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Highlights
- Kraken is a US-based global cryptocurrency exchange founded in 2011.
- Binance is a leading crypto exchange founded by Changpeng Zhao in 2017.
- However, unlike Kraken, Binance offers more cryptocurrencies for trading.
The global crypto market has been fast evolving with technological innovation and investment.
As the industry continues to expand, new crypto coins are entering the market at a rapid pace. Similarly, crypto exchanges are upgrading their platforms to keep up with the demand.
New opportunities and high returns are drawing more investors to the industry. The year 2021 has been significant as it saw the market touching US$2 trillion in August for the first time.
Crypto exchanges Binance and Kraken also have been in investors' limelight. Here we discuss the two exchanges to understand their unique features and services.
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Kraken
Kraken is a US-based global cryptocurrency exchange founded in 2011. It offers crypto trading, staking, and services to individual customers and institutions globally.
The firm offers three major platforms for trading:
- Kraken mobile app
- Kraken Pro mobile app
- Kraken Futures app
Currently, over 80 cryptocurrencies can be traded in the exchange. In addition, it provides a wide range of options for individual traders for personal crypto investment accounts. However, Kraken crypto apps are not available for New York and Washington residents.
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For the funding accounts, Kraken lets its users pay through fiat currencies or cryptocurrencies. It also provides margin accounts, futures trading, and OTC trading through its platform.
Besides, Kraken provides rewards to passive traders for staking cryptos and fiat currencies. And it doesn't have any wallet.
Source: Pixabay
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Binance
Binance is a leading crypto exchange founded by Changpeng Zhao in 2017. It is registered in the Cayman Islands. The company has high-frequency trading software.
Besides crypto trading, Binance provides a range of services for individual traders and institutions, which includes:
- Futures trading
- Margin trading
- Binance Academy is an educational resource for beginners
- NFT services
However, unlike Kraken, Binance offers more cryptocurrencies for trading – a primary reason for its popularity among traders looking for more coin and token variety to trade.
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Its trading services include:
- Peer-to-peer transactions
- Classic Binance trading interface
- Advanced trading platform
- Over-the-Counter trading portal
However, US users do not have access to main Binance platform, but they can use the country-specific platform. Although the US platform offers fewer assets than its original platform, it still provides various features for individuals and institutions.
Binance also offers crypto loans. Big traders can use its Visa cards for purchasing items globally.
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Bottomline
The global crypto market is currently worth around US$1.9 trillion. Both Binance and Kraken exchanges have caught traders' attention due to their unique and innovative features. For instance, their easy-to-use interface and trading platforms were drawing new users. However, traders should evaluate the companies and crypto assets carefully before investing in them.
