KuCoin vs Kraken: Is one better than the other?
When it comes to trading cryptocurrency, it is extremely important to pick the right exchange when buying and selling digital assets. And these days there are many different exchanges out there, so which one to pick?
In this series of comparisons we are looking at Kraken and KuCoin. Both exchanges are known and established in the field, but they also have some differences that are worth learning about.
In this blog post we will thus take a closer look at some of the most important areas, such as fees, safety for users and more. So if you are looking to find your new favorite exchange, read on!
Safety & Security
Kraken is an old player in the crypto game, having been established back in 2011. This makes them one of the oldest exchanges for crypto still running.
KuCoin was founded in 2017, so while also having some years of experience is not quite as old. Normally this would mean Kraken would be the winner in this comparison, but that's not the case.
This is because KuCoin has built their platform based on the experiences of other exchanges, and thus made some safety and security additions that are really quite extraordinary.
At the same time, users on Reddit, Twitter and other social media platforms have reported a large number of Kraken account hacks, leading to individuals losing hundreds of thousands of dollars in assets and crypto in recent times.
Fee structure
When it comes to fees, Kraken and KuCoin are somewhat similar. KuCoin does start with slightly lower fees for users at 0.1%, though Kraken is not that far behind, with a 0.16% maker and a 0.26% taker fee at the lowest levels.
Both platforms allow traders to level up their accounts based on trading volume and value, meaning that the more you trade, the lower your fees will be. But KuCoin seems to consistently have lower fees regardless of the levels, so that is what we would recommend you choose.
User verification
If you wish to create a profile on either site, it is worth considering the lengths you need to go in order to be verified. Kraken requires you to fill out a KYC questionnaire as well as comply with the KYC rules, while KuCoin offers you an account without this step.
This means KuCoin is more accessible for people around the world, so whether you are in the US, in Europe or Asia, KuCoin tends to be the cheaper, easier and better choice in most circumstances.
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