CoinSpot is among the best cryptocurrency exchanges in Australia, while Kraken is a USA-based one. With so many varied viewpoints about each exchange, it might not be easy to discern which is superior. For that reason, CoinCulture will make a head-to-head comparison of CoinSpot vs Kraken. Ultimately, CoinSpot outdoes its competitor because of the wide range of cryptocurrencies supported, professional customer support, high security, in-platform NFT marketplace and many other exclusive features.
CoinSpot vs Kraken Comparison Table
|Buy/Sell Fee||Market: 0.1%; Instant buy: 1%||Instant buy of stablecoins: 0.9%; FX pairs: 1.5%|
|Deposit Fee||Bank transfer, PayID, OSKO, POLi: Free; Cash: 2.5%; BPAY: 0.9%; Cryptocurrency||Direct Deposit, Debit Card, PayID, Credit Card, Cryptocurrency|
|Withdraw Fee||Free for AUD||Free for AUD|
|Deposit Options||Bank transfer, BPAY, PayID, POLi, OSKO, Cash deposit, Crypto||Bank transfer, Apple Pay, Cash deposit, OSKO, Google Pay, Crypto|
|Daily Deposit Limit||No limit after full verification||$100k (AUD$132K)|
|Security||ISO 27001 certified, 2FA, Offline cold storage, AUSTRAC registered, Biometric security||2FA, Biometric security, FSA registered, Offline cold storage, AUSTRAC registered|
CoinSpot vs Kraken: Pros & Cons
Pros & Cons: CoinSpot
Over 370 cryptocurrencies are available for buying and selling.
A highly secure crypto exchange with AUSTRAC-regulated and ISO certified standards.
The first-class NFT marketplace is great for NFTs trading.
No lock-in periods and users were sent staking rewards directly to their accounts.
CoinSpot’s OTC offering accepts larger trades for a low 0.1% fee with no hidden costs.
24/7 live chat support, Help Desk, request-a-call feature
Only supporting fiat currency deposits and withdrawals for AUD.
Pros & Cons: Kraken
Over 120 coins are supported, including Bitcoin, Ethereum, Cardano, Solana, Dogecoin, etc.
7 fiat currencies accepted (AUD, USD, EUR, GBP, JPY, CAD & CHF)
The user-friendly interface for those who don’t have crypto experience.
Staking, margin trading and futures trading are available
Users can make deposits via Apple Pay and Google Pay
Only 16 cryptocurrencies available to buy/sell with AUD
Instant buy/sell fees of 1.5% are extremely high
The standard Kraken platform charges higher transaction fees than Kraken Pro.
Some users report costly hacks with little support from Kraken.
Poor selection of educational materials and resources
Not available for customers in all U.S. states.
CoinSpot vs Kraken: Supported Cryptocurrencies
Kraken and CoinSpot are the top-leading trading crypto platforms that allow their users to buy and sell a broad range of cryptocurrencies.
CoinSpot – Supported Cryptocurrencies
CoinSpot is an instant cryptocurrency exchange that enables customers to buy, sell, convert and trade Bitcoin or any of the other 370+ cryptocurrencies. Unlike P2P exchanges that require their users to wait for another trader or e-commerce rival to agree on a price before purchasing the cryptocurrency they want, CoinSpot already holds cryptocurrencies on its own platform to give users instant trading.
CoinSpot supports over 370+ cryptocurrencies. Source: CoinSpot
Kraken – Supported Cryptocurrencies
Kraken now accepts over 110 cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), Polkadot (DOT), and Polygon (POLY) (MATIC). Kraken also supports a few stablecoins, including Tether, USD Coin, and Dai. It is possible to exchange US dollars for Canadian dollars, Japanese yen, or Swiss francs.
CoinSpot vs Kraken both support some major coins, but CoinSpot supersedes its rival because CoinSpot users can trade more cryptocurrencies than Kraken.
CoinSpot vs Kraken Customer Support
CoinSpot Customer Support
Live Chat Support is accessible 24/7 to assist CoinSpot users with any issues. We’ve used CoinSpot’s Live Chat feature a few times and were always connected to a real person within a few minutes (no bots). On Trustpilot, this exchange platform was rated 4.5 with 1,770 reviews, many of which praised the Support support to be prompt, knowledgeable, and capable of addressing our difficulties swiftly. You can read our CoinSpot review to learn more about its customer support and other great features.
CoinSpot is highly rated with 4.5 stars. Source: Trustpilot
Additionally, you can contact CoinSpot’s specialised support staff through the Help Desk or arrange a call with a CoinSpot support agent using the new request-a-call feature. The exchange has a comprehensive information centre with beginner-friendly tutorials and a frequently asked questions area to assist new investors in acquiring the basics about bitcoin and other digital currencies.
