eToro vs Kraken

One of the platforms has a long list of crypto to choose from. The other offers other products too. While one has top-notch security features, the other has state-of-the-art possibilities to observe other investors’ moves.

Which is which, and which one of the two caters to your trading needs?

Find out in our eToro vs Kraken comparison.

Side-by-Side Comparison

Before we go any further, let’s look at how each platform’s basics compare.

Account Requirements

Besides the usual requirements to provide basic information like first and last name, or email address, verification is another mandatory step when registering on the eToro platform. You are required to provide documents to verify both your identity and address. The verification process will not be underway until both have been submitted. However, it doesn’t stop here. New users can only activate their accounts after passing a short trading knowledge test. Don’t worry, though, as this is carried out to ensure you have basic investing knowledge and understand the risks.

Accounts on Kraken also need to be verified before they can be funded or make any trades. So when it comes to verification, it doesn’t matter if you go with either eToro or Kraken.

Kraken has different levels of verification that you can choose from Starter, Express, Intermediate, and Pro (separate methods for Individual and Business accounts). The amount of time needed for verification to be completed depends on the tier you are applying for. Verification for the first three levels is automated and takes no longer than a few minutes. However, verification for  Pro is done manually and can take up to five days. Yet, even if your account is verified, you may not be able to use the platform because of your location. Double-check if your country of residence is supported and whether there are any restrictions.

Features

Before we get to the part about eToro fees, let’s say a few words about its features.

If you have heard of eToro, you know how much pride it takes in its social trading features. (If you haven’t, our eToro review might be helpful). Some of those enable you to copy other investors’ behavior or discuss strategies and asset prices with your peers on the social news feed. They even go beyond their platform and enable content sharing on traditional social media.

What you get from the Kraken platform depends on what you decide to use. Kraken has a regular platform that is more beginner-friendly but has higher trading fees. There is also Kraken Pro with lower fees and more advanced features.

eToro vs Kraken: Products

It’s important to note that we are comparing two very different platforms. Kraken is a crypto exchange platform, and its sole focus is on crypto. eToro, on the other hand, is a multi-asset broker. Even though cryptocurrencies are one of its offerings, eToro also enables tradings in

• Stocks
• ETFs
• Indices
• Forex
• Commodities

Since crypto assets are what connects these platforms, our focus when speaking of eToro in this Kraken vs eToro comparison will be on crypto.

Kraken has a sophisticated crypto order system and trading features. Its order types include the market and limit orders, stop loss or stop limit, as well as take profit. Among others, these are also listed on the eToro platform.

What both platforms have further in common are margin trading and asset staking. Both enable Bitcoin futures trading, though there are more futures available on Kraken. However, US users shouldn’t get their hopes up as futures are not available in the US, along with a list of other countries. The same applies to US users regarding products other than crypto on eToro.

Number of Cryptocurrencies and Availability

The number of cryptocurrencies available on Kraken is over 110. What you’ll be able to find on the platform, besides the numerous crypto coins, is a decent amount of stablecoins too.

As of January 2022, the assets are available in all but two US states (Washington and New York) and over 200 countries worldwide.

eToro only supports stablecoins on its more advanced platform eToroX. The number of crypto coins, on the other hand, is just over 50. Not all of those are available in the US. This is not the only downside when it comes to US users, as the eToro crypto exchange can be accessed in 43 US states. Worldwide, it serves more than 60 countries.

Fees

Fees on eToro are charged as a spread ranging from 0.75% to 4.9%. How much you will be charged depends on the crypto asset you are trading. For example, the  eToro  spread for Bitcoins is 0.75%.

Additionally, there is a coin transfer fee that is applied for transferring crypto assets from the platform into the eToro wallet. The coin transfer fee is 0.5% per transaction, but no more than $50.

Kraken’s fees depend on what of its two platforms you are using. Fees on the regular platform are somewhat higher compared to the Pro. There is a flat 0.9% stable coins and 1.5% crypto coins trading fee. Additionally, you’ll have to pay payment processing fees (card or digital wallet payment processing equals 3.75% + $/€ 0.25, while for online banking or ACH it is 0.5%).

The Kraken Pro fees model is the good old maker-taker model. The fee size depends on your trading activity in the past month. The more you have been trading, the lower your fee would be. The maker-taker fees fall in the range from 0% to 0.26%. However, with Kraken, you are not sure if you are the maker or the taker until your order is executed.

Security

Now that you know everything about the eToro vs Kraken fees, security is our next stop.

Cryptocurrencies have a proven history of being a vulnerable asset and are susceptible to hacking. So, crypto trading platforms adopted a practice of keeping crypto in cold storage (offline wallets). Such is the case with both eToro and Kraken. Kraken states that 95% of your crypto deposits are kept offline. While the exact amount is not explicitly stated, most crypto on eToro is stored cold.

Another similarity is how these competitors secure their platforms and accounts. Both of them combine physical and cyber security measures. Physical measures include storing and monitoring their servers in safe facilities. The cyber security measures are encrypting all user information and data and adding the 2FA protective layer when accessing the accounts.

