{"id":2904,"date":"2021-05-12T12:55:29","date_gmt":"2021-05-12T19:55:29","guid":{"rendered":"https:\/\/coincentral.com\/?p=2904"},"modified":"2022-03-19T14:18:05","modified_gmt":"2022-03-19T18:18:05","slug":"coinbase-vs-kraken","status":"publish","type":"post","link":"https:\/\/coincentral.com\/coinbase-vs-kraken\/","title":{"rendered":"Coinbase vs Kraken | Cryptocurrency Exchange Comparison"},"content":{"rendered":"

Coinbase<\/a> and Kraken<\/a> are two of the most commonly recommended options for buying cryptocurrencies. In this <\/span>Coinbase<\/b> vs <\/strong>Kraken<\/b> comparison, we\u2019ll show you the key differences between both options so that you can choose the right one for you. <\/span><\/p>\n

Coinbase vs Kraken: Key Information<\/span><\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Reviews<\/td>\n\n

Coinbase Review<\/a><\/p>\n<\/td>\n

Kraken Review<\/a><\/td>\n<\/tr>\n
Site Type<\/td>\nEasy Buy\/Sell Methods<\/td>\nCryptocurrency Exchange<\/td>\n<\/tr>\n
Beginner Friendly<\/td>\nYes<\/strong><\/span><\/td>\nModerate<\/strong><\/span><\/td>\n<\/tr>\n
Mobile App<\/td>\nYes<\/strong><\/span><\/td>\nYes<\/strong><\/span><\/td>\n<\/tr>\n
Buy\/Deposit Methods<\/td>\nDebit Card, Bank Transfer<\/td>\nBank Transfer, Cryptocurrency<\/td>\n<\/tr>\n
Sell\/Withdrawal Methods<\/td>\nPayPal, Bank Transfer, Cryptocurrency<\/td>\nBank Transfer, Cryptocurrency<\/td>\n<\/tr>\n
Available Cryptocurrencies<\/td>\nBitcoin, Ethereum, Litecoin, and 6+ More<\/td>\nBitcoin, Ethereum, Litecoin, and 15+ More<\/td>\n<\/tr>\n
Company Launch<\/td>\n2012<\/td>\n2011<\/td>\n<\/tr>\n
Location<\/td>\nSan Francisco, CA, USA<\/td>\nSan Francisco, CA, USA<\/td>\n<\/tr>\n
Community Trust<\/td>\nGreat<\/td>\nGreat<\/td>\n<\/tr>\n
Security<\/td>\nGreat<\/td>\nGood<\/td>\n<\/tr>\n
Customer Support<\/td>\nGood<\/td>\nGood<\/td>\n<\/tr>\n
Verification Required<\/td>\nYes<\/td>\nYes<\/td>\n<\/tr>\n
Fees<\/td>\nMedium<\/td>\nLow<\/td>\n<\/tr>\n
Site<\/td>\nVisit Coinbase<\/a><\/td>\n\n

Visit Kraken<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Coinbase vs Kraken: Instant Buy or Crypto Exchange?<\/h2>\n

When looking at the key information table above, you probably noticed Coinbase is listed as beginner friendly. However, Kraken is not. Though both sites allow users to buy cryptocurrency, they provide this service in different ways. \u00a0<\/span><\/p>\n

Kraken <\/b>operates as a cryptocurrency exchange. To explain, you’re<\/span> able to trade currency pairs with each other, similar to a forex or stock exchange. This design leaves more room for human error than Coinbase does, especially if you have no previous trading experience.\u00a0<\/span><\/p>\n

Assuming you\u2019re wanting to trade with <\/span>fiat currency<\/span> (USD, EUR, etc.), it will most likely take you longer to purchase your cryptocurrency on Kraken. In order to buy cryptocurrency with fiat on Kraken, you must complete the following steps:<\/span><\/p>\n

    \n
  1. First, verify your account.<\/span><\/li>\n
  2. After that, deposit fiat currency through bank transfer.<\/span><\/li>\n
  3. Next, wait for your deposit to hit your account, which usually takes 1-5 business days.<\/span><\/li>\n
  4. Finally, trade your fiat currency for cryptocurrency.<\/span><\/li>\n<\/ol>\n

