Coinbase vs Kraken (Complete 2022 Guide)

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It’s no secret that Coinbase and Kraken are two of the most popular bitcoin exchanges. And for a good reason. They both offer excellent customer service, fast processing times, and competitive prices.

Coinbase is a leading US-based cryptocurrency exchange providing top-notch customer service for years. On the other hand, Kraken is a new and exciting cryptocurrency exchange that offers much more. 

Kraken was created to react to Coinbase’s ineffective design and slow response times. However, you should keep a few things in mind when choosing between them.


In This Post:


Is Kraken Better Than Coinbase?

The Coinbase platform is better for U.S. traders who value user experience over cost. The platform is straightforward and has a more user-friendly interface than Kraken making trading, comparing rates, and viewing charts easier. Additionally, Coinbase offers several features that Kraken does not. 

For example, Coinbase has a built-in order book that makes it easier to place orders. Furthermore, Coinbase allows you to trade fiat currencies (USD, EUR, GBP, JPY) and cryptocurrencies (Bitcoin, Ethereum, Litecoin). 

Coinbase allows for a wider range of trade options. Additionally, Kraken is often difficult to use and can slow process trades.

The Coinbase platform offers a more user-friendly interface, making it easier for you to navigate your way around the platform. 

Coinbase’s users are more likely to be satisfied with their experience and may prefer the convenience of using a desktop or mobile app instead of a website.

Coinbase provides a better customer service experience than Kraken. Additionally, Coinbase provides a variety of payment options, such as bank transfer, wire transfer, and PayPal. This makes it easier for you to buy and sell digital assets on the platform. 

Furthermore, Coinbase has been registered with the SEC and is subject to anti-money laundering (AML) regulations. This ensures that your money is safe when trading on the platform.

Is Kraken cheaper than Coinbase?

Yes, Kraken is cheaper than Coinbase. Kraken is a platform that allows you to buy and sell cryptocurrencies. It offers a user-friendly platform, and they offer better customer service. Kraken also has a wider range of products than Coinbase. Kraken is an excellent option for those who want to invest in cryptocurrency but don’t want to spend time learning about it.

Coinbase is an exchange that allows you to buy and sell cryptocurrencies. Kraken also will enable you to use its platform to trade cryptocurrencies for other currencies. These two platforms are both great for different reasons. 

Kraken offers several unique features compared to Coinbase, such as a user-friendly platform, more user-friendly features, and a wider range of cryptocurrencies. Additionally, Kraken has been founded by a team of experienced engineers.

Kraken and Coinbase are great platforms for buying and selling cryptocurrency, and they are always the cheapest or most accessible options. Prices can vary depending on the day, time of day, or market condition. 

Kraken offers margin trading and has a more user-friendly interface. Additionally, Kraken has been reported to be slower than Coinbase when processing transactions. The two platforms have similar features and compensation structures, so you should choose the one that offers the best value for your money.

Therefore, Kraken may have some advantages over Coinbase when it comes to terms of price, liquidity, and other features. However, it’s essential to compare the two companies to develop an apples-to-apples comparison.

When it comes to price comparison, it’s essential to compare Kraken and Coinbase in terms of features and services. Kraken offers a more user-friendly platform with more features than Coinbase. Additionally, Kraken is cheaper in terms of monthly fees than Coinbase.

Kraken has a much wider range of products and services available than Coinbase. This means that Kraken has more options for customers who want to trade cryptocurrencies. Additionally, Kraken is not subject to the same regulations as Coinbase, making it more convenient for customers.

Kraken has a more excellent liquidity pool, which means it can provide more options for buying and selling bitcoin. 

Is Kraken safer than Coinbase?

The answer to this question is both yes and no. Kraken has several features that make it safer than Coinbase, but it also has some features that make it less safe. For example, Kraken does not have any user data stored on its platform. 

This means that if something goes wrong with your account, you will not lose any money. Coinbase also does not have a separate security team that ensures the safety of users’ deposits. This makes it more difficult for someone to hack into your account, as well as potential thieves looking to steal your money.

It was reported that Kraken was one of the first exchanges to use AES-256 cryptography for its security. Furthermore, Kraken has been cited as being one of the most reliable exchanges in customer service. According to a study by MarketsandMarkets, 79 percent of Kraken customers had a positive experience when they interacted with them.

