Are you torn between using Revolut or Kraken for your cryptocurrency needs? Look no further as we have compared both platforms across various variables such as fees, supported currencies, security features, and more. Read on to discover which platform is the better fit for you!
Revolut and Kraken are two very different companies with unique features and target audiences.
Revolut is a neobank that offers a range of digital banking and financial services, including support for over 100 cryptocurrencies. Kraken, on the other hand, is a leading cryptocurrency exchange known for its security, reliability, and wide range of supported crypto and fiat currencies.
Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, and has grown to over 7,000 employees. The platform is available in over 60 countries and is widely known for its innovative approach to banking, competitive fees, and extensive array of features.
Revolut supports over 100 cryptocurrencies, including well-known ones such as BTC, ETH, XRP, DOT, ADA, and ICP, making it a popular choice for crypto investors.
Kraken, founded in 2011 by Jesse Powell, is a registered and based in San Francisco. The exchange boasts an impressive workforce of over 2,000 employees and is available in 190 countries. Kraken is known for its security, reliability, and wide range of supported crypto and fiat currencies.
The platform offers various services, such as spot trading, margin trading, futures trading, and staking, catering to both beginners and experienced traders. Kraken provides its users access to buy and sell over 200 cryptocurrencies such as Bitcoin, Ethereum, and Cosmos.
In summary, Revolut is a neobank that offers support for over 100 cryptocurrencies, while Kraken is a leading cryptocurrency exchange with support for over 200 cryptocurrencies and many more crypto specific product features.
Revolut vs Kraken Signup & KYC
Revolut and Kraken are two popular exchanges with different signup processes and KYC requirements.To sign up for Revolut, users need to download the app and open a Revolut Standard account which can be done for free in minutes.
The verification process involves following the instructions provided by the app and providing personal information and a valid government ID. KYC is mandatory on Revolut and no user can create a bank account without getting verified. Verification time on Revolut can take as little as 5-10 minutes up to a few hours in some cases.
On the other hand, signing up for Kraken takes less than a minute and basic verification can be achieved in less than 2 minutes. Kraken requires all their customers to verify their identity via KYC and verification process normally takes 1-2 business days if all the required documents have been correctly provided.
Both exchanges have different KYC requirements. Revolut's KYC process involves following instructions provided by the app while Kraken's KYC process requires all customers to verify their identity. While verification time on Revolut is quick, it can take up to 5 days for Kraken's verification process to be completed.
Revolut vs Kraken Products & Services
Revolut and Kraken are two very different exchanges with unique product offerings and user experiences. Revolut is primarily a fintech bank that offers basic cryptocurrency trading features, while Kraken is a more traditional cryptocurrency exchange with a wider range of products and services.
Revolut offers users the ability to buy and sell over 100 cryptocurrencies, as well as earn staking rewards for select assets.
They also offer a "Learn and Earn" program for beginners to learn about cryptocurrencies and earn tokens. The user experience for buying and selling cryptocurrencies on Revolut is average, as it is not the main focus of their banking app.
On the other hand, Kraken offers spot trading for 200 plus cryptocurrencies, as well as cash-settled futures with various maturities and margin trading. They also offer staking (for non US users) and an NFT marketplace.
In terms of liquidity, Kraken frequently ranks in the top 10 with daily spot trading volumes in the range of $300 to $600 million. Compare this to Revolut which is not focused on cryptocurrency trading and therefore has lower trading volumes and liquidity.
For institutional clients, Kraken offers an OTC desk and 24/7 account management teams. The user experience on Kraken is designed with beginners in mind, with a simple interface and leveraged products for more sophisticated traders.
In terms of leverage, Kraken offers a maximum leverage of 50X on futures, while Revolut does not offer leverage of any kind. Overall, Kraken offers a wider range of products and services, while Revolut is a banking app that has cryptocurrency support as a minor feature.
When it comes to trading fees, Revolut charges a steep fee of 1.99% for buying and selling cryptocurrencies, with no discounts for high volume trading. This is up to 20 times higher compared to exchanges like Binance, OKX, and Bybit.
On the other hand, Kraken offers competitive fees for both spot and futures trading, with spot maker fees of 0.16% and spot taker fees of 0.26%. These fees can be lowered if monthly trade volumes exceed $50,000. Kraken also offers futures trading with maker fees of 0.02% and taker fees of 0.05%.
While Revolut may be a convenient option for those who already have an account with the digital banking platform, the high trading fees will put off serious traders and investors. Kraken, on the other hand, offers more competitive fees and the opportunity for traders to lower their fees by increasing their trade volumes.
When it comes to deposit methods, Revolut and Kraken are quite different as they are different types of platforms.
Revolut, being a bank, doesn't require any fiat deposits as users can simply use the funds they have to buy cryptocurrencies. This is a convenient option for those who don't mind the high fees.
On the other hand, Kraken offers support for deposits with 7 fiat currencies including USD, EUR, CAD, AUD, GBP, CHF, and JPY. The deposit methods on Kraken include Fedwire, SWIFT, ACH, SEPA, FPS, and more.
Kraken even offers free ACH deposits for USD, EUR, and CAD via bank transfers (ACH) and SEPA. It's clear that Revolut and Kraken cater to different types of users.
Revolut is ideal for those who already have funds in their account and don't want to go through the hassle of signing up to another exchange. Kraken, on the other hand, is a great option for those who want to deposit fiat currencies and have a variety of options to choose from.
There is no need to withdraw fiat currencies from Revolut as it's a bank account where users are already storing their funds. It is however possible to withdraw cryptocurrencies from the app. To do so, they will have to pay the network fee plus a service fee on top which is added by Revolut.
Unfortunately, the service fee charged by Revolut depends on the amount being withdrawn which can result in much higher fees than traditional crypto exchanges.
On the other hand, Kraken offers fiat withdrawals for all seven currencies they support. They offer ACH for free, SEPA withdrawals are possible with a 0.9 EUR fee, SWIFT withdrawals come with a $4 fee, and users can withdraw GBP with Faster Payments (FPS) for a fee of 1.95 GBP.
When it comes to cryptocurrency withdrawals, the fees on Kraken are 0.00001 BTC for Bitcoin, 0.0035 ETH for Ethereum, 0.01 SOL withdrawal fee for Solana and 2.5-10 USDT for those that wish to withdraw their Tether USD.
So while Revolut's withdrawal methods are limited to cryptocurrencies, Kraken offers a wider range of options for both fiat and cryptocurrencies.
To conclude things, Revolut is a neobank that offers support for over 100 cryptocurrencies, while Kraken is a leading cryptocurrency exchange known for its security, reliability, and wider range of over 200 cryptocurrencies.
Both exchanges have their unique KYC requirements but ultimately, you need to provide KYC information to both Revolut and Kraken in order to buy and sell cryptocurrencies.
Revolut is primarily a fintech bank that offers basic cryptocurrency trading features, while Kraken is a more traditional cryptocurrency exchange with a wider range of products and services.
While Revolut is offering basic buy and sell and staking for a limited range of cryptos, Kraken offers many more features such as margin and futures trading, NFTs, staking opportunities and much more.
In terms of trading fees, Revolut charges a steep fee of 1.99% for buying and selling cryptocurrencies, while Kraken offers much more competitive fees for both spot and futures trading.
Kraken also offers support for deposits with 7 fiat currencies, while Revolut doesn't require any fiat deposits as users can simply use the funds they have to buy cryptocurrencies.
Revolut will be preferable to users who don't want to leave the Revolut app and don't mind paying high fees. For users who are more cost sensitive and want a wider range of cryptocurrencies and other products, Kraken is the obvious choice.
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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.