Kraken Customer Support
Kraken support is accessible 24/7 by live chat, phone, and email. We encountered a little difficulty when attempting to change an account option (possibly due to human error) and submitted a support ticket. The Kraken support team responded and resolved the issue In around 20 minutes.
In fact, not all users had a good experience with Kraken. On Trustpilot, Kraken has a rating of 2.1 stars, with several dissatisfied customers reporting issues with funds due to hacking and holding beyond the initial security period. Some others complained about the lengthy wait times for customer service support and the retention of monies beyond the first security period.
Kraken has a very poor rating of 2.1 stars. Source: Trustpilot
CoinSpot surpasses Kraken with its professionalism and several channels for customer support, which has helped CoinSpot acquire the trust of a great number of consumers.
CoinSpot vs Kraken Security
When it comes to a cryptocurrency exchange, security should be a key consideration, and CoinSpot vs Kraken take many security measures to safeguard users.
CoinSpot Security Features
CoinSpot is an AUSTRAC member and strictly adheres to anti-money laundering and know-your-customer (AML/KYC) standards. This crypto exchange is also a recognised member of Blockchain Australia and follows the Australian Digital Currency Industry Code of Conduct. It’s touted as the most secure and audited cryptocurrency exchange in Australia and the only one accredited to ISO 27001 standards.
CoinSpot is a member of AUSTRAC and complies rigorously with anti-money laundering and know-your-customer (AML/KYC) regulations. This exchange is also a member of Blockchain Australia and adheres to the best-practice standards of the Australian Digital Currency Industry Code of Conduct. It is marketed as Australia’s most secure and audited cryptocurrency exchange and the only one that is ISO 27001 certified.
Kraken Security Features
Kraken is always committed to taking a comprehensive approach in order to protect its users. This platform features some safety features such as distinct Two-factor Authentication (2FA), offline storage of 95% of all deposits, granular API key permissions, Configurable account timeout, etc. There is a mechanism preventing any modifications to your Kraken account if you think your account was breached.
While most users have a favourable experience with Kraken, some report hacked accounts in which the owner has lost everything and has no way to retrieve it. Due to the inability of bitcoin blockchain transactions to be reversed, cryptocurrency accounts are a frequent target for fraud. Therefore, consider these risks while using Kraken or any other exchange.
CoinSpot is Australia’s most secure and audited cryptocurrency exchange, with the majority of its assets stored in offline cold storage and an ISO 27001 certification. More importantly, unlike Kraken, CoinSpot has never encountered breaches or hacks.
CoinSpot vs Kraken Fees
The transaction fee structure varies across cryptocurrency exchanges. Understanding a crypto exchange’s fee structure is critical since it enables you to know what you’re getting into when performing multiple actions.
It’s easy to fund your CoinSpot account to buy Bitcoin without any fees. CoinSpot clients can benefit from free and quick deposits via PayID, POLi, or Direct Deposit (through OSKO). There is a small charge of 0.9% when depositing through BPAY and a 2.5% fee when depositing cash.
Unlike other exchanges, Kraken charges for deposits based on the deposit methods, not on whether the deposit is in fiat or digital currency. The deposit fees are as follows: Free bank transfer/OSKO; 3.75% + $0.25 for Google Pay and Apple Pay; 3.75% + €0.25 for credit and debit cards.
CoinSpot charges a fee of 1% for instant buy or sell orders, all market trades and CoinSwap. The exchange’s customers can receive a 0.1% fee by trading on the Market with the low spreads. It is possible to obtain a 0.1% fee via the OTC section where 50K or more can be traded with highly competitive spreads.
The normal trading fee for cryptos on Kraken is 0.9% for stablecoins and 1.5% for any other cryptos or FX pairs purchased or sold straight from the exchange. The trading fees begin at 0.16% for makers and 0.26% for takers. For regular traders with a high 30-day trading volume, the following table details how you might lower your costs.
Kraken’s trading fees. Source: Kraken
CoinSpot does not charge you fees when you transfer AUD from your CoinSpot account to an authorised Australian bank account. There are also requirements for withdrawal minimums or maximums. This huge competitive advantage sets CoinSpot apart from most crypto exchanges in existence. To know more detail about CoinSpot Fee structure , you can read our full review about CoinSpot.
By contrast, Kraken users can withdraw funds from their Kraken accounts in both cash and digital currencies. The withdrawal cost is determined by the currency being transferred and the method used. For AUD withdrawals to Australian bank accounts, Kraken charges ZERO fees.
CoinSpot is the winner as on the CoinSpot market, the fees you need to pay are low, ranging from 0.1% to 1%. On the other hand, Kraken charges 0.16% – 0.26% trading fees and the instant buy/sell fees are extraordinarily high at 1.5%.
CoinSpot vs Kraken Deposit Methods
CoinSpot accepts various deposit options, including Direct Deposit, PayID, POLi, and cryptocurrencies. For BPAY, you have to pay a 0.9% fee charged by the payment service provider, and for Cash payments, it is a 2.0% fee charged by the newsagents.
You can fund your Kraken account with both fiat and digital currency. Kraken accepts deposits by bank transfer/OSKO, PayID, credit card, debit card, Apple Pay, Google Pay, and cryptocurrencies. Some deposit methods incur fees, and only deposits in CAD and EUR SEPA are free.
Kraken supports more diverse deposit options, including credit and debit cards, Google Pay and Apple Pay. However, CoinSpot still offers the most popular deposit options for Aussie investors and traders.
CoinSpot vs Kraken Outstanding Features
Kraken and CoinSpot provide a broad range of features to bring the best possible experience to their customers. This section will highlight some of the most distinguishing features of each exchange.
CoinSpot Outstanding Features
CoinSpot’s elegant and simple-to-use interface streamlines novice investors’ purchase and selling processes. Users may diversify their investment portfolios with the CoinSpot Bundles and Top 10 Market Cap Bundles features. Besides, CoinSpot’s new CoinSwap feature enables users to transfer coins with great ease! It’s simple and fast to swap between 300+ different cryptocurrencies with CoinSwap.
CoinSpot Bundles: Top 10 Market Cap. Source: CoinSpot
CoinSpot prides itself on being one of the first cryptocurrency exchanges in Australia to provide staking service. With just a few clicks, you can hold up to 22 Proof of Stake (PoS) coins in your CoinSpot’s Staking wallet. As the exchange requires no lock-up period for staking, it is flexible to unstake their holdings whenever you wish and receive staking rewards based on the time you have staked your coins.
CoinSpot is among the first crypto platforms globally that allow users to buy and sell NFTs in any of their listed cryptos. There is no need to create a crypto wallet on marketplaces such as OpenSea, link the said wallet, and ensure the proper crypto is loaded to place a bid. With CoinSpot in-platform NFT marketplace, you can easily purchase NFTs using any crypto on the platform, all within your trusted CoinSpot account.
Kraken Outstanding Features
Kraken is ideal for experienced traders interested in executing more complex, active trading strategies like margin and futures trading. Margin trading on Kraken enables you to buy (go “long”) or sell (go “short”) multiple cryptocurrencies with up to 5x leverage. The exchange only requires a 0.02% fee to open a position and offers the low rollover fees (maximum 0.02% per 4 hours).
In addition, Kraken allows staking on its Kraken and Kraken Pro platforms. It even supports the staking of fiat currencies, which is not supported by many other cryptocurrency exchanges in the U.S. You may stake any of the following assets to receive staking rewards (which are paid twice weekly) and compound those future rewards.
Staking options on Kraken. Source: Kraken
Cryptowatch is a trading terminal offered by Kraken that analyses and generates data on more than 2,000 cryptocurrency markets. Traders may use this free tool to monitor price changes and market trends across many platforms and establish price alerts. It is also possible for investors to upgrade this service by paying one credit per alert to get more timely notification.
Unlike Kraken that is only geared towards highly experienced investors, CoinSpot is ideal for both novice and expert investors and those preferring a crypto exchange with first-class staking service, in-platform NFT marketplace and multiple exclusive features.
Overall Winner – CoinSpot
CoinSpot undoubtedly outperforms Kraken and it’s a generally better choice for the majority of crypto investors.
Kraken supports crypto staking, margin trading, forex trading and futures which are not found on the other two platforms. However, as a US-based exchange, it does not perform as well in Australia, with restricted access to only 16 different cryptocurrencies.
By contrast, CoinSpot is an excellent cryptocurrency exchange for inexperienced cryptocurrency investors, especially those in Australia. The exchange offers much more cryptocurrencies, lower transaction fees, superior customer support, excellent staking service, and an NFT marketplace.
Why are there price differences between CoinSpot vs. Kraken?
Cryptocurrency rates/prices fluctuate among exchange platforms owing to changing levels of supply and demand, trading volume, and other variables. Additionally, trading, deposit methods and transaction fees may vary across platforms. This is true for all cryptocurrency exchanges, including CoinSpot and Kraken.
Is CoinSpot the same as Kraken?
Kraken and CoinSpot differ in transaction fees, cryptocurrencies supported, customer service and many more. In our opinion, CoinSpot better serves Australian crypto traders and new investors who prefer an exchange platform with an in-platform NFT marketplace, great staking service, quick customer support and many other first-class features.
CoinSpot vs Kraken: Which supports Australian users better?
CoinSpot is indeed ideal for Aussie investors because the platform supports more cryptocurrencies and suits the needs of those who desire a user-friendly exchange with its own NFT marketplace and superior staking service.