Kraken is much safer since it keeps 95 percent of its assets in secured, air-gapped cold storage. Furthermore, Kraken maintains strong monitoring across the site and various checkpoints during the enrollment process. Coinbase, on the other hand, holds 98 percent of deposits in geographically scattered offline cold storage.

Kraken has been tested and is regulated by the New York State Department of Financial Services. Additionally, Kraken is one of the most user-friendly exchanges, making it easy to get started. And as a result, you’ll likely be more satisfied with your experience with Kraken than you would be with Coinbase.

Kraken has been more recently and appears to be more stable overall. However, Kraken does have a few advantages over Coinbase. For starters, Kraken is a much smaller exchange with a more significant user base. 

Additionally, Kraken offers several features not available on Coinbase, including margin trading and custody services.

It has received positive reviews from users for its customer service and security. Kraken also has a better user experience than Coinbase, which is why it has been chosen as the best digital currency exchange for small businesses.

Kraken has implemented physical security measures such as two-factor authentication and video monitoring. Additionally, Kraken is registered with the SEC, making it more difficult for hackers to steal your money. Also, Kraken offers a variety of features not found on Coinbase, like margin trading and custody.

Can I Transfer From Coinbase To Kraken?

Yes, you can transfer Bitcoin from Coinbase to Kraken. The process of transferring Bitcoin is straightforward. 

You can transfer money to Kraken without having to worry about Coinbase’s regulations. Coinbase is a regulated financial institution, so transferring money to Kraken will be easy and quick. You won’t have to worry about your account being frozen or your deposit being returned.

Coinbase and Kraken are both digital currencies. This means that you can use them to buy and sell cryptocurrencies. You can also use them to store your cryptocurrencies. When transferring between Coinbase and Kraken, be sure to do so safely and follow the rules set by both exchanges.

There are a few safety rules you should keep in mind when transferring from Coinbase to Kraken:

  1. Make sure you have enough money saved up to cover your costs. This will help you avoid any potential fees and penalties that may arise.
  2. Be sure to backup your wallet and cryptocurrency holdings. If something goes wrong, you want to be able to quickly and easily get your money back.
  3. Be sure to read the Kraken Terms of Service before transferring money.
  4. Always keep your Coinbase wallet and private key safe. If you lose your Coinbase wallet or private key, you can’t access your money. 
  5. Make sure you have a strong email address for your Kraken account. You’ll need this address to receive payments and log into your Kraken account. 

There may be some restrictions on how much money you can transfer at a time or how much money you can bring in.

How Do I Transfer From Coinbase To Kraken?

To transfer from Coinbase to Kraken, you will need to first create an account on Kraken. Once you have created an account, you will need to provide your unique identifier and password. 

You can also choose to use a third-party wallet such as Coinbase Pro or Blockchain.info. Once you have completed these steps, you will start transferring money between Coinbase and Kraken.

You can do this by clicking the “Transfer Funds” button in the top left corner of your screen. From there, you’ll need to input your Bitcoin or Kraken currency. Next, you’ll need to select the destination account. 

You can choose to transfer money to another account on Coinbase or use a bank Transfer. Finally, you’ll need to hit the “submit” button and wait for the process to finish.

How Much Can I Send From Coinbase To Kraken?

When you send Bitcoin from Coinbase to Kraken, the rate you can send and receive Bitcoins will be based on the current market conditions. 

For example, if the current market conditions are high and the rate for Bitcoin is high, then you may be able to receive more Bitcoins from Kraken than if the market conditions are low. 

The rate at which you can send and receive Bitcoins depends on how much money you have in your Coinbase wallet. If you have less money in your wallet, your rate of sending and receiving bitcoins will be lower.

How Long Does It Take To Transfer From Coinbase To Kraken?

It usually takes about four confirmations for Kraken to credit a Bitcoin deposit to a client’s account. The time it takes to transfer Bitcoin from Coinbase to Kraken is approximately 40 minutes

Coinbase and Kraken offer thousands of different products and services, so transferring money between them can be challenging. The easiest way to transfer money between Coinbase and Kraken is to use the Coinbase mobile app. You can also use the Coinbase website or the Kraken website.

The process of transferring money between Coinbase and Kraken can take a little longer than you might think. The two exchanges have different methods for sending money, so it can take time to transfer your funds. 

