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Coinbase vs. Kraken: Which Crypto Exchange is Right for You in 2022

Compare Kraken and Coinbase Crypto Exchange

Both Kraken and Coinbase are listed among the top 10 crypto exchanges in terms of trading volume. However, these exchanges offer much more than a crypto investor can expect. For instance, these exchanges provide industry-leading security, a wide array of cryptocurrencies, availability in most parts of the world, etc.

Coinbase and Kraken are based in the U.S. These platforms are the best possible options when you are looking for a secure platform to start your crypto journey. In addition, you can sell and buy crypto and take advantage of other benefits of these exchanges. For a better understanding of both these exchanges, we have drawn a comparison between the two. So, let’s get started.

Coinbase Trading Platform

Coinbase Cryptocurrency Exchange

Coinbase is among the largest cryptocurrency exchange operating in the U.S. In fact, it is one of the biggest players in the industry in terms of trading volume. Coinbase started its journey in 2012 and has earned the reputation of a go-to platform for beginners.

Hence, Coinbase is a suitable option for novice crypto traders. The most important of all its features is the intuitive and easy-to-use interface. There are minimal options available, giving the dashboard a nice and clean appearance. The integrated wallet is also there for storing your crypto.

In addition, Coinbase also supports a range of fiat currencies i.e. USD, Euro, and GBP. Therefore, it is a viable option for U.S. traders by all means. To offer a secured platform for the users, Coinbase takes strong safety measures like 2FA verification, biometric logins, AES-256 encryption, and hot storage insurance.

Notable Features

  • Secure hot wallet
  • Available in over 100 countries

Key Features

  • Extensive selection of cryptocurrency
  • Educational content for new traders

Pros

  • FDIC insured U.S. dollar
  • Simple and user-friendly dashboard
  • Available globally
  • Can buy even $2 worth of cryptocurrency

Cons

  • Can’t operate in Hawaii
  • The fee structure is confusing

Kraken Trading Platform

Kraken is another US-based crypto exchange that started its operation in 2011. Besides, this platform is available in more than190 countries. Kraken offers advanced order types and margin trading. Advanced trading options include trailing stops and stop loss orders. You can also leverage up to 5X.

Kraken has over 9 million users around the globe. This platform also allows users to trade between cryptocurrencies on its GDAX platform. With its “Instant Buy” features, Kraken allows users to buy cryptocurrency via debit or credit card. Other options include ACH transfers and online banking.

Besides, Kraken allows a peer-to-peer trading option for margin, spot, and futures trading. Here, you can enjoy up to 50 times leverage. In addition, high-volume traders can seek access to Kraken’s OTC platform for exclusive trades. Finally, Kraken offers similar safety features as provided by Coinbase. The major security measures include cold storage, penetration testing, 2-factor authentication, etc.

When it comes to supporting fiat currencies, Kraken takes the lead over Coinbase. It supports a wide range of fiat currencies, including the U.S. Dollar (USD), Euro, Australian Dollar (AUD), Canadian Dollar (CAD), Pound Sterling (GBP), and Swiss Franc (CHF), and Japanese Yen (JPY).

Notable Features

  • Staking
  • Instant Buy

Key Features

  • Cryptocurrency Indices
  • CryptoWatch

Pros

  • Reliable and secure platform
  • Charges low fees
  • Accepts a generous amount of fiat currencies

Cons

  • Less impressive customer service

Coinbase vs. Kraken

Here is the in-depth comparison between Coinbase and Kraken.

1. Coinbase vs. Kraken: Fees

Both Coinbase and Kraken charge a lower fee when compared with other players in the industry. However, Kraken is relatively expensive when compared with Coinbase. In addition, this platform charges a variable fee depending on the type of trade.

For example, Kraken charges a 0.5% fee when instantly buying stablecoins. For other cryptos, the fee is 1.5%. The fees also differ depending on your buying method. Kraken charges a flat fee of 0.26% for each transaction. This suggests that you pay less when trading many cryptos on Kaken. Talking about Coinbase, this platform charges 1.49% fees for bank-to-bank transfers. In addition, payment made through debit or credit card is charged at 3.99%.

2. Kraken vs. Coinbase: User Experience

Both these platforms are extremely easy to use. However, Coinbase is a beginner-friendly option. But the fee structure is a bit confusing. Hence, new traders might end up paying more for their crypto trades. On the other hand, setting up the account and fund transfer is easy with Coinbase. This is because the exchange offers various instant funding options. Besides, Kraken and Coinbase offer educational guides for their new users.

3. Coinbase vs. Kraken: Mobile Apps

The mobile apps offered by Coinbase and Kraken are easy to use and highly responsive. These apps are compatible with all sorts of Android and iOS devices. The app-based interface provides the essential features that are available with the web-based app. Trading cryptocurrency through these apps is a lot easier than you think.

4. Kraken vs. Coinbase: Technical Charting

Kraken Terminal has the advanced interface, a powerful tool for those interested in integrated charting. Other features of this interface include an orderbook, wall of trades, and various other indicators. On the other hand, Coinbase technical charting is based on simple indicators. Therefore, this charting option gives basic information about the market situation.

Final Verdict

Both Coinbase and Kraken are well-established and popular cryptocurrency trading platforms. Although there isn’t a lot to distinguish, there are certain areas where Coinbase stays ahead of Kraken. Therefore, the easiest way to choose the best exchange for you is to find one that suits your usage.

For instance, you need to decide whether you want to keep your crypto assets or want to trade them for profit. As a result, you should choose a platform offering the best possible security. Also, go for a trading platform that provides essential services you might need.

When comparing in terms of fee structure, Kraken stays ahead of Coinbase. It also offers higher staking rates. On the other hand, Coinbase shines with its beginner-friendly interface. Hence, it is a popular choice for almost every new crypto trader.

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