Coinbase and Kraken are two of the largest, legit and trustworthy cryptocurrency exchanges. Making decision over choosing the one can be the tough choice. In this Coinbase vs Kraken exchange comparison, various aspects of both exchanges will be discussed to lighten up the pros and cons of each and blow the clouds of confusion away. Let’s get started.
- It is world’s largest secure and stable platform to buy, sell and store cryptocurrencies. Coinbase currently offers you to buy and sell; Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Though the process of buying isn’t any simple.
- Kraken has gone from small-time startup to become one of the top five global cryptocurrency exchange platforms in what is admittedly a highly competitive and volatile market. Kraken offers supports trading for Bitcoin, Ethereum, Litecoin, Dash and Bitcoin Cash plus 14 additional cryptocurrencies.
User experience and beginner friendly
- With the simplest and understandable user interface of coinbase literally can kick the Kraken out of the competition. You will be able to see the simplest yet very detailed chart on coinbase. The account setup wizard is simple with variety of payment option. Coinbase has tried to make the whole website very intuitive for beginners to buy, sell and store the digital currency as easy as possible.
- Mobile app for Android and iOS users.
- Build for advance users, Kraken’s site is quite unintuitive. Many users have reported certain bugs on their site while submitting the payment requests and few other places. Unlike coinbase, on Kraken, you can’t instantly buy and sell cryptocurrency as they require you to trade on their platform in order to acquire digital currency.
- Mobile app for iOS users only.
- Coinbase gives their users flexibility to pay with both credit/debit card and bank account directly for instant bitcoin, Ethereum, Litecoin, and Bitcoin Cash purchase. And if you are living in the US, you can even purchase these coins from coinbase with your PayPal account.
- While Kraken only allows its users to make payments via Bank account transfers.
- Coinbase: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash
- Kraken: Bitcoin, Ethereum, Litecoin, Ripple, Dash, Bitcon Cash, Monero, EOS, Stellar, Ethereum Classic, ZCash, Doge, Augur, Gnosis, Iconomi, Melon. As you can see Kraken has more choices in altcoins.
If you are looking the variety of altcoins to invest or any other purpose Kraken offer far more variety of choices compared to Coinbase.
- Minimum Fee – Transactions under $200
- Percentage Fee – Varies by region and payment type
- Bank Account purchase -1.49%
- Credit Card Purchase – 3.99%
Kraken deposit fees:
- USD (Domestic) Deposit ($5)
- USD SWIFT deposit ($10)
- EUR SEPA Deposit Free
- CAD Wire Deposit Free
Kraken trading fees:
- Trading fees are calculated as the percentage of trade volume and range between 0 to 0.26% depending on your account tier.
Note: Kraken offers five different types of account. Tier number represents the level of advancement of Kraken account.
- As per stated by coinbase, 98% of coins are kept in cold storage or offline servers and papers which also includes backups. Rest 2% are stored online & insured by a syndicate of Lloyd’s of London and if you are USA based customer your funds are FDIC insured up to $250,000.
- Moreover, two-factor authorizations to keep the login information secure and Email communications using PGP works like charm. Coinbase uses State of the art financial encryption called AES-256 Encryption to protect your account.
- 85% of funds are stored in cold storage and hot wallet storage system to filter your spending and deposit address. No insurance policy mentioned on their website.
- The customer can use Google’s two-factor authentication for signing activity and Email communications using PGP. Encryption related data are not cleared.
- Coinbase: United States, United Kingdom, Australia, Canada, Singapore, and 26+ European countries.
- Kraken: US, Canada, Europe & Japan
- Coinbase: suitable for beginners and who want to buy and sell crypto assets without any hassle.
- Kraken: highly recommended for crypto traders
Both of the exchanges are quite capable of the competitor in the race of cryptocurrency exchanges. Though Coinbase is leading the race with its advanced & secure platform, top-tier customer support and hassles free environment to exchange cryptocurrencies. Kraken is kind of unintuitive and hard to get along for beginner but it will be the best choice for crypto investors and traders.