Bitpanda vs Kraken | Reasons Why Kraken Is Better Overall
Jack Moreau
Apr 2024
9 min read
Fact checked
Bitpanda vs Kraken: Which cryptocurrency exchange is the right fit for you? We've conducted extensive research on both exchanges by examining factors like signup and KYC, available countries, trading fees, products and user experience and much more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
When it comes to cryptocurrency exchanges, there are many options available to investors all over the world. Two of the most well regulated and secure exchanges are Bitpanda and Kraken.
Bitpanda is a cryptocurrency broker based in Austria that specializes in buying and selling cryptocurrencies, stocks, ETFs, commodities like gold and silver, and fractional share trading.
It has a wide selection of stocks and ETFs and provides access to its trading platform through its exchange available via browser and mobile app.
Bitpanda exchange
Bitpanda primarily services European countries where the exchange has over 4 million registered users.
The exchange provides support for over 100 cryptocurrencies such as BTC, ETH, SOL and fan tokens such as Barcelona FC and Manchester City.
Bitpanda app
On the other hand, Kraken is a leading cryptocurrency exchange known for its security, reliability, and wide range of supported cryptocurrencies and fiat currencies.
The platform offers various services, such as spot trading, margin trading, futures trading and staking, catering to both beginners and experienced traders.
Kraken exchange
Kraken's user-friendly interface, advanced trading tools and competitive fees have all contributed to its popularity in 100s of countries around the world.
The exchange is also highly regarded for its commitment to regulatory compliance and robust security measures.
Kraken has over 9 million users mainly based across North America and Europe and provides access to over 190 cryptocurrencies such as Bitcoin, Ethereum, and Cosmos and many others.
Trading on Kraken
Both Bitpanda and Kraken have their unique strengths and cater to different audiences. Bitpanda is a good choice for investors looking to buy and sell cryptocurrencies as well as more traditional assets like stocks and commodities in Europe.
On the other hand, Kraken is a better option for investors looking for a secure and and more crypto focused exchange.
Kraken app
Bitpanda vs Kraken Signup & KYC
When it comes to signing up and KYC, both exchanges require KYC verification but there are some differences in their signup process and verification timelines.
Signing up for Bitpanda is a smooth process that only requires a few basic details such as your name, email and country of residence.
However, users won't be able to use the account fully until they complete KYC verification by uploading their passport and a selfie.
Bitpanda signup
The KYC process can take up to 2 business days for some users, but in the best case, it can be completed within 20 minutes.
The signup process for Kraken is even quicker and only requires your full name, email, date of birth and country of residence.
Kraken KYC requirements
Basic verification can be achieved in less than 2 minutes but the full verification process can take up to 5 days if all required documents have been received.
Bitpanda vs Kraken Products & Services
Bitpanda offers its European users exposure to over 2000 digital assets including over 100 cryptocurrencies, 100s of stocks, ETFs, crypto indices, and precious metals and commodities.
The Bitpanda card also allows users to spend their crypto, and the exchange provides staking rewards for over 20 cryptos, as well as an institutional custody service.
Bitpanda digital assets
Bitpanda has done an excellent job with the user experience, providing a simple, modern, beginner-friendly, and easy-to-navigate website. The Bitpanda Pro exchange has a daily spot trading volume of $10 million.
Bitpanda Pro Trading
As a well-established and highly secure cryptocurrency exchange, Kraken has made a significant mark in the world of digital finance.
Catering to a diverse audience including retail clients, professional traders, and institutions, Kraken has developed a suite of crypto products tailored to each group.
Kraken USPs
A key highlight of Kraken's offerings is its range of user interfaces, each tailored to different levels of expertise and needs.
The standard Kraken interface is the gateway for beginners, offering an intuitive and straightforward path for those taking their first steps in crypto trading. It simplifies tasks like buying, selling, receiving, and sending cryptocurrency, making it an ideal choice for newcomers.
Kraken Beginner Interface
For those who have moved past the beginner stage, Kraken Classic provides a more detailed dashboard.
Kraken Classic
This interface includes not only the basic trading functions but also gives users access to a broader range of products, account settings, and an overview of security features.
Kraken Pro is where the platform really shines for experienced traders. It offers access to a more complex range of products, including a spot trading order book with over 220 cryptocurrencies such as BTC, ETH, SOL, ATOM, and more.
Kraken Pro Spot Trading
Although Kraken's cryptocurrency selection is more selective, it includes the majority of large-cap coins.
Kraken Cryptocurrencies
Adding to its trading capabilities, Kraken offers margin trading with up to 5X leverage for over 100 digital assets, allowing traders to take long or short positions.
The exchange has also recently stepped into the futures market, introducing over 90 perpetual contracts with leverage options up to 50X and various maturity terms, including monthly, quarterly, and semi-annual.
Kraken Perpetual Trading
Kraken also features a comprehensive analytics section which allows traders to make informed decisions based on various data points.
Kraken Analytics
In terms of trading volume, Kraken consistently ranks within the top 20 globally for spot trading, often achieving volumes around $1 billion.
Kraken Trading Volume
However, its presence in the derivatives market is still quite limited with trading volumes ranging between $50-$100 million.
Beyond trading, Kraken offers staking services for over 20 cryptocurrencies, including popular options like ALGO, ADA, ATOM, ETH, MATIC, DOT, SOL, and MINA.
