Bigger volumes mean more traders and active markets. One key indicator of an exchange’s quality is its daily trading volumes. Here’s one area where Binance can improve upon. Upon trying both exchanges, we’ve come to the conclusion that while they are close to each other when it comes to minimum deposit/withdrawal amounts, Kraken has the advantage when it comes to maximum limits, in some cases even offering unlimited deposits and withdrawal amounts depending on the bank you use. For bank withdrawals, Binance still comes out on top, with charges of 0.8 EUR or 1.5 GBP, compared to as high as 5 EUR or 13 GBP for Kraken Binance’s credit card fees are set at 1.8% to 2%, which is significantly lower than 3% to 4% for Kraken. When you deposit 500 EUR on Binance using your credit card, you’re charged just 9 EUR, compared to 18 EUR for Kraken. One thing that Binance is known for is its low fees. Even so, as it currently stands, Kraken has the advantage for this category. It is worth noting that Binance only started adding Euro trading pairs in early 2020, after spending its formative years as a crypto-only exchange. This is where Kraken’s elder statesman status gives an advantage, with 52 trading pairs for the Euro, compared to just 13 for Binance. While the quantity of trading pairs is not an indicator of the quality of the exchange, it does indicate how many opportunities their users have to take advantage of the market. Even with a five-year head start, Kraken only has more than 220 trading pairs. Now, it offers more than 600 trading pairs as of December 2020, providing a plethora of options for traders. To bolster its fast ascension in the crypto rankings, Binance has listed more tokens in various points of its history. As with Binance, it had an early reputation of being a platform for more advanced traders, but its recent updates, such as a lite version of its app and one-click buy features, have shown that it is eager to cater to more crypto beginners. Kraken: a ComparisonĪs the older exchange, Kraken had plenty of time to refine its platform to make it more convenient for users to buy and sell cryptocurrency. We’re not going too deep in details, but we’ll provide our basic assessment on the advantages and disadvantages of both platforms. We’ll do this comparison based on a list of criteria. Nonetheless, both exchanges offer compelling services to the public.įor this head-to-head comparison, we’re giving you an overview of the overall cryptocurrency trading experience and conditions on Binance and Kraken. In terms of market position, Kraken had the upper hand in Bitcoin’s early days, but Binance has ranked at the top in terms of trading volume since 2018. Between the two, Kraken is the older exchange, as it was established in 2012, while Binance was created in 2017. In many reputable exchange rankings, both exchanges rank in the top 5. When it comes to cryptocurrency exchanges, there are few names that are more prominent than Binance and Kraken.
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