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eToro vs Kraken: Compare Their Key Advantages

© by eToro vs Kraken

When searching for the best crypto exchange, traders often come across these two names, but there is a problem — how to choose between them? Apparently, to make a well-weighed decision, you should perform a deep analysis of each of the services and, then, compare them by the most critical factors. Luckily, due to our review, you will cope with that within a few minutes.

To start with, let us introduce both platforms. eToro is a well-known broker specializing in foreign currencies, shares, and commodities, as well as crypto. In the latest case, it offers a dedicated platform — eToroX. Meanwhile, Kraken is a service devoted to crypto assets solely, which is why its functionality is totally adjusted to this kind of trading and its selection of digital assets is bigger.

Now, let us go into further detail and compare eToro vs Kraken by analyzing their functionality and terms of use.

eToro:

  • 28 cryptocurrencies;
  • no derivatives, ETFs, NFTs;
  • minimum deposit — $50;
  • no leverage;
  • trading fees are higher than those set by Kraken, but non-trading charges are significantly lower;
  • passive income from staking;
  • copy trading for beginners and those who have no time for independent trading;
  • regulation by FSC only;
  • two-factor authentication for account protection;
  • recent news, fundamental data plus subscriptions to seasoned investors for trading ideas;
  • a diverse selection of educational instruments: a demo account for practical training plus a large base of videos, articles, webinars, and courses;
  • there is a client service team, but they do not work on weekends;
  • rewards from a referral program.

Kraken:

  • 151 cryptocurrencies;
  • no NFTs;
  • minimum deposit — only $1;
  • leverage — 1:5;
  • extremely cheap trading fees, which can be reduced to 0–0.1% in the case of large volume;
  • a higher purchase commission in the case of card use;
  • staking is also supported;
  • licensing by 5 regulatory bodies;
  • 2FA to prevent unauthorized access;
  • a decent selection of technical indicators (more than 50) and drawing instruments (16);
  • no research or analytic content;
  • certain educational materials are available, but there is no demo trading or courses;
  • user support works in a 24/7 format;
  • earning on invitees.

In sum, these two platforms are oriented toward different categories of users. So, Kraken is a more preferable choice for those who are focused on the crypto market and plan to trade actively as it offers a much wider range of digital coins and lower trading commissions, which depend on the trade volume. Meanwhile, eToro offers combining stock/Forex with crypto trading. Besides, it supplies more educational and training opportunities along with a copy trading feature.