Cryptocurrency exchange platforms play a very crucial part in the trading of cryptocurrencies and can affect trading adversely if it doesn’t facilitate transactions seamlessly. The idea behind cryptocurrencies is to be able to decentralize the banking system. Therefore, the exchange platforms act as an intermediary between the cryptocurrencies including digital and fiat currencies.
Some of the most sought-after exchange platforms used across the world are Kraken and Coinbase. Both are massively popular and are used by traders across the world. In this article, we will weigh the pros and cons of using both these exchange platforms and the risks and advantages involved in it. If you wish to know more about these platforms there are a lot of informative videos on YouTube. Make sure to check out the Youtube thumbnail to verify that you’re looking at relevant content, though.
Kraken
Kraken is a US-based cryptocurrency exchange platform as well as a bank that was founded only a few years after Bitcoin. It is one of the oldest platforms used for cryptocurrency exchange and has been in the market long enough to prove its versatility. Kraken has a very good security algorithm in place along with a wide variety of cryptocurrencies to choose from. Kraken has proved to be an easy platform for experienced as well as new traders. It provides several features such as margin trading to high net-worth investors, as well as stake recording for select coins on the platform.
Coinbase
Coinbase has also become a mainstream cryptocurrency exchange for any new investor in the trading market. It was founded in 2012. It is a licensed and regulated exchange platform with a wide variety of features that cater to a vast audience. For example – cryptocurrency investing wallets for retail investors, etc.
The most attractive feature of Coinbase is the fact that it is extremely simple to use. It is widely preferred by new investors. Coinbase features a list of 25 cryptocurrencies along with Bitcoin and its features are provided at meagre fees and is free to use for anyone with a Coinbase account.
Kraken vs Coinbase
While both these SaaS platforms offer exciting features and interesting user interfaces for all kinds of traders there are still many features that are comparable and knowing them will help investors make an informed decision. Let us take a look at some of the pros and cons of Kraken and Coinbase.
| Features/Platform | Kraken | Coinbase |
| Pros | ● Reliable and Secure
● Less fees ● High trade limit ● Support some Fiat currency |
● Excellent user interface
● Easy payment options ● Accept Fiat currencies |
| Cons | ● Taxing user interface
● Longer verification time |
● Higher fees compared to Kraken
● Some coins not supported |
Conclusion
Both Kraken and Coinbase are competitive exchange platforms that bring to the table features catering to all kinds of investors. Kraken’s stringent security measures are a bonus for large-sum investors but additional precautions can be exhaustive for those who want to start trading immediately.
Coinbase offers an instant startup process keeping the trading features and funding options simple. This attracts inexperienced investors to start trading right away. With only a phone call verification, Coinbase can allow new investors to trade up to $9000.
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