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Binance vs Kraken. Pros & Cons.

Deciding on the right cryptocurrency exchange trading platform for you can be a difficult process. Because crypto has become such a widespread and globally used phenomenon, many different platforms have popped up in the last few years.

There are some which are reputable and worth using, but there are also many which are pretty much useless. And the unfortunate thing is that there are still minimal resources out there that are providing helpful information in regards to which ones are which.

Binance and Kraken are two platforms that each boast millions of users and have a lot of upsides in regards to their functionality for traders. If you are still mulling over which platform to use, these two should be close to the top of your list.

They each have their own advantages and disadvantages and there are numerous differences in terms of what each platform offers . Let’s look a little deeper into the two platforms and the pros and cons you can expect when dealing with each one.

Binance.

Binance was founded in 2017 by a developer who had been involved in creating high-frequency trading before the rise of crypto. In terms of daily trading volume, Binance is currently the largest exchange in the world .

Despite being such a massive platform, one thing that you will notice about Binance if you use their services is the fees that you can expect for trading. Using the maker-taker fee structure, typically their fees range from 0% to 0.1%.

This really is quite low for a service that is as and widely used as Binance and it’s a huge advantage especially if you are relatively new to trading. Do keep in mind though, that any platform like this is going to have a steep learning curve for beginners and Binance is no exception.

Another huge advantage present is the sheer amount of currencies that are available. Compared to Kraken which as we will discuss below, has 69 different coins, Binance has more than 500 for you to trade with.

There are very few platforms that have as substantial a variety as that. It is important to also note that while this wide range of currencies does give Binance a global presence, ther services for the U.S are quite limited.

Of those 500+ currencies, U.S residents only have access to 47. There is also a different Binance website for Americans which has quite a few less features than the international equivalents.

Margin trading is not available for the U.S, cryptocurrencyreviews.eu there’s no rewards center for earning crypto and the Binance Academy, which is a useful resource for people new to crypto-trading, is unavailable in the American market.

This is unlikely to change any time soon either because Binance still hasn’t acquired the U.S Money Service Businesses license. They just don’t prioritize America and don’t really need to due to their worldwide presence.

In addition, it’s worth considering that Binance had a substantial security breach in 2019 and while every measure has been taken to ensure that doesn’t happen again, they are not quite as transparent with their security measures as one might like.

Wide range of currencies. Trading fees are low. Numerous deposit options. Discounts offered.

Security is not as tight. Limited features for U.S. Unlicensed in America. Buggy mobile app.

Kraken.

Kraken was founded all the way back in 2011 when cryptocurrency was really just getting started and has been operating out of the U.S ever since. Though it obviously doesn’t boast as many users as Binance, Kraken is still one of the top platforms out there for traders.

The main reason why they initially became so successful was because they were selected to provide bitcoin trading data to the Bloomberg Terminal . This is the leading data provider, meaning that a lot of early crypto traders would have been familiar with it and been led to Kraken as a result.

The big advantage that this platform has over Binance is the fact that it is much more widely available to American users. Being a U.S-based company, it is available to all American residents apart from those in New York and Washington.

In this regard, it is a much more enticing platform for Americans but may not have as much international appeal, because it offers trading with a substantially lower number of currencies than Binance.

There are 69 in total, seven of which are fiat currencies. The trading fees are higher than they are for Binance, but still not as high as some of the lesser-known platforms are. They can get as high as 0.26%.

And similar to Binance, it won’t be that easy for new users to get accustomed to but it does offer a very quick and easy verification process, a variety of well-designed and up to date mobile apps and their security is second to none.

Security is something that Kraken takes very seriously and they are constantly looking for ways to improve it and also looking out for new pieces of technology that can enhance security too.

Efficient verification. Widely accessible in the U.S. Fully licensed. Excellent mobile apps.

Not beginner-friendly. Fewer Currencies. Fees are higher. Customer service is lacking.

Verdict.

Both platforms boast a number of advantages, but considering it from every angle I would say that Binance is probably the superior choice overall. The greater number of currencies, the lower fees and the discounts are a huge incentive.

Is Binance Still Safe in 2020?

Is Binance still safe? After $40 million dollars in Bitcoin was stolen from the exchange earlier this year (in addition to several other blunders), people are wondering about the security of their digital assets held on what was once the world’s largest exchange by volume.

A Brief History.

Binance’s rise to cryptocurrency exchange prominence was meteoric.

The world’s largest cryptocurrency exchange by volume; CEO makes the cover of Forbes at height of crypto bubble; The team becomes billionaires; The mighty fall.

