Binance Vs Kraken

With Binance and Kraken among the most established cryptocurrency exchanges, which offers cryptocurrency traders a better overall product and service portfolio?

We have conducted an in-depth review of Binance and Kraken to determine which option presents the better overall choice and which traders will benefit the most from each exchange.

Headquarters
United StatesMalta
Regulators
N/AAMF, ASIC, CNMV, CONSOB, FMA, KNF, SEC, SFSA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established
20112017
Execution Type(s)
Market MakerMarket Maker
Minimum Deposit
$0 $0
Negative Balance Protection
Trading Platform(s)
Other, Proprietary platform+Other, Proprietary platform, Web-based+
Average Trading Cost EUR/USD
Not applicableN/A
Average Trading Cost GBP/USD
Not applicableN/A
Average Trading Cost WTI Crude Oil
Not applicableN/A
Average Trading Cost Gold
Not applicableN/A
Retail Loss Rate
UndisclosedUndisclosed
Minimum Raw Spreads
Not applicableN/A
Minimum Standard Spreads
Not applicableN/A
Minimum Commission for Forex
Not applicableN/A
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
Get StartedGet Started

Here is a snapshot of the most notable advantages of Binance:

  • Industry-leading cryptocurrency ecosystem
  • 300+ assets with low transaction fees
  • Open dialogue with its client base
  • The world’s leading cryptocurrency exchange with 150M+ traders globally
  • An average daily trading volume of $65+ billion
  • Algorithmic and API trading support
  • Copy trading functionality.
  • Excellent cryptocurrency exchange that is not subject to restrictive regulatory processes
  • Superb educational content

Here is a snapshot of the most notable advantages of Kraken:

  • 10M+ clients from 190+ countries
  • Quarterly trading volume exceeding $200 billion.
  • User-friendly fiat currency ‘on-ramp’ for beginners
  • API trading support
  • Quality educational content
  • Largest Bitcoin exchange for Euro-denominated transactions
  • The first cryptocurrency exchange to pass a cryptographically verifiable proof-of-reserves audit.
  • Court-appointed trustee of the Tokyo government
  • A partner in German-based Fidor Bank

Features & Platforms

MT4
MT5
MT4/MT5 Add-Ons
cTrader
Proprietary Platform
Automated Trading
Social/Copy Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
Get StartedGet Started

Available Markets

Kraken offers fewer cryptocurrencies but features Forex trading on its web-based platform.

Here is why we rate Binance as the better choice for most traders:

  • Greater choice of cryptocurrencies
  • Highly liquid meme coins
  • Digital tokens
  • DeFi solutions
  • Liquid staking
  • Gaming

Typical Spreads & Fees

Average Trading Cost EUR/USD
Not applicableN/A
Average Trading Cost GBP/USD
Not applicableN/A
Average Trading Cost WTI Crude Oil
Not applicableN/A
Average Trading Cost Gold
Not applicableN/A
Average Trading Cost Bitcoin
0.00% to 0.26%0.018% to 0.10%
Minimum Raw Spreads
Not applicableN/A
Minimum Standard Spreads
Not applicableN/A
Minimum Commission for Forex
Not applicableN/A
Deposit Fee
Withdrawal Fee
Inactivity Fee
Get StartedGet Started

Which multi-tier maker-taker model is cheaper?

Binance trading fees start from 0.1000% for non-VIP traders or 0.0750% for BNB-denominated transactions. Kraken charges makers 0.16%, takers 0.26%, and 0.20% on stablecoin pairs and Forex. NFT transactions face a 2.00% flat fee, and Kraken Instant Buy has a 0.9% fee for stablecoins and 1.5% for cryptocurrencies.

Account Types

Account Types

Binance

Kraken

Commission-free Accounts

No

No

Commission-based Accounts

Yes

Yes

Demo Accounts

Yes

No

Islamic Accounts

No

No

Social / Copy Trading

Yes

No

Managed Accounts

No

No

Both cryptocurrency exchanges deploy a commission-based pricing model using the industry-wide price maker/taker model. Still, Binance has significantly cheaper trading costs in comparison, granting its account holders a competitive edge.

What else should cryptocurrency traders know about the Binance and Kraken account types?

Here is what stands out the most:

  • Both cryptocurrency exchanges support API trading, but Binance offers non-API algorithmic trading.
  • Binance has demo accounts.
  • Binance features in-house copy trading.

Minimum Deposit

Deposit Snapshot

Binance

Kraken

Minimum Deposit

$0

$0

Deposit Fees

Third-party

Yes + Third-party

E-wallets

No

Yes

Cryptocurrencies

Yes

Yes

Localized Methods

Yes

Yes

Total Deposit Methods

800+

6+

Supported Fiat Deposit Currencies

USD, EUR, GBP, 27+

USD, EUR, GBP, 4+

Which cryptocurrency exchange has the better deposit process?

