Kraken vs Kraken Pro: Which Crypto Platform is Best for You?
Dom Farnell
Co-Founder
Dom is a Co-Founder of TIC, a passionate investor and seasoned blog writer with a keen interest in financial markets and wealth management. "My goal is to empower individuals to make informed investment decisions through informative and engaging content."
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The information provided in this article is for educational purposes only and does not constitute financial advice. Cryptocurrency trading involves a high risk and may not be suitable for everyone.
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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Choosing between Kraken and Kraken Pro depends largely on your trading experience and needs. Kraken, launched in 2011, is one of the oldest and most reliable cryptocurrency exchanges, catering to beginners with a simple interface and easy-to-use features. Kraken Pro, on the other hand, is designed for advanced traders who require more sophisticated tools like margin trading and detailed analytics.
Quick Answer: What’s the Difference Between Kraken and Kraken Pro?
The main difference is in the target audience. Kraken is ideal for beginners, offering easy buy/sell features and simple navigation with dynamic fees. Kraken Pro, designed for advanced traders, provides lower fees, professional tools and API access for greater control and analytics.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
| Feature | Kraken | Kraken Pro |
|---|---|---|
| Target Audience | Beginners and casual traders | Advanced and professional traders |
| User Interface | Simple and easy to navigate | Advanced with detailed tools |
| Fees | Dynamic, higher for instant buys/sells | Lower, maker-taker fee structure |
| Trading Features | Basic buy/sell | Advanced order types |
| API Access | No | Yes |
Kraken - Secure Platform, Low Fees, Crypto Variety
Pros and Cons
- Strong Security: Industry-leading measures, including two-factor authentication and cold storage.
- Wide Range of Cryptocurrencies: Over 240 crypto assets available for trading.
- User-Friendly Interface: Easy navigation for beginners and advanced features for seasoned traders.
- Multiple Deposit Methods: Supports bank transfers, crypto deposits, and more.
- Higher Fees for Instant Buy/Sell: Instant purchases can incur higher fees compared to Kraken Pro.
- Complex for Beginners: Kraken Pro’s advanced features may overwhelm new traders.
- Limited Availability for Some Features: Certain tools, like margin trading and staking may not be available in all regions including the UK.
What are the Fees?
Kraken supports over 240 cryptocurrencies, including major coins like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). You can also trade stablecoins like Tether (USDT) and USD Coin (USDC), as well as a variety of altcoins and smaller projects, ensuring diverse trading opportunities.
What Cryptocurrencies are Available?
Kraken offers a respectable selection of cryptocurrencies, exceeding many established exchanges with a focus on major and well-established tokens. The exact number fluctuates, but it likely includes most major cryptocurrencies and some promising projects at the time of writing (June 2024).
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Key Features of Kraken
Kraken is perfect for newcomers to cryptocurrency, offering a straightforward way to buy, sell, and trade digital assets. Let’s explore why it’s an excellent starting point for those stepping into crypto.
Ease of Use for Beginners
Kraken’s user interface is specifically designed for ease of use. From signing up to executing your first trade, the process is simple and intuitive. New users can quickly create an account with minimal verification requirements and start buying cryptocurrencies in just a few clicks. The dashboard is clean and well-organised, with basic options such as “Buy” and “Sell” clearly displayed. For those unfamiliar with complex trading platforms, Kraken’s simplicity is a major advantage.
Instant Buy and Sell Options
For beginners and casual traders, speed is key. Kraken’s instant buy and sell functionality allows users to purchase or offload cryptocurrencies immediately using a linked bank account or card. There’s no need to navigate complex trading screens – simply enter the amount, confirm, and the transaction is processed. This feature is ideal for those who don’t want to spend time analysing market orders and want to make quick purchases.
Access to the NFT Marketplace
Kraken stands out by offering an integrated NFT marketplace, giving users easy access to the digital art and collectibles space. Unlike Kraken Pro, which doesn’t support NFTs, Kraken allows you to buy, sell, and manage NFTs directly on the platform. Whether you’re an art enthusiast or looking to explore the booming NFT market, Kraken provides a straightforward entry into this world.
Supported Cryptocurrencies
Kraken supports over 240 cryptocurrencies, giving users access to both major coins and smaller, emerging projects. Popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) are all available, alongside stablecoins like USDT. Whether you’re looking to trade the market leaders or diversify into altcoins, Kraken has you covered. This wide variety ensures there’s something for every type of trader.
Kraken Security Features
Kraken places a strong emphasis on security, offering features such as two-factor authentication (2FA) and encryption to protect user accounts. With a reputation for being one of the most secure exchanges in the world, Kraken also uses cold storage for the majority of its digital assets, keeping them out of reach of hackers. For users concerned about safeguarding their investments, Kraken’s security features provide peace of mind.
Key Features of Kraken Pro
For traders seeking a professional-grade experience, Kraken Pro offers an array of powerful tools designed for advanced trading strategies. From comprehensive analytics to flexible order types, Kraken Pro provides a robust platform that meets the demands of experienced traders.
