Binance vs Kraken: Honest Comparison for 2025 (UK)
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Updated 12/02/2025
Quick Answer: Which Broker is Right for You?
Binance is best for low fees, vast crypto options, and advanced trading features. Kraken wins in regulation, security, and customer support. I personally use both, depending on the need: Binance for active trading, Kraken for security and peace of mind.
New UK Users should choose Kraken.
Binance Geographical Restrictions UK Update (October 2023)
According to a Binance Square post dated October 16, 2023, Binance stopped accepting new UK users as of October 16, 2023, at 5 PM UK time.
🔴 Binance is no longer accepting new UK users.
As of October 16, 2023, at 5 PM UK time, Binance stopped accepting new customers in the UK due to FCA compliance issues.
⚠️ If you don’t already have a Binance account, you can no longer sign up in the UK.
✅ Existing UK users can still trade, but:
- GBP deposits are no longer supported (withdrawals may still work).
- UK banking restrictions make it harder to use Binance.
- UK traders may need workarounds like crypto transfers from other exchanges.
💡 If you’re a new UK user, Coinbase is your best option.
Binance
- Copy Trading
- User Friendly Platform
- Trusted Brand
- 30 Million+ Users
Kraken
- Low-Cost Trading
- Advanced Research Tools
- Global Market Access
- Low Forex Spreads
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
I’ve used both Binance and Kraken for years, navigating their quirks and advantages firsthand. Binance has been my go-to for quick trades and altcoin access, while Kraken feels like a safe harbour for long-term holds. In this guide, I’ll share my personal experiences, comparing their strengths, weaknesses, and what UK users should know before choosing one.
Binance vs Kraken: Overview Comparison
| Feature | Binance | Kraken |
|---|---|---|
| Regulation | Not FCA-regulated | FCA-regulated |
| Security | Strong, but past security breaches (2019) | Strong, no major breaches, Proof of Reserves |
| User Experience | Advanced, feature-rich, may be overwhelming for beginners | Simple, beginner-friendly, intuitive UI |
| Trading Fees | Lower fees (0.1% standard, 0.075% with BNB discount) | Slightly higher fees (0.16% standard) but transparent |
| Supported Cryptos | 350+ cryptocurrencies | 200+ cryptocurrencies |
| Fiat Support | GBP deposits/withdrawals available but can be unreliable | Strong GBP deposit/withdrawal support via Faster Payments |
| Mobile App | Powerful but cluttered | Clean and easy to navigate |
| Customer Support | Live chat & support tickets, but mixed reviews | Well-rated customer support, more responsive |
| Best For | Active traders, low-fee trading, altcoin variety | Long-term investors, security-conscious traders, fiat transactions |
Key Differences:
- Fees: Binance offers lower trading fees, especially with BNB discounts.
- Regulation & Security: Kraken is FCA-registered, while Binance has faced UK compliance challenges.
- User Experience: Binance is powerful but complex. Kraken is simpler and beginner-friendly.
- Supported Cryptos: Binance offers 350+ coins, Kraken around 200+.
- Fiat Support: Kraken provides better GBP deposit/withdrawal options.
Recommended For:
- Binance: Low fees, extensive crypto selection, and advanced traders.
- Kraken: Regulated security, beginner-friendly experience, and strong customer support.
Key Metrics: How Binance and Kraken Compare
Account Types
| Account Type | Binance | Kraken | Verification Process | Best for |
|---|---|---|---|---|
| Personal Accounts | Yes | Yes | Quick, but ID required | General users |
| Business Accounts | Yes | Yes | More rigorous documentation | Companies & institutional investors |
| Margin Trading | Yes | Yes | Requires additional approval | Experienced traders |
| Futures Trading | Yes | Yes | Requires knowledge test | High-risk traders |
| Staking | Yes | Yes | Automatic | Passive income seekers |
Binance’s account setup felt faster, but Kraken’s verification process was smoother. Binance’s sheer variety of account types can be overwhelming, while Kraken keeps things simpler.
Available Cryptocurrencies and Trading Products
| Feature | Binance | Kraken |
|---|---|---|
| Cryptocurrencies | 350+ | 200+ |
| Futures Trading | Yes | Yes |
| Margin Trading | Yes | Yes |
| Staking | Yes | Yes |
| Fiat Trading Pairs | Yes | Yes |
Binance wins in sheer number of trading pairs and altcoins. However, Kraken’s selection includes all major cryptos and focuses on quality over quantity.
According to Statista, Binance accounted for over 60% of global crypto trading volume in 2024, while Kraken retained a strong foothold among security-conscious investors in the UK and EU.
