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Binance VS Kraken Exchange – Mobile Apps and Security Measures

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Welcome, in this article we put Binance VS Kraken desktop exchange and mobile apps. In addition, we compare security measures, deposits, withdrawals, supported markets, trading volumes and much more.

What is Binance Exchange?

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

Binance is the largest crypto exchange and trading platform in terms of volumes and users.  The exchange 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 high security has never been hacked. Kraken also have staking services where you can earn passive income.

Read more about Kraken in our Kraken review.

 

Kraken VS Binance Account Security Measures

In the table below, we comapre 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 setup via Google Auth, Phone or Security Key (e.g. Yubikey).

Trading 2FA: 2FA confirmation every time you are placing 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.

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 their features in one mobile app while Kraken has divided their features into 2 different mobile apps.

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

Kraken Pro mobile app have all the additional advanced trading features with 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.

Crypto Trading Platform Reviews Binance

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Kraken VS Binance Cold Storage Security

One security measure cold be have large portion of your deposited funds are kept in cold storage by the exchange.

Cold storage is a way of holding cryptocurrency tokens offline in contrast to 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 very important for some users. However, for the vast majority they should’t have to care about the customer support since all the common problems should have been solved with built-in features.

However, at some point you might to have to contact the 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 is offering chat, telephone and ticket system. This makes Kraken the crypto exchange customer service with most available options.

Binance Customer Service: Binance is offering a bot chat where you can get personal help as well. 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

Both Binance and Kraken are global crypto exchanges supporting citizens from all 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 approach. 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 list as many coins they believe they can provide liquidity in and make money from. Still, Binance are working close to regulators and believe  that crypto regulation is the way to reach mass adoption.

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

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

Crypto Trading Platform Reviews Binance

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KuCoin VS Binance Deposits and Withdrawals

Both Kraken and Binance are offering great 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. Note that 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 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 a daily interest. However, Kraken charges the interest rate every 4 hour and Binance every single hour. Binance also updates the margin rates every single hour.
 
Read more about Binance trading fees.

Crypto Trading Platform Reviews Binance

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The post Binance VS Kraken Exchange – Mobile Apps and Security Measures appeared first on Cryptocointrade.

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