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Bottom line: Kraken is more ideal for traders looking for lower fees, and it gives you access to margin trading and multiple futures trading platforms. Coinbase is a better fit for beginner crypto traders, thanks to its Coinbase learning rewards feature that pays you in crypto for learning about different assets. Plus, if you’re looking to merge trading and digital wallet storage under the same company, Coinbase is the better option. (Kraken doesn’t offer wallets.)
Kraken vs. Coinbase: The biggest differences
Kraken and Coinbase are two popular cryptocurrency exchanges offering nearly 200 crypto assets for traders around the world. Both platforms allow you to earn interest rewards for holding cryptocurrencies over a set period of time (a process known as “staking”), and institutions shouldn’t have trouble finding investment options on either exchange.
While both Kraken and Coinbase both present a large selection of assets, with interest-earning perks and mobile trading options, Kraken may be the better choice for traders in search of lower fees or features like margin and futures trading. Coinbase offers a wider range of institutional services, educational resources, and features like Coinbase Card.
Kraken and Coinbase’s account features and fees also vary. Keep reading to see which brokerage is best for you.
Kraken
Coinbase
Account types
Personal investment and institutional accounts
Account types
Personal investment and institutional accounts
Investment choices
Cryptocurrencies
Investment choices
Cryptocurrencies
Account perks
185+ cryptocurrencies, fiat-to-crypto and crypto-to-crypto transactions, margin and futures trading, staking, over-the-counter (OTC) trading, expert consultations, and one-on-one account manager support
Account perks
170+ cryptocurrencies, staking, Coinbase learning rewards, wallet services, Coinbase Pro, and Coinbase Card for spending, and institutional services
Human advisors/experts available?
Yes — expert consultations and account manager support for institutions and advanced traders
Human advisors/experts available?
No
Is Kraken right for you?
Pros
More than 185 cryptocurrenciesMargin and futures trading availableOver-the-counter (OTC) trading and account management supportStaking rewardsGreat selection of educational resources and tutorials on cryptocurrencies
Cons
Futures mobile platform isn’t available in the USDoesn’t provide walletNot available for residents of New York or Washington state
Founded in 2011, Kraken is a global crypto exchange providing a plethora of services for individuals and institutions. The exchange supports more than 185 cryptocurrencies (including bitcoin, ethereum, and dogecoin), and its products are available to those in nearly 200 countries around the world.
When it comes to trading, Kraken offers several options. These include fiat-to-crypto transactions, margin trading, futures trading, and over-the-counter (OTC) trading. On the fiat end, the exchange supports USD, EUR, CAD, AUD, GBP, CHF, and JPY. Plus, you can fund your account with cryptocurrencies as long as Kraken currently supports the coins (see a complete list of Kraken’s funding options here).
And for the staking-oriented traders (staking is a process that pays you interest rewards for holding certain assets for a period of time), you can earn rewards from bitcoin, ethereum, and multiple other assets.
If you’re an institution or an advanced trader, there’s no shortage of services at Kraken. Institutions and high-net-worth individuals (people with at least $1 million in liquid assets) can take advantage of the exchange’s OTC services to place high-volume trades. You’ll need a minimum of $100,000 to place an order.
Its OTC services also give you access to expert market insights, 24/7 global customer support, one-on-one expert consultations, and full support for all fiat currencies and crypto assets listed on the exchange. Advanced traders, on the other hand, can utilize both the Kraken Pro platform and ongoing support from an account manager.
Kraken additionally provides several helpful resources — including videos and webinars — on the fundamentals of bitcoin and cryptocurrencies.
The Kraken mobile app is available on iOS and Android.
Read Personal Finance Insider’s complete review of Kraken here »
Is Coinbase right for you?
Pros
Low account minimums170+ cryptocurrenciesDigital wallet storage, educational resources, mobile accessCan earn interest rewards for holding certain assets
Cons
Pay more for lower balancesNo futures or margin trading
Coinbase is best for individual or institutional traders — both in the US and abroad — looking for access to crypto exchange services, staking, crypto rewards, asset storage, and more. The exchange is available in all 50 states, and it supports traders in more than 100 countries.
Like Kraken, Coinbase lets you exchange well over 100 cryptocurrencies, including bitcoin, ethereum, litecoin, dogecoin, and others. But unlike Kraken, Coinbase doesn’t offer margin accounts or futures trading.
What Coinbase does offer traders is staking rewards, an educational feature that pays you in crypto for learning about various assets (the exchange calls this option Coinbase learning rewards), and three different account options: the Coinbase standard account, Coinbase Pro, and Coinbase Advanced Trade. As for its staking rewards, you can earn up to 5.75% APY for holding assets like ethereum, algorand, tezos, and others. See more here.
While the standard Coinbase account includes crypto trading, Coinbase Earn, Coinbase Card, wallet services (Kraken doesn’t offer a wallet), and more, Coinbase Pro caters to more advanced traders. The Coinbase Pro platform includes real-time market data and order books, and trading APIs and charting tools (custodial accounts have also been established in a manner to make pass-through FDIC insurance available up to $250,000 per individual). Read more on Coinbase Pro here.
Coinbase Advanced Trade functions as a step-up from Coinbase Pro. It offers more features, including staking rewards of up to 5% on multiple assets, more advanced trading charts, and stronger security features. In addition, Coinbase’s Coinbase One subscription has a 30-day free trial, and it gives you access to 0% trading fees, advanced market research, and 24/7 customer support. We aren’t sure what monthly fees the service charges.
Coinbase also offers several institutional services, including its Coinbase Prime institutional trading platform and cold storage (cold storage is offline custody for crypto assets). In addition, businesses and institutions can utilize commerce services, ventures fundraising services for crypto startups, asset-listing software, and analytics services.
The Coinbase mobile app is available on iOS and Android devices.
Read Personal Finance Insider’s complete review of Coinbase here »
Kraken vs. Coinbase — Frequently asked questions (FAQ)
Which is safer: Kraken or Coinbase?
Kraken and Coinbase both offer a vast range of security features for retail traders and institutions. With Kraken, your account includes two-factor authentication, monitoring for suspicious activity, email confirmations for withdrawals, SSL encryption, account timeout, 24/7 customer support, and account recovery options. Plus, Kraken secures 95% of deposits through offline storage, and it employs penetration testing to ensure its systems are secure.
Coinbase offers two-factor authentication, security prompts, multi-approval withdrawals, account monitoring for any potential threats or data breaches, password encryption, notifications for security changes in your account, and 24/7 customer support. Coinbase also offers offline storage for institutional assets.
Overall, both crypto exchanges take several measures to keep your cryptocurrencies safe. Many of their security features are similar, so it may also be useful to examine each platform’s history with hacks and data breaches before making a decision.
Is Kraken good for beginners?
Though Coinbase is a better platform for beginners, thanks to its learning rewards and easily navigable interfaces, Kraken is also a good idea for crypto newcomers. Its mobile apps are highly rated both for iOS and Google Play devices, you can complete crypto transactions in minutes, and it offers a Learn Center with copious educational materials on cryptocurrency topics.
How do you make money on Coinbase?
Coinbase provides several ways to build wealth. You can trade cryptocurrencies, earn crypto rewards by completing courses on different assets, stake cryptocurrencies, or earn up to 4% back in crypto rewards when you use the Coinbase card for purchases.