Comparison of Binance Us vs Kraken [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Binance Us vs Kraken comparison!

Your expert: Alejandro Borja

Binance Us

Your expert: Xavier Tarrasó

Kraken

Main points

Fees

0,00%/0,40%

Earns

Yes

Customer service

4/5

0,16%/0,26%

Fees

Earns

5/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.7 – Low fees comparable to its global counterpart.

4.5 – Low fees with additional benefits for high-volume traders.

Level

0,00%/0,40%

0,16%/0,26%

Brief explanation

Binance US is known for its competitive and low fee structure, which is one of its most attractive features. The exchange operates on a tiered fee system where trading fees are reduced based on trading volume and Binance Coin (BNB) balance, making it particularly appealing for high-volume traders. Typically, trading fees start low and can decrease further with higher trade volumes and the use of BNB for transaction fees. This fee structure not only encourages active trading but also enhances profitability by keeping transaction costs minimal. Deposit fees are generally non-existent, but withdrawals incur a small fee that varies depending on the cryptocurrency being withdrawn. For traders using credit or debit cards, higher transaction fees may apply, making it important to consider the most cost-effective payment method when trading.

Kraken’s commission structure is designed to be competitive and favorable for both low and high-volume traders. The exchange employs a tiered fee schedule that rewards users with lower trading fees as their trading volume increases over a 30-day period. Fees vary depending on whether you are a maker (creating a new order on the book) or a taker (filling an existing order), with maker fees generally being lower than taker fees to encourage liquidity. While the fees are relatively low for high-volume traders, those trading smaller amounts may find the fees slightly higher compared to other platforms. Additionally, Kraken charges flat fees for fiat deposits and withdrawals, though these can vary based on the method and currency used. Overall, Kraken’s fee structure is transparent, with details readily available on its website, helping users to anticipate and calculate potential trading costs effectively.

Binance Us

Security Methods: Binance US employs robust security protocols, including advanced encryption, multi-signature technology, and two-factor authentication (2FA). These measures ensure the safety of users' funds and personal information.
Customer Service: Binance US offers responsive and accessible customer support through various channels, including live chat and email. This ensures that users can quickly resolve any issues or get assistance when needed.
Reputation and Reviews: Binance US is well-regarded in the crypto community, with generally positive reviews from users and industry experts. The exchange's reputation for reliability and user satisfaction further enhances trust.
Volume Managed: Binance US manages a significant trading volume, indicating a high level of liquidity. This means that users can execute large transactions with minimal impact on the market price, ensuring efficient trading.
Regulation: Binance US operates under strict regulatory compliance, adhering to US financial regulations. This ensures transparency and accountability, providing users with confidence in the platform's integrity.

Kraken

Security Methods: Kraken's commitment to security is unparalleled, utilizing state-of-the-art security measures such as two-factor authentication, SSL encryption, and cold storage of the majority of assets. This rigorous approach minimizes the risk of hacking and unauthorized access, making it a trusted platform for trading cryptocurrencies.
Reputation and Reviews: Kraken has maintained a strong reputation within the crypto community for over a decade. Its track record of security, user-focused services, and operational resilience has garnered positive reviews from users and industry analysts alike, reinforcing its standing as a reputable exchange.
Transparency: Kraken is known for its transparency in operations, frequently updating users on system upgrades, security measures, and changes in regulatory compliance. This openness builds trust and ensures that users are well-informed about their trading environment.
Trading Volume and Liquidity: Kraken is one of the largest exchanges in terms of trading volume and liquidity. This allows users to execute large trades without significantly affecting the market price, which is critical for both retail and institutional traders.
Possible Regulation: Kraken adheres to regulatory requirements in all jurisdictions in which it operates, enhancing its credibility and reliability. Compliance with these regulations not only ensures the legality of its operations but also provides a layer of security for its users' investments.

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Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Token BNB

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

BAM Trading Services Inc.

Payward, Inc.

Regulation

Regulated in the EE. UU.

Year founded

2019

2011

Founder

Operated by BAM Trading Services (non-specific founder)

Jesse Powell

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Binance Us	FEATURES	Kraken
Allows small minimum trades, accessible for beginners.	Minimum Trade	Kraken allows relatively low minimum trade volumes, making it accessible for beginners.
Competitive low fees, beneficial for high-volume traders.	Trading and Transaction Fees	Competitive fees, though slightly higher for low volume traders; discounts for high volume.
Offers a wide selection, though less than its global counterpart.	Number of Cryptocurrencies	Offers a wide selection of cryptocurrencies, catering to diverse trading preferences.
Extensive range of trading pairs, providing good market flexibility.	Crypto-to-Crypto Trading Pairs	Extensive range of trading pairs, though some less popular pairs have lower liquidity.
Generally clear info, but some users desire more detailed disclosures.	Website Transparency	High transparency about fees, security measures, and operational status updates.
Binance US does not offer an exchange card for in-store purchases and benefits.	Credit/Debit Card	Kraken does not offer an exchange card for customers to use for in-store purchases and receive benefits.
Offers secure storage solutions, including cold storage options.	Storage Offering	Excellent security with a majority of funds held in cold storage; provides peace of mind.
Provides staking options with competitive rewards.	Staking and Rewards	Offers staking options with competitive rewards, although not available for all assets.
Highly functional and user-friendly on both platforms.	Mobile App and Desktop	Both platforms are robust and fully-featured, though the interface can be complex for new users.
Reports of slow response times can be a significant drawback.	Customer Service	Customer service is reliable but can experience delays during high demand periods.
Efficient processes, though some reports of delays with fiat withdrawals.	Deposit and Withdraw	Efficient deposit and withdrawal processes, though options may vary by region.

