Binance Against. Kraken: Which Crypto Exchange Is Right For You? – Tech Tribune France

Binance.US and Kraken are two of the most popular cryptocurrency exchanges and are well known for having some of the lowest trading costs in the industry. Deciding which exchange to choose can be difficult and will depend on your unique needs, such as the coins you want to trade, the amount of customer support available, and how much you are willing to pay in fees.

In this article, we will refer to Binance.US – the US branch of the larger Binance organization – as Binance. Here’s how Binance and Kraken compare on some of the most important factors for traders.

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Binance vs. Kraken: Cost

Trading costs can be significant on crypto exchanges and fees can really add up for active traders. Rebates are usually offered based on your 30-day trading volume.

Binance and Kraken both use a maker-taker pricing structure, which charges depending on whether your order adds liquidity to the market (maker) or takes liquidity out of it (taker).

Here’s how each scholarship breaks down based on its fees:

Binance Trading Fees

Less than $50,000 0.10 percent 0.10 percent
$50,000 – $100,000 0.09 percent 0.09 percent
$100,000 – $500,000 0.08 percent 0.09 percent
$500,000 – $1 million 0.07 percent 0.08 percent
$1 million – $5 million 0.05 percent 0.07 percent
$5 million – $10 million 0.04 percent 0.06 percent
$10 million – $25 million 0 percent 0.06 percent
$25 million – $100 million 0 percent 0.05 percent
$100 million – $250 million 0 percent 0.04 percent
$250 million – $500 million 0 percent 0.03 percent
$500 million or more 0 percent 0.02 percent

Kraken Trading Fees

$0 – $50,000 0.16 percent 0.26 percent
$50,001 – $100,000 0.14 percent 0.24 percent
$100,001 – $250,000 0.12 percent 0.22 percent
$250,001 – $500,000 0.10 percent 0.20 percent
$500,001 – $1 million 0.08 percent 0.18 percent
$1,000,001 – $2.5 million 0.06 percent 0.16 percent
$2,500,001 – $5 million 0.04 percent 0.14 percent
$5,000,001 – $10 million 0.02 percent 0.12 percent
$10 million or more 0.00 percent 0.10 percent

While Kraken offers competitive trading fees, Binance has a clear advantage in this area, especially for take orders. Additionally, if you use BNB, Binance’s in-house currency, to pay trading fees, the fees are reduced by an additional 25%.

Here’s how it works: If you’ve executed $25,000 worth of trades in the last 30 days and you’re looking to place a new $10,000 trade, Kraken will charge you 0.16% ($16) for a maker order or 0.26% ($26) for a taker. order. Binance will charge 0.10% ($10) for either order type and reduce the fee to $7.50 if paying with BNB.

Kraken takes a slight edge on maker orders if your 30-day trading volume is above $2.5 million. No exchange charges fees for maker orders once your 30-day average volume reaches $10 million. Binance charges less for take orders at each volume level.

Advantage: Binance. Unless you frequently trade with a lot of money, Binance will be the best place to save on trading costs compared to Kraken.

Binance vs. Kraken: Supported Cryptocurrencies

In terms of the number of coins available to trade on each exchange, Kraken has the upper hand here, with over 175 coins available as of June 2022, compared to over 100 at Binance. But you should have no trouble finding the most popular coins in both exchanges.

If you’re really looking to trade a bunch of different coins, you might be better off going with Kraken or another exchange like Coinbase, which offers access to 158 coins. But if you’re just looking to trade the biggest cryptocurrencies like Bitcoin and Ethereum, you should be fine with Binance or Kraken.

Advantage: kraken

Binance vs. Kraken: Staking Rewards

Binance and Kraken both offer staking on their platforms. Staking rewards give crypto investors the opportunity to earn income to support the coin through the verification process. Exchanges deposit the revenue you have earned into your account after fees have been subtracted. Neither Binance nor Kraken charge staking fees at this time.

Kraken currently offers 13-coin bets and plans to add more in the future, while Binance offers seven-coin bets. Notably, Kraken offers staking on Ethereum, unlike Binance, so if you are looking to stake on Ethereum, one of the most popular cryptocurrencies, you will need to opt for Kraken as your exchange.

Advantage: kraken

Binance vs. Kraken: Deposit and Withdrawal Fees

Binance has the advantage here of not charging deposit or withdrawal fees on ACH transfers in US dollars. On bank transfers, Binance does not charge deposits, but charges $15 on withdrawals for domestic transfers. Kraken’s fees vary, but will range from free to $10 on deposits and $4 to $35 on withdrawals.

Advantage: Binance

Binance vs. Kraken: Customer Support

Many crypto exchanges are lacking in customer service, which is disappointing given their huge growth. Binance customers will only be able to submit support tickets when they have questions or issues. There is no phone, email, or chat support.

Kraken sets itself apart in this area by offering hundreds of trained specialists to answer questions via chat 24 hours a day, seven days a week (even on holidays). Kraken also offers telephone support 12 hours a day, which is ideal for complex questions that are difficult to explain in writing.

Advantage: kraken

At the end of the line

Binance has the cost advantage, which is the main concern of many crypto traders. Low trading costs helped Binance win the Bankrate Award for Best Crypto Exchange for Beginners.

But Kraken users won’t be too far behind. Costs are competitive with other exchanges, and the exchange holds an edge in the number of cryptocurrencies available and its superior customer service offering.

Ultimately, you will need to decide which features interest you most before deciding which exchange to choose.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are cautioned that past performance of investment products does not guarantee future price appreciation.

We want to give thanks to the writer of this short article for this amazing material

Binance Against. Kraken: Which Crypto Exchange Is Right For You? – Tech Tribune France


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