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Binance vs. Kraken: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

In this comparison of Binance and Kraken, two popular cryptocurrency exchanges, we will evaluate their features, mobile and desktop trading capabilities, security measures, compliance in Canada, customer support, and more. While both exchanges prioritize security and offer user-friendly mobile apps, Binance boasts a wider range of cryptocurrencies and higher customer ratings, while Kraken provides additional features like staking and futures trading. Now, let’s explore the specifics in greater detail to assist you in making a well-informed decision.

Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Kraken.


Binance was founded in 2017 and is based in Malta. It averages $2 billion in daily volume and executes 1.4 million transactions per second. Canadians can purchase and trade hundreds of different coins with advanced order types. Binance stopped operating in Canada in July 2022.

Kraken is a Canada-friendly, but US-based crypto exchange that has been operating since 2013. Kraken has a strong reputation due its security and compliance with US regulations. Kraken aims to accelerate mass adoption of cryptocurrency and offers a wide range of coins.


400+ including BTC, ETH, XRP, DOGE, USDT



0.1% to 0.02% buy fee depending on VIP level

  • nstant buy incurs a 1.5% fee (0.9% for stablecoins) plus: 
  • 3.75% and€0.25 card processing fee or,
  • 3.75% + €0.25 digital wallet processing fee or,
  • 0.5% online bank transfer fee


  • Good for Canadians looking to buy and trade altcoins
  • DEX/P2P trading
  • Advanced order types
  • Margin trading
  • Derivatives and futures trading
  • Stock token trading
  • 400+ coins
  • Low fees
  • Simple or advanced interface
  • Wide range of coins
  • High fees when not using Pro
  • Good for beginners
  • Free CAD deposits
  • Advanced tools with the Pro platform
  • Staking


  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • No Interac e-Transfer
  • Deposits can take 1-5 business days
  • Extremely high trading fees
  • Tend to freeze accounts for no apparent reasons
  • Slow support

Account Limits



Methods to buy

Credit/debit, SWIFT bank transfer with USD

  • Wire transfer
  • Debit card


2FA, coins held in cold storage with multi-signature wallets, KYC verification process

  • 95% of coins held in cold storage
  • Servers monitored 24/7 by armed guards
  • 2FA available
  • Confirm withdrawals via email
  • Fully Audited

Mobile and Desktop Trading

Binance and Kraken both offer user-friendly mobile apps for iOS and Android devices. Binance's mobile application boasts an impressive rating of 4.7 stars on the App Store and 4.4 stars on Google Play, reflecting highly positive feedback from users.

Kraken's app, on the other hand, has a 4.3-star rating on Google Play and a 4.7-star rating on the App Store. Both exchanges provide intuitive interfaces and essential features for trading on the go.
In terms of desktop trading, both Binance and Kraken offer robust platforms with advanced charting tools, order types, and order book data. Users can access these platforms through their web browsers, ensuring a seamless trading experience on desktop devices.

Binance Canada

Binance has a rating of 4.6 stars on the Apple App Store with 22,000 ratings. On Google Play, it has 4.5 stars with 271,000 ratings.

Binance’s app allows its users to switch between the Lite and Pro interfaces making it suitable for both beginners and experienced traders.

Binance’s app interface also closely resembles its desktop counterpart, though, at first glance, it does not seem as user-friendly and intuitive as Coinbase. Binance offers its users multiple ways to purchase crypto depending on the type of trade you want. On its desktop platform, you can select “Convert” for a quick debit or credit purchase, or “Classic” or “Advanced” for more trading types.

Binance desktop platform (Convert)

Binance Convert

Binance desktop platform for advanced users

Binance Advanced

Binance Lite App for beginner users view

Binance Lite App for beginner users

Binance Advanced mobile view for Canadians

Binance App for advanced users


Kraken's app is well-designed and offers tools for both beginners as well as advanced tools for more experienced traders.

Kraken has an “Instant Buy” option, where users can purchase crypto in seconds with their card or from funds in their fiat wallet. Instant Buy, while convenient, incurs high fees. There is a standard purchase fee plus an additional fee depending on the method of payment. Still, the Instant Buy option is suitable for beginners and is easy to navigate.

Kraken Pro has more reasonable fees based on the maker/taker method. However, the interface could be confusing for beginners. It shows advanced charting and offers more trading tools and order types.

Kraken’s mobile app has a 4.5-star rating from 3000+ reviews on the Apple App Store and a 2.2-star rating from over 13,000 reviews on Google Play. A lot of users say the app has trouble loading, certain funding or purchase options are unavailable and it is generally not user-friendly.

Kraken desktop interface

Kraken desktop interface

Kraken Pro screenshot

Kraken Pro Trading view

Kraken app interface #1

Kraken app interface

Kraken app interface #2

Kraken app interface while trading

Security Compliance

Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.

As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

Both Binance and Kraken prioritize security measures to safeguard user funds. Binance implements various security protocols, including cold storage for the majority of digital assets, encrypted account information, two-factor authentication, and bug bounty programs.

Kraken also employs cold storage for over 95% of assets, account encryption, two-factor authentication, and advanced security features like time locks. While both exchanges have strong security measures in place, it's worth noting that Binance has a larger user base and a longer operating history.

Regulatory Compliance

Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type. 

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

Both Binance and Kraken operate in Canada, but the level of compliance varies. Binance has faced regulatory challenges in Ontario and is not available in the province due to the Ontario Securities Commission's restrictions. However, Binance operates in other provinces of Canada and adheres to relevant regulations. Kraken, on the other hand, is accessible to Canadians in various provinces and complies with Canadian laws and regulations governing cryptocurrency exchanges. Canadian federal organizations such as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) monitor compliance in the country's cryptocurrency industry. While the specifics of their involvement may differ between exchanges, both Binance and Kraken are expected to comply with federal regulations and cooperate with relevant authorities.

Customer support

Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

Both Binance and Kraken provide customer support options to assist their clients. Binance offers 24/7 live chat support, email support, and a comprehensive help center on its website. Kraken also offers 24/7 live chat and email support, along with phone support available in the USA, UK, and European Union. Users of both exchanges can access helpful resources, troubleshoot issues, and receive assistance from knowledgeable support teams.


Both Binance and Kraken are reputable crypto exchanges, each with its own strengths. Binance offers a wider selection of cryptocurrencies, higher customer ratings, and a more extensive global presence. Its user-friendly platforms and robust security measures make it a preferred choice for many traders.
Nevertheless, it is crucial to take into account your individual requirements and preferences while selecting a crypto exchange. Ultimately, while both exchanges are good options, Binance emerges as the winner due to its broader range of offerings and strong reputation in the industry.

Initially, we recommended choosing Binance over Kraken for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Kraken.

If you find that neither Binance nor Kraken meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.


Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.