Kraken Vs Binance – Which Offers The Best User Experience?

Fees

Both Kraken and Binance use a maker-taker fee structure system, which allows them to charge very low fees. At first impression, Kraken’s fees appear to be lower than Binance’s; Kraken charges up to 0.26 % on every trade, whereas Binance charges up to 0.10 %. The actual amount is determined by a user’s activities over the past 30 days. The more money a user trades, the smaller their fees become. Binance’s trading costs are as low as 0.1%.

Binance gives a 25% fee discount if you pay using Binance Coin (BNB), and owning additional BNB lowers your fees even more. Withdrawals cost 3.5% of your total balance, with a $10 minimum. As is the case with most exchanges, cryptocurrency withdrawals vary by currency. Withdrawals from Kraken might cost up to $60. Additional costs apply to margin and futures trading. When it comes to a lower fee, Binance takes the win here.

Ease of access

You can easily access Kraken and Binance through a website using a web browser or via their mobile application. You can choose from their three views: “basic,” “classic,” and “advanced.” The classic view, which includes charts and order books, provides a more standard trading experience. The classic view can be intimidating to new users but not to experienced users. Features like open orders and order histories can be found here.

The advanced view is designed for skilled traders it can come in handy to experienced users. This view contains all of the features of the classic view, plus additional charting and technical analysis capabilities. Kraken is more appealing to newbies since its interface is more elaborate and explicit.

Although Kraken’s website and exchange are easier to use than Binance’s, both platforms’ charting features might be intimidating at first. Both exchanges have a similar sign-up process, with US investors being made to comply with a more strict verification process. Advanced verification, according to Binance, can take up to 15 days. Many users claim it takes much longer than that. Though user experience on both seem close to a tie in this category, Kraken takes the win here.

Security

Both exchanges provide security that is unrivaled in the industry. When it comes to security, both platforms can be said to be equal. However, Binance has suffered a few notable security flaws throughout the years. Hackers broke into Binance in 2019 and stole $40 million in bitcoin. While Binance hasn’t experienced any security breaches afterward, this particular incident has raised some questions. Binance is also yet to fully explain how it protects its crypto assets. Kraken stands noteworthy in this regard.

Kraken has never been hacked, its security policies are also open and transparent. The exchange encrypts all sensitive account information at both the system and data levels. On top of that, Kraken has a bug bounty hunting campaign that is ongoing. This means Kraken pays white-hat hackers who discover vulnerabilities before the black-hats do and disclose them to the firm. The company’s website has an entire page dedicated to discussing its extensive security features. When it comes to security, Kraken takes the lead here.

Features

Kraken and Binance are two of the most popular cryptocurrency exchanges for buying, selling, and converting various coins. If you just want to convert some fiat currency to cryptocurrency, either exchange will suffice. Both platforms are host to many educational contents for their users. Users of Kraken can use Cryptowatch to trade on various exchanges simultaneously.

Peer-to-peer (P2P) trading, Futures trading, and margin lending are all available features on Binance. Technical analysis and advanced charting are also available tools on Binance. Users who want yields on their cryptocurrency would find Kraken much beneficial. The many important trading features Binance brings to the table are definitely enough to place them ahead here.

Cryptocurrencies available

There are currently 90 coins available on Kraken, including three stable coins: USD Coin (USDC), DAI (DAI), and Tether (USDT). Binance supports over 500 coins for international users, including many stable coins such as DAI, Tether, and Binance USD (BUSD). For their U.S. investors, both platforms have less than 50 altcoins available. Both platforms support over 100 trading pairs and fiat currencies. Bitcoin, Ethereum, Cardano, DOGE, Monero, Litecoin, and Polkadot are among the many popular cryptocurrencies available on the platforms. When it comes to picking a winner based on a number, Binance comes out on top.

Pros and Cons

Kraken

Pros

  • Security is top-notch
  • User friendly for beginners
  • Accessible to users in over 40 states

Cons

  • Higher fees
  • Much fewer currencies available
  • No standalone hot wallet

Binance

Pros

  • Lower trading fees with Binance coin
  • Wider variety of cryptocurrency
  • Advanced charting features for pro traders

Cons

  • User-interface can be less user friendly for beginners
  • Poor customer support and mobile app review
  • Lesser transparency with security measures

Wrap up

Kraken has a higher level of transparency and security and offers many currencies, though far fewer than Binance. Binance offers many cryptocurrencies to international users, but there are fewer options in the United States. Your choice will ultimately depend on what features you value most.

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