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eToro vs Kraken : How does eToro compare to Kraken?

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eToro and Kraken are two of the most popular US cryptocurrency exchanges. In this comparison, we’ll determine which exchange has the best fees, security, features, assets, and customer support.

Our comprehensive eToro vs Kraken guide is designed to help find the best exchange for both experienced and novice investors.

How does eToro compare to Kraken?

For a quick summary, we recommend using eToro over Kraken as it has the most diverse range of digital assets available on its platform. On eToro, you can invest in cryptocurrencies, stocks, commodities, currencies, indices, ETFs and more. In addition to the large selection of assets it offers, eToro is the oldest cryptocurrency investment platform in the world and was founded in 2008.

It is important to note that eToro USA LLC does not offer CFDs, only crypto assets for US investors.

Fees: trading, deposit and withdrawal

eToro charges no fees for cryptocurrency and fiat currency deposits, all withdrawals are subject to a flat fee of $5. When it comes to trading, there is a 1% fee that is included in the price eToro shows when you open or close a position. A fee of 1% is added to the market price.

Krakens trading fees start at 3.9% and can go as low as 0.5% depending on your monthly trading volume. The platform charges 0.02% for cryptocurrency deposits and nothing for fiat deposits. Withdrawal fees vary from $5 to $20 depending on the token or currency you are withdrawing. For a full breakdown of Krakens deposits, see their Fee Schedule.

eToro vs kraken vs eToro detail

When comparing eToro vs Kraken, these two brokerages offer similar features, but differ in customer support. Kraken’s customer support is not as extensive as eToro’s, but both provide good customer service. The platform provides chat support and online ticketing support as well as telephone support. Both have 24/7 customer support, making them an excellent choice for beginning traders.

Both companies offer demo accounts, although eToro is more convenient and intuitive. A free eToro demo account can be used to test new trading strategies. However, Kraken does not offer a demo account. For experienced traders, the Kraken platform is better. Additionally, eToro offers more trading tools than Kraken, which can be beneficial.

If you are looking for an online cryptocurrency trading platform, both eToro and Kraken are great choices. Both platforms offer a variety of trading options, including stocks, cryptocurrencies, commodities and more. Kraken offers multiple cryptocurrencies, but eToro also offers some. Currently, both websites offer 19 tokens, including Cardano, Ethereum Classic, and Tron.

If you are a new trader, the eToro social platform may be a better choice. Traders can ask other traders for advice and get valuable advice from them. As a result, eToro creates an environment where new traders can learn from experienced traders. Kraken, on the other hand, takes advantage of advanced traders by offering an easy-to-use interface.

Both sites have an intuitive user interface and offer basic analytical tools. Although eToro does not charge withdrawal fees, Kraken charges $5 per withdrawal. Both platforms have their advantages, but remember that fees can negatively affect your profits. Kraken’s pricing structure is a bit more complicated than eToro’s, with Kraken charging higher fees for larger transactions. But you can still start with a free demo account, as eToro also offers a standard reel account.

While Kraken is aimed at crypto enthusiasts, eToro is aimed at mainstream traders. It allows crypto-focused traders to trade fiat currencies, but has limited support for cryptocurrencies. For those who prefer to use fiat currency, eToro supports credit cards, PayPal and Neteller, while Kraken is a more common alternative. Both exchanges accept bonificia bancari, yen transfers and other fiat-based deposits.

Supported digital assets

eToro offers its users the opportunity to invest in more than 16 global markets (US, Europe, Australia and others), 50 cryptocurrencies, commodities, ETFs, stocks, indices and many others. This platform is by far the most diverse multi-asset brokerage platform in the world. It is the only cryptocurrency exchange that offers both traditional financial assets and cryptocurrencies.

Kraken only supports cryptocurrencies, but offers more than 100 to buy and sell on the platform.

 

Security: What is the more secure exchange?

Both eToro and Kraken are properly licensed in the United States and are regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).

eToros clients’ funds are secured in first-tier banks and all their personal data is protected by SSL encryption. The platform operates in compliance with the FCA, CySEC and ASIC.

Kraken stores 95% of user assets in offline, geographically distributed, air-gapped cold storage. They also claim to keep full reserves, so users can always withdraw immediately upon request.

Customer support

Unfortunately, eToro does not have a Live Support feature on its platform and only offers support through its online ticketing system.

However, Kraken has a Live Support feature on its platform and offers 24/7 customer support Mon-Fri. You can also contact them via email, phone number and online ticketing system.

Final Verdict: Kraken vs eToro

eToro is globally recognized as one of the best cryptocurrency and financial investment platforms in the world. They have been around for almost 20 years and have the most diverse range of assets to invest in outside of any exchange. They also charge significantly lower fees compared to Kraken.

If you are interested in a more comprehensive review of the eToro platform, check out our eToro review.

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