Detailed Fee Comparison
A full breakdown of trading fees, withdrawal costs, and discounts to help you choose the best exchange.
| Fee Type | Binance | Kraken |
|---|---|---|
| 🔹 Spot Trading Fees | 0.10% Maker / 0.10% Taker (Standard) | 0.16% Maker / 0.26% Taker (Standard) |
| 🔹 Futures Trading Fees | 0.02% Maker / 0.04% Taker | 0.02% Maker / 0.05% Taker |
| 🔹 Fiat Withdrawal Fees (GBP) | £1.00 (Faster Payments) | £1.95 (Faster Payments) |
| 🔹 Crypto Withdrawal Fees | BTC: 0.0005 BTC | BTC: 0.0002 BTC |
| ETH: 0.0012 ETH | ETH: 0.0005 ETH | |
| USDT (ERC-20): $10 | USDT (ERC-20): $5 | |
| 🔹 Fee Discounts & Incentives | 25% discount when paying with BNB | Volume-based trading fee discounts |
| VIP tiers with lower fees | Kraken Pro fee reductions |
💡 Key Takeaways:
- Best for Low Trading Fees: Binance, especially with BNB discounts.
- Best for Lower Withdrawal Costs: Kraken, with cheaper BTC, ETH, and USDT withdrawals.
- Best for Transparency: Kraken, with simple fee structures and no hidden costs.
📌 Pro Tip: If you trade frequently, use Binance + BNB for savings. If you prioritize fiat transactions or low withdrawal fees, Kraken is the better option.
Would you like to see a VIP tier comparison for Binance and Kraken? 🚀
Fee Discounts & Incentives
Binance Fee Discounts
- BNB Discount: Holding and paying fees with BNB (Binance Coin) reduces trading fees by 25%.
- VIP Levels: Higher trading volume leads to tiered fee reductions.
Kraken Fee Discounts
- Volume-Based Discounts: Kraken lowers fees for high-volume traders based on a 30-day trading history.
- Kraken Pro: Users with large orders get reduced maker-taker fees.
📌 Pro Tip:
- Active traders should use Binance + BNB for lower fees.
- Occasional traders may find Kraken’s fee transparency + lower withdrawal costs more appealing.
Regulatory Considerations
Kraken is generally more reliable for GBP transactions due to its stronger regulatory standing. Binance has faced intermittent issues with UK banking partners, making Kraken the better choice for fiat transactions.
The Financial Conduct Authority (FCA) has increased scrutiny on Binance’s UK operations, affecting some fiat deposit options.
Customer Support: Binance vs Kraken
When choosing a crypto exchange, customer support can be crucial—especially during market volatility or when resolving account issues. Here’s how Binance and Kraken compare:
Binance Customer Support
- Availability: 24/7 support via live chat and a ticketing system.
- Support Channels: No phone support, but offers a chatbot, FAQs, and community forums.
- Response Time: Varies—live chat responses can be instant but ticket resolutions may take 24-48 hours.
- VIP Support: High-volume traders get priority service and dedicated account managers.
🔹 Common Issues: Some users report delayed resolutions for fiat withdrawal problems and security verifications.
Kraken Customer Support
- Availability: 24/7 live chat and email support.
- Support Channels: Unlike Binance, Kraken offers phone support (available for select regions).
- Response Time: Live chat is typically fast (under 5 minutes), while email responses take 12-24 hours.
- Premium Support: Kraken Pro users receive priority service.
🔹 Areas for Improvement: Kraken’s phone support is not available worldwide, and some users have reported slow ticket responses during peak times.
Customer Support Verdict
- Best for Immediate Help? Kraken – Live chat & phone support offer faster responses.
- Best for VIP & High-Volume Traders? Binance – Priority service for large accounts.
- Most Reliable for UK Users? Kraken – FCA-compliant with better fiat support.
📌 Pro Tip: If customer support is a top priority, Kraken’s phone support and quicker chat responses give it an edge, though Binance’s VIP services cater well to experienced traders.
Safety & Regulation
Kraken is fully FCA-regulated, providing an added layer of compliance and oversight for UK users, while Binance does not hold FCA approval and has faced regulatory challenges in the UK and other jurisdictions.
Both exchanges support two-factor authentication (2FA), ensuring an extra layer of protection for user accounts. However, Kraken goes a step further by implementing Proof of Reserves, meaning customer funds are verifiably backed 1:1, enhancing transparency and security.
