|Bank account||$ 4 to $ 35||1.49%|
|Debit / Credit Cards||3.75% + 0.25 €||3.99%|
|ACH transfer||1.7% + $ 0.10||Is free|
|Wire transfer||Free up to $ 10 deposit, $ 4 to $ 35 withdrawal||$ 10 deposit, $ 25 withdrawal|
|Crypto conversion||0.09% to 0.015%||0.50% to 2%|
|Purchases||5 USD||0% to 0.50%|
|Transactions||0% to 0.05% based on rolling 30-day volume||US $ 0.50|
|Additional charges||Nobody||$ 0.99 to $ 2.99 depending on the amount|
Kraken vs Coinbase: ease of use
The user experience of Kraken and Coinbase is highly rated. Both provide reliable performance on desktops and mobile devices. Kraken’s stringent security measures are a bonus for high-value investors, but additional precautions can be taken for users looking to start trading quickly.
Coinbase offers a fast start-up process and keeps trading features and funding options simple, allowing inexperienced investors to trade right away. Coinbase allows new users to start trading up to $ 9,000 by only verifying a phone number.
Frequently Asked Questions (FAQ)
What are Kraken and Coinbase?
Kraken and Coinbase are two of the most trusted cryptocurrency exchanges on the market. Kraken is one of the first exchanges, founded in 2011, and due to its European origins, it remains a favorite for investors outside the US.
Coinbase, founded in 2012, is also one of the oldest crypto exchanges. It was the first platform to offer an easy-to-use investor model that allows users to buy and sell bitcoin, and remains a favorite among US investors.
How do Kraken and Coinbase work?
Both cryptocurrency exchange platforms allow users to invest in various altcoins. However, setting up, verifying, and adding funds to your Coinbase account is much easier for US traders compared to Kraken’s more restrictive measures.
On Coinbase, users create an account, verify an email address, and optionally set up a two-step authentication process. You then need to verify your identity using an approved identification form. Once this is complete, you can add your payment method and start trading.
While setting up your Kraken account is similar to the Coinbase process, verification and transferring funds is more complex. Kraken offers Starter, Express, Intermediate and Pro verification levels and says applying for Intermediate or Pro levels is akin to “opening a bank account.” New fiat deposits require a 72-hour withdrawal delay and the mobile app is not available in the US.
Is Kraken or Coinbase right for beginners?
Both exchanges offer learning tools such as tutorials and how-to guides that will be useful to new investors. What’s more, newbies can start trading on Coinbase or Kraken without much experience. However, with fewer transaction types and a simplified mobile app, Coinbase gains a bit more user experience due to their simple registration and funding processes – perfect for newbies who have no knowledge of cryptocurrency trading.
Who should use Kraken or Coinbase?
Both Kraken and Coinbase are beginner-friendly, offering simple platforms and a user-friendly interface. Kraken’s low fees and robust security features make it a great platform for high or low volume users who don’t mind additional transaction steps. But US users have limited funding and no access to the mobile app, making Kraken the top choice for international users.
With widely available apps, hot wallet features, and funding options including PayPal and debit cards, Coinbase users endure high fees for a more convenient way to fund and withdraw funds. Coinbase is a better choice than Kraken for US traders who value user experience over value.
How we ranked Kraken and Coinbase
We compared Kraken and Coinbase side-by-side to find out the total cost of trading on the platform, including deposit and withdrawal fees, based on supported fiat currencies. For both platforms, we looked at layered security options and past security breaches. We also looked at the types of transactions and the differences in options for people living in different locations. In addition, we examined the number and popularity of supported cryptocurrencies by assigning points for advanced features such as offering a digital wallet or market surveillance tools.