For many people, the decision as to which cryptocurrency exchange is best for their needs is one of the most important ones. With Bitcoin’s meteoric rise in 2017, some people want to cash in their BTC, and others are holding on for the next big crypto upswing. Others still are in it for the long haul—they’re betting on a few Ether to make a killing, or that Ripple’s XRP will be the next altcoin to join Bitcoin in the $1 trillion club.

In the last few months, we’ve seen a number of major exchanges cut off services to certain states in the US, and this has had a direct effect on the trading of cryptocurrency.

Cryptocurrency exchanges recently got into a proxy war. Kraken, a San Francisco-based exchange, is suing Coinbase, a platform headquartered in San Francisco, for copyright infringement. Following this, Coinbase attempted to prevent Kraken from facilitating the trading of two popular altcoins. In response, Kraken, a platform headquartered in San Francisco, filed a lawsuit against Coinbase, a platform headquartered in San Francisco, for trade fraud.

Two of the most well-known cryptocurrency exchanges are Kraken and Coinbase. Both businesses provide a slew of features and tools to help you get the most out of your trade.

Which platform, though, is the best fit for you?

Although both Coinbase and Kraken have a lot to offer, each platform caters to a different type of crypto trader. We’ll compare and contrast what makes Kraken and Coinbase similar and different in our Kraken vs. Coinbase comparison. At the end of the day, you’ll have all the information you need to figure out which one is best for you.

Kraken vs. Coinbase (Overview)

Coinbase and Kraken have long been industry leaders and excellent platforms for buying and selling cryptocurrency. Here’s what you should know about each firm:

Concerning the Kraken

Jesse Powell, a crypto expert, started Kraken in 2011. Powell wished to establish a new exchange to take the place of the once-dominant Mt. Gox Bitcoin exchange if it were to shut (spoiler: it did).

Kraken has grown to become one of the world’s most formidable cryptocurrency exchanges. It is one of the few exchanges that offers advanced trading tools and asset classes, such as cryptocurrency derivatives. In addition, the company provides crypto services in over 150 countries throughout the world. To understand more, read our entire Kraken review.

Kraken-vs-Coinbase-2021-Which-Platform-Is-BestKraken is the source of this information.

What is Coinbase?

Coinbase is a cryptocurrency exchange based in the United States that was formed in 2012 with the goal of making cryptocurrency trading more accessible to the general public. Coinbase went public in April 2021, making it one of the first major publicly traded cryptocurrency exchanges.

In more than 100 countries throughout the world, the company presently has more than 56 million users. It is also one of the largest exchanges, with over $223 billion in assets traded on its platform. To understand more, read our complete Coinbase review.

Main Differences Between Kraken and Coinbase

Kraken and Coinbase are two exchanges with a lot of features. This is what you can expect from each platform in terms of features.

Kraken

Kraken is, first and foremost, a cryptocurrency exchange. Kraken Trading and Cryptowatch are two separate marketplaces where you may purchase and sell cryptocurrency.

For any of the company’s supported coins, Kraken Trading lets you to place market or limit orders, as well as Instant Buys. Cryptowatch, on the other hand, is a premium trading platform. It includes extensive charting capabilities as well as real-time data from dozens of exchanges.

The company’s margin and futures trading are other major aspects on Kraken. In most countries, margin trading is available, allowing you to leverage up to five times your account worth. Meanwhile, most non-US people may trade crypto futures at a reasonable cost.

Kraken’s staking and over-the-counter (OTC) services are two more noteworthy characteristics. You may earn rewards by staking about 10 different cryptocurrencies using Kraken Staking. 

The Kraken OTC desk is a premium service that handles large crypto trades outside of the open market. This is perfect for investors who want to avoid the market liquidity concerns that huge transactions might cause.

1629824770_748_Kraken-vs-Coinbase-2021-Which-Platform-Is-BestKraken is the source of this information.

Overview of the main features: 

  • Instant Buys — For beginning traders, this is a simple and quick way to buy cryptocurrency.
  • Cryptowatch – One of the best crypto trading platforms for expert investors in the globe.
  • Kraken Staking is Kraken’s option for investors who wish to stake their crypto and earn rewards.
  • Kraken Cryptocurrency Futures — A cost-effective platform for trading cryptocurrency futures.
  • Margin Trading — With Kraken’s margin trading, you may leverage your assets to acquire more crypto.
  • Kraken OTC Desk — The company’s OTC desk provides support for massive off-exchange transactions.

Coinbase

Coinbase, like Kraken, is primarily a bitcoin exchange. However, the company provides a number of other benefits to cryptocurrency investors.

Coinbase and Coinbase Pro are the company’s two trading platforms. Only market orders are supported by the Coinbase trading terminal, making it ideal for beginning investors. This site also allows you to set up Recurring Buys, which is a simple approach to invest in cryptocurrency on a regular basis.

