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KuCoin vs Kraken 2022

Introduction:

KuCoin is one of the world’s largest cryptocurrency exchanges, with over 11 million users, and Kraken is a crypto exchange based in the United States that is extremely popular. Which of these options should you select? In this comparison article, I examine various aspects of KuCoin and Kraken in order to assist you in determining which is the best option for you. I prefer Kraken to KuCoin for a variety of reasons, the most important of which are the excellent Live Chat support and the ability to withdraw fiat currency, both of which are not available on KuCoin.

Fees for KuCoin vs. Kraken

The fees charged by crypto exchanges are an important factor to consider when comparing them. Read on for a detailed comparison of KuCoin and Kraken fees to determine which is the better option.

 

Fees for Making Deposits

KuCoin does not accept deposits in fiat currency. When purchasing cryptocurrency with fiat currency, you pay at the time of purchase, rather than pre-funding your account with funds. This fee ranges between 3 percent and 12 percent, depending on the payment method used. More information can be found by clicking here.

 

If you want to deposit fiat currency into your Kraken account, you may be charged a fee, which varies depending on the currency and deposit method you choose. For example, using FedWire (MVB Bank) to deposit USD is completely free, whereas using FedWire (Synapse) to deposit USD costs $5 per transaction. To learn more about the deposit fees that apply to you, please visit this page.

Trading Fees.

When using KuCoin’s token, KCS coin, you can get a 20 percent discount on your trading fees. KuCoin’s extremely low trading fees start at just 0.1 percent, with a 20 percent discount if you pay fees with KCS coin (Kucoin’s token). As a result, the trade fee is only 0.08 percent of the total amount of trades. If you are a high-volume trader or if you own a significant amount of KCS, you can lower your fees even further by taking advantage of a tiered structure. To view more detailed information on trading fee discounts, please visit this page.

 

For those wishing to purchase cryptocurrency on KuCoin using fiat currency, the fee ranges from 3 percent to 12 percent, depending on your payment method and preferred payment channel selection. Despite the fact that the trading fee is extremely low, if you do not already own cryptocurrency in order to trade on the market, you will be required to pay a high fee in order to purchase your first cryptocurrency.

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Kraken’s spot trading fees start at 0.16 percent for makers and 0.26 percent for takers, with the latter being the most expensive.

Fees for Withdrawals

A major criticism of KuCoin is that it does not allow for fiat withdrawals, which is one of the most common complaints about the exchange. You will only be able to withdraw cryptocurrency, and you will be charged a flat fee based on which cryptocurrency you are withdrawing.

If you withdraw fiat currency from Kraken, you may be charged a fee, which varies depending on your currency and withdrawal method. To see the fees associated with your chosen withdrawal method and fiat currency, please visit this page.

 

Withdrawals of cryptocurrency from your Kraken account will be subject to a flat fee to cover the costs of processing the transaction. These fees vary depending on the coin from which you wish to withdraw money. A complete list of coins, as well as their associated withdrawal fees, can be found here.
Deposit Methods for KuCoin vs. Kraken

In order to accommodate users from all over the world, both KuCoin and Kraken provide a diverse range of payment methods.

 

KuCoin accepts a variety of payment methods, including SEPA, Skrill, PayPal, Apple Pay, debit card, credit card, and cryptocurrency.

 

Money Transfers (ACH), Fedwire, SWIFT, Wire Transfer, Apple Pay, Google Pay, SEPA, Debit Card (with the exception of some countries, such as the United States), Bank Transfer (OSKO), PayID, FPS/BACS, CHAPS and SIC are all accepted by Kraken as well as Cryptocurrency.

FEATURES of KuCoin vs. Kraken

It is often the features of a cryptocurrency exchange that determine which platform to use, so let’s take a look at some of the most notable features of KuCoin and Kraken to see what they have to offer. Both of these exchanges have far too many interesting aspects to go into detail about here, so I will only mention a few that I think are particularly noteworthy. Check out my reviews of KuCoin (here) and Kraken (here) to learn more about the full range of services offered by these cryptocurrency exchanges (here).

 

Free trading bots are available on the KuCoin platform, and they are simple to set up and can assist you in optimizing your trading strategy. You have the ability to choose the rules that your bot will follow in order to automatically trade for you, even when you are sleeping and your phone and computer are turned off. In KuCoin, you can see the most successful bots created by other users, and you can even copy the parameters of their bots in order to achieve better results on your own.

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While your cryptocurrency investment is held on KuCoin, you can see an increase in its value. Purchasing and holding KuCoin’s own coin is one way to earn interest on your cryptocurrency investment (KCS). When you have 6 KCS or more in your account, you will automatically begin earning daily interest at a rate of approximately 22 percent annual percentage rate.

 

By lending your cryptocurrency to other KuCoin users, you can also earn interest on your investment. You can select which coin you want to lend (there are 160 different coins supported) as well as the length of time you want to lend it for (7, 14 or 28 days). After that, you can choose the daily interest rate that you want to receive. A higher interest rate will provide you with higher returns, but it will reduce the likelihood that someone will borrow from you if they have lower-rate options available to them.

 

If you prefer to borrow cryptocurrency instead, KuCoin makes it simple to do so. Simply choose the cryptocurrency you wish to borrow, the amount you wish to borrow, and the daily interest rate you are comfortable with.
For crypto traders who want to branch out into forex trading without having to open a separate account, Kraken is an excellent option. Kraken has low trading fees, a professional trading interface, and an industry-low minimum order size of 10 units of base currency, which is among the lowest in the industry.
Kraken provides exceptional customer service, which is uncommon among large cryptocurrency exchanges. Typically, you will be confronted with a bot that provides automated responses and links to relevant webpages. Kraken has done an excellent job by putting a strong emphasis on customer service, which includes live chat with a real person available 24/7. Kraken can also be contacted via phone or email ticket request, if that is your preference.

 

 KuCoin and Kraken Security,

KuCoin is a safe exchange that protects its users’ funds through the use of micro-withdrawal wallets, industry-level multilayer encryption, and dynamic multi-factor authentication, among other features. On top of that, KuCoin has internal risk control departments that are dedicated to monitoring all transactions on a daily basis. However, no crypto exchange is impenetrable, no matter how sophisticated their security measures are, and in 2020, the KuCoin cryptocurrency exchange was hacked, with $150 million in funds stolen. KuCoin reacted quickly, recovering a large portion of the stolen funds, and their insurance policy covered the remainder of the funds that were not recovered. There was no financial loss to any of KuCoin’s users as a result of this cybersecurity breach.

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Kraken also employs stringent security measures to protect users’ funds and personal information, including the offline storage of 95 percent of digital assets in air-gapped geographically distributed cold storage and the use of servers housed in cages under 24-hour armed guard surveillance. Because Kraken is based in the United States, it is regulated by the Financial Crimes Enforcement Network (FinCEN), and it provides financial stability by maintaining full reserves, maintaining healthy banking relationships, and maintaining the highest standards of legal compliance.

The verdict is in: Kraken

With over 11 million users, KuCoin is one of the largest and most popular cryptocurrency exchanges in the world, and Kraken is another well-known name, particularly in the United States. So, which is the superior exchange between the two?

 

Not only does Kraken have more deposit methods and lower fees when purchasing cryptocurrency, but it also has stricter compliance and regulatory standards. The biggest advantage of Kraken over KuCoin is that you can withdraw your fiat currency from the exchange, which is not possible on KuCoin. Kraken is the clear winner in my book.

 

The fact that KuCoin has many more features and lower trading fees (only 0.08 percent if you pay with KCS) makes it a compelling alternative to other cryptocurrencies. However, the high fee to purchase cryptocurrency with fiat currency, as well as the fact that users cannot withdraw fiat, make it a poor choice. If you do decide to use KuCoin, I recommend that you first purchase cryptocurrency on another exchange, such as Coinbase, Coinmama, or Gemini, and then transfer it to KuCoin. When you’re ready to convert your cryptocurrency to fiat, you can send it back to one of the other exchanges that accept fiat withdrawals and convert it back to cryptocurrency. It’s important to note that transferring cryptocurrency from one exchange to another will almost certainly result in a transaction fee.

 

Kraken is a better option than KuCoin for those who are new to cryptocurrency investing or long-term crypto investors who plan to buy and hold on to their investment. There are fewer fees, and you can sell your cryptocurrency and withdraw your fiat currency at the same time.

 

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Hi, I'm Oladimeji Abubakar, a young Nigerian blogger and writer. I've special interest in making money online just like many other people and this is why I chose the review niche where I'd get to show people the websites to join and the ones not to. I hope my reviews helps😀.

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