Kraken alternatives

Compare the best alternatives to Kraken for Canadian crypto traders.

By   |   Updated 22 Nov 2022

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Comparing Kraken alternatives

Coinbase

On website

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Featured

Coinbase

Highlights

  • Both exchanges offer a large number of crypto assets to choose from.
  • Fees to trade and withdraw funds are cheaper on Kraken versus Coinbase.
  • The user experience is high quality on both exchanges, catering for traders at all levels.
  • Both offer excellent customer support, including telephone support.

Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.
Coinsquare

On website

Coinsquare

Highlights

  • Coinsquare's QuickTrade feature instantly makes trades between any two currencies, whether it's XRP to Ethereum, or Litecoin to EUR.
  • Enjoy low, transparent fees and no trading minimum.
  • Kraken offers advanced functionality like staking.

Pros

  • Quick verification process.
  • 820+ trading pairs available.
  • Has a referral program.

Cons

  • A limited selection of cryptocurrencies.
NDAX

On website

NDAX

Highlights

  • To get started, NDAX will require a minimum deposit of $100.
  • Withdrawal fees are higher at NDAX compared to Kraken.
  • NDAX offers a digital asset OTC trading desk built exclusively for investors looking to trade $200,000 or more.
  • NDAX’s customer support representatives are available 24/7 to help you with any questions that you may have. Kraken also has 24 hour support.

Pros

  • Competitive trading fees at 0.2% for both selling and buying cryptocurrencies.
  • Get 24/7 customer support.
  • Earn by referring a friend.

Cons

  • Other exchanges have a larger choice of digital assets to trade.
  • Only available to Canadian residents
Bitbuy

On website

Bitbuy

Highlights

  • Kraken offers much more to trade compared to what’s listed on Bitbuy.
  • Bitbuy requires a $100 minimum deposit, which is higher than what you need to start on Kraken.
  • Both exchanges are registered with FINTRAC and available across Canada.

Pros

  • You can earn a signup bonus.
  • Competitive trading fees.
  • Assets are insured and held in cold storage.
  • User-friendly website and mobile app.

Cons

  • Deposit and withdrawal fees apply.
Coinberry

On website

Coinberry

Highlights

  • Coinberry offers 0% CAD funding and withdrawal fees giving you the opportunity to retain more.
  • Both platforms use cold storage facilities. Coinberry uses Gemini as its service provider.
  • Assets stored on Kraken are not insured. Coinberry holds a bond to protect against loss under certain listed circumstances.

Pros

  • Easy sign-up process and instant verification.
  • No fees to deposit or withdraw fiat.
  • There is a $200 million crypto asset insurance.
  • Easy to use mobile app.

Cons

  • Limited choice of altcoins.
  • High trading spreads.
CoinSmart

On website

CoinSmart

Highlights

  • SmartTrade from CoinSmart makes trading from one coin to another easier since you don’t have to trade BTC or ETH first.
  • Both platforms have 24/7 customer support. Both are registered with FINTRAC and available throughout Canada.
  • Kraken lists more tradable assets than CoinSmart. It also offers more advanced functionality than CoinSmart, e.g. margin trading and staking.

Pros

  • Low trading fees.
  • Deposits are cleared within the day.
  • Supports CAD, EUR, and USD.
  • Get 24/7 customer support.

Cons

  • Limited coins.
  • Fee applies to credit card and debit card deposits.
Shakepay

Shakepay

Highlights

  • You can only trade Bitcoin or Ethereum with Shakepay, making it more geared to beginners or those with no interest in altcoins.
  • Deposits and withdrawals are free with Shakepay. Both exchanges charge a fee on trades.
  • New traders and investors will find both Kraken and Shakepay simple and easy to understand.

Pros

  • Free transfers through Interac e-Transfer.
  • Commission-free.
  • Earn rewards.

Cons

  • Supports only Bitcoin and Ethereum.
  • Only available to Canadian residents
Gemini Exchange

On website

Gemini Exchange

Highlights

  • Gemini is a highly trusted name in the crypto ecosystem.
  • Gemini offers recurring buys, so you can dollar cost average over time.
  • All crypto held online in Gemini's exchange wallet is insured and it uses the best-in-industry cold storage coverage with leading insurance providers.

Pros

  • Suitable for both beginner and advanced traders.
  • Supports multiple fiats and cryptocurrencies.
  • You can earn interest on your cryptocurrency balances.
  • Its mobile apps are highly rated.

Cons

  • The fee structure can be expensive for both small trades and higher volume trades.
Newton

Newton

Highlights

  • Newton prices are on average 3x lower than a leading cryptocurrency exchange competitor.
  • Fund and withdraw from your Newton account for free.
  • Newton and Kraken both are extremely well designed. Newton has less advanced functionality though, but they continually add new coins.

Pros

  • Clean user interface.
  • No commission fees.
  • Competitive spreads.
  • Earn $25 on its referral program.

Cons

  • Only accepts CAD deposits.
  • Verification times can be slow.