Binance vs Kraken

Binance discontinued its European Visa card in December 2023 and relaunched in October 2025 as a Brazil-only Mastercard prepaid. No Binance card product serves any market outside Brazil.

Kraken launched the Krak Card for EEA and UK residents - a Mastercard debit with Apple Pay support, zero fees, and integrated yield. Kraken has one published country ban (Philippines).

There is zero market overlap. European users cannot apply for Binance. Brazilian users cannot apply for Kraken. If neither region applies to you, see the full comparison tool for cards in your country.

Binance's 2% headline rate is misleading once fees are applied. Every transaction carries a 0.9% conversion fee, and international purchases add 1-2% FX. Kraken charges 0% across every fee category - no conversion, no FX, no ATM fees from Kraken's side.

Binance loses money on every international purchase. The combined 2.9% in fees (0.9% conversion + 2% FX) exceeds the 2% cashback, producing a -0.9% net loss per transaction. A Brazilian traveler spending $1,000/month abroad loses $108/year on the Binance card.

On domestic BRL spending, Binance nets 1.1% but caps at 250 BRL/month (approximately $45). Annual maximum: roughly $264 at $2,000/month domestic spending. Above $2,250/month, the effective rate drops as additional spending incurs the 0.9% conversion fee with zero cashback offset.

Kraken's uncapped 1% with zero fees earns $360/year on $3,000/month spending - 36% more than Binance's capped $264. When Kraken's 3.6% APY on a $10,000 idle balance is included ($360/year), total annual returns reach $720 - nearly triple Binance's capped maximum.

The fee comparison is stark:

Kraken: 0% FX, 0% conversion, 0% ATM (Kraken-side), $50,000/month spending limit, $1,000/day ATM. 400+ spendable assets.

Binance: 0.9% conversion, 1-2% FX on international, 2 free ATM/month then $1.50 each, approximately $9,000/month spending limit (50,000 BRL). 10 spendable assets.

Kraken's zero-fee structure means every 1% earned in cashback is real. Binance's fee structure means the effective rate on domestic spending is 1.1% (2% minus 0.9% conversion) and turns negative internationally. SpendNode compared net take-home after all fees: a Kraken user earning 1% truly earns 1%, while a Binance user earning "2%" actually earns 1.1% domestically and -0.9% internationally.

Asset support amplifies the gap. Kraken's 400+ spendable assets versus Binance's 10 means Kraken users can spend nearly any token without manual conversion. An altcoin holder with positions across 15 tokens can spend directly from each on Kraken. On Binance, the same user must first consolidate into one of 10 supported assets - adding friction and potentially creating additional taxable events from the conversion.

Both exchanges offer passive income on idle assets, but Kraken's is integrated into the card experience.

Kraken: 3.6% APY on eligible stablecoin and fiat balances in the Krak Everyday account. No lockup period. A $10,000 balance earns approximately $360/year, paid continuously.

Binance: Up to 6.05% APR through Flexible Earn. Users can spend directly from Earn positions without transferring funds first. A $10,000 balance earns approximately $605/year.

Binance's higher yield rate (6.05% vs 3.6%) is its one genuine advantage on paper. But this yield is available to any Binance user regardless of whether they hold the card - it is an exchange feature, not a card feature. Kraken's yield is directly integrated into the card account, making the experience seamless: hold stablecoins, earn yield, spend with cashback, all in one account.

Combined annual returns at $3,000/month spending with $10,000 idle balance:

• Kraken: $360 cashback + $360 yield = $720/year
• Binance (domestic): $264 cashback (capped) + $605 yield = $869/year
• Binance (international): -$324 loss + $605 yield = $281/year

For a purely domestic Brazilian spender, Binance's higher yield partially compensates for the capped cashback. For anyone spending internationally, Kraken dominates despite the lower yield rate.

Assuming Binance's 2% headline rate outperforms Kraken's 1%. The headline rate comparison is misleading. Binance's 0.9% conversion fee reduces the effective domestic rate to 1.1% - only 0.1% above Kraken's 1%. On $3,000/month spending, that 0.1% difference translates to just $3/month ($36/year). But Binance caps at $22/month while Kraken earns $30/month uncapped. Above $2,250/month domestic spending, Kraken's uncapped 1% actually outperforms Binance's capped 2%. How to avoid it: Compare net returns after fees and caps, not headline rates. At the spending levels where most active users operate ($2,000-3,000/month), Kraken earns more annually ($240-360) than Binance's capped $264.

Ignoring ATM fee differences for cash-dependent spending. Binance provides 2 free ATM withdrawals per month, then charges $1.50 each. Kraken charges 0% ATM fees from their side (ATM operator fees may still apply). A user making 8 ATM withdrawals per month saves $9/month on Kraken (6 withdrawals x $1.50). Over a year, that is $108 in ATM savings alone. For travelers or users in markets where cash is common, Kraken's zero-fee ATM policy adds meaningful real-world value that headline cashback comparisons miss. How to avoid it: Factor in your ATM usage when comparing cards. If you withdraw cash more than twice monthly, Kraken's 0% ATM policy is worth including in your total value calculation.

In the EEA or UK: Kraken is your only option between these two, and it is excellent - zero fees across every category, uncapped 1% cashback, 3.6% APY on idle balances, 400+ spendable assets, and Apple Pay support.

In Brazil: Binance is your only option. The 2% domestic cashback nets 1.1% after conversion fees but caps at 250 BRL/month. Reserve it exclusively for domestic BRL purchases - any international spending produces a net loss.

Outlook: Kraken continues to invest in its card program with integrated yield and broad asset support. Binance has not announced plans to expand beyond Brazil, increase the 250 BRL cashback cap, or reduce its conversion/FX fees. The product quality gap is likely to widen in 2026 as Kraken operates within the MiCA framework and potentially adds higher cashback tiers, while Binance remains constrained to a single market with capped rewards.