CoinSpot vs Kraken

CoinSpot vs Kraken

Robert McDougall

April 29, 2024

Cryptocurrency

Are you planning to buy Bitcoin or buy ETH but not sure whether to trade with CoinSpot or Kraken? Both platforms have unique strengths, making it challenging to decide without a detailed comparison. 

From their fees and advanced features to security measures and deposit methods, this comprehensive guide compares all critical aspects of the two exchanges. Stay with us as we delve into the details, helping you identify the better option tailored to your trading requirements.

CoinSpot vs Kraken fees 

In comparing CoinSpot and Kraken fees, it’s essential to consider various factors, including deposit, trading, and withdrawal fees. Both platforms offer different fee structures, so investors should assess their individual needs and preferences before making a decision. 

Let’s delve into the specifics:

Deposit Fees

With CoinSpot, funding your account with AUD is convenient and fee-free with options such as PayID or Direct Deposit. But, it's important to note that cash deposits carry a 2.5% charge, and card deposits incur a 1.88% fee. 

Trading Fees

CoinSpot charges a flat 1% fee for various transactions — including instant buy, sell, swap orders, Take Profit, Stop & Limit Orders, and recurring buy orders. If you want to access lower fees of 0.1%, you can do so by placing market orders, or OTC trades.

Kraken has higher fees for their instant buy and sell feature, at 1.5%. You can trade on the market with lower fees, and this starts at 0.16% for makers and 0.26% for takers. If you have high monthly trading volume, these fees will gradually decrease.

Withdrawal Fees

CoinSpot's withdrawal is completely free of charge, to any Australian bank account.

Kraken also supports free AUD withdrawals via bank transfer or OSKO.

CoinSpot vs. Kraken Deposit Methods

CoinSpot provides users with several convenient AUD deposit methods: direct deposits, PayID, cash, and card deposits. This diverse range simplifies the deposit process for users by employing methods they are already familiar with.

With Kraken, you, again, get several AUD deposit methods, including bank transfer, PayID, and deposits through a bank account number. These options allow users to choose the method that aligns with their preferences.

CoinSpot vs. Kraken features 

We’ve already established that CoinSpot and Kraken stand out in the cryptocurrency exchange landscape — each offering unique features to cater to diverse user needs. 

Let's now take a closer look into the distinctive aspects of these platforms.

CoinSpot

User-Friendly Interface

CoinSpot takes pride in its user-friendly interface, which is designed for both seasoned and novice investors. Navigating through CoinSpot is very straightforward, making it easy to buy, sell or trade crypto.

Easily Diversify Crypto Investments

CoinSpot offers bundles where you can quickly and easily invest in a range of cryptocurrencies in a single click. For example, you can invest in the 'Top 10 Market Cap' bundle, which will give you an equal amount of each of the top 10 cryptocurrencies. There are also other options such as AI bundles and NFT bundles. CoinSpot also has a simple 'Swap' feature where you can quick trade one crypto directly for another with the click of a button. This is a great way to manage your investments and ensure you have a diverse portfolio.

NFT Marketplace

CoinSpot stands out in Australia, with its in-platform NFT marketplace. Users can buy and sell NFTs using any listed cryptocurrency on the platform, eliminating the need for external wallets or additional steps. This accessibility makes the NFT marketplace a seamless part of the CoinSpot experience.

Crypto SMSF

CoinSpot supports crypto SMSFs (Self Managed Super Funds) which is perfect for those who want to invest in the long-term for their retirement. Following the past decade of Bitcoin's performance, some investors believe this is the best way to prepare for the future. It is easy to set up your own SMSF using CoinSpot, which you can read about here.

Kraken

Margin and Futures Trading

Kraken caters more to the needs of experienced traders with advanced features like margin and futures of trading, enabling users to go "long" or "short" on multiple cryptocurrencies. This flexibility supports more complex and active trading strategies.

Staking

Kraken offers staking services on both its regular platform and Kraken Pro, allowing users to earn interest on their crypto and fiat currencies. This is a great feature and you receive rewards twice a week, which compound over time to significantly grow your portfolio if you are HODLing for the long run. Most Australian crypto exchanges currently do not offer any staking or earn services due to legislation, but Kraken (a US-based exchange) still supports this desired feature.

CoinSpot vs Kraken Security 

When evaluating cryptocurrency exchanges, prioritising security is paramount, and both CoinSpot and Kraken implement robust measures to ensure user protection.

CoinSpot Security 

CoinSpot stands out as a security-conscious platform, being a proud member of AUSTRAC. The exchange strictly adheres to anti-money laundering (AML) and know-your-customer (KYC) standards, ensuring a comprehensive verification process for users. 

CoinSpot is a recognised member of Blockchain Australia, aligning its practices with the industry's best standards outlined in the Australian Digital Currency Industry Code of Conduct. Notably, it is acclaimed as Australia's most secure and audited cryptocurrency exchange, boasting accreditation to ISO 27001 standards for information security.

Kraken Security 

Kraken employs robust security measures like Two-Factor Authentication (2FA), secure offline storage for 95% of deposits, granular API key permissions, and a configurable account timeout. Collectively, these measures contribute to strengthening the platform against potential security threats.

Security Breaches

With that said, despite its impeccable security features, Kraken hasn’t been safe from hacks. Notably, some users have reported instances of hacked accounts, resulting in substantial losses with no hope for recovery. 

Because Bitcoin transactions cannot be reversed, cryptocurrency accounts are vulnerable to fraud. Due to this reason, we suggest investors to remain vigilant and consider these risks when engaging with Kraken or any other exchange.

Winner - CoinSpot

CoinSpot outshines Kraken in this comparison, earning its status as one of Australia's top crypto exchanges with a trusted user base of over 2.5 million since its establishment in 2013. Recognised as the most secure crypto platform in Australia, CoinSpot ensures you can invest in crypto with peace of mind. Aside from its robust security features, CoinSpot offers a wide range of 450+ coins, an advanced NFT marketplace, and 24/7 live chat support. This makes CoinSpot the preferred choice for crypto enthusiasts seeking a secure and comprehensive platform. Additionally, signing up through this link gives users $20 in FREE Bitcoin, to kickstart your crypto investment journey.


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