Coinbase Pro, on the other hand, has a variety of advanced features, such as customisable charts and extra order types, such as limit and stop orders.

Coinbase also provides staking services for a limited number of coins. Coinbase Earn, a product of the company, allows you to earn free crypto by watching instructive videos.

Coinbase now offers a Private Client service for ultra-high-net-worth people. This service gives you access to a dedicated account manager as well as increased asset security.

Finally, Coinbase has a Visa debit card called the Coinbase Card. You may use crypto to make everyday purchases using this card. Simply by using your card, you can earn up to 4% back in bitcoin rewards.

1629802526_141_Gemini-vs-Coinbase-2021-Which-Cryptocurrency-Exchange-is-BestCoinbase is the source of this information.

Overview of the main features: 

  • Recurring Buys – Coinbase’s easy approach to expand your crypto portfolio over time by investing in it again and again.
  • Coinbase Pro is the company’s high-end trading platform for seasoned investors.
  • Coinbase Earn – By watching videos on Coinbase Earn, you can earn free cryptocurrency.
  • Staking on Coinbase is a simple way to earn rewards on certain cryptocurrencies.
  • Your go-to crypto-backed debit card for everyday purchases is the Coinbase Card.
  • Private Client — An ultra-high-net-worth individual can get a tailored crypto investing solution.

Kraken vs. Coinbase: Supported Cryptocurrencies

Despite the fact that there are hundreds of cryptocurrencies available, most exchanges only support a limited number of them. The following are the many cryptocurrencies available on Kraken and Coinbase.

Kraken

On its exchange, Kraken presently supports over 50 coins, including:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Polkadot
  • Dogecoin
  • Luminous Spheres

Keep in mind, however, that margin trading is not possible for all cryptocurrencies on the Kraken platform.

Coinbase

On its platform, Coinbase features a long list of supported cryptocurrencies. This is due to the fact that some cryptocurrencies are only available in specific countries. The company supports more than 50 cryptocurrencies in the United States, including:

  • Bitcoin
  • Ethereum
  • Cardano
  • Chainlink
  • Litecoin
  • Dogecoin

Coinbase, like Kraken, is constantly adding new coins to its platform. As a result, the list of available cryptocurrencies on the exchange is constantly changing.

1629802527_341_Gemini-vs-Coinbase-2021-Which-Cryptocurrency-Exchange-is-BestCoinbase is the source of this information.

Wallet Comparison: Kraken vs. Coinbase

Many exchanges provide account holders with hot wallets to utilize when trading. Here’s a look at what Kraken and Coinbase have to offer in terms of wallets.

Kraken

At the moment, Kraken only provides a hosted hot wallet. This wallet allows you to keep assets that you want to trade on the exchange in a handy location. The majority of cash put in these hosted wallets are moved to cold storage for added security.

Kraken, on the other hand, makes it clear that it is not a wallet service. Rather, it encourages account holders to consider storing digital assets in cold wallets.

Coinbase

Coinbase, like Kraken, offers all account holders a free hosted hot wallet. When you trade cryptocurrency with Coinbase, your funds are immediately stored here. The majority of the funds in these wallets are likewise moved to cold storage for safety.

Coinbase also provides a second personal hot wallet. The Coinbase Wallet is available to anyone with a smartphone and is free to use. You can get access to your private keys by downloading our wallet as an app from the Apple App Store or Google Play. 

You can store crypto and NFTs in the Coinbase Wallet. It also allows you to trade over 500 different assets across many DEXes (decentralized exchanges).

Security vs. Kraken vs. Coinbase

Any crypto trader’s primary worry is security. Take a look at what Kraken and Coinbase are doing to help protect your assets on their platforms.

Kraken

Kraken, as previously said, considers itself to be an exchange rather than a wallet service. As a result, the firm strongly advises you to keep control of the assets in your personal wallet. 

If you opt to put your crypto in Kraken’s hosted hot wallets, you can be certain that your funds are safe. Around 95% of Kraken’s crypto deposits are kept in offline storage systems. Advanced security options, such as two-factor authentication, are also available to help keep your account safe.

In terms of insurance, none of the funds in your Kraken account are covered. Cryptocurrencies aren’t covered by the FDIC either, and the bank doesn’t keep track of digital assets.

1629824773_593_Kraken-vs-Coinbase-2021-Which-Platform-Is-BestKraken is the source of this information.

Coinbase

Approximately 98 percent of Coinbase account holder funds are stored in offline storage units in safe vaults throughout the world. AES-256 encryption is used to secure Coinbase’s platform. To keep hackers at away, it also uses paper backups and two-factor authentication.

