Kraken vs Crypto.com: How These Exchanges Compare?
4 min to read
Introduction: If you are wondering whether Kraken would beat Crypto.com in a heads up battle, you have come to the right place. In this breakdown we compare these two exchanges across a range of variables such as fees, deposit methods and much more. Once you have finished reading this comparison, you will have a better idea of the pros and cons of Kraken and Crypto.com.
Kraken exchange is a prominent American cryptocurrency exchange that was launched in 2011 by Jesse Powell which has established itself as one of the most well regulated and safe exchanges in the world. Kraken has gained significant traction in the market, with over 9 million users primarily based across North America and Europe and presence in 190 countries.
Users on Kraken can engage in spot trading for over 200 cryptocurrencies, including popular options such as Bitcoin, Ethereum, Solana, Polkadot, Cosmos, Arbitrum and many others.
In addition to spot trading, Kraken offers margin trading and futures trading, enabling users to speculate on the price movements of cryptocurrencies through futures contracts.
The exchange has implemented industry-standard security measures and complies with regulatory requirements, which provides an added layer of confidence and peace of mind to it's users.
The platform is designed to be intuitive and easy to navigate, making it accessible to both beginners and experienced traders. Additionally, Kraken offers a mobile app that has been downloaded over 1 million times and has received a strong 4.3-star rating based on 20,000 reviews.
Similar to Kraken, Crypto.comis also available in over 180 countries but has a much larger userbase of over 80 million users across North America, Europe, and Asia.
One of the key features of Crypto.com is its comprehensive exchange platform which provides users with access to a diverse array of services, including spot and margin trading, staking, lending, wallet services, and more.
The platform is designed to be intuitive and easy to navigate, providing a seamless trading experience. Additionally, Crypto.com offers a mobile application available on both Android and iOS, which has garnered over 10 million downloads and maintains an impressive 4.6-star rating based on over 400,000 user reviews.
With over 250 cryptocurrencies available for trading, including popular options like Bitcoin and Ethereum, Crypto.com offers a wide selection of assets for users to diversify their portfolios and explore various investment opportunities.
Kraken vs Crypto.com: Signup & KYC
If you're looking to sign up for a cryptocurrency exchange, you might be wondering about the verification process. When it comes to Kraken and Crypto.com, both exchanges require KYC verification to ensure the security of their platform.
The good news is that signing up for Kraken takes less than a minute, and basic verification can be completed in less than 2 minutes. On the other hand, Crypto.com's sign-up process generally takes less than ten minutes, but users will need to provide their full legal name and a picture of a government-issued ID for KYC verification.
Kraken vs Crypto.com: Products & Services
Kraken is a well-established cryptocurrency exchange that operates within the framework of US regulations, resulting in a more limited product offering compared to some international exchanges.
However, it still provides a range of essential services to cater to the needs of both beginner and sophisticated traders. One of the core features of Kraken is its spot trading functionality where users can buy and sell from over 200 cryptocurrencies.
In addition to spot trading, Kraken offers cash-settled futures with various maturities, including monthly, quarterly, semi-annual, and perpetual contracts. These futures contracts allow users to speculate on the price movements of cryptocurrencies without the need for physical delivery.
Kraken also offers margin trading, which allows users to amplify their trading positions by borrowing funds. However, it's important to note that the maximum leverage for margin trading on Kraken is 5X.
For non-US users, Kraken provides staking services, enabling them to earn rewards by holding and staking certain cryptocurrencies. This feature allows users to passively generate income while supporting the underlying blockchain networks.
Kraken goes beyond traditional trading services and includes an NFT marketplace that let's users buy and sell non-fungible tokens, participating in the growing trend of digital collectibles.
Institutional clients can benefit from Kraken's OTC (over-the-counter) desk and 24/7 account management teams. These services cater to the specific needs of institutional traders, offering personalized support and streamlined trading experiences.
Kraken prioritizes user experience, particularly for beginners. The platform is designed to make buying and selling cryptocurrencies simple and intuitive for everyday users. The user-friendly interface ensures a seamless onboarding process and accessibility to a wide range of traders.
In terms of liquidity, Kraken frequently ranks in the top 10 among cryptocurrency exchanges. With daily spot trading volumes ranging from $300 to $600 million, Kraken offers more than sufficient liquidity for traders to execute their orders efficiently.
As for Crypto.com, they offer a comprehensive offering of over 500 spot trading pairs and more than 100 futures, perpetual contracts, and warrants. Crypto.com ensures that traders have access to a diverse selection of digital assets for their investment and trading strategies.
Crypto.com also ranks among the top 20 exchanges in terms of liquidity. The daily spot trading volumes on the platform typically range from $100 million to $300 million, providing traders with sufficient liquidity to execute their trades efficiently and at competitive prices.
When it comes to leverage, Crypto.com offers a maximum leverage of 20x for futures trading, allowing traders to amplify their potential profits or losses. For spot trading, the platform supports margin leverage of up to 3x.
One different aspect of Crypto.com is its inclusion of trading bots, which assist users in executing various trading strategies with ease. These bots offer basic functionalities such as dollar cost averaging and grid trading, enabling traders to automate their trading activities and enhance their overall trading experience.
Additionally, Crypto.com provides beginner-friendly features like lending and borrowing of digital assets, Crypto.com cards with cashback rewards, and the opportunity to participate in the burgeoning market of non-fungible tokens (NFTs).
Recognizing the importance of catering to institutional clients, Crypto.com offers an over-the-counter (OTC) desk to facilitate large-scale trades for institutions and high-net-worth individuals.
For spot trading, Kraken offers a maker fee of 0.16% and a taker fee of 0.26%, while Crypto.com charges 0.075% for makers and 0.075% for takers. In terms of futures trading, Kraken's maker fee is 0.02% and taker fee is 0.05%, while Crypto.com's maker fee is 0.017% and taker fee is 0.034%.
Thus, it is evident that Crypto.com offers lower trading fees for both spot and futures trading when compared to Kraken. This makes Crypto.com a better option for traders who want to save on trading fees.
Kraken and Crypto.com offer different deposit methods for users. Kraken supports 7 fiat currencies, including USD, EUR, CAD, AUD, GBP, CHF, and JPY, with deposit methods like Fedwire, SWIFT, ACH, SEPA, and FPS. Users can make free ACH deposits for USD, EUR and CAD.
On the other hand, Crypto.com only supports USD deposits via wire transfer and has a $0 deposit fee for wire transfers and USD bank transfers. In this category, Kraken offers a much better user experience with a wider range of fiat currencies and deposit methods available to its users.
Kraken has once again a bit advantage when it comes to fiat withdrawals compared to Crypto.com. Kraken offers withdrawals in all 7 fiat currencies they support with multiple withdrawal methods such as ACH, SEPA, SWIFT, and FPS. The withdrawal fee ranges from free to 0.9 EUR (SEPA), $4 (SWIFT), and 1.95 GBP (FPS) depending on the method. Crypto.com only supports USD withdrawals via bank transfer, but with one upside, it's free of charge.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.