Cryptocurrency

Published on April 30th, 2021 | by Bibhuranjan

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Binance Vs Kraken- Which Is The Best Platform To Trade Cryptocurrency

Cryptocurrencies are the new forms of currencies that help trade and transactions. But how? For the same, we have exchange platforms such as Binance and Kraken.

And here we answer your curiosity about the best platform to trade cryptocurrency. Well, there are several other exchange platforms, but we here will discuss the Binance and the Kraken: the two most sorted and one of the best ones.

So, you wish to invest in cryptocurrencies. Do you? That makes it clear about cryptocurrencies. So, let us jump to the discussion for the choice of the best platform to trade cryptocurrency Quantumai official website.

Both are renowned platforms among crypto users with millions of users. But there is a difference that can’t be left unnoticed.

Let us have a closer look at Binance and Kraken. And help you make the right choice.

Binance Vs Kraken: User Interface

Talking about the ease of use of the platform, it is known that the Binance has a way over the Kraken when talking about the features offered. Binance is laden with several features that are complex and intricate.

Kraken is a simpler interface platform that is handy and easy to use. Especially for the newbies, it is better for people with even less prior knowledge. That makes it friendly for beginners to use.

That doesn’t mean Kraken is featureless. Only that it is not the very complicated and intricate as the Binance.

Binance Vs Kraken: Security

Both platforms deploy top security measures making them the best platform to trade cryptocurrency. Both offer the Two-Factor Authentication that helps decline unauthorized access made to your account.

This is a better feature that reduces the chances of being hacked and phished. But to mention that Kraken has a slightly better one compared to the Binance.

Kraken helps encrypt the user crypto assets in cold storage devices. Almost 95% of the exchange keeps and related information is kept confidential from unauthorized access.

Binance vs Kraken: Charges

Now, here Binance comes out to be better than Kraken when it comes to saving from extra charges. But how? Binance charges can go up to 0.1% for exchange rates while Kraken charges up to 0.26%.

Also, Kraken has a maximum trading limit of $100,000 while Binance has no trade limits. And what about the withdrawal charges? Again, Binance beats Kraken at this with lower charges of 3.5% and a minimum of $10, whereas Kraken charges a minimum of $60.

Binance Vs Kraken: Crypto Offered

Kraken offers you around 40 different varieties of cryptocurrency while Binance has a huge number of choices to make, more than 150 in numbers.

Looking for any specific type of crypto? Then you must head to Binance for the coin variety.

Well, I hope that this helped you make a choice. But not to forget that you must have a self-analysis to make before you choose the exchange platforms for cryptocurrencies.

Have any queries? Or experience to share? Go ahead and read more such discussions here.

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About the Author

Bibhuranjan

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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