eToro vs Kraken

eToro vs Kraken

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September 23, 2022
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eToro and Kraken are two of the most popular American-based cryptocurrency exchanges. In this comparison, we 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 beginner investors.

Table of Contents

Platform Highlights

How does eToro compare with 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 investing 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 & Withdrawal

eToro does not charge any fees for cryptocurrency and fiat currency deposits, all withdrawals incur a flat $5 fee. As for trading, there is a 1% fee that is included in the price eToro shows when you open or close a position. The 1% fee is added to the market price.

Krakens trading fees start from 3.9% and can go down to 0.5% depending on your monthly trading volume. The platform charges 0.02% for crypto deposits and nothing for fiat deposits. For withdrawals the fees vary from $5 - $20 depending what token or currency you're withdrawing. For a full breakdown of Krakens deposits, you can visit their Fee Schedule.

Winner: eToro has lower fees overall for trading, deposits and withdrawals. Krakens fees are considered relatively high.

eToro Security Tips
eToro Security Tips

Supported Digital Assets

eToro offers their users the option to invest in over 16 Global Markets (American, European, Australian, and more), 50 cryptocurrencies, commodities, ETFs, stocks, indices and much more. The platform is by far the most diverse multi-asset brokerage platform in the entire world. It is the only cryptocurrency exchange to offer both traditional financial assets and cryptocurrencies.

Kraken only supports cryptocurrencies but offer over 100 to buy and sell on the platform.

Winner: eToro has a more diverse selection of assets available on their platform in comparison to Kraken. Although Kraken does support more cryptocurrencies.

Security: Which is the safer exchange?

Both eToro and Kraken have acquired the proper licensing in the United States and are regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities Exchange Commission (SEC).

eToros clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption. The platform operates in accordance with the FCA, CySEC and ASIC.

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

Winner: eToro is widely regarded as one of the most secure exchanges in the world and is regulated in over 50 countries.

eToro Safety Tips
eToro Safety Tips

Customer Support

eToro unfortunately does not have a Live Support feature on the platform and only offer support through an online ticketing system.

Kraken however does have a Live Support feature on their platform and offer 24/7 Mon-Fri customer support. You can also reach them via email, phone number and the online ticketing system.

Winner: Kraken has a much better support team and is contactable on multiple forms of communication.

Kraken Support Page
Kraken Support Page

Final Verdict: Kraken vs eToro

eToro is globally regarded as one of the best cryptocurrency and financial investing platforms in the world. They have been around for almost 20 years and have the single most diverse range of assets to invest in out of any exchange. They also charge considerably lower fees in comparison to Kraken.

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

eToro vs Kraken

I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.

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