Binance and Kraken both exchanges have been around for several years and offer many of the same features.
However, there are some important differences between these two platforms that may affect your decision about which to use. In this article, we will examine the pros and cons of each platform so you can make an informed choice about where to trade cryptocurrencies.
Kraken and Binance are two of the most popular cryptocurrency exchanges in the world. Both have strong track records and offer a wide range of cryptocurrencies to trade with.
In this article, we will compare kraken vs binance and see which one is better.
Kraken: A Brief Overview
Kraken was founded in 2011 by Jesse Powell and has its headquarters in San Francisco, California. The company offers services for traders who want to buy and sell Bitcoin, Ethereum, Litecoin, Dash, Ripple, Monero, and Dogecoin. It also has a dark pool that allows large orders to be executed without moving the market price. It also provides margin trading for cryptocurrencies using US dollars as collateral against the account balance.
In March 2019, Kraken announced that it will no longer be offering its services to Japanese residents due to increased regulatory pressure in that country. Its decision came after Coincheck lost $530 million worth of NEM tokens through a hack on January 26th, 2019 and authorities froze all withdrawals from the exchange until they secure proper licenses from Japan’s Financial Services Agency (FSA).
Binance: A Brief Overview
Binance is a Hong Kong-based cryptocurrency exchange founded by Changpeng Zhao in 2017. It’s currently one of the largest cryptocurrency exchanges by volume traded globally – it’s currently sitting at number 2 behind OKEx according to CoinMarketCap data as of February 2019! The company offers trading between fiat currencies (USD, EUR) and cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin.
Kraken Vs Binance: Two Popular Exchanges Compared
Kraken and Binance both provide a wide range of trading pairs for cryptocurrencies, although Kraken offers more than Binance does (see table below). Both also provide an extensive list of fiat trading pairs that allow users to exchange fiat currencies such as USD, EUR, GBP, etc. for digital assets like Bitcoin (BTC) or Ethereum (ETH).
Kraken Binance offered 60+ 100+ Fiat currencies supported 5 8 Margin trading Yes No Exchange type Centralized Decentralized Trading fees 0% 0.1%-0.16% Deposit fees None None Withdrawal fees None None Mobile app No Yes* Website kraken.com binance.com
Kraken and Binance are two of the most popular exchanges in the world. They both offer a wide variety of cryptocurrencies and tokens, as well as fiat currency pairings.
Both exchanges are based in Asia, but offer services to traders worldwide. Kraken was founded in 2011 and has been around since 2014 when it was acquired by Payward Incorporated. Binance is a newer company, having only launched in 2017, but it has quickly become one of the largest cryptocurrency exchanges in the world with over $2 billion in daily trading volume (as of January 2019).
Kraken vs Binance: Fees
Fees are one of the biggest differentiators between Kraken and binance because there’s no denying that their fees are very different from each other.
Kraken charges higher fees than most other exchanges because it’s not free to trade on their platform; users have to pay for every trade they make. The fee structure at Kraken is tiered based on trading volume — users who trade $1 million or more per month pay lower fees than those who trade less than that amount per month (see table below).
Kraken or Binance: Which Exchange Is Better?
Binance is currently the largest cryptocurrency exchange by trading volume, having overtaken OKEx in June 2019. In contrast, Kraken only ranks 16th on CoinMarketCap’s list of exchanges by trading volume.
But there are several factors to consider when choosing an exchange:
- The reputation and reliability of the platform
- The number of cryptocurrencies available for trading (and how many pairs are available)
- The number of coins available for margin trading or shorting
- The number of payment methods available (including credit card purchases)