Kraken vs Blockchain.com | Benefits, Cons and Trading Fees

When it comes to cryptocurrency exchanges, Kraken and Blockchain.com have a few similarities but quite a few differences as well.

Kraken has established itself as an OG and trusted player in the cryptocurrency exchange market and caters to retail clients, professional traders and institutions.

The versatility of Kraken is particularly evident in its range of user interfaces. The exchange offers four different interfaces: Kraken, Kraken Classic, Kraken Pro, and an NFT Marketplace.

Each section is tailored to different user needs and demonstrates Kraken’s commitment to providing a customizable trading experience.

For those new to the world of cryptocurrency, the default Kraken interface offers an ideal starting point. It is exceptionally user-friendly, simplifying the processes of exploring, buying, selling, receiving, and sending cryptocurrencies.

Meanwhile, Kraken Classic serves as a slightly more advanced platform by offering access to a broader range of products along with essential account settings and a comprehensive security overview.

For the seasoned cryptocurrency enthusiasts, Kraken Pro presents a more sophisticated trading environment.

This platform allows users to engage with a diverse array of products, including an extensive spot trading order book that features over 220 cryptocurrencies like BTC, ETH, SOL and ATOM.

While Kraken's cryptocurrency selection includes most major digital currencies, users won't be able to find some of the lesser known altcoins.

Kraken also offers opportunities for margin trading where users can long or short positions with up to 5X leverage across over 100 digital assets.

In a recent expansion of its trading options, Kraken introduced futures products, featuring over 90 perpetual contracts with competitive fees and leverage options up to 50X.

These futures contracts come with various maturity options, catering to different trading strategies and preferences. Traders can opt for isolated margin to limit their downside risk or use cross margin to leverage all their collateral across multiple positions.

The platform also includes an analytics section providing traders with valuable data points to assist in making informed trading decisions.

In terms of trading volume, Kraken consistently ranks within the top 20 globally for spot trading, often reaching volumes around $1 billion.

However, it occupies a much lower position in the derivatives market where it's still trying to gain market share with volumes typically ranging between $50-$100 million.

Kraken further diversifies its offerings with staking options for over 20 cryptocurrencies, including ALGO, ADA, ATOM, ETH, MATIC, DOT, SOL, MINA, and others.

In select countries, Kraken also provides the option to earn interest on stablecoins such as USDT and USDC, as well as on fiat currencies like USD and EUR, with attractive interest rates of 3%-5%.

For NFTs and digital collectibles fanboys, Kraken supports trading and exploration of NFTs on Ethereum, Solana, and Polygon. The platform’s NFT Marketplace hosts over 250 digital collections where users can sometimes buy even without transaction fees.

Being a U.S.-based company, Kraken adheres to strict standards of transparency and accountability, which provides users with a significant advantage over offshore exchanges.

The company regularly validates its financial health through proof of reserves, ensuring that all user funds are accounted for and safeguarded.

Kraken also caters to the needs of high-net-worth individuals and institutional clients through its dedicated Over-The-Counter (OTC) Desk.

This service facilitates large and private trades with personalized quotes for significant transactions ranging from $100,000 to $1 million, along with the convenience of 24/7 service.

Blockchain.com offers spot trading and margin trading, as well as a Web 3 wallet, making it easy for users to manage their assets in a non-custodial way.

Blockchain.com also offers a Visa card that comes with cashback rewards, allowing users to spend their cryptocurrencies and earn a percentage back.

The exchange also caters to institutions, offering over-the-counter (OTC) spot and options trading.

While the daily average spot volume on Blockchain.com is low, the exchange recently introduced a margin product that allows for up to 5x leverage.