Binance is cheaper and faster and offers more deposit methods overall than Kraken. Both exchanges support credit/debit card deposits, fee-free at Binance, while Kraken charges 3.75%.

There is no minimum deposit requirement at Binance or Kraken, but the former supports more fiat currencies, significantly more cryptocurrency transactions, more localized methods, and P2P transactions.

Minimum Withdrawal

Withdrawal Snapshot

Binance

Kraken

Minimum Withdrawal

Asset-dependent

Asset-dependent

Internal Withdrawal Fees

Yes

Yes

Internal Processing Times

Between 30 and 60 minutes

Up to five business days

What should cryptocurrency traders know about the withdrawal process at Binance and Kraken?

Binance has the fastest internal withdrawal processing times and cheaper withdrawal costs. For cryptocurrency transactions, the fees remain asset-dependent at Binance and Kraken. Cryptocurrency traders who request credit/debit card withdrawals pay a 2.00% fee at Binance versus 3.75% at Kraken.

Etana Custody (a third-party custodian) handles fiat bank wires for Kraken but comes with a $150 minimum withdrawal and a $35 fee.

Security & Trust

Country of the Regulator
N/AUnited Arab Emirates, Australia, Bahrain, Spain, France, Indonesia, Italy, Japan, Kazakhstan, Lithuania, Mexico, New Zealand, Poland, Sweden, Thailand, South Africa
Name of the Regulator
N/AAMF, ASIC, CNMV, CONSOB, FMA, KNF, SEC, SFSA
Regulatory Tier
N/A1,1,1,1,1,1,5,5,5,2,1,2,1,1,2,2,4,2
Get StartedGet Started

Is Binance or Kraken more secure and trustworthy?

Binance and Kraken are trusted cryptocurrency exchanges; Binance stands out as a highly integrated participant in the global cryptocurrency arena, giving it a competitive advantage.

Binance allows clients to verify assets held on exchange 24/7 via proof of reserves using Merkle Tree and zk-SNARKs. It also goes above and beyond to assist clients in asset recovery from cyber crimes and co-operates with law enforcement to locate criminals.

However, it must be noted that Binance was fined $4.8 billion US, and the CEO stepped down in 2023, leading to increased questions regarding the reliability of Binance, which pleaded guilty to money laundering, unlicensed money transmitting, and sanctions violations.

Kraken deploys industry-leading security features and infrastructure with 24/7 customer support via phone.

Broker versus Broker Verdict

Binance

Pros

Cons

Trusted exchange with its own cryptocurrency and low trading fees

Beginners face a learning curve due to the scope of products and services

350+ assets, plus options and futures trading, staking, and NFTs

Cutting-edge trading platform, algorithmic trading, and API support

P2P trading via bank transfers or 800+ options

Kraken

Pros

Cons

Trusted exchange with over 12 years of operational history

Expensive fees for the Kraken Instant Buy feature

Staking for non-US clients

Operates under unfriendly US cryptocurrency regulations

Lightweight, web-based trading platform and user-friendly mobile app

Some traders reported asset losses amid hacks

200+ liquid cryptocurrencies, meme coins, and NFTs

Which cryptocurrency exchange is better?

Binance has a more competitive, integrated cryptocurrency ecosystem, while Kraken shines with its OTC trading desk catering to larger one-off trades where a client needs more support.

Here is our verdict:

Kraken serves US-based cryptocurrency traders better, and Binance is the best choice for genuine cryptocurrency lifestyle traders everywhere else. However, some investors may justifiably fear Biance due to their recent regulatory issues. It might be wise to conduct deeper research into what changes have been made at Binance since November 2023.

You might also be interested in reviewing the below broker comparisons:

Read full Binance Review
Read full Kraken Review

FAQs

Is Binance cheaper than Kraken?

Binance is 50%+ cheaper than Kraken, delivering a notable competitive advantage.

What is the difference between Binance and Kraken?

Binance has a more integrated, genuine cryptocurrency ecosystem catering to traders who embrace the crypto lifestyle and philosophy. Kraken is an excellent corporate partner and features a solid cryptocurrency on-ramp for beginners, but it only serves US residents well.

Which is safer: Kraken or Binance?

Both cryptocurrency exchanges are safe, have verifiable reserve assets, and lead the cryptocurrency industry in safety features, with Binance maintaining an edge. However, it was convicted of money laundering, unlicensed money transmission, and sanctions violations in 2023.

Is Kraken or Binance better?

It depends on individual preferences and the geographic location of cryptocurrency traders. Kraken serves US residents better, but Binance maintains an unbeatable overall cryptocurrency environment for all non-US residents.

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