Binance VS Kraken Exchange - Mobile Apps and Security Measures

Binance VS Kraken Exchange – Mobile Apps and Security Measures

Welcome; in this article, we put two of the top Bitcoin and altcoin exchanges, Binance VS Kraken. In addition, we compare security measures, deposits, withdrawals, supported markets, trading volumes, and much more.

This compares the largest international worldwide cryptocurrency exchange with questionable regulations, Binance, and one of the biggest US-regulated exchanges, Kraken.

If you are a US citizen, you must exclude Binance as a choice to sign up with. However, both Kraken and Coinbase are great alternatives. See Kraken VS Coinbase if you are a US customer.

What is Binance Exchange?

Binance was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands. Binance allows traders from all over the world, but some are restricted countries.

Binance is the largest crypto exchange and trading platform regarding volumes and users. The business also has supporting services for users to earn interest, such as Binance locked staking.

Read more about Binance in our Binance Review.

What is Kraken Exchange?

Kraken is a United States-based and US-regulated cryptocurrency exchange founded in 2011 and headquartered in San Francisco. Kraken is famous for its high security and has never been hacked. Kraken also has staking services where you can earn passive income.

Read more about Kraken in our Kraken review.

Kraken VS Binance Account Security Measures

The table below, we compare KuCoin VS Binance account and login security features. First, we describe them one-by-one

Login Two-factor authentication 2FA: Two Factor Authentication is an extra layer of protection used to ensure the security of online accounts beyond just a username and password. It can be set up via Google Auth, Phone, or Security Key (e.g., Yubikey).

Trading 2FA: 2FA confirmation every time you place an order.

Withdrawal 2FA: 2FA confirmation every time you ask for a withdrawal or whitelist a new withdrawal address.

Whitelist withdrawal addresses: Withdrawals can only be made to preset addresses, and it is a 24h delay to add a new address or change an existing one.

Security Key: Protect your account with a security key (e.g., Yubikey).

Device management: Manage devices allowed to access your account.

Anti Phishing: Protect your account from phishing attempts and ensure that your notification emails are from Binance or Kraken

Crypto Trading Platform Reviews Binance
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Kraken VS Binance Mobile Apps

Binance has all its features in one mobile app, while Kraken has divided its features into two different mobile apps.

Kraken mobile app is the simple form of a crypto exchange with fiat deposit, withdrawals, and spot exchange functions.

Kraken Pro mobile app has all the additional advanced trading features with an order book and limit orders. In addition, all derivative markets are here.

In the table below, we have compared Kraken VS Binance mobile apps regarding the ratings, downloads, and number of votes.

Read more about the Binance iOS and Android app.

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Kraken VS Binance Cold Storage Security

One security measure could be having a large portion of your deposited funds kept in cold storage by the exchange.

Cold storage is a way of holding cryptocurrency tokens offline in contrast to a hot wallet. By using cold storage, cryptocurrency investors aim to prevent hackers from being able to access their holdings via traditional means.

However, all exchanges are not as transparent with this number as Kraken is. 

Kraken Cold Storage: 95% of all deposits are kept in offline, air-gapped, geographically distributed cold storage. 

Binance cold storage: Binance is not transparent about how much they keep in cold storage.

Kraken VS Binance Customer Service

Customer service can be essential for some users. However, the vast majority shouldn’t care about customer support since all the common problems should have been solved with built-in features.

However, at some point, you might have to contact customer service to solve a unique and personal problem. If this situation occurs, we all know how frustrating it can be to come in contact with the right person.

Below we have listed the customer service support options from Binance and Kraken. 

Kraken Customer Service: Kraken offers chat, telephone, and ticket system. This does Kraken the crypto exchange customer service with the most available options.

Binance Customer Service: Binance offers a bot chat where you can get personal help. However, the bot must fail a couple of times before you are offered the option to chat to customer service and talk to a human. 

Kraken VS Binance Country and Coin Support

Binance and Kraken are global crypto exchanges supporting citizens from around the world, with a few exceptions.

Regarded listed cryptocurrencies and markets, Binance is taking the more aggressive approach while Kraken is taking the more careful process. The reason for this is simple. Kraken is focusing on being a regulated exchange and can only present products they believe are within their regulation if tested by law.

Binance, on the other hand, is in a grey zone regarding regulation and slists as many coins they believe they can provide liquidity and make money from. Still, Binance is working close to regulators and believes that crypto regulation is the way to reach mass adoption.

In the table below, you can see the other listings in numbers from Binance VS Kraken.

In our KuCoin VS Binance article, we have listed all supported countries by Binance.

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KuCoin VS Binance Deposits and Withdrawals

Kraken and Binance offer significant deposit and withdrawal methods for fiat currencies.

In the table below, we have listed all the options and the fees associated with each deposit or withdrawal option. Kraken has several SEPA and SWIFT deposits and withdrawal options, and we have only listed the option with the lowest fee.

Crypto Trading Platform Reviews Binance
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KuCoin VS Binance Trading Fees

In the table below, you will find the Kraken VS Binance trading fees. Here, you find

  • Spot markets trading fees
  • Futures markets trading fees
  • Margin trading fees (The trading fees are the same as spot trading, but there is an additional rollover fee or margin interest fee. Also, Binance charges an additional opening fee)
The margin interest rate is given as daily interest. However, Kraken charges the interest rate every 4 hours and Binance every single hour. Binance also updates the margin rates every single hour.
 
Read more about Binance trading fees and also check Binance VS Bybit where we compare two of the best crypto derivative exchanges with regards to fees, liquidity, security, and the number of markets.
Crypto Trading Platform Reviews Binance
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KuCoin VS Binance Staking Rates

Kraken and Binance offer the possibility to stake some cryptocurrencies to earn a yield. While Kraken provides this opportunity to some proof-of-stake networks, Binance Earn has a broader selection of cryptocurrencies.

In the table below, you find a comparison of the APY rates for the different cryptocurrencies to stake at Kraken compared to Binance APY. 

See the full article about Binance locked staking VS Defi with risks analysis.

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