In this brief Kraken vs Binance review, we will tackle some important aspects of these largest cryptocurrency exchanges for crypto and fiat exchange. These encompass the average Kraken fees, Binance withdrawal fee, customer support, overall interface experience and more.
Kraken vs. Binance – Fees
It’s important to also take transaction fees into account when choosing your Bitcoin and other crypto trading platforms. Indeed, if you plan to trade on a regular basis, it is better to favour a platform offering advantageous trading fees.
On Binance, the transaction fees are among the most advantageous in the market. It’s because Binance’s transaction fee is 0.1% of the transaction amount. These are already particularly modest costs.
Plus, using Binance’s official token, BNB, you’ll enjoy a 25% discount on all your trades. It means that instead of paying 0.1% transaction fees, you will only pay 0.075%.
Binance withdrawal fees depend on tokens and types of coins. But for instance, withdrawing BTC 0.00001, the fee is 0.000005. Withdrawal fees can fluctuate due to network congestion.
When it comes to Kraken, the transaction fees are also competitive. This platform’s transaction fees vary depending on your 30-day trading volume.
For example, if you trade between 0 and $ 50,000 in 30 days, you will have transaction fees ranging from 0.16% to 0.26%. If you trade between $ 50,000 and $ 100,000, the transaction fees will vary from 0.14% to 0.24%, and so on. The higher the volume of your transactions in the last 30 days, the lower your fees.
Binance is the best cryptocurrency trading platform when it comes to fees. The base fee of 0.1% and up to 0.075% when using the BNB token is extremely competitive. If your intention is to trade cryptocurrencies on a regular basis, chances are Binance is the better choice. Kraken is also a good choice with reasonable fees.
Exchanges’ offer: Which platform offers the greatest choice of trading pairs?
Thousands of cryptocurrencies are available. However, not all of these cryptos are concentrated on one crypto exchange platform. To get your hands on certain cryptocurrencies, you will sometimes need to register on a specific exchange. The most important cryptocurrencies like Bitcoin and Ethereum are available on the majority of cryptocurrency exchanges.
Binance: On the site, you will find one of the largest concentrations of cryptocurrencies. You will find the majority of the most famous cryptocurrencies like Bitcoin, Ethereum, Ripple, Chainlink, Binance Coin and many more. It also offers hundreds of other more or less well-known cryptocurrencies. In addition, a “Launchpad” section is offered by Binance, which regularly highlights new crypto projects.
Kraken: This platform also offers a wide choice of cryptocurrencies. It is possible to buy different cryptocurrencies. It includes the most popular cryptocurrencies such as BTC, ETH, ADA XRP, LINK, and crypto less known to the general public. Kraken offers more than fifty cryptocurrencies on its platform.
Binance is proving to be the best when it comes to cryptocurrency diversity. It contains most of the most popular new projects of the moment. However, Kraken also offers an interesting number of cryptocurrencies to buy and trade.
Binance vs. Kraken: Which crypto trading platform offers the best customer service?
It is particularly useful when choosing a cryptocurrency trading platform to favour a site with good customer service.
If you might have a simple request or even a more important problem, it is essential that the platform in question is reachable quickly.
Binance: This site has quality customer service that is accessible 24/7. In addition, you have at your disposal a support centre where you will regularly find many questions and their answers.
Kraken: This crypto trading platform has good customer service available 24/7. You will also have access to support with multiple questions and answers regularly asked. However, this page is only available in English.
Whether Kraken vs Binance, they both have accessible customer service. Binance and Kraken both strive to keep their users happy by trying to respond quickly to their requests.
Kraken vs. Binance: Which crypto trading platform offers the best trading tools?
Depending on the trading platform you use, the trading tools are more or less numerous and effective. These trading instruments make it easier for you to analyze the market and help you make better decisions.
Binance: On this site, there are several trading tools available to help you trade. In addition, many useful indicators are accessible on the platform.
Kraken: Kraken’s trading platform provides its users with essential trading tools to assist traders. You will have access to various useful indicators.
Binance is proving to be more comprehensive in terms of the trading tools available to its users. You will have access to a wide range of useful tools for beginners as well as experienced traders. Both sites support mobile trading via mobile apps for Android and IOs.
Which crypto trading platform offers the best payment solutions?
Many payment methods exist. It has now become possible to buy cryptocurrencies with a multitude of payment solutions.
Binance: On this platform, it is possible to buy cryptocurrencies in different ways. It is thus possible to buy by credit card or bank transfer and through electronic wallets such as PayPal and Skrill. In addition, there are also payment methods through gift card exchanges such as Amazon and Steam and other solutions such as Western Union.
Kraken: The Kraken trading platform only offers the purchase of cryptocurrencies by wire transfer. Credit cards, e-wallets, and other methods are still not available on Kraken.
When it comes to payment methods, Binance offers the widest choice by far. Indeed, you will find a multitude of payment solutions to buy Bitcoin and other cryptos on Binance.
Binance vs. Kraken: Conclusion
Binance and Kraken are among the best sites these days to buy Bitcoin in 2021. Both offer reliable and trustworthy trading platforms and a lot of trading assets. However, Binance differs from Kraken in many areas. It offers better transaction fees, more payment methods, greater ease of use and a wider selection of cryptocurrencies. On both exchanges, assets are kept for the most in cold storage. Also, for advanced traders, you can make spot trading using margin trading options.