Binance vs Kraken! When you want to trade cryptocurrency, there are a lot of factors that will influence which exchange is best for you. Kraken and Binance have been two of the most popular exchanges in recent years. This post compares these two exchanges so that you can determine what is best for your needs.
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
In 2017, Binance was launched and is now the world's largest cryptocurrency exchange. It offers much more than just crypto trading - including a crypto card. Kraken has been in operation since 2011 and it is one of the most well-established exchanges in the industry.
Both exchanges offer a very similar level of security.
Both Binance and Kraken have very low fees when compared to other crypto exchanges, that being said, Binance offers even lower fees than Kraken, on top of that, if you sign up using our Binance referral code you will get an additional 20% discount on fees.
The Binance interface is much easier to use and more intuitive than Kraken's. The Binance layout of the site is very simple to navigate with filtered searches that allow you to find your desired coin quickly. With Kraken, the opposite applies: they have an old-school web page that looks cluttered and complicated, even though individual pages may be easy enough if you know what you're looking for.
Binance has a ton of cryptocurrencies available on its platform, at the time of writing, it has three times more available assets than Kraken, taking this into consideration and the rate at which it introduces new trading pairs to the platform when compared to Kraken, it's expectable that this is something that won't be changing in the near future.
As with trading pairs and available cryptocurrencies, Binance beats Kraken by a lot, at the time of writing, Binance also has more than three times the number of users that Kraken has.
Binance offers a live chat service whereas Kraken does not. Binance also has customer support in the form of FAQs, guides, and tutorials that are very helpful - they have their own video tutorial series which is especially useful for beginners to get started with trading because it can be hard to know what you're doing if you don't understand how cryptocurrency works from scratch or feel like reading through all those complicated text explanations out there! The Customer Support team at Binance is responsive and usually responds within 12 hours (at least my experience with this was positive). Kraken on the other hand offers limited live chat support and email support - but even then emails sometimes go unanswered so customers may find themselves without help after opening a ticket.
If you sign up using our Binance referral code, you will get a 20% discount on trading fees, on top of that, you can also get up to 40% of friends that you invite to trade on Binance. On the other hand, Kraken does not offer any kind of sign-up bonus and it does not have a referral program. Here, again, Binance is the clear winner.
Binance vs Kraken: Verdict
After our Binance vs Kraken comparison, we've realized that Binance is by far the better choice. They offer much better customer service, the interface is easier to use and intuitive so it's easy for beginners to get started on this platform without feeling overwhelmed or frustrated - there are ample tutorials available as well which make things even smoother.
Binance also has a much bigger user base, more than three times the number of cryptocurrencies, many more features - including a free crypto visa card - and a 20% discount on trading fees if you sign up using our Binance referral code, on top of that, you can also use their Binance referral program and get up to 40% of your friends trading fees when you successfully invite them to trade on Binance.
The only advantage that Kraken has over Binance is the fact that it is much older than Binance and could therefore be considered as a more reliable option as far as history is concerned.
In terms of security, both exchanges offer very strong features.