The crypto market has been growing steadily to the point that its market cap is now in the hundreds of billions of dollars.
Many new crypto coins are floating in the crypto space that offer lucrative returns on investment. These coins are traded through several secure online channels, assuring minimum risk during exchanges.
Naturally, the more secure and reputable sites in the crypto space are often the most trusted ones. And two such websites for crypto exchange are Crytpo.com and Kraken.
If you’ve never dabbled in the world of cryptocurrencies before, choosing between the two can be a complex affair. After all, both websites promise the best services for their customer bases.
So, to clear up the conundrum of picking one, we’ve reviewed and compared Crypto.com and Kraken to see which comes out on top. Read on to learn which crypto exchange website can help you manage your crypto wallets better.
Crypto.com: An Introduction
Crypto.com aims to be a one-stop shop for all things crypto, from wallets to debit cards, trades, and exchanges in the crypto space. As a user, you may access your funds and make or receive payments using the website anywhere and at any time.
The website includes improved crypto asset liquidity, which can be a significant bonus for users. It also reduces the payable transaction fee for crypto transactions and interactions in the crypto market.
You can use Crypto.com through an app too, allowing you to access the CRO Visa Card in addition to every other feature it offers. The mobile app can facilitate true cost market order trading, provided through customer classification based on monthly transaction volumes. Meaning, higher transaction volumes result in reduced maker and taker fees.
The Sign-Up Process
Crypto.com has a simple sign-up process, requiring you to provide the platform with plenty of legal information. Here’s how you can sign-up for the crypto exchange:
- Visit the crypto.com website and hit the sign-up button on the top right corner
- Fill up the required fields and hit “Continue”
- Check your email for a verification one-time password (OTP)
- Input the OTP on the crypto.com website
- Create a secure password
- Verify your phone number
After this, you can access the Exchange landing page. Initially, you will be locked out of checking out each of the features on the Exchange page until you’ve performed the KYC process.
The KYC process requires a valid identity document and picture, and only after providing these will you receive full access to the Exchange services.
What It Offers
Over the past few years, as its user base grew, Crypto.com introduced several changes to its website and app to streamline the user experience. It has consistently focused on supported assets while adding features like blog posts and active updates to simplify using the platform.
And thanks to its large and diverse user base, users can view and access different kinds of crypto tokens. This promotes high transaction volume, particularly considering how crypto coins like Bitcoin have been viewed as a hedge fund.
Additionally, the platform maintains a high level of security to protect users’ funds and investments from cybersecurity threats. Security is a priority for Crypto.com, and the platform has taken several steps to ensure it.
The security in Crypto.com is divided between hot wallets and cold storage. Hot wallets are used for daily transactions and withdrawals, which rely on multi-signature key-generation tech. Adding corporate funds to the mix, and the result is a highly secure exchange that can serve as an alternative to ordinary cash.
As far as cold storage is concerned, the platform has a partnership with a security company called Ledger. What Ledger does is that it provides infrastructure and security solutions for platforms in the crypto space. And since Crypto.com places user cryptocurrencies in cold storage, the funds remain secure.
Lastly, bank accounts that are linked with Crypto.com are secured for storage and flat transactions as well. The currency deposited in these bank accounts is owned solely by its respective owner, which keeps creditors from claiming it.
All in all, the platform is secure and functions fairly well as a crypto exchange.
Kraken: An Introduction
Like Crypto.com, Kraken is a well-known platform in the crypto space as one of the largest Bitcoin exchanges. It primarily focuses on providing users with reduced exchange fees, varied funding selections, and a secure way of accessing their crypto wallets.
Kraken can serve as a learning experience for those who wish to improve their knowledge of the crypto space. Over time, the website has seen a significant upgrade in terms of stability and user experience. The result is a smooth, easy-to-use interface that keeps all the required data within reach.
Even so, the platform does require some prior experience with crypto exchanges to realize its potential fully.
The Sign-Up Process
The process of signing up on Kraken and making an account is about as simple as that of Crypto.com. Here’s how you can sign-up for Kraken:
- Visit the official Kraken website and click on “Create Account” on the top right corner
- Enter your email and create a username and password
- Check your email for an activation key
- Enter the activation key or click on the link in the email
- Confirm your password and click on the “Activate Account” button
Additionally, you will be required to provide the platform with personal information, such as your Social Security Number, a picture, proof of address, etc. By doing so, you will have access to all the services that the platform offers.
What It Offers
One of the main talking points about Kraken is the flat fee it charges for customer purchases. This contrasts with other platforms that use percent-based fees, which can often end up quite expensive for the consumer.
Thus, you can freely make large deposits without having to pay high transaction fees. This is particularly beneficial if you’re looking to make high-stake purchases and investments.
The low transaction fee acts as a gateway for those looking to invest a large sum, directing them toward other features of the platform. High-stakes investors can take advantage of the low fees to start using other aspects of the crypto exchange, like trading.
And as far as security is concerned, Kraken offers plenty of measures that can be considered standard fare. These include features like Two-Factor Authentication (TFA), withdrawal confirmation through email, API key permissions, global setting time lock, SSL encryption, and more.
The security solutions offered by Kraken are comprehensive, providing you with several measures and countermeasures to protect your personal data and funds. Moreover, Kraken has a team dedicated to securing the platform in order to maintain the trust of its users.
Crypto.com Vs Kraken: Which Should You Choose?
Both platforms offer various features that make them a good exchange for cryptocurrencies. But which of these is the better option as a primary crypto exchange?
Let’s compare the two platforms to find out.
1. Supported Crypto Tokens
Kraken offers 186 crypto tokens against the 270 of Crypto.com, affording the latter a broader crypto coverage. It’s worth noting that both platforms can support all the major crypto tokens, such as Ethereum, Bitcoin, and USDT.
2. Flat Currency Support
Crypto.com can support up to 31 different flat currencies, while Kraken only supports eight. Both crypto exchanges offer support for major flat currencies like the USD, GBP, CAD, and EUR.
Kraken has a simple fee structure that charges less for transactions, whereas Crypto.com runs on a fee structure that is based on volume. Crypto.com does feature more ways to deposit currency, though.
As a high-level user, you can make trades in Kraken for free, which isn’t possible with Crypto.com.
Kraken has no noncustodial wallet, which can be a bit of a hindrance. While it supports the use of noncustodial wallets, there is no proprietary version for Kraken.
With Crypto.com, you will have access to the DeFi wallet that is secure and well-built. The app can interface with other dApps that are available across different blockchains.
Kraken has a more comprehensive approach toward security, which is reflected in its spotless track record against hacks. The platform takes no risks and offers high-grade security measures that can outperform most crypto exchanges.
Crypto.com has partnered with third-party security firms and auditors to secure their users’ wallets. While these are effective, the measures offered by Kraken are generally more effective.
It’s apparent at a glance why choosing between Crypto.com and Kraken can be a puzzling prospect for some. Both platforms have benefits that give one the edge over the other, after all.
If you’re just starting out in the crypto market, it may be better to go with Crypto.com. It’s an easy-to-use platform that offers plenty of features and is accessible all over the world, making it a versatile exchange to use.
But if you’re a seasoned investor in the crypto space, Kraken is the better option to go for. You can make large investments and deposits with a flat, low exchange fee. Additionally, Kraken offers one of the best security measures for crypto wallets, keeping your information and funds safe.
Of course, a lot of this choice hinges on personal preference and circumstances, so feel free to test both platforms out to your heart’s content!
[wp post shortcode here]