Kraken vs Binance – Brief and informative comparison
Have you ever thought about what is better to use, Kraken or Binance? Why are traders so undecided when it comes to this choice? There are, clearly, many “Kraken vs Binance” articles out there that point out the pros and cons of both cryptocurrency exchanges in order for traders to decide for themselves what suits them better.
Kraken vs. Binance comparison is a prevalent topic nowadays because both are exceptionally well-known cryptocurrency exchanges on the market among the crypto community. For instance, Binance has experienced enormous growth over the past few years. It resulted in Binance becoming the largest cryptocurrency exchange on the planet by volume in a pretty short period.
On the other hand, Kraken is considered one of the most trusted exchanges in the world since it has never been hacked before. However, before making the Kraken vs. Binance comparison and helping you choose the right exchange platform for you, traders must understand what they represent in the first place.
Binance review – Get all the essential information
In order to understand which platform is ideal for you, you must read the Binance review and Kraken review as well. Binance represents one of the largest cryptocurrency exchanges platforms in the world. It was founded in 2017 by a famous developer Changpeng Zhao who’d previously developed high-frequency trading software.
The word Binance represents the combination of words “bitcoin” and “finance,” claiming high security and safety standards, along with multi-clustered and multi-tier architecture. Binance delivers high processing throughput with the capacity of processing approximately 1.4 million orders in just one second.
What is the Binance withdrawal fee?
When it comes to fees, Binance withdrawal fee, it is essential to note that users pay a flat fee to cover all the transaction costs of moving the particular cryptocurrency out of their account on Binance.
The Blockchain network is responsible for determining the withdrawal rates. It can fluctuate without any notice due to network congestion, for example. Therefore, to get to know the Binance withdrawal fee for each cryptocurrency, you have to check the most recent data on each withdrawal page on the Binance website.
It is essential to know that Binance doesn’t charge deposit fees. Before getting the information about Binance vs. Kraken fees, let’s get to the Kraken review first, shall we?
Kraken Review – Find all the valuable information
So, Kraken refers to a cryptocurrency company and a bank that was founded in 2011 in the United States. This company is renown as one of the largest cryptocurrency exchange platforms that provides trading between two particular currencies: cryptocurrency and fiat.
It also provides information to Bloomberg Terminal, a computer software program for monitoring and analyzing real-time financial market data and places trades on the electronic trading platform. In 2021, Kraken became available to residents in 176 countries and 48 US states. At the moment, it lists 72 cryptocurrencies that are available for trading.
What are the Kraken fees?
There are several Kraken fees that you need to keep in mind if using this platform. When a trader’s order gets executed, the fee ranges from 0% to 0.26% of the total value of your order which depends on the currency pair that’s been traded, a 30-day trading volume of a USD trader, and whether the order is, so-called, “maker or taker.”
Remember that all orders that are canceled before getting executed don’t incur any fees. These orders are also known as “untouched” orders. There are minimum trading fees and margin fees that you’ll find more information on Kraken’s official website.
What are the crucial pros and cons of Kraken vs Binance?
When you are thinking about Kraken vs. Binance, the first thing you want to know is what are the most important pros and cons of these cryptocurrency exchange platforms. There is probably no better way to determine which platform is better for you than to see all their pros and cons. Therefore, it’s time to get all the pros and cons of the Binance platform first, shall we?
Pros and Cons of Binance’s Platform
Let’s start with the pros of Binance:
- High liquidity
- Approximately 600 trading pairs listed
- Competitive fees with PRO account
- Being able to trade up to 2 Bitcoin per day
Cons of Binance:
- Had some security issues and bugs in previous years
- You cannot connect your bank account to Binance. Instead, you have to use stablecoins.
Pros and cons of Kraken’s platform
Here are the pros of the Kraken platform:
- Kraken is one of the most liquid exchanges ever
- The platform is highly secure for using
- Fees are quite competitive
- Traders can change on multiple exchanges via the Cryptowatch platform
Cons of Kraken platform are:
- Unavailable for residents of Washington and New York
- It doesn’t include a brokerage-Esque interface for crypto newcomers and Bitcoin
How to know which platform is the best for you?
The final question in this Kraken vs Binance comparison is which platform is better to use. Both Kraken and Binance are generally trusted and secure for all cryptocurrency traders. Binance is only working with stablecoins which might be a bit confusing for newcomers.
Since new users will have to get some cryptocurrency from another alternative source before even using Binance, Kraken is a better option for beginners. Also, for traders who want to attach a bank account to their cryptocurrency exchange of choice, Kraken is a better choice. It also has a simple option for trading.
However, it isn’t as essential as what Binance has to offer. The best possible exchange option when it comes to Kraken vs. Binance for a beginner trader will depend on whether a trader already has some cryptocurrency holdings or not. If he has, Binance is a good option.
On the contrary, Kraken will be a preferred choice. Whatever exchange platform you choose, keep in mind that you won’t make a mistake since both platforms are extraordinarily secure and suitable for any level of trading experience. Good luck with your trading!
