Getting your hands on your first crypto coins is not easy and it can be even more confusing to know which exchange to use. I’m going to cut through the noise and just tell you that two top options are Coinbase Pro and Kraken. However, the big question is: which one is right for you?
I go through all the pros and cons of these two exchange titans to help you pick the right one.
❓About Coinbase Pro & Kraken❓
Coinbase has been around since 2013 and is based in San Francisco. It boasts over 30 million users and over $150 billion has been traded on the platform. Coinbase Pro is Coinbase’s advanced trading platform and is touted by many as being one of the best ways to get into crypto.
Kraken has been around even longer and was founded in 2011. Like Coinbase, they are also based in San Francisco. Over 4 million active traders call Kraken their home and they are even raising funding at a $4 billion valuation - not too shabby.
🔒Exchange Safety🔒
Coinbase Pro uses all the same security protocols and procedures as Coinbase. 98% of user funds are stored offline and the private keys are stored in multiple safe deposit boxes.
USD accounts have FDIC insurance for USD accounts.
Kraken keeps 95% of all deposits offline. Servers are even protected by armed guards. Both exchanges also offer 2FA protection to secure their accounts and are trusted by institutional clients.
₿ Supported Cryptos ₿
Coinbase Pro supports 29 different cryptocurrencies to the 34 supported by Kraken.
💸 Fiat Support 💸
Coinbase Pro offers USD, EUR and GBP support. Kraken offers all that, plus CAD, YEN and Swiss Franc trading pairs.
🌎 Accepted Countries 🌎
Kraken accepts customers from everywhere in the world except: Afghanistan, Cuba, Guinea, Iran, Iraq, Japan, North Korea and Tajikistan.
Coinbase, on the other hand, accepts users from 100+ different countries.
💳 Deposit Methods 💳
Kraken’s core deposit method is bank transfer. Coinbase Pro has more options and supports PayPal, debit card and credit card for some countries.
💰 Fees 💰
Coinbase Pro is signficantly more expensive to use than Kraken. If you want to watch those fees, then the choice is clear.
🖥️ Account Opening Tips 🖥️
You will have to KYC at both exchanges. With Coinbase Pro you need to open and verify a regular Coinbase account first. Your login and password will be exactly the same for Coinbase Pro.
📈 Trading Functionality 📈
Watch my video to learn all about that.
🎧 Customer Support 🎧
Coinbase Pro offers email and limited phone support. Kraken offers 24/7 live chat which usually responds in 30 seconds.
📱 Mobile Apps & API’s 📱
Both exchanges offer mobile apps and APIs to connect to crypto trading bots.
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📜 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 Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
There is no such thing as the ‘best crypto exchange’. After all, everyone is looking for something a little different from an exchange and that’s because we all prioritise different things. Instead, you should be asking ‘What is the best crypto exchange for me?’.
1️⃣ Coinbase Pro 1️⃣
These guys are one of the crypto exchange OGs and they opened up their doors in 2013. Based in San Francisco, Coinbase has 35 million users that have traded $220 billion in volume and serves over 100 countries.
Trading functionality includes market or limit orders and stops. On top of that, you can trade on 3x margin too.
I am going to be straight up and say that Coinbase Pro fees are some of the highest out there. Watch my vid for more details on that.
In terms of crypto support, about 40 are available and that’s not too shabby at all.
A word of warning about Coinbase Pro’s support. Pray you never need to use it. Yes Coinbase Pro may have scrimped on support, however, they certainly have not carried that over to security. On top of all that, they have a great mobile app and the exchange integrates with numerous third party trading bots.
2️⃣ Uniswap 2️⃣
Uniswap is the most popular DEX in crypto and enables you to swap ETH or any ERC-20 token in a truly decentralized way.
That means there is no company holding your crypto and you are always in full control of your assets. It also means that there is no KYC, no country restrictions and there is no such thing as withdrawal or deposit fees. However, there is a 0.3% swap fee.
Uniswap does have people to help you with support queries in their Discord and the app is nicely optimized for mobile.
One thing you should know is that the possibility of smart contract bugs could be a security concern. None have been reported, but just be aware of that!
3️⃣ Binance 3️⃣
I mean wow, guys. Binance is the king of crypto exchanges for a reason. It has low trading fees, more features and services then you can shake a stick at and one of the widest selection of cryptos out there.
I get into all that in my deep dive!
4️⃣ Kraken 4️⃣
Kraken is a fan favourite amongst many in the crypto community. Watch my dedicated Kraken video to learn more!
5️⃣ FTX 5️⃣
Are you an advanced trader and want to long or short cryptos on leverage? Well, you can get access to all those exotic trading products on FTX.
I get into all the ins and outs in my video. That includes things like shitcoin indexes! So be sure to check that out.
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📜 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.
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