Kraken and Coinbase are two of the world’s most well-known cryptocurrency trading services. Each is designed for expert and beginner investors and allows you to buy multiple currencies using fiat money (US dollars or Euro). Kraken’s cheap fees and huge trading limits appeal to both high- and low-volume traders.
New investors in the United States enjoy the ease of use of Coin base’s digital wallet and financing possibilities. Unlike Kraken, Coinbase caters to traders in the United States, and you can learn more about this platform by reading our in-depth Coinbase review.
In this post, we compare the benefits and drawbacks of Kraken and Coinbase, as well as look at their unique features, security, fees, simplicity of use, and more. While both systems have enticing features like as mobile applications and 24-hour customer care, each offers benefits that will appeal to various investors.
Kraken features flat purchase costs, which is a great advantage for low-volume traders. Coinbase offers simple funding methods like as PayPal and debit cards, making it perfect for US traders.
KRAKEN PROS AND CONS
PROS
· Secure and dependable
· Low costs
· A large trading limit
· Accepts a limited amount of fiat currency
CONS
· Many choices are not available to users in the United States.
· Protracted verification times
· Difficult user interface to U.S. users
COINBASE PROS AND CONS
PROS
· Excellent user experience
· Simple funding choices Acceptance of fiat currencies
CONS
· Not accessible in all countries
· Some currencies are not accepted
· Expensive costs
FEATURES
Each bitcoin exchange caters to both experienced investors and newcomers. Nonetheless, Kraken has features that are suitable for global investors or US traders who don’t mind foregoing convenience in exchange for reduced costs and more services. Coin base’s digital solutions make processes easier for US investors. You will receive the following benefits if you use Kraken or Coinbase:
Availability:
Coinbase is available in over 100 countries, whereas Kraken is available in 176. Both have different purposes depending on where you are. Coinbase, for example, is not available to residents of Hawaii, while Kraken is not available in New York or Washington.
Customer service:
Live chat is accessible around the clock on both platforms. During high-traffic trading periods, support availability may drop and wait times may increase. Both provide help centre guidelines as well as question-and-answer centers.
Margin trading:
Kraken provides margin trading with up to five times leverage, which is industry standard. Coinbase introduced the functionality in early 2020, with restricted availability and three-times leverage.
Mobile apps:
Each exchange has a highly rated mobile app that includes all of the functionality found in a web browser. The Kraken app, however, is not available in seven countries, including Japan and the United States
Cryptowatch, a trading terminal provided by Kraken, analyses and generates statistics on over 8,000 cryptocurrency markets. Traders may use the free tool to monitor price changes and market trends across several platforms and establish price alerts. Investors can upgrade this service for a one-cent fee each alert for more timely notification.
Coinbase has an additional function. They provide customers a hot wallet that they may use to deposit, save, and withdraw money. The wallet does not require you to be a Coinbase customer to utilize it, making it perfect for traders who transfer between multiple fiat currencies and cryptocurrencies.
USES
Kraken and Coinbase have excellent user experiences. They both deliver a consistent experience on desktops and mobile devices. Kraken’s strict security procedures benefit big amount investors, but the extra safeguards might be difficult for customers who want to start trading immediately.
Coinbase has a short setup procedure and keeps trading features and funding choices simple, making it possible for novice investors to trade straight away. Coinbase allows new customers to begin trading with as little as a phone number verification.
