|Platform||Features||Ease of use||Security||Support||Reputation||Fees||Overall|
As cryptocurrencies continue to grow in popularity worldwide, so do the number of exchange platforms that facilitate digital currency transactions. You'll find some of these platforms easy-to-use, highly educational, and very secure and safe.
Of course, others don't make this cut. They leave something to be desired, which is the last thing you want to hear when it comes to trusting your hard-earned money with a financial service.
How can you find an exchange that makes sense for you? It starts with research into each platform. For example, take Binance vs. Kraken.
How do these two sites compare in terms of pros and cons, security, and more? Let's take a closer look.
Binance vs. Kraken
If you have any familiarity with the crypto market, you've likely already heard of Binance and Kraken. Both exchanges are top-rated for many different reasons, and each has a significant history in the industry.
That said, when you drill down into what each platform does, you'll also find many differences. In other words, each has unique strengths and drawbacks. These pros and cons will suit some customers more than others.
Of course, this begs the question. Which site is right for you?
The answer to this question depends on a variety of different criteria, including:
Ease of Use
Supported coin count
A comprehensive comparison of these different factors will help you known which exchange is right for you.
Kraken vs. Binance: Ease of Use
Cryptocurrencies continue to grow in popularity as an investment alternative. As a result, the exchanges where you can transact in these digital currencies have become more mainstream. And that's a good thing because it's placed greater focus on usability.
As people continue to join the ranks of those investing in cryptos, more newbs are frequenting exchanges than ever before. They have plenty of questions and require platforms that are intuitive to navigate and use.
These beginners are in luck when they go to Kraken. This platform was carefully designed for ease of use. It provides users with vital features and capabilities without becoming overwhelming.
With Kraken, you get all of the bells and whistles an investor could desire without treading into overly complicated territory. And whether you're a beginner or just new to Kraken, you'll get the hang of the platform rapidly.
Unfortunately, you can't say the same about Binance. When it's all said and done, Binance proves tricky to use. If you have no prior knowledge of cryptos, using the site will require a very steep learning curve.
Of course, once you understand how Binance works, you'll have a wealth of fantastic features at your fingertips. But if you don't savor the idea of learning the system, we recommend sticking with Kraken.
Binance vs. Kraken: Security
Security's another significant issue that we need to tackle before deciding which exchange proves the better fit for your financial needs. Fortunately, Binance and Kraken both offer some of the most secure platforms in the crypto world.
Both sites use two-factor authentication to secure log-ins. With two-factor authentication (2FA), you can rest assured that nobody will unlawfully gain access to your account. Of course, this security protocol has its limits.
For example, 2FA won't safeguard against phishing or hacking. Nevertheless, it remains an essential part of any crypto exchange's security system.
It's worth noting that Kraken takes security a significant step further. It stores 95 percent of its users' crypto assets in cold storage. It doesn't get much more secure than this.
Why? Because when your assets get stored in cold storage devices, they're offline. That means nobody can gain access to them. If you feel especially nervous about security, Kraken has the overall advantage, although both platforms perform well in this area.
Kraken vs. Binance: Fees
Fees are another criteria that you need to consider when choosing a crypto platform. After all, these can vary widely, and they have a significant impact on your overall crypto earnings. You don't want these fees to take you by surprise.
Let's start by taking a look at Kraken. The exchange presents its fee structure in a transparent and easy-to-follow way. This fact is always a good sign when vetting a potential exchange. It charges users up to 0.26 percent for each trade.
What impacts the percentage charged in fees? A variety of different factors, including the amount of crypto traded. Whether or not you're a maker or a taker also impacts the final rates you'll pay.
According to Kraken's website, the maker-taker fee model lets the exchange differentiate between orders providing liquidity (i.e., maker orders) and those that take away liquidity (i.e., taker orders).
Maker orders get charged between 0 and 0.16 percent. Takers will see fees of anywhere from 0.10 to 0.26 percent.
Find out more about Kraken's maker-taker fee model. It's also worth noting that Kraken charges up to $60 in withdrawal fees and has a trading cap of $100,000.
Where does Binance fit into the picture? With Binance, you never have to worry about daily trade limits once you join at the maximum account level. The exchange also offers some of the lowest rates in the crypto world, hands down.
How low are we talking? They max out at 0.1 percent, making them among the lowest fees in the industry. Period.
What about withdrawals? There's a minimum fee of $10, and Binance charges you 3.5 percent after that.
In this area, Binance comes out on top. It's hard to beat the super low fees charged, which means more money remains in your pocket.
Binance vs. Kraken: Supported Coin Count
What are some other factors you should bear in mind when choosing between Kraken and Binance? Knowing which coins are supported by a given platform is vital in making a solid exchange decision.
After all, there's no point in joining a platform if you can't trade in the virtual coin that interests you there. Currently, Kraken offers users about 40 different cryptos.
Of course, this selection includes all of the major coins on the market (e.g., Bitcoin, Ethereum, Litecoin, etc.) and many altcoins.
That said, if you're looking for a platform that provides the greatest level of diversity possible, Binance has Kraken beat. The exchange supports more than 150 crypto assets, which is an incredible selection.
While an excellent list to choose from, do you need access to all of these different digital currencies? More than likely, no. However, if you're interested in a specific altcoin, you're far more likely to find it supported on Binance than Kraken.
And once you've become a crypto whiz? Then, you'll appreciate the vast selection of choices available through Binance. But until you reach that level of confidence, most crypto experts recommend sticking to the most widely traded and reliable coins.
Kraken vs. Binance: User Count
Why is taking a look at user count critical when it comes to choosing a platform? Because it can tell you a lot about the reliability of each platform. It also indicates how well your trades may go.
More users are indicative of exchanges with the best security features, customer service, and overall reliability. Of course, a higher user count also means greater opportunities once you start buying and selling on the platform.
How do Kraken and Binance compare in this area? Both platforms boast millions of users. More specifically, Kraken has approximately 4 million users, and Binance has about 13.5 million users.
In other words, Binance has about three times as many users as Kraken. Nevertheless, both exchanges have excellent user numbers. As a result, you won't run into issues finding buyers or sellers on either platform.
Binance vs. Kraken: The Takeaway
When it comes to Binance vs. Kraken, both platforms come with unique advantages and disadvantages. Finding the right exchange for your needs will depend on your financial objectives, security requirements, coin preferences, and more.
You should also consider your level of experience with cryptos before making a decision. Kraken remains the best choice for those new to alternative currencies. It's intuitive and straightforward, yet you'll still gain access to many essential features.
Because Kraken offers fewer cryptocurrencies and altcoins, it also proves less bewildering when you're starting out as an investor. But you can expect to pay more for this streamlined platform.
As you move up in the crypto ranks and gain more experience, you may long to make the transition to Binance, and with good reason. You'll find a more comprehensive selection of coins for trading, and the fees can't be beat.
Are you interested in learning about the wide world of cryptocurrencies and altcoins on the market today? Explore our comprehensive digital currency coin list for more information.