It seems like Kraken goes far and beyond when it comes to security. It is rated among the top three crypto exchange platforms on the Cybersecurity Ranking and CERtification Platform.

Kraken vs eToro: Mobile Apps

Kraken has two different apps, both of which are available for Android and iOS users. The regular Kraken app enables users some basic crypto trading features such as price monitoring and tracking one’s portfolio. It has a more beginner-friendly interface as well.

Those in need of something more sophisticated can opt for the Kraken Pro app. This one is designed with a more advanced and professional trading experience in mind. Even though there was a third app, the Kraken Futures app, it got discontinued in January 2022.

eToro’s app has the same features and eToro crypto fees as its web platform. The app is available for Android and iOS mobile devices. Of course, the famous social trading features are available when using a mobile device as well.

Customer Service

eToro’s users can get assistance with their issues via e-mail or by opening a ticket through the client portal. Even though there is a Live Chat option, it can only be accessed by members of the eToro Club. The lowest-tier members are users with a realized equity of $5,000. New users of the platform will not have access to the Live Chat, and there is no phone support either. However, there is an extensive knowledge base, which might help resolve any issues even before reaching out to an agent.

How does the Kraken customer service compare in the eToro vs Kraken duel?

Unlike eToro’s exclusive Live Chat feature, the chat on Kraken is available to all. So is submitting a ticket request and contacting the Kraken team by phone. The phone support is available Monday through Friday, from 8 am to 12 pm UTC.

There is a perk to being an advanced trader on Kraken when it comes to customer service. You’ll get your own personal account representative. Your rep will deal with all your issues and requests and can even be reached through texting apps of your choice.

Who Is eToro Best For?

eToro is best for investors interested in various assets rather than cryptocurrencies only. Most investors are aware that a diversified portfolio helps reduce potential risks. eToro enables you to have one. Those who still want to make crypto-only trades, or are from the US, keep in mind that eToro has a limited crypto list. Especially when compared to crypto exchange platforms. Yet, most well-known crypto assets are supported by this platform

eToro Pros and Cons

+Most popular crypto assets are available for trading
+Opportunity to socialize with fellow traders and copy other investors’ moves

-US users don’t have access to all its products
-Additional fees apply other than the trading fee

Who Is Kraken Best For?

Kraken is best for everyone interested in trading crypto assets only. No matter whether beginner or expert, you will find your way around Kraken’s interface and features. Though sometimes referred to as outdated, the platform is simple enough to accommodate crypto newbies. More experienced investors may be confused by its simplicity, as they are accustomed to things being more complex. They’ll be able to find the advanced features on the Pro platform.

Furthermore, it certainly pays off to have more advanced knowledge as the Kraken Pro platform has lower crypto fees.

Kraken Pros and Cons

+Top-notch security
+Wide selection of cryptocurrencies and crypto pairs

-Confusing verification level system
-High Kraken Strater fees

Kraken

Kraken is a US-based exchange that offers trading in US dollars, Canadian dollars, Euros, British pounds, and Japanese yen. They pay special attention to their security with a track record of 0 breaches. Kraken also has an extensive list of crypto assets and covers over 70 of them.

• Low fees
• 6 different fiat currencies
• 100+ cryptocurrencies

Visit Site

Kraken is a US-based exchange that offers trading in US dollars, Canadian dollars, Euros, British pounds, and Japanese yen. They pay special attention to their security with a track record of 0 breaches. Kraken also has an extensive list of crypto assets and covers over 70 of them.

eToro

eToro is a fully regulated trading platform with over 15+ million users. It comes with a mobile cryptocurrency wallet where you can trade and transfer funds while allowing you to invest long-term in a portfolio of the most popular cryptocurrencies with no fees.

• Award-Winning Social & Copy Trading (15+M user base)
• Best For Beginners: Try Virtual $100K
• 16 Cryptocurrencies & 94 Crypto Crosses Available

Visit Site

eToro is a fully regulated trading platform with over 15+ million users. It comes with a mobile cryptocurrency wallet where you can trade and transfer funds while allowing you to invest long-term in a portfolio of the most popular cryptocurrencies with no fees.

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and cryptoassets. eToro offers over 14 cryptoassets to invest. By investing in their CryptoPortfolio, investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, copy or get copied by other users. All in all, it is an excellent P2P Bitcoin trading platform.

Payment Methods

Credit Card, Debit Card, Wire Transfer, PayPal, Skrill, Neteller, Yandex, WebMoney, MoneyGram

Top Coins

ADA BTC XLM XRP LTC

Which Is Better: eToro or Kraken?

Even though both platforms enable crypto trading, they have been designed for different types of investors. While eToro is a multi-asset broker, Kraken is a crypto exchange. So if you are strictly interested in trading crypto, then you will probably be better off on the Kraken platform. Yet, if you are interested in different products other than crypto, or want to explore the social trading world, then you should be on eToro.

No matter which one you lean towards, we hope that this Kraken vs eToro comparison has helped you get a better sense of the state of affairs on either platform.