Huobi vs Kraken | Why Kraken Is The Safer & Better Exchange
Jack Moreau
Feb 2024
9 min read
Fact checked
Huobi vs Kraken: Choosing the right cryptocurrency exchange can be a tricky task. That's why we've compared Huobi and Kraken across various metrics such as product range, fees, customer service, trading pairs, and more. Read on to find out which exchange is the perfect fit for your trading needs!
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.
Huobi and Kraken are two well-known cryptocurrency exchanges that offer a range of trading services to users worldwide.
While Huobi was founded in 2013 by Leon Li and is registered in Seychelles, Kraken was established in 2011 by Jesse Powell and is registered and based in San Francisco.
Huobi exchange
Huobi offers a wide range of trading services, which includes spot and margin trading, futures products settled in USDT and crypto, and a range of trading bots and copy trading.
Huobi App
The exchange supports over 500 cryptocurrencies and has grown to a user base of over 10 million.
Kraken, on the other hand, is known for its security, reliability, and wide range of supported crypto and fiat currencies.
The exchange was founded by Jesse Powell and has grown to become one of the most respected and trusted exchanges in the world.
Kraken exchange
The platform offers various services, such as spot trading, margin trading, futures trading, and staking, catering to both beginners and experienced traders.
Kraken has over 9 million users and provides access to buy and sell over 190 cryptocurrencies such as Bitcoin, Ethereum and Cosmos. Both exchanges have their strengths and are popular in different parts of the world.
Kraken app
While Huobi has a significant presence in Asia while Kraken is popular in countries across North America and Europe. Ultimately, the choice between these two exchanges will depend on the user's trading preferences and location.
Huobi vs Kraken Signup & KYC
Both exchanges provide KYC verification from their users but Huobi provides users with the option to execute trades without KYC. Here's a closer look at the signup process and KYC requirements of these exchanges.
Signing up for Huobi can be done via the exchange on browser or by downloading its app.
The signup process is quick and easy, taking only 30 seconds to complete. You just need to enter an email or phone number and then enter the verification code sent to you.
However, if you want to increase your deposit and withdrawal limits, you'll need to complete KYC verification, which takes a few minutes to complete and is then processed within 24 hours.
On the other hand, Kraken requires all its customers to verify their identity via KYC. Signing up for Kraken takes less than a minute and basic verification can be achieved in less than two minutes.
However, the full Kraken verification process can take 2-3 business days in some cases.
In summary, both exchanges have a quick and easy signup process, with Huobi having the benefit of not requiring KYC for users who just want to deposit crypto and begin trading.
That is not possible on Kraken as not services can be used without going through KYC.
Huobi vs Kraken Products & Services
Continuing with product range, Huobi offers a very large set of trading services and financial products.
These include spot trading, futures trading which is settled in USDT and crypto, margin trading and European and American style options.
Besides this, copy trading is also available for beginners who would rather rely on the track record of more experienced traders.
The average spot trading volumes on Huobi tend to range between $250 and $500 million per day which is in the top 20 category compared to other exchanges. The max leverage on Huobi for futures is 200X while the max leverage for margin is 100X.
In terms of financial products, Huobi offers it's users access staking services for a wide range of cryptocurrencies and the ability to lend and borrow digital assets.
For retail users who want access to NFTs and a non-custodial wallet to store their digital assets, this is also available on Huobi with their NFT marketplace and Web 3 wallet (iToken Wallet).
The interface on Huobi has gotten a facelift and is now more pleasant to use. The exchange offers a wide range of services targeting both beginners and more sophisticated traders.
Kraken offers a more limited product offering than many international exchanges as they are constrained by US regulations.
Having said that, they still offer spot trading for over 200 cryptocurrencies, cash-settled futures with monthly, quarterly, semi-annual and perpetual maturities, and margin trading.
In terms of volumes and liquidity, Kraken frequently is in the top 10 with daily spot trading volumes in the range of $300 to $600 million. For those that want to lever up, the max leverage that users can take on Kraken is 50X on futures and up to 5X on margin.
Kraken also offers staking (for non-US users) and an NFT marketplace for those that want to buy and sell digital collectibles.
For institutional clients, Kraken also offers an OTC desk and 24/7 account management teams. The user experience on Kraken is designed with beginners in mind and is easy to navigate and use.
The goal is to make buying and selling of cryptocurrencies simple for your everyday users while also offering some levered products for more sophisticated traders.
When it comes to trading fees on Huobi and Kraken, both exchanges offer competitive rates.
