Kraken is one of the safest cryptocurrency exchanges on the market and an industry pioneer, operating since 2013. It offers a wide selection of cryptocurrencies, though not as many as rivals like Binance or KuCoin. However, Kraken offers two versions of its platform – Kraken and Kraken Pro. What are their differences, and which one is right for you? Join us as we explore the two versions of the safest cryptocurrency exchange in the world.
Key highlights:
- Kraken is one of the first crypto exchanges, boasting unrivaled security
- It allows users to choose between the basic Kraken and the advanced Kraken Pro interface, catering to casual and experienced traders, respectively
- Choosing the correct Kraken platform is up to the user and their preferences
Kraken vs Kraken Pro – A comparison
Let’s jump right into the differences and similarities between the two platforms. Among other things, we will be evaluating their offerings, ease of use, and their target audience.
A quick overview
| Kraken | Kraken Pro | |
|---|---|---|
| Target audience | Casual/Beginner | Advanced trades |
| Main function | Convenient buying, selling, and funding | Professional order-book trading |
| Exchange fees | Dynamic | 0% – 0.26% |
| Deposit/Withdrawal options | Cash, crypto, and NFTs | Cash and crypto |
| Multiple languages | yes | yes |
| NFT Marketplace | yes | no |
| Mobile app | yes | yes |
| Instant buy | yes | no |
| Staking | yes | yes |
| Security features | yes | yes |
| Advanced order types | no | yes |
| OTC Desk | no | yes |
| Futures/Margin trading | no | yes |
| API trading | no | yes |
Kraken
The basic Kraken platform is aimed at casual and beginner traders, offering a convenient and vibrant, easy-to-use interface for buying, selling, and converting cryptocurrencies. Kraken allows users to easily track their portfolio while their “Security Settings” help keep your accounts safe.
However, the primary drawback of the basic Kraken platform is that it offers comparatively limited trading tools and features. It is missing useful features like advanced order types and futures/margin trading to simplify the trading experience as much as possible. The basic Kraken platform was built to be accessible to casual and advanced traders alike, offering unrivaled simplicity and security. Even with this simple interface and limited features, Kraken is still one of the best crypto exchanges on the market.
The basic Kraken platform offers a simple interface to make trading as easy as possible.
Kraken Pro
Kraken Pro offers a professional trading experience that enables advanced traders to place orders and earn rewards on their crypto. It gives users access to a full-featured “Order Form” system and a full suite of trading types like “Market Limit”, “Take” profit, and many more. To sweeten the deal, the Pro platform offers additional security features like “Global Security Lock” and API settings. Not to mention, trading fees on Kraken Pro are lower than on Kraken.
While Kraken Pro does offer most utilities that advanced traders crave, this makes the interface feel cluttered and overwhelming to more casual traders. For advanced traders, however, this platform gives users control over the many intricate details of crypto trading, emphasizing that it was built for the experienced trader.
The Kraken Pro platform is made to please advanced traders, giving them a suite of additional trading features.
Which is the right choice for you?
At the end of the day, it’s up to you to choose which Kraken platform you’ll use based on your preferences and needs. The basic Kraken platform is aimed at casual traders, while Kraken Pro is aimed at advanced traders. Whichever option you go for, you’re sure to be satisfied with Kraken’s focus on security, which earns it the title of one of the safest crypto exchanges available.
Who should choose Kraken?
- Those who prefer a simple and streamlined user interface
- Users who want quick, instant buys and sells
- Those interested in NFTs and staking options
- Traders who prefer straightforward portfolio tracking
Who should choose Kraken Pro?
- Users who need advanced trading tools
- Experienced traders who need advanced features like margin and futures trading
- Users looking for lower transaction fees
- Those who use API or automated trading strategies
The bottom line
Kraken gives users the option to choose between two platforms, the basic Kraken and Kraken Pro. The basic Kraken interface is vibrant, simple to use, and made for the casual trader. On the other hand, Kraken Pro is full of features, which make the interface harder to navigate, catering to the advanced trader. Ultimately, choosing the right Kraken platform comes down to your preferences and trading habits.
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Source: https://coincodex.com/article/50475/kraken-vs-kraken-pro/