Advanced Trading Tools for Professionals
Kraken Pro stands out for its advanced trading tools. Users have access to detailed asset charts, live order books, and advanced analytics, which are essential for making informed decisions in fast-moving markets. These tools allow traders to analyse historical data, monitor real-time price movements, and execute trades with precision. Kraken Pro’s interface may initially appear complex, but for seasoned traders, the wealth of information and customisable features—such as technical indicators and chart overlays—are invaluable.
Lower Fees with Maker-Taker Structure
Kraken Pro utilises a maker-taker fee structure, which benefits traders who provide liquidity (makers) by placing orders that are not immediately matched. Makers enjoy lower fees, while takers—those who complete trades by matching existing orders—pay slightly higher rates. For high-volume traders, this structure offers significant savings, with fees as low as 0.00% for makers and 0.10% for takers when trading over $10 million in a 30-day period.
Margin and Futures Trading
One of the main attractions of Kraken Pro is its support for margin trading, allowing users to trade with up to 5x leverage, amplifying potential profits (and risks). Additionally, Kraken Pro offers futures trading, letting traders speculate on the future price movements of various cryptocurrencies. These features appeal to experienced traders looking to implement complex strategies, hedge positions, or capitalise on market volatility.
Note: This feature is not available for UK users.
API Trading and Advanced Order Types
Kraken Pro supports API integration, allowing traders to automate their strategies and execute trades programmatically. This is ideal for users who want to integrate third-party tools or build custom trading algorithms. Furthermore, Kraken Pro offers a range of advanced order types, including stop-loss, take-profit, and limit orders, giving users more control over their trades.
Liquidity and Trading Volume
Kraken Pro benefits from high liquidity, meaning large orders can be executed with minimal slippage. This makes it ideal for institutional traders or high-frequency traders who require reliable execution in large markets. Kraken Pro’s high trading volume also ensures that there’s always activity in the market, enhancing trade execution speed.
Kraken vs Kraken Pro: Fee Comparison
The fee structure is one of the most significant differences between Kraken and Kraken Pro, and it can heavily impact traders depending on their activity level and trading volume. Kraken’s fees are more dynamic, while Kraken Pro offers lower fees for high-volume traders, thanks to its maker-taker model.
Fee Structure Overview
On Kraken, fees are typically higher for instant buys and sell orders, where users may be charged a percentage of the transaction plus additional fees depending on the payment method. On the other hand, Kraken Pro’s fees are volume-based, meaning the more you trade, the less you pay. For example, trading over $50,000 in a 30-day period drops the maker fee to 0.14% and the taker fee to 0.24%.
Kraken Pro’s Maker-Taker Fee Schedule
Kraken Pro rewards liquidity providers (makers) with lower fees than takers, who match existing orders. Maker fees can go as low as 0.00%, and taker fees can drop to 0.10% for traders handling $10 million+ in trades. For most retail traders, the maker-taker fees start at 0.16% and 0.26%, respectively, which are still lower than Kraken’s instant buy/sell fees.
| Feature | Kraken Standard | Kraken Pro |
|---|---|---|
| Instant Buy/Sell Fees | 3.75% + €0.25 (card); 0.5% (bank transfer) | Not applicable |
| Maker Fee (Up to $10,000 Volume) | N/A | 0.25% |
| Taker Fee (Up to $10,000 Volume) | N/A | 0.40% |
| Maker Fee (Over $10M Volume) | N/A | 0.00% |
| Taker Fee (Over $10M Volume) | N/A | 0.10% |
| Convert Small Balances Fee | 3% | Not applicable |
| Spread Fees | Included in price | Not applicable |
When Does Kraken Charge More?
Kraken generally charges more for instant buy/sell transactions, as users are paying for the convenience of immediate execution. These transactions can also include additional spread fees, depending on the market conditions. Payment methods, such as using a credit card, may also incur higher transaction fees.
Which Platform Offers Better Value for Traders?
For high-frequency traders or those dealing with large volumes, Kraken Pro offers better value due to its lower fees and flexible trading tools. However, for beginners or casual traders, Kraken’s ease of use and instant buy/sell functionality may be more appealing despite the higher costs.
Security and Reliability: Which Is More Secure?
When it comes to security, both Kraken and Kraken Pro are industry leaders, implementing robust measures to ensure the safety of user funds and data. Given the volatility and risks associated with cryptocurrencies, Kraken has built a reputation for being one of the most secure exchanges globally. Each platform utilises strong encryption, and two-factor authentication (2FA) is a standard feature. However, Kraken Pro adds additional layers of security, particularly for high-frequency traders.
Kraken Security Features
Kraken employs two-factor authentication (2FA), cold storage for the majority of its assets, and encrypted wallets. Additionally, users can set up a Global Settings Lock (GSL), which prevents unauthorised changes to their account settings. The exchange also offers email confirmations for withdrawals and security alerts to keep users informed of any suspicious activity.
