Kraken and Coinbase are two of the most popular crypto exchanges in the world. Kraken was founded in 2011 and is based in San Francisco, while Coinbase was founded in 2012 and is also headquartered in San Francisco. Both exchanges offer a platform for buying, selling, and crypto exchange.
This comparison aims to provide an overview of the features, fees, and customer support offered by Kraken and Coinbase. It is intended to help potential users understand the differences between the two exchanges and decide which is best suited to their needs. The comparison review will cover various topics, including user interface, supported countries and currencies, payment methods, security measures, fees and costs, availability of crypto assets, customer support, and reputation and trust.
By comparing these two exchanges, users can decide which exchange offers the best features, fees, and customer support for their needs. Whether you are an occasional trader or just getting started with crypto coins, this comparison will provide a valuable resource for making the right choice.
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Contents
- What is Kraken?
- What is Coinbase?
- Kraken Vs Coinbase: Features of The Crypto Exchanges
- Kraken Vs Coinbase: Fees and Costs
- Kraken Vs. Coinbase: Availability of Cryptocurrencies
- Kraken Vs Coinbase: Customer Support
- Kraken vs. Coinbase: A Comparison of Trading Volume
- Kraken Vs Coinbase: Reputation and Trust
- Kraken vs Coinbase: Advanced Trade
- Kraken vs Coinbase: Pros and Cons
- Bottom Line
- FAQs
What is Kraken?
If you’re interested in more severe crypto trading, Kraken and Coinbase offer advanced trading platforms beyond basic exchanges’ capabilities. These platforms are designed for experienced traders who need advanced features for informed decision-making and successful trades.
Kraken Pro provides users access to candlestick charts, additional research and analysis, and a more comprehensive range of trade order types, including take profit and stop loss. This enhances the trading experience and helps traders make informed decisions based on market trends and analysis.
Similarly, Coinbase Advanced Trade also offers advanced charting capabilities, providing users with more information and various order types. This allows traders to make informed decisions based on the latest market trends and price movements and to trade with greater precision and confidence.
In summary, Kraken Pro and Coinbase Advanced Trade offer advanced trading capabilities that cater to experienced traders who are serious about crypto assets investing. These platforms provide a wealth of information, tools, and useful features, enabling traders to make informed decisions, increase their chances of success, and achieve their investment goals.
What is Coinbase?
Coinbase, established in 2012 and located in San Francisco, California, has recently become a publicly traded company with shares listed on the NASDAQ. Targeting more conventional crypto asset traders, the platform strongly emphasizes Bitcoin Cash and Ethereum. It offers a user-friendly experience but with higher fees than other exchanges.
When using Coinbase, fees are calculated as the higher of either a flat fee based on a tiered structure or a variable cost. For example, the price for using a bank account or hot wallet is at least 1.49%, while using a debit card would incur a fee of 3.99%. The flat fee can vary from 99 cents to $2.99, depending on the amount involved.
Coinbase asserts that most of its funds are stored offline, at 98%, and that the cryptocurrency exchange implements best practices for security, such as two-factor authentication and encryption. The platform also has a more advanced version, Coinbase Pro, but this comparison will not discuss it. For more information, you can compare Coinbase and Coinbase Pro.
Kraken Vs Coinbase: Features of The Crypto Exchanges
Both Kraken and Coinbase offer a range of payment methods, have mobile apps, have security measures in place, and provide referral programs. Kraken account has advanced trading tools, a more comprehensive range of fiat currencies, and a more complex UI. In contrast, Coinbase has a user-friendly interface and is better suited for beginner traders.
- User interface: Kraken has a more advanced user interface than Coinbase, offering a more comprehensive range of customization options and trading tools for experienced traders. Coinbase, on the other hand, has a more user-friendly interface, making it easier for beginners to navigate the platform and complete trades.
- Supported countries and currencies: Kraken and Coinbase support many countries, but the specific countries and currencies supported by each exchange may vary. Kraken wallet supports a broader range of fiat currencies, including USD, EUR, CAD, and GBP, while Coinbase currently supports USD, EUR, and GBP.
- Payment methods: Both exchanges offer a range of payment methods, including bank account/wire transfers and credit/debit cards. However, the specific payment methods available may vary depending on your location and the exchange you choose.
- Security measures: Security is a top priority for both Kraken and Coinbase, and both exchanges employ a range of security measures to protect user funds and personal information. This includes encryption of sensitive data, two-factor authentication, and insurance coverage for user funds. Both exchanges also undergo regular third-party security audits to ensure their systems remain secure.