It launched in 2017, and by the end of 2018, Binance was the world’s largest cryptocurrency exchange doing more than $500-million-dollars of business… a day. The exchange marketed itself favorably with low trading fees and offered a proprietary coin called BNB. The coin itself had an ROI of 9,000% in the last 2.5 years. Additionally, if you used the coin within Binance’s ecosystem, it allowed users to experience some of the lowest fees in the industry.

Binance’s CEO, Changpeng Zhao, aka CZ also rose to fame. In February 2018 CZ made the cover of Forbes Magazine with the text: “Crypto Overload CZ– Zero to Billionaire in 6 Months.” Before his rise on Binance’s coattails, CZ made his career at the Tokyo Stock Exchange as well as Bloomberg Tradebook, positions he held as a developer of future trading softwares.

So Binance rose so quickly to the top, with its features, and leadership, and numbers… and it’s impenetrable security.

Oh, how the mighty fall.

It was only a matter of time until hackers hit Binance hard. Roughly $40 million dollars in cryptocurrencies were stolen, which was nearly 2% of the coins held by the exchange at the time.

Trust Fades Amidst Despite Some Transparency.

The image that Binance once held as a beacon of safety faded in 2019. While the company has been applauded for its ability to communicate in the past, cryptocurrencyreviews.eu at least by some, even that image is becoming opaque in response to issues discussed below.

That’s not how it always was. Binance’s CEO, Changpeng Zhao, immediately fessed up to the company’s security failure and promised to refund all of the 7000 or so missing Bitcoins. Biance was working toward improving security protocols and it’s smart enough to keep the exact specifics of these implementations secret.

However, the exchange will forever be in the crosshairs of cybercriminals looking for both massive bucks and bragging rights. No matter the security measures Binance implements, they won’t be able to get around sophisticated phishing techniques in which users mistakenly give hackers their information.

Other Risk Factors.

One of the major risks of using Binance as your exchange today is the improved Two-Factor Authentication (2FA) locking users out of their own accounts. That’s the last thing you want when you go to sell your cryptos at what could be the high of the month. While Binance made slight improvements, it seems like whatever security improvements it has made were overzealous because the end result is that the 2FA still rejects user login attempts.

This was around the same time complaints started to surface about the slowed and seemingly non-existent response to the 2FA issues. Bad customer service can cost you thousands of dollars in the lightning-fast world of crypto.

The Binance Office Issue.

Another point to consider when evaluating how safe Binance is the stability of Binance’s offices. They have been running from regulators, switching locations from Shanghai to Tokyo to Taipei to Malta, all in the space of a year and a half. Rumors swirled on the offices closing for good, and although closure rumors appear to be unsubstantiated, all of this affected the crypto market.

The amplifying uncertainty, even if it’s unsubstantiated at times, on top of the hopping around for headquarters more than once in the short two-year history leaves the world wondering, “Is Binance safe?”.

It has gone from a #1 ranked exchange on many crypto news networks to not even scraping the bottom of the top 10.

It’s not all Binance’s fault and, as an exchange, they have done a tremendous amount to make trading digital assets cheaper, more profitable, and more accessible. They are not scammers either, they were a reputable and trusted company that now has a damaged reputation, unlike, for instance, OneCoin – which was a full-on Ponzi Scheme.

Binance is Not Alone.

Binance is not alone in its challenges. It will be a glorious day for us all when a top crypto exchange deflects all attacks from hackers forever. Every major credit card company faces fraud and cybercrime on a daily basis, digital stock exchanges are susceptible to attack – Robinhood even admitted to storing user login info in unencrypted areas where hackers could easily access it- and we all hear about know about how titanic companies like Sony and Visa are compromised regularly.

If you truly want your digital assets to be secure, you CANNOT store them in a hot wallet on an exchange .

Anyone asking themselves “is Binance still safe” who keeps a large portion of their portfolio in another exchange may fall prey to a phishing scheme or a virus.

For example, CryptoShuffler steals key information about addresses from cached copy paste clipboards. Investing in a hardware wallet like Ledger Nano S, which costs less than a night on the town, will secure your cryptos better than any exchange. Be sure to keep copies of your seed keys and other valuable information for emergencies. Of course, keeping your wallet offline adds unwanted time to facilitating transactions. There is always a trade-off.

In Closing.

