When comparing Kraken vs Binance, the Slant community recommends Kraken for most people. In the question“What are the best ways to buy/sell bitcoin?” Kraken is ranked 4th while Binance is ranked 7th.
Ranked in these QuestionsQuestion Ranking
Pros
Pro Comparatively safe base coin
You can easily transfer in almost any current coin, no matter how volatile, and transfer it to the relatively stable BNB token.
Pro Protection
Binance has many unique proprietary methods for combating fraud. Including protecting users from bad coins. While rare, problem coins are delisted extremely quickly.
Pro Every major coin
And most minor ones. Excluding fraud and bankruptcy, it’s easy to get listed and very difficult to get delisted.
Pro Comparatively save base coin
You can easily transfer in almost any current coin, no matter how volatile, and transfer it to the relatively stable BNB token.
Cons
Con Regular outages
Con Poor customer support
There are many cases of people complaining on Reddit about not getting responses from customer support for weeks at a time.
Con Impossible KYC
It's almost impossible to validate your identity and do the KYC
Con Overwhelming and confusing
The extreme volume of both trading options and supported currencies, combined with poor help, makes it overwhelming for beginners.
Con BYOC (Bring your own coins)
Binace does not have a fiat to currency system. The only way to trade on binance is to buy their private currency, or deposit crypto from other wallets/exchanges at a fee.
Con No buy in
Binance does NOT offer direct fiat to crypto transactions. You can only buy into the binance currency, which you then trade for other coins.