- Trading Tools: Kraken offers a broader range of trading tools, including margin trading, futures trading, and options trading. This makes it a better choice for experienced traders who need access to advanced trading tools. Coinbase, on the other hand, has a more limited set of trading tools, making it better suited for beginner traders who are just starting.
- Mobile App: Both Kraken and Coinbase wallet have mobile apps that allow users to access their accounts and complete trades on the go. The Coinbase mobile app offers a similar level of functionality as the desktop versions, but some features may be limited. The quality of the mobile apps and the user experience may vary between the two exchanges, so users should compare the apps to determine which is best suited to their needs.
- Referral Program: Kraken and Coinbase offer referral programs that allow users to earn money by referring new users to the exchange. The details of the referral programs may vary, so users should compare the programs to determine which offers the best rewards.
- Customer Service: Both exchanges offer personal wallet service through email and support ticket systems, but the response times and support quality may vary between the two exchanges. Users should compare both exchanges’ customer service offerings to determine which offers the best support for their needs.
Kraken Vs Coinbase: Fees and Costs
Fees and costs play a significant role in the overall experience of using a cryptocurrency exchange. Higher prices can eat into profits, while lower fees can help maximize returns. Coinbase and Kraken charges fees for trades and withdrawals/deposits, and it’s important to compare these fees when choosing between the two exchanges.
While Kraken generally has lower fees, it’s still important to carefully review the fees charged by each exchange to determine which one offers the best value for your specific needs.
- Trading fees: Both Kraken and Coinbase charge fees to buy or sell crypto for trades made on their platforms. The specific fees charged by each exchange may vary, but Kraken’s fees are generally lower for higher-volume traders and higher for smaller traders. In contrast, Coinbase’s fees are more consistent regardless of trade volume.
- Withdrawal and deposit fees: Both exchanges charge fees for withdrawals and deposits made to and from their platforms. The fees for these transactions may vary depending on the payment method used. Bank transfers tend to have lower fees than credit/debit card payments, but the specifics of these fees may differ between the two exchanges. For US traders, the Federal Deposit Insurance Corporation (FDIC) provides coverage for up to $250,000 of a person’s USD currency deposits.
- Comparison of fees between Kraken and Coinbase: When comparing the fees charged by Kraken and Coinbase, it’s essential to consider both trading fees and withdrawal/deposit fees. In general, Kraken has lower fees than Coinbase, but the specific fees charged by each exchange may vary depending on the particular trade or transaction being made. It’s essential to compare the fees for your particular needs to determine which exchange is better for you.
Kraken Vs. Coinbase: Availability of Cryptocurrencies
Kraken and Coinbase offer a range of cryptocurrencies for futures trading, but Kraken has a wider selection. Consider other factors such as fees, security, and user interface when choosing between the two.
List of Cryptocurrencies Supported by Each Crypto Exchange
Kraken and Coinbase are two of the leading cryptocurrency exchanges, and they both offer a wide range of cryptocurrencies for users to trade. Some of the cryptocurrencies supported by Kraken include Bitcoin, Ethereum, Litecoin, Ripple, and many others. Meanwhile, Coinbase supports popular crypto wallet like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, among others.
However, it is essential to note that the specific cryptocurrencies backed by each exchange may vary over time, so it is always a good idea to check the current list of supported crypto rewards before making a decision.
Comparison of the Number of Supported Cryptocurrencies
When comparing the number of supported cryptocurrency exchange, Kraken has a more extensive selection than Coinbase. This can be important for users looking to trade a specific crypto exchange that Coinbase may not help.
It is important to remember that having many supported cryptocurrency exchange does not necessarily mean that an exchange is better or more reliable. Instead, users should consider other factors, such as fees, security measures, and user-friendliness, when choosing between Kraken Vs. Coinbase.
In conclusion, the availability of cryptocurrency exchange is an important consideration when choosing a crypto exchange. Kraken and Coinbase offer a wide range of advanced cryptocurrency traders, but the specific selection of supported crypto assets may vary. Users should compare the current list of supported cryptocurrencies and consider other factors, such as fees, security measures, and user-friendliness when making a decision..
Kraken Vs Coinbase: Customer Support
Kraken and Coinbase offer customer support through various channels, including email, phone, and live chat. In addition, both exchanges have extensive knowledge bases and FAQ sections that can provide helpful information to users.
The response time and effectiveness of customer support can vary between the two exchanges. Some users have reported quicker response times and more helpful support from Coinbase, while others have reported more favorable experiences with Kraken.