Key features

Analysis tools

Similar to Binance with advanced charting and indicators

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Staking, recurring buys, OTC trading, educational resources

Margin trading, futures trading, staking, Kraken Pro exchange

Anonymity

Key points

Available cryptocurrencies

100+

User-friendliness

Binance US provides a user-friendly platform similar to its global counterpart, tailored to the US market. The interface is clean and intuitive, making it easy for new traders to get started with cryptocurrency trading.

Kraken features a clean and intuitive interface that is easy for beginners to use. The platform is designed to provide a seamless trading experience, making it easy to buy and sell cryptocurrencies.

Value for money

Provides great value for money with low trading fees and a wide selection of cryptocurrencies tailored for the US market.

Offers excellent value for money with low trading fees, strong security features, and a wide range of supported cryptocurrencies.

Countries of operation

United States

United States, Canada, United Kingdom, Europe, Australia

Best for

Best for US-based traders looking for a reliable and user-friendly platform with low fees and a wide selection of cryptocurrencies.

Suitable for all types of investors, from beginners to advanced traders, due to its low fees, strong security features, and wide range of supported cryptocurrencies.

Base currencies available

USD, BTC, USDT

USD, EUR, CAD, GBP, JPY, BTC

Account

Trading

Binance US offers a streamlined version of Binance for American users, providing a good selection of cryptocurrencies and competitive fees. It maintains high security standards, though the variety of coins is less extensive than the global platform.

Kraken is known for its high security and wide range of cryptocurrencies. It offers advanced trading tools and competitive fees but can be complex for beginners.

Deposit and withdrawal

Binance US offers similar deposit and withdrawal methods to its global counterpart, including bank transfers and credit/debit cards. Withdrawals are typically processed within a day, with competitive fees.

Kraken supports a wide range of deposit and withdrawal methods, including bank transfers, credit/debit cards, and cryptocurrencies. Withdrawals are processed quickly, with competitive fees .

Account opening process

Binance US has a similar account opening process to its global counterpart. Users need to provide personal details, verify their identity, and the process is usually completed within a day. It’s user-friendly and secure.

Kraken offers a straightforward and secure account registration process. Users need to submit personal details, verify their identity, and address. The process is fully digital and typically takes less than a day to complete.

KYC required?

Yes

Customer Service

Binance US offers support through email and live chat, similar to its global counterpart. The support team is responsive, and assistance is available 24/7, ensuring users get timely help.

Kraken offers comprehensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance .

Security

Binance US provides strong security with 2FA, encryption, and cold storage. It is regulated by the U.S. financial authorities, ensuring high security for investors .

Kraken offers extensive security features, including 2FA, encryption, and cold storage. It is regulated by multiple financial authorities, making it a highly secure platform for investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend Binance US for its strong security measures and high liquidity, which make it a reliable choice for both new and experienced traders. The platform’s user-friendly interface and responsive customer support enhance the overall trading experience, although the absence of an exchange card is a minor drawback. Overall, Binance US stands out for its robust performance in the US market.

Xavier Tarrasó

In concluding our comprehensive review of Kraken through Threenvest’s lens, it’s clear that Kraken stands as a formidable player in the cryptocurrency exchange landscape. Known for its robust security measures, wide range of cryptocurrencies, and advanced trading features, Kraken appeals especially to traders who prioritize safety and a diverse portfolio. These strengths are complemented by its deep liquidity and competitive fee structure, making it a preferred choice for serious traders. However, its complex interface and sometimes slow customer service response times during peak periods could pose challenges, particularly for newcomers to cryptocurrency trading. Compared to other exchanges, Kraken’s commitment to regulatory compliance and security is notably strong, positioning it as one of the safer trading environments in an industry fraught with security concerns. On the flip side, its user interface and learning curve may not be as appealing to beginners as some other platforms that focus more heavily on user-friendliness and simple navigation. For users of Threenvest looking to engage in sophisticated trading strategies or those who value a highly secure trading platform, Kraken is undoubtedly a top contender. However, those new to the market might consider starting with platforms that offer more guidance and a more intuitive trading experience.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.