypto wallet

Who Should Choose Binance.US

Binance.US is one of the best exchanges if you want to save money on cryptocurrency trading fees. The base fee for buying and selling crypto starts very low for all investors. There are ways to qualify for further discounts through trading volume and owning or using Binance Coin in your account.

Another perk is the Binance.US platform, which is easy to use and takes only minutes to set up an account.

They offer solid educational resources, including courses where you can earn free crypto rewards. It offers.

More experienced traders will also find Binance.US useful by using an advanced investor platform. When it comes to trading cost savings, Binance.US can be an excellent choice for investors of all levels.

Binance.US Pros:

  • low transaction fees
  • High-quality materials, including courses where you can earn free cryptocurrency
  • Fast validation process, even for advanced features
  • Offer a crypto wallet

Binance.US Cons:

  • The parent company experienced a 2019 hack
  • No phone support
  • Not available in Hawaii, New York, Texas, Vermont

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