To correctly reflect the statistics of the Coinbase vs Kraken comparison, we have separated our detailed fact-based study results into 8 main areas. Take a look at the general overview table below for a quick Coinbase vs Kraken key statistic comparison.
The overall score comparison of Coinbase vs Kraken cryptocurrency exchange indicates that Coinbase has a better overall score of 9.8, while Kraken has an overall score of 9.1. When it comes to usability, it’s apparent that in this Coinbase vs Kraken comparison, Coinbase offers a better and smoother user experience than Kraken.
Since its start, Coinbase has been extremely concerned about security. To far, no successful direct assault on the Coinbase platform has occurred. Instead, criminals have attempted to steal Bitcoin through sophisticated phishing attacks on social media and other platforms. When hackers took over numerous high-profile Twitter identities and sought cash from unknowing followers, the firm was able to block $280,000 in Bitcoin transactions. Aside from these attempts, Coinbase has been the most secure exchange one could wish for. It is also worth mentioning that Coinbase launched Coinbase Custody in 2019, which maintains bitcoin assets fully offline in cold storage wallets.
Kraken’s sole security breach occurred in 2016, when hackers gained access to some of its accounts. However, the alleged incident only resulted in a few hundred dollars in larceny and did not appear to be anything more. Kraken has taken security very seriously since then. Indeed, the exchange’s cyber security team, known as Kraken Security Labs, discovered a weakness in the Trevor hardware wallet early this year, therefore offering a service to the whole industry.
Both exchanges provide dealers with top-notch security. When it comes to security, you can’t go wrong with Kraken or Coinbase.
COMPARISON RESULT ANALYSIS
One of the most essential criteria to consider when comparing cryptocurrency exchanges is value for money, which indicates whether the brand provides adequate quality for the price. In this scenario, Coinbase outperforms Kraken in terms of value for money.
It is also beneficial to consider the quantity of active users. When comparing Kraken VS Coinbase, it is clear that Coinbase has a larger active user base, with around 13.3M users. Kraken, on the other hand, has around 4 million active users. When we look at the cryptocurrencies accepted by these exchanges, we can see that Coinbase accepts more coins than Kraken.
It is also critical to do an in-depth bitcoin exchange cost comparison. When this statistic is compared in this Coinbase vs Kraken comparison, it is obvious that Kraken has the lowest trading cost percentage of Up to 0.26 percent, while Coinbase comes in second with a charge of Up to 3.99 percent.
At the end of the day, the choice between Coinbase and Kraken is a matter of priorities and personal taste. Do you place a premium on margin trading and minimal fees? If so, Kraken is the best option for you. Or, perhaps security and a fantastic user experience are the most important factors for you, making Coinbase the logical pick.
It’s also worth mentioning that you don’t have to pick just one exchange; alternatively, you may register accounts on both exchanges to reap multi-faceted benefits. This will need keeping a careful check on pricing, volume, and order book across exchanges. If you want to deal with more than one bitcoin exchange, a tool like Cove Trader might be beneficial. Cove Trader allows you to manage several exchange accounts and guarantee that you are obtaining the best price on each deal, whether it is on Coinbase, Kraken, or any other exchange.