The fact that people around the globe are even asking is Binance still safe means they have lost consumer trust, and despite this industry being about trustlessness, trust is still paramount. If you are going to use a hot wallet on a crypto exchange, be sure you only keep an amount you can live with losing to hackers. Choose an exchange you can stand by.

Binance Review in 2020 – A Trading Exchange with Features.

I wrote a Binance review in 2020 and see what news under the hood.

The beauty of the crypto world is the possibility to trade 24 hours a day whenever you want. It is the beauty to be part of this realm and feel the excitement of the trading game.

One of the most successful and innovative companies is Binance where they always bring additional features. It is important to have an edge toward your competitors and satisfy your current customer base.

Right away, one of the main pages, you see the sexy sentence the world’s leading cryptocurrency exchange .

The core business of Binance.

The core business is exchange, purchase, and sell different cryptocurrencies. One of the best advantages of Binance is the amount of liquidity available on the platform.

The main pairs available to trades are:

BNB (Native crypto of Binance) BTC (The king of all crypto) Ethereum Tron XRP.

They go beyond crypto, and they support the following fiat pairs.

USDT BUSD TUSD USDC PAX and many more…

Right off the box. You can trade in crypto completely or fiat if you prefer stability and predictability.

The trading choices available.

Wow, can you imagine, right off the box, you have many ways you can trade on the platform! Normally, a traditional crypto exchange provides only one boring interface where you buy or sell.

Binance offers 5 ways to trade, I believe you will find one that will benefit your trading style.

Basic.

A simple interface that is seamless and intuitive where you can swap your crypto on the current market price.

An important factor is each trade has a minimum and you need to pay attention to this requirement. With bitcoin, the minimum is 0.002.

You can use this method if you are looking for a quick way to swap cryptocurrencies in one transaction.

Classic.

If you are looking for the original interface of Binance you need to select the classic mode. This was the interface of when they launched their trading exchange.

You can access the trading interface of Trading View and use the indicators you enjoy.

You can set buying and sell with the following features:

Limit Market Stop-limit.

You can access more advanced features like trading on Margin and Futures .

Advanced.

If you want to be like a professional poker player and have access to all the tools for trading. The advanced mode is for people who want to have access to all features under one roof.

If you are an enormous whale and you want to avoid making a panic or a tsunami in the market. You have the option to use the OTC and request a quote.

What you need to know about this method is you trade behind the trading platform. Normally, the people who use this method is people or institution who want to buy an enormous chunk in one shot.

It is convenient, and both parties can come to an agreement quietly without making noise.

The last method that you can use is to trade freely on their app with this option.

I need to explore this feature and seem an interesting one.

You have more information on this link .

Buy crypto section.

A fundamental action people like is to buy crypto easily without hassle along the way. Even today, some crypto remain in obscure trading exchange hard to get through.

Binance makes your experience easy and convenient for buying crypto immediately. They offer tree methods and I believe you might find one that works for you.

Credit card/Debit card.

What is the faster way to buy something? Is it with a credit card. You enter your number and personal info, then you have your item or service that is coming in the pipe.

This method is not working for everyone, in Canada as an example, banks blocks buying crypto with a credit card.

At least the majority can use this method. You can have your crypto at the speed of light.

P2P .

If you prefer the old way to transfer money and buy or sell crypto, you can with your bank account. The best part is you open order on the market and waits for people to transact with you.

It does not seem instant transactions but convenient for some people to transact with their bank account.

Third-party payment.

Or if you prefer to rely on a third party to make your transaction, Binance offers this option. Do not forget you transact outside of the trading exchange if you choose that method.

The advantage I believe if you are intending to send and receive money in your bank account.

What I like about Binance.

Many people believe it is the Amazon of crypto that explodes since 2017. Instead, to remain a boring trading exchange with no additional features on the pipe.

Each month you heard unfamiliar things that Binance brings or intends to build. I love a company that tries to innovate and differentiate from their peers.

Instead, to make a complete article of all the features, cryptocurrencyreviews.eu I will cover them in future articles on this blog.

Conclusion.

If you are looking for a trading exchange that offers a variety of crypto to buy and sell. Binance is the place to go and they support a variety of pairs in fiat, stablecoins, and crypto.

Maybe you are a speculator or trader looking for a trading exchange with tremendous liquidity. This one is for you and because they almost always on the top of the trading volume.

I hope you enjoyed my Binance trading exchange review in 2020. Now take action and create your account and to go trade immediately!

Chesatochi.com – Love of crypto and coffee .

PS: I am not a financial adviser, and this is only my opinion. Always do your own research before embracing investment in the crypto space .