Coinbase also provides FDIC insurance on all US currency funds held in US-based Coinbase accounts. Additionally, Coinbase has private insurance to defend against the loss of a portion of its assets due to theft.

Customer Support: Kraken vs. Coinbase

If you ever have a query or worry about your crypto exchange account, having quick and easy access to customer care is critical. This is what you can expect from both Coinbase and Kraken in terms of customer service.

Kraken

Kraken has a comprehensive online help center where you can look up answers to any issues you may have. Kraken also has a customer service team that is available via email and live chat 24 hours a day, 7 days a week. 

For customer support inquiries, Kraken now has an outbound phone number. While you won’t be able to call Kraken directly, if the company decides your request is best handled over the phone, it will contact you. You must first submit an email request to speak with a Kraken Support Specialist over the phone. Once you’ve done so, the company will call you to set up a time to talk.

Coinbase

Coinbase provides a comprehensive set of online support pages that answer frequently asked problems. You can also use the company’s chatbot to swiftly discover answers to your questions.

You can email Coinbase’s customer support team with particular account difficulties. For regular account concerns, the company does not have a phone number, however you can call customer service for Coinbase Card-related issues.

1629802528_405_Gemini-vs-Coinbase-2021-Which-Cryptocurrency-Exchange-is-BestCoinbase is the source of this information.

Fees: Kraken vs. Coinbase

Any crypto exchange’s fees are a source of concern. Kraken and Coinbase aren’t any different. Let’s take a look at the fees charged by each firm on its platforms.

Kraken

At Kraken, there are three types of costs: funding, immediate buy, and trading fees. Kraken does not charge for any other services on its platform save these.

Kraken presently only accepts wire transfers to fund accounts in US dollars. The firm does not charge any fees for these wire transfers, but the companies that handle them charge up to $10 each transaction.

If you buy crypto with US dollars or stablecoins, Kraken charges a 0.9 percent fee on all instant purchases. There is a 1.5 percent fee for making a quick buy with your present crypto holdings.

A maker-taker fee schedule is used when trading with Kraken Pro or the online trading platform. These transactions have a fee of no more than 0.16 percent. The charge you pay is determined by the value of your trade and whether you are a market maker or taker.

Coinbase

The fees on Coinbase are pretty complicated. Deposits, standard Coinbase trades, and Coinbase Pro trades all have separate fees.

A fee may be charged when depositing money into a Coinbase account in US dollars. Other payment methods, such as ACH transfers, are not free. Fees for Coinbase USD Wallet transfers start at $1.49 and go up to $10 for wire transfers.

On Coinbase’s basic platform, trades are charged a 0.50 percent fee. Additionally, for orders under $200, you’ll pay $0.99 to $2.99 per transaction. A 1.49 percent fee is applied to orders over $200.

All costs for Coinbase Pro are calculated on a maker-taker basis based on your account balance. This service can cost up to 0.50 percent of your income.

Coinbase vs. Kraken: Platform and App

Your exchange’s user-friendliness is always a factor to consider. When comparing their platforms and apps, here’s how Kraken and Coinbase compare.

Kraken

The structure of Kraken’s platforms reflects the fact that it is primarily meant for intermediate to experienced crypto traders. 

The Kraken Terminal and Cryptowatch are the two online trading platforms offered by the company. Cryptowatch is a high-end trading terminal with advanced graphing capabilities. It is most appropriate for seasoned investors. The Kraken Terminal is a little easier to use for intermediate investors, but it isn’t the most user-friendly platform out there.

The Kraken, Kraken Pro, and Kraken Futures apps are also available from Kraken. All of these applications are simple to use, and the Kraken app offers Instant Buys.

Coinbase

Coinbase is known for its ease of use, so it’s no surprise that its platforms and mobile apps are as well.

The regular trading platform on Coinbase is as user-friendly as they get. It only accepts market orders, making it suitable for new traders. Coinbase Pro, a slightly more complex platform, is also available to all investors.

Coinbase offers a variety of apps, including Coinbase, Coinbase Pro, Coinbase Wallet, and Coinbase Card. All of them are simple to use and have great ratings in both the Google Play and Apple App stores.

What We Like About Kraken vs. Coinbase (Pros)

Both Kraken and Coinbase provide a wealth of features for cryptocurrency traders. Here are some of the most significant advantages of both exchanges:

Kraken

  • Low trading commissions
  • It’s available in over 150 countries.
  • A large number of cryptocurrencies are supported.
  • Margin and futures trading are available.
  • Allows for a limited amount of cryptocurrency staking.
  • Access to the Cryptowatch premium terminal
  • Instant Buys at a Reasonably Low Price
  • For high-volume trades, an OTC desk is available.

1629824775_243_Kraken-vs-Coinbase-2021-Which-Platform-Is-BestKraken is the source of this information.

