Plus500 vs Kraken | Which Trading Platform Is Best? 🚀

When it comes to trading, both Plus500 and Kraken offer a range of products and services to satisfy the needs of a wide range of users. However, the user experience on each platform couldn't be more different.

Plus500 offers access to over 2800 CFDs across different asset classes including cryptocurrency, forex, commodities and more.

When it comes to leverage, Plus500 offers a max leverage of up to 300X for professional users on forex and up to 30X for retail users on forex.

While the range of products is impressive, the platform itself looks outdated and uninspiring. It's clear that Plus500 is more geared towards beginners and professional tradesr who want access to a wide range of CFDs without caring all that much about the user interface.

In contrast, Kraken is renowned for its long-standing reputation as one of the world’s most secure cryptocurrency exchanges.

The platform offers a comprehensive range of crypto products catering to a diverse clientele from retail investors to professional traders and institutions.

The platform's versatility is exemplified through its four distinct user interfaces: Kraken, Kraken Classic, Kraken Pro, and the NFT Marketplace.

The default Kraken interface is intuitively designed for beginners, offering a straightforward approach to exploring, purchasing, selling, receiving, and sending cryptocurrencies.

Kraken Classic provides a more comprehensive dashboard with access to a wider range of products, account settings, and a security overview. Meanwhile, Kraken Pro is tailored for the seasoned trader, featuring advanced products and tools.

The platform supports spot trading for over 220 cryptocurrencies, including major players like BTC, ETH, SOL, and ATOM.

Although the selection of cryptocurrencies is not as extensive as off-shore exchanges, it includes most large-cap tokens.

Kraken also offers margin trading that lets users leverage long or short positions up to 5X on over 100 digital assets.

Kraken has recently expanded its offerings to include futures products. With over 90 perpetual contracts available, these futures have low fees and offer leverage up to 50X.

These contracts vary in maturity, including monthly, quarterly, and semi-annual options, and traders have the choice of isolated or cross margin trading to manage their risk.

The exchange's analytics section provides traders with critical data points to inform their trading decisions.

In terms of trading volume, Kraken consistently ranks in the top 20 for 24/7 spot trading often surpassing $1 billion. The derivatives trading volume is however significantly lower normally ranging between $50 and $100 million.

Kraken also caters to users looking to use their digital assets through staking. It supports staking for over 20 cryptocurrencies, including ALGO, ADA, ATOM, ETH, MATIC, DOT, SOL, and MINA.

Additionally, users in eligible countries can earn interest on stablecoins like USDT and USDC, as well as on fiat currencies such as USD and EUR, with interest rates ranging between 3% and 5%.

For enthusiasts of NFTs and digital collectibles, Kraken supports NFTs on Ethereum, Solana, and Polygon with a selection of over 250 digital collections.

Being a U.S.-based company, Kraken adheres to stringent transparency and accountability standards, setting it apart from offshore exchanges. The company regularly validates its reserves to ensure all user funds are accounted for.

For high net worth individuals and institutional clients, Kraken's OTC Desk facilitates large-scale private trades, offering quotes for orders ranging from $100,000 to $1 million.