In terms of past security incidents, Binance suffered a major breach in 2019, losing approximately $40 million worth of Bitcoin due to a hacking attack. The exchange fully reimbursed affected users, but the event raised concerns about its security protocols. Kraken, on the other hand, has never been hacked, making it one of the most secure exchanges in the industry.
Kraken is FCA-compliant, meaning it follows strict UK financial regulations. Binance, on the other hand, has faced regulatory challenges in multiple jurisdictions, including the UK.
If security and regulatory compliance are your top concerns, Kraken is the safer choice. Binance has improved its security, but Kraken’s transparent approach provides extra peace of mind.
Platform & User Experience
Mobile App Experience
Binance: The Binance mobile app is packed with features, making it a powerful tool for experienced traders but potentially overwhelming for beginners. The app provides advanced trading charts, futures trading, staking, and DeFi options, all in one place. However, with so many functionalities, the user interface can feel cluttered, and navigating between different sections can be confusing, especially for those new to crypto trading. Additionally, some UK users have reported occasional app crashes and slow load times during periods of high market volatility.
Kraken: In contrast, Kraken’s mobile app offers a clean, minimalist design that prioritises usability. It’s ideal for beginners and long-term investors, with an intuitive layout that makes it easy to buy, sell, and hold cryptocurrencies. The app focuses on simplicity and reliability, with a smooth onboarding process, straightforward order placement, and responsive navigation. While it lacks some of Binance’s advanced tools, Kraken’s mobile app is more stable and user-friendly, making it a great option for those who prefer an uncluttered trading experience.
Desktop Trading Experience
Binance: Binance’s desktop platform is designed for active traders and professionals. It features advanced charting tools, multiple order types, real-time market data, and deep liquidity. The interface is customisable, allowing traders to set up their workspace with different chart views, order books, and technical indicators. While the depth of features is a major plus for seasoned traders, beginners may find it intimidating due to the complex interface and steep learning curve. Additionally, Binance offers multiple versions of its platform, such as Binance Lite and Binance Pro, to cater to different experience levels.
Kraken: Kraken’s desktop platform is more straightforward and prioritises ease of use over complexity. The interface is streamlined, with a simple trading dashboard that includes market prices, order placement options, and basic charting tools. While it lacks some of Binance’s high-frequency trading features, it makes up for it with a more intuitive design, strong security measures, and a seamless trading experience. Kraken also offers Kraken Pro, which provides more advanced charting tools and order types for experienced traders, while still maintaining a user-friendly layout.
User Experience Summary
| Feature | Binance | Kraken |
|---|---|---|
| Mobile App Complexity | High (Best for experienced traders) | Low (Best for beginners) |
| Desktop Interface | Advanced | Simple & clean |
| Customisation | Yes | No |
| Charting Tools | Yes | Yes |
Binance is better for experienced traders who need deep customisation, while Kraken provides a smoother experience for casual investors and long-term holders.
Conclusion: My Final Thoughts on Binance vs Kraken
After using both Binance and Kraken extensively, I see them as complementary platforms rather than direct competitors. Binance is unbeatable for low fees, altcoin variety, and advanced trading features, but it comes with regulatory uncertainties in the UK. Kraken, on the other hand, is the safer and more compliant option, making it a better choice for long-term investors and those who prioritise security.
If you’re looking for an all-in-one solution, I’d recommend using both – Binance for active trading and Kraken for secure holdings and fiat transactions.
Trade Smarter, Not Harder
To maximise benefits, consider the following approach:
- Use Binance for frequent trades and access to emerging cryptocurrencies.
- Use Kraken for holding assets securely and reliable fiat on/off-ramps.
- Always enable security measures like 2FA and hardware wallets for added protection.
By leveraging both platforms strategically, you can enjoy the best of both worlds while mitigating risks.
Investing Made Social
- Copy Trading
- User Friendly Platform
- Trusted Brand
- 30 Million+ Users
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
FAQs
Yes, but some fiat services are restricted due to UK regulations. UK users can still trade crypto, but certain GBP deposit and withdrawal options may be limited.
Yes, Kraken’s FCA compliance, Proof of Reserves, and strong security measures make it an excellent choice for long-term holdings compared to Binance.
Binance generally has lower trading fees, especially when using BNB for discounts. Kraken’s fee structure is more transparent but slightly higher.
Kraken is safer due to FCA regulation and Proof of Reserves, ensuring that customer funds are backed 1:1. Binance has improved security but still faces regulatory concerns.
- Kraken: Faster withdrawals, usually processed within hours via Faster Payments.
- Binance: Varies, with occasional delays due to regulatory issues in the UK.
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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
