Cryptocurrencies are comparatively new financial assets. Traders and investors have been using many crypto exchanging platforms according to their desires. Binance and Kraken are the two most popular crypto exchanging platforms for worldwide crypto investors.
However, there are some differences between these two platforms depending on various factors, such as security, user-friendliness, fees, signup process, available cryptocurrencies, etc. So it often becomes a matter of confusion when choosing the best crypto exchange platforms for novice investors.
We will differentiate between these two platforms by every factor for your best choice.
Binance overview
It is one of the leading cryptocurrency exchange platforms that is offering the most common crypto pairs. As a result, Binance has the highest trading volume for crypto assets. The launching year is 2017; this platform has its crypto coin, Binance Coin or BNB. You can access this platform through the desktop, website, or mobile app. This platform allows purchasing crypto assets by using fiat currencies, credit cards, or bank wire transfers.
This platform has an easy signup process with low lowest transaction fees for any major crypto asset.
The platform offers a free deposit feature, and more than 175 digital assets are available on this platform to exchange. Meanwhile, Binance has been operating in more than hundreds of countries.
24-hours trading volume is $87,965,460,733.51 on this platform. Another reason for becoming popular is this platform allows quite high trading limits on unverified account holders.
Pros and cons
| Pros | Cons |
| The signup process is easy. | You have to pay considerable withdrawal fees when using this platform. |
| This platform supports debit/credit cards to deposit. | This platform has a record of hacking on May 7, 2019. |
| A free deposit feature. | Binance platform stores the private keys of users. |
| Allow quick transactions. |
Kraken overview
It is a popular crypto exchange platform that is also among the oldest crypto exchange platforms worldwide. The launching year of Kraken is 2013, and the establishment year is 2011. The headquarter of this platform is in San Francisco, CA, USA. This platform has millions of users worldwide and is a very trustworthy platform.
Kraken accepts users around the globe, a supporting platform in more than 150 countries. This platform allows 20+ cryptocurrencies and has a high trading volume. 24-hours trading volume on this platform is $1+ billion.
This platform supports many funding methods such as bank accounts, cryptocurrencies, bank wire transfers, etc.
Pros and cons
| Pros | Cons |
| No hacking record. | The platform is not available to New York residents. |
| A trustworthy crypto exchange platform. | This platform does not support credit/debit cards. |
| This platform is among the original crypto exchanges. | The account verification process is slow on this platform. |
| It supports different funding options to deposit. |
Difference between the Binance and Kraken
This part contains vital differences depending on several factors.
Trust and security
When choosing any platform to trust and security issues are essential factors.
- Binance is a platform that already has a hacking issue; besides, this platform stores users’ private keys. Moreover, they are operating without even revealing the headquarter location, which can be a trust issue.
- On the other hand, Kraken has been accountable for hacking issues till now. Additionally, this platform has a bank license in the USA, so it has been a regulated and audited crypto exchange platform.
Beginner friendliness
Both are excellent platforms for crypto traders.
- However, Binance is a bit friendlier than Kraken for beginner traders. It offers a “basic” trading engine, which is more straightforward, making trades as simple as possible.
- Kraken may be a better option if you want to attach your bank account to the crypto exchanging platform, but it doesn’t offer an easy or “basic” trading environment.
Fees
Another essential factor is the fees to choose any platform. In fees rating, both platforms have satisfactory ratings that have lower fees.
- The difference is when trading with a smaller amount, then Binance may be a good option.
- Meanwhile, Kraken will be a good platform for traders with millions of dollar transactions every month.
Additionally, Binance has BNB coins, so users of the platform may get an extra discount on trading BNB pairs.
Signup process and transections
- The signup process is more straightforward in the Binance platform. Binance allows up to two Bitcoin transactions without any severe account verification process, advantageous for this platform.
- When making transactions of a larger volume of crypto assets, you must face the same verification process as Kraken or many other crypto exchanges.
Kraken follows regulations of the USA, so you have to go through the verification process, which makes signup a little more complicated on Kraken than the Binance.
Crypto availability
- Binance is a well-known crypto trading platform that offers more than 175+ altcoins to trade or exchange.
- Meanwhile, there are only 28 cryptos are available on the Kraken platform.
So in the availability of crypto assets, Binance has advantages. However, both platforms are delisting sketchy coins every year.
Binance also offers industry-leading liquidity on volume that allows users to exchange buying/selling crypto assets more accessible using this platform. Even purchasing obscure coins is also easy using the Binance platform.
Kraken vs. Binance: which one is the best?
You may decide which features you desire in particular from your platform before judging the best crypto exchange platform.
- If you are a crypto user seeking to access a large number of crypto assets, then Binance is your platform.
- If you desire a secure platform and may want to exchange some best crypto assets, you may choose Kraken as your platform.
We recommend using the Binance platform for small crypto investors who like to trade many crypto assets by observing all factors. Meanwhile, if crypto investors have a sufficient amount to invest and seek a more secure platform, Kraken will be the best suitable platform.
Final thought
Finally, both Binance and Kraken are potential crypto exchange platforms, which one suits depend on many several factors such as capital, security, asset availability, etc. We review both platforms in our article; now it’s your turn to choose the best suitable platform.
