Phemex vs Kraken | Best Exchange To Trade & Earn On?
Jack Moreau
Feb 2024
8 min read
Fact checked
Are you wondering which cryptocurrency exchange to choose between Phemex vs Kraken? In this comprehensive comparison, we'll dive into both exchanges unique features, trading fees, and overall user experience. Our comparison will help you make an informed decision!
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.
Phemex and Kraken are two well-known cryptocurrency exchanges that offer a range of trading options for users.
Phemex, founded in 2019, specializes in spot and derivatives trading offering over 150 perpetual contracts and over 250 cryptocurrencies for users to trade.
Phemex exchange
Phemex has over 5 million users around the world and offers availability in 200 countries, with the exception of countries such as the US, Canada, Hong Kong, China, Bermuda, Seychelles, and others.
Phemex app
Kraken was founded in 2011 and is known for its security, reliability, and support for over 190 cryptocurrencies and fiat currencies.
Kraken app
The platform offers various services such as spot trading, futures trading, margin trading, and staking, catering to both beginners and experienced traders.
Kraken's user-friendly interface, advanced trading tools, and competitive fees have contributed to its popularity. Kraken is estimated to have over 9 million users mainly based across North America and Europe.
The exchange is present in 190 countries and available on iOS and Android devices with over 1 million downloads million downloads and a strong 4.3 star rating with over 20,000 reviews.
Kraken app
Phemex vs Kraken Signup & KYC
When it comes to signing up and KYC verification, the signup and verification process of Phemex and Kraken differ in some key ways.
Signing up for Phemex takes just 30 seconds and users can immediately begin depositing and trading cryptocurrencies without KYC verification.
However, those who want access to more features will need to complete KYC. This includes uploading their ID and a photo of themselves. The verification process can be completed within a few minutes if documents are uploaded correctly.
Phemex signup and KYC
Kraken on the other hand requires all customers to verify their identity via KYC. The signup process is quick, taking less than a minute, and basic verification can be achieved in just a couple of minutes.
However, the full verification process can take up to five days if all required documents have been received.
Kraken KYC
Overall, Phemex is a better option for those who value speed and privacy while Kraken is more attractive to those who prioritize security and regulatory compliance.
Phemex vs Kraken Products & Services
Phemex is an excellent option for beginners and professional traders alike. Its user-friendly platform makes trading easy and seamless and the range of products on offer is highly competitive.
Phemex Crypto Markets
Phemex offers spot trading for over 250 digital assets, +150 perpetual contracts, margin trading, copy trading and much more. And with a daily spot trading volume exceeding $100 million, you can be sure that liquidity is never a problem.
Spot trading on Phemex
Besides trading services, users on Phemex also have access to financial services such as lending and borrowing, staking and vaults where they can earn interest on their digital assets such as BTC, USDT, ATOM and many others.
Phemex Earn
Kraken stands as a veteran in the world of cryptocurrency exchanges. It is well known for its robust security measures and longevity in the industry.
Kraken USPs
Catering to a diverse range of clients including retail investors, professional traders and institutions, Kraken's versatility is evident in its four distinct user interfaces: Kraken, Kraken Classic, Kraken Pro, and its NFT Marketplace.
Kraken Dashboard
The standard Kraken interface is tailored for newcomers in the crypto world, offering an intuitive experience for those engaging in basic crypto transactions like buying, selling, receiving, and sending.
For those with a bit more experience, Kraken Classic provides a comprehensive dashboard that includes a variety of products, account settings, and a detailed overview of security features.
Kraken Classic
Kraken Pro on the other hand caters to the seasoned trader, offering access to more sophisticated and advanced trading options.
Its spot trading order book supports over 220 cryptocurrencies including popular ones like BTC, ETH, SOL, and ATOM.
Kraken Pro Spot Trading
While the selection of cryptocurrencies is somewhat limited, it effectively covers most major assets. The platform also offers margin trading with up to 5X leverage for over 100 digital assets, allowing traders to either go long or short.
Kraken Cryptocurrencies
Kraken's recent venture into futures trading is notable, presenting over 90 perpetual contracts with competitive fees and leverage options up to 50X.
Kraken Futures
These contracts vary in maturity, ranging from monthly to semi-annual, offering traders flexibility and variety. Moreover, traders have the choice of using isolated or cross margin to manage their risk and collateral.
Kraken Perpetual Trading
The analytics section on Kraken is a valuable resource, providing traders with key data points to inform their trading strategies.
Kraken Analytics Section
In terms of trading volume, Kraken holds a strong position in the market frequently seeing daily spot trading volumes around $1 billion.
Kraken Trading Volume
Its derivatives trading, however, has a smaller footprint, with volumes ranging between $50 million to $100 million.
