So while both platforms offer two-factor authentication (2FA) and other common security measures, Kraken stands out for its commitment to transparency and safety for the cryptocurrency industry. The outlet also reported that a blockchain forensics firm said, “more funds tied to criminal activity flowed through Binance than any other crypto exchange.” More recently, the Justice Department and the Internal Revenue service disclosed they are investigating Binance for illicit activity, according to Bloomberg. Yet, Binance suffered a large-scale security breach in 2019, resulting in the theft of over $40,000,000 in Bitcoin. But Kraken and Binance have undergone distributed denial-of-service (DDoS) attacks over the years. It’s also important to note that Kraken has been operating since 2013 and hasn’t been hacked. In addition, they perform penetration testing, run a bug bounty program, and undergo a proof-of-reserves audit conducted by a third party. It holds 95% of deposits in air-gapped, geographically distributed cold storage. In contrast, Kraken stands out for its security measures and aims to improve security for the industry as a whole. The company mentions in an article that “Binance only holds a small percentage of coins in its hot wallets,” with the rest in cold storage. For instance, Binance doesn’t dedicate much specific space to disclosing details on its security measures. standards for the know your customer ( KYC) rule, they approach security a bit differently. residents are limited to fewer coins and only USD fiat currency.Īdditionally, both crypto exchanges offer over 100 trading pairs and support popular cryptocurrencies, such as Ether (ETH), Cardano (ADA), Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH), Dogecoin (DOGE), and Monero (XMR). In addition, it accepts many fiat currencies, including USD, AUD, HKD, EUR, GBP, and INR. Some coins are not available to US investors.īinance supports more than 350 coins for international users and several stablecoins like DAI, Tether, and Binance USD (BUSD). It accepts six fiat currencies, including USD, EUR, CAD, AUD, GBP, and CHF. Kraken offers more than 220 coins, including three stablecoins: USD Coin (USDC), DAI (DAI), and Tether (USDT). It’s a premium trading terminal with real-time data and charting. Plus, Kraken offers a standalone platform called Cryptowatch. Kraken offers the Kraken Terminal with advanced charting features for Kraken markets and a robust “Learn” section with videos, tutorials, and a podcast. While global users can access more transaction types and coins, the site feels less limited than Binance. In comparison, Kraken is a U.S.-based exchange where international and U.S. However, both sites offer advanced charting options similar to Kraken. Instead, Binance.US is a pared-down site with an FAQ knowledge base and crypto exchange. residents won’t find details about the Binance Visa Card, have a rewards center for earning crypto, or see the Binance Academy on the Binance.US website. users on Binance but are supported on Kraken.įurthermore, there are stark differences between the Binance and Binance.US sites. However, specific transaction types, such as margin trading, aren’t available for U.S. They offer advanced trading features, allowing investors to place market orders and perform many other types of transactions. Unlike platforms such as Coinbase, Kraken and Binance cater to investors with some trading knowledge. Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. Limits differ based on the cryptocurrency purchased Limit order, market order, stop-limit order, trailing stop order, post only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more wire transferĢFA withdrawal email confirmation, air-gapped cold storage, strict surveillance, precise API key permission control, SSL encryptionĢFA verification, FDIC-insured USD balances, device management, address allowlisting, cold storageīuy, sell, send, receive, exchange, margin trading, limit order, market order, stop-loss limit order, stop-loss market order, futures trading, take profit market order, and more 0% to 0.26% per trade, 3.75% + €0.25 for credit card purchases, and 0.5% for online banking processingĠ.02% to 0.10% purchase and trading fees, 3% to 4.5% for debit card purchases, free Single Euro Payments Area (SEPA) transfer, or $15 per U.S.
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