In the world of cryptocurrency trading, fortunes can come and go in minutes. Crypto is undoubtedly the most volatile market in the world, with so much opportunity available at any time of the year. Traders live for volatility, and while the forex market may be far larger and more liquid, crypto is no small player in the global financial markets.

This alternative instrument encompasses more than 5,400 cryptocurrencies, amounting to a market cap north of $223-billion. Cryptocurrency continues to grow in market cap and popularity, despite the crash in price after the Great Bitcoin Bubble of 2017.

Traders need the right tools and a responsive platform that helps them capture profit from moves in price action. If you don’t have the right trading platform, it can cost you money. Executing your strategy on the right exchange can mean the difference between profitability and blowing up your account.

In this review, we’re going to unpack the offerings from two of the most popular trading platforms out there – Kraken and Binance. Which of these exchanges deserves your business?

What Do You Need to Know About Kraken?

Kraken is the brainchild of Jesse Powell, one of the most established names in the crypto space. He built the company with an ICO in the wake of the MtGox hack, and today Kraken is one of the most reputable, popular, and successful crypto exchanges in the world.

The company works out of offices in San Francisco, but it’s not a regulated exchange. Instead, Kraken operates under the self-regulatory model, where it serves under the Federal Reserve’s Data Asset Transfer Authority (DATA) and the Japan Authority of Digital Assets (JADA).

Kraken operates in fiat and crypto markets, and it’s the top choice for American residents that are looking for a crypto exchange that offers margin trading services. Most of the top trading pairs on Kraken offer up to 5X leverage.

What Do You Need to Know About Binance?

Changpeng Zhao, or CZ, is the founder of Binance. This brilliant crypto entrepreneur started Binance in China and then relocated the company to Japan after China’s crackdown on crypto exchanges. Japanese authorities were also hostile, forcing him to pick the company up and move to Malta.

Today, Binance is one of the biggest crypto exchanges in the world. It ranks in the top half of the top 20 exchanges for volume and liquidity, making it a top choice for traders around the globe.

However, Binance doesn’t accept US traders, which is a pity since it has one of the best trading platforms available. With competitive fees and easy withdrawals, Binance is a favorite for professional and retail traders.

See full review of Binance

go trade in kraken
go trade in binance

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.

go trade in kraken

The Kraken Yes / No

  • Kraken accepts US traders

  • Margin trading available with 5X leverage

  • One of the most established exchanges

  • Transparent with audited reserves

  • Popular with intermediate and professional-level traders

  • Fees are higher than Binance

  • Order execution can be slow during periods of high volatility

  • Accounts can take up to 8-weeks for verification

  • Deposit and withdrawal fees are expensive using SWIFT bank transfer

go trade in binance

The Binance Yes / No

  • Binance platform offers fast order execution

  • Offers Binance US for the US-facing customers

  • Lowest fees in the industry at 0.1%

  • Excellent reputation

  • Excellent levels of liquidity

  • Good customer service

  • Binance not available for US residents, they must use Binance US

  • Binance US doesn’t do the same volume or have the same liquidity as Binance

  • Binance US has a limited selection of crypto

The Verdict By Bitcoin Tester

As a trader, you need a platform that works for you, not against you. If you’re from outside of the USD, then Binance is your best option for a trading platform. This exchange has the lowest fees and the best liquidity – which are the top two considerations for any trader assessing the benefits of any exchange.

Binance might have a few subtle differences in the dashboard and trading platform, but essentially both Kraken and Binance offer everything you need for technical analysis, including 1-minute charts.

However, if you’re an American passport holder, then you’ll need to go with Kraken. Not that that’s a bad choice, but it’s going to cost you more in fees. You have the option of going with Binance US, but you won’t get access to as many markets as you will with Kraken.