    As you\u2019ll see below, Coinbase allows you to lock in your price more quickly.<\/span><\/p>\n

    \"kraken
    Kraken uses order books making the buying process slightly more complicated than Coinbase.<\/figcaption><\/figure>\n

    Alternatively, Coinbase simplifies buying cryptocurrency by removing many of the more complex aspects found at exchanges. Even more, it allows you to buy cryptocurrency with both bank transfers (ACH) and<\/strong> debit cards. Below, we\u2019ll show you what the Coinbase buying process is like for each payment method.<\/span><\/p>\n

    Debit Card Purchases<\/h3>\n
      \n
    1. First, verify your account and debit\u00a0card.<\/span><\/li>\n
    2. Next, instantly buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, or several other coins at the set price.<\/span><\/li>\n<\/ol>\n

      Note:<\/strong> Coinbase debit card and bank transfer purchasing limits vary by user. For example, debit card limits are determined by account age, buying history, and verification status. If you’re hoping to purchase larger amounts, bank transfer purchases are a great option, as you can immediately have access to higher limits after verification.<\/p>\n

      \"Coinbase
      Coinbase Instant Buy Interface<\/figcaption><\/figure>\n

      Bank Transfer Purchases<\/h3>\n
        \n
      1. First, verify your account.<\/span><\/li>\n
      2. After that, buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, or several other coins at the set price.<\/span><\/li>\n
      3. Then, you’ll receive the agreed-upon amount of cryptocurrency that you purchased after a few days of processing time.<\/span><\/li>\n<\/ol>\n

        When using a debit card, it\u2019s easy to see the benefits of Coinbase<\/a>. Not only are you able to use an often-preferred payment method, but you also receive your cryptocurrency instantly.<\/span><\/p>\n

        If you’re looking to lock in a price as soon as possible, you can also benefit when using a bank transfer. Unlike on Kraken, Coinbase allows you to lock in your purchase price before your bank transfer is processed. This can be useful if you\u2019re expecting prices to rise quickly. <\/span>Note that you cannot transfer cryptocurrency from your account while your bank transfer is being processed<\/b>.<\/span><\/p>\n

        Regardless of which payment method you use, the price and fees will be clearly shown at the time of your purchase. The price is based on exchange rates, so you can be sure it’s a fair price. Coinbase does charge fees for their service, which you can see in the\u00a0Fees<\/em> section below.<\/span><\/p>\n

        Coinbase vs Kraken: Customer Support<\/span><\/h2>\n

        Although both platforms struggled with customer support in the past, they’ve made numerous improvements in the past year. So, you shouldn’t have trouble with support on either Coinbase or Kraken.<\/span><\/p>\n

        Coinbase<\/b> offers customer support through email and phone. While not flawless, Coinbase seems to respond to customer support issues in a reasonable time frame. In our personal experience, Coinbase has responded within 24-48 hours for support tickets. This experience is mostly echoed across online forums, although 24-72 hours may be a more accurate overall mark.<\/span><\/p>\n

        Kraken<\/b> has typically been known for having good customer service, although there appear to be some complaints surrounding account verification times. Around online forums, users have said they\u2019re struggling to get new accounts verified as well as being unable to get ahold of customer support in a reasonable time frame. \u00a0<\/span><\/p>\n

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        Both Companies Are Trusted by the Community<\/span><\/h2>\n

        When observing the community trust of Coinbase vs Kraken, you won’t find much difference. Both have been pioneers in servicing the purchase and sale of cryptocurrency, beginning in 2012 and 2011, respectively.<\/span><\/p>\n

        Both companies are located in San Francisco, California. As U.S.-based companies, both sites are fully committed to complying with all U.S. laws and regulations.<\/span><\/p>\n

        Safe and Secure<\/h2>\n

        With millions of dollars being held on these sites, the security of funds should be one of their top concerns. Both Kraken and Coinbase adhere to industry best practices for storing both cryptocurrency and fiat currency funds.<\/span><\/p>\n