Comparing Coinbase and Kraken
Comparing Coinbase and Kraken is an important step for aspiring crypto traders and investors. The two major exchanges are both highly rated but differ in security, fees, and features. This article delves into the details to help you make an informed decision about which platform is right for you.
In a nutshell, Coinbase prioritizes ease of use with a beginner-friendly interface and educational resources. It offers a limited cryptocurrency selection but integrates seamlessly with its own crypto wallet and debit card for convenient spending and management. It also offers a variety of staking rewards and lower fees. Kraken, on the other hand, caters to experienced traders with a robust platform featuring advanced trading tools and a wide range of fiat currencies. Its focus on regulatory compliance and insurance coverage for your crypto holdings also makes it a top choice for many investors.
Comparing Coinbase and Kraken: Which Crypto Exchange is Better?
Both platforms offer extensive support via email, phone, and live chat. However, customer service may be slow at times during high-traffic periods. Additionally, neither exchange provides a desktop version of its app. As a result, it is recommended to move your cryptocurrency out of the exchange into a non-custodial hardware or software wallet for long-term storage.
Both exchanges provide a number of security measures including multi-factor authentication, strong password requirements, and multiple security labs. They also both store your assets in cold storage to prevent hacking and theft. However, Coinbase holds 98% of its funds in multiple offline cold storage locations, whereas Kraken only stores 95% of its assets. Additionally, Coinbase’s customer accounts are FDIC insured, while Kraken doesn’t offer this feature at this time.