Kraken also supports staking for over 20 cryptocurrencies such as ALGO, ADA, ATOM, ETH, and SOL.
Kraken Staking
Additionally, eligible Kraken users can earn interest on stablecoins like USDT and USDC, as well as fiat currencies including USD and EUR, with interest rates hovering around 3% to 5%.
Kraken Earn
For NFT enthusiasts, Kraken's support for NFTs on Ethereum, Solana, and Polygon platforms is a significant draw, offering access to over 250 digital collections.
Kraken NFTs
Operating from the United States, Kraken adheres to stringent transparency and accountability standards, setting it apart from offshore exchanges.
The exchange consistently demonstrates its financial integrity through regular proof of reserves, ensuring users funds are accounted for.
Kraken OTC Desk
Kraken’s OTC Desk is specifically designed for high net worth individuals and institutional clients, facilitating large-scale private trades ranging from $100,000 to $1 million.
If you're an investor or trader looking to save on fees, then it's important to know the fee structure of the exchanges you are trading on.
Phemex charges a competitive 0.1% spot fee for makers and takers, making it one of the lowest fee platforms out there. Users on Phemex that trade above $5 million during a 30-day window will also be rewarded with lower trading fees.
Phemex Spot Fees
On the other hand, Kraken charges a slightly higher spot maker fee of 0.16% with the fees for takers slightly higher at 0.26%. And similar to Phemex, Kraken also rewards high volume users with lower trading fees.
Kraken spot trading fees
When it comes to futures trading fees, Phemex charges a maker fee of 0.01% and a taker fee of 0.06%, while Kraken charges 0.02% for both makers and takers.
Phemex Futures Fees
This means that Phemex is the cheaper option for users who buy cryptocurrencies via spot trading and traders who trade futures.
When it comes to deposit methods, both Phemex and Kraken offer their users with a wide range of fiat and crypto deposit options.
Phemex does support fiat deposits for 6 fiat currencies including EUR, GBP, CHF, JPY, CAD and AUD. The only deposit method available for all the supported fiat currencies is Wire Transfer which is free of charge.
Phemex Fiat Deposits
Deposit times vary between the fiat currencies with the fastest being GBP which can take between 10 minutes and one working day up to 2 working days for JPY.
Phemex users can also buy cryptocurrencies with their Visa or Mastercard credit or debit cards via third-party providers. Phemex collaborates with external parties such as Simplex, Coinify, Advcash, MoonPay, Mercuryo and Banxa.
Buy crypto with card on Phemex
On the other hand, Kraken offers support for deposits with seven different fiat currencies, including USD, EUR, CAD, AUD, GBP, CHF, and JPY.
Kraken fiat deposits
Kraken's deposit methods are quite extensive, with options such as Fedwire, SWIFT, ACH, SEPA, FPS and more.
One of the best things about Kraken is that they offer free ACH deposits for USD, EUR, and CAD via bank transfers (ACH) and SEPA, which can save you a lot of money in deposit fees.
However, if you prefer to deposit via wire transfer, you'll pay $10 USD, while SEPA deposits cost 0.15 EUR and Swift deposits are free.
Let's take a closer look at the withdrawal options provided by each of these exchanges.
Starting with Phemex, fiat withdrawals are available for all the fiat currencies that they support including EUR, GBP, JPY, CAD, AUD and CHF.
Phemex Fiat Withdrawals
The only fiat withdrawal method that is available on Phemex is with Wire Transfer which normally takes 1-2 working days before the funds arrive in your bank account.
The fees for withdrawing Bitcoin, ETH, SOL and USDT are 0.0004 BTC, 0.001 ETH, 0.01 SOL and 4 USDT respectively.
Phemex crypto withdrawal
Kraken offers fiat withdrawals for all seven currencies it supports. The fees for withdrawing fiat vary depending on the method used.
ACH withdrawals are free, while SEPA withdrawals cost 0.9 EUR, SWIFT withdrawals cost $4, and FPS withdrawals cost 1.95 GBP.
The fees for withdrawing Bitcoin, ETH, SOL and USDT are 0.00001 BTC, 0.0035 ETH, 0.01 SOL and 3.55 USDT respectively.
In conclusion, Phemex and Kraken are two solid cryptocurrency exchanges that offer a range of services to their users.
Phemex is more suited to traders who value speed and flexibility, with its user-friendly platform and low fees.
Kraken is better suited to those who prioritize security and regulation compliance, with its reliable and secure platform and wider range of trading options.
Overall, traders looking for a top-notch user experience along with a wide range of products and services should consider Phemex and Kraken.
With millions of users worldwide, these exchanges have established themselves as reputable and reliable players in the cryptocurrency market.
So, whether you're a beginner or an experienced trader, you're sure to find what you're looking for at either of these exchanges.
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.
