So you’re thinking about buying, trading or investing into cryptocurrencies right? Often the first obstacle is choosing the best exchange or broker. You have to take into account fees, payment methods, security and other important things. Today we’ll be taking a look at Coinbase vs Kraken, two of the most popular cryptocurrency websites. This comparison will cover everything you need to know so you can make a decision today.
Coinbase vs Kraken
If you’re a beginner then we highly recommend that you check out Coinbase. This is because it is much easier to get started with and has a simpler system due to it being a broker. You can simply log in and buy cryptocurrencies with a variety of payment methods, easy as that. It’s also quicker compared to Kraken because you set a price and purchase it at that amount after verifying your account.
Your purchasing limits are based off of the age of your account, purchase history and verification status. Bank transfer purchases start off with a higher limit if you’re interested in investing a bit more at first.
If you need any help, Coinbase has a great customer support team you can reach through email or ticket. Expect to get a response within a 24-48 hour time frame which is reasonable with the amount of customers they have.
Cryptocurrency is known for its security so it shouldn’t be a surprise that both Coinbase and Kraken are very safe to use. Industry practices the two websites implement include:
- 2-factor authentication to keep your account safe.
- Coins are held in secure offline wallets to negate hacks or breaches.
- Users funds are not used for any company operations.
For the more serious investors, Kraken is a cryptocurrency exchange you’ll enjoy using. It isn’t as beginner friendly so we recommend you wait until you have more experience before diving into a real exchange. Those coming from a Forex or similar background will understand how the system works. You trade currency pairs with one another which requires knowledge on chart reading and similar skills.
When you want to begin trading on Kraken, it’s slower than getting started on Coinbase because you must:
- Verify your account first.
- Deposit fiat currency of your choice through a bank transfer.
- Wait 1-5 business days for the deposit.
- Trade the fiat currency for coins.
Besides that, it’s an advanced trading platform that you’ll find satisfies all of your needs as a crypto trader. Customer support is available through tickets and are known for responding within a reasonable time frame.
Coinbase vs Kraken Verdict