For example, Coinbase offers a mobile app to send money directly from your phone to Kraken. On the other hand, Kraken requires you to use a third-party service to do the transfer. This can take a little longer, but it’s definitely worth the wait.

You’ll also need to provide documentation and verification that you’re a customer of Kraken. Once the money is transferred, you’ll be able to access your funds in Kraken without any trouble.

If you have a lot of cryptocurrencies, it might take longer. You can also use Kraken to buy and sell cryptocurrencies and store them in a wallet.

The aim is to make sure that you have enough money in your account before transferring it. You will need to create an account on Kraken, transfer some money, and then wait for the funds to be transferred. If you’re Transferring fiat currency, you will also need to provide a passport or other identification.

What Is The Difference Between Kraken And Coinbase?

Kraken and Coinbase are two of the most popular cryptocurrency exchanges. Kraken is a well-known exchange that allows you to buy and sell cryptocurrencies, while Coinbase is a more prominent platform that will enable you to store and trade cryptocurrencies. Kraken and Coinbase are both great platforms for online cryptocurrency trading.

Here are the major differences between Kraken and Coinbase:

1. Fiat Currencies

Kraken supports a wider range of fiat currencies than Coinbase does because it allows users to deposit US dollars, Japanese yen, British pounds, and euros as opposed to just US dollars with Coinbase. 

In addition to this, there is no limit on the number of cryptocurrencies that you can deposit on Kraken as opposed to just five on Coinbase (Bitcoin Ethereum, Litecoin Ripple, and Bitcoin Cash).

2. Privacy

Kraken does not require any personal information from the user when signing up. This means that you do not have to provide your name or address when signing up with Kraken because they do not require it. 

Coinbase requires personal information such as an email address and even a phone number when signing up. This gives Coinbase more access to users’ information and makes them a more well-known exchange platform than Kraken. 

However, there are ways that you can sign up anonymously on Kraken if you do not want your identity to be known by the company or anyone else who uses their services. You must still provide some form of identification, but it can be done without revealing your identity (such as using a public key instead of an email address).

3. Security

Kraken has a much better security record than Coinbase. Kraken uses SSL encryption for all of its services, which means that your information will be more secure when using Kraken. 

Coinbase does not have any encryption on its website, which makes it more susceptible to hacking and other forms of malicious attacks. 

If you store your cryptocurrency on an exchange like Coinbase, make sure that you are using a cold wallet for your cryptocurrencies to prevent the risk of hackers stealing them from the exchange.

4. Accessibility

In terms of accessibility, Kraken is much easier to use than Coinbase because you do not need to download any software to use the platform. All you need is an internet connection and a computer to use Kraken’s services. 

However, if you want faster transaction times or an easier way to trade cryptocurrencies than doing it through an exchange like Kraken, then Coinbase may be what you are looking for instead. 

Both platforms are well-known and used by many people, but it is up to you to choose which platform you prefer.

5. Support

Kraken has a lower customer service rating than Coinbase. The Kraken support team is rated as an 8 out of 10 on the Better Business Bureau, while the Coinbase support team is rated as a 9 out of 10. 

This means that Kraken has a slightly better customer service rating than Coinbase in terms of overall satisfaction, but this does not imply that Kraken cannot improve its support capabilities in the future. 

You may find that Kraken’s customer service is better than Coinbase’s if you have any issues with the platform or any questions about how to use it and how to trade cryptocurrency with it. 

However, this does not mean that Kraken should be avoided because of its lower customer service ratings; it just means that you will have to accept some compromise when using Kraken instead of using one of the top exchanges like Coinbase.

6. Fees

Kraken has a lower fee than Coinbase for all of its currencies. Kraken charges fees are based on the currency you are trading and the volume of your trades. 

Kraken charges fees for trading in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are significantly lower than Coinbase’s fees. 

Coinbase charges 5% fees on all cryptocurrencies that you trade, while Kraken only charges a 0.1% fee on all cryptocurrencies except for Bitcoin and Bitcoin Cash, which cost 0.2% and 0.25%, respectively. 

If you want to trade more than just the top two cryptocurrencies on the market right now, then using Kraken may be what you need to do to get access to a better exchange than Coinbase since it has lower transaction fees compared to it.

