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Kraken is one of the most popular cryptocurrency exchanges amongst many traders across the world. Many who use Kraken today are looking for a secure exchange, that is easy to use and have a decent selection of cryptos.
And Kraken also has Fiat onramp and offramp to its platform. Which attracts lot of traders to them.
But if you wanted to branch out, and see if there are other Kraken alternatives that you could use. With similar features, but perhaps with other cryptocurrencies, or more available. Or perhaps with larger liquidity and trading volume than Kraken?
If you are then I thought I could share with you all some of my favourite cryptocurrency exchanges of 2020. Exchanges that are similar to Kraken but can also offer something new, or different.
And hopefully a couple of these listed here could be of interest for you to try out.
The top 6 Kraken alternatives
Let’s get to it. To navigate the list of more than 200+ cryptocurrency exchanges and brokers out there I had to have some type of requirements with me when evaluating and selecting a top list of alternatives for Kraken.
I have based my current decisions on the following:
- Does it have a Fiat currency on-&offramp?
- Is the site and or app easy to use, for trading, depositing, withdrawing, etc?
- Can I trust this exchange? Would I say that it is in the top 10% percentile of exchanges based on this?
And based on these three areas, and my own past experience of course.
1 ) Coinbase + Coinbase Pro
Ok, first out on this list of my favourite alternatives to Kraken is Coinbase.
Both Coinbase and Kraken are U.S based exchanges, or crypto brokers perhaps is a better word for Coinbase.
The other thing that attracts millions of users is the range of payment methods available at Coinbase:
- Bank transfer
- Credit card and debit card
Not all payment methods are available in every country (read more here about it here)
So I am including Coinbase, which is more of a crypto broker. Where you can buy and sell cryptocurrencies directly from Coinbase.
And then also Coinbase Pro, which is the exchange version of Coinbase. Where you can trade cryptocurrencies with other users and more specifically set your trades.
- Learn more about the difference between the two here
2 ) Binance
Second out on this list is a favourite crypto exchange of mine, Binance.
It is today one of the largest exchanges, based on trading volume and number of cryptocurrencies available on its platform.
Binance is an all-round exchange that kinda excels a bit in every field. From features, to payments, UX and security.
Binance is definitely one the most feature-rich exchanges out there, some examples are:
- Payment methods – Fiat onramp & offramp + credit/debit card
- Security features like the SAFU (fund to reimburse users)
- Trading (margin trading, futures, OTC desk, spot trading, etc)
And besides that it has one of the best liquidation pools. So if you are looking for a consistent exchange where you can easily sell or buy cryptos quickly Binance is your best bet!
3 ) OKEx
Now, this is an exchange that might not catch the limelight always, at least not ahead of Binance. But in truth OKEx is a top exchange.
It has one of the best trading volumes, number of cryptos available, and for being an all-round top trading platform.
It has anything a seasoned or novice crypto trader would need.
So if you are looking for an alternative to Kraken that is easy to use, great trading volume, has Fiat onramp (credit card or debit card) and full of exciting cryptocurrencies to buy then I think you should check out OKEx.
4 ) Bitpanda
Now, this is a new favourite of mine, and it like Coinbase is not a traditional cryptocurrency exchange. But a crypto broker, Bitpanda.
So on here you buy from liquidation pools supplied by Bitpanda, and not from other traders.
So why should you pick Bitpanda as your main alternative to Kraken? Well because it has a lot of good things going for it.
- It has a great selection of cryptocurrencies available. One of the best of all crypto brokerage sites
- It has one of the best options for payment methods. From bank transfer to credit/debit card, Skrill, Neteller, Sofort, etc
- It is really easy to use
So if you are looking for a place where it is really easy to buy cryptocurrencies then I think you should look into using Bitpanda from now on.
5 ) Gemini
Fifth out and also a U.S based alternative is Gemini.
It has some famous crypto-founders in the Winklevoss twins. You know the guys with the Facebook-background. These guys are hardcore crypto fans and entreprenuers.
And not only have they bought lots of Bitcoin themselves, but also invested in creating a secure and easy to use platform for trading Bitcoin and other cryptocurrencies.
Gemini like the others on this list has done lots of work to improve the look and feel of the site, and invest in a secure and really easy to use app.
Gemini also has fiat gateways, so you can deposit funds from your bank account and then start trading on Gemini. Doing this can help save lots in fees when first entering, or for that matter exiting the crypto market
6 ) Bittrex
And last on this list is another U.S based cryptocurrency exchange. For me, Bittrex and Kraken is very similar in lots of ways.
Both U.S based, both are part of the oldest remaining cryptocurrency exchanges, both have fiat deposits and withdrawals and being part of also a group of crypto exchanges that are the most trusted and secure ones I’d say.
Neither has really been affected by any serious hacks in the past. And for Bittrex security is part of their DNA. Bittrex was founded by three security experts that knows the importance of securing users, their funds and data.
What sets Bittrex apart from Kraken is their increased range of available cryptocurrecies.
It almost has as good, or even better availability of cryptocurrencies as Binance. It doesn’t reach Binance’s liquidity and trading volumes (few do). But if you are not trading large volumes of obscure altcoins that shouldn’t be a problem for you anyway.
So if you are looking for a reputable, secure and US-friendly exchange then Bittrex should be your choice.
That’s the end of this guide to in my eyes the top Kraken alternatives. Of course there are plenty of other good exchanges or brokers to use. KuCoin, Changelly and Bit-Z.
But to me this list is definitely my favourites, but also full of exchange with similar features like Kraken. That being great UX, ties to the U.S, fiat gateways, great selection of cryptos, and much more!
Which is your favourite?
Some final tips from me to you guys is that you should never leave your cryptocurrencies on an exchange for too long.
Even though they are super trusted and haven’t been succesfully hacked in the past. It to me is not worth the risk.
So that means investing in your own cryptocurrency wallet. Now you don’t need to buy one, but I would recommend that you do buy a secure hardware wallet. They are the most secure types of cryptocurrency wallets.
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Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier