Kraken vs FTX – which is the best

We continue our series of comparative articles on popular cryptocurrency exchanges, and today we will look at Kraken vs FTX. Both are among the top exchanges and have huge trading turnovers every day. And despite the general similarity in functionality, there are some differences between these crypto exchanges.

Advantages and disadvantages of FTX

About Kraken Exchange

Kraken Exchange is one of the oldest and most reputable cryptocurrency trading platforms. The company was founded on July 28, 2011 in San Francisco. In May 2013 began open beta testing, and on September 10 - the service officially opened. The Chief Executive Officer (CEO) is Jesse Powell. Kraken operates within the legal boundaries of the law, complying with KYC and AML regulations. Fiat currencies can be deposited/withdrawn on the cryptocurrency exchange. Kraken has partnered with Fidor Bank in Germany since 2014, which has allowed it to quickly become the number one in terms of euro trading volume.
       
Kraken cryptocurrency exchange has been steadily operating in the market for more than 7 years and has always been popular among investors, traders and exchange speculators. Now the project is steadily developing in the most demanded areas, improving the quality of its functions and services. The Kraken is available to ordinary coin holders, as well as to various companies, to operate digital coins. Any cryptocurrency market player can achieve success here, regardless of the amount of startup capital and experience.

About FTX exchange

FTX is a exchange that offers derivatives trading and deep liquidity options. Their specialized liquidation system is able to largely reduce the risk of liquidating assets with erratic price fluctuations. Transactions are settled in stabelcoins. Instant margin-free position opening is available with up to 3X leverage (leveraged tokens). They offer discounts on fees and tighter spreads on over the counter trading.

Comparative analysis of Kraken and FTX exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Kraken offers:

FTX offers: 

Available countries

Kraken and FTX exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Kraken and FTX account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Kraken and FTX.

Available Cryptos and Tokens

Kraken currently supports 631 trading pairs and 202 coins. 

While FTX supports 526 trading pairs and 343 coins.

Verification (KYC)

Kraken has good security measures, so the identity verification process here is particularly difficult for traders. The project implements a holistic concept, spelled out in the international standards of identification of online customers (Know Your Customer). There is a comprehensive examination of the identity of the investor or crypto trader who comes to work at the site. Verification on Kraken is multi-level - 5 stages in total. Successful completion of each stage brings more freedom to use the options, features and services of the crypto exchange.

FTX is very serious about verifying the identities of its users. And if it is necessary to maximize limits and open access to all possible options, the address is also confirmed.

Account deposit

Exchanges offer the following options for funding the account:

Comparison of Trading Fees

Kucoin:

FTX:

Account security

Unlike most crypto exchanges in the world, Kraken has all relevant licenses and certifications.
Among others, Kraken is accredited by the American FinCEN (registration number 31000176593851), Canadian FINTRAC (M19343731), British FCA (757895), Australian AUSTRAC and Japanese FSA. All in all, few exchanges can boast such a number of government licenses as Kraken.

FTX pays a lot of attention to protecting user accounts from hacks. Clients can add two-factor authentication, set a separate password for withdrawals, and customize when 2FA should be requested. You can create custom logins for each individual sub-account and customize their level of control.

Passive earn on exchanges

Staking on Kraken gives you the power to earn rewards on your cash and crypto holdings. Start staking in just a couple of clicks and automatically earn rewards twice a week. Instantly unstake at any time with no penalties.

FTX does not boast such a selection of options. You can make money here with stacking (FTT, SOL, SRM, RAY tokens) or margin lending.

Which to choose - Kraken or FTX

Significantly lower commissions on the exchange FTX, it will help save on commission. On FTX there are more trading pairs and opportunities to trade, but fewer tools for passive erarning. In all other respects the exchanges are similar

It's worth taking the time to get to know each exchange better, especially if you want to delve deeper into the cryptocurrency sphere.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Are my funds safe on Kraken?

Yes, Kraken has all relevant licenses and certifications. The exchange is completely legal and safe.

Is FTX a good exchange?

Absolutely. FTX has great functionality and is not inferior to the competition. FTX is among the top 10 futures exchanges by actual trading volume. FTX is actively focused on developing and attracting users.

Is FTX safe and legit?

FTX has long been registered and is completely legal. FTX has a high degree of protection: Two-factor authentication, suspicious activity tracking, IP whitelisting, white-listing wallet addresses, insurance fund.

Where is Kraken from?

Kraken is a centralized cryptocurrency exchange established in 2011 and is registered in United States.

Conclusion

There is no reason to worry about quality and safety on Kraken and FTX. When choosing a cryptocurrency exchange, it's important to remember to consider factors like reliable security, withdrawal and deposit fees and many others. Make sure that the attributes that matter most to you are present in the exchange before you make a decision. Both of these exchangers are both proven to work for a long time and as such, are only worth your trust. Both Kraken and FTX are growing constantly with the cryptocurrency market, which is necessary for any company to succeed.