Comparison of Binance vs Kraken [ 2024 ]

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

Your expert: Alejandro Borja

Binance

Your expert: Xavier Tarrasó

Kraken

Main points

Fees

≤0,10%

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

5.0 – The industry standard for low trading fees and discounts.

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

Level

≤0,10%

0,16%/0,26%

Brief explanation

Binance, one of the world’s leading cryptocurrency exchanges, is renowned for its competitive and highly favorable commission structure. The standard trading fee on Binance is notably low, starting at just 0.1% for both makers and takers. This fee can be further reduced for users who pay using Binance’s native token, Binance Coin (BNB), which offers a discount, enhancing the utility and attractiveness of holding and using BNB within the ecosystem. Additionally, Binance rewards high-volume traders with a tiered fee structure, which lowers fees significantly as a user’s trading volume increases, dropping the fees to as low as 0.015% for makers and 0.03% for takers at the highest tiers.

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

Security Methods: Binance employs a comprehensive range of security measures, including two-factor authentication (2FA), SSL encryption, and cold storage of the majority of user funds. These methods ensure a high level of security that protects users against potential cyber threats and unauthorized access.
Trading Volume and Liquidity: Binance boasts one of the highest trading volumes among cryptocurrency exchanges worldwide. This high volume ensures excellent liquidity, making it easier for users to execute trades quickly and at desired prices, even for large orders.
Reputation and Reviews: Over the years, Binance has built a solid reputation in the cryptocurrency community. It is highly regarded for its robust platform, innovative features, and responsive customer service. User reviews often highlight the platform's reliability and the breadth of resources available to traders.
Transparency: Binance is known for its transparency in operations, particularly in how it handles updates and communicates with its user base during both regular operations and in crisis situations. This transparency builds trust and ensures users are well-informed about their investments and the platform's practices.
Withdrawal and Deposit Policies: Binance offers clear and user-friendly withdrawal and deposit policies, with a variety of payment methods available. These policies are structured to facilitate easy access to funds while maintaining tight security to prevent any fraudulent activity.

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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Product selection

Native token

Token BNB

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Binance Holdings Limited

Payward, Inc.

Regulation

Not regulated, but faces regulatory scrutiny in several countries.

Regulated in the EE. UU.

Year founded

2017

2011

Founder

Changpeng Zhao (CZ)

Jesse Powell

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Binance	FEATURES	Kraken
Binance allows trading with small amounts, accommodating users who wish to start with minimal investments.	Minimum Trade	Kraken allows relatively low minimum trade volumes, making it accessible for beginners.
Binance offers some of the lowest fees in the industry, with further reductions available when using Binance Coin (BNB).	Trading and Transaction Fees	Competitive fees, though slightly higher for low volume traders; discounts for high volume.
Supports a broad selection of over 500 cryptocurrencies, catering to a wide range of trader interests.	Number of Cryptocurrencies	Offers a wide selection of cryptocurrencies, catering to diverse trading preferences.
Extensive offering of crypto-to-crypto trading pairs, providing users with great flexibility and trading options.	Crypto-to-Crypto Trading Pairs	Extensive range of trading pairs, though some less popular pairs have lower liquidity.
The website provides detailed information about fees and policies although some users might find it overwhelming due to the sheer amount of data.	Website Transparency	High transparency about fees, security measures, and operational status updates.
Binance Card offers seamless crypto-to-fiat conversion with up to 8% cashback on purchases, making it a top choice for crypto users.	Credit/Debit Card	Kraken does not offer an exchange card for customers to use for in-store purchases and receive benefits.
Offers secure storage options with an integrated wallet that supports both cold and hot storage methods.	Storage Offering	Excellent security with a majority of funds held in cold storage; provides peace of mind.
Provides competitive staking options and rewards, enhancing user engagement and investment returns.	Staking and Rewards	Offers staking options with competitive rewards, although not available for all assets.
Both the mobile app and desktop platforms are highly intuitive and fully-featured, suitable for traders of all experience levels.	Mobile App and Desktop	Both platforms are robust and fully-featured, though the interface can be complex for new users.
Offers multiple channels for support; however, response times can vary, sometimes leading to delays.	Customer Service	Customer service is reliable but can experience delays during high demand periods.
Binance facilitates easy and fast deposits and withdrawals, though some users have reported delays with fiat withdrawals.	Deposit and Withdraw	Efficient deposit and withdrawal processes, though options may vary by region.

Key features

Analysis tools

Advanced charting tools, a wide range of technical indicators

Advanced charting tools, technical analysis

Mobile APP

Yes

Security

High 4,9/5

Additional features

Futures trading, margin trading, staking, Binance Launchpad, Binance Earn, BNB token rewards

Margin trading, futures trading, staking, Kraken Pro exchange

Anonymity

Key points

Available cryptocurrencies

500+

100+

User-friendliness

Binance is a highly popular platform known for its comprehensive features and user-friendly interface. While it offers advanced tools for experienced traders, its basic version remains accessible and easy to use for beginners.

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

Offers excellent value for money with some of the lowest trading fees in the industry and a vast array of supported cryptocurrencies and features.

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

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

United States, Canada, United Kingdom, Europe, Australia

Best for

Perfect for all types of investors, from beginners to advanced traders, due to its low fees, vast array of cryptocurrencies, and extensive features.

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, ETH, BNB, USDT

USD, EUR, CAD, GBP, JPY, BTC

Account

Trading

Binance is one of the largest and most popular exchanges, offering a vast selection of cryptocurrencies, advanced trading features, and high liquidity. Its security measures are top-notch. However, the platform can be overwhelming for beginners.

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 supports a wide range of deposit methods, including bank transfers, credit/debit cards, and a variety of cryptocurrencies. Withdrawals are processed quickly, usually within a few hours, with minimal 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 offers a seamless account opening process. Users need to provide personal information, complete KYC verification with identity documents, and typically get their account approved within a few hours to a day. It’s secure and efficient.

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 provides extensive customer support through email, live chat, and a detailed help center. Support is available 24/7, and the response times are quick, making it reliable for users globally.

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 employs comprehensive security measures, including 2FA, SSL encryption, and cold storage. It is regulated by several financial authorities and has a strong track record, making it a secure choice 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 in the crypto market, I highly recommend Binance for its comprehensive range of features and user-friendly interface. The Binance Card, in particular, stands out by allowing seamless crypto-to-fiat conversions and offering up to 8% cashback on purchases, making it an excellent choice for both new and experienced crypto enthusiasts. Its security measures and vast selection of cryptocurrencies further enhance its appeal.

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.