Huobi charges a spot maker fee of 0.20% and a spot taker fee of 0.20%, with futures maker and taker fees at 0.02% and 0.05%, respectively.
Meanwhile, Kraken charges a slightly lower spot maker fee of 0.16% but a higher spot taker fee of 0.26%. Their futures maker and taker fees are the same as Huobi's at 0.02% and 0.05%.
Both exchanges also offer fee discounts for higher trading volumes. Huobi gives discounts for users who trade with volumes above $10,000 or use their native HT token for trading.
Kraken, on the other hand, offers discounts for both spot and futures trading if monthly trade volumes exceed $50,000.
Overall, it's worth noting that while Huobi offers slightly higher fees than Kraken, they both offer discounts to help traders save money.
So, choose the exchange that fits your trading needs and take advantage of those discounts to make the most of your trades.
When it comes to depositing fiat currencies, Huobi and Kraken have different options available for their users.
Huobi supports 8 fiat currencies including USD, EUR, GBP, TRY, and RUB. However, only EUR can be deposited via SEPA for a fee of 0.15% plus 1 EUR, while GBP can be deposited via FSP for a fee of 0.15% plus 1 GBP.
TRY deposits are free of charge via Advcash, while BRL deposits can be made through bank transfer for free.
On the other hand, Kraken supports 7 fiat currencies such as USD, EUR, CAD, AUD, GBP, CHF, and JPY. Kraken offers free ACH deposits for USD, EUR, and CAD via bank transfer (ACH) and SEPA. Fedwire, SWIFT, and FPS are also available as deposit methods, among others.
It's worth noting that Huobi only allows fiat deposits for a few of its supported currencies, while Kraken has a wider selection of supported currencies and deposit methods available.
Ultimately, the deposit method you choose will depend on your location and personal preferences.
Huobi offers multiple fiat withdrawal methods including SEPA, FSP, Advcash, Skrill, and bank transfer. However, each method comes with its own fees.
For example, SEPA withdrawals have a 0.15% fee plus a €1 fee, Skrill withdrawals have a 2.9% fee plus a €0.1 fee, and FSP withdrawals have a 0.15% fee plus a £1 fee.
On the other hand, TRY withdrawals through Advcash are completely free, as are BRL withdrawals through bank transfer.When it comes to crypto withdrawals, Huobi charges a 0.0004 BTC fee, a 0.0012 ETH fee, a 0.01 SOL fee, and a 4.9 USDT fee.
In comparison, Kraken charges a 0.00001 BTC fee, a 0.0035 ETH fee, a 0.01 SOL fee, and a 3.55 USDT fee for crypto withdrawals.
However, Kraken offers more fiat withdrawal options, including ACH (which is free), SEPA (which has a €0.9 fee), SWIFT (which has a $4 fee), and FPS (which has a £1.95 fee).
Kraken also supports fiat withdrawals for all seven of the currencies they offer. Additionally, Kraken offers free fiat withdrawals via bank transfer for USD, EUR, and GBP. Meanwhile, Huobi charges various fees for their fiat withdrawal methods.
Huobi and Kraken are two well-established cryptocurrency exchanges that cater to traders around the world.
Both exchanges have their unique strengths, which often make them popular in different regions.
Huobi is known for its range of trading services, including spot and margin trading, futures products, and copy trading. The exchange supports over 500 cryptocurrencies and has over 10 million users worldwide.
On the other hand, Kraken offers reliable and secure trading services, including spot, margin, futures, and staking. The platform supports over 200 cryptocurrencies and is popular in North America and Europe.
In terms of user verification, Huobi offers users the option to trade without completing KYC verification while Kraken requires all its users to complete KYC verification, which in some cases can take a few days to process.
Both exchanges offer competitive trading fees, with Huobi charging a spot maker and taker fee of 0.20%, and Kraken charging a spot maker fee of 0.16% and a spot taker fee of 0.26%.
When it comes to depositing fiat currencies, Huobi supports 8 currencies, while Kraken supports 7 currencies.
However, Kraken offers a wider selection of deposit methods, including free ACH deposits for USD, EUR, and CAD via bank transfer. In contrast, Huobi only allows fiat deposits for a few of its supported currencies.
Overall, both exchanges have their strengths and weaknesses, and users should choose the exchange that suits their trading needs and location.
Both exchanges offer competitive fees, with Huobi offering a wider range of trading services, and Kraken offering more deposit and withdrawal options.
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.
