Kraken Or Binance Market Is Bigger?
Binance is one of the big four crypto exchanges with liquidity over $50-million. Comparably, Kraken doesn’t list in the top 50, but it has plenty of liquidity to support its markets and the daily volume. Speaking of volume, Binance ranks consistently in the top 20 exchanges for daily volumes, with Kraken being inside to top 50.
Binance operates in 612 markets, with all your favorite pairs available for trading. In contrast, Kraken offers only 140 markets. Kraken knows what its traders want, and it focuses on the markets with more volume.
Which One Is Cheaper? Kraken Or Binance?
Kraken allows for wire and bank transfers, and you can withdraw funds from your Kraken account to your bank account as well. Kraken doesn’t permit American passport holders to use debit cards or credit cards to fund accounts. Fees on wire transfer range between free to $5.
Krakens’ low trading fees range from 0.16% for $0 – $50,000 for maker fees and 0.26% for taker fees. Withdrawals from the platform cost you between $0 to $35, depending on the size of the transaction. However, Binance offers withdrawals and deposits in crypto and fiat currencies.
Binance has the lowest fees in the game, which is why they rose to prominence in such a short period. The flat 0.1% transaction fee is less than half of what you pay anywhere else, including Kraken. If you trade the BNB token, you get a further 50% reduction in transaction fees.
Is Kraken More User Friendly Than Binance?
Are US Customers Allowed In Kraken Or Binance?
Kraken is a Canadian exchange with registration as a money services business in the US, allowing it to take American passport holders onboard. The verification process for Kraken is extensive, and to get full access to maximum daily withdrawal limits, you must complete KYC with your photo ID and a copy of your proof of address.
Binance doesn’t allow US customers. If you want to trade with Binance, you’ll have to use the Binance US platform. Binance US is a good exchange, but it has nowhere near the same daily volume and liquidity as its parent exchange.
How Secure Are Kraken and Binance?
Both Kraken and Binance run secure operations. After the Binance hack in 2019, which saw $40-million go missing from wallets, the team upped the security and claimed it wouldn’t happen again. Kraken keeps 90% of all client funds in cold storage at any time, and it’s at the top of the security game with no previous hacks occurring on the exchange.
Kraken Or Binance? Who Has Better Offers For Us?
Binance offers traders two options for using the platform – the beginner and advanced mode. Obviously, the beginner level is for first-time traders that are getting their feet wet in the markets. The advanced level is for those traders that know what they are doing and demand more technical features from their trading platform.
With Binance and Kraken, you get useful charts with real-time data and price action. The dashboards seem cluttered, but you’ll get used to them the more you trade them. There are options to view your trade history and order books, and you also get a level 2 window for market depth.
All the charts are entirely customizable to your favorite colors, with dark themes available in the Binance trading platform. The left of the screen also shows your price history, allowing you to monitor price action in real-time.
Binance receives plenty of praise from the crypto community for its willingness to list plenty of altcoins. If you’re into the altcoin market as a trader or developer, you’ll find the team at Binance very accommodating of new projects.
Some of the more common offerings you’ll find on the platform include the following coins and tokens. Bitcoin, Bitcoin Gold, Bitcoin Cash, Ethereum, and Ethereum Classic, as well as more esoteric coins like EOS, Dash, GAS, NEO, Zcash, Ripple, Dash, and many more.
Can We Trade Via Mobile In Kraken And Binance?
Kraken offers a mobile trading app called Kraken Pro. However, it appears that the company doesn’t put much into the development of the app, and it has limited functionality compared to the desktop trading platform. Still, there are options for iOS and Android apps available at the respective app stores.
Binance also offers a mobile trading app for Android or iOS. The Binance app is more functional, but still lacks many of the features of the desktop application.
We recommend you only use the app to check on the market or do light technical analysis. Placing trades on the mobile app might put you off your game, resulting in changes in your strategy that lead to losses.
Kraken Or Binance Has Better Support?
Kraken offers 24/7 customer support for its trading platform. You can reach the support team via online live chat – which is the most convenient, or you can submit an email ticket. Kraken will reply to your email queries within 24-hours, but the live chat will put you in touch with a rep in a matter of minutes.
Binance also offers email support, but there’s no live chat, which is kind of disappointing.