Kraken vs. Binance – a brief and informative comparison
Have you ever wondered whether it is better to use Kraken or Binance? Why traders can’t make up their minds? Meanwhile, there are many comparison articles about Kraken vs. Binance, describing the pros and cons of both cryptocurrency exchanges, so traders can decide for themselves which is better for them.
Comparing Kraken and Binance is a common topic at the moment, as both of these cryptocurrency exchanges are extremely well-known in the market and among the community. Binance, for example, has experienced tremendous growth over the past few years. As a result, it has become the largest cryptocurrency exchange on the planet in terms of trading volume in a fairly short period of time.
Kraken, on the other hand, is considered one of the most reliable exchanges in the world, as it has never been hacked. However, before comparing Kraken and Binance and helping you choose the right exchange platform, traders should first understand what they are.
Binance Overview – All the Important Information
Binance is one of the world’s largest cryptocurrency exchange platforms. It was founded in 2017 by renowned developer Changpeng Zhao, who previously developed high-frequency trading software.
The platform claims high standards of security and reliability, as well as a multi-cluster and multi-tiered architecture. Binance provides high throughput: about 1.4 million orders are processed in just one second.
What are the withdrawal fees on Binance?
When it comes to withdrawal fees, Binance users pay a flat fee that covers all transaction costs when withdrawing a particular cryptocurrency from their account on the platform.
The blockchain network is responsible for determining the withdrawal rate, and it can change without warning, for example due to network congestion. Therefore, to find out the withdrawal fee on Binance for each cryptocurrency, you need to check the most up-to-date data on each withdrawal page on the platform’s website.
It is important to add that Binance does not charge deposit fees. However, to understand which platform is ideal for you, you should read reviews of both exchanges.
Binance is a cryptocurrency exchange founded in 2017 and registered in the Cayman Islands. It is currently the largest exchange in the world in terms of daily cryptocurrency trading volume.
Kraken review – all the valuable information
So, Kraken is a cryptocurrency company and bank founded in 2011 in the US. This company is known as one of the largest cryptocurrency exchange platforms that provides trading between two specific currencies: digital and fiat.
The platform also provides information to Bloomberg Terminal, a computer program for monitoring and analyzing financial market data in real time, and places trades on an electronic trading platform. Kraken became available to residents of 176 countries and 48 U.S. states in 2021. It currently features 72 cryptocurrencies available for trading.
What are Kraken’s commissions?
There are several Kraken commissions to keep in mind when using this platform. When a trader’s order is executed, the commission ranges from 0% to 0.26% of your total order value, which depends on the currency pair traded, the trader’s 30-day trading volume in US dollars, and whether the order is a so-called “maker” or “taker”.
Keep in mind that all orders canceled prior to execution do not incur any commission. Such orders are also known as “intact” There are minimum trading commissions and margin fees, more information on which can be found on the official Kraken website.
Kraken vs. Binance – major pros and cons
When you think about Kraken and Binance, the first thing you need to know is what the most important pros and cons of these cryptocurrency exchange platforms are. There may not even be a better way to determine which platform is best for you.
Pros and cons of the Binance platform
- High liquidity.
- Listings of about 600 trading pairs
- Competitive commissions with PRO account
- Opportunity to trade up to 2 Bitcoins per day
- There have been security issues and errors in previous years
- You cannot connect your bank account to Binance. You have to use Stablecoins instead
Pros and cons of the Kraken platform
- Kraken is one of the most liquid exchanges
- The platform is very safe to use
- Prices are quite competitive
- Traders can trade on multiple exchanges through the Cryptowatch platform
- Unavailable to residents of Washington, D.C. and New York
- Platform does not include a brokerage interface for cryptocurrency and Bitcoin newbies
How do you know which platform is better for you?
The final question in this comparison between Kraken and Binance is which platform is better to use. Both platforms are reliable and safe for all cryptocurrency traders.
However, Binance only works with Stablecoins, which can be a bit confusing for newcomers. Since new users will have to get their cryptocurrency from another alternative source even before using Binance, Kraken is the best option for them. In addition, for traders who want to link a bank account to their cryptocurrency exchange, Kraken is also the best choice, along with the easy ability to trade.
However, this is not as important as what Binance offers. The best exchange option for the novice trader will depend on whether or not they already have some cryptocurrency assets. If yes, then Binance is a good option. Otherwise, Kraken would be the preferred choice.
Whichever exchange platform you choose, remember that you won’t go wrong, as both platforms are extremely safe and suitable for any level of trading. Good luck with your trading!