Kraken Pro Security Features
For advanced traders using Kraken Pro, IP whitelisting and API key restrictions add extra layers of protection. High-frequency traders benefit from the WebSockets API, which ensures faster and more secure data transmission. Kraken Pro also offers enhanced fund protection, with institutional-grade security protocols in place, ensuring high levels of trust for large-volume trades.
Common Risks to Be Aware Of
Despite Kraken’s robust security, there are inherent risks in using any cryptocurrency exchange. Phishing attacks, SIM-swapping, and hacks can still occur if users don’t implement strong personal security practices. To mitigate these risks, users should enable 2FA, be cautious with emails and links, and regularly review their account activity. Always double-check wallet addresses before transferring funds.
Mobile Trading Experience
Both Kraken and Kraken Pro offer mobile apps, but they cater to different types of users. Kraken’s app is geared toward beginners, with a simple and intuitive interface, while Kraken Pro’s app is designed for professional traders who require access to advanced tools and market data while on the go.
Kraken App Features
The Kraken mobile app is built for ease of use, making it ideal for users who want to manage their crypto holdings or make quick buy/sell transactions. With its streamlined design, users can fund their accounts, check prices, and execute trades with minimal hassle. It’s perfect for beginners looking to trade on the go.
Kraken Pro App Features
The Kraken Pro mobile app offers a range of advanced features, including charting tools, real-time order books, and detailed market analytics. It’s designed for traders who need professional-grade tools while away from their desktops. The app supports margin trading and allows users to set advanced order types directly from their mobile device.
Which Mobile App Is Better for Your Needs?
For beginners or casual traders, the Kraken app is more suitable due to its simplicity. However, for advanced traders looking for full market control, the Kraken Pro app provides better functionality and flexibility.
How to Change from Kraken to Kraken Pro
Switching between Kraken and Kraken Pro is straightforward and can be done easily on both desktop and mobile. Here’s a quick guide on how to do it:
Desktop
To switch from Kraken to Kraken Pro on desktop:
- Log in to your Kraken account.
- Look for the App Switcher in the top right corner of the dashboard.
- Click on it and select Kraken Pro from the dropdown menu.
- You will be instantly redirected to the Kraken Pro interface without the need for a separate login.
Mobile
On the mobile app, the process is similarly simple:
- Open the Kraken app and log in to your account.
- Tap the menu button (typically three lines) in the top left or right corner.
- Select Kraken Pro from the options listed.
- The app will switch to the Kraken Pro interface, providing access to advanced trading tools on the go.
Kraken vs Kraken Pro: Summary and Findings
In conclusion, Kraken and Kraken Pro both serve distinct audiences and offer different advantages based on the user’s trading needs. Kraken provides an excellent entry point for beginners, with a simple interface, dynamic fees, and convenient buy/sell features. Kraken Pro, however, is tailored for advanced and professional traders, offering lower fees, professional-grade tools, margin trading, and API access.
If you’re new to crypto, Kraken’s ease of use and intuitive design are perfect for getting started. However, if you’re looking for advanced control, detailed analytics, and savings on high-volume trades, Kraken Pro is a better choice. Both platforms offer robust security measures, ensuring that whichever you choose, your assets are well-protected.
In short:
- Kraken is best for beginners and those seeking simplicity.
- Kraken Pro is ideal for experienced traders who need more advanced features and lower fees.
With this understanding, you can choose the platform that aligns with your trading style and objectives.
Would We Recommend Kraken?
Yes! Kraken is a highly secure and user-friendly platform perfect for beginners. With over 240 cryptocurrencies, easy navigation, and excellent customer support, it’s ideal for those entering the crypto market who want a reliable and straightforward trading experience.
- Strong Security: Two-factor authentication, cold storage.
- Easy Interface: Simple, user-friendly design.
- Flexible Deposits: Bank and crypto options.
- Crypto Variety: 240+ cryptocurrencies available.
- Advanced Tools: Margin trading, analytics.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
FAQs
What’s the difference between Kraken and Kraken Pro?
Kraken is designed for beginners with simple buy/sell options, while Kraken Pro targets advanced traders, offering professional tools, lower fees, and more features like API access.
Which platform offers lower fees, Kraken or Kraken Pro?
Kraken Pro generally offers lower fees due to its maker-taker fee structure, benefiting high-volume traders. Kraken has higher fees for instant buy/sell transactions.
Can I use both Kraken and Kraken Pro with one account?
Yes, once you sign up with Kraken, you can access both platforms using the same account, easily switching between them.
Is Kraken Pro suitable for beginners?
Kraken Pro is more complex and designed for advanced traders. Beginners might find Kraken’s simpler interface more suitable before transitioning to Pro.
References
Kraken Official Website – Fee Schedule
https://www.kraken.com/features/fee-scheduleKraken Support – Which Kraken Platform is Best for Me?
https://support.kraken.com/hc/en-us/articles/14984895395092-Which-Kraken-platform-is-best-for-me-CoinGecko – Kraken Exchange Overview
https://www.coingecko.com/en/exchanges/kraken- CoinMarketCap – Kraken Exchange
https://coinmarketcap.com/exchanges/kraken/
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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.