As you know, I have been doing a series of comparisons putting a number of well-known exchanges against each other – the head to head exchange bout.
A few weeks ago, I did a video that compared FTX to Binance. However, there were many that were asking me to do a similar comparison except this time pitting FTX to an OG exchange – that being Kraken.
I am quite familiar with both as I had been using Kraken for several years and even did a dedicated review on it a few months ago.
So today, I have that comparison for you in my FTX vs. Kraken video. I look at:
– Their Background
– Exchange security and Coin Storage
– User account security
– Deposit & Withdrawal methods & Fees
– Trading Fees
– Supported Cryptocurrencies
– Trading Platform
– Customer Support
– & lots more
On top of this, I also take you guys through some hints and tips that you can use in order to get the most of these platforms.
By the end of the video, my hope is that you have the information you require to make the most informed decision between the two exchanges.
⛓️ 🔗 Useful Links 🔗 ⛓️
► Kraken licenses: https://support.kraken.com/hc/en-us/a…
► Kraken accepted countries: https://support.kraken.com/hc/en-us/a…
► FTX blocked countries: https://help.ftx.com/hc/en-us/article…
► Kraken supported cryptos: https://support.kraken.com/hc/en-us/a…
► FTX fees: https://help.ftx.com/hc/en-us/article…
► Kraken fees: https://www.kraken.com/features/fee-s…
❓ Who is Kraken & FTX? ❓
Kraken opened its doors to traders way back in 2011. To put that into context, Bitcoin had only been around for 2 years back then. But who heads up Kraken? Well, that would be Jesse Powell – who saw the MTGOX exchange debacle unfold in front of him. That inspired him to start Kraken. Kraken is based out of San Francisco and has completed 28 funding rounds – I imagine that’s partly due to their stringent regulatory compliance. But what about FTX? Well, these guys have raised over $1.3 billion in funding in 2021. A bunch of that seems to have been spent on blockbuster sponsorship deals Now, when it comes to who is behind FTX, that would be Alameda Research – a major crypto VC. Anyhow, these guys incubated FTX exchange.
🔒 Security 🔒
Kraken claims to be home to ‘industry-leading security’. Those claims seem to be well founded, with 95% of all crypto on the exchange being kept offline in cold storage. There also isn’t a giant honeypot of crypto either. I get into the security precautions made by Kraken in this vid – so check that out! When it comes to FTX, they have some of the best account security features I have ever seen. That includes things like setting withdrawal passwords
🌍 Country & Asset Support 🌍
Kraken supports a very extensive range of countries. So, unless you live in North Korea, then chances are that you can create an account here. With FTX, they have instead used a restricted country list. Yes, that mainly includes the usual countries on the international naughty list. However, if you are from the US then you’ll want to check out FTX’s US version of the exchange. When it comes to supported cryptos, Kraken gives you access to around 100, whilst about 275 are available at FTX.
💵 Deposit & Withdrawal Methods 💵
Now, fiat currency support is particularly important if you live in a country with an exotic currency – if you are not careful you could pay huge foreign exchange fees. The good news is that both Kraken and FTX support a decent number of fiat currencies. However, FTX does offer a few more. Both exchanges offer deposits via card, but you’ll be charged a hefty fee if you use that. I’d honestly opt for bank deposits here – use that and you can deposit on both exchanges for free.
📈 Trading Fees 📈
You should pay attention to these – they really add up over time. At Kraken, you’ll likely pay 0.26% in trading fees. Whereas at FTX, most of you will be able to slash that to just over 0.06% – four and a half times cheaper than Kraken.
🖥️ Trading Interfaces 🖥️
Honestly, I find Kraken’s interface a little cluttered and have to give FTX the edge here.
🎧 Customer Support 🎧
Kraken crushes FTX hands down here. They offer really good live chat support, whereas FTX just offers ticketed email support and the option to reach out to them on a bunch of social platforms.
🤔 Other Features 🤔
Watch my vid to learn what else these exchanges offer.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.