In our advancing world, we come across thousands of new devices and technologies that have the power to change our lives. Digital money, also known as cryptocurrencies, can be one of them in the near future, as they are transforming money and finance.
As the interest in cryptocurrencies grows, so do the number of tools and platforms providing crypto services. Crypto trading platforms are one of those tools. These platforms are different from each other due to their characteristics and opportunities.
To help you not get lost in the abundance of trading platform options, in this article, we are taking a look at two of the most popular crypto trading platforms, Kraken and Coinbase, to understand them better.
What Are Cryptocurrencies?
Cryptocurrencies first appeared in the financial market in 2009 when mining companies started producing Bitcoin. Other cryptocurrency productions followed. Accordingly, customer preferences need to match the financial technology world to revolutionize the way of conducting business.
Cryptos have different uses starting from paying for accommodation bookings to making investments. Fields using cryptocurrencies are becoming more prominent. You can afford to make payments for online services, buy gift cards and vouchers, take loans, and do charities as well.
A brief example that cryptocurrencies are growing is that Monaco’s mobile apps, VISA debit card, and its platforms, pioneering payments, and cryptocurrency platform all support Binance coin. One of the reasons for this is the low Binance transaction fees, as well as the speed and simplicity.
What Do Kraken And Coinbase Offer?
As cryptocurrencies became more popular, it became essential to create an online marketplace where different cryptocurrencies will be available to buy.
All the processes discussed above are possible due to the right platforms such as Kraken and Coinbase for crypto exchange.
Kraken, founded in 2011, is a worldwide cryptocurrency exchange that offers a variety of services to both consumers and businesses. Exchange supports more than 50 cryptocurrencies (including Bitcoin, Ethereum, and Dogecoin), and its services are available in almost 200 countries. In addition, Kraken is a cryptocurrency exchange that also offers margin accounts, futures, staking, and other services.
Individual and institutional traders in the United States and overseas who want access to crypto exchange services, staking, crypto incentives, asset storage, and more should use Coinbase. The exchange is available in all 50 states and serves merchants from over 100 different nations. Coinbase also has trading, staking, and institutional features, but it may be a better option for newcomers. In addition, commerce services, venture financing services for crypto startups, asset-listing software, and analytics services are also available to corporations and institutions.
For traders searching for cheaper costs, Kraken may be a better option. Kraken is not only less expensive, but it also allows you to trade on leverage and in the future.
Because of its Coinbase Earn teaching function, which rewards you in crypto for learning about different assets, Coinbase is arguably a better match for novice crypto traders. Coinbase is also the preferable option to combine trading and digital wallet storage under one firm (Kraken doesn’t provide wallets).
So, Kraken has the best costs; however, Coinbase is excellent for beginners for digital storage. Both exchanges include many crypto assets to choose from and the ability to make an income by stacking multiple cryptocurrencies. Both platforms also offer effective and fast customer service to the users in case of any technical issues.
Key Takeaways
When it comes to choosing a crypto trading platform, there is no right and wrong choice: it all depends on your needs. Take the information above into consideration and make sure to choose the platform that will benefit you best.
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