Kraken and Coinbase Both are among the top 10 cryptocurrency exchanges for trading volume, and each has a lot to offer crypto investors. In our full comparison between Kraken and Coinbase, we discuss security, fees, available cryptocurrencies, and more. Find out how these two popular exchanges compare and which might be more suitable for you.
Fees and cryptocurrencies available on Kraken and Coinbase
Kraken is very slightly ahead of Coinbase in terms of costs, although they are quite similar. This is partly because their transaction fees are lower. In addition, the Kraken fee structure It is transparent and shows clearly.
If you are new tocrypto Investment, The faster you get used to advanced platforms, the less crypto trading fees you will pay. It is much cheaper to use the platform professionals (Kraken Pro and Advanced Trade), especially if you can deposit money for free. For the sake of fair comparison, we have placed, side by side, the professional and basic options.
The Kraken Instant Buy Feature it has a lot in common with the entry-level exchange Coinbase. Both platforms make it very easy to buy or sell cryptocurrencies. Kraken charges 1.5% to buy or sell cryptocurrencies and 0.9% for stablecoins. Coinbase charges between €0.99 and €2.99 on purchases or sales of less than €205, plus a variable spread. Charge 1.5% plus the margin on larger transactions.
Both professional platforms charge tiered setup and support fees that are reduced for investors with high trading volumes. The highest fees on Kraken Pro are 0.26%/0.16% for low volume traders.
The highest rates in Coinbase Advanced Trading they are 0.60%/0.40% for low volume traders. Depending on the country you are in, it is usually free deposit money on Kraken and Coinbase Wire transfer.
If you want to buy the main cryptocurrencies, you will find them in Coinbase and Kraken. Both list almost all of the top 20 cryptocurrencies by market cap, as well as many smaller coins and tokens. Both platforms have a decent range of cryptocurrencies, smart contracts, gaming tokens, metaverses, decentralized finance cryptocurrencies, and other types of cryptocurrencies.
In terms of numbers, Coinbase has the advantage with more than 210 cryptocurrencies, most of which are available to US investors. Nearly 200 cryptos are listed on Kraken. However, some 40 of them are not accessible to US investors.
Kraken and Coinbase Wallets
Coinbase and Kraken has a different approach to external wallets: Kraken actively encourages its customers to use third-party wallet providers, but does not have its own wallet.
Coinbase has its own special wallet which even caters to non-Coinbase customers. The cryptocurrency exchange also works with other wallet providers. Coinbase’s hugely popular wallet can contain:
- ERC-20 live;
- litecoin;
- Ethereal;
- undulation;
- bitcoin cash;
- stellar lumens;
- Dogecoin.
Kraken clearly states on its site that it is an exchange and not a wallet service. it’s not possible transfer cryptocurrency from one Kraken account to another, and Kraken urges people to think of it as a cryptocurrency exchange and not a storage location. You can withdraw funds from a Kraken account to a third-party wallet.
The security of Kraken and Coinbase!
Safety is an important consideration for any cryptocurrency trader. There have been enough high-profile crypto exchange hacks that we are all aware of the need for top-notch protection. Therefore, it is good that Coinbase and Kraken take security seriously.
The two platforms Kraken and Coinbase keep most assets offline in cold storage, making them more difficult for hackers to access. They also participate in bug bounty programs that reward ethical hackers who find flaws in their systems.
Kraken insists that this is an exchange rather than a place where store your assets, which means that you do not have third-party insurance. In contrast, Coinbase states that it will do its best to replace losses resulting from a covered event and has insurance against crime, including theft and security breaches.