Kraken and Binance are two of the most popular cryptocurrency exchanges out there. They both offer a great platform for buying, selling, and trading cryptocurrencies. But which one is safer?
Let’s take a look at the security features of each exchange.
Kraken has implemented multiple layers of security, including 2-factor authentication (2FA), IP address whitelisting, and withdrawal limits. 2FA adds an extra layer of security by requiring users to enter a code from their phone every time they login.
IP address whitelisting means that users can only login from approved devices. And withdrawal limits prevent users from withdrawing large amounts of money all at once.
Binance also has 2FA and withdrawal limits in place. In addition, they have implemented what’s called the SAFU Fund.
This fund is used to reimburse users if their account is hacked or if there are any other security breaches.
So, which exchange is safer? Both Kraken and Binance have implemented multiple layers of security. However, Binance has the added benefit of the SAFU Fund.
This fund protects users in the event of a hack or security breach. So, if safety is your main concern, Binance is the better choice.