7. Security

Coinbase has been criticized for its security issues in the past when it was hacked in 2014 and again in 2016 by hackers who stole over $5 million worth of cryptocurrency from their customers’ accounts. 

Although it seems that they have taken steps towards improving their security measures in the past year, Kraken has not been hacked and is regarded as a more secure platform.

8. Trading Tools

Coinbase only offers essential trading tools such as order books and price charts, while Kraken provides advanced trading tools like margin trading and stop-loss orders. Coinbase also only allows you to send or receive cryptocurrency directly from your account. 

In contrast, Kraken will enable you to deposit cryptocurrencies into your account via a bank transfer or credit card, which means that you can purchase cryptocurrencies with fiat currency (USD, EUR, etc.) at a much lower cost than it would Coinbase.

9. Margin Trading

Margin trading allows you to borrow money from your exchange account to increase the amount of cryptocurrency you have in your account without depositing more money into the account. 

Kraken allows for margin trading on up to 5% of your total deposited amount, whereas Coinbase does not allow for margin trading at all.

Which Exchange Should You Use?

Both Coinbase and Kraken are well-known cryptocurrency exchanges, but there are some differences between the two. Coinbase is an excellent exchange for beginners and those who want to start cryptocurrency trading. However, it is not the best exchange if you are looking to make large trades or take advantage of Kraken’s features.

The main reason why Coinbase would be better suited for new traders is because of its user-friendly interface on top of its low fees. Coinbase charges fees are still lower than most other exchanges, which makes it a good choice for beginners who are just starting in cryptocurrency trading.

On the other hand, Kraken is more focused on professional traders or investors. You can access the platform directly through their web app and mobile app or even your web browser. You can also trade from anywhere globally because Kraken supports over 100 different currencies with a wide variety of trading pairs. 

This means you can get started with Kraken even if you don’t have an account with them at this moment but will probably want to sign up later on.

The main reason why Kraken is great for you if you are looking to trade large amounts of money is that they have a margin trading feature. This feature allows you to borrow money from the exchange and use it to buy more cryptocurrency. 

This is an excellent feature for those who want to make large trades but don’t have enough money in their account. 

What this means is that if you’re going to trade $10,000 worth of cryptocurrency with Kraken, you can use $5,000 worth of fiat currency borrowed from the exchange as collateral (this amount will depend on the riskiness of your trades) and buy $15,000 worth of cryptocurrency with your money. 

You can then sell your purchased crypto at a later date and pay back the excess funds in fiat currency at the end of each month by paying back the loan amount plus interest charges.

Does Kraken Have More Coins Than Coinbase?

No, Coinbase has more coins than Kraken. Kraken offers a user-friendly platform and is known for its fast processing times. However, Coinbase is considered more user-friendly and efficient when it comes to its digital currency offerings.

Coinbase has more coins than Kraken because it offers more services than Kraken, such as cryptocurrency wallets, exchange trading platforms, and institutional services.

However, this doesn’t mean that Kraken is not better. In fact, Kraken is fairly new and has yet to achieve the same level of success as Coinbase.

Coinbase is much more likely to have coins in their possession that are usable for transactions. Additionally, Kraken is only available to users who use its website to buy and sell Bitcoin and other cryptocurrencies. Coinbase is available to anyone who wants to buy and sell Bitcoin and other cryptocurrencies.


Wrapping Up

Kraken and Coinbase are two of the most popular crypto exchange platforms globally. They offer different services and have different focuses. Kraken is geared more towards experienced investors, while Coinbase is geared more towards new investors. Both platforms are great for professional traders and low-volume investors.

Reference

  1. https://www.investopedia.com/kraken-vs-coinbase-5120700#:~:text=With%20widely%20available%20apps%2C%20hot,value%20user%20experience%20over%20cost.
  2. https://www.investopedia.com/kraken-vs-coinbase-5120700
  3. https://cryptomaniaks.com/guides/how-to-send-bitcoin-from-coinbase#:~:text=How%20to%20Transfer%20Bitcoin%20from%20Coinbase%20to%20Kraken,cryptocurrencies%20available%20on%20the%20exchange.
  4. https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times#:~:text=For%20example%2C%20on%20the%20Bitcoin,which%20takes%20approximately%2040%20minutes.

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