Cryptocurrency traders often have difficulty deciphering the Kraken vs Coinbase question. Both Kraken and Coinbase are both massively popular cryptocurrency exchanges. The pair both make it extremely easy to buy and sell cryptocurrencies online but vary greatly in terms of coins supported, ease of use, fee structure, and more.
Let this guide serve as a helpful resource to evaluate the pros and cons of Kraken vs Coinbase.
Kraken vs Coinbase: Listed Assets
When searching for a place to buy and sell cryptocurrencies it’s important to understand exactly which currencies each platform will allow you to trade.
Coinbase currently supports only 9 currencies.
The coins currently available on Coinbase include:
- Bitcoin
- Ethereum
- XRP
- Bitcoin Cash
- Litecoin
- Stellar Lumens
- Chainlink
- Ethereum Classic
- DAI
Kraken supports significantly more coins than Coinbase (31 to be exact).
The full list of available coins can be found below. Whether the coin is available for purchase with fiat will depend on your country’s home currency.
| Augur |
| Basic Attention Token |
| Bitcoin |
| Bitcoin Cash |
| Cardano |
| Chainlink |
| Cosmos |
| Dash |
| Dai |
| Dogecoin |
| EOS |
| Ethereum |
| Ethereum Classic |
| Gnosis |
| ICON |
| Lisk |
| Litecoin |
| Watermelon |
| Monero |
| Nano |
| OmiseGO |
| PAX Gold |
| QTUM |
| Ripple |
| Siacoin |
| Stellar Lumens |
| Tether (Omni Layer) |
| Tezos |
| USD Coin |
| Waves |
| Zcash |
In short, if you want to be able to trade a wide range of coins, Kraken is the better exchange for you.
Kraken vs Coinbase: Fees
Before you start buying and selling crypto on an exchange it’s important to understand what you will be paying for the service. Exchange fees can be broken down into three main categories:
- Deposit fees
- Withdrawal fees
- Trading fees
Deposit fees
Deposit fees are what you will pay to get your assets into the exchange.
Fortunately, neither Coinbase nor Kraken charge anything to deposit funds.
Withdrawal fees
Withdrawal fees vary greatly between Kraken vs Coinbase.
Kraken‘s withdrawal fees differ based on the cryptocurrency being withdrawn. For a full list of Kraken’s withdrawal fees by cryptocurrency few their withdrawal fee schedule.
Coinbase doesn’t charge a direct withdrawal fee but you will pay a network fee for the transaction.
Buy/Sell fees
Kraken’s buy/sell fees depend on your 30-day trading volume. The more you’ve traded in the past 30-days, the lower your fees will be.
Read more about Kraken’s fee schedule
Coinbase buy/sell fees depend on the amount of value being withdrawn. Withdrawals over $201 in value incur a fee of 1.49%.
Read more about Coinbase’s fee schedule
In summary, Kraken’s fee schedule is a bit more reasonable than Coinbase.
Kraken vs Coinbase: User Experience
Interface simplicity
Cryptocurrency exchanges and famously struggled to balance trading capability with user experience simplicity.
Coinbase is a significantly simpler and more easy-to-navigate platform. That said, simplicity often comes with a limitation in capabilities.
Kraken‘s platform is much more complex looking than Coinbase. While this allows for a lot more features, it can be a bit overwhelming to cryptocurrency newbies.
Customer support
Coinbase offers customer support via email and phone to deal with account issues and other support inquiries. However, when it comes to customer support, Coinbase has historically flopped.
Kraken, on the other hand, appears to consistently offer relatively good support for its clients. A common complaint, however, is verification times.
Kraken vs Coinbase: Summary
The Kraken vs Coinbase question is a tough one to answer as both are great options for buying and selling cryptocurrencies. However, they are both intended for digital asset investors of different experience levels. While Coinbase has a simpler interface that beginners will find very user-friendly, it is more limited in terms of capabilities than Kraken.
Who should use Coinbase:
- You are an absolute beginner looking for an easy solution to buy and sell digital currencies.
Who should use Kraken:
- You are somewhat experienced in cryptocurrency investing and would like a well-regulated and well-established digital asset exchange with added functionality.
Regardless of whether you choose Kraken or Coinbase, you are then going to need an app to track the performance of your portfolios. Fortunately, CoinStats, one of the most highly-rated cryptocurrency portfolio tracking apps in the App Store allows you to sync transactions from both Coinbase and Kraken. The app is available for iOS, Android, Web, Apple Watch, and Desktop.
The post Kraken Vs Coinbase | Exchange Comparison Review for 2020 appeared first on CoinStats Blog.
from CoinStats Blog https://blog.coinstats.app/kraken-vs-coinbase/?utm_source=rss&utm_medium=rss&utm_campaign=kraken-vs-coinbase
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