This article may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. Nonetheless, our opinions are our own.
- Introduction
- Supported Cryptocurrencies and Trading Pairs
- Trading Fees and Cost Structure
- Comparison Table
- Security Measures and Protocols
- Mobile App Features and Usability
- Payment Methods and Funding Options
- Account Verification and KYC Processes
- Staking and Earning Opportunities
- Customer Support and Response Times
- Pros and Cons of Using Binance
- Pros and Cons of Using Kraken
- Frequently Asked Questions
- Recommended Reads
Introduction
Choosing the right cryptocurrency exchange depends on trading goals, available features, and ease of use. Binance and Kraken are both major players, offering different strengths in terms of fees, supported coins, mobile access, and compliance. This comparison helps highlight their major differences so users can make informed decisions.
Supported Cryptocurrencies and Trading Pairs
Binance Has a Larger Selection of Coins
Binance supports over 500 digital assets globally. Binance.US users can access 75 coins.
Kraken Offers Over 120 Cryptocurrencies Worldwide
Kraken supports more than 120 cryptocurrencies, with over 65 available to U.S. traders.
Both Platforms Provide Ample Trading Pairs
Kraken emphasizes well-known altcoins. Binance includes a wide variety, including stablecoins and niche tokens.
Trading Fees and Cost Structure
Binance Offers Lower Trading Fees
Binance uses a maker/taker model with fees between 0.00% and 0.10%. Users paying with BNB get a 25% discount.
Kraken Has a Transparent Fee Structure
Kraken charges between 0.00% and 0.26% with no discount incentives. The fee system is simpler but slightly higher.
Comparison Table
| Feature | Binance | Kraken |
|---|---|---|
| Founding Year | 2017 | 2011 |
| Founder(s) | Changpeng Zhao (CZ) | Jesse Powell |
| Headquarters | Originally China, then Japan. No official corporate headquarters; operates globally. | San Francisco, California, United States |
| Key Services | Spot trading, derivatives, NFTs, staking, lending, earn products, Launchpad (for new tokens) | Spot trading, futures, indices, staking, OTC, NFT marketplace |
| Native Token | BNB (Binance Coin) | No native token (originally had Kraken Token, but it was discontinued) |
| Regulatory Focus | Has faced significant regulatory scrutiny and investigations globally; operates in various jurisdictions with differing levels of compliance. | Generally known for stronger regulatory compliance and transparency, especially in the US; registered as a money services business with FinCEN. |
| Controversies/Issues | Money laundering allegations, tax evasion claims, regulatory non-compliance in multiple countries, data breaches, and delisting of specific tokens. | Faced some regulatory scrutiny related to derivative offerings and brief outages/technical issues. |
| Global Reach | Very broad global presence | Strong presence in the US and Europe, global but perhaps less expansive than Binance. |
| Trading Volume | Often reported as the largest cryptocurrency exchange by trading volume. | Among the top cryptocurrency exchanges by trading volume. |
Frequent traders may save more with Binance due to its VIP levels and incentives.
Security Measures and Protocols
Kraken Offers Robust Cold Storage
Kraken stores 95% of funds offline and is recognized for strong user protection.
Binance Uses Advanced Security Tools
Binance implements two-factor authentication, cold storage, and data encryption, though it has faced past incidents.
Both exchanges follow KYC protocols and SSL encryption for secure browsing.
Mobile App Features and Usability
Kraken Offers Two User-Friendly Apps
Kraken and Kraken Pro are updated regularly and well-reviewed by users.
Binance’s Global App Outperforms Binance.US
Binance’s global app is intuitive. Binance.US has fewer features and may be less user-friendly for beginners.
Both platforms support real-time tracking and instant trades on mobile devices.
Payment Methods and Funding Options
Kraken Supports Multiple Fiat Currencies
Users can fund with USD, EUR, GBP, JPY, AUD, CAD, and CHF via wire or ACH.
Binance Supports Over 46 Fiat Currencies Globally
Options include bank transfers, debit, and credit cards. Binance. The US supports fewer methods, which may impact accessibility for US users.
Account Verification and KYC Processes
Kraken Provides Fast Verification
Standard account approval can take minutes; advanced accounts may take up to five days.
Binance Verification Can Be Slower
Approval can take up to 15 days. Binance. The US requires additional compliance checks.
Kraken’s speed gives it an edge for quick onboarding.
Staking and Earning Opportunities
Kraken Makes Staking Simple
Kraken supports major assets like Ethereum and Polkadot with a beginner-friendly interface.
Binance Offers More Earning Tools
Users can explore swap farming, flexible savings, and advanced staking options.
Binance suits users looking for diverse earning opportunities.
Customer Support and Response Times
Kraken Has Multiple Contact Channels
Users can reach support via various methods, though response times may vary.
Binance Offers 24/7 Live Support
Faster support and a comprehensive help center make Binance a stronger option for responsive service.
Pros and Cons of Using Binance
Pros:
- Low trading fees with tiered discounts
- Over 500 supported cryptocurrencies
- Offers margin and futures trading
- Global app has robust functionality
Cons:
- Interface may confuse beginners
- Binance.US has limited features
- Ongoing regulatory issues in the U.S.
Pros and Cons of Using Kraken
Pros:
- Strong security via cold storage
- Transparent fee system
- Fast account verification
- Reliable mobile apps
Cons:
- Smaller selection of altcoins
- Not available in Washington and New York
- No built-in crypto wallet
Frequently Asked Questions
Is Kraken Safer Than Binance in the U.S.?
Yes. Kraken offers services in most states and is known for strong compliance and offline coin storage.
Which Platform Has Lower Fees for Trading?
Binance generally offers lower spot trading fees, especially for BNB users. Kraken is more transparent but slightly more expensive.
Which Exchange Is Better for Beginners?
Kraken’s layout and tools are simpler to navigate, making it more approachable for new traders.
Can You Use Binance and Kraken in the U.S.?
Yes, but with limitations. Kraken operates in 48 states. Binance operates as Binance.US, which has fewer features.
Reviewed and edited by Albert Fang.
See a typo or want to suggest an edit/revision to the content? Use the comment form below for feedback.
At FangWallet, we value editorial integrity and open collaboration in curating quality content for readers to enjoy. Much appreciated for the assist.
Did you like our article and find it insightful? We encourage sharing the article link with family and friends to benefit as well - better yet, sharing on social media. Thank you for the support! 🍉
Article Title: Binance vs. Kraken: Features, Fees, and More
https://fangwallet.com/2025/06/07/binance-vs-kraken/The FangWallet Promise
FangWallet is an editorially independent resource - founded on breaking down challenging financial concepts for anyone to understand since 2014. While we adhere to editorial integrity, note that this post may contain references to products from our partners.
The FangWallet promise is always to have your best interest in mind and be transparent and honest about the financial picture.
Become an Insider
Subscribe to get a free daily budget planner printable to help get your money on track!
Make passive money the right way. No spam.
Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned. The opinions expressed here are the author's alone.
The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur including the potential loss of principal.
Source Citation References:
+ Inspo
There are no additional citations or references to note for this article at this time.
