This is partly because its trading fees are lower, and also because its fee structure is transparent and clearly displayed. If you’re new to crypto investing, the quicker you can get used to the advanced platforms, the less you’ll pay in crypto trading fees. It costs much less to use the pro platforms (Kraken Pro and Advanced Trade), particularly if you can deposit money fee-free. In the interest of a fair comparison, we’ve put the pro and basic options side by side. Kraken and Coinbase are both in the top 10 crypto exchanges by trading volume, and each has a lot to offer cryptocurrency investors.
- Coinbase prides itself on convenience, so it comes as no surprise that its platforms and mobile apps are easy to use.
- There is speculation that Coinbase will become one of the first cryptocurrency companies to go public.
- Kraken was founded in 2011 and is headquartered in San Francisco, California.
- Depositing money into a US dollar Coinbase account sometimes incurs a fee.
- We recommend choosing Coinbase over Kraken for your cryptocurrency trading needs.
- Between Gemini, Coinbase, and Kraken, the Pro version of Coinbase is the better crypto exchange platform.
For maximum security, transferring your crypto to a cold wallet is usually your best bet, regardless of the exchange that you use. Coinbase also offers staking is kraken legit services on select cryptocurrencies. The company even has a feature called Coinbase Earn, which lets you earn free crypto for watching educational videos.
The sign-up process is similar for both exchanges, with U.S. investors required to follow strict verification methods. However, Binance reports that advanced verification (L2) can take up to 15 days and many users say it’s taking much longer. In comparison, Kraken provides clear timelines for various levels, all of which take minutes, not days, except for Pro levels which can take up to five days. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). You can place orders to buy and sell cryptocurrencies and connect your bank account to fund transactions or transfer your balances. Coinbase is also a crypto wallet and enables you to store your private keys through the app.
When looking at the key information table above, you probably noticed Coinbase is listed as beginner friendly. Though both sites allow users to buy cryptocurrency, they provide this service in different ways. All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians.
Which features are the most important in this Kraken vs Coinbase cryptocurrency exchange comparison?
Whether or not the cryptocurrency exchange accepts payments via bank wire transfer. Kraken vs Coinbase cryptocurrency exchange overall score comparison reveals that Kraken has a higher overall score of 9.6, while Coinbase gathered an overall score of 9.1. If we look at the ease of use, it’s clear that in this Kraken vs Coinbase comparison, Kraken has better & smoother user experience than Coinbase. Kraken also offers a vast suite of staking rewards for cryptocurrencies. But unlike Coinbase, Kraken also allows staking for bitcoin, polkadot, kusama, algorand, flow, US dollar, Euro, kava, solana, and cardano.
The company offers two different platforms—Kraken Trading and Cryptowatch—where you can buy and sell crypto. Coinbase is a US-based exchange that was founded in 2012 as a way to make crypto trading accessible to everyone. In April 2021, Coinbase went public, making it one of the first major publicly traded crypto exchanges.
With all these platforms it’s possible to place market, limit, and stop orders. It’s also relatively easy for cryptocurrency beginners to get started buying, selling, and storing with any of these platforms. Kraken was founded in 2011 and is headquartered in San Francisco, California. This exchange is geared for more advanced cryptocurrency traders. The platform offers a variety of order types and access to more than 50 coins and fiat currency pairs.
Who Provides a Better User Experience?
It’s important to note that, though it’s possible to use a credit card or debit card to fund a Kraken purchase, only euro-denominated cards are accepted. USD transactions need to be fueled by bank purchases such as ACH or wire transfer. We receive compensation from the products and services mentioned in this story, but the opinions are the author’s own. Learn more about how we make money and our editorial policies. To explain, you’re able to trade currency pairs with each other, similar to a forex or stock exchange.
What are Layer 1 and Layer 2 Tokens on Binance?
While the exchange platform isn’t pretty, it still does the job and has many features an advanced trader might need. Kraken uses XBT as the ticker symbol for Bitcoin, a divergence from the commonly used BTC symbol, making for a potential source of confusion. Cryptocurrency exchange fees can be the difference between a good trade and a great one and between a winning trading and a losing one. Fees can easily eat into profits and exacerbate losses, especially when they come as a surprise. Founded in 2012, Coinbase immediately became a top player in the cryptocurrency industry.
FAQs About Kraken vs. Coinbase
For now, Kraken is the better option for margin traders, as it has a higher leverage and a better fee structure for those making quick trades. But keep an eye on margin trading from both crypto exchanges in the coming years, as there is no telling what new margin features the exchange might roll out. But have in mind that if you’re looking for specific features, these evaluation points might be less important to you than others. Coinbase, on the other hand, has a more elaborate list of features that most crypto investors need.
You’ll usually need a minimum balance of the eligible cryptocurrency to begin earning rewards, and the cryptocurrencies you can stake generally vary by platform. They are both good crypto trading platforms with benefits and drawbacks. Whether one is better than another will come down to personal preference and user needs.
Are Kraken’s staking rewards right for you?
Coinbase Advanced Trade also offers advanced charting capabilities with more information as well as more order types. Through Kraken Pro, you can access candlestick charts, more research, and a wider range of trade order types like take profit and stop loss. You can invest through Coinbase with a basic, Pro, or Advanced Trade account.
In comparison, Kraken is a U.S.-based exchange where international and U.S. investors use the same platform. While global users can access more transaction types and coins, the site feels less limited than Binance. Kraken offers the Kraken Terminal with advanced charting features for Kraken markets and a robust “Learn” section with videos, tutorials, and a podcast. Unlike platforms such as Coinbase, Kraken and Binance cater to investors with some trading knowledge. They offer advanced trading features, allowing investors to place market orders and perform many other types of transactions.
Mobile and Desktop Trading
Coinbase does not offer some advanced trading alternatives like leverage trading. If you’re looking to start your crypto trades as a fresh-faced newbie, your best bet is Coinbase. It’s a large exchange, with a lot of backing and its interface is perfect for beginners. You can purchase your first load of crypto there, and it gives you an idea of how crypto wallets work! More detail can be found on our “How to Choose the Best Cryptocurrency Wallet” guide.
On top of that, U.S. customer’s USD wallet balances are covered up to $250,000 by FDIC insurance. At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry. Cryptocurrency will be one of the main medium exchanges in the future.