Coinbase

  • User-friendly and intuitive platform
  • Supports a large number of different cryptocurrencies.
  • Offers a limited number of crypto staking opportunities.
  • Possibility of obtaining a cryptocurrency-backed debit card
  • A simple approach to earn free cryptocurrency rewards
  • Having access to a hot wallet that isn’t hosted
  • There are numerous trading systems available.

What We Don’t Like About Kraken vs. Coinbase (Cons)

While both Kraken and Coinbase are well-known exchanges, there are particular aspects of each that we dislike. Before you register an account, consider the following disadvantages:

Kraken

  • Residents of the United States have limited functionality.
  • Bank transfers to US accounts are not supported.
  • There isn’t a phone-based support mechanism for inbound calls.
  • There isn’t a non-hosted hot wallet available.

Coinbase

  • High commissions on trades and deposits
  • Fee structure is complicated.
  • Futures and margin trading are not supported.
  • For new investors, the trading interface is complicated.
  • For general queries, there is no phone-based customer assistance.

1629802530_977_Gemini-vs-Coinbase-2021-Which-Cryptocurrency-Exchange-is-BestCoinbase is the source of this information.

What Is Kraken’s Purpose?

Kraken is a great option for seasoned crypto investors looking for powerful trading features without paying a lot of money.

In the business, the firm’s margin and futures trading features are quite unusual. As a result, it’s a good platform for traders who are limited by their options with other firms. Kraken is also a good alternative for investors who want powerful, real-time market data because it offers access to the premium Cryptowatch terminal. 

For Whom Is Coinbase Intended?

Coinbase is a good platform for beginning crypto investors because of its user-friendly design. For experienced investors who want to use Coinbase’s other capabilities, the company’s advanced trading terminal is a good choice.

Coinbase’s crypto-backed debit card, staking, and rewards features make it an excellent platform for those who believe cryptocurrency is the currency of the future. The firm’s hefty costs, on the other hand, suggest that it’s best for traders prepared to pay a premium for convenience.

Kraken vs. Coinbase: Frequently Asked Questions

Here are some of the most frequently asked questions concerning Kraken and Coinbase, as well as our responses:

Kraken or Coinbase: Which Is Safer?

To help keep account holders’ assets safe, Kraken and Coinbase employ industry-leading security technologies. As a result, one isn’t always safer than the other. Keeping your valuables in a hot wallet maintained by an exchange, on the other hand, is always dangerous. Regardless of the exchange you choose, putting your crypto to a cold wallet is usually your best bet for optimum security.

Kraken or Coinbase: Which Is Cheaper?

Kraken is, on average, less expensive than Coinbase. When using the platform’s instant buy feature, trading fees on Kraken are as low as 1.5 percent. Coinbase, on the other hand, charges up to 2.99 percent in trading fees. While utilizing Coinbase Pro saves money, the fees are still greater than those charged by Kraken.

Kraken or Coinbase: Which Is Better?

Kraken and Coinbase are both good crypto exchanges, so it’s difficult to determine which is superior. Kraken can be a better option if you’re an investor looking for advanced crypto trading tools and minimal fees. However, traders who value convenience and want more crypto-specific features on their exchange may prefer Coinbase.

Last Thoughts

Kraken and Coinbase are two well-known and powerful cryptocurrency exchanges that provide a host of advantages to investors.

Despite the fact that both companies offer a wealth of functionality, Coinbase is better suited for novice and seasoned investors who are willing to pay a premium for convenience. Kraken, on the other hand, is a superior option for seasoned investors looking to save money without sacrificing functionality.

In any case, the most important thing is that you select the best exchange for your requirements. We hope that this comparison of Kraken vs. Coinbase helped you decide which platform is better for your crypto investments.

When cryptocurrencies first started making waves in the world of finance, they were all the rage. Along with bitcoin, people began to wonder: can we add Ethereum, Litecoin, Monero, Neo, Zcash, Dash, or any other cryptocurrency to our digital wallets? And if so, which platform is the best? Does it even matter?. Read more about kraken vs coinbase uk and let us know what you think.

Frequently Asked Questions

What is better Kraken or Coinbase?

Kraken is a cryptocurrency exchange, while Coinbase is a digital currency wallet.

Is Kraken as safe as Coinbase?

Kraken is a bit more secure than Coinbase, but both are safe.

Is there a better platform than Coinbase?

There are many other platforms that allow you to purchase cryptocurrencies. Some of the most popular ones include Binance, Bitfinex, and GDAX.

This article broadly covered the following related topics:

  • kraken vs coinbase vs binance
  • kraken vs coinbase vs binance reddit
  • kraken vs coinbase uk
  • kraken vs coinbase pro
  • kraken vs binance
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