You can consider the availability of support channels and the experiences of other users when choosing between Kraken and Coinbase. However, keep in mind that response times and the effectiveness of customer support can change over time, so it is always a good idea to check for the most up-to-date information before making a decision.
Kraken vs. Coinbase: A Comparison of Trading Volume
The daily average trading volume of Kraken is over $500M. They have 640 markets, with BTC/USD, USDT/USD, and USDT/EUR being the most traded markets (pairs). In contrast, Coinbase reports over $1.10B in daily trading volume. Coinbase clients can access 238 coins and over 550 forex pairs for regular trading.
Kraken Vs Coinbase: Reputation and Trust
Kraken and Coinbase are well-established and well-respected cryptocurrency exchanges, but their public perception may vary. Some users may have a more favorable view of Kraken due to its long history and robust security measures. In contrast, others may prefer Coinbase for its user-friendly interface and accessible customer support.
Regarding regulatory compliance and security, both Kraken and Coinbase have strong records. Both exchanges are fully licensed and regulated and take extensive measures to protect user funds and personal information. However, each exchange’s specific regulatory requirements and security measures may vary, so it is important to carefully review the security measures before choosing between them.
In conclusion, reputation and trust are important considerations when choosing a crypto exchange. Kraken and Coinbase have strong reputations, but their public perception and regulatory compliance may vary. Users should carefully review the regulatory requirements and security measures to protect their funds and personal information.
Kraken vs Coinbase: Advanced Trade
If you’re interested in more severe crypto investing, Kraken and Coinbase offer advanced trading platforms beyond basic exchanges’ capabilities. These platforms are designed for experienced traders who need advanced features for informed decision-making and successful trades.
Kraken Pro provides users access to candlestick charts, additional research and analysis, and a more comprehensive range of trade order types, including take profit and stop loss. This enhances the trading experience and helps traders make informed decisions based on market trends and analysis.
Similarly, Coinbase Advanced Trade also offers advanced charting capabilities, providing users with more information and various order types. This allows traders to make informed decisions based on the latest market trends and price movements and to trade with greater precision and confidence.
Both Kraken Pro and Coinbase offer advanced trading platforms carrying higher trading capabilities that cater to experienced traders who are serious about crypto investing.
Kraken vs Coinbase: Pros and Cons
Pros of Kraken:
- Affordable fees
- Over 120 cryptocurrencies supported
- Beginner-friendly user interface
- Wide range of security features such as 2FA, cold storage, and SSL encryption
- High limits for deposits and withdrawals
Cons of Kraken:
- Has reported some cases of hacking
- Certain options may not be accessible in the US
- Not available in New York and Washington
Pros of Coinbase:
- Easy-to-use interface
- Accepts fiat currency
- Easy to fund
Cons of Coinbase:
- High fees
- Not accessible in all countries
- Not available in the state of Hawaii
Bottom Line
In conclusion, Kraken and Coinbase are well-established crypto exchanges with various features, including user-friendly interfaces, a wide selection of supported cryptocurrencies, and strong security measures. However, the two exchanges have fundamental differences, including the number of supported cryptocurrencies, fees, customer support, and public perception.
When choosing between Kraken and Coinbase, potential users should consider their individual needs and priorities. For example, users looking for a wider selection of cryptocurrencies may prefer Kraken, while those who value user-friendly interfaces and accessible customer support may prefer Coinbase. It is also important to carefully review the fees, security measures, and regulatory compliance in place before making a decision. Ultimately, both Kraken and Coinbase are reliable and trustworthy exchanges that can provide users with a secure and convenient platform for buying, selling, and trading cryptocurrencies.
FAQs
Is Kraken More Secure Than Coinbase?
Kraken maintains extensive monitoring across the entire platform, has many checkpoints during the registration process, and holds 95% of its assets in secured, air-gapped cold storage. 98% of deposits at Coinbase are kept in cold, geographically dispersed, offline storage.
Is Kraken Good for Beginners?
Both exchanges provide educational resources for prospective investors, including webinars and how-to manuals. Additionally, newcomers can begin trading on Coinbase or Kraken with little experience.
What are the Fees on Kraken Vs. Coinbase?
Maker and taker costs on Coinbase Advanced Trade begin at 0.6% and 0.4%, respectively, and decrease as your trading volume increases. With Kraken’s “Instant Buy,” you may purchase cryptocurrency immediately for a fee of 0.9% for altcoins and 1.5% for other cryptocurrencies.