Kraken Staking
This feature allows users to earn rewards on their digital assets. Additionally, in eligible regions, users can earn interest on stablecoins and fiat currencies, with rates ranging from 3% to 5%.
Kraken Earn
For enthusiasts of NFTs and digital collectibles, Kraken's support for NFTs on Ethereum, Solana, and Polygon with support for over 250 digital collections.
Kraken NFTs
Being based in the United States, Kraken adheres to strict standards of transparency and accountability, setting it apart from many offshore exchanges. The exchange is diligent in providing proof of reserves, ensuring all user funds are accounted for.
Kraken OTC Desk
Kraken's OTC Desk also caters to high net worth individuals and institutional clients, offering a private venue for large trades with individual quotes for transactions ranging from $100,000 to $1 million.
When it comes to trading fees, Bitpanda and Kraken both offer competitive rates, but with different conditions for lowering fees.
Bitpanda only offers spot trading, but their maximum maker fee starts at 0.15% and can be lowered by trading 100,000 EUR in a 30-day period. The maximum spot taker fee is 0.25% on Bitpanda.
Bitpanda spot fees
Kraken has a slightly higher spot maker fee at 0.16% but with the potential to lower fees by trading more than $50,000 per month. Their spot taker fee is also slightly higher at 0.26%.
Kraken spot fees
For futures trading, Kraken charges a maker fee of 0.02% and a taker fee of 0.05%, with the opportunity to lower fees through higher monthly trade volumes.
Overall, both Bitpanda and Kraken offer competitive trading fees with potential for fee reductions through different means.
Bitpanda and Kraken are both offer their users a range of fiat deposit options. Let's take a closer look at the deposit methods available on each platform.
On Bitpanda, users can make fiat deposits via bank transfers (SEPA) with a minimum deposit of EUR 25, or via credit card (VISA and Mastercard) or via Neteller and Skrill.
While deposits via SEPA are free, deposits made through Visa and Mastercard incur a 1.8% deposit fee, Neteller incurs a 3.6% fee, and Skrill incurs a EUR 1 + 3.6% fee.
Kraken, on the other hand, offers support for deposits with 7 fiat currencies, including USD, EUR, CAD, AUD, GBP, CHF, and JPY.
Deposit methods on Kraken include Fedwire, SWIFT, ACH, SEPA, and FPS, with Kraken offering free ACH deposits for USD, EUR, and CAD via bank transfers (ACH) and SEPA.
Kraken fiat deposits
Both Bitpanda and Kraken offer their users reliable options for making fiat deposits. However, Bitpanda's deposit fees can be quite high, while Kraken offers more currencies and a greater variety of deposit methods at no charge.
When it comes to withdrawing your funds from Bitpanda or Kraken, both offer various options depending on your needs.
Let's start with Bitpanda. Users can withdraw fiat money from their Bitpanda Pro wallet via bank transfer (SEPA) for EUR, GBP, and CHF.
Fiat withdrawal fees via bank transfer are completely free, so you can easily transfer your funds without any extra hassle.
But what about withdrawing cryptocurrencies? Well, withdrawing Bitcoin comes with a 0.00006 BTC fee, withdrawing ETH comes with a 0.0011 ETH fee, withdrawing SOL comes with a 0.0001 SOL fee, and withdrawing ERC-20 USDT comes with a 4.44 USDT fee.
If we turn our attention to Kraken, fiat withdrawals are available for all the 7 currencies they support, including ACH (free), SEPA fee (0.9 EUR), SWIFT ($4), and FPS (1.95 GBP).
In terms of cost to withdraw cryptocurrencies, withdrawing Bitcoin costs 0.00001 BTC, Ethereum 0.0035 ETH and 0.01 SOL fee to withdraw Solana.
In conclusion, Bitpanda and Kraken are both popular cryptocurrency exchanges with their unique strengths and they both cater to slightly different audiences.
Bitpanda is a great option for European investors looking to buy and sell cryptocurrencies, stocks, ETFs, and commodities, while Kraken is an excellent choice for those looking for a secure and reliable platform to trade a wide range of cryptocurrencies.
Bitpanda has over 4 million registered users and supports over 100 cryptocurrencies and other assets.
Additionally, Bitpanda Pro exchange has a daily spot trading volume of $10 million and the exchange provides staking rewards for over 20 cryptos.
Kraken is the bigger exchange with 9 million users and offers spot trading for hundreds of cryptocurrencies, cash-settled futures, margin trading, and staking.
Kraken also has a more advanced trading platform and better liquidity with spot trading volumes between $300 to $600 million.
When it comes to trading fees, both exchanges offer competitive rates, with Bitpanda starting its maximum maker fee at 0.15% and Kraken at 0.16%.
Bitpanda's fees can be lowered by trading 100,000 EUR in a 30-day period, while Kraken's fees can be reduced by trading more than $50,000 per month.
For fiat deposits, Bitpanda offers users the option of depositing via bank transfers, credit cards, Neteller, and Skrill, but with varying deposit fees.
Kraken provides support for deposits with seven fiat currencies and offers more deposit methods with no charge, such as Fedwire, SWIFT, ACH, SEPA, and FPS.
Ultimately, both exchanges provide a good user experience and are suitable for both beginner and professional traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
