Kraken Cryptocurrency Exchange
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Kraken and Binance.US are two of the top cryptocurrency exchanges on the market. Each offers users similar digital asset selections and solid security.
Kraken is an international exchange, meaning it can cater to citizens both in and outside the US. Binance.US is only available to US residents, (though Binance is available to non-US residents) but it is simple to use and has its own proprietary wallet along with straightforward fees.
Find out who wins the competition between Binance.US and Kraken.
Both Kraken and Binance.US are based in the US, with staking options, spot trading and derivatives trading available. Plus, each exchange offers mobile apps and a noncustodial wallet.
However, Kraken offers NFTs and stock trading directly on the platform in addition to account management. Kraken wins vital statistics because it is accessible to a wider number of users and has more features.
|  | |
| Overall rating | ★★★★★ | ★★★★★ |
| Costs rating | ★★★★★ | ★★★★★ |
| FCA-registered | ||
| Exchange location | USA | USA |
| Offers a debit card | ||
| Go to site More info | More info |
While Binance.US supports a healthy number of coins, Kraken gives you access to hundreds more, providing many more options for those looking to diversify.
| | |
| Number of tradeable crypto assets | 403 | 167 |
| Go to site More info | More info |
Kraken supports far more fiat currencies. Binance.US only supports US dollar deposits and withdrawals. Kraken supports all the major fiat currencies for both deposits and withdrawals.
In addition, Kraken has more options for US dollar deposits than Binance.US.
| | |
| Number of supported fiat currencies | 7 | 1 |
| Go to site More info | More info |
Both Kraken and Binance.US have competitive fee structures.
Binance.US is far simpler, with trading fees starting at a flat 0.1% for both makers and takers. Kraken’s fees depend on your trading volume and what kind of trade you are doing.
However, Kraken’s USD withdrawal fees are cheaper than Binance.US’ fees. Binance.US users can get lower-cost trading fees by using Binance Coin.
Binance.US wins this round for having a simplistic fee structure, cheaper fees overall and an easier way to further reduce them.
| | |
| Deposit Fees | ACH deposit - Fees vary ($10 minimum deposit) Credit and debit card - Fees vary ($10 minimum deposit) Apple Pay or Google Pay - Fees vary ($10 minimum deposit) Crypto - Free | Wire transfer: None Debit card: 3.75% Apple Pay: 3.75% Cryptocurrency: None |
| Trading Fee | Trading: Maker: 0.25% - 0.00% Taker: 0.40% - 0.01% Spread: Variable spread included in the price, calculated before orders are executed | Maker: 0-0.30% Taker: 0-0.45% |
| Withdrawal Fees | FedWire withdrawal - $4–$35 Crypto - Fees vary depending on coin or token | Wire transfer: $10-15 (minimum $100 withdrawal) Cryptocurrency: Fees vary |
| Deposit methods | Bank transfer, Credit card, Cryptocurrency, Debit card, SEPA, Instant SEPA, Apple Pay, Google Pay, SWIFT, ACH online banking | Cryptocurrency, Debit card, Wire transfer, Apple Pay |
| Go to site More info | More info |
Binance.US and Kraken both offer custodial wallets, meaning the platforms hold your crypto on your behalf. Binance.US provides a simple, beginner-friendly interface that makes it easy to buy, sell, and store crypto directly through its exchange. It can be connected to both the Binance Smart Chain and Ethereum networks, store NFTs and interact with dApps.
Kraken’s wallet also operates within its exchange but has a stronger emphasis on security. It’s backed by industry-leading practices like cold storage and regular audits. While its interface may be a bit more complicated than Binance.US’s offering, it is well-suited for users who prioritize safety with functionality.
Overall, Kraken’s wallet stands out for its security measures, while Binance.US may appeal more to newcomers looking for a smoother, simplified experience.
While both these platforms aim to cater to new users by providing lots of guides and information, Kraken is still a more complex platform. Though not difficult to use, there are far more features and things to learn if using Kraken.
Comparatively, Binance.US essentially only offers users trading and staking, creating a simpler user experience. Its user interface is also less cluttered than Kraken’s.
Binance.US wins this round for its simple interface and options.
Binance.US has never been hacked before, but its parent company, Binance, has multiple times. In October 2022, approximately $570 million was stolen from BNB Chain, a blockchain it operates, and in December of the same year, a private key for encrypting and decrypting data was compromised.
Kraken experienced a security breach where a security researcher stole nearly $3 million worth of cryptocurrency. While the breach didn’t directly impact any users, it resulted in the theft of funds from Kraken’s treasury.
Both platforms store a majority of user assets in cold storage, and Kraken also does its own penetration testing.
Kraken wins this round with a slight edge since its hack didn’t directly affect its users and it takes a proactive security approach.
Though this was a close competition between two great exchanges, Kraken comes out on top by taking five out of seven categories compared to Binance.US. Kraken is accessible to more users and has more features and better security than Binance.US.
Neither exchange is a bad option, with Binance.US perhaps being preferred if you are solely interested in spot trading and are not interested in any of the other features available on Kraken.
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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