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Kraken vs Binance – 2022

Kraken vs Binance

By Top 10 team  Published June 18, 2022

Kraken vs Binance:

The top 10 Crypto team is dedicated to ranking and comparing top exchanges in the market. To review references used in this review, please revert to the reference table at the end of this review. this review is not sponsored.

Millions of people utilize Kraken and Binance, two cryptocurrency trading exchange sites. Both are in the top ten largest exchanges by trading volume, with Kraken coming in fourth and Binance coming in first. Users in the United States, however, must utilize Binance’s US site, Binance.US, which is ranked tenth on the list Check Kraken Vs Binance Us comparison.

Advanced trading choices, cheap costs, and mobile applications are all available on crypto exchange platforms. Furthermore, both are aimed at intermediate or advanced users. Binance, on the other hand, has somewhat cheaper costs, a wider selection of currencies, and more options to deposit and withdraw money. Kraken, on the other hand, is recognized for its excellent security standards, has recently received Wyoming bank charter approval, and plans to go public in 2022. 

To assist readers in selecting a platform, we compared Kraken vs Binance by examining supported currencies, security measures, overall fees, and features.

 
  • Fees: 0% to 0.26% per trade, 3.75% + €0.25 for credit card purchases, and 0.5% for online banking processing
  • Currencies: 120+
  • Security: 2FA withdrawal email confirmation, air-gapped cold storage, strict surveillance, precise API key permission control, SSL encryption
  • Wallet: N/A
  • Transactions Supported: Buy, sell, send, receive, exchange, margin trading, limit order, market order, stop-loss limit order, stop-loss market orders, futures trading, take profit market order, and more
  • Daily Trading Amount: $100,000
  • Mobile App: iOS and Android
    • An updated and shorter verification process
    • 95% of assets kept in cold storage

    • Accessible to users in 48 U.S. states

    • U.S. users can’t deposit or withdraw funds via ACH
    • Beginners may face a learning curve.

  • Fees: 0.02% to 0.10% purchase and trading fees, 3% to 4.5% for debit card purchases, free Single Euro Payments Area (SEPA) transfer, or $15 per U.S. wire transfer
  • Currencies: Over 500
  • Security: 2FA verification, FDIC-insured USD balances, device management, address allow listing, cold storage
  • Wallet: N/A
  • Transactions Supported: Limit order, market order, stop-limit order, trailing stop order, post only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more
  • Daily Trading Amount: Limits differ based on the cryptocurrency purchased
  • Mobile App: iOS and Android
  • Low trading fee

  • Educational resources available

  • Solid list of cryptocurrencies

  • Lengthy KYC identity verification process

  • Not available in the US

  • Lacks transparency

Methodology

Kraken and Binance share 15 similar advantages, yet differences exist. First, we evaluated both platforms by looking at the advantages each platform provides, whether it is through their application or web platforms, such as tutorials and guides for beginners, advanced features for experienced traders, fees associated with trading and withdrawal, and the signup bonus you can claim today.

Verdict on Kraken vs Binance

Binance will undoubtedly be your platform of choice if you’re a cryptocurrency user wanting to trade a wide range of altcoins. Additionally, users that trade big sums of bitcoin on a monthly basis will want to continue with Binance due to the cheaper costs seen at greater trading thresholds and the exchange’s degree of security.

On the other hand, the need for adequate security when it comes to cryptocurrency exchanges cannot be overstated. Due to the highly regulated nature of cryptocurrency exchanges situated in the United States, Kraken is largely regarded as one of the safest cryptocurrency exchanges in the world.

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