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Transferable to your own wallet
Self-custody of cryptocurrencies plays an important role for many users who want to manage their cryptocurrencies and thus their "private keys" themselves and not leave them in the hands of the exchange. Most exchanges offer the option of sending the purchased cryptocurrencies to their own wallet.
Deposit protection is a safeguard for the assets of users of a stock exchange or broker, which is intended to protect investors in the event of insolvency or a high loss due to a hacker attack. Service providers based in Germany are legally obliged to provide deposit protection of €100,000. In some cases, international exchanges have a special insurance policy that covers a certain portion of the assets instead of a deposit guarantee.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
This rating describes our assessment of the fee structure of a stock exchange or broker. It is not only the amount of fees that can differ, but also the type of fees. The most common type of fees for crypto exchanges are the "maker/taker" fees or spreads. In some cases, there are also hidden fees that are not recognizable to users at first glance.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Coinbase vs Kraken in comparison
Overview
Kraken is a cryptocurrency exchange that was established in 2011 and is operated by Payward, Inc., a Delaware corporation. It holds licenses or registrations in the US, the EU, the UK, Canada, and Australia, with MiCA authorization in the EU through the Central Bank of Ireland. The exchange's Wyoming bank, Kraken Financial, was granted its charter in 2020.
- Open in every US state, including New York under an NYDFS license
- Money transmitter licenses in 47 US jurisdictions, plus authorizations in Luxembourg, the UK and Canada
- Simple app for buying, plus Coinbase Advanced with TradingView charts and advanced order types
- 406 crypto assets with live markets, plus commission-free US stock trading 24/5
- Two-factor authentication switched on by default, with security key support
- Parent company listed on Nasdaq, with quarterly financial reports
- Higher entry-level fees than Kraken Pro: 0.50% maker and 0.90% taker on Coinbase Advanced in the US, against 0.40% and 0.80%
- Simple buys include a spread, and simple limit orders add a 1% execution fee
- Bitcoin and Ether futures for US customers go up to 10x leverage, so traders who want more look elsewhere
- No proof-of-reserves report for exchange balances that we could find
- Licensed or registered in the US, the EU, the UK, Canada, and Australia
- Proof of reserves from 100.3% to 102.9% for BTC, ETH, SOL, XRP, and ADA (30 June 2026)
- Kraken Pro fees decrease with 30-day volume or balance, to 0% maker
- Free ACH and SEPA deposits starting at 1 USD or 1 EUR
- Staking, stocks, and some transfers vary by US state
- No insurance on crypto holdings
- Entry tier 0.40% maker and 0.80% taker. App instant buys 1% plus spread
- Debit card deposits cost $0.25 plus 3.75%
Features Comparison
- Cryptocurrencies
- Cryptocurrencies
- Derivatives
0.9
%
0.90%
0.50%
Varies
0.8
%
0.80%
0.40%
Varies
406
+
$
2
627
+
$
1
Exchange Rating
Functions
- Spot, futures trading options
- Coinbase Card
- Coinbase Wallet
- Margin trading with up to 10x leverage
- Copy trading
Company Details
Our Review
Coinbase is a US-listed exchange accessible to residents in every US state, with regulatory licenses in the US, Luxembourg, and the UK. In our view it is a good place for a first crypto purchase, with a simple app and a regulated operator. Active traders can pay less: we would compare Kraken Pro first, whose entry-level taker fee is 0.80%, against 0.90% on Coinbase Advanced in the US.
Kraken suits traders in most US states, the EU, the UK, Canada, and Australia who seek a long-running, licensed exchange with order-book trading and proof of reserves. Kraken Pro begins at 0.40% for makers and 0.80% for takers, with fees decreasing as trading volume increases, while instant buys in the app incur a cost of 1% plus a spread. In our view, Coinbase may be preferable for new users.
Coinbase vs Kraken: Fees, US Availability and Who Each Suits
In our view, Coinbase is the better option if you are new to crypto or prefer the simplest app for a first purchase. For those who trade often and prioritize fees, Kraken is the better pick: in the US, Kraken Pro starts at 0.40% maker and 0.80% taker, compared to 0.50% and 0.90% on Coinbase Advanced. We rate Kraken higher overall, as well. Both platforms serve US customers, but Kraken does not accept residents of New York or Maine, while Coinbase lists no excluded states.
Trading fees
On the order-book screens, Kraken Pro charges 0.40% for makers and 0.80% for takers at its first tier. Coinbase Advanced charges US customers 0.50% for makers and 0.90% for takers at the entry level, resulting in a lower cost per order on Kraken until volume discounts apply. Both platforms offer reduced rates as trading volume increases: Kraken considers your 30-day spot volume or assets held with it, while Coinbase's advanced tiers begin at $10,000 in qualifying volume.
The order is reversed in Europe. In the EU and the UK, Coinbase Advanced starts at 0.25% for makers and 0.50% for takers, which is more competitive than Kraken Pro's first tier.
Buying simply via the apps incurs higher costs on both platforms. Kraken charges 1% for instant and recurring buys, with the quoted price including a spread. Coinbase also incorporates a spread into its simple buy and sell prices and adds a Coinbase fee, with state disclosures capping that fee at $10 for orders under $200 and at 6% for orders above that. We believe that using the order-book screens is the more economical option for regular buyers on either platform.
Withdrawals and deposits
Kraken specifies a Bitcoin withdrawal fee of 0.000015 BTC, noting that withdrawal fees may vary. Coinbase does not have a fixed amount: its fee is based on its estimation of network fees at the time, so costs fluctuate with Bitcoin network activity. For US dollar deposits, Kraken's ACH transfers are free, whereas depositing via debit card incurs a fee of $0.25 plus 3.75%.
Where you can use them
Coinbase requires users to be adults residing in the United States, with no excluded states noted in its US user agreement. In New York, it holds a virtual currency license from NYDFS (license 122466). Kraken does not serve residents of New York and Maine, leaving Coinbase as the available choice between the two.
Certain products depend on your state. Coinbase does not accept new staking in California, Maryland, New Jersey, and Wisconsin. Kraken offers on-chain staking only in states from its list, excluding California and Texas. Outside the US, both have MiCA authorization in the EU: Kraken is authorized by the Central Bank of Ireland, and Coinbase is authorized by Luxembourg's CSSF.
Coins and products
Kraken offers a larger selection of coins, with 626 crypto assets in its public market data compared to 406 on Coinbase. For leverage, Kraken Pro provides spot margin up to 10x, available to eligible US clients. Coinbase offers futures on its US platform, with up to 10x leverage on Bitcoin and Ether contracts and up to 20x on some gold and stock index contracts. Both also include stock trading: Coinbase offers commission-free trades for US customers 24 hours a day, five days a week, and Kraken in select US states.
Ease of use
We rate Coinbase higher for beginners and for operation. Its standard app is built around simple buys and sells, and Coinbase Advanced, which replaced Coinbase Pro, is the separate screen for order-book trading. Kraken splits its product the same way, with the Kraken app for instant buys and staking and Kraken Pro for advanced orders, margin and futures, both under one login. The difference is in the details: in our view Coinbase's simple app is the gentler start, while Kraken Pro gives frequent traders more control for less money.
Security, insurance and track record
Neither exchange insures your crypto. Coinbase's US user agreement says digital assets are not protected by the FDIC or SIPC, although dollar balances can qualify for pass-through FDIC coverage up to the per-depositor limit, under the conditions it describes. Kraken's legal disclosures say digital assets and Kraken accounts are not covered by insurance against losses.
Kraken publishes proof of reserves, with its latest snapshot showing a 102.9% reserve ratio for BTC, attested by The Network Firm LLP. Coinbase's parent company is listed on Nasdaq. In May 2025, Coinbase reported an incident where bribed support staff outside the US copied customer data for less than 1% of its monthly transacting users, noting that no passwords, private keys, or funds were exposed. Both exchanges have settled or concluded cases with the SEC: Kraken paid $30 million in 2023 regarding its staking program, the SEC dismissed its case against Coinbase in February 2025, and a separate case against Kraken concluded in March 2025.
Our verdict by criterion
- Fees and costs: Kraken, which we rate clearly higher
- Beginner friendliness and operation: Coinbase
- Range of functions: Kraken, by a small margin
- Security and trust: a tie in our rating
- Support: Kraken
- Reach in the US: Coinbase
If neither fits, our list of exchanges with low fees compares trading costs across more platforms, our list of exchanges for US customers covers more US options, and first-time buyers can start with our exchanges for beginners. Each platform has a full write-up in our Coinbase review and our Kraken review.
Questions about Coinbase and Kraken
Is Kraken cheaper than Coinbase?
For US customers at the entry tier, yes: Kraken Pro charges 0.40% for makers and 0.80% for takers, while Coinbase Advanced charges 0.50% and 0.90%. In the EU and the UK, Coinbase Advanced is more affordable at 0.25% and 0.50%.
Can you use Kraken in New York?
No. Kraken does not offer services to residents of New York or Maine. Coinbase operates in New York under its NYDFS license.
Is your crypto insured on Coinbase or Kraken?
No. Both exchanges state that digital assets are uninsured. On Coinbase, only dollar balances may qualify for pass-through FDIC coverage.
About the author
At Exchange Flow, Ethan is recognized as the resident crypto expert. With 10+years of experience navigating the waters of global crypto exchanges, Ethan is a trusted voice in the ever-evolving world of digital currencies. He tests and scrutinizes exchanges so you don’t have to, offering reviews and articles that newbies and seasoned traders alike find invaluable. When he’s not coding, Ethan likes to travel and play retro games. He uses